UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

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: August 31, 2015

Date of reporting period: August 31, 2015

Item 1. Reports to Stockholders.

AUGUST 31, 2015

2015 ANNUAL REPORT

iShares, Inc.

^Ø   iShares MSCI Austria Capped ETF  |  EWO  |  NYSE Arca

^Ø   iShares MSCI Belgium Capped ETF  |  EWK  |  NYSE Arca

^Ø   iShares MSCI France ETF  |  EWQ  |  NYSE Arca

^Ø   iShares MSCI Netherlands ETF  |  EWN  |  NYSE Arca

^Ø   iShares MSCI Sweden ETF  |  EWD  |  NYSE Arca

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	16
Shareholder Expenses	16
Schedules of Investments	17
iShares MSCI Austria Capped ETF	17
iShares MSCI Belgium Capped ETF	19
iShares MSCI France ETF	21
iShares MSCI Netherlands ETF	23
iShares MSCI Sweden ETF	25
Financial Statements	27
Financial Highlights	34
Notes to Financial Statements	39
Report of Independent Registered Public Accounting Firm	50
Tax Information	51
Board Review and Approval of Investment Advisory Contract	52
Supplemental Information	65
Director and Officer Information	69

Management’s Discussion of Fund Performance

iSHARES^®, INC.

GLOBAL MARKET OVERVIEW

Global equity markets delivered a negative return for the 12 months ended August 31, 2015 (the “reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -6.29% for the reporting period.

The reporting period was characterized by a continued divergence in economic growth and central bank policy between the U.S. and the rest of the world. Despite a slowdown in early 2015, the U.S. economy remained one of the strongest economies among developed countries, which motivated the U.S. Federal Reserve Bank (the “Fed”) to scale back its economic stimulus measures. The Fed ended a two-year quantitative easing program in October 2014 and signaled its intent to raise its short-term interest rate target sometime in 2015. In contrast, weaker economic growth in most other regions of the globe led many of the world’s central banks to take more aggressive actions to stimulate economic activity.

This divergence contributed to a notably stronger U.S. dollar. For the reporting period, the euro, Japanese yen, British pound and Australian dollar declined by 15%, 14%, 7%, and 24% against the U.S. dollar, respectively. Weaker foreign currencies decrease the value of foreign investments measured in U.S. dollars, thereby decreasing returns for U.S. investors, while increasing foreign currencies relative to the U.S. dollar have the opposite effect. Currency performance had a meaningful impact on non-U.S. equity returns for U.S. investors. For example, the MSCI ACWI returned 0.59% in local currency terms for the reporting period.

A number of other factors influenced global markets during the reporting period. Energy prices fell sharply amid growing supply — primarily from increased production in the U.S. — and declining global demand. Lower energy prices contributed to historically low and declining inflation rates in most of the world. Consumer prices were nearly unchanged in the U.S., the European Union, and Japan, while prices in China and India rose at a relatively slow rate. Low inflation and tepid demand kept the Fed’s zero interest rate policy intact, while central banks throughout the world took aggressive measures to stimulate demand.

Global markets advanced for most of the reporting period, then declined sharply in the last few months of the reporting period. The volatility began in China, as slowing economic growth led to a steep drop in China’s equity markets. Plummeting commodity prices amid already subdued inflation also raised concerns about global demand. Currency devaluations in Asia, including China, Vietnam, Pakistan, and Kazakhstan, led to speculation that Asian countries were weakening their currencies to compete for demand. These global events led to further uncertainty about the timing of an expected interest rate hike from the Fed.

On a regional basis, U.S. stocks advanced by less than 1% for the reporting period as declining interest rates, ongoing economic growth, and low inflation provided a favorable environment for U.S. equity market performance. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters. Economic activity improved over the last several months of the reporting period, boosted by an increase in consumer spending.

European stocks declined by about 8% in U.S. dollar terms for the reporting period, though they advanced more than 3% when measured in local currencies. The European Central Bank initiated quantitative easing measures in early 2015, and signs of economic improvement emerged in the latter half of the reporting period. A tentative agreement on Greece’s debt repayment helped alleviate ongoing concerns about Europe’s sovereign debt levels.

Stock markets in the Asia/Pacific region (excluding Japan) declined by approximately 19% in U.S. dollar terms, which equated to an 8% decline when measured in local currencies. China’s economic slowdown weighed heavily on the region, as China is the largest trading partner of many countries in the region. On the bright side, Japanese stocks performed relatively well, as ongoing economic stimulus and reform measures led to a 4% gain in U.S. dollar terms (22% when measured in Japanese yen).

Emerging markets stocks fell by approximately 23% in U.S. dollar terms for the reporting period, though the decline was about 10% when measured in local currencies. Many of the largest emerging economies — including China, Russia, and Brazil — experienced slowing economic growth during the reporting period. Latin American stocks posted some of the biggest declines, as the region struggled with slow growth and declining commodity prices.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® MSCI AUSTRIA CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(9.76)%		(9.73)%		(9.78)%		(9.76)%		(9.73)%		(9.78)%
5 Years		0.45%		0.60%		0.59%		2.29%		3.03%		2.99%
10 Years		(2.54)%		(2.64)%		(2.99)%		(22.68)%		(23.49)%		(26.16)%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 31, 2008 reflects the performance of the MSCI Austria Index. Index performance beginning on February 1, 2008 through February 11, 2013 reflects the performance of the MSCI Austria Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Austria Investable Market Index 25/50.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	963.90	$	2.33	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

6 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI AUSTRIA CAPPED ETF

The iShares MSCI Austria Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria Investable Market Index 25/50 (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 12-month reporting period ended August 31, 2015, the total return for the Fund was -9.76%, net of fees, while the total return for the Index was -9.78%.

Austrian stocks, as represented by the Index, produced a negative return during the reporting period and underperformed broad international developed markets. The decline was mainly due to global market reactions to a decelerating Chinese economy and the extreme volatility of Chinese stocks late in the reporting period. Additionally, Austria’s currency, the euro, depreciated by 15% relative to the U.S. dollar during the reporting period, which detracted meaningfully from the performance of the dollar-denominated Index.

In local currency terms, Austrian stock prices were essentially flat for the reporting period. The Austrian economy began to show modest signs of improvement during the reporting period. Economic growth, albeit slow, reflected improvements in both government consumption and exports. Low interest rates, coupled with a weak euro and income-tax reform, also helped create a more hospitable environment for investment to recover and private consumption to increase.

The energy sector, while just an 11% average weighting in the Index, was the reporting period’s largest detractor in U.S. dollar terms, driven lower by decreasing global demand for energy and a sharp decline in oil and gas prices beginning in late 2014.

Austria’s financials sector also experienced difficulties during the reporting period. At an average weighting of nearly 42%, financials represented the largest segment of the Index. During the reporting period, Austrian banks continued to struggle in the wake of nonperforming loans to still-developing eastern European countries. Investors also grew more concerned about the financial scandal at one particular banking company, its eventual bail-out by the Austrian government, and the government’s subsequent suggestion that investors might be held responsible for the bank’s bad loans.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	43.01	%
Industrials	25.27
Materials	15.92
Energy	9.98
Information Technology	2.46
Consumer Discretionary	1.89
Utilities	1.47
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Erste Group Bank AG	19.79	%
Voestalpine AG	9.10
Andritz AG	8.03
OMV AG	8.01
Wienerberger AG	4.48
IMMOFINANZ AG	4.46
CA Immobilien Anlagen AG	4.03
Raiffeisen Bank International AG	4.02
Oesterreichische Post AG	3.70
BUWOG AG	3.45
TOTAL	69.07	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® MSCI BELGIUM CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		1.95%		1.72%		2.12%		1.95%		1.72%		2.12%
5 Years		11.40%		11.48%		12.83%		71.57%		72.20%		82.85%
10 Years		2.60%		2.50%		2.96%		29.27%		28.04%		33.81%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through November 30, 2007 reflects the performance of the MSCI Belgium Index. Index performance beginning on December 1, 2007 through November 8, 2012 reflects the performance of the MSCI Belgium Investable Market Index. Index performance beginning on November 9, 2012 reflects the performance of the MSCI Belgium Investable Market Index 25/50.

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 page16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	991.60	$	2.36	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

8 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI BELGIUM CAPPED ETF

The iShares MSCI Belgium Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium Investable Market Index 25/50 (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 12-month reporting period ended August 31, 2015, the total return for the Fund was 1.95%, net of fees, while the total return for the Index was 2.12%.

Stocks of Belgium, as represented by the Index, rose slightly in the reporting period.

After hitting a low in October 2014, Belgian stocks began an upward move that continued for much of the reporting period. In August 2015, however, Belgian stocks fell sharply along with stock markets worldwide amid worries about an economic slowdown in China. Belgium’s currency, the euro, depreciated 15% against the U.S. dollar for the reporting period, which meaningfully detracted from the Index’s performance as Belgian stocks were valued lower when translated back into U.S. dollars.

Amid continued low interest rates, Belgium’s economy grew in 2015’s second quarter, at the strongest rate since 2011 but still well below the country’s long-term average. Unemployment in Belgium fell in July 2015, continuing a three-month downtrend. Retail sales in July 2015 rose above Belgium’s long-term average but below gains earlier in the reporting period. Business confidence, as well as consumer confidence, remained in negative territory during the reporting period, although both improved somewhat in the second half. Most of the improvement in business confidence was in retail and wholesale trade, including autos, food, and clothing. During the reporting period, the Belgian government came under pressure from the European Union for budgetary reforms to deal with high and rising public debt.

From a sector standpoint, a planned merger by a large supermarket chain boosted the consumer staples sector, the Index’s largest sector weighting at approximately 31% on average. The financials sector, the Index’s second-largest weighting at approximately 26% on average, detracted from the Index’s performance for the reporting period, largely as a result of balance sheet weakening for firms within the banking industry.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Consumer Staples	31.62	%
Financials	27.43
Health Care	11.60
Materials	10.06
Telecommunication Services	4.41
Consumer Discretionary	4.20
Information Technology	3.64
Industrials	3.48
Energy	2.34
Utilities	1.22
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Anheuser-Busch InBev SA/NV	22.56	%
KBC Groep NV	8.93
UCB SA	5.34
Delhaize Group	5.26
Ageas	4.54
Solvay SA	3.87
Groupe Bruxelles Lambert SA	3.62
Proximus	3.51
Umicore SA	2.70
Ackermans & van Haaren NV	2.57
TOTAL	62.90	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 9

Management’s Discussion of Fund Performance

iSHARES^® MSCI FRANCE ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(7.17)%		(6.89)%		(7.17)%		(7.17)%		(6.89)%		(7.17)%
5 Years		6.49%		6.67%		6.49%		36.95%		38.12%		36.96%
10 Years		2.76%		2.72%		2.85%		31.24%		30.72%		32.49%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	956.10	$	2.32	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

10 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI FRANCE ETF

The iShares MSCI France ETF (the “Fund”) seeks to track the investment results of an index composed of French equities, as represented by the MSCI France 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -7.17%, net of fees, while the total return for the Index was -7.17%.

French stocks, as represented by the Index, declined moderately during the reporting period, falling along with most global equity prices as investor concerns over China’s slowing economy and its volatile stock market weighed heavily on equity valuations late in the reporting period. The decline in French stock prices also reflected a slowdown in manufacturing and construction during the second half of the reporting period, erasing earlier gains made in anticipation of improving economic growth in the eurozone. In addition, France’s currency, the euro, depreciated 15% relative to the U.S. dollar, which meaningfully detracted from Index performance as French investments were lower when translated back into U.S. dollars. For the period as a whole, the Index performed in line with broad international developed markets.

All but two of the sectors represented in the Index finished the reporting period in negative territory from the perspective of U.S. investors, as economic growth slowed and investors grew more concerned about geopolitical tensions, including the Greek debt crisis and the decline of China’s stock market. The largest detractor from the Index’s performance was the energy sector, which fell sharply due to falling oil and gas prices amid expanding global energy supplies and diminishing demand. Similarly, slowing economic growth, principally in emerging markets, weighed on global demand for materials, sending that sector down sharply as well. The industrials, utilities, and consumer staples sectors also produced notable declines during the reporting period.

Contrary to the overall trend of French stocks during the reporting period, the consumer discretionary and information technology sectors each delivered modestly positive results.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	18.61	%
Industrials	18.36
Consumer Discretionary	17.57
Health Care	11.44
Consumer Staples	10.10
Energy	8.48
Materials	4.55
Information Technology	4.06
Utilities	3.79
Telecommunication Services	3.04
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Sanofi	9.45	%
Total SA	8.02
BNP Paribas SA	5.43
AXA SA	4.02
LVMH Moet Hennessy Louis Vuitton SE	3.78
L’Oreal SA	3.50
Air Liquide SA	3.35
Airbus Group SE	3.12
Danone SA	2.92
Societe Generale SA	2.87
TOTAL	46.46	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 11

Management’s Discussion of Fund Performance

iSHARES^® MSCI NETHERLANDS ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		0.87%		1.11%		(0.12)%		0.87%		1.11%		(0.12)%
5 Years		8.77%		8.93%		9.03%		52.23%		53.34%		54.08%
10 Years		5.37%		5.31%		5.82%		68.78%		67.69%		76.06%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 31, 2008 reflects the performance of the MSCI Netherlands Index. Index performance beginning on February 1, 2008 reflects the performance of the MSCI Netherlands Investable Market Index.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	964.10	$	2.33	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

12 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI NETHERLANDS ETF

The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands Investable Market 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 12-month reporting period ended August 31, 2015, the total return for the Fund was 0.87%, net of fees, while the total return for the Index was -0.12%.

Netherlands stocks, as represented by the Index, posted a flat return during the reporting period amidst an environment of significant volatility.

After a choppy start to the reporting period, the Index began a prolonged uptrend in January 2015. But in the final month of the period, Netherlands stocks fell sharply as markets worldwide pulled back amid fears of an economic slowdown in China. The declining euro relative to the U.S. dollar detracted from Index performance in U.S. dollar terms during the reporting period.

After several years of little or no growth, the Netherlands economy accelerated during the reporting period. Amid continued low interest rates, the country’s gross domestic product (GDP) rose 1.6% in the second quarter of 2015 after a 2.5% jump in the first quarter. Both GDP numbers were higher than any quarter since 2011. Rising retail sales and a rebounding housing market helped drive the gains. In August 2015, Netherlands retail sales showed their strongest growth since the 2008 financial crisis, along with the largest increase in construction spending in a decade. Online retail sales also recorded a notable increase in the reporting period.

Consumer confidence continued to rise during the reporting period, with the June 2015 figure well above the 20-year average. Household spending also rose, boosted by higher durable goods purchases. Unemployment in the Netherlands continued to decline, reaching 6.8% in June 2015, the lowest since early 2013.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Consumer Staples	29.59	%
Financials	22.69
Industrials	14.25
Information Technology	10.69
Consumer Discretionary	9.87
Materials	7.86
Telecommunication Services	3.33
Energy	1.72
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Unilever NV CVA	17.45	%
ING Groep NV CVA	15.82
ASML Holding NV	8.49
Koninklijke Philips NV	6.43
Heineken NV	4.87
Koninklijke Ahold NV	4.72
Akzo Nobel NV	4.44
RELX NV	4.20
Koninklijke KPN NV	3.33
Aegon NV	2.98
TOTAL	72.73	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 13

Management’s Discussion of Fund Performance

iSHARES^® MSCI SWEDEN ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(7.46)%		(7.20)%		(8.69)%		(7.46)%		(7.20)%		(8.69)%
5 Years		8.18%		8.37%		7.81%		48.13%		49.44%		45.68%
10 Years		7.05%		6.96%		6.87%		97.60%		96.03%		94.27%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio b
$	1,000.00	$	902.70	$	6.33	$	1,000.00	$	1,018.50	$	6.72		1.32%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

^b  Excluding the effect of the non-recurring professional fees for foreign withholding tax claims (See Note 7), the annualized expense ratio would have been 0.48%.

14 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI SWEDEN ETF

The iShares MSCI Sweden ETF (the “Fund”) seeks to track the investment results of an index composed of Swedish equities, as represented by the MSCI Sweden 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -7.46%, net of fees, while the total return for the Index was -8.69%.

Stocks of Sweden, as represented by the Index, declined in the reporting period.

Swedish stocks moved higher in early 2015 after a choppy start at the beginning of the reporting period. In the summer of 2015, Swedish markets began a downward trend that accelerated in the reporting period’s final month, as stocks worldwide declined on fears of an economic slowdown in China. The weak Swedish krona relative to the U.S. dollar hindered the Index’s performance in U.S. dollar terms. On a local currency basis, the Index delivered a positive return in the reporting period.

The largest Nordic economy continued its recovery during the reporting period. Sweden’s gross domestic product (GDP) grew at a 3% annualized rate in the second quarter of 2015, continuing a multi-year upward trend. Late in the reporting period, the Swedish government raised its economic growth forecasts for 2015 and beyond, although it warned of risk from slowing growth in emerging markets and China.

Sweden’s benchmark interest rate reached negative territory in the reporting period, as the country’s central bank cut rates to spur inflation amid falling oil and commodity prices worldwide. Weakness in the krona, along with interest rate cuts, helped Swedish exporting companies during the reporting period. In the domestic market, business confidence improved in the construction, retail and service industries. Consumer spending also remained relatively strong during the reporting period, as retail sales grew at nearly 6% on an annual basis as of July 2015.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	33.93	%
Industrials	26.28
Consumer Discretionary	12.74
Information Technology	10.52
Consumer Staples	7.08
Telecommunication Services	6.16
Materials	1.26
Health Care	1.24
Energy	0.79
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Hennes & Mauritz AB Class B	10.11	%
Nordea Bank AB	9.94
Telefonaktiebolaget LM Ericsson Class B	8.20
Svenska Handelsbanken AB Class A	6.19
Swedbank AB Class A	5.72
Assa Abloy AB	4.90
Skandinaviska Enskilda Banken AB Class A	4.83
Atlas Copco AB Class A	4.70
Svenska Cellulosa AB SCA Class B	4.65
Volvo AB Class B	4.63
TOTAL	63.87	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 15

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 advisory fees. Without such a 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 March 1, 2015 and held through August 31, 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 corresponding to 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.

16 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI AUSTRIA CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.33%
AEROSPACE & DEFENSE — 0.86%
FACC AGa,b		67,772	$	482,210
				482,210
AIR FREIGHT & LOGISTICS — 3.64%
Oesterreichische Post AG		53,082		2,042,190
				2,042,190
BANKS — 23.41%
Erste Group Bank AGa		367,055		10,921,673
Raiffeisen Bank International AGa,b		164,217		2,220,942
				13,142,615
BUILDING PRODUCTS — 4.40%
Wienerberger AG		138,915		2,470,232
				2,470,232
CHEMICALS — 1.85%
Lenzing AG		14,961		1,039,188
				1,039,188
CONSTRUCTION & ENGINEERING — 0.97%
Porr AG		20,492		547,167
				547,167
CONSTRUCTION MATERIALS — 1.71%
RHI AG		46,053		961,352
				961,352
CONTAINERS & PACKAGING — 3.14%
Mayr Melnhof Karton AG		15,006		1,762,971
				1,762,971
ELECTRIC UTILITIES — 1.45%
EVN AG		73,336		813,512
				813,512
ELECTRICAL EQUIPMENT — 2.49%
Zumtobel Group AG		48,479		1,394,956
				1,394,956
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.42%
Austria Technologie & Systemtechnik AG		54,087		860,584
Kapsch TrafficCom AGa		16,265		497,358
				1,357,942
ENERGY EQUIPMENT & SERVICES — 1.94%
Schoeller-Bleckmann Oilfield Equipment AG		19,922		1,087,110
				1,087,110

Security	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 1.86%
DO & CO AG		11,088	$	1,043,624
				1,043,624
INSURANCE — 2.98%
UNIQA Insurance Group AG		200,352		1,672,258
				1,672,258
MACHINERY — 10.82%
Andritz AG		92,624		4,433,702
Palfinger AG		30,251		821,983
Semperit AG Holding		20,844		815,114
				6,070,799
METALS & MINING — 8.95%
Voestalpine AG		137,547		5,024,357
				5,024,357
OIL, GAS & CONSUMABLE FUELS — 7.87%
OMV AG		172,699		4,419,749
				4,419,749
REAL ESTATE MANAGEMENT & DEVELOPMENT — 15.90%
BUWOG AG		90,000		1,902,440
CA Immobilien Anlagen AG		119,504		2,222,140
Conwert Immobilien Invest SEa		110,053		1,427,980
IMMOEAST AG Escrowa		998,769		11
IMMOFINANZ AGa		989,411		2,462,278
IMMOFINANZ AG Escrowa		897,599		10
S IMMO AG		105,215		908,133
				8,922,992
TRANSPORTATION INFRASTRUCTURE — 1.67%
Flughafen Wien AG		10,243		936,546
				936,546
TOTAL COMMON STOCKS
(Cost: $78,916,918)				55,191,770
SHORT-TERM INVESTMENTS — 4.60%
MONEY MARKET FUNDS — 4.60%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		2,440,506		2,440,506
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		140,146		140,146

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Continued)

iSHARES^® MSCI AUSTRIA CAPPED ETF

August 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		186	$	186
				2,580,838
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,580,838)				2,580,838
TOTAL INVESTMENTS IN SECURITIES — 102.93%
(Cost: $81,497,756)				57,772,608
Other Assets, Less Liabilities — (2.93)%				(1,642,609	)
NET ASSETS — 100.00%			$	56,129,999

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

18 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI BELGIUM CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.85%
AIR FREIGHT & LOGISTICS — 1.55%
bpost SA		97,503	$	2,375,140
				2,375,140
BANKS — 8.91%
KBC Groep NV		206,537		13,693,396
				13,693,396
BEVERAGES — 22.53%
Anheuser-Busch InBev SA/NV		316,965		34,613,813
				34,613,813
BIOTECHNOLOGY — 3.13%
Ablynx NVa,b		135,140		1,907,189
Galapagos NVa		48,106		2,910,210
				4,817,399
CAPITAL MARKETS — 1.92%
BHF Kleinwort Benson Groupa		230,968		1,425,209
Gimv NV		32,325		1,532,113
				2,957,322
CHEMICALS — 7.93%
Solvay SA		50,494		5,935,086
Tessenderlo Chemie NVa		59,858		2,114,409
Umicore SA		103,596		4,138,807
				12,188,302
COMMUNICATIONS EQUIPMENT — 0.57%
EVS Broadcast Equipment SA		31,211		873,948
				873,948
CONSTRUCTION & ENGINEERING — 1.32%
Cie. d’Entreprises CFE		16,139		2,025,379
				2,025,379
DISTRIBUTORS — 0.97%
D’ieteren SA/NV		40,296		1,486,844
				1,486,844
DIVERSIFIED FINANCIAL SERVICES — 7.61%
Ackermans & van Haaren NV		26,654		3,948,258
Groupe Bruxelles Lambert SA		71,596		5,555,463
KBC Ancora		54,719		2,190,700
				11,694,421
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.51%
Proximus		149,953		5,392,675
				5,392,675
ELECTRIC UTILITIES — 1.22%
Elia System Operator SA/NV		41,529		1,876,918
				1,876,918

Security	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.85%
Barco NV		21,166	$	1,311,285
				1,311,285
FOOD & STAPLES RETAILING — 7.59%
Colruyt SA		73,512		3,583,514
Delhaize Group		90,187		8,075,266
				11,658,780
HEALTH CARE EQUIPMENT & SUPPLIES — 1.24%
Ion Beam Applications		61,338		1,900,706
				1,900,706
HEALTH CARE PROVIDERS & SERVICES — 0.80%
Fagron		46,265		1,228,606
				1,228,606
HEALTH CARE TECHNOLOGY — 1.08%
AGFA-Gevaert NVa		545,864		1,661,215
				1,661,215
INSURANCE — 4.54%
Ageas		170,450		6,971,105
				6,971,105
IT SERVICES — 0.86%
Econocom Group SA/NV		149,400		1,316,957
				1,316,957
MARINE — 0.61%
Cie. Maritime Belge SAa		62,081		939,083
				939,083
MEDIA — 3.23%
Kinepolis Group NV		44,162		1,825,694
Telenet Group Holding NVa		55,709		3,136,077
				4,961,771
METALS & MINING — 2.11%
Bekaert SA		56,986		1,651,872
Nyrstar NVa,b		634,537		1,593,347
				3,245,219
OIL, GAS & CONSUMABLE FUELS — 2.33%
Euronav NV		182,740		2,437,669
Exmar NV		100,894		1,148,040
				3,585,709
PERSONAL PRODUCTS — 1.46%
Ontex Group NV		71,941		2,247,403
				2,247,403
PHARMACEUTICALS — 5.33%
UCB SA		108,209		8,189,100
				8,189,100

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Continued)

iSHARES^® MSCI BELGIUM CAPPED ETF

August 31, 2015

Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.40%
Befimmo SA		27,196	$	1,676,021
Cofinimmo SA		24,016		2,517,961
Intervest Offices & Warehouses NV		35,877		899,077
Warehouses De Pauw CVA		20,921		1,666,959
				6,760,018
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.36%
Melexis NV		41,923		2,086,382
				2,086,382
WIRELESS TELECOMMUNICATION SERVICES — 0.89%
Mobistar SAa		65,872		1,370,643
				1,370,643
TOTAL COMMON STOCKS
(Cost: $164,825,699)				153,429,539
SHORT-TERM INVESTMENTS — 1.39%
MONEY MARKET FUNDS — 1.39%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		2,003,672		2,003,672
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		115,061		115,061
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		19,869		19,869
				2,138,602
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,138,602)				2,138,602
TOTAL INVESTMENTS IN SECURITIES — 101.24%
(Cost: $166,964,301)				155,568,141
Other Assets, Less Liabilities — (1.24)%				(1,909,368	)
NET ASSETS — 100.00%			$	153,658,773

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

20 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI FRANCE ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.88%
AEROSPACE & DEFENSE — 6.04%
Airbus Group SE		167,466	$	10,900,333
Safran SA		83,023		6,476,557
Thales SA		29,643		2,039,731
Zodiac Aerospace		57,526		1,747,130
				21,163,751
AIR FREIGHT & LOGISTICS — 0.38%
Bollore SA		246,975		1,333,311
				1,333,311
AUTO COMPONENTS — 2.27%
Cie. Generale des Etablissements Michelin Class B		52,990		5,123,493
Valeo SA		22,628		2,839,722
				7,963,215
AUTOMOBILES — 1.90%
Peugeot SAa		123,269		2,127,092
Renault SA		54,685		4,539,830
				6,666,922
BANKS — 9.91%
BNP Paribas SA		301,126		18,986,149
Credit Agricole SA		293,261		3,971,117
Natixis SA		266,875		1,692,529
Societe Generale SA		206,242		10,042,194
				34,691,989
BEVERAGES — 1.92%
Pernod Ricard SA		60,316		6,320,461
Remy Cointreau SA		6,981		413,482
				6,733,943
BUILDING PRODUCTS — 1.78%
Cie. de Saint-Gobain		135,835		6,234,999
				6,234,999
CHEMICALS — 3.72%
Air Liquide SA		97,765		11,704,953
Arkema SA		18,697		1,317,963
				13,022,916
COMMERCIAL SERVICES & SUPPLIES — 0.73%
Edenred		58,736		1,244,208
Societe BIC SA		8,202		1,299,973
				2,544,181
COMMUNICATIONS EQUIPMENT — 0.75%
Alcatel-Lucenta		781,732		2,622,536
				2,622,536

Security	Shares		Value
CONSTRUCTION & ENGINEERING — 3.12%
Bouygues SA		57,557	$	2,188,879
Vinci SA		135,761		8,733,218
				10,922,097
CONSTRUCTION MATERIALS — 0.20%
Imerys SA		10,143		698,621
				698,621
DIVERSIFIED FINANCIAL SERVICES — 0.51%
Eurazeo SA		11,449		742,776
Wendel SA		8,219		1,053,093
				1,795,869
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.03%
Iliad SA		7,502		1,692,125
Orange SA		564,829		8,917,430
				10,609,555
ELECTRIC UTILITIES — 0.42%
Electricite de France SA		68,611		1,482,988
				1,482,988
ELECTRICAL EQUIPMENT — 4.64%
Alstom SAa		61,833		1,917,084
Legrand SA		75,665		4,360,369
Schneider Electric SE		157,864		9,964,020
				16,241,473
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.55%
Ingenico Group		15,560		1,924,821
				1,924,821
ENERGY EQUIPMENT & SERVICES — 0.46%
Technip SA		29,711		1,616,619
				1,616,619
FOOD & STAPLES RETAILING — 1.75%
Carrefour SA		156,797		5,091,525
Casino Guichard Perrachon SA		16,220		1,025,042
				6,116,567
FOOD PRODUCTS — 2.92%
Danone SA		164,714		10,222,888
				10,222,888
HEALTH CARE EQUIPMENT & SUPPLIES — 1.99%
Essilor International SA		58,323		6,953,336
				6,953,336
HOTELS, RESTAURANTS & LEISURE — 1.48%
Accor SA		59,477		2,817,707
Sodexo SA		26,767		2,352,305
				5,170,012

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Continued)

iSHARES^® MSCI FRANCE ETF

August 31, 2015

Security	Shares		Value
INSURANCE — 4.67%
AXA SA		557,775	$	14,046,576
CNP Assurances		49,207		758,126
SCOR SE		43,816		1,543,572
				16,348,274
IT SERVICES — 1.67%
Atos		24,597		1,866,702
Cap Gemini SA		44,225		3,970,274
				5,836,976
MEDIA — 5.48%
Eutelsat Communications SA		48,572		1,462,669
JCDecaux SA		21,288		764,018
Lagardere SCA		33,832		919,287
Numericable-SFR SASa		27,784		1,427,245
Publicis Groupe SA		53,631		3,817,140
SES SA		89,948		2,668,328
Vivendi SA		329,216		8,132,101
				19,190,788
METALS & MINING — 0.63%
ArcelorMittal		281,564		2,189,202
				2,189,202
MULTI-UTILITIES — 3.36%
Engie		415,476		7,441,668
Suez Environnement Co.		84,804		1,528,443
Veolia Environnement SA		128,102		2,806,173
				11,776,284
OIL, GAS & CONSUMABLE FUELS — 8.01%
Total SA		613,138		28,033,888
				28,033,888
PERSONAL PRODUCTS — 3.50%
L’Oreal SA		71,594		12,249,755
				12,249,755
PHARMACEUTICALS — 9.44%
Sanofi		334,611		33,057,711
				33,057,711
PROFESSIONAL SERVICES — 0.49%
Bureau Veritas SA		75,638		1,725,134
				1,725,134
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.50%
Fonciere des Regions		8,591		715,902
Gecina SA		9,896		1,246,343
ICADE		9,538		682,386
Klepierre		53,510		2,351,550

Security	Shares		Value
Unibail-Rodamco SE		28,001	$	7,255,494
				12,251,675
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.37%
STMicroelectronics NV		179,663		1,303,095
				1,303,095
SOFTWARE — 0.72%
Dassault Systemes		36,348		2,520,651
				2,520,651
TEXTILES, APPAREL & LUXURY GOODS — 6.41%
Christian Dior SE		15,523		2,876,888
Hermes International		7,497		2,659,982
Kering		21,560		3,690,130
LVMH Moet Hennessy Louis Vuitton SE		79,401		13,225,211
				22,452,211
TRADING COMPANIES & DISTRIBUTORS — 0.37%
Rexel SA		83,700		1,282,521
				1,282,521
TRANSPORTATION INFRASTRUCTURE — 0.79%
Aeroports de Paris		8,447		968,728
Groupe Eurotunnel SE Registered		133,294		1,801,979
				2,770,707
TOTAL COMMON STOCKS
(Cost: $410,521,987)				349,721,481
SHORT-TERM INVESTMENTS — 0.04%
MONEY MARKET FUNDS — 0.04%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%b,c		124,496		124,496
				124,496
TOTAL SHORT-TERM INVESTMENTS
(Cost: $124,496)				124,496
TOTAL INVESTMENTS IN SECURITIES — 99.92%
(Cost: $410,646,483)				349,845,977
Other Assets, Less Liabilities — 0.08%				293,017
NET ASSETS — 100.00%			$	350,138,994

^a  Non-income earning security.

^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.

22 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI NETHERLANDS ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.65%
AIR FREIGHT & LOGISTICS — 1.56%
PostNL NVa		207,517	$	782,904
TNT Express NV		232,225		1,960,928
				2,743,832
BANKS — 15.77%
ING Groep NV CVA		1,817,752		27,792,006
				27,792,006
BEVERAGES — 6.72%
Heineken Holding NV		47,339		3,299,295
Heineken NV		108,263		8,552,260
				11,851,555
CAPITAL MARKETS — 0.13%
BinckBank NV		26,602		223,855
				223,855
CHEMICALS — 7.83%
Akzo Nobel NV		115,415		7,803,317
Koninklijke DSM NV		85,239		4,480,387
Koninklijke Ten Cate NV		12,873		346,830
OCI NVa		39,615		1,166,532
				13,797,066
CONSTRUCTION & ENGINEERING — 2.07%
Arcadis NV		31,178		782,542
Boskalis Westminster NV		40,474		2,105,652
Grontmij NVa		33,037		164,471
Koninklijke BAM Groep NVa		108,120		598,231
				3,650,896
DIVERSIFIED FINANCIAL SERVICES — 0.00%
SNS REAAL NVa,b		68,952		1
				1
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.32%
Koninklijke KPN NV		1,505,378		5,856,485
				5,856,485
ELECTRICAL EQUIPMENT — 0.45%
Kendrion NV		5,150		138,465
TKH Group NV		16,877		654,309
				792,774
ENERGY EQUIPMENT & SERVICES — 0.95%
Fugro NV CVAa,b		31,894		665,784
SBM Offshore NVa		83,953		1,001,838
				1,667,622

Security	Shares		Value
FOOD & STAPLES RETAILING — 4.81%
Amsterdam Commodities NV		7,868	$	189,414
Koninklijke Ahold NV		420,323		8,296,168
				8,485,582
FOOD PRODUCTS — 0.56%
Corbion NV		27,747		609,374
Wessanen		35,754		377,387
				986,761
HOUSEHOLD DURABLES — 0.27%
TomTom NVa,b		47,772		479,134
				479,134
INDUSTRIAL CONGLOMERATES — 6.40%
Koninklijke Philips NV		439,488		11,286,866
				11,286,866
INSURANCE — 5.16%
Aegon NV		851,512		5,234,296
Delta Lloyd NV		103,114		1,093,810
NN Group NV		90,673		2,766,034
				9,094,140
LEISURE PRODUCTS — 0.12%
Accell Group		10,157		217,831
				217,831
MACHINERY — 0.82%
Aalberts Industries NV		46,767		1,452,071
				1,452,071
MEDIA — 9.44%
Altice NV Class Aa,b		122,421		3,487,616
Altice NV Class Ba,b		40,759		1,277,859
RELX NV		479,114		7,373,594
Wolters Kluwer NV		142,015		4,495,359
				16,634,428
OIL, GAS & CONSUMABLE FUELS — 0.77%
Koninklijke Vopak NV		33,037		1,359,299
				1,359,299
PERSONAL PRODUCTS — 17.39%
Unilever NV CVA		765,704		30,659,596
				30,659,596
PROFESSIONAL SERVICES — 2.50%
Brunel International NV		9,297		162,510
Randstad Holding NV		60,216		3,802,047
USG People NV		30,464		449,898
				4,414,455

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Continued)

iSHARES^® MSCI NETHERLANDS ETF

August 31, 2015

Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.56%
Eurocommercial Properties NV		22,456	$	995,155
NSI NV		60,495		254,802
VastNed Retail NV		9,012		410,936
Wereldhave NV		18,886		1,080,096
				2,740,989
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.12%
ASM International NV		23,742		894,257
ASML Holding NV		162,882		14,907,353
BE Semiconductor Industries NV		14,159		278,116
				16,079,726
SOFTWARE — 1.54%
Gemalto NVb		37,614		2,705,804
				2,705,804
TRADING COMPANIES & DISTRIBUTORS — 0.39%
IMCD Group NV		18,533		689,438
				689,438
TOTAL COMMON STOCKS
(Cost: $197,090,350)				175,662,212
SHORT-TERM INVESTMENTS — 2.70%
MONEY MARKET FUNDS — 2.70%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		4,495,660		4,495,660
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		258,163		258,163
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		2,192		2,192
				4,756,015
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,756,015)				4,756,015
TOTAL INVESTMENTS IN SECURITIES — 102.35%
(Cost: $201,846,365)				180,418,227
Other Assets, Less Liabilities — (2.35)%				(4,135,986	)
NET ASSETS — 100.00%			$	176,282,241

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

24 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI SWEDEN ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.84%
BANKS — 26.37%
Nordea Bank AB		2,755,733	$	32,541,698
Skandinaviska Enskilda Banken AB Class A		1,360,969		15,806,664
Svenska Handelsbanken AB Class A		1,360,641		20,284,740
Swedbank AB Class A		822,364		18,743,726
				87,376,828
BUILDING PRODUCTS — 4.84%
Assa Abloy AB		840,239		16,051,706
				16,051,706
COMMERCIAL SERVICES & SUPPLIES — 1.11%
Securitas AB Class B		288,674		3,674,234
				3,674,234
COMMUNICATIONS EQUIPMENT — 8.11%
Telefonaktiebolaget LM Ericsson Class B		2,762,132		26,871,807
				26,871,807
CONSTRUCTION & ENGINEERING — 2.07%
Skanska AB Class B		351,265		6,871,924
				6,871,924
DIVERSIFIED FINANCIAL SERVICES — 7.17%
Industrivarden AB Class C		152,295		2,767,613
Investment AB Kinnevik Class B		214,417		6,046,963
Investor AB Class B		415,727		14,938,294
				23,752,870
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.01%
TeliaSonera AB		2,360,412		13,291,357
				13,291,357
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.29%
Hexagon AB Class B		235,706		7,577,926
				7,577,926
FOOD & STAPLES RETAILING — 0.79%
ICA Gruppen AB		70,859		2,626,341
				2,626,341
HEALTH CARE EQUIPMENT & SUPPLIES — 1.22%
Getinge AB Class B		182,522		4,048,277
				4,048,277
HOUSEHOLD DURABLES — 2.60%
Electrolux AB Class B		218,743		6,163,808

Security	Shares		Value
Husqvarna AB Class B		380,655	$	2,467,343
				8,631,151
HOUSEHOLD PRODUCTS — 4.60%
Svenska Cellulosa AB SCA Class B		535,236		15,227,126
				15,227,126
MACHINERY — 17.95%
Alfa Laval AB		270,115		4,545,820
Atlas Copco AB Class A		611,716		15,391,576
Atlas Copco AB Class B		355,188		8,087,248
Sandvik AB		970,868		9,359,418
SKF AB Class B		363,280		6,931,444
Volvo AB Class B		1,397,304		15,166,518
				59,482,024
METALS & MINING — 1.25%
Boliden AB		250,488		4,129,904
				4,129,904
OIL, GAS & CONSUMABLE FUELS — 0.78%
Lundin Petroleum ABa		198,976		2,593,529
				2,593,529
SPECIALTY RETAIL — 9.99%
Hennes & Mauritz AB Class B		862,145		33,102,954
				33,102,954
TOBACCO — 1.61%
Swedish Match AB		180,853		5,334,846
				5,334,846
WIRELESS TELECOMMUNICATION SERVICES — 2.08%
Millicom International Cellular SA SDR		60,382		4,020,604
Tele2 AB Class B		291,504		2,873,729
				6,894,333
TOTAL COMMON STOCKS
(Cost: $386,521,516)				327,539,137
SHORT-TERM INVESTMENTS — 0.66%
MONEY MARKET FUNDS — 0.66%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%b,c,d		2,077,890		2,077,890
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%b,c,d		119,323		119,323

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Continued)

iSHARES^® MSCI SWEDEN ETF

August 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%b,c		9,417	$	9,417
				2,206,630
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,206,630)				2,206,630
TOTAL INVESTMENTS IN SECURITIES — 99.50%
(Cost: $388,728,146)				329,745,767
Other Assets, Less Liabilities — 0.50%				1,641,168
NET ASSETS — 100.00%			$	331,386,935

SDR  —  Swedish Depositary Receipts

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

26 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^®, INC.

August 31, 2015

	iShares MSCI Austria Capped ETF			iShares MSCI Belgium Capped ETF			iShares MSCI France ETF
ASSETS
Investments, at cost:
Unaffiliated	$	78,916,918		$	164,825,699		$	410,521,987
Affiliated (Note 2)		2,580,838			2,138,602			124,496
Total cost of investments	$	81,497,756		$	166,964,301		$	410,646,483
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	55,191,770		$	153,429,539		$	349,721,481
Affiliated (Note 2)		2,580,838			2,138,602			124,496
Total fair value of investments		57,772,608			155,568,141			349,845,977
Foreign currency, at valueb		2,033			248,879			166,760
Receivables:
Investment securities sold		877,805			2,727,899			2,515,054
Dividends, reclaims and interest		923,827			160,694			9,888
Total Assets		59,576,273			158,705,613			352,537,679
LIABILITIES
Payables:
Investment securities purchased		713,319			2,858,241			2,253,686
Collateral for securities on loan (Note 1)		2,580,652			2,118,733			—
Capital shares redeemed		—			3,036			—
Securities related to in-kind transactions (Note 4)		128,135			—			—
Investment advisory fees (Note 2)		24,168			66,830			144,999
Total Liabilities		3,446,274			5,046,840			2,398,685
NET ASSETS	$	56,129,999		$	153,658,773		$	350,138,994
Net assets consist of:
Paid-in capital	$	157,674,313		$	219,824,310		$	463,424,658
Undistributed (distributions in excess of) net investment income		(8,898	)		(33,754	)		178,273
Accumulated net realized loss		(77,640,785	)		(54,739,873	)		(52,668,767	)
Net unrealized depreciation		(23,894,631	)		(11,391,910	)		(60,795,170	)
NET ASSETS	$	56,129,999		$	153,658,773		$	350,138,994
Shares outstandingc		3,600,000			9,040,000			14,000,000
Net asset value per share	$	15.59		$	17.00		$	25.01

^a  Securities on loan with values of $2,367,648, $1,976,621 and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $1,982, $245,383 and $161,722, respectively.

^c  $0.001 par value, number of shares authorized: 100 million, 136.2 million and 340.2 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Assets and Liabilities (Continued)

iSHARES^®, INC.

August 31, 2015

	iShares MSCI Netherlands ETF			iShares MSCI Sweden ETF
ASSETS
Investments, at cost:
Unaffiliated	$	197,090,350		$	386,521,516
Affiliated (Note 2)		4,756,015			2,206,630
Total cost of investments	$	201,846,365		$	388,728,146
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	175,662,212		$	327,539,137
Affiliated (Note 2)		4,756,015			2,206,630
Total fair value of investments		180,418,227			329,745,767
Foreign currency, at valueb		245,478			171,773
Receivables:
Investment securities sold		370,049			3,997,179
Dividends, reclaims and interest		442,362			6,072
Foreign withholding tax claims (Note 7)		—			10,687,615
Total Assets		181,476,116			344,608,406
LIABILITIES
Payables:
Investment securities purchased		166,037			928,010
Collateral for securities on loan (Note 1)		4,753,823			2,197,213
Securities related to in-kind transactions (Note 4)		195,085			—
IRS compliance fee for foreign withholding tax claims (Note 7)		—			8,773,929
Professional fees (Note 7)		—			1,180,411
Investment advisory fees (Note 2)		78,930			141,908
Total Liabilities		5,193,875			13,221,471
NET ASSETS	$	176,282,241		$	331,386,935
Net assets consist of:
Paid-in capital	$	240,685,110		$	436,560,700
Undistributed (distributions in excess of) net investment income		932,094			(364,097	)
Accumulated net realized loss		(43,913,162	)		(45,827,453	)
Net unrealized depreciation		(21,421,801	)		(58,982,215	)
NET ASSETS	$	176,282,241		$	331,386,935
Shares outstandingc		7,200,000			10,950,000
Net asset value per share	$	24.48		$	30.26

^a  Securities on loan with values of $4,521,737 and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $245,338 and $171,533, respectively.

^c  $0.001 par value, number of shares authorized: 255 million and 63.6 million, respectively.

See notes to financial statements.

28 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI Austria Capped ETF			iShares MSCI Belgium Capped ETF			iShares MSCI France ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	1,198,225		$	4,035,501		$	10,957,581
Interest — affiliated (Note 2)		3			5			14
Securities lending income — affiliated — net (Note 2)		36,280			52,649			17,784
Total investment income		1,234,508			4,088,155			10,975,379
EXPENSES
Investment advisory fees (Note 2)		292,186			784,484			1,578,364
Total expenses		292,186			784,484			1,578,364
Net investment income		942,322			3,303,671			9,397,015
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(5,723,219	)		(2,451,548	)		(12,077,752	)
In-kind redemptions — unaffiliated		159,327			19,898,997			2,356,096
Foreign currency transactions		(1,967	)		1,800			(27,181	)
Net realized gain (loss)		(5,565,859	)		17,449,249			(9,748,837	)
Net change in unrealized appreciation/depreciation on:
Investments		(2,282,419	)		(19,230,279	)		(18,688,629	)
Translation of assets and liabilities in foreign currencies		(137,435	)		5,262			10,396
Net change in unrealized appreciation/depreciation		(2,419,854	)		(19,225,017	)		(18,678,233	)
Net realized and unrealized loss		(7,985,713	)		(1,775,768	)		(28,427,070	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,043,391	)	$	1,527,903		$	(19,030,055	)

^a  Net of foreign withholding tax of $188,685, $707,058 and $1,817,039, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Operations (Continued)

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI Netherlands ETF			iShares MSCI Sweden ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	3,997,276		$	11,548,699
Interest — affiliated (Note 2)		5			10
Securities lending income — affiliated — net (Note 2)		114,211			21,864
Other income		—			117,511
Foreign withholding tax claims (Note 7)		—			15,358,761
		4,111,492			27,046,845
Less: IRS compliance fee for foreign withholding tax claims (Note 7)		—			(8,773,929	)
Total investment income		4,111,492			18,272,916
EXPENSES
Investment advisory fees (Note 2)		789,963			1,789,253
Professional fees (Note 7)		—			1,647,526
Total expenses		789,963			3,436,779
Net investment income		3,321,529			14,836,137
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,766,667	)		(5,337,220	)
In-kind redemptions — unaffiliated		6,979,786			24,373,448
Foreign currency transactions		(18,367	)		(94,691	)
Net realized gain		4,194,752			18,941,537
Net change in unrealized appreciation/depreciation on:
Investments		(11,194,318	)		(66,315,999	)
Translation of assets and liabilities in foreign currencies		12,662			3,263
Net change in unrealized appreciation/depreciation		(11,181,656	)		(66,312,736	)
Net realized and unrealized loss		(6,986,904	)		(47,371,199	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,665,375	)	$	(32,535,062	)

^a  Net of foreign withholding tax of $658,785 and $1,900,090, respectively.

See notes to financial statements.

30 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Austria Capped ETF						iShares MSCI Belgium Capped ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	942,322		$	2,320,187		$	3,303,671		$	1,594,797
Net realized gain (loss)		(5,565,859	)		(6,160,727	)		17,449,249			3,217,627
Net change in unrealized appreciation/depreciation		(2,419,854	)		7,652,437			(19,225,017	)		8,276,454
Net increase (decrease) in net assets resulting from operations		(7,043,391	)		3,811,897			1,527,903			13,088,878
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,034,120	)		(2,505,599	)		(3,622,114	)		(2,704,438	)
Total distributions to shareholders		(1,034,120	)		(2,505,599	)		(3,622,114	)		(2,704,438	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		18,333,036			99,089,245			165,245,124			110,895,731
Cost of shares redeemed		(17,295,697	)		(119,448,599	)		(174,257,196	)		(27,730,866	)
Net increase (decrease) in net assets from capital share transactions		1,037,339			(20,359,354	)		(9,012,072	)		83,164,865
INCREASE (DECREASE) IN NET ASSETS		(7,040,172	)		(19,053,056	)		(11,106,283	)		93,549,305
NET ASSETS
Beginning of year		63,170,171			82,223,227			164,765,056			71,215,751
End of year	$	56,129,999		$	63,170,171		$	153,658,773		$	164,765,056
Distributions in excess of net investment income included in net assets at end of year	$	(8,898	)	$	(28	)	$	(33,754	)	$	(626,047	)
SHARES ISSUED AND REDEEMED
Shares sold		1,100,000			5,000,000			9,600,000			6,520,000
Shares redeemed		(1,100,000	)		(6,000,000	)		(10,240,000	)		(1,800,000	)
Net increase (decrease) in shares outstanding		—			(1,000,000	)		(640,000	)		4,720,000

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI France ETF						iShares MSCI Netherlands ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	9,397,015		$	10,478,223		$	3,321,529		$	4,710,761
Net realized gain (loss)		(9,748,837	)		47,950,371			4,194,752			28,496,610
Net change in unrealized appreciation/depreciation		(18,678,233	)		9,095,863			(11,181,656	)		(1,266,653	)
Net increase (decrease) in net assets resulting from operations		(19,030,055	)		67,524,457			(3,665,375	)		31,940,718
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(9,469,883	)		(10,305,702	)		(2,772,645	)		(5,077,158	)
Total distributions to shareholders		(9,469,883	)		(10,305,702	)		(2,772,645	)		(5,077,158	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		212,178,798			84,933,809			119,225,740			53,331,509
Cost of shares redeemed		(115,462,686	)		(387,069,111	)		(101,596,983	)		(168,493,467	)
Net increase (decrease) in net assets from capital share transactions		96,716,112			(302,135,302	)		17,628,757			(115,161,958	)
INCREASE (DECREASE) IN NET ASSETS		68,216,174			(244,916,547	)		11,190,737			(88,298,398	)
NET ASSETS
Beginning of year		281,922,820			526,839,367			165,091,504			253,389,902
End of year	$	350,138,994		$	281,922,820		$	176,282,241		$	165,091,504
Undistributed net investment income included in net assets at end of year	$	178,273		$	275,842		$	932,094		$	401,577
SHARES ISSUED AND REDEEMED
Shares sold		8,200,000			3,000,000			4,600,000			2,200,000
Shares redeemed		(4,400,000	)		(14,000,000	)		(4,100,000	)		(6,750,000	)
Net increase (decrease) in shares outstanding		3,800,000			(11,000,000	)		500,000			(4,550,000	)

See notes to financial statements.

32 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Sweden ETF
	Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	14,836,137		$	14,699,921
Net realized gain		18,941,537			30,778,353
Net change in unrealized appreciation/depreciation		(66,312,736	)		1,730,036
Net increase (decrease) in net assets resulting from operations		(32,535,062	)		47,208,310
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(16,981,496	)		(17,174,445	)
Total distributions to shareholders		(16,981,496	)		(17,174,445	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		177,749,987			101,532,730
Cost of shares redeemed		(201,102,502	)		(161,316,482	)
Net decrease in net assets from capital share transactions		(23,352,515	)		(59,783,752	)
DECREASE IN NET ASSETS		(72,869,073	)		(29,749,887	)
NET ASSETS
Beginning of year		404,256,008			434,005,895
End of year	$	331,386,935		$	404,256,008
Distributions in excess of net investment income included in net assets at end of year	$	(364,097	)	$	(1,954,836	)
SHARES ISSUED AND REDEEMED
Shares sold		5,250,000			2,850,000
Shares redeemed		(6,150,000	)		(4,575,000	)
Net decrease in shares outstanding		(900,000	)		(1,725,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 33

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Austria Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	17.55		$	17.87		$	14.53		$	18.76		$	17.27
Income from investment operations:
Net investment incomea		0.25			0.52			0.32			0.35			0.42
Net realized and unrealized gain (loss)b		(1.96	)		(0.18	)		3.36			(4.09	)		1.53
Total from investment operations		(1.71	)		0.34			3.68			(3.74	)		1.95
Less distributions from:
Net investment income		(0.25	)		(0.66	)		(0.34	)		(0.49	)		(0.46	)
Total distributions		(0.25	)		(0.66	)		(0.34	)		(0.49	)		(0.46	)
Net asset value, end of year	$	15.59		$	17.55		$	17.87		$	14.53		$	18.76
Total return		(9.76	)%		1.56	%		25.49	%		(19.81	)%		10.92	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	56,130		$	63,170		$	82,223		$	53,757		$	136,974
Ratio of expenses to average net assets		0.48	%		0.48	%		0.51	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		1.54	%		2.64	%		1.82	%		2.32	%		1.95	%
Portfolio turnover ratec		18	%		30	%		26	%		13	%		12	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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.

34 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Belgium Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	17.02		$	14.36		$	11.97		$	12.60		$	11.78
Income from investment operations:
Net investment incomea		0.34			0.32			0.42			0.38			0.35
Net realized and unrealized gain (loss)b		(0.00	)c		2.95			2.36			(0.33	)		0.80
Total from investment operations		0.34			3.27			2.78			0.05			1.15
Less distributions from:
Net investment income		(0.36	)		(0.61	)		(0.39	)		(0.67	)		(0.33	)
Return of capital		—			—			—			(0.01	)		—
Total distributions		(0.36	)		(0.61	)		(0.39	)		(0.68	)		(0.33	)
Net asset value, end of year	$	17.00		$	17.02		$	14.36		$	11.97		$	12.60
Total return		1.95	%		23.05	%		23.43	%		1.11	%		9.59	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	153,659		$	164,765		$	71,216		$	25,386		$	31,256
Ratio of expenses to average net assets		0.48	%		0.48	%		0.50	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		2.01	%		1.90	%		3.01	%		3.35	%		2.56	%
Portfolio turnover rated		7	%		13	%		24	%		19	%		12	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  Rounds to less than $0.01.

^d  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 35

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI France ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	27.64		$	24.85		$	20.70		$	22.60		$	21.03
Income from investment operations:
Net investment incomea		0.74			0.66			0.69			0.59			0.86
Net realized and unrealized gain (loss)b		(2.69	)		2.86			4.14			(1.80	)		1.38
Total from investment operations		(1.95	)		3.52			4.83			(1.21	)		2.24
Less distributions from:
Net investment income		(0.68	)		(0.73	)		(0.68	)		(0.69	)		(0.67	)
Return of capital		—			—			—			(0.00	)c		—
Total distributions		(0.68	)		(0.73	)		(0.68	)		(0.69	)		(0.67	)
Net asset value, end of year	$	25.01		$	27.64		$	24.85		$	20.70		$	22.60
Total return		(7.17	)%		14.07	%		23.56	%		(5.05	)%		10.24	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	350,139		$	281,923		$	526,839		$	401,626		$	357,137
Ratio of expenses to average net assets		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		2.85	%		2.36	%		2.94	%		2.91	%		3.38	%
Portfolio turnover rated		6	%		6	%		5	%		6	%		6	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  Rounds to less than $0.01.

^d  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.

36 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Netherlands ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	24.64		$	22.52		$	18.23		$	18.45		$	17.89
Income from investment operations:
Net investment incomea		0.50			0.45			0.44			0.39			0.48
Net realized and unrealized gain (loss)b		(0.27	)		2.22			4.19			(0.08	)		0.55
Total from investment operations		0.23			2.67			4.63			0.31			1.03
Less distributions from:
Net investment income		(0.39	)		(0.55	)		(0.34	)		(0.53	)		(0.47	)
Total distributions		(0.39	)		(0.55	)		(0.34	)		(0.53	)		(0.47	)
Net asset value, end of year	$	24.48		$	24.64		$	22.52		$	18.23		$	18.45
Total return		0.87	%		11.80	%		25.57	%		1.96	%		5.44	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	176,282		$	165,092		$	253,390		$	78,397		$	121,740
Ratio of expenses to average net assets		0.48	%		0.48	%		0.50	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		2.01	%		1.78	%		2.09	%		2.21	%		2.26	%
Portfolio turnover ratec		6	%		7	%		11	%		10	%		6	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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 37

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Sweden ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	34.11		$	31.97		$	27.32		$	26.82		$	24.46
Income from investment operations:
Net investment incomea		1.30	b		1.04			0.97			0.83			1.18
Net realized and unrealized gain (loss)c		(3.75	)		2.33			4.70			0.58			2.22
Total from investment operations		(2.45	)		3.37			5.67			1.41			3.40
Less distributions from:
Net investment income		(1.40	)		(1.23	)		(1.02	)		(0.86	)		(1.04	)
Return of capital		—			—			—			(0.05	)		—
Total distributions		(1.40	)		(1.23	)		(1.02	)		(0.91	)		(1.04	)
Net asset value, end of year	$	30.26		$	34.11		$	31.97		$	27.32		$	26.82
Total return		(7.46	)%b		10.49	%		21.02	%		5.57	%		13.40	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	331,387		$	404,256		$	434,006		$	370,832		$	329,887
Ratio of expenses to average net assets		0.92	%		0.48	%		0.51	%		0.53	%		0.51	%
Ratio of expenses to average net assets excluding the non-recurring professional fees for foreign withholding tax claims (Note 7)		0.48	%		n/a			n/a			n/a			n/a
Ratio of net investment income to average net assets		3.97	%b		2.97	%		3.13	%		3.17	%		3.80	%
Portfolio turnover rated		4	%		7	%		7	%		7	%		9	%

^a  Based on average shares outstanding throughout each period.

^b  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated IRS compliance fees and professional fees (See Note 7), which resulted in the following increases:

•  Net investment income per share by $0.42

•  Total return by 1.14%

•  Ratio of net investment income to average net assets by 1.31%

^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  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.

38 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

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
MSCI Austria Capped	Non-diversified
MSCI Belgium Capped	Non-diversified
MSCI France	Non-diversified
MSCI Netherlands	Non-diversified
MSCI Sweden	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”).

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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

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

40 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of August 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1		Level 2		Level 3		Total
MSCI Austria Capped
Investments:
Assets:
Common Stocks	$	55,191,749	$	—	$	21	$	55,191,770
Money Market Funds		2,580,838		—		—		2,580,838
Total	$	57,772,587	$	—	$	21	$	57,772,608
MSCI Belgium Capped
Investments:
Assets:
Common Stocks	$	153,429,539	$	—	$	—	$	153,429,539
Money Market Funds		2,138,602		—		—		2,138,602
Total	$	155,568,141	$	—	$	—	$	155,568,141
MSCI France
Investments:
Assets:
Common Stocks	$	349,721,481	$	—	$	—	$	349,721,481
Money Market Funds		124,496		—		—		124,496
Total	$	349,845,977	$	—	$	—	$	349,845,977
MSCI Netherlands
Investments:
Assets:
Common Stocks	$	175,662,211	$	—	$	1	$	175,662,212
Money Market Funds		4,756,015		—		—		4,756,015
Total	$	180,418,226	$	—	$	1	$	180,418,227
MSCI Sweden
Investments:
Assets:
Common Stocks	$	327,539,137	$	—	$	—	$	327,539,137
Money Market Funds		2,206,630		—		—		2,206,630
Total	$	329,745,767	$	—	$	—	$	329,745,767

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of August 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Continued)

iSHARES^®, INC.

to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

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 August 31, 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 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. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by 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 August 31, 2015, any securities on loan were collateralized by cash.

42 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of August 31, 2015 and the total 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.

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 securities lending agreements which are subject to offset under an MSLA as of August 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received a			Net Amount
MSCI Austria Capped	$	2,367,648	$	2,367,648		$	—
MSCI Belgium Capped		1,976,621		1,976,621			—
MSCI Netherlands		4,521,737		4,521,737			—
MSCI Sweden		—		2,197,213	b		2,197,213	b

^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.

^b  The Fund did not have any securities on loan as of August 31, 2015 and the cash collateral amount was returned by the Fund on the next business day.

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.

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Continued)

iSHARES^®, INC.

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.59	%	First $7 billion
	0.54		Over $7 billion, up to and including $11 billion
	0.49		Over $11 billion, up to and including $24 billion
	0.44		Over $24 billion, up to and including $48 billion
	0.40		Over $48 billion, up to and including $72 billion
	0.36		Over $72 billion

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 65% 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 calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the year ended August 31, 2015, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Austria Capped	$	9,744
MSCI Belgium Capped		15,730
MSCI France		5,659
MSCI Netherlands		24,309
MSCI Sweden		7,006

44 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 year ended August 31, 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 year ended August 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI Austria Capped	$	10,841,175	$	10,977,352
MSCI Belgium Capped		12,380,259		10,909,969
MSCI France		29,974,873		20,815,907
MSCI Netherlands		13,240,058		10,368,980
MSCI Sweden		22,457,117		15,822,891

In-kind transactions (see Note 4) for the year ended August 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Austria Capped	$	18,017,057	$	17,026,205
MSCI Belgium Capped		162,070,513		173,692,585
MSCI France		201,385,545		114,282,354
MSCI Netherlands		117,136,303		101,266,496
MSCI Sweden		165,007,326		200,763,902

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

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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. PRINCIPAL RISKS

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 equity 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 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.

Each Fund invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

46 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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.

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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of August 31, 2015, attributable to passive foreign investment companies, the expiration of capital loss carryforwards, distributions paid in excess of taxable income, foreign currency transactions and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
MSCI Austria Capped	$	(12,345,714	)	$	82,928		$	12,262,786
MSCI Belgium Capped		15,646,141			910,736			(16,556,877	)
MSCI France		(954,291	)		(24,701	)		978,992
MSCI Netherlands		4,871,407			(18,367	)		(4,853,040	)
MSCI Sweden		17,703,642			3,736,098			(21,439,740	)

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The tax character of distributions paid during the years ended August 31, 2015 and August 31, 2014 was as follows:

iShares ETF	2015		2014
MSCI Austria Capped
Ordinary income	$	1,034,120	$	2,505,599
MSCI Belgium Capped
Ordinary income	$	3,622,114	$	2,704,438
MSCI France
Ordinary income	$	9,469,883	$	10,305,702
MSCI Netherlands
Ordinary income	$	2,772,645	$	5,077,158
MSCI Sweden
Ordinary income	$	16,981,496	$	17,174,445

As of August 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses)  a			Qualified Late-Year Losses b			Total
MSCI Austria Capped	$	—	$	(70,213,934	)	$	(29,096,277	)	$	(2,234,103	)	$	(101,544,314	)
MSCI Belgium Capped		255,889		(49,678,711	)		(14,945,945	)		(1,796,770	)		(66,165,537	)
MSCI France		178,273		(37,327,969	)		(72,862,960	)		(3,273,008	)		(113,285,664	)
MSCI Netherlands		932,094		(40,642,817	)		(24,031,454	)		(660,692	)		(64,402,869	)
MSCI Sweden		—		(39,290,800	)		(63,038,211	)		(2,844,754	)		(105,173,765	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, foreign withholding tax claims and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^b  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of August 31, 2015, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Austria Capped	$	30,039,704	$	2,587,916	$	7,102,366	$	16,657,011	$	13,826,937	$	70,213,934
MSCI Belgium Capped		12,177,456		1,698,444		5,953,120		10,826,174		19,023,517		49,678,711
MSCI France		23,716,456		335,795		3,408,374		7,008,530		2,858,814		37,327,969
MSCI Netherlands		9,043,327		1,195,162		5,819,153		22,256,170		2,329,005		40,642,817
MSCI Sweden		11,775,552		100,015		13,686,746		8,483,510		5,244,977		39,290,800

^a  Must be utililized prior to losses subject to expiration.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

48 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

As of August 31, 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)
MSCI Austria Capped	$	86,699,402	$	848,585	$	(29,775,379	)	$	(28,926,794	)
MSCI Belgium Capped		170,518,336		6,030,508		(20,980,703	)		(14,950,195	)
MSCI France		422,714,273		4,814,925		(77,683,221	)		(72,868,296	)
MSCI Netherlands		204,456,018		2,155,030		(26,192,821	)		(24,037,791	)
MSCI Sweden		393,529,066		3,721,003		(67,504,302	)		(63,783,299	)

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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. FOREIGN WITHHOLDING TAX CLAIMS

In 2010 the iShares MSCI Sweden ETF (the “Fund”) filed claims to recover taxes withheld by Sweden on dividend income received during calendar years 2005 through 2009 on the basis that Sweden had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. In March 2015, the Fund received a favorable ruling from the Swedish Administrative Court. The Swedish Tax Authority did not appeal the ruling and the Fund successfully recovered taxes withheld by Sweden during calendar years 2005 through 2009. As a result of the favorable ruling, the Fund has recorded a receivable for claims on all taxes that have been withheld by Sweden since January 1, 2010. Swedish tax claims are disclosed in the statement of assets and liabilities and statement of operations as “Foreign withholding tax claims”. Professional fees associated with the filing of claims in Sweden resulting in the recovery of foreign withholding taxes were approved by the Board as appropriate expenses of the Fund. The Fund has accrued estimated professional fees associated with the recovery of Swedish taxes withheld since January 1, 2010.

The Fund, under the approval of the Board, is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims from calendar years 2005 through 2014. Such amounts are disclosed in the statement of assets and liabilities and the statement of operations as “IRS compliance fee for foreign withholding tax claims”. The actual IRS compliance fee may differ from the estimate and that difference may be material.

8. 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 49

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

iShares, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares MSCI Austria Capped ETF, iShares MSCI Belgium Capped ETF, iShares MSCI France ETF, iShares MSCI Netherlands ETF and iShares MSCI Sweden ETF (the “Funds”) at August 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

October 22, 2015

50 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Tax Information (Unaudited)

iSHARES^®, INC.

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the following maximum amounts are hereby designated as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2015:

iShares ETF	Qualified Dividend Income
MSCI Austria Capped	$	1,376,391
MSCI Belgium Capped		4,261,485
MSCI France		12,766,886
MSCI Netherlands		4,606,756
MSCI Sweden		12,546,797

In February 2016, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.

For the fiscal year ended August 31, 2015, the following Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to Section 853 of the Code:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Austria Capped	$	1,386,910	$	188,685
MSCI Belgium Capped		4,742,559		706,350
MSCI France		12,774,620		1,816,696
MSCI Netherlands		4,656,061		658,769
MSCI Sweden		13,566,300		26,569

TAX INFORMATION 51

Board Review and Approval of Investment Advisory

Contract

iSHARES^® , INC.

I. iShares MSCI Austria Capped ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or

52 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception,

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 53

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

54 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

II. iShares MSCI Belgium Capped ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 55

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

56 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 57

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

III. iShares MSCI France ETF and iShares MSCI Netherlands ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

58 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 59

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds already provided for breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’

60 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

IV. iShares MSCI Sweden ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 61

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

62 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 63

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

64 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

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 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 these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
MSCI Austria Capped ETF	$	0.198622	$	—	$	0.054509	$	0.253131		78	%		—	%		22	%		100	%
MSCI France ETF		0.675321		—		—		0.675321		100			—			—			100
MSCI Sweden ETF		1.397452		—		—		1.397452		100			—			—			100

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for five calendar years (or from the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.

SUPPLEMENTAL INFORMATION 65

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares MSCI Austria Capped ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		2		0.14	%
Greater than 2.5% and Less than 3.0%		2		0.14
Greater than 2.0% and Less than 2.5%		6		0.43
Greater than 1.5% and Less than 2.0%		13		0.94
Greater than 1.0% and Less than 1.5%		39		2.82
Greater than 0.5% and Less than 1.0%		175		12.67
Between 0.5% and –0.5%		913		66.07
Less than –0.5% and Greater than –1.0%		135		9.77
Less than –1.0% and Greater than –1.5%		49		3.55
Less than –1.5% and Greater than –2.0%		27		1.95
Less than –2.0% and Greater than –2.5%		11		0.80
Less than –2.5% and Greater than –3.0%		6		0.43
Less than –3.0%		4		0.29
		1,382		100.00	%

iShares MSCI Belgium Capped ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		3		0.22	%
Greater than 2.5% and Less than 3.0%		1		0.07
Greater than 2.0% and Less than 2.5%		4		0.29
Greater than 1.5% and Less than 2.0%		16		1.16
Greater than 1.0% and Less than 1.5%		36		2.60
Greater than 0.5% and Less than 1.0%		168		12.17
Between 0.5% and –0.5%		977		70.69
Less than –0.5% and Greater than –1.0%		112		8.10
Less than –1.0% and Greater than –1.5%		47		3.40
Less than –1.5% and Greater than –2.0%		9		0.65
Less than –2.0% and Greater than –2.5%		6		0.43
Less than –2.5%		3		0.22
		1,382		100.00	%

66 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI France ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0% and Less than 3.5%		2		0.14	%
Greater than 2.5% and Less than 3.0%		2		0.14
Greater than 2.0% and Less than 2.5%		5		0.36
Greater than 1.5% and Less than 2.0%		15		1.09
Greater than 1.0% and Less than 1.5%		52		3.76
Greater than 0.5% and Less than 1.0%		200		14.47
Between 0.5% and –0.5%		932		67.45
Less than –0.5% and Greater than –1.0%		105		7.60
Less than –1.0% and Greater than –1.5%		39		2.82
Less than –1.5% and Greater than –2.0%		18		1.30
Less than –2.0% and Greater than –2.5%		7		0.51
Less than –2.5% and Greater than –3.0%		3		0.22
Less than –3.0%		2		0.14
		1,382		100.00	%

iShares MSCI Netherlands ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		2		0.14	%
Greater than 2.5% and Less than 3.0%		1		0.07
Greater than 2.0% and Less than 2.5%		3		0.22
Greater than 1.5% and Less than 2.0%		15		1.09
Greater than 1.0% and Less than 1.5%		41		2.97
Greater than 0.5% and Less than 1.0%		158		11.43
Between 0.5% and –0.5%		984		71.20
Less than –0.5% and Greater than –1.0%		113		8.18
Less than –1.0% and Greater than –1.5%		45		3.26
Less than –1.5% and Greater than –2.0%		11		0.80
Less than –2.0% and Greater than –2.5%		5		0.36
Less than –2.5% and Greater than –3.0%		2		0.14
Less than –3.0%		2		0.14
		1,382		100.00	%

SUPPLEMENTAL INFORMATION 67

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Sweden ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		2		0.14	%
Greater than 2.5% and Less than 3.0%		1		0.07
Greater than 2.0% and Less than 2.5%		4		0.29
Greater than 1.5% and Less than 2.0%		23		1.66
Greater than 1.0% and Less than 1.5%		53		3.84
Greater than 0.5% and Less than 1.0%		188		13.61
Between 0.5% and –0.5%		879		63.61
Less than –0.5% and Greater than –1.0%		134		9.70
Less than –1.0% and Greater than –1.5%		54		3.91
Less than –1.5% and Greater than –2.0%		23		1.66
Less than –2.0% and Greater than –2.5%		10		0.72
Less than –2.5% and Greater than –3.0%		6		0.43
Less than –3.0% and Greater than –3.5%		3		0.22
Less than –3.5% and Greater than –4.0%		1		0.07
Less than –4.0%		1		0.07
		1,382		100.00	%

68 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information

iSHARES^® , INC.

The Board of Directors has responsibility for the overall management and operations of the Company, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees a total of 319 funds (as of August 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert S. Kapitoa (58)	Director (since 2009).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Director (since 2013).	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Trustee of iShares U.S. ETF Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

DIRECTOR AND OFFICER INFORMATION 69

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert H. Silver (60)	Director (since 2007); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Trustee of iShares U.S. ETF Trust (since 2011); Independent Chairman of iShares Trust and iShares U.S. ETF Trust (since 2012).
Jane D. Carlin (59)	Director (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Director (since 2005); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (71)	Director (since 2005); Audit Committee Chair (since 2006).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

70 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (60)	Director (since 2005); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
John E. Martinez (54)	Director (since 2003); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (51)	Director (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Director, Cavium, Inc. (since 2013).

DIRECTOR AND OFFICER INFORMATION 71

Director and Officer Information (Continued)

iSHARES^®, INC.

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (55)	Treasurer and Chief Financial Officer (since 2008).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (47)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (52)	Executive Vice President (since 2007).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

72 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 73

Notes:

74 2015 iSHARES 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company 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-AR-82-0815

AUGUST 31, 2015

2015 ANNUAL REPORT

iShares, Inc.

^Ø   iShares MSCI Hong Kong ETF  |  EWH  |  NYSE Arca

^Ø   iShares MSCI Japan Small-Cap ETF  |  SCJ  |  NYSE Arca

^Ø   iShares MSCI Malaysia ETF  |  EWM  |  NYSE Arca

^Ø   iShares MSCI Pacific ex Japan ETF  |  EPP  |  NYSE Arca

^Ø   iShares MSCI Singapore ETF  |  EWS  |  NYSE Arca

^Ø   iShares MSCI Taiwan ETF  |  EWT  |  NYSE Arca

^Ø   iShares MSCI Thailand Capped ETF  |  THD  |  NYSE Arca

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	20
Shareholder Expenses	20
Schedules of Investments	21
iShares MSCI Hong Kong ETF	21
iShares MSCI Japan Small-Cap ETF	23
iShares MSCI Malaysia ETF	34
iShares MSCI Pacific ex Japan ETF	36
iShares MSCI Singapore ETF	39
iShares MSCI Taiwan ETF	41
iShares MSCI Thailand Capped ETF	44
Financial Statements	48
Financial Highlights	58
Notes to Financial Statements	65
Report of Independent Registered Public Accounting Firm	79
Tax Information	80
Board Review and Approval of Investment Advisory Contract	81
Supplemental Information	94
Director and Officer Information	101

Management’s Discussion of Fund Performance

iSHARES^®, INC.

GLOBAL MARKET OVERVIEW

Global equity markets delivered a negative return for the 12 months ended August 31, 2015 (the “reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -6.29% for the reporting period.

The reporting period was characterized by a continued divergence in economic growth and central bank policy between the U.S. and the rest of the world. Despite a slowdown in early 2015, the U.S. economy remained one of the strongest economies among developed countries, which motivated the U.S. Federal Reserve Bank (the “Fed”) to scale back its economic stimulus measures. The Fed ended a two-year quantitative easing program in October 2014 and signaled its intent to raise its short-term interest rate target sometime in 2015. In contrast, weaker economic growth in most other regions of the globe led many of the world’s central banks to take more aggressive actions to stimulate economic activity.

This divergence contributed to a notably stronger U.S. dollar. For the reporting period, the euro, Japanese yen, British pound and Australian dollar declined by 15%, 14%, 7%, and 24% against the U.S. dollar, respectively. Weaker foreign currencies decrease the value of foreign investments measured in U.S. dollars, thereby decreasing returns for U.S. investors, while increasing foreign currencies relative to the U.S. dollar have the opposite effect. Currency performance had a meaningful impact on non-U.S. equity returns for U.S. investors. For example, the MSCI ACWI returned 0.59% in local currency terms for the reporting period.

A number of other factors influenced global markets during the reporting period. Energy prices fell sharply amid growing supply —primarily from increased production in the U.S. — and declining global demand. Lower energy prices contributed to historically low and declining inflation rates in most of the world. Consumer prices were nearly unchanged in the U.S., the European Union, and Japan, while prices in China and India rose at a relatively slow rate. Low inflation and tepid demand kept the Fed’s zero interest rate policy intact, while central banks throughout the world took aggressive measures to stimulate demand.

Global markets advanced for most of the reporting period, then declined sharply in the last few months of the reporting period. The volatility began in China, as slowing economic growth led to a steep drop in China’s equity markets. Plummeting commodity prices amid already subdued inflation also raised concerns about global demand. Currency devaluations in Asia, including China, Vietnam, Pakistan, and Kazakhstan, led to speculation that Asian countries were weakening their currencies to compete for demand. These global events led to further uncertainty about the timing of an expected interest rate hike from the Fed.

On a regional basis, U.S. stocks advanced by less than 1% for the reporting period as declining interest rates, ongoing economic growth, and low inflation provided a favorable environment for U.S. equity market performance. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters. Economic activity improved over the last several months of the reporting period, boosted by an increase in consumer spending.

European stocks declined by about 8% in U.S. dollar terms for the reporting period, though they advanced more than 3% when measured in local currencies. The European Central Bank initiated quantitative easing measures in early 2015, and signs of economic improvement emerged in the latter half of the reporting period. A tentative agreement on Greece’s debt repayment helped alleviate ongoing concerns about Europe’s sovereign debt levels.

Stock markets in the Asia/Pacific region (excluding Japan) declined by approximately 19% in U.S. dollar terms, which equated to an 8% decline when measured in local currencies. China’s economic slowdown weighed heavily on the region, as China is the largest trading partner of many countries in the region. On the bright side, Japanese stocks performed relatively well, as ongoing economic stimulus and reform measures led to a 4% gain in U.S. dollar terms (22% when measured in Japanese yen).

Emerging markets stocks fell by approximately 23% in U.S. dollar terms for the reporting period, though the decline was about 10% when measured in local currencies. Many of the largest emerging economies — including China, Russia, and Brazil —experienced slowing economic growth during the reporting period. Latin American stocks posted some of the biggest declines, as the region struggled with slow growth and declining commodity prices.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® MSCI HONG KONG ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(9.29)%		(9.78)%		(8.38)%		(9.29)%		(9.78)%		(8.38)%
5 Years		6.96%		6.83%		7.58%		39.97%		39.15%		44.07%
10 Years		7.28%		7.16%		7.90%		101.95%		99.60%		113.87%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 20 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	906.70	$	2.26	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 20 for more information.

6 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI HONG KONG ETF

The iShares MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -9.29%, net of fees, while the total return for the Index was -8.38%.

Hong Kong equities, as represented by the Index, delivered negative results for the reporting period in an environment of high volatility. A slowdown in China’s GDP growth and unexpected devaluation of the Chinese currency late in the period accelerated declines, making the final month of the reporting period the worst for Hong Kong equities in nearly four years.

Within the Index, sector performance reflected the concerns regarding market turmoil and economic slowdown in China and around the world. The consumer discretionary sector declined substantially on an absolute basis and was the most significant detractor from returns. Retail sales declined for the fifth consecutive month in July 2015, as declining tourist traffic and volatility in equity markets curbed consumption. Consumer staples shares also detracted modestly for the reporting period.

The financials sector represented 63% of the Index on average during the reporting period. The sector’s absolute decline was modest, but, due to the large exposure to the sector, its impact on Index performance was meaningful. Within the sector, the real estate industry detracted most. Real estate property sales declined to their lowest level in 17 months in August 2015 as China’s equity market volatility and economic uncertainty largely dampened investor interest. The information technology, telecommunication services, and utilities sectors also detracted modestly during the reporting period.

At the other end of the spectrum, the industrials sector contributed positively to Index results. Manufacturing levels were generally positive for the reporting period. Levels declined sharply in August 2015, however, as the cooling economy in China, Hong Kong’s largest export partner by far, meant reduced export demand from Hong Kong.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	62.34	%
Industrials	12.86
Utilities	12.54
Consumer Discretionary	9.56
Telecommunication Services	1.40
Consumer Staples	0.82
Information Technology	0.48
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

AIA Group Ltd.	18.33	%
CK Hutchison Holdings Ltd.	9.92
Hong Kong Exchanges and Clearing Ltd.	7.25
Sun Hung Kai Properties Ltd.	6.12
Cheung Kong Property Holdings Ltd.	5.17
CLP Holdings Ltd.	4.29
Hang Seng Bank Ltd.	3.69
Hong Kong & China Gas Co. Ltd.	3.65
BOC Hong Kong Holdings Ltd.	3.38
Link REIT (The)	3.29
TOTAL	65.09	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® MSCI JAPAN SMALL-CAP ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		2.63%		2.42%		3.21%		2.63%		2.42%		3.21%
5 Years		9.35%		9.28%		9.85%		56.38%		55.86%		59.94%
Since Inception		4.10%		4.03%		4.50%		36.24%		35.51%		40.35%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 12/20/07. The first day of secondary market trading was 12/21/07.

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 20 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,021.00	$	2.39	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 20 for more information.

8 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

The iShares MSCI Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Japanese equities, as represented by the MSCI Japan Small Cap 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 12-month reporting period ended August 31, 2015, the total return for the Fund was 2.63%, net of fees, while the total return for the Index was 3.21%.

As represented by the Index, Japanese small-cap stocks delivered a positive return for the reporting period while slightly trailing large-cap Japanese stocks. However, the Japanese yen depreciated by 14% relative to the U.S. dollar, which meaningfully detracted from the Index’s performance. In addition, like most global equity markets, Japan declined late in the reporting period, sparked by a sharp correction in China’s equity market.

Japan’s economy shrank in 2015’s second quarter, the first quarterly contraction since the third quarter of 2014. Several areas of the economy have shown signs of weakness, including automobile registrations and industrial production. In addition, slowing growth in China muted expectations for exports, despite a weaker Japanese yen, which tends to make the country’s exports less expensive. Nonetheless, the Japanese economy grew modestly overall for the 12 months ended June 30, 2015, due in part to the Bank of Japan’s aggressive economic stimulus measures. These efforts provided a favorable environment for equity market performance in Japan.

In U.S. dollar terms, consumer-based stocks generated the majority of the Index’s positive return during the reporting period. Retail sales were relatively weak in the first half of the reporting period until lower oil prices and improving sentiment helped spending in the second half of the reporting period. Within consumer sectors, the general retail and food retail industries delivered solid contributions to the Index’s return. On the downside, the financials sector was a modest detractor from performance during the reporting period. The energy sector declined sharply due to declining oil and gas prices, although the negative impact was limited by the sector’s less than 1% weight on average.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Industrials	24.85	%
Financials	19.16
Consumer Discretionary	17.59
Consumer Staples	10.52
Materials	10.39
Information Technology	10.34
Health Care	5.78
Energy	0.72
Utilities	0.56
Telecommunication Services	0.09
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Haseko Corp.	0.56	%
MISUMI Group Inc.	0.56
OBIC Co. Ltd.	0.55
Kaken Pharmaceutical Co. Ltd.	0.54
Orix JREIT Inc.	0.49
Nissan Chemical Industries Ltd.	0.49
Advance Residence Investment Corp.	0.48
Pigeon Corp.	0.47
Sohgo Security Services Co. Ltd.	0.46
Sojitz Corp.	0.46
TOTAL	5.06	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 9

Management’s Discussion of Fund Performance

iSHARES^® MSCI MALAYSIA ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(34.62)%		(34.32)%		(34.49)%		(34.62)%		(34.32)%		(34.49)%
5 Years		(1.65)%		(1.53)%		(1.23)%		(7.97)%		(7.44)%		(6.01)%
10 Years		7.05%		6.98%		7.54%		97.66%		96.26%		106.96%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 20 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	759.60	$	2.08	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 20 for more information.

10 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI MALAYSIA ETF

The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -34.62%, net of fees, while the total return for the Index was -34.49%.

Malaysian equities, as represented by the Index, declined significantly for the reporting period in an environment of high volatility. A slowdown in China’s GDP growth and unexpected devaluation of the Chinese currency late in the reporting period accelerated declines. The Malaysian ringgit depreciated 25% relative to the U.S. dollar, meaningfully detracting from performance in dollar terms.

As with many countries that rely on trade with China for their economic livelihood, Malaysia was affected by the cooling of the Chinese economy. Internal political turmoil also caused concern for investors, as corruption allegations created doubts about both the country’s leadership and the independence of its central bank.

Other negative factors affecting Malaysia’s equity market performance included delays in the Trans-Pacific Partnership (TPP), in which Malaysia joined negotiations. The TPP is an agreement among a number of countries that seeks to lower trade barriers among member countries. Completing the agreement would help Malaysia to attract foreign investment, where flows are positive but lower than in previous years.

From the perspective of U.S. investors, most sectors within the Index experienced double-digit declines, and impact on Index results was largely a factor of Index weighting. The financials sector, the largest sector weighting in the Index at an average 33%, detracted the most from performance. The industrials, utilities, consumer discretionary, and consumer staples sectors also detracted meaningfully. The energy sector declined the most on absolute terms, as oil prices plummeted. Because it accounted for only an average 4% of the Index, however, its impact on performance was not as severe as some other sectors.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	31.75	%
Industrials	14.25
Utilities	13.88
Telecommunication Services	11.98
Consumer Staples	8.84
Consumer Discretionary	8.62
Materials	4.58
Health Care	3.22
Energy	2.88
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total Investments*

Public Bank Bhd	10.13	%
Malayan Banking Bhd	9.32
Tenaga Nasional Bhd	8.44
CIMB Group Holdings Bhd	5.68
Sime Darby Bhd	5.16
DiGi.Com Bhd	4.08
Petronas Chemicals Group Bhd	3.79
Axiata Group Bhd	3.54
Genting Bhd	3.43
Petronas Gas Bhd	3.29
TOTAL	56.86	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 11

Management’s Discussion of Fund Performance

iSHARES^® MSCI PACIFIC ex JAPAN ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(22.19)%		(22.43)%		(21.85)%		(22.19)%		(22.43)%		(21.85)%
5 Years		3.69%		3.55%		4.13%		19.86%		19.06%		22.41%
10 Years		5.91%		5.72%		6.11%		77.62%		74.42%		80.98%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 20 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	837.60	$	2.27	$	1,000.00	$	1,022.70	$	2.50		0.49%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 20 for more information.

12 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI PACIFIC ex JAPAN ETF

The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -22.19%, net of fees, while the total return for the Index was -21.85%.

Countries represented in the Index collectively declined for the reporting period in an environment of high volatility. The Australian and Singaporean dollars depreciated 24% and 12%, respectively, relative to the U.S. dollar. As a result, returns on Australian and Singaporean investments were lower when translated back into U.S. dollars. The Hong Kong dollar is pegged to the U.S. dollar and therefore has no currency fluctuation versus the U.S. dollar.

The economies of countries included in the Index are dependent on China’s economic well-being for their own economic livelihood. As China’s economy cooled, so too did its demand for goods and services from its trading partners.

In U.S. dollar terms, Australia detracted from Index results as the country’s GDP growth slowed. Demand weakened for Australia’s top exports, leading to weak mining and manufacturing activity. In response, the Reserve Bank of Australia lowered interest rates twice in the reporting period.

Hong Kong detracted from Index returns, reflecting concerns regarding market turmoil and an economic slowdown in China. Retail sales declined for the fifth consecutive month in July 2015, as less tourist traffic and volatility in equity markets curbed consumption. Real estate property sales declined to their lowest level in 17 months in August 2015, affected by weakness in mainland China’s economy and financial markets.

Singapore detracted from Index performance. Government regulations put in place in previous reporting periods to cool the real estate market continued to have an effect, as the housing market experienced its seventh consecutive quarterly decline in the second quarter of 2015. Singapore’s industrial production levels fell as non-oil exports to China sank, leading to slower economic growth.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total Investments*

Financials	55.49	%
Industrials	9.50
Materials	9.25
Consumer Staples	5.34
Utilities	5.14
Consumer Discretionary	4.69
Telecommunication Services	3.87
Health Care	3.75
Energy	2.58
Information Technology	0.39
TOTAL	100.00	%

ALLOCATION BY COUNTRY

As of 8/31/15

Country Percentage of
Total Investments*

Australia	59.52	%
Hong Kong	27.40
Singapore	11.77
New Zealand	1.31
TOTAL	100.00	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 13

Management’s Discussion of Fund Performance

iSHARES^® MSCI SINGAPORE ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(21.27)%		(21.71)%		(21.15)%		(21.27)%		(21.71)%		(21.15)%
5 Years		1.10%		1.00%		1.43%		5.64%		5.08%		7.35%
10 Years		7.24%		7.10%		7.51%		101.16%		98.60%		106.28%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 20 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	842.20	$	2.18	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 20 for more information.

14 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI SINGAPORE ETF

The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -21.27%, net of fees, while the total return for the Index was -21.15%.

Singaporean equities, as represented by the Index, delivered negative results for the reporting period in an environment of high volatility. A slowdown in China’s GDP growth and unexpected devaluation of the Chinese currency in the final weeks of the reporting period accelerated declines. In addition, the Singaporean dollar depreciated 12% relative to the U.S. dollar. As a result, returns on Singaporean investments were lower when translated back into U.S. dollars.

In U.S. dollar terms, every sector within the Index experienced double-digit declines for the reporting period. The financials sector’s decline was one of the least severe relative to other sectors, but, because it accounted for more than half of the Index on average during the reporting period, it was the largest detractor from Index results by a wide margin.

The financials sector in Singapore has significant exposure to real estate. Government regulations put in place in previous reporting periods to cool the real estate market continued to have an effect, as the housing market experienced its seventh consecutive quarterly decline in the second quarter of 2015.

The industrials sector declined substantially on an absolute basis and detracted significantly from Index performance, as it was affected by China’s economic slowdown. As China’s economy cooled, so too did its demand for trade with neighboring countries, including Singapore. Singapore’s industrial production levels fell throughout the second half of the reporting period as non-oil exports to China sank, leading to slower economic growth during the reporting period.

The slowing economy led to a rise in unemployment levels in the final months of the reporting period. Against this background, the consumer discretionary and consumer staples sectors both detracted meaningfully from Index results. Telecommunications shares also detracted from Index performance.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total Investments*

Financials	55.40	%
Industrials	19.56
Telecommunication Services	14.25
Consumer Discretionary	6.86
Consumer Staples	3.93
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total Investments*

DBS Group Holdings Ltd.	13.37	%
Singapore Telecommunications Ltd.	12.80
Oversea-Chinese Banking Corp. Ltd.	11.22
United Overseas Bank Ltd.	10.62
Keppel Corp. Ltd.	4.69
CapitaLand Ltd.	3.43
Global Logistic Properties Ltd.	3.28
Singapore Press Holdings Ltd.	3.10
Wilmar International Ltd.	2.85
ComfortDelGro Corp. Ltd.	2.85
TOTAL	68.21	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 15

Management’s Discussion of Fund Performance

iSHARES^® MSCI TAIWAN ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(15.79)%		(17.48)%		(15.27)%		(15.79)%		(17.48)%		(15.27)%
5 Years		4.66%		4.36%		5.10%		25.59%		23.77%		28.22%
10 Years		4.46%		4.32%		5.09%		54.64%		52.67%		64.33%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 20 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	853.00	$	2.90	$	1,000.00	$	1,022.10	$	3.16		0.62%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 20 for more information.

16 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI TAIWAN ETF

The iShares MSCI Taiwan ETF (the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -15.79%, net of fees, while the total return for the Index was -15.27%.

Taiwanese equities, as represented by the Index, declined for the reporting period in an environment of high volatility. A slowdown in China’s GDP growth and unexpected devaluation of the Chinese currency late in the reporting period accelerated declines. In addition, the new Taiwanese dollar declined in value relative to the U.S. dollar during the reporting period, meaningfully detracting from Index performance.

As a key exporter of electronics, Taiwan’s economy was adversely affected by slowing global demand for electronic goods during the reporting period. Indeed, in June 2015, the global electronics industry fell into decline for the first time since March 2013. Mainland China further crimped Taiwan’s export levels with an aggressive plan to build its own semiconductor chip-making companies. Taiwan’s GDP growth levels fell during the reporting period, sinking to 0.52% in the second quarter of 2015 compared with the same quarter of the previous year, as annual manufacturing production levels slipped into negative territory.

In U.S. dollar terms, every sector within the Index declined for the reporting period. The information technology sector represented 58% of the Index on average, with more than half comprised of semiconductor companies. The sector registered double-digit declines and was the most significant detractor from Index results by a wide margin for the reporting period. The materials and financials sectors also detracted meaningfully. The industrials and consumer discretionary sectors detracted modestly for the reporting period. No sector contributed positively to performance when viewed from the perspective of U.S. investors.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total Investments*

Information Technology	56.79	%
Financials	18.58
Materials	9.11
Telecommunication Services	4.84
Consumer Discretionary	4.50
Consumer Staples	3.08
Industrials	2.51
Energy	0.59
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 8/31/15

Security Percentage of
Total Investments*

Taiwan Semiconductor Manufacturing Co. Ltd.	23.00	%
Hon Hai Precision Industry Co. Ltd.	8.91
Cathay Financial Holding Co. Ltd.	2.74
Chunghwa Telecom Co. Ltd.	2.72
MediaTek Inc.	2.71
Fubon Financial Holding Co. Ltd.	2.69
Largan Precision Co. Ltd.	2.20
Delta Electronics Inc.	2.14
Formosa Plastics Corp.	2.14
CTBC Financial Holding Co. Ltd.	2.14
TOTAL	51.39	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 17

Management’s Discussion of Fund Performance

iSHARES^® MSCI THAILAND CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(19.92)%		(20.59)%		(19.88)%		(19.92)%		(20.59)%		(19.88)%
5 Years		6.07%		5.83%		6.33%		34.28%		32.74%		35.90%
Since Inception		6.45%		6.35%		6.76%		59.14%		58.00%		62.54%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08.

Index performance through February 11, 2013 reflects the performance of the MSCI Thailand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Thailand Investable Market Index 25/50.

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 20 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	810.70	$	2.83	$	1,000.00	$	1,022.10	$	3.16		0.62%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 20 for more information.

18 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

The iShares MSCI Thailand Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand Investable Market Index 25/50 (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 12-month reporting period ended August 31, 2015, the total return for the Fund was -19.92%, net of fees, while the total return for the Index was -19.88%.

Thai equities, as represented by the Index, declined for the reporting period in an environment of high volatility. A slowdown in China’s GDP growth and unexpected devaluation of the Chinese currency late in the reporting period accelerated declines. In addition, the value of the Thai baht declined relative to the U.S. dollar, which meant returns on Thai investments were lower upon translating back into U.S. dollars.

As a key exporter of manufactured goods, Thailand’s economy was adversely affected by slowing demand from China. Factory output declined more than expected in May 2015 as export levels fell for the fifth straight month. A major manufacturer and exporter for the automobile industry, Thailand experienced an 8.8% decline in automobile production in May 2015 versus a year earlier. Hard drive output declined 20%, and television production sank more than 80% compared with May of the previous year. Domestic demand also remained tepid, and consumer confidence levels declined for the eighth consecutive month in August 2015.

In addition, Thailand suffered its worst drought in a decade during the reporting period. With 8% of total exports and 40% of the population engaged in agricultural products, the drought affected export levels as well as labor market conditions.

Ongoing political uncertainty also contributed to unstable economic conditions. Although the military junta, which seized control in May 2014 following the ouster of the prime minister, promised to restore stability, political conflict continued and foreign investment flagged throughout the reporting period. In August 2015, a deadly bombing created additional unrest and drove down tourism.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total Investments*

Financials	28.85	%
Energy	14.73
Telecommunication Services	9.89
Consumer Staples	9.86
Industrials	9.73
Materials	9.32
Consumer Discretionary	5.80
Health Care	5.33
Information Technology	3.65
Utilities	2.84
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total Investments*

PTT PCL NVDR	7.21	%
Advanced Info Service PCL NVDR	6.59
CP ALL PCL NVDR	5.93
Siam Commercial Bank PCL (The) NVDR	5.86
Kasikornbank PCL Foreign	5.58
Siam Cement PCL (The) Foreign	3.67
Airports of Thailand PCL NVDR	3.34
Kasikornbank PCL NVDR	2.91
PTT Exploration & Production PCL NVDR	2.81
Bumrungrad Hospital PCL NVDR	2.62
TOTAL	46.52	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 19

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 advisory fees. Without such a 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 March 1, 2015 and held through August 31, 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 corresponding to 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.

20 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI HONG KONG ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.43%
AIRLINES — 0.62%
Cathay Pacific Airways Ltd.		9,345,000	$	16,881,181
				16,881,181
BANKS — 8.12%
Bank of East Asia Ltd. (The)		8,597,410		29,563,806
BOC Hong Kong Holdings Ltd.		27,100,500		91,616,583
Hang Seng Bank Ltd.		5,607,000		99,767,782
				220,948,171
DIVERSIFIED FINANCIAL SERVICES — 7.66%
First Pacific Co. Ltd./Hong Kong		18,690,999		12,179,218
Hong Kong Exchanges and Clearing Ltd.		8,346,900		196,231,660
				208,410,878
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.40%
HKT Trust & HKT Ltd.		18,690,500		21,632,607
PCCW Ltd.a		31,024,169		16,372,649
				38,005,256
ELECTRIC UTILITIES — 8.84%
Cheung Kong Infrastructure Holdings Ltd.		4,390,000		36,196,024
CLP Holdings Ltd.		14,017,700		116,029,633
Power Assets Holdings Ltd.		10,279,500		88,469,449
				240,695,106
FOOD PRODUCTS — 0.81%
WH Group Ltd.a,b,c		42,052,500		22,084,203
				22,084,203
GAS UTILITIES — 3.63%
Hong Kong & China Gas Co. Ltd.		52,332,466		98,722,028
				98,722,028
HOTELS, RESTAURANTS & LEISURE — 6.29%
Galaxy Entertainment Group Ltd.a		17,445,000		55,936,187
MGM China Holdings Ltd.a		6,728,688		11,130,480
Sands China Ltd.a		17,942,400		62,277,090
Shangri-La Asia Ltd.		11,248,000		11,044,739
SJM Holdings Ltd.a		14,952,000		13,524,238
Wynn Macau Ltd.a		11,214,000		17,305,623
				171,218,357
HOUSEHOLD DURABLES — 1.37%
Techtronic Industries Co. Ltd.		10,279,647		37,205,450
				37,205,450

Security	Shares		Value
INDUSTRIAL CONGLOMERATES — 10.38%
CK Hutchison Holdings Ltd.		20,144,267	$	268,501,852
NWS Holdings Ltd.		11,214,000		14,136,784
				282,638,636
INSURANCE — 18.22%
AIA Group Ltd.		89,712,000		496,017,342
				496,017,342
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.28%
Link REIT		16,821,000		89,204,986
				89,204,986
REAL ESTATE MANAGEMENT & DEVELOPMENT — 24.71%
Cheung Kong Property Holdings Ltd.c		19,966,767		139,895,284
Hang Lung Properties Ltd.		16,821,000		37,982,658
Henderson Land Development Co. Ltd.		8,331,061		51,329,754
Hysan Development Co. Ltd.a		5,390,000		21,698,957
Kerry Properties Ltd.		4,672,500		13,987,265
New World Development Co. Ltd.		39,249,066		39,907,180
Sino Land Co. Ltd.		22,428,000		33,337,922
Sun Hung Kai Properties Ltd.		13,083,000		165,773,201
Swire Pacific Ltd. Class A		4,672,500		51,276,589
Swire Properties Ltd.		8,597,400		26,291,234
Wharf Holdings Ltd. (The)		10,291,150		58,094,827
Wheelock & Co. Ltd.		7,292,357		33,074,154
				672,649,025
ROAD & RAIL — 1.78%
MTR Corp. Ltd.		10,898,083		48,584,044
				48,584,044
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.48%
ASM Pacific Technology Ltd.a		1,682,100		13,033,478
				13,033,478
TEXTILES, APPAREL & LUXURY GOODS — 1.84%
Li & Fung Ltd.a		45,744,000		30,161,333
Yue Yuen Industrial Holdings Ltd.		5,607,000		20,076,548
				50,237,881
TOTAL COMMON STOCKS (Cost: $3,046,220,425)				2,706,536,022

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Continued)

iSHARES^® MSCI HONG KONG ETF

August 31, 2015

Security	Shares		Value
SHORT-TERM INVESTMENTS — 3.57%
MONEY MARKET FUNDS — 3.57%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%d,e,f		91,880,154	$	91,880,154
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%d,e,f		5,276,210		5,276,210
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%d,e		77,746		77,746
				97,234,110
TOTAL SHORT-TERM INVESTMENTS (Cost: $97,234,110)				97,234,110
TOTAL INVESTMENTS IN SECURITIES — 103.00%
(Cost: $3,143,454,535)				2,803,770,132
Other Assets, Less Liabilities — (3.00)%				(81,546,270	)
NET ASSETS — 100.00%			$	2,722,223,862

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

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

^c  Non-income earning security.

^d  Affiliated issuer. See Note 2.

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

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

Open futures contracts as of August 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
Hang Seng Index		111		Sep. 2015		Hong Kong Futures	$	15,370,894	$	241,933

See notes to financial statements.

22 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI JAPAN SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.50%
AEROSPACE & DEFENSE — 0.07%
Jamco Corp.		2,800	$	110,211
				110,211
AIR FREIGHT & LOGISTICS — 0.26%
Kintetsu World Express Inc.		5,600		210,026
Konoike Transport Co. Ltd.		5,600		63,447
Mitsui-Soko Holdings Co. Ltd.		28,000		85,258
Yusen Logistics Co. Ltd.		5,600		58,733
				417,464
AUTO COMPONENTS — 3.64%
Aisan Industry Co. Ltd.		8,400		77,911
Akebono Brake Industry Co. Ltd.a		19,600		58,710
Calsonic Kansei Corp.		28,000		195,932
Eagle Industry Co. Ltd.		5,600		114,879
Exedy Corp.		8,400		192,351
FCC Co. Ltd.		8,400		128,234
Futaba Industrial Co. Ltd.		14,000		52,564
G-Tekt Corp.		5,600		57,809
Keihin Corp.		11,200		155,267
KYB Co. Ltd.		56,000		165,433
Mitsuba Corp.		8,400		145,632
Musashi Seimitsu Industry Co. Ltd.		5,600		104,250
Nifco Inc./Japan		14,000		547,592
Nippon Seiki Co. Ltd.		8,000		160,086
Nissan Shatai Co. Ltd.		22,400		263,029
Nissin Kogyo Co. Ltd.		11,200		154,805
Pacific Industrial Co. Ltd.		11,200		115,433
Piolax Inc.		2,800		132,162
Press Kogyo Co. Ltd.		28,000		110,212
Riken Corp.		28,000		95,424
Sanden Holdings Corp.		28,000		104,897
Showa Corp.		14,000		118,414
Sumitomo Riko Co. Ltd.		8,400		70,632
Tachi-S Co. Ltd.		5,600		70,147
Taiho Kogyo Co. Ltd.		5,600		68,622
Takata Corp.a,b		8,400		87,892
Tokai Rika Co. Ltd.		14,000		298,172
Topre Corp.		11,200		217,651
Toyo Tire & Rubber Co. Ltd.		25,200		564,367
Toyota Boshoku Corp.		19,600		327,031
TPR Co. Ltd.		5,600		135,535
TS Tech Co. Ltd.		14,000		376,037
Unipres Corp.		11,200		209,980

Security	Shares		Value
Yorozu Corp.		5,600	$	111,598
				5,788,690
BANKS — 5.96%
77 Bank Ltd. (The)		84,000		498,378
Aichi Bank Ltd. (The)		2,800		149,259
Ashikaga Holdings Co. Ltd.		28,000		115,526
Awa Bank Ltd. (The)		56,000		319,776
Bank of Iwate Ltd. (The)		2,800		123,844
Bank of Nagoya Ltd. (The)		56,000		214,416
Bank of Saga Ltd. (The)		28,000		63,308
Bank of the Ryukyus Ltd.		11,200		159,148
Chiba Kogyo Bank Ltd. (The)		11,200		63,401
Daishi Bank Ltd. (The)		84,000		359,747
Eighteenth Bank Ltd. (The)		56,000		162,660
Higashi-Nippon Bank Ltd. (The)		28,000		102,818
Higo Bank Ltd. (The)		56,000		322,086
Hokkoku Bank Ltd. (The)		84,000		322,317
Hokuetsu Bank Ltd. (The)		56,000		111,829
Hyakugo Bank Ltd. (The)		56,000		270,330
Hyakujushi Bank Ltd. (The)		56,000		194,545
Jimoto Holdings Inc.		42,000		73,128
Juroku Bank Ltd. (The)		84,000		343,805
Kagoshima Bank Ltd. (The)		56,000		356,744
Kansai Urban Banking Corp.		5,600		62,292
Keiyo Bank Ltd. (The)		56,000		294,822
Kiyo Bank Ltd. (The)		19,600		300,668
Mie Bank Ltd. (The)		28,000		63,077
Minato Bank Ltd. (The)		56,000		108,132
Miyazaki Bank Ltd. (The)		56,000		186,228
Musashino Bank Ltd. (The)		8,400		295,631
Nanto Bank Ltd. (The)		56,000		178,834
Nishi-Nippon City Bank Ltd. (The)		196,000		545,051
North Pacific Bank Ltd.		98,000		394,636
Ogaki Kyoritsu Bank Ltd. (The)		84,000		298,057
Oita Bank Ltd. (The)		56,000		235,673
San-in Godo Bank Ltd. (The)		28,000		249,998
Senshu Ikeda Holdings Inc.		61,600		270,423
Shiga Bank Ltd. (The)		56,000		286,504
Tochigi Bank Ltd. (The)		28,000		149,953
Toho Bank Ltd. (The)		56,000		226,893
Tokyo TY Financial Group Inc.		6,130		169,962
TOMONY Holdings Inc.		42,000		167,050
Towa Bank Ltd. (The)		84,000		78,326
Tsukuba Bank Ltd.		22,400		82,624
Yamagata Bank Ltd. (The)		56,000		231,514

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Yamanashi Chuo Bank Ltd. (The)		56,000	$	274,489
				9,477,902
BEVERAGES — 1.10%
Coca-Cola East Japan Co. Ltd.		16,866		305,351
Coca-Cola West Co. Ltd.		19,600		403,532
Ito EN Ltd.		16,800		397,733
Sapporo Holdings Ltd.		84,000		327,862
Takara Holdings Inc.		47,600		320,908
				1,755,386
BIOTECHNOLOGY — 0.47%
3-D Matrix Ltd.a,b		5,600		55,221
GNI Group Ltd.a,b		28,000		49,676
Japan Tissue Engineering Co. Ltd.b		5,600		50,785
NanoCarrier Co. Ltd.b		8,400		70,633
OncoTherapy Science Inc.a,b		33,600		94,269
PeptiDream Inc.b		8,400		217,304
ReproCELL Inc.a,b		14,000		63,308
Takara Bio Inc.		14,000		140,942
				742,138
BUILDING PRODUCTS — 1.70%
Aica Kogyo Co. Ltd.		14,000		298,634
Bunka Shutter Co. Ltd.		14,000		106,515
Central Glass Co. Ltd.		56,000		231,976
Maeda Kosen Co. Ltd.		5,600		43,992
Nichias Corp.		28,000		179,296
Nichiha Corp.		5,600		78,835
Nippon Sheet Glass Co. Ltd.a,b		224,000		203,326
Nitto Boseki Co. Ltd.		56,000		265,709
Noritz Corp.		8,400		126,501
Okabe Co. Ltd.		11,200		93,992
Sankyo Tateyama Inc.		8,400		129,273
Sanwa Holdings Corp.		56,000		427,446
Sekisui Jushi Corp.		8,400		110,974
Takara Standard Co. Ltd.		28,000		192,004
Takasago Thermal Engineering Co. Ltd.		14,000		212,914
				2,701,387
CAPITAL MARKETS — 1.49%
Ichigo Inc.		47,600		103,696
Ichiyoshi Securities Co. Ltd.		11,200		97,319
IwaiCosmo Holdings Inc.		5,600		68,622
Jafco Co. Ltd.		8,400		367,372
kabu.com Securities Co. Ltd.		44,800		146,764
Kyokuto Securities Co. Ltd.		5,600		82,347

Security	Shares		Value
Marusan Securities Co. Ltd.		16,800	$	183,409
Matsui Securities Co. Ltd.		30,800		267,881
Mito Securities Co. Ltd.		16,800		57,532
Monex Group Inc.		44,800		116,450
Okasan Securities Group Inc.		56,000		346,578
Sawada Holdings Co. Ltd.		5,600		54,713
SPARX Group Co. Ltd.		28,000		85,258
Tokai Tokyo Financial Holdings Inc.		58,800		393,019
				2,370,960
CHEMICALS — 6.34%
Achilles Corp.		56,000		70,702
ADEKA Corp.		25,200		317,326
C Uyemura & Co. Ltd.		2,800		136,090
Chugoku Marine Paints Ltd.		28,000		189,462
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		28,000		133,317
Daiso Co. Ltd.		28,000		97,504
Denki Kagaku Kogyo KK		112,000		477,815
DIC Corp.		224,000		541,585
Fujimi Inc.		5,600		86,506
Fujimori Kogyo Co. Ltd.		2,800		77,633
Ihara Chemical Industry Co. Ltd.		8,400		90,665
Ishihara Sangyo Kaisha Ltd.b		84,000		76,247
JSP Corp.		5,600		92,005
Konishi Co. Ltd.		5,600		100,923
Kumiai Chemical Industry Co. Ltd.a		11,200		88,909
Kureha Corp.		56,000		197,780
Lintec Corp.		14,000		323,241
Nihon Nohyaku Co. Ltd.		11,200		87,522
Nihon Parkerizing Co. Ltd.		22,400		190,941
Nippon Kayaku Co. Ltd.		28,000		287,197
Nippon Shokubai Co. Ltd.		31,000		478,871
Nippon Soda Co. Ltd.		28,000		160,812
Nippon Synthetic Chemical Industry Co. Ltd. (The)		9,000		64,909
Nissan Chemical Industries Ltd.		33,600		774,670
NOF Corp.		28,000		208,871
Okamoto Industries Inc.		28,000		252,077
Sakai Chemical Industry Co. Ltd.		28,000		81,330
Sakata INX Corp.		11,200		87,153
Sanyo Chemical Industries Ltd.		6,000		44,907
Shin-Etsu Polymer Co. Ltd.		14,000		69,316
Showa Denko KK		420,000		481,743
Sumitomo Bakelite Co. Ltd.		56,000		216,264
Taiyo Holdings Co. Ltd.		5,600		200,784

24 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Takasago International Corp.		28,000	$	159,657
Tenma Corp.		5,600		93,391
Toagosei Co. Ltd.		28,000		205,867
Tokai Carbon Co. Ltd.		56,000		137,245
Tokuyama Corp.a,b		84,000		142,097
Tokyo Ohka Kogyo Co. Ltd.		11,200		315,617
Tosoh Corp.		140,000		661,963
Toyo Ink SC Holdings Co. Ltd.		56,000		213,030
Toyobo Co. Ltd.		252,000		361,827
Ube Industries Ltd.		308,000		533,729
Zeon Corp.		56,000		465,800
				10,075,300
COMMERCIAL SERVICES & SUPPLIES — 2.13%
Aeon Delight Co. Ltd.		5,600		177,910
Asukanet Co. Ltd.a		2,800		39,187
Daiseki Co. Ltd.		11,260		196,517
Duskin Co. Ltd.		14,000		278,995
Itoki Corp.		11,200		78,465
Kokuyo Co. Ltd.		22,400		226,800
Kyodo Printing Co. Ltd.		28,000		76,016
Matsuda Sangyo Co. Ltd.		5,660		62,165
Mitsubishi Pencil Co. Ltd.		5,600		245,839
Moshi Moshi Hotline Inc.		11,200		114,509
Nippon Parking Development Co. Ltd.a		47,600		65,596
Nissha Printing Co. Ltd.		8,400		144,315
Okamura Corp.		19,600		175,807
Oyo Corp.		5,600		71,626
Pilot Corp.		8,400		408,268
Sato Holdings Corp.		5,600		117,559
Sohgo Security Services Co. Ltd.		16,800		734,745
Toppan Forms Co. Ltd.		14,000		171,440
				3,385,759
COMMUNICATIONS EQUIPMENT — 0.11%
Denki Kogyo Co. Ltd.		28,000		123,150
Icom Inc.		2,800		58,849
				181,999
CONSTRUCTION & ENGINEERING — 4.74%
Chiyoda Corp.		56,000		404,340
Chudenko Corp.		8,400		166,912
COMSYS Holdings Corp.		28,000		348,888
Fudo Tetra Corp.		47,600		67,559
Hazama Ando Corp.		47,600		312,266
Hibiya Engineering Ltd.		5,600		69,177
Kandenko Co. Ltd.		28,000		186,921

Security	Shares		Value
Kinden Corp.		28,000	$	352,123
Kumagai Gumi Co. Ltd.		112,000		365,986
Kyowa Exeo Corp.		22,400		230,497
Kyudenko Corp.		9,000		177,200
Maeda Corp.		28,000		224,813
Maeda Road Construction Co. Ltd.		28,000		500,920
MIRAIT Holdings Corp.		16,800		157,485
Nippo Corp.		14,000		238,561
Nippon Densetsu Kogyo Co. Ltd.		8,400		155,128
Nippon Koei Co. Ltd.		28,000		112,060
Nippon Road Co. Ltd. (The)		28,000		146,949
Nishimatsu Construction Co. Ltd.		84,000		377,770
Okumura Corp.		56,000		306,837
OSJB Holdings Corp.		25,200		48,036
Penta-Ocean Construction Co. Ltd.		78,400		377,816
Raito Kogyo Co. Ltd.		14,000		137,938
Sanki Engineering Co. Ltd.		11,200		86,228
SHO-BOND Holdings Co. Ltd.		5,600		232,438
Sumitomo Densetsu Co. Ltd.		5,600		77,356
Sumitomo Mitsui Construction Co. Ltd.		210,000		277,262
Taikisha Ltd.		8,400		190,410
Tekken Corp.a		28,000		79,482
Toa Corp./Tokyo		56,000		116,912
Toda Corp.		56,000		285,580
Tokyu Construction Co. Ltd.		19,640		185,890
Toshiba Plant Systems & Services Corp.		11,200		122,457
Totetsu Kogyo Co. Ltd.		5,600		119,361
Toyo Construction Co. Ltd.a		19,600		86,529
Toyo Engineering Corp.		28,000		71,626
Yahagi Construction Co. Ltd.		8,400		65,295
Yokogawa Bridge Holdings Corp.		8,400		71,742
				7,534,750
CONSTRUCTION MATERIALS — 0.27%
Sumitomo Osaka Cement Co. Ltd.		112,000		435,301
				435,301
CONSUMER FINANCE — 0.79%
Aiful Corp.a,b		86,800		335,926
Hitachi Capital Corp.		14,000		337,451
J Trust Co. Ltd.		22,400		190,386
Jaccs Co. Ltd.		56,000		226,431
Orient Corp.b		98,000		160,119
				1,250,313

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
CONTAINERS & PACKAGING — 0.53%
FP Corp.		8,400	$	291,818
Fuji Seal International Inc.		5,600		191,542
Pack Corp. (The)		5,600		127,679
Rengo Co. Ltd.		56,000		225,045
				836,084
DISTRIBUTORS — 0.34%
Canon Marketing Japan Inc.		14,000		206,098
Chori Co. Ltd.		2,800		41,058
Doshisha Co. Ltd.		5,600		105,775
Happinet Corp.		2,800		26,155
PALTAC Corp.		8,400		158,525
				537,611
DIVERSIFIED CONSUMER SERVICES — 0.02%
Meiko Network Japan Co. Ltd.		2,800		29,413
				29,413
DIVERSIFIED FINANCIAL SERVICES — 1.03%
Century Tokyo Leasing Corp.		11,280		348,588
Financial Products Group Co. Ltd.		19,600		136,990
Fuyo General Lease Co. Ltd.		5,600		219,037
IBJ Leasing Co. Ltd.		5,600		115,849
Japan Securities Finance Co. Ltd.		28,000		152,263
Ricoh Leasing Co. Ltd.		5,600		156,884
Zenkoku Hosho Co. Ltd.		14,000		505,426
				1,635,037
ELECTRIC UTILITIES — 0.47%
Hokkaido Electric Power Co. Inc.b		50,400		553,970
Okinawa Electric Power Co. Inc. (The)		8,400		197,826
				751,796
ELECTRICAL EQUIPMENT — 1.43%
Chiyoda Integre Co. Ltd.		2,800		65,827
Cosel Co. Ltd.		5,600		63,077
Daihen Corp.		28,000		135,396
Fujikura Ltd.		84,000		416,586
Furukawa Electric Co. Ltd.		196,000		317,003
Futaba Corp.		8,400		115,064
GS Yuasa Corp.		112,000		418,666
Idec Corp./Japan		8,400		69,939
Nissin Electric Co. Ltd.		11,200		64,602
Nitto Kogyo Corp.		8,400		158,941
Tatsuta Electric Wire and Cable Co. Ltd.		11,200		42,883
Toyo Tanso Co. Ltd.		2,800		38,054

Security	Shares		Value
Ushio Inc.		30,800	$	360,903
				2,266,941
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.40%
Ai Holdings Corp.		11,200		247,133
Amano Corp.		16,800		213,076
Anritsu Corp.		39,200		261,689
Azbil Corp.		16,800		427,677
Canon Electronics Inc.		5,600		98,844
CONEXIO Corp.		2,800		30,014
Daiwabo Holdings Co. Ltd.		56,000		98,428
Elematec Corp.		2,800		63,516
Enplas Corp.		2,800		99,583
HORIBA Ltd.		8,400		296,324
Hosiden Corp.		16,800		90,665
Iriso Electronics Co. Ltd.		2,800		126,847
Japan Aviation Electronics Industry Ltd.		28,000		512,935
Japan Cash Machine Co. Ltd.a		5,600		67,467
Japan Display Inc.b		100,800		317,742
Kaga Electronics Co. Ltd.		5,600		73,937
Kanematsu Electronics Ltd.		2,800		42,306
Koa Corp.		8,400		74,583
Macnica Fuji Electronics Holdings Inc.b		8,400		93,576
Maruwa Co. Ltd./Aichi		2,800		58,202
Mitsumi Electric Co. Ltd.a		22,400		127,910
Nichicon Corp.		14,000		102,587
Nippon Ceramic Co. Ltd.		5,600		79,713
Nippon Chemi-Con Corp.		28,000		67,236
Nippon Signal Co. Ltd.		16,800		155,405
Nohmi Bosai Ltd.		5,600		65,988
Oki Electric Industry Co. Ltd.		196,000		342,881
Ryosan Co. Ltd.		8,400		202,471
Ryoyo Electro Corp.		5,600		71,349
SIIX Corp.		2,800		76,247
Tabuchi Electric Co. Ltd.		5,600		41,127
Taiyo Yuden Co. Ltd.		28,000		342,419
Topcon Corp.		19,600		311,827
Toyo Corp./Chuo-ku		8,400		72,781
UKC Holdings Corp.		2,800		54,597
				5,409,082
ENERGY EQUIPMENT & SERVICES — 0.13%
Modec Inc.a		5,600		74,538
Shinko Plantech Co. Ltd.		11,200		91,219

26 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Toyo Kanetsu KK		28,000	$	49,676
				215,433
FOOD & STAPLES RETAILING — 3.78%
Ain Pharmaciez Inc.		5,600		257,392
Arcs Co. Ltd.		8,400		165,941
Belc Co. Ltd.		2,800		90,341
Cawachi Ltd.		5,600		90,480
Cocokara fine Inc.		5,600		224,813
Cosmos Pharmaceutical Corp.		2,800		359,285
CREATE SD HOLDINGS Co. Ltd.		2,800		159,888
Heiwado Co. Ltd.		8,400		177,864
Kato Sangyo Co. Ltd.		5,600		126,293
Kobe Bussan Co. Ltd.a		1,300		121,649
Kusuri No Aoki Co. Ltd.		2,800		131,468
Matsumotokiyoshi Holdings Co. Ltd.		11,200		538,813
Ministop Co. Ltd.		5,600		115,433
Mitsubishi Shokuhin Co. Ltd.		2,800		60,651
San-A Co. Ltd.		5,600		260,626
Sugi Holdings Co. Ltd.		11,200		541,585
Sundrug Co. Ltd.		8,400		472,732
Tsuruha Holdings Inc.		8,400		683,451
United Super Markets Holdings Inc.		14,000		120,725
UNY Group Holdings Co. Ltd.		56,000		348,426
Valor Co. Ltd.		11,200		315,155
Welcia Holdings Co. Ltd.		5,600		268,944
Yaoko Co. Ltd.		5,600		292,511
Yokohama Reito Co. Ltd.		11,200		92,790
				6,017,256
FOOD PRODUCTS — 3.53%
Ariake Japan Co. Ltd.		5,600		233,824
Dydo Drinco Inc.		2,800		124,999
Ezaki Glico Co. Ltd.		11,200		561,918
Fuji Oil Co. Ltd./Osaka		16,800		232,900
Fujiya Co. Ltd.b		28,000		44,824
Hokuto Corp.		5,600		101,663
House Foods Group Inc.		16,800		307,761
Itoham Foods Inc.		28,000		173,982
J-Oil Mills Inc.		28,000		91,265
Kagome Co. Ltd.		22,400		379,294
Kameda Seika Co. Ltd.		2,800		117,836
Kewpie Corp.		28,000		618,294
KEY Coffee Inc.		5,600		104,851
Marudai Food Co. Ltd.		28,000		118,530
Maruha Nichiro Corp.		11,200		168,391
MEGMILK SNOW BRAND Co. Ltd.		11,200		212,752

Security	Shares		Value
Mitsui Sugar Co. Ltd.		28,000	$	115,757
Morinaga & Co. Ltd./Japan		56,000		298,981
Morinaga Milk Industry Co. Ltd.		56,000		272,179
Nichirei Corp.		56,000		342,881
Nippon Beet Sugar Manufacturing Co. Ltd.		28,000		44,131
Nippon Flour Mills Co. Ltd.		28,000		178,603
Nippon Suisan Kaisha Ltd.		67,200		210,719
Nisshin OilliO Group Ltd. (The)		28,000		105,591
Prima Meat Packers Ltd.		28,000		79,713
S Foods Inc.		2,800		58,110
Sakata Seed Corp.		8,400		136,066
Showa Sangyo Co. Ltd.		28,000		110,905
Warabeya Nichiyo Co. Ltd.		2,800		65,572
				5,612,292
GAS UTILITIES — 0.09%
K&O Energy Group Inc.		2,800		39,163
Shizuoka Gas Co. Ltd.		14,000		96,811
				135,974
HEALTH CARE EQUIPMENT & SUPPLIES — 1.69%
Asahi Intecc Co. Ltd.		14,000		567,810
Eiken Chemical Co. Ltd.		5,600		105,313
Fukuda Denshi Co. Ltd.		2,800		143,252
Hogy Medical Co. Ltd.		2,800		136,089
JEOL Ltd.		28,000		169,823
Mani Inc.		8,400		189,301
Nagaileben Co. Ltd.		5,600		113,585
Nakanishi Inc.		5,600		220,423
Nihon Kohden Corp.		19,600		391,563
Nikkiso Co. Ltd.		16,800		132,670
Nipro Corp.		30,800		352,516
Paramount Bed Holdings Co. Ltd.		5,600		167,744
				2,690,089
HEALTH CARE PROVIDERS & SERVICES — 0.73%
AS ONE Corp.		2,800		93,345
BML Inc.		2,800		85,258
Message Co. Ltd.		2,800		101,085
Nichii Gakkan Co.a		14,000		107,670
Ship Healthcare Holdings Inc.		11,200		246,393
Toho Holdings Co. Ltd.		14,000		308,223
Tokai Corp./Gifu		2,800		85,374
Tsukui Corp.		8,400		77,079
Vital KSK Holdings Inc.		8,400		57,948
				1,162,375

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
HEALTH CARE TECHNOLOGY — 0.03%
FINDEX Inc.		5,600	$	47,966
				47,966
HOTELS, RESTAURANTS & LEISURE — 3.35%
Accordia Golf Co. Ltd.		16,800		169,268
Atom Corp.		14,000		102,125
Colowide Co. Ltd.a		16,800		254,388
Create Restaurants Holdings Inc.		5,600		124,814
Doutor Nichires Holdings Co. Ltd.		8,400		129,412
Fuji Kyuko Co. Ltd.		28,000		283,963
Fujita Kanko Inc.		28,000		89,879
Hiday Hidaka Corp.		2,800		69,778
Hiramatsu Inc.		8,400		47,204
HIS Co. Ltd.		11,200		384,008
Ichibanya Co. Ltd.		2,800		123,613
Kappa Create Holdings Co. Ltd.a,b		8,400		94,200
Kisoji Co. Ltd.		5,600		97,966
Koshidaka Holdings Co. Ltd.		2,800		58,317
Kura Corp.		2,800		77,980
Kyoritsu Maintenance Co. Ltd.		2,840		173,655
MOS Food Services Inc.		8,400		186,181
Ohsho Food Service Corp.		2,800		93,807
Plenus Co. Ltd.		5,600		91,681
Resorttrust Inc.		19,600		522,408
Ringer Hut Co. Ltd.		5,600		124,583
Round One Corp.		19,600		88,470
Royal Holdings Co. Ltd.		8,400		153,465
Saizeriya Co. Ltd.		8,400		195,262
Skylark Co. Ltd.		30,800		476,036
St. Marc Holdings Co. Ltd.		5,600		172,827
Tokyo Dome Corp.		56,000		229,203
Tokyotokeiba Co. Ltd.		28,000		73,012
Toridoll.corp.		5,600		80,221
Tosho Co. Ltd.		2,800		79,135
WATAMI Co. Ltd.a,b		5,600		47,550
Yoshinoya Holdings Co. Ltd.		14,000		166,704
Zensho Holdings Co. Ltd.a,b		28,000		267,558
				5,328,673
HOUSEHOLD DURABLES — 2.12%
Alpine Electronics Inc.		11,200		157,855
Chofu Seisakusho Co. Ltd.		5,600		121,256
Clarion Co. Ltd.		28,000		70,240
Cleanup Corp.		2,800		19,593
Foster Electric Co. Ltd.		5,600		110,165
Fujitsu General Ltd.		28,000		347,040

Security	Shares		Value
Funai Electric Co. Ltd.		5,600	$	56,561
Haseko Corp.		75,600		890,219
JVC Kenwood Corp.a		39,200		86,044
Misawa Homes Co. Ltd.		8,400		60,235
Pioneer Corp.b		81,200		147,411
Pressance Corp.		2,800		104,782
Sangetsu Co. Ltd.		16,800		293,066
Starts Corp. Inc.		5,600		93,668
Sumitomo Forestry Co. Ltd.		39,200		439,922
Takamatsu Construction Group Co. Ltd.		2,800		59,334
Tamron Co. Ltd.		5,600		112,384
Token Corp.		2,820		195,004
				3,364,779
HOUSEHOLD PRODUCTS — 0.84%
Earth Chemical Co. Ltd.		2,800		106,399
Lion Corp.a		56,000		490,754
Pigeon Corp.		28,000		742,831
				1,339,984
INDUSTRIAL CONGLOMERATES — 0.36%
Katakura Industries Co. Ltd.		5,600		61,552
Nisshinbo Holdings Inc.		34,000		409,622
TOKAI Holdings Corp.		25,200		103,765
				574,939
INTERNET & CATALOG RETAIL — 0.60%
ASKUL Corp.a		5,600		194,083
Belluna Co. Ltd.		14,000		77,980
Ikyu Corp.a		5,600		110,212
Senshukai Co. Ltd.		8,400		56,839
Start Today Co. Ltd.		16,800		512,935
				952,049
INTERNET SOFTWARE & SERVICES — 1.35%
Ateam Inc.		2,800		43,091
COOKPAD Inc.a		14,000		290,779
CROOZ Inc.a		2,800		80,637
Dena Co. Ltd.		28,000		512,010
Dip Corp.		8,400		147,989
F@N Communications Inc.a		11,200		84,750
GMO Internet Inc.		19,600		279,804
Gree Inc.		30,800		145,378
Gurunavi Inc.		8,400		135,373
Infomart Corp.		11,200		128,557
Internet Initiative Japan Inc.a		8,400		148,820
NIFTY Corp.		2,800		31,977

28 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
SMS Co. Ltd.		5,600	$	86,321
UNITED Inc./Japana		2,800		32,763
				2,148,249
IT SERVICES — 2.05%
Digital Garage Inc.		8,400		119,292
DTS Corp.		5,600		126,940
Future Architect Inc.		2,800		16,382
GMO Payment Gateway Inc.		5,674		191,732
Ines Corp.		8,400		74,029
IT Holdings Corp.		22,448		526,630
NEC Networks & System Integration Corp.		5,600		102,263
NET One Systems Co. Ltd.		22,400		136,043
Nihon Unisys Ltd.		16,800		178,418
NS Solutions Corp.		5,600		216,957
OBIC Co. Ltd.		19,600		874,993
SCSK Corp.		14,056		508,607
Transcosmos Inc.		8,400		192,836
				3,265,122
LEISURE PRODUCTS — 0.43%
Fields Corp.a		2,800		37,870
Heiwa Corp.		14,016		276,075
Mars Engineering Corp.		2,800		47,966
Mizuno Corp.		28,000		128,927
Tomy Co. Ltd.		16,800		84,149
Universal Entertainment Corp.		5,600		109,796
				684,783
LIFE SCIENCES TOOLS & SERVICES — 0.08%
CMIC Holdings Co. Ltd.a		2,800		37,870
EPS Holdings Inc.		8,400		97,596
				135,466
MACHINERY — 7.03%
Aichi Corp.		8,400		54,135
Aida Engineering Ltd.		14,000		129,620
Asahi Diamond Industrial Co. Ltd.		14,000		131,122
Bando Chemical Industries Ltd.		28,000		113,677
CKD Corp.		16,800		153,880
Daifuku Co. Ltd.		25,200		367,857
Daiwa Industries Ltd.		8,400		57,740
DMG Mori Co. Ltd.		30,800		442,995
Ebara Corp.		140,000		559,145
Fuji Machine Manufacturing Co. Ltd.		19,600		175,969
Fujitec Co. Ltd.		19,600		174,028
Fukushima Industries Corp.		2,800		60,466

Security	Shares		Value
Furukawa Co. Ltd.		84,000	$	204,481
Giken Ltd.		2,800		36,783
Glory Ltd.		16,800		439,460
Harmonic Drive Systems Inc.		5,600		87,199
Hitachi Koki Co. Ltd.		14,000		105,360
Hitachi Zosen Corp.		44,800		232,900
Hoshizaki Electric Co. Ltd.		11,200		718,109
Iseki & Co. Ltd.a		56,000		89,648
Japan Steel Works Ltd. (The)		84,000		279,342
Juki Corp.		11,200		136,228
Kitz Corp.		25,200		107,924
Komori Corp.		14,000		160,234
Kyokuto Kaihatsu Kogyo Co. Ltd.		8,400		86,783
Makino Milling Machine Co. Ltd.		28,000		217,420
Max Co. Ltd.		4,000		42,679
Meidensha Corp.		56,000		180,682
METAWATER Co. Ltd.		2,800		66,566
Mitsubishi Nichiyu Forklift Co. Ltd.		2,800		12,269
Mitsui Engineering & Shipbuilding Co. Ltd.		224,000		349,350
Miura Co. Ltd.		22,400		251,015
Morita Holdings Corp.		5,600		57,208
Nachi-Fujikoshi Corp.		56,000		258,778
Namura Shipbuilding Co. Ltd.		14,000		102,356
Nippon Sharyo Ltd.a		28,000		79,251
Nippon Thompson Co. Ltd.		28,000		125,461
Nitta Corp.		5,600		134,287
Nitto Kohki Co. Ltd.		2,800		55,799
Noritake Co. Ltd./Nagoya Japan		28,000		62,384
NTN Corp.		112,000		584,099
Obara Group Inc.		2,800		115,064
Oiles Corp.		8,496		132,924
OKUMA Corp.		28,000		222,041
OSG Corp.		22,400		454,525
Ryobi Ltd.		28,000		111,829
Shibuya Kogyo Co. Ltd.		2,800		50,415
Shima Seiki Manufacturing Ltd.a		8,400		119,431
ShinMaywa Industries Ltd.		28,000		293,436
Sintokogio Ltd.		14,000		114,255
Sodick Co. Ltd.		11,200		76,340
Star Micronics Co. Ltd.		11,200		160,073
Tadano Ltd.		28,000		381,004
Takeuchi Manufacturing Co. Ltd.		8,400		145,978
Takuma Co. Ltd.		28,000		218,806
Teikoku Sen-I Co. Ltd.		5,600		64,694

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Tocalo Co. Ltd.		5,600	$	110,443
Toshiba Machine Co. Ltd.		28,000		100,508
Tsubakimoto Chain Co.		28,000		216,033
Tsugami Corp.		28,000		118,992
Tsukishima Kikai Co. Ltd.		2,800		23,729
Tsurumi Manufacturing Co. Ltd.		2,800		43,137
Union Tool Co.		2,800		80,522
YAMABIKO Corp.		2,800		97,504
Yushin Precision Equipment Co. Ltd.		2,800		48,105
				11,184,477
MARINE — 0.47%
Iino Kaiun Kaisha Ltd.		25,200		119,777
Kawasaki Kisen Kaisha Ltd.		252,000		561,456
NS United Kaiun Kaisha Ltd.		28,000		59,842
				741,075
MEDIA — 1.69%
Adways Inc.a		8,400		57,948
Asatsu-DK Inc.		8,400		173,774
Avex Group Holdings Inc.		8,400		107,162
CyberAgent Inc.		14,000		555,679
Daiichikosho Co. Ltd.		11,200		424,673
Kadokawa Dwangob		14,008		165,874
Next Co. Ltd.		14,000		83,641
Shochiku Co. Ltd.		28,000		223,658
SKY Perfect JSAT Holdings Inc.		50,400		229,157
Toei Co. Ltd.		28,000		208,871
Tohokushinsha Film Corp.		5,600		40,850
Tokyo Broadcasting System Holdings Inc.		11,200		153,696
TV Asahi Holdings Corp.		5,600		83,548
USEN Corp.b		28,080		75,770
Zenrin Co. Ltd.		8,400		109,033
				2,693,334
METALS & MINING — 2.52%
Aichi Steel Corp.		28,000		109,288
Asahi Holdings Inc.		8,400		124,768
Daido Steel Co. Ltd.		84,000		311,920
Dowa Holdings Co. Ltd.		56,000		488,443
Godo Steel Ltd.		56,000		91,034
Kurimoto Ltd.		28,000		47,135
Kyoei Steel Ltd.		5,600		97,735
Mitsubishi Steel Manufacturing Co. Ltd.		28,000		54,297
Mitsui Mining & Smelting Co. Ltd.		168,000		345,191
Neturen Co. Ltd.		8,400		59,265

Security	Shares		Value
Nippon Denko Co. Ltd.		28,000	$	56,608
Nippon Light Metal Holdings Co. Ltd.		142,800		220,354
Nippon Yakin Kogyo Co. Ltd.b		36,400		55,868
Nisshin Steel Co. Ltd.		25,200		237,475
Nittetsu Mining Co. Ltd.		28,000		131,468
Osaka Steel Co. Ltd.		2,800		43,230
OSAKA Titanium Technologies Co. Ltd.		5,600		146,487
Pacific Metals Co. Ltd.a,b		56,000		147,873
Sanyo Special Steel Co. Ltd.		28,000		111,829
Toho Titanium Co. Ltd.a,b		11,200		147,503
Toho Zinc Co. Ltd.		28,000		73,012
Tokyo Rope Manufacturing Co. Ltd.b		56,000		91,034
Tokyo Steel Manufacturing Co. Ltd.		28,000		181,376
TOPY Industries Ltd.		56,000		123,382
Toyo Kohan Co. Ltd.		8,400		31,608
UACJ Corp.		56,140		104,233
Yamato Kogyo Co. Ltd.		11,200		252,493
Yodogawa Steel Works Ltd.		28,000		119,685
				4,004,594
MULTILINE RETAIL — 0.96%
Fuji Co. Ltd./Ehime		5,600		136,598
H2O Retailing Corp.		22,535		449,640
Izumi Co. Ltd.		11,200		480,588
Matsuya Co. Ltd.		8,400		138,007
Parco Co. Ltd.		5,600		51,109
Seria Co. Ltd.		5,600		270,330
				1,526,272
OIL, GAS & CONSUMABLE FUELS — 0.58%
Cosmo Oil Co. Ltd.b		168,000		262,013
ITOCHU Enex Co. Ltd.		14,000		121,071
Japan Petroleum Exploration Co. Ltd.		8,400		247,456
Nippon Coke & Engineering Co. Ltd.		22,400		19,408
Nippon Gas Co. Ltd.		8,400		276,569
				926,517
PAPER & FOREST PRODUCTS — 0.68%
Daio Paper Corp.		28,000		350,505
Hokuetsu Kishu Paper Co. Ltd.		36,400		216,865
Mitsubishi Paper Mills Ltd.b		84,000		58,918
Nippon Paper Industries Co. Ltd.		28,000		459,100
				1,085,388
PERSONAL PRODUCTS — 1.21%
Aderans Co. Ltd.		5,600		41,312
Artnature Inc.		5,600		48,197

30 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Dr. Ci:Labo Co. Ltd.		5,600	$	100,600
Euglena Co. Ltd.a,b		16,800		221,532
Fancl Corp.		11,200		156,561
Kobayashi Pharmaceutical Co. Ltd.		8,400		653,645
Mandom Corp.		5,600		204,481
Milbon Co. Ltd.		2,800		100,508
Noevir Holdings Co. Ltd.		2,800		63,123
Pola Orbis Holdings Inc.		5,600		335,487
				1,925,446
PHARMACEUTICALS — 2.75%
ASKA Pharmaceutical Co. Ltd.		5,600		66,497
JCR Pharmaceuticals Co. Ltd.		2,800		68,946
Kaken Pharmaceutical Co. Ltd.		18,000		851,095
Kissei Pharmaceutical Co. Ltd.		5,600		142,790
KYORIN Holdings Inc.		14,000		248,381
Mochida Pharmaceutical Co. Ltd.		2,800		180,451
Nichi-Iko Pharmaceutical Co. Ltd.		11,250		339,770
Nippon Shinyaku Co. Ltd.		13,000		447,333
Rohto Pharmaceutical Co. Ltd.		25,200		436,064
Sawai Pharmaceutical Co. Ltd.		8,400		530,957
Seikagaku Corp.		11,200		158,409
Sosei Group Corp.		2,800		118,529
Torii Pharmaceutical Co. Ltd.		2,800		69,893
Towa Pharmaceutical Co. Ltd.		2,800		218,113
Tsumura & Co.		16,800		374,165
ZERIA Pharmaceutical Co. Ltd.		8,400		117,628
				4,369,021
PROFESSIONAL SERVICES — 1.19%
Benefit One Inc.a		5,600		100,739
en-japan Inc.		2,800		71,626
Meitec Corp.		8,400		324,050
Nihon M&A Center Inc.		8,400		343,112
Nomura Co. Ltd.		11,200		169,684
TechnoPro Holdings Inc.		11,200		326,707
Temp Holdings Co. Ltd.		11,200		500,920
Yumeshin Holdings Co. Ltd.a		8,400		55,314
				1,892,152
REAL ESTATE INVESTMENT TRUSTS (REITS) — 8.42%
Activia Properties Inc.		56		459,331
Advance Residence Investment Corp.		364		758,427
AEON REIT Investment Corp.		252		282,599
Comforia Residential REIT Inc.		112		205,174
Daiwa House REIT Investment Corp.		84		306,375

Security	Shares		Value
Daiwa House Residential Investment Corp.		196	$	365,847
Daiwa Office Investment Corp.		84		395,098
Frontier Real Estate Investment Corp.		112		449,627
Fukuoka REIT Corp.		196		305,196
Global One Real Estate Investment Corp.		56		169,130
GLP J-REIT		588		551,197
Hankyu REIT Inc.		140		139,671
Heiwa Real Estate REIT Inc.		224		158,039
Hulic Reit Inc.		196		227,239
Ichigo Real Estate Investment Corp.		280		195,701
Industrial & Infrastructure Fund Investment Corp.		84		349,350
Invesco Office J-Reit Inc.		140		112,291
Invincible Investment Corp.		700		397,987
Japan Excellent Inc.		336		363,491
Japan Hotel REIT Investment Corp.		812		502,538
Japan Logistics Fund Inc.		224		405,912
Japan Rental Housing Investments Inc.		420		268,944
Kenedix Office Investment Corp.		112		500,920
Kenedix Residential Investment Corp.		112		271,440
Kenedix Retail REIT Corp.b		84		178,002
MCUBS MidCity Investment Corp.		84		209,333
Mori Hills REIT Investment Corp.		364		419,913
MORI TRUST Sogo REIT Inc.		280		484,053
Nippon Accommodations Fund Inc.		140		467,302
NIPPON REIT Investment Corp.		112		242,512
Nomura Real Estate Master Fund Inc.		448		484,284
Nomura Real Estate Office Fund Inc.		112		442,233
Nomura Real Estate Residential Fund Inc.		56		272,641
Orix JREIT Inc.		616		777,720
Premier Investment Corp.		56		280,959
Sekisui House Reit Inc.b		196		197,156
Sekisui House SI Residential Investment Corp.		280		246,994
TOKYU REIT Inc.		280		328,094
Top REIT Inc.		56		219,730
				13,392,450

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.38%
Ardepro Co. Ltd.a,b		25,200	$	19,963
Daibiru Corp.		14,000		119,223
Daikyo Inc.		84,000		131,699
Goldcrest Co. Ltd.		5,600		100,877
Heiwa Real Estate Co. Ltd.		11,200		142,882
Kenedix Inc.		67,200		237,891
Leopalace21 Corp.b		70,000		340,801
Open House Co. Ltd.		8,400		155,059
Raysum Co. Ltd.		5,600		51,617
Relo Holdings Inc.		2,800		293,667
Sumitomo Real Estate Sales Co. Ltd.		5,600		147,642
Sun Frontier Fudousan Co. Ltd.		5,600		42,144
Takara Leben Co. Ltd.		25,200		115,410
TOC Co. Ltd.		16,800		113,400
Tosei Corp.		8,400		54,066
Unizo Holdings Co. Ltd.		2,800		127,541
				2,193,882
ROAD & RAIL — 2.23%
Fukuyama Transporting Co. Ltd.		28,000		154,343
Hitachi Transport System Ltd.		14,000		236,828
Nankai Electric Railway Co. Ltd.		140,000		723,192
Nippon Konpo Unyu Soko Co. Ltd.		16,800		297,502
Nishi-Nippon Railroad Co. Ltd.		84,000		426,291
Sankyu Inc.		56,000		281,883
Seino Holdings Co. Ltd.		39,200		435,717
Senko Co. Ltd.		28,000		197,549
Sotetsu Holdings Inc.		112,000		638,627
Trancom Co. Ltd.		2,800		153,187
				3,545,119
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.71%
Advantest Corp.		42,000		337,913
DISCO Corp.		8,400		634,930
Megachips Corp.		5,600		58,687
Micronics Japan Co. Ltd.		5,600		107,763
Mimasu Semiconductor Industry Co. Ltd.		5,600		54,574
Mitsui High-Tec Inc.		8,400		49,699
Sanken Electric Co. Ltd.		28,000		107,670
SCREEN Holdings Co. Ltd.		56,000		268,944
Shindengen Electric Manufacturing Co. Ltd.		28,000		107,208
Shinko Electric Industries Co. Ltd.		16,800		107,578

Security	Shares		Value
Sumco Corp.		53,200	$	490,361
Tokyo Seimitsu Co. Ltd.		11,200		215,433
ULVAC Inc.		11,200		178,649
				2,719,409
SOFTWARE — 1.08%
Broadleaf Co. Ltd.		5,600		56,053
Capcom Co. Ltd.		14,000		329,249
Fuji Soft Inc.		5,600		93,946
Justsystems Corp.b		11,200		85,119
KLab Inc.b		8,400		99,814
Koei Tecmo Holdings Co. Ltd.		8,400		152,009
Marvelous Inc.a		8,400		74,168
NSD Co. Ltd.		8,400		104,597
OBIC Business Consultants Ltd.		2,800		136,089
Square Enix Holdings Co. Ltd.		22,400		585,023
				1,716,067
SPECIALTY RETAIL — 3.20%
Adastria Co. Ltd.		2,800		150,646
Alpen Co. Ltd.		5,600		81,469
AOKI Holdings Inc.		11,200		135,304
Aoyama Trading Co. Ltd.		14,000		523,332
Arcland Sakamoto Co. Ltd.		2,800		60,536
Autobacs Seven Co. Ltd.		19,600		360,833
BIC Camera Inc.		22,400		216,634
Chiyoda Co. Ltd.		5,600		156,653
DCM Holdings Co. Ltd.		25,200		198,797
EDION Corp.a		22,400		163,030
Geo Holdings Corp.		11,200		170,146
Gulliver International Co. Ltd.a		16,800		148,474
Jin Co. Ltd.		2,800		130,775
Joshin Denki Co. Ltd.		7,000		55,279
Joyful Honda Co. Ltd.		8,400		166,149
K’s Holdings Corp.		11,200		357,668
Keiyo Co. Ltd.		8,400		37,846
Kohnan Shoji Co. Ltd.		8,400		109,865
Komeri Co. Ltd.		8,400		187,429
Laox Co. Ltd.a,b		84,000		291,125
Nishimatsuya Chain Co. Ltd.		14,000		125,346
Nojima Corp.		5,600		60,304
Pal Co. Ltd.		2,800		83,410
Sac’s Bar Holdings Inc.		2,800		48,128
Shimachu Co. Ltd.		14,000		342,072
T-Gaia Corp.		8,400		137,938
Tsutsumi Jewelry Co. Ltd.		2,800		59,219
United Arrows Ltd.		5,600		221,348

32 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
VT Holdings Co. Ltd.		22,400	$	136,413
Xebio Co. Ltd.		5,600		106,191
Yellow Hat Ltd.		2,800		61,113
				5,083,472
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.58%
Eizo Corp.		5,600		127,910
Elecom Co. Ltd.		2,800		59,611
Hitachi Maxell Ltd.		11,200		173,474
Japan Digital Laboratory Co. Ltd.		5,600		81,746
Melco Holdings Inc.		2,800		45,633
Riso Kagaku Corp.		5,600		109,472
Roland DG Corp.		2,800		63,147
Toshiba TEC Corp.		28,000		104,204
Wacom Co. Ltd.a		42,000		151,801
				916,998
TEXTILES, APPAREL & LUXURY GOODS — 1.16%
Descente Ltd.		11,200		156,006
Fujibo Holdings Inc.		28,000		52,911
Gunze Ltd.		56,000		175,137
Kurabo Industries Ltd.		56,000		109,519
Onward Holdings Co. Ltd.		28,000		176,524
Sanyo Shokai Ltd.		28,000		95,424
Seiko Holdings Corp.		28,000		166,588
Seiren Co. Ltd.		14,000		157,577
TSI Holdings Co. Ltd.		22,400		173,381
Unitika Ltd.b		168,000		92,883
Wacoal Holdings Corp.		28,000		360,210
Yondoshi Holdings Inc.		5,600		121,810
				1,837,970
TRADING COMPANIES & DISTRIBUTORS — 3.03%
Gecoss Corp.		2,800		25,185
Hanwa Co. Ltd.		56,000		235,211
Inaba Denki Sangyo Co. Ltd.		5,600		181,376
Inabata & Co. Ltd.		11,200		121,995
Iwatani Corp.		56,000		335,487
Japan Pulp & Paper Co. Ltd.		28,000		79,020
Kamei Corp.		8,400		89,001
Kanamoto Co. Ltd.		8,400		222,503
Kanematsu Corp.		112,000		172,827
Kuroda Electric Co. Ltd.		8,400		155,821
MISUMI Group Inc.		75,600		877,742
MonotaRO Co. Ltd.		8,400		425,597
Nagase & Co. Ltd.		30,800		372,594
Nippon Steel & Sumikin Bussan Corp.		29,440		98,145

Security	Shares		Value
Nishio Rent All Co. Ltd.		5,600	$	143,714
Sojitz Corp.		341,600		724,439
Trusco Nakayama Corp.		5,600		217,651
Wakita & Co. Ltd.		11,200		102,864
Yamazen Corp.		14,000		109,750
Yuasa Trading Co. Ltd.		5,600		120,147
				4,811,069
TRANSPORTATION INFRASTRUCTURE — 0.09%
Sumitomo Warehouse Co. Ltd. (The)		28,000		142,328
				142,328
WIRELESS TELECOMMUNICATION SERVICES — 0.09%
Japan Communications Inc.a,b		33,600		83,456
WirelessGate Inc.		2,800		53,835
				137,291
TOTAL COMMON STOCKS
(Cost: $174,025,441)				158,213,284
SHORT-TERM INVESTMENTS — 4.30%
MONEY MARKET FUNDS — 4.30%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		6,410,406		6,410,406
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		368,117		368,117
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		51,026		51,026
				6,829,549
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,829,549)				6,829,549
TOTAL INVESTMENTS IN SECURITIES — 103.80%
(Cost: $180,854,990)				165,042,833
Other Assets, Less Liabilities — (3.80)%				(6,038,686	)
NET ASSETS — 100.00%			$	159,004,147

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

^e  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 33

Schedule of Investments

iSHARES^® MSCI MALAYSIA ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.44%
AIRLINES — 0.24%
AirAsia Bhda		3,076,500	$	637,275
				637,275
AUTOMOBILES — 1.10%
UMW Holdings Bhd		1,434,000		2,902,143
				2,902,143
BANKS — 30.96%
Alliance Financial Group Bhd		2,658,300		2,379,811
AMMB Holdings Bhd		4,810,237		5,382,884
CIMB Group Holdings Bhda		12,506,564		14,888,767
Hong Leong Bank Bhd		1,384,640		4,312,165
Hong Leong Financial Group Bhd		516,600		1,717,080
Malayan Banking Bhda		11,703,720		24,410,616
Public Bank Bhda		6,195,380		26,551,628
RHB Capital Bhd		1,270,700		1,960,509
				81,603,460
CHEMICALS — 3.77%
Petronas Chemicals Group Bhd		6,874,600		9,935,434
				9,935,434
CONSTRUCTION & ENGINEERING — 5.05%
Dialog Group Bhd		9,322,454		3,484,822
Gamuda Bhd		4,102,200		4,238,940
IJM Corp. Bhd		3,721,240		5,581,860
				13,305,622
CONSTRUCTION MATERIALS — 0.79%
Lafarge Malaysia Bhd		938,760		2,078,683
				2,078,683
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.61%
Telekom Malaysia Bhd		2,739,400		4,233,025
				4,233,025
ELECTRIC UTILITIES — 8.40%
Tenaga Nasional Bhd		8,313,512		22,129,777
				22,129,777
ENERGY EQUIPMENT & SERVICES — 1.70%
Bumi Armada Bhdb		5,760,900		1,172,754
Sapurakencana Petroleum Bhda		8,091,500		3,313,662
				4,486,416
FOOD PRODUCTS — 7.02%
Felda Global Ventures Holdings Bhd		3,134,700		910,556
Genting Plantations Bhd		569,800		1,339,030
IOI Corp. Bhd		7,135,930		6,796,124

Security	Shares		Value
Kuala Lumpur Kepong Bhd		1,048,200	$	5,196,077
PPB Group Bhd		1,163,966		4,251,247
				18,493,034
GAS UTILITIES — 3.27%
Petronas Gas Bhd		1,700,300		8,631,047
				8,631,047
HEALTH CARE PROVIDERS & SERVICES — 3.20%
IHH Healthcare Bhd		6,051,600		8,429,014
				8,429,014
HOTELS, RESTAURANTS & LEISURE — 6.46%
Berjaya Sports Toto Bhd		1,658,576		1,164,952
Genting Bhd		5,513,900		8,992,908
Genting Malaysia Bhd		7,289,600		6,873,052
				17,030,912
INDUSTRIAL CONGLOMERATES — 5.13%
Sime Darby Bhd		7,625,025		13,525,342
				13,525,342
MARINE — 2.01%
MISC Bhd		2,739,820		5,283,938
				5,283,938
MEDIA — 1.00%
Astro Malaysia Holdings Bhd		3,831,500		2,645,559
				2,645,559
MULTI-UTILITIES — 2.13%
YTL Corp. Bhd		10,600,712		3,937,407
YTL Power International Bhd		4,553,300		1,680,385
				5,617,792
OIL, GAS & CONSUMABLE FUELS — 1.17%
Petronas Dagangan Bhd		609,500		3,070,719
				3,070,719
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.61%
IOI Properties Group Bhd		3,711,009		1,616,940
				1,616,940
TOBACCO — 1.77%
British American Tobacco Malaysia Bhd		315,400		4,669,422
				4,669,422
TRANSPORTATION INFRASTRUCTURE — 1.74%
Malaysia Airports Holdings Bhd		2,027,500		2,085,429
Westports Holdings Bhd		2,511,400		2,511,400
				4,596,829

34 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI MALAYSIA ETF

August 31, 2015

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 10.31%
Axiata Group Bhd		6,339,400	$	9,267,599
DiGi.Com Bhda		8,589,900		10,696,471
Maxis Bhda		4,608,800		7,209,480
				27,173,550
TOTAL COMMON STOCKS
(Cost: $136,260,957)				262,095,933
SHORT-TERM INVESTMENTS — 9.33%
MONEY MARKET FUNDS — 9.33%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		23,196,839		23,196,839
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		1,332,077		1,332,077
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		60,821		60,821
				24,589,737
TOTAL SHORT-TERM INVESTMENTS
(Cost: $24,589,737)				24,589,737
TOTAL INVESTMENTS IN SECURITIES — 108.77%
(Cost: $160,850,694)				286,685,670
Other Assets, Less Liabilities — (8.77)%				(23,106,905	)
NET ASSETS — 100.00%			$	263,578,765

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

^e  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 35

Schedule of Investments

iSHARES^® MSCI PACIFIC ex JAPAN ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.08%
AUSTRALIA — 58.97%
AGL Energy Ltd.		1,006,242	$	12,048,906
Alumina Ltd.		3,735,954		3,469,671
Amcor Ltd./Australia		1,766,220		17,179,655
AMP Ltd.		4,379,580		18,474,170
APA Group		1,661,178		10,328,358
Aristocrat Leisure Ltd.		797,094		4,769,441
Asciano Ltd.		1,448,376		8,717,752
ASX Ltd.		287,274		8,032,463
Aurizon Holdings Ltd.		3,146,442		11,064,121
AusNet Services		2,641,668		2,444,017
Australia & New Zealand Banking Group Ltd.		4,100,136		81,186,668
Bank of Queensland Ltd.		541,488		4,863,859
Bendigo & Adelaide Bank Ltd.		667,116		5,188,281
BHP Billiton Ltd.		4,762,554		85,018,053
Boral Ltd.		1,157,274		4,627,334
Brambles Ltd.		2,323,074		16,205,919
Caltex Australia Ltd.		400,896		9,060,779
CIMIC Group Ltd.		150,162		2,492,166
Coca-Cola Amatil Ltd.		850,686		5,065,987
Cochlear Ltd.		84,564		5,121,668
Commonwealth Bank of Australia		2,520,894		134,182,032
Computershare Ltd.		698,958		4,905,709
Crown Resorts Ltd.		538,704		4,369,098
CSL Ltd.		692,824		45,124,474
Dexus Property Group		1,425,060		7,445,882
Federation Centres		4,997,628		10,026,881
Flight Centre Travel Group Ltd.a		82,128		2,154,894
Fortescue Metals Group Ltd.a		2,295,582		3,108,434
Goodman Group		2,600,430		11,245,804
GPT Group (The)		2,616,786		8,329,714
Harvey Norman Holdings Ltd.		820,236		2,523,737
Healthscope Ltd.		1,678,056		3,164,489
Iluka Resources Ltd.		619,614		3,263,815
Incitec Pivot Ltd.		2,476,716		6,163,095
Insurance Australia Group Ltd.		3,473,388		12,484,662
James Hardie Industries PLC		666,072		8,296,759
Lend Lease Group		818,148		8,085,561
Macquarie Group Ltd.		445,436		23,978,070
Medibank Pvt Ltd.b		4,087,086		6,751,266
Mirvac Group		5,489,526		6,810,648
National Australia Bank Ltd.		3,875,502		85,640,715
Newcrest Mining Ltd.b		1,137,960		9,035,674

Security	Shares		Value
Orica Ltd.		551,928	$	6,205,848
Origin Energy Ltd.		1,639,950		9,603,425
Platinum Asset Management Ltd.		344,868		1,655,225
Qantas Airways Ltd.b		814,668		1,940,597
QBE Insurance Group Ltd.		2,022,924		18,930,802
Ramsay Health Care Ltd.		209,670		9,284,399
REA Group Ltd.		77,604		2,272,767
Rio Tinto Ltd.		628,136		22,394,988
Santos Ltd.		1,457,946		5,302,422
Scentre Group		7,906,212		21,355,461
Seek Ltd.		483,894		4,233,318
Sonic Healthcare Ltd.		567,240		8,332,439
South32 Ltd.b		7,898,904		8,511,889
Stockland		3,500,532		9,703,453
Suncorp Group Ltd.		1,907,388		17,349,271
Sydney Airport		1,607,238		6,551,844
Tabcorp Holdings Ltd.		1,229,136		4,034,563
Tatts Group Ltd.		2,144,028		5,593,631
Telstra Corp. Ltd.		6,348,042		25,967,559
TPG Telecom Ltd.		411,684		2,740,597
Transurban Group		2,837,592		19,473,357
Treasury Wine Estates Ltd.		964,308		4,074,530
Wesfarmers Ltd.		1,667,790		48,075,550
Westfield Corp.		2,928,246		20,240,801
Westpac Banking Corp.		4,625,964		101,994,829
Woodside Petroleum Ltd.		1,100,376		25,166,394
Woolworths Ltd.		1,874,154		35,077,184
WorleyParsons Ltd.		305,718		1,627,708
				1,170,145,532
HONG KONG — 27.15%
AIA Group Ltd.		17,852,414		98,705,936
ASM Pacific Technology Ltd.		365,400		2,831,242
Bank of East Asia Ltd. (The)		1,740,120		5,983,729
BOC Hong Kong Holdings Ltd.		5,481,000		18,529,197
Cathay Pacific Airways Ltd.		1,740,000		3,143,205
Cheung Kong Infrastructure Holdings Ltd.		936,208		7,719,136
Cheung Kong Property Holdings Ltd.b		4,002,232		28,041,264
CK Hutchison Holdings Ltd.		4,012,732		53,485,489
CLP Holdings Ltd.		2,809,500		23,255,260
First Pacific Co. Ltd./Hong Kong		3,480,500		2,267,924
Galaxy Entertainment Group Ltd.		3,480,000		11,158,380
Hang Lung Properties Ltd.		3,306,736		7,466,775
Hang Seng Bank Ltd.		1,131,000		20,124,373

36 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI PACIFIC ex JAPAN ETF

August 31, 2015

Security	Shares		Value
Henderson Land Development Co. Ltd.		1,710,655	$	10,539,774
HKT Trust & HKT Ltd.		4,002,338		4,632,354
Hong Kong & China Gas Co. Ltd.		10,266,320		19,366,791
Hong Kong Exchanges and Clearing Ltd.		1,660,600		39,039,918
Hysan Development Co. Ltd.a		951,830		3,831,859
Kerry Properties Ltd.		957,000		2,864,807
Li & Fung Ltd.a		8,701,200		5,737,141
Link REIT		3,393,086		17,994,185
MGM China Holdings Ltd.		1,392,000		2,302,623
MTR Corp. Ltd.		2,175,286		9,697,503
New World Development Co. Ltd.		8,004,921		8,139,145
NWS Holdings Ltd.		2,262,000		2,851,561
PCCW Ltd.a		5,916,867		3,122,559
Power Assets Holdings Ltd.		2,058,500		17,716,266
Sands China Ltd.		3,619,200		12,562,045
Shangri-La Asia Ltd.a		1,761,000		1,729,177
Sino Land Co. Ltd.		4,524,800		6,725,853
SJM Holdings Ltd.a		2,958,000		2,675,541
Sun Hung Kai Properties Ltd.		2,561,000		32,450,139
Swire Pacific Ltd. Class A		870,000		9,547,487
Swire Properties Ltd.		1,705,200		5,214,578
Techtronic Industries Co. Ltd.		2,001,207		7,243,031
WH Group Ltd.b,c		8,700,000		4,568,874
Wharf Holdings Ltd. (The)		2,032,600		11,474,281
Wheelock & Co. Ltd.		1,392,000		6,313,353
Wynn Macau Ltd.a		2,296,800		3,544,458
Yue Yuen Industrial Holdings Ltd.		1,131,000		4,049,684
				538,646,897
NEW ZEALAND — 1.30%
Auckland International Airport Ltd.		1,413,750		4,431,524
Contact Energy Ltd.		1,090,110		3,582,720
Fletcher Building Ltd.		1,018,596		4,644,187
Meridian Energy Ltd.		1,922,700		2,690,785
Mighty River Power Ltd.		1,048,002		1,838,303
Ryman Healthcare Ltd.		555,582		2,691,441
Spark New Zealand Ltd.		2,714,922		5,810,979
				25,689,939
SINGAPORE — 11.66%
Ascendas REIT		3,045,013		4,814,847
CapitaLand Commercial Trust		3,027,600		2,855,214

Security	Shares		Value
CapitaLand Ltd.		3,810,600	$	7,619,579
CapitaLand Mall Trust		3,584,400		4,879,847
City Developments Ltd.		609,000		3,795,724
ComfortDelGro Corp. Ltd.		3,184,200		6,344,467
DBS Group Holdings Ltd.a		2,604,900		32,803,676
Genting Singapore PLC		8,943,600		4,883,055
Global Logistic Properties Ltd.a		4,663,200		7,340,498
Golden Agri-Resources Ltd.		10,458,387		2,335,951
Hutchison Port Holdings Trusta		8,404,200		4,412,205
Jardine Cycle & Carriage Ltd.a		174,600		3,540,779
Keppel Corp. Ltd.a		2,157,600		10,464,429
Noble Group Ltd.a		7,047,008		2,723,264
Oversea-Chinese Banking Corp. Ltd.a		4,454,424		28,205,351
SembCorp Industries Ltd.a		1,444,240		3,502,305
Sembcorp Marine Ltda		1,218,000		2,064,114
Singapore Airlines Ltd.		800,400		5,629,985
Singapore Exchange Ltd.a		1,183,200		6,090,925
Singapore Press Holdings Ltd.a		2,513,117		7,020,975
Singapore Technologies Engineering Ltd.		2,314,200		5,037,647
Singapore Telecommunications Ltd.		11,866,828		31,469,855
StarHub Ltd.		904,800		2,348,130
Suntec REITa		3,480,000		3,775,367
United Overseas Bank Ltd.a		1,914,000		26,301,723
UOL Group Ltd.a		696,000		3,089,385
Wilmar International Ltd.		2,853,600		5,766,688
Yangzijiang Shipbuilding Holdings Ltd.a		2,871,000		2,239,311
				231,355,296
TOTAL COMMON STOCKS
(Cost: $2,375,409,685)				1,965,837,664
SHORT-TERM INVESTMENTS — 3.53%
MONEY MARKET FUNDS — 3.53%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%d,e,f		65,414,188		65,414,188
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%d,e,f		3,756,404		3,756,404

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Continued)

iSHARES^® MSCI PACIFIC ex JAPAN ETF

August 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%d,e		894,968	$	894,968
				70,065,560
TOTAL SHORT-TERM INVESTMENTS
(Cost: $70,065,560)				70,065,560
TOTAL INVESTMENTS IN SECURITIES — 102.61%
(Cost: $2,445,475,245)				2,035,903,224
Other Assets, Less Liabilities — (2.61)%				(51,698,610	)
NET ASSETS — 100.00%			$	1,984,204,614

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

^b  Non-income earning security.

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

38 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI SINGAPORE ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.29%
AEROSPACE & DEFENSE — 2.38%
Singapore Technologies Engineering Ltd.		6,658,400	$	14,494,284
				14,494,284
AIRLINES — 2.58%
Singapore Airlines Ltd.		2,238,667		15,746,704
				15,746,704
BANKS — 34.96%
DBS Group Holdings Ltd.		6,428,800		80,958,298
Oversea-Chinese Banking Corp. Ltd.		10,733,850		67,966,589
United Overseas Bank Ltd.		4,680,400		64,316,920
				213,241,807
DISTRIBUTORS — 1.53%
Jardine Cycle & Carriage Ltd.		459,244		9,313,180
				9,313,180
DIVERSIFIED FINANCIAL SERVICES — 2.63%
Singapore Exchange Ltd.		3,119,200		16,057,145
				16,057,145
DIVERSIFIED TELECOMMUNICATION SERVICES — 12.70%
Singapore Telecommunications Ltd.		29,216,668		77,480,209
				77,480,209
FOOD PRODUCTS — 3.90%
Golden Agri-Resources Ltd.		29,101,828		6,500,089
Wilmar International Ltd.		8,552,600		17,283,493
				23,783,582
HOTELS, RESTAURANTS & LEISURE — 2.21%
Genting Singapore PLC		24,682,000		13,475,956
				13,475,956
INDUSTRIAL CONGLOMERATES — 6.28%
Keppel Corp. Ltd.a		5,854,800		28,395,967
SembCorp Industries Ltd.a		4,075,400		9,882,910
				38,278,877
MACHINERY — 2.06%
Sembcorp Marine Ltda		3,616,200		6,128,283
Yangzijiang Shipbuilding Holdings Ltd.		8,265,600		6,446,969
				12,575,252
MEDIA — 3.08%
Singapore Press Holdings Ltd.a		6,722,200		18,780,024
				18,780,024

Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.53%
Ascendas REIT		8,380,435	$	13,251,344
CapitaLand Commercial Trust		8,724,800		8,228,025
CapitaLand Mall Trust		10,045,000		13,675,388
Suntec REITa		9,930,200		10,773,031
				45,927,788
REAL ESTATE MANAGEMENT & DEVELOPMENT — 9.89%
CapitaLand Ltd.		10,389,400		20,774,380
City Developments Ltd.		1,722,000		10,732,738
Global Logistic Properties Ltd.a		12,628,000		19,878,153
UOL Group Ltd.a		2,009,000		8,917,493
				60,302,764
ROAD & RAIL — 2.83%
ComfortDelGro Corp. Ltd.		8,667,400		17,269,655
				17,269,655
TRADING COMPANIES & DISTRIBUTORS — 1.16%
Noble Group Ltd.a		18,368,099		7,098,216
				7,098,216
TRANSPORTATION INFRASTRUCTURE — 2.13%
Hutchison Port Holdings Trusta		24,739,400		12,988,185
				12,988,185
WIRELESS TELECOMMUNICATION SERVICES — 1.44%
StarHub Ltd.		3,386,600		8,788,879
				8,788,879
TOTAL COMMON STOCKS
(Cost: $750,972,070)				605,602,507
SHORT-TERM INVESTMENTS — 8.56%
MONEY MARKET FUNDS — 8.56%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%b,c,d		49,324,969		49,324,969
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%b,c,d		2,832,482		2,832,482
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%b,c		57,765		57,765
				52,215,216
TOTAL SHORT-TERM INVESTMENTS
(Cost: $52,215,216)				52,215,216

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Continued)

iSHARES^® MSCI SINGAPORE ETF

August 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 107.85%
(Cost: $803,187,286)	$	657,817,723
Other Assets, Less Liabilities — (7.85)%		(47,890,799	)
NET ASSETS — 100.00%	$	609,926,924

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

^b  Affiliated issuer. See Note 2.

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

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

Open futures contracts as of August 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
MSCI Singapore Index		135		Sep. 2015		Singapore	$	6,183,791	$	159,699

See notes to financial statements.

40 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI TAIWAN ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.70%
AIRLINES — 0.51%
China Airlines Ltd.a		21,720,761	$	7,810,829
EVA Airways Corp.a		14,472,089		8,740,360
				16,551,189
AUTO COMPONENTS — 0.59%
Cheng Shin Rubber Industry Co. Ltd.b		12,060,670		19,349,862
				19,349,862
AUTOMOBILES — 0.24%
China Motor Corp.		3,622,000		2,460,236
Yulon Motor Co. Ltd.b		6,030,362		5,458,388
				7,918,624
BANKS — 10.27%
Chang Hwa Commercial Bank Ltd.		34,974,878		16,984,360
China Development Financial Holding Corp.b		104,922,508		30,280,951
CTBC Financial Holding Co. Ltd.		114,570,783		69,018,585
E.Sun Financial Holding Co. Ltd.		54,270,105		32,609,441
First Financial Holding Co. Ltd.		61,506,038		29,773,781
Hua Nan Financial Holdings Co. Ltd.		48,849,237		23,121,419
Mega Financial Holding Co. Ltd.		75,978,271		56,979,069
SinoPac Financial Holdings Co. Ltd.		73,574,113		25,326,711
Taishin Financial Holding Co. Ltd.		60,300,676		21,128,211
Taiwan Business Banka		32,562,652		8,206,733
Taiwan Cooperative Financial Holding Co. Ltd.		54,462,174		23,099,913
				336,529,174
BUILDING PRODUCTS — 0.09%
Taiwan Glass Industry Corp.a,b		7,236,693		2,913,717
				2,913,717
CAPITAL MARKETS — 0.83%
Yuanta Financial Holding Co. Ltd.b		67,536,248		27,088,384
				27,088,384

Security	Shares		Value
CHEMICALS — 5.93%
Formosa Chemicals & Fibre Corp.		24,120,610	$	51,598,061
Formosa Plastics Corp.		31,356,518		69,100,766
Nan Ya Plastics Corp.		36,180,938		65,943,269
Taiwan Fertilizer Co. Ltd.b		6,030,000		7,626,461
				194,268,557
CONSTRUCTION & ENGINEERING — 0.19%
CTCI Corp.		4,824,000		6,227,195
				6,227,195
CONSTRUCTION MATERIALS — 1.42%
Asia Cement Corp.		18,090,136		19,432,334
Taiwan Cement Corp.		25,326,504		27,127,750
				46,560,084
DIVERSIFIED FINANCIAL SERVICES — 3.07%
Chailease Holding Co. Ltd.b		8,442,937		13,571,599
Fubon Financial Holding Co. Ltd.		50,652,515		87,025,934
				100,597,533
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.80%
Asia Pacific Telecom Co. Ltd.a		14,472,000		3,954,271
Chunghwa Telecom Co. Ltd.		28,944,648		87,894,360
				91,848,631
ELECTRICAL EQUIPMENT — 0.33%
Teco Electric and Machinery Co. Ltd.		14,472,092		10,897,659
Ya Hsin Industrial Co. Ltd.a		6,845,461		2
				10,897,661
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 15.72%
AU Optronics Corp.b		67,536,830		21,795,418
Delta Electronics Inc.		13,806,180		69,166,684
Hon Hai Precision Industry Co. Ltd.b		101,304,194		288,008,330
Innolux Corp.b		63,918,873		22,592,445
Largan Precision Co. Ltd.		773,794		71,823,761
Pacific Electric Wire & Cable Co. Ltd.a		197		—
Simplo Technology Co. Ltd.		2,099,835		6,970,192
Synnex Technology International Corp.b		9,648,538		10,260,612
TPK Holding Co. Ltd.b		2,189,466		5,484,433
WPG Holdings Ltd.b		10,854,744		10,258,895

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Continued)

iSHARES^® MSCI TAIWAN ETF

August 31, 2015

Security	Shares		Value
Zhen Ding Technology Holding Ltd.b		3,070,072	$	8,709,358
				515,070,128
FOOD & STAPLES RETAILING — 0.88%
President Chain Store Corp.		4,305,215		28,779,945
				28,779,945
FOOD PRODUCTS — 2.16%
Standard Foods Corp.		2,667,144		6,057,964
Uni-President Enterprises Corp.		36,385,189		64,861,730
				70,919,694
INDUSTRIAL CONGLOMERATES — 0.68%
Far Eastern New Century Corp.		24,631,843		22,333,396
				22,333,396
INSURANCE — 3.74%
Cathay Financial Holding Co. Ltd.		61,506,483		88,660,365
China Life Insurance Co. Ltd./Taiwan		24,120,378		18,422,397
Shin Kong Financial Holding Co. Ltd.		65,124,205		15,452,411
				122,535,173
LEISURE PRODUCTS — 0.73%
Giant Manufacturing Co. Ltd.b		2,150,590		15,566,263
Merida Industry Co. Ltd.		1,529,100		8,318,500
				23,884,763
MACHINERY — 0.23%
Hiwin Technologies Corp.b		1,496,973		7,683,627
				7,683,627
MARINE — 0.44%
Evergreen Marine Corp. Taiwan Ltd.		13,274,673		5,813,988
U-Ming Marine Transport Corp.		3,618,800		3,586,991
Wan Hai Lines Ltd.		2,412,000		1,660,585
Yang Ming Marine Transport Corp.a		10,854,635		3,486,324
				14,547,888
METALS & MINING — 1.63%
China Steel Corp.b		89,244,977		53,487,727
				53,487,727
OIL, GAS & CONSUMABLE FUELS — 0.58%
Formosa Petrochemical Corp.		8,442,950		18,917,232
				18,917,232

Security	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.43%
Highwealth Construction Corp.		4,824,300	$	7,458,271
Ruentex Development Co. Ltd.b		6,038,773		6,458,975
				13,917,246
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 31.52%
Advanced Semiconductor Engineering Inc.b		48,248,448		49,826,269
Epistar Corp.b		8,442,047		6,824,002
Hermes Microvision Inc.		298,000		12,639,538
Inotera Memories Inc.a,b		19,296,000		11,624,103
Kinsus Interconnect Technology Corp.b		1,996,043		3,558,228
MediaTek Inc.b		11,362,175		87,653,863
Novatek Microelectronics Corp.b		4,445,544		14,893,173
Phison Electronics Corp.		1,206,698		8,400,452
Powertech Technology Inc.		4,824,036		8,302,986
Radiant Opto-Electronics Corp.b		3,310,583		9,646,032
Realtek Semiconductor Corp.b		3,618,063		6,494,188
Siliconware Precision Industries Co. Ltd.b		22,914,214		28,170,895
Taiwan Semiconductor Manufacturing Co. Ltd.b		187,545,882		743,589,148
Transcend Information Inc.		1,206,905		3,253,184
United Microelectronics Corp.b		94,068,501		31,080,515
Vanguard International Semiconductor Corp.b		6,030,000		6,857,328
				1,032,813,904
SPECIALTY RETAIL — 0.63%
Hotai Motor Co. Ltd.b		1,886,000		20,752,028
				20,752,028
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 8.83%
Acer Inc.a,b		21,708,737		8,006,660
Advantech Co. Ltd.b		2,412,444		15,348,410
Asustek Computer Inc.b		5,357,857		48,743,720
Casetek Holdings Ltd.b		1,206,000		4,503,596
Catcher Technology Co. Ltd.b		4,989,743		50,915,747
Chicony Electronics Co. Ltd.b		3,652,887		9,071,591
Compal Electronics Inc.		31,356,554		18,311,255
Foxconn Technology Co. Ltd.b		7,236,871		20,352,028
HTC Corp.b		4,824,884		6,828,924
Inventec Corp.		18,090,868		8,284,785
Lite-On Technology Corp.		15,761,702		14,436,285

42 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI TAIWAN ETF

August 31, 2015

Security	Shares		Value
Pegatron Corp.b		14,472,037	$	37,452,228
Quanta Computer Inc.b		20,502,240		37,682,379
Wistron Corp.b		18,680,005		9,243,539
				289,181,147
TEXTILES, APPAREL & LUXURY GOODS — 2.25%
Eclat Textile Co. Ltd.b		1,396,080		21,003,846
Feng TAY Enterprise Co. Ltd.b		2,412,140		14,308,552
Formosa Taffeta Co. Ltd.		6,030,515		5,245,378
Pou Chen Corp.		16,884,103		27,296,040
Ruentex Industries Ltd.		3,618,262		5,771,692
				73,625,508
WIRELESS TELECOMMUNICATION SERVICES — 1.98%
Far EasTone Telecommunications Co. Ltd.		12,060,259		26,466,142
Taiwan Mobile Co. Ltd.		12,735,609		38,281,980
				64,748,122
TOTAL COMMON STOCKS
(Cost: $2,322,207,032)				3,233,948,139
SHORT-TERM INVESTMENTS — 8.39%
MONEY MARKET FUNDS — 8.39%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		233,091,787		233,091,787

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		13,385,206	$	13,385,206
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		28,276,302		28,276,302
				274,753,295
TOTAL SHORT-TERM INVESTMENTS (Cost: $274,753,295)				274,753,295
TOTAL INVESTMENTS IN SECURITIES — 107.09% (Cost: $2,596,960,327)				3,508,701,434
Other Assets, Less Liabilities — (7.09)%				(232,291,627	)
NET ASSETS — 100.00%			$	3,276,409,807

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

Open futures contracts as of August 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
MSCI Taiwan Index		1,390		Sep. 2015		Singapore	$	41,839,000	$	1,461,334

See notes to financial statements.

SCHEDULES OF INVESTMENTS 43

Schedule of Investments

iSHARES^® MSCI THAILAND CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.37%
AIRLINES — 0.58%
Bangkok Airways Co. Ltd.		1,016,100	$	581,114
Nok Airlines PCL NVDRa,b		591,100		119,556
Thai Airways International PCL NVDRa,b		2,355,966		670,410
				1,371,080
AUTO COMPONENTS — 0.59%
PCS Machine Group Holding PCL		773,500		135,948
Somboon Advance Technology PCL NVDR		997,725		439,784
Sri Trang Agro-Industry PCL NVDR		2,518,671		822,107
				1,397,839
BANKS — 21.42%
Bangkok Bank PCL Foreign		532,900		2,445,587
Bangkok Bank PCL NVDR		668,300		3,066,965
Kasikornbank PCL Foreign		2,608,600		13,172,175
Kasikornbank PCL NVDR		1,361,900		6,857,942
Kiatnakin Bank PCL NVDRb		1,244,573		1,119,751
Krung Thai Bank PCL NVDRb		9,214,100		4,678,382
LH Financial Group PCL NVDR		18,950,819		840,614
Siam Commercial Bank PCL (The) NVDR		3,489,300		13,822,865
Thanachart Capital PCL NVDR		1,952,800		1,607,131
Tisco Financial Group PCL NVDR		1,314,310		1,448,326
TMB Bank PCL NVDR		26,974,200		1,775,955
				50,835,693
BEVERAGES — 0.16%
Carabao Group PCL		348,900		374,743
				374,743
BUILDING PRODUCTS — 0.41%
Dynasty Ceramic PCL NVDR		9,753,540		974,130
				974,130
CAPITAL MARKETS — 0.14%
AIRA Capital Co. Ltd.b		2,628,440		155,455
Asia Plus Group Holdings PCL NVDRb		1,710,000		180,327
				335,782
CHEMICALS — 3.72%
Eastern Polymer Group PCL		941,200		236,317

Security	Shares		Value
Indorama Ventures PCL NVDR		3,854,810	$	2,344,396
PTT Global Chemical PCL NVDR		3,429,007		5,739,724
Siamgas & Petrochemicals PCL NVDRb		1,590,100		496,837
				8,817,274
COMMERCIAL SERVICES & SUPPLIES — 0.13%
Inter Far East Engineering PCL		1,147,200		316,844
				316,844
CONSTRUCTION & ENGINEERING — 2.13%
CH Karnchang PCL NVDRb		1,762,400		1,302,932
Italian-Thai Development PCL NVDRa,b		6,660,748		1,421,529
Sino-Thai Engineering & Construction PCL NVDRb		2,352,928		1,673,864
Sriracha Construction PCL NVDR		227,800		156,337
TTCL PCL NVDR		259,400		173,681
Unique Engineering & Construction PCL		586,400		320,643
				5,048,986
CONSTRUCTION MATERIALS — 5.03%
Siam Cement PCL (The) Foreign		651,700		8,654,183
Siam Cement PCL (The) NVDR		197,600		2,646,060
Superblock PCLa,b		12,253,850		646,109
				11,946,352
CONSUMER FINANCE — 0.71%
Krungthai Card PCL NVDRb		153,500		376,845
Muangthai Leasing PCL		955,600		453,207
Srisawad Power 1979 PCL NVDR		837,218		858,355
				1,688,407
CONTAINERS & PACKAGING — 0.17%
Polyplex Thailand PCL NVDR		1,931,550		412,229
				412,229
DISTRIBUTORS — 0.23%
Energy Earth PCL NVDR		4,065,500		539,874
				539,874
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.28%
Jasmine International PCL NVDRb		10,280,868		1,620,502
Samart Telcoms PCL NVDRb		390,400		193,866
Thaicom PCL NVDRb		766,700		673,764
True Corp. PCL NVDRa		19,549,172		5,290,193
				7,778,325

44 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

August 31, 2015

Security	Shares		Value
ELECTRIC UTILITIES — 0.07%
Thai Solar Energy PCLa		1,022,000	$	161,091
				161,091
ELECTRICAL EQUIPMENT — 0.16%
Gunkul Engineering PCL NVDRb		649,782		371,615
				371,615
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.44%
Cal-Comp Electronics Thailand PCL NVDR		11,019,312		989,878
Delta Electronics Thailand PCL NVDR		1,498,844		3,637,869
Hana Microelectronics PCL NVDR		1,965,300		1,398,107
KCE Electronics PCL NVDRb		467,300		681,167
Loxley PCL NVDR		1,642,705		128,319
Samart Corp. PCL NVDR		1,793,137		925,458
Samart I-Mobile PCL		2,796,200		127,153
SVI PCL NVDRb		2,047,615		273,053
				8,161,004
FOOD & STAPLES RETAILING — 5.89%
CP ALL PCL NVDRb		9,825,800		13,980,075
				13,980,075
FOOD PRODUCTS — 3.61%
Charoen Pokphand Foods PCL NVDRb		7,112,300		3,769,946
GFPT PCL NVDRb		2,479,600		601,828
Ichitan Group PCL NVDRb		617,900		284,429
Kaset Thai International Sugar Corp. PCL		751,600		159,357
Khon Kaen Sugar Industry PCL NVDR		5,381,380		534,460
Thai Union Frozen Products PCL NVDR		4,028,200		1,955,382
Thai Vegetable Oil PCL NVDR		1,636,653		1,255,627
				8,561,029
GAS UTILITIES — 0.05%
Scan Inter PCLa		431,000		129,859
				129,859
HEALTH CARE PROVIDERS & SERVICES — 5.21%
Bangkok Chain Hospital PCL NVDR		3,649,125		671,899
Bangkok Dusit Medical Services PCL NVDR		8,674,000		4,718,733

Security	Shares		Value
Bumrungrad Hospital PCL NVDR		957,376	$	6,169,727
Chularat Hospital PCL NVDR		6,500,500		348,193
Vibhavadi Medical Center PCL NVDR		11,306,500		460,524
				12,369,076
HOTELS, RESTAURANTS & LEISURE — 1.25%
Erawan Group PCL (The) NVDRb		1,493,200		156,631
Minor International PCL NVDR		3,804,010		2,812,282
				2,968,913
HOUSEHOLD PRODUCTS — 0.06%
DSG International Thailand PCL NVDR		913,380		129,955
				129,955
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.97%
CK Power PCL NVDR		3,165,660		226,087
Glow Energy PCL NVDR		1,447,700		3,988,293
SPCG PCL NVDR		697,200		466,810
				4,681,190
INSURANCE — 0.16%
Thai Reinsurance PCL NVDRa,b		4,646,140		370,706
				370,706
INTERNET & CATALOG RETAIL — 0.08%
OfficeMate PCL NVDR		160,600		185,937
				185,937
MACHINERY — 0.08%
BJC Heavy Industries PCL NVDR		903,550		180,231
				180,231
MARINE — 0.59%
Precious Shipping PCL NVDRb		2,098,800		421,575
Thoresen Thai Agencies PCL NVDRb		3,438,789		978,537
				1,400,112
MEDIA — 2.34%
BEC World PCL NVDR		2,649,200		2,734,563
E for L Aim PCL		4,842,900		140,511
Major Cineplex Group PCL NVDR		1,828,700		1,658,048
Plan B Media PCLa		1,237,600		201,980
RS PCL NVDR		818,300		239,703
VGI Global Media PCL NVDRb		3,378,440		390,200
Workpoint Entertainment PCL		178,500		197,946
				5,562,951

SCHEDULES OF INVESTMENTS 45

Schedule of Investments (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

August 31, 2015

Security	Shares		Value
METALS & MINING — 0.34%
STP & I PCL NVDRb		2,055,010	$	796,893
				796,893
OIL, GAS & CONSUMABLE FUELS — 14.64%
Bangchak Petroleum PCL (The) NVDR		1,299,100		1,268,475
Banpu PCL NVDRb		3,166,200		1,819,604
Energy Absolute PCL NVDR		2,235,800		1,272,432
Esso Thailand PCL NVDRa		4,135,400		576,845
IRPC PCL NVDR		28,452,400		3,016,296
PTT Exploration & Production PCL NVDR		2,983,684		6,617,461
PTT PCL NVDR		2,274,500		17,005,608
Thai Oil PCL NVDR		2,205,500		3,168,733
				34,745,454
PERSONAL PRODUCTS — 0.08%
Beauty Community PCL		1,610,400		196,779
				196,779
PHARMACEUTICALS — 0.08%
Mega Lifesciences PCL NVDR		402,100		196,311
				196,311
REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.23%
Amata Corp. PCL NVDR		2,140,300		704,576
Ananda Development PCL NVDRb		2,907,000		253,029
AP Thailand PCL NVDRb		4,467,986		685,561
Bangkok Land PCL NVDRb		28,264,900		1,127,600
Central Pattana PCL NVDR		3,159,100		3,965,951
Country Group Development PCL NVDRa		4,921,000		175,725
Golden Land Property Development PCL NVDRa,b		947,900		154,700
LPN Development PCL NVDRb		1,861,547		810,159
MBK PCL NVDR		1,116,000		442,104
Quality Houses PCL NVDRb		16,515,231		1,087,347
Rojana Industrial Park PCL NVDRb		1,074,283		176,824
Sansiri PCL NVDRb		15,874,637		699,733
SC Asset Corp. PCL NVDRb		7,566,104		620,570
Siam Future Development PCL NVDR		4,106,028		618,567
Supalai PCL NVDRb		2,182,800		1,023,045
TICON Industrial Connection PCL NVDRb		2,347,591		772,816

Security	Shares		Value
U City PCL NVDRa,b		232,235,500	$	259,155
Univentures PCL NVDRb		803,000		137,772
WHA Corp. PCL NVDRa		11,144,540		1,075,746
				14,790,980
ROAD & RAIL — 1.46%
BTS Group Holdings PCL NVDR		12,756,600		3,469,852
				3,469,852
SOFTWARE — 0.06%
Mono Technology PCL NVDRb		1,789,820		139,810
				139,810
SPECIALTY RETAIL — 1.20%
Home Product Center PCL NVDR		8,476,571		1,726,293
PTG Energy PCLb		570,000		219,445
Siam Global House PCL NVDRb		3,103,733		909,170
				2,854,908
TEXTILES, APPAREL & LUXURY GOODS — 0.07%
MC Group PCL NVDRb		463,500		164,220
				164,220
TRANSPORTATION INFRASTRUCTURE — 4.27%
Airports of Thailand PCL NVDR		1,024,100		7,885,384
Bangkok Aviation Fuel Services PCL NVDR		485,700		348,913
Bangkok Expressway PCL NVDR		1,323,800		1,301,826
Bangkok Metro PCL NVDRa,b		8,097,541		399,850
Namyong Terminal PCL NVDR		475,700		203,047
				10,139,020
WATER UTILITIES — 0.73%
Eastern Water Resources Development and Management PCL NVDR		606,000		194,420
TTW PCL NVDR		4,824,566		1,534,386
				1,728,806
WIRELESS TELECOMMUNICATION SERVICES — 6.55%
Advanced Info Service PCL NVDR		2,340,119		15,537,685
				15,537,685
TOTAL COMMON STOCKS
(Cost: $341,412,656)				235,812,020

46 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

August 31, 2015

Security	Shares		Value
RIGHTS — 0.00%
CONSTRUCTION MATERIALS — 0.00%
Jay Mart PCLa		151,200	$	—
				—
ELECTRICAL EQUIPMENT — 0.00%
Gunkul Engineering PCLa,b		108,296		—
				—
TOTAL RIGHTS
(Cost: $0)				—
SHORT-TERM INVESTMENTS — 11.80%
MONEY MARKET FUNDS — 11.80%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		25,862,056		25,862,056
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		1,485,126		1,485,126
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		653,634		653,634
				28,000,816
TOTAL SHORT-TERM INVESTMENTS
(Cost: $28,000,816)				28,000,816
TOTAL INVESTMENTS IN SECURITIES — 111.17%
(Cost: $369,413,472)				263,812,836
Other Assets, Less Liabilities — (11.17)%				(26,509,327	)
NET ASSETS — 100.00%			$	237,303,509

NVDR — Non-Voting Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

^e  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 47

Statements of Assets and Liabilities

iSHARES^® , INC.

August 31, 2015

	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF
ASSETS
Investments, at cost:
Unaffiliated	$	3,046,220,425		$	174,025,441		$	136,260,957
Affiliated (Note 2)		97,234,110			6,829,549			24,589,737
Total cost of investments	$	3,143,454,535		$	180,854,990		$	160,850,694
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	2,706,536,022		$	158,213,284		$	262,095,933
Affiliated (Note 2)		97,234,110			6,829,549			24,589,737
Total fair value of investments		2,803,770,132			165,042,833			286,685,670
Foreign currency, at valueb		6,406,730			364,199			631,158
Foreign currency pledged to broker, at valueb		1,207,981			—			—
Receivables:
Investment securities sold		5,855,898			6,598,563			7,555,625
Dividends and interest		8,062,016			422,092			915,359
Capital shares sold		—			—			3,059,523
Futures variation margin		241,933			—			—
Total Assets		2,825,544,690			172,427,687			298,847,335
LIABILITIES
Payables:
Investment securities purchased		4,268,111			3,611,796			5,505,286
Collateral for securities on loan (Note 1)		97,156,364			6,778,523			24,528,916
Capital shares redeemed		617,958			2,909,539			5,103,198
Investment advisory fees (Note 2)		1,278,395			123,682			131,170
Total Liabilities		103,320,828			13,423,540			35,268,570
NET ASSETS	$	2,722,223,862		$	159,004,147		$	263,578,765
Net assets consist of:
Paid-in capital	$	3,506,781,082		$	179,176,845		$	99,358,963
Undistributed net investment income		7,704,071			217,281			3,673,177
Undistributed net realized gain (accumulated net realized loss)		(452,822,412	)		(4,595,421	)		34,736,152
Net unrealized appreciation (depreciation)		(339,438,879	)		(15,794,558	)		125,810,473
NET ASSETS	$	2,722,223,862		$	159,004,147		$	263,578,765
Shares outstandingc		140,175,000			2,800,000			25,875,000
Net asset value per share	$	19.42		$	56.79		$	10.19

^a  Securities on loan with values of $90,691,423, $6,433,748 and $23,432,267, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker: $7,614,013, $355,279 and $631,158, respectively.

^c  $0.001 par value, number of shares authorized: 375 million, 500 million and 300 million, respectively.

See notes to financial statements.

48 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Continued)

iSHARES^®, INC.

August 31, 2015

	iShares MSCI Pacific ex Japan ETF			iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF
ASSETS
Investments, at cost:
Unaffiliated	$	2,375,409,685		$	750,972,070		$	2,322,207,032
Affiliated (Note 2)		70,065,560			52,215,216			274,753,295
Total cost of investments	$	2,445,475,245		$	803,187,286		$	2,596,960,327
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,965,837,664		$	605,602,507		$	3,233,948,139
Affiliated (Note 2)		70,065,560			52,215,216			274,753,295
Total fair value of investments		2,035,903,224			657,817,723			3,508,701,434
Foreign currency, at valueb		4,821,574			5,982,464			3,406,987
Cash		—			—			3,089,982
Foreign currency pledged to broker, at valueb		—			161,482			—
Cash pledged to broker		—			—			2,838,000
Receivables:
Investment securities sold		2,660,757			15,200,976			40,126,478
Dividends and interest		13,753,103			4,336,961			23,479,473
Futures variation margin		—			159,699			630,864
Total Assets		2,057,138,658			683,659,305			3,582,273,218
LIABILITIES
Payables:
Investment securities purchased		2,848,712			19,510,845			16,806,886
Collateral for securities on loan (Note 1)		69,170,592			52,157,451			246,476,993
Capital shares redeemed		—			1,782,165			35,318,499
Due to custodian		—			—			3,089,982
Foreign taxes (Note 1)		—			—			2,313,298
Investment advisory fees (Note 2)		914,740			281,920			1,857,753
Total Liabilities		72,934,044			73,732,381			305,863,411
NET ASSETS	$	1,984,204,614		$	609,926,924		$	3,276,409,807
Net assets consist of:
Paid-in capital	$	2,907,998,237		$	983,620,948		$	3,438,242,450
Undistributed (distributions in excess of) net investment income		11,524,396			(1,115,300	)		71,038,580
Accumulated net realized loss		(525,449,225	)		(227,285,882	)		(1,145,572,212	)
Net unrealized appreciation (depreciation)		(409,868,794	)		(145,292,842	)		912,700,989
NET ASSETS	$	1,984,204,614		$	609,926,924		$	3,276,409,807
Shares outstandingc		52,200,000			57,400,000			241,200,000
Net asset value per share	$	38.01		$	10.63		$	13.58

^a  Securities on loan with values of $64,808,545, $49,335,032 and $232,867,346, respectively. See Note 1.

^b  Cost of foreign currency including currency at broker, if any: $4,848,622, $6,168,027 and $3,406,987, respectively.

^c  $0.001 par value, number of shares authorized: 1 billion, 300 million and 900 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Assets and Liabilities (Continued)

iSHARES^®, INC.

August 31, 2015

	iShares MSCI Thailand Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	341,412,656
Affiliated (Note 2)		28,000,816
Total cost of investments	$	369,413,472
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	235,812,020
Affiliated (Note 2)		28,000,816
Total fair value of investments		263,812,836
Foreign currency, at valueb		39
Receivables:
Investment securities sold		540,730
Dividends and interest		1,046,391
Capital shares sold		26,754
Total Assets		265,426,750
LIABILITIES
Payables:
Investment securities purchased		638,249
Collateral for securities on loan (Note 1)		27,347,182
Investment advisory fees (Note 2)		137,810
Total Liabilities		28,123,241
NET ASSETS	$	237,303,509
Net assets consist of:
Paid-in capital	$	364,215,477
Undistributed net investment income		1,078,328
Accumulated net realized loss		(22,380,522	)
Net unrealized depreciation		(105,609,774	)
NET ASSETS	$	237,303,509
Shares outstandingc		3,650,000
Net asset value per share	$	65.01

^a  Securities on loan with a value of $15,046,469. See Note 1.

^b  Cost of foreign currency: $39.

^c  $0.001 par value, number of shares authorized: 200 million.

See notes to financial statements.

50 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

iSHARES^® , INC.

Year ended August 31, 2015

	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	91,448,352		$	2,404,344		$	15,843,726
Interest — affiliated (Note 2)		224			8			20
Securities lending income — affiliated — net (Note 2)		486,160			148,129			100,529
Total investment income		91,934,736			2,552,481			15,944,275
EXPENSES
Investment advisory fees (Note 2)		15,472,269			701,139			2,476,145
Total expenses		15,472,269			701,139			2,476,145
Net investment income		76,462,467			1,851,342			13,468,130
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(54,477,854	)		(543,413	)		89,460,638
In-kind redemptions — unaffiliated		150,278,137			19,402,442			—
Futures contracts		(1,319,015	)		—			—
Foreign currency transactions		15,879			(136,831	)		(1,693,821	)
Net realized gain		94,497,147			18,722,198			87,766,817
Net change in unrealized appreciation/depreciation on:
Investments		(536,247,142	)		(32,011,158	)		(328,366,164	)
Futures contracts		517,953			—			—
Translation of assets and liabilities in foreign currencies		3,380			24,683			(34,753	)
Net change in unrealized appreciation/depreciation		(535,725,809	)		(31,986,475	)		(328,400,917	)
Net realized and unrealized loss		(441,228,662	)		(13,264,277	)		(240,634,100	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(364,766,195	)	$	(11,412,935	)	$	(227,165,970	)

^a  Net of foreign withholding tax of $  —, $261,862 and $  —, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Operations (Continued)

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI Pacific ex Japan ETF			iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	130,977,719		$	29,540,349		$	108,739,680
Interest — affiliated (Note 2)		106			39			1,388
Securities lending income — affiliated — net (Note 2)		490,502			753,050			1,993,866	b
		131,468,327			30,293,438			110,734,934
Less: Other foreign taxes (Note 1)		—			—			(2,928,781	)
Total investment income		131,468,327			30,293,438			107,806,153
EXPENSES
Investment advisory fees (Note 2)		13,450,529			3,991,035			22,392,457
Total expenses		13,450,529			3,991,035			22,392,457
Net investment income		118,017,798			26,302,403			85,413,696
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(57,066,025	)		(14,920,487	)		(108,615,185	)
In-kind redemptions — unaffiliated		129,535,963			12,445,650			—
Futures contracts		—			(1,846,594	)		(10,006,583	)
Foreign currency transactions		(4,616,451	)		(897,320	)		(1,875,452	)
Net realized gain (loss)		67,853,487			(5,218,751	)		(120,497,220	)
Net change in unrealized appreciation/depreciation on:
Investments		(853,511,736	)		(209,403,433	)		(618,245,316	)
Futures contracts		—			202,425			1,182,109
Translation of assets and liabilities in foreign currencies		(332,979	)		(91,891	)		(563,304	)
Net change in unrealized appreciation/depreciation		(853,844,715	)		(209,292,899	)		(617,626,511	)
Net realized and unrealized loss		(785,991,228	)		(214,511,650	)		(738,123,731	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(667,973,430	)	$	(188,209,247	)	$	(652,710,035	)

^a  Net of foreign withholding tax of $1,760,821, $270,575 and $24,592,777, respectively.

^b  Net of foreign tax paid of $473,115.

See notes to financial statements.

52 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Continued)

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI Thailand Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	11,040,846
Interest — affiliated (Note 2)		57
Securities lending income — affiliated — net (Note 2)		787,999
Total investment income		11,828,902
EXPENSES
Investment advisory fees (Note 2)		2,698,099
Total expenses		2,698,099
Net investment income		9,130,803
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(9,216,902	)
In-kind redemptions — unaffiliated		(5,900,789	)
Foreign currency transactions		(171,184	)
Net realized loss		(15,288,875	)
Net change in unrealized appreciation/depreciation on:
Investments		(81,356,807	)
Translation of assets and liabilities in foreign currencies		(9,572	)
Net change in unrealized appreciation/depreciation		(81,366,379	)
Net realized and unrealized loss		(96,655,254	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(87,524,451	)

^a  Net of foreign withholding tax of $1,213,936.

See notes to financial statements.

FINANCIAL STATEMENTS 53

Statements of Changes in Net Assets

iSHARES^® , INC.

	iShares MSCI Hong Kong ETF						iShares MSCI Japan Small-Cap ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	76,462,467		$	70,834,799		$	1,851,342		$	1,791,679
Net realized gain		94,497,147			65,800,683			18,722,198			1,795,819
Net change in unrealized appreciation/depreciation		(535,725,809	)		218,838,568			(31,986,475	)		15,636,594
Net increase (decrease) in net assets resulting from operations		(364,766,195	)		355,474,050			(11,412,935	)		19,224,092
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(74,964,011	)		(69,523,487	)		(2,993,420	)		(2,956,269	)
Total distributions to shareholders		(74,964,011	)		(69,523,487	)		(2,993,420	)		(2,956,269	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,076,021,470			1,440,373,193			249,704,421			80,604,743
Cost of shares redeemed		(1,135,379,620	)		(629,867,957	)		(246,130,624	)		(16,023,548	)
Net increase (decrease) in net assets from capital share transactions		(59,358,150	)		810,505,236			3,573,797			64,581,195
INCREASE (DECREASE) IN NET ASSETS		(499,088,356	)		1,096,455,799			(10,832,558	)		80,849,018
NET ASSETS
Beginning of year		3,221,312,218			2,124,856,419			169,836,705			88,987,687
End of year	$	2,722,223,862		$	3,221,312,218		$	159,004,147		$	169,836,705
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	7,704,071		$	6,189,736		$	217,281		$	(1,026,401	)
SHARES ISSUED AND REDEEMED
Shares sold		47,625,000			66,525,000			4,300,000			1,500,000
Shares redeemed		(54,600,000	)		(31,725,000	)		(4,500,000	)		(300,000	)
Net increase (decrease) in shares outstanding		(6,975,000	)		34,800,000			(200,000	)		1,200,000

See notes to financial statements.

54 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Malaysia ETF						iShares MSCI Pacific ex  Japan ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	13,468,130		$	27,863,132		$	118,017,798		$	123,772,601
Net realized gain		87,766,817			41,437,464			67,853,487			126,373,389
Net change in unrealized appreciation/depreciation		(328,400,917	)		33,268,903			(853,844,715	)		262,536,520
Net increase (decrease) in net assets resulting from operations		(227,165,970	)		102,569,499			(667,973,430	)		512,682,510
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(15,389,546	)		(26,722,876	)		(121,558,328	)		(118,670,244	)
From net realized gain		(1,987,267	)		—			—			—
Total distributions to shareholders		(17,376,813	)		(26,722,876	)		(121,558,328	)		(118,670,244	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		107,286,599			52,163,306			27,284,262			752,794,621
Cost of shares redeemed		(385,625,950	)		(150,687,467	)		(725,596,210	)		(682,826,053	)
Net increase (decrease) in net assets from capital share transactions		(278,339,351	)		(98,524,161	)		(698,311,948	)		69,968,568
INCREASE (DECREASE) IN NET ASSETS		(522,882,134	)		(22,677,538	)		(1,487,843,706	)		463,980,834
NET ASSETS
Beginning of year		786,460,899			809,138,437			3,472,048,320			3,008,067,486
End of year	$	263,578,765		$	786,460,899		$	1,984,204,614		$	3,472,048,320
Undistributed net investment income included in net assets at end of year	$	3,673,177		$	3,466,057		$	11,524,396		$	12,734,661
SHARES ISSUED AND REDEEMED
Shares sold		8,250,000			3,225,000			600,000			15,300,000
Shares redeemed		(31,125,000	)		(9,900,000	)		(16,200,000	)		(15,000,000	)
Net increase (decrease) in shares outstanding		(22,875,000	)		(6,675,000	)		(15,600,000	)		300,000

See notes to financial statements.

FINANCIAL STATEMENTS 55

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Singapore ETF						iShares MSCI Taiwan ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	26,302,403		$	32,110,843		$	85,413,696		$	57,916,427
Net realized gain (loss)		(5,218,751	)		32,530,341			(120,497,220	)		(20,870,934	)
Net change in unrealized appreciation/depreciation		(209,292,899	)		84,170,334			(617,626,511	)		581,209,729
Net increase (decrease) in net assets resulting from operations		(188,209,247	)		148,811,518			(652,710,035	)		618,255,222
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(27,289,993	)		(36,850,739	)		(61,969,914	)		(51,978,221	)
Total distributions to shareholders		(27,289,993	)		(36,850,739	)		(61,969,914	)		(51,978,221	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		32,838,329			45,906,815			1,059,504,564			299,500,305
Cost of shares redeemed		(191,867,107	)		(308,890,044	)		(367,078,617	)		(209,110,415	)
Net increase (decrease) in net assets from capital share transactions		(159,028,778	)		(262,983,229	)		692,425,947			90,389,890
INCREASE (DECREASE) IN NET ASSETS		(374,528,018	)		(151,022,450	)		(22,254,002	)		656,666,891
NET ASSETS
Beginning of year		984,454,942			1,135,477,392			3,298,663,809			2,641,996,918
End of year	$	609,926,924		$	984,454,942		$	3,276,409,807		$	3,298,663,809
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(1,115,300	)	$	(2,353,314	)	$	71,038,580		$	49,428,800
SHARES ISSUED AND REDEEMED
Shares sold		2,500,000			3,400,000			66,600,000			21,000,000
Shares redeemed		(15,600,000	)		(23,800,000	)		(26,000,000	)		(14,600,000	)
Net increase (decrease) in shares outstanding		(13,100,000	)		(20,400,000	)		40,600,000			6,400,000

See notes to financial statements.

56 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Thailand Capped ETF
	Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	9,130,803		$	12,286,557
Net realized gain (loss)		(15,288,875	)		9,219,384
Net change in unrealized appreciation/depreciation		(81,366,379	)		95,854,036
Net increase (decrease) in net assets resulting from operations		(87,524,451	)		117,359,977
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(9,842,483	)		(12,909,951	)
Total distributions to shareholders		(9,842,483	)		(12,909,951	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		232,829,500			341,398,189
Cost of shares redeemed		(469,528,663	)		(416,351,403	)
Net decrease in net assets from capital share transactions		(236,699,163	)		(74,953,214	)
INCREASE (DECREASE) IN NET ASSETS		(334,066,097	)		29,496,812
NET ASSETS
Beginning of year		571,369,606			541,872,794
End of year	$	237,303,509		$	571,369,606
Undistributed net investment income included in net assets at end of year	$	1,078,328		$	1,958,625
SHARES ISSUED AND REDEEMED
Shares sold		2,900,000			4,550,000
Shares redeemed		(6,100,000	)		(5,700,000	)
Net decrease in shares outstanding		(3,200,000	)		(1,150,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 57

Financial Highlights

iSHARES^® , INC.

(For a share outstanding throughout each period)

	iShares MSCI Hong Kong ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	21.89		$	18.91		$	16.94		$	17.59		$	16.02
Income from investment operations:
Net investment incomea		0.52			0.66			0.48			0.54			0.42
Net realized and unrealized gain (loss)b		(2.50	)		3.04			2.05			(0.65	)		1.56
Total from investment operations		(1.98	)		3.70			2.53			(0.11	)		1.98
Less distributions from:
Net investment income		(0.49	)		(0.72	)		(0.56	)		(0.54	)		(0.41	)
Total distributions		(0.49	)		(0.72	)		(0.56	)		(0.54	)		(0.41	)
Net asset value, end of year	$	19.42		$	21.89		$	18.91		$	16.94		$	17.59
Total return		(9.29	)%		19.87	%		15.04	%		(0.33	)%		12.27	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	2,722,224		$	3,221,312		$	2,124,856		$	1,865,974		$	1,607,982
Ratio of expenses to average net assets		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		2.36	%		3.24	%		2.47	%		3.26	%		2.25	%
Portfolio turnover ratec		7	%		6	%		12	%		11	%		15	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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.

58 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Japan Small-Cap ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	56.61		$	49.44		$	42.82		$	46.49		$	40.74
Income from investment operations:
Net investment incomea		0.70			0.70			0.65			0.82			0.78
Net realized and unrealized gain (loss)b		0.71			7.61			6.97			(3.25	)		5.87
Total from investment operations		1.41			8.31			7.62			(2.43	)		6.65
Less distributions from:
Net investment income		(1.23	)		(1.14	)		(1.00	)		(1.24	)		(0.90	)
Total distributions		(1.23	)		(1.14	)		(1.00	)		(1.24	)		(0.90	)
Net asset value, end of year	$	56.79		$	56.61		$	49.44		$	42.82		$	46.49
Total return		2.63	%		16.94	%		18.07	%		(5.18	)%		16.38	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	159,004		$	169,837		$	88,988		$	42,817		$	74,387
Ratio of expenses to average net assets		0.48	%		0.48	%		0.50	%		0.53	%		0.51	%
Ratio of net investment income to average net assets		1.26	%		1.31	%		1.36	%		1.84	%		1.72	%
Portfolio turnover ratec		10	%		14	%		17	%		7	%		10	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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 59

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Malaysia ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	16.13		$	14.60		$	14.52		$	13.92		$	12.98
Income from investment operations:
Net investment incomea		0.36			0.54			0.41			0.38			0.41
Net realized and unrealized gain (loss)b		(5.86	)		1.51			0.04			0.76			0.92
Total from investment operations		(5.50	)		2.05			0.45			1.14			1.33
Less distributions from:
Net investment income		(0.39	)		(0.52	)		(0.37	)		(0.52	)		(0.39	)
Net realized gain		(0.05	)		—			—			—			—
Return of capital		—			—			—			(0.02	)		—
Total distributions		(0.44	)		(0.52	)		(0.37	)		(0.54	)		(0.39	)
Net asset value, end of year	$	10.19		$	16.13		$	14.60		$	14.52		$	13.92
Total return		(34.62	)%		14.17	%		3.02	%		8.61	%		10.19	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	263,579		$	786,461		$	809,138		$	936,692		$	978,402
Ratio of expenses to average net assets		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		2.61	%		3.48	%		2.71	%		2.73	%		2.84	%
Portfolio turnover ratec		24	%		16	%		17	%		24	%		49	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the years ended August 31, 2015, August 31, 2014, August 31, 2013, August 31, 2012, and August 31, 2011 were 5%, 10%, 8%, 14% and 14%, respectively. See Note 4.

See notes to financial statements.

60 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Pacific ex Japan ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	51.21		$	44.56		$	43.21		$	44.47		$	39.25
Income from investment operations:
Net investment incomea		1.97			1.88			1.69			1.73			1.64
Net realized and unrealized gain (loss)b		(13.09	)		6.51			1.71			(1.14	)		5.31
Total from investment operations		(11.12	)		8.39			3.40			0.59			6.95
Less distributions from:
Net investment income		(2.08	)		(1.74	)		(2.05	)		(1.85	)		(1.73	)
Total distributions		(2.08	)		(1.74	)		(2.05	)		(1.85	)		(1.73	)
Net asset value, end of year	$	38.01		$	51.21		$	44.56		$	43.21		$	44.47
Total return		(22.19	)%		19.25	%		7.87	%		1.82	%		17.61	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	1,984,205		$	3,472,048		$	3,008,067		$	3,188,582		$	3,548,867
Ratio of expenses to average net assets		0.49	%		0.49	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		4.31	%		3.90	%		3.59	%		4.16	%		3.53	%
Portfolio turnover ratec		7	%		8	%		8	%		7	%		10	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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 61

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Singapore ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	13.96		$	12.49		$	13.10		$	13.05		$	12.17
Income from investment operations:
Net investment incomea		0.41			0.40			0.44			0.41			0.45
Net realized and unrealized gain (loss)b		(3.31	)		1.52			(0.47	)		0.11			0.92
Total from investment operations		(2.90	)		1.92			(0.03	)		0.52			1.37
Less distributions from:
Net investment income		(0.43	)		(0.45	)		(0.58	)		(0.47	)		(0.49	)
Total distributions		(0.43	)		(0.45	)		(0.58	)		(0.47	)		(0.49	)
Net asset value, end of year	$	10.63		$	13.96		$	12.49		$	13.10		$	13.05
Total return		(21.27	)%		15.65	%		(0.38	)%		4.67	%		11.27	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	609,927		$	984,455		$	1,135,477		$	1,512,687		$	1,713,199
Ratio of expenses to average net assets		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		3.15	%		2.99	%		3.23	%		3.32	%		3.34	%
Portfolio turnover ratec		10	%		4	%		10	%		3	%		10	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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.

62 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Taiwan ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	16.44		$	13.60		$	12.58		$	13.78		$	12.19
Income from investment operations:
Net investment incomea		0.37			0.29			0.24			0.28			0.39
Net realized and unrealized gain (loss)b		(2.94	)		2.81			1.05			(1.01	)		1.49
Total from investment operations		(2.57	)		3.10			1.29			(0.73	)		1.88
Less distributions from:
Net investment income		(0.29	)		(0.26	)		(0.27	)		(0.47	)		(0.29	)
Total distributions		(0.29	)		(0.26	)		(0.27	)		(0.47	)		(0.29	)
Net asset value, end of year	$	13.58		$	16.44		$	13.60		$	12.58		$	13.78
Total return		(15.79	)%		23.24	%		10.30	%		(4.80	)%		15.24	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	3,276,410		$	3,298,664		$	2,641,997		$	2,247,128		$	2,857,512
Ratio of expenses to average net assets		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%
Ratio of net investment income to average net assets		2.36	%		1.98	%		1.80	%		2.25	%		2.64	%
Portfolio turnover ratec		14	%		11	%		21	%		22	%		23	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the years ended August 31, 2015, August 31, 2014, August 31, 2013, August 31, 2012 and August 31, 2011 were 4%, 4%, 6%, 7% and 8%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 63

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Thailand Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	83.41		$	67.73		$	70.53		$	66.27		$	55.06
Income from investment operations:
Net investment incomea		1.66			1.67			1.84			1.76			1.65
Net realized and unrealized gain (loss)b		(17.98	)		15.84			(2.75	)		4.37			11.10
Total from investment operations		(16.32	)		17.51			(0.91	)		6.13			12.75
Less distributions from:
Net investment income		(2.08	)		(1.83	)		(1.89	)		(1.87	)		(1.54	)
Total distributions		(2.08	)		(1.83	)		(1.89	)		(1.87	)		(1.54	)
Net asset value, end of year	$	65.01		$	83.41		$	67.73		$	70.53		$	66.27
Total return		(19.92	)%		26.18	%		(1.65	)%		9.57	%		23.33	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	237,304		$	571,370		$	541,873		$	595,968		$	632,840
Ratio of expenses to average net assets		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%
Ratio of net investment income to average net assets		2.09	%		2.24	%		2.22	%		2.66	%		2.56	%
Portfolio turnover ratec		13	%		9	%		24	%		12	%		22	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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.

64 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

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
MSCI Hong Kong	Non-diversified
MSCI Japan Small-Cap	Diversified
MSCI Malaysia	Non-diversified
MSCI Pacific ex-Japan	Diversified
MSCI Singapore	Non-diversified
MSCI Taiwan	Non-diversified
MSCI Thailand Capped	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”).

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

NOTES TO FINANCIAL STATEMENTS 65

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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

• Futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded.

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.

66 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of August 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1		Level 2		Level 3		Total
MSCI Hong Kong
Investments:
Assets:
Common Stocks	$	2,706,536,022	$	—	$	—	$	2,706,536,022
Money Market Funds		97,234,110		—		—		97,234,110
Total	$	2,803,770,132	$	—	$	—	$	2,803,770,132
Derivative Financial Instruments:a
Assets:
Futures Contracts	$	241,933	$	—	$	—	$	241,933
Total	$	241,933	$	—	$	—	$	241,933
MSCI Japan Small-Cap
Investments:
Assets:
Common Stocks	$	158,213,284	$	—	$	—	$	158,213,284
Money Market Funds		6,829,549		—		—		6,829,549
Total	$	165,042,833	$	—	$	—	$	165,042,833
MSCI Malaysia
Investments:
Assets:
Common Stocks	$	262,095,933	$	—	$	—	$	262,095,933
Money Market Funds		24,589,737		—		—		24,589,737
Total	$	286,685,670	$	—	$	—	$	286,685,670
MSCI Pacific ex Japan
Investments:
Assets:
Common Stocks	$	1,965,837,664	$	—	$	—	$	1,965,837,664
Money Market Funds		70,065,560		—		—		70,065,560
Total	$	2,035,903,224	$	—	$	—	$	2,035,903,224
MSCI Singapore
Investments:
Assets:
Common Stocks	$	605,602,507	$	—	$	—	$	605,602,507
Money Market Funds		52,215,216		—		—		52,215,216
Total	$	657,817,723	$	—	$	—	$	657,817,723
Derivative Financial Instruments:a
Assets:
Futures Contracts	$	159,699	$	—	$	—	$	159,699
Total	$	159,699	$	—	$	—	$	159,699

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements (Continued)

iSHARES^®, INC.

iShares ETF	Level 1		Level 2		Level 3		Total
MSCI Taiwan
Investments:
Assets:
Common Stocks	$	3,233,948,137	$	—	$	2	$	3,233,948,139
Money Market Funds		274,753,295		—		—		274,753,295
Total	$	3,508,701,432	$	—	$	2	$	3,508,701,434
Derivative Financial Instruments:a
Assets:
Futures Contracts	$	1,461,334	$	—	$	—	$	1,461,334
Total	$	1,461,334	$	—	$	—	$	1,461,334
MSCI Thailand Capped
Investments:
Assets:
Common Stocks	$	235,812,020	$	—	$	—	$	235,812,020
Rights		—		0b		—		0	b
Money Market Funds		28,000,816		—		—		28,000,816
Total	$	263,812,836	$	0b	$	—	$	263,812,836

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

^b  Rounds to less than $1.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of August 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

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.

68 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 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 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. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by 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 August 31, 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 securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of August 31, 2015 and the total 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.

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

NOTES TO FINANCIAL STATEMENTS 69

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 securities lending agreements which are subject to offset under an MSLA as of August 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Hong Kong	$	90,691,423	$	90,691,423	$	—
MSCI Japan Small-Cap		6,433,748		6,433,748		—
MSCI Malaysia		23,432,267		23,432,267		—
MSCI Pacific ex Japan		64,808,545		64,808,545		—
MSCI Singapore		49,335,032		49,335,032		—
MSCI Taiwan		232,867,346		232,867,346		—
MSCI Thailand Capped		15,046,469		15,046,469		—

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.59	%	First $7 billion
	0.54		Over $7 billion, up to and including $11 billion
	0.49		Over $11 billion, up to and including $24 billion
	0.44		Over $24 billion, up to and including $48 billion
	0.40		Over $48 billion, up to and including $72 billion
	0.36		Over $72 billion

70 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

Effective July 1, 2015, for its investment advisory services to the iShares MSCI Pacific ex Japan ETF, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.5000	%	First $46 billion
	0.4750	a	Over $46 billion, up to and including $81 billion
	0.4513	a	Over $81 billion, up to and including $111 billion
	0.4287	a	Over $111 billion, up to and including $141 billion
	0.4073	a	Over $141 billion

^a  Investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

Prior to July 1, 2015, for its investment advisory services to the iShares MSCI Pacific ex Japan ETF, BFA was entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.5000	%	First $46 billion
	0.4750	a	Over $46 billion, up to and including $81 billion
	0.4513	a	Over $81 billion, up to and including $141 billion
	0.4287	a	Over $141 billion

^a  Investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

For its investment advisory services to each of the iShares MSCI Taiwan and iShares MSCI Thailand Capped ETFs, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.74	%	First $2 billion
	0.69		Over $2 billion, up to and including $4 billion
	0.64		Over $4 billion, up to and including $8 billion
	0.57		Over $8 billion, up to and including $16 billion
	0.51		Over $16 billion, up to and including $32 billion
	0.45		Over $32 billion

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.

NOTES TO FINANCIAL STATEMENTS 71

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 65% 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 calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the year ended August 31, 2015, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Hong Kong	$	159,073
MSCI Japan Small-Cap		44,453
MSCI Malaysia		27,038
MSCI Pacific ex Japan		146,436
MSCI Singapore		220,708
MSCI Taiwan		732,344
MSCI Thailand Capped		214,296

For the year ended August 31, 2015, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Taiwan ETF in the amount of $101,406, related to the foreign tax on the securities lending income. Such reimbursement is included in “Securities lending income – affiliated – net” in the Fund’s statement of operations.

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 year ended August 31, 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.

72 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended August 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI Hong Kong	$	275,802,438	$	222,460,107
MSCI Japan Small-Cap		15,347,473		17,275,588
MSCI Malaysia		126,009,242		408,500,705
MSCI Pacific ex Japan		201,809,113		228,154,779
MSCI Singapore		93,993,567		86,503,679
MSCI Taiwan		1,197,805,271		496,078,744
MSCI Thailand Capped		59,573,329		56,571,415

In-kind transactions (see Note 4) for the year ended August 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Hong Kong	$	961,528,477	$	1,070,610,637
MSCI Japan Small-Cap		245,467,136		241,553,321
MSCI Pacific ex Japan		26,634,367		705,133,745
MSCI Singapore		31,629,855		184,030,001
MSCI Thailand Capped		226,878,084		466,593,294

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.

5. FUTURES CONTRACTS

Each Fund may purchase or sell futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to

NOTES TO FINANCIAL STATEMENTS 73

Notes to Financial Statements (Continued)

iSHARES^®, INC.

the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held as of August 31, 2015 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares MSCI Hong Kong ETF		iShares MSCI Singapore ETF		iShares MSCI Taiwan ETF
Equity contracts:
Variation margin/Net assets consist of – net unrealized appreciation (depreciation) a	$	241,933	$	159,699	$	1,461,334

^a  Represents cumulative appreciation of futures contracts as reported in the schedules of investments. Only current day’s variation margin is reported separately within the statements of assets and liabilities for the iShares MSCI Taiwan ETF.

The following table shows the realized and unrealized gains (losses) on futures contracts held during the year ended August 31, 2015 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares MSCI Hong Kong ETF			iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF
Equity contracts:
Futures contracts	$	(1,319,015	)	$	(1,846,594	)	$	(10,006,583	)
	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI Hong Kong ETF			iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF
Equity contracts:
Futures contracts	$	517,953		$	202,425		$	1,182,109

The following table shows the average quarter-end balances of open futures contracts for the year ended August 31, 2015:

	iShares MSCI Hong Kong ETF		iShares MSCI Singapore ETF		iShares MSCI Taiwan ETF
Average value of contracts purchased	$	18,496,001	$	6,458,464	$	18,019,510

74 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

6. PRINCIPAL RISKS

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 equity and financial derivative 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 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.

Each Fund, except for the iShares MSCI Pacific ex Japan ETF, invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

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.

NOTES TO FINANCIAL STATEMENTS 75

Notes to Financial Statements (Continued)

iSHARES^®, INC.

7. 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of August 31, 2015, attributable to the use of equalization, passive foreign investment companies, the expiration of capital loss carryforwards, distributions paid in excess of taxable income, foreign currency transactions and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
MSCI Hong Kong	$	130,309,048		$	15,879		$	(130,324,927	)
MSCI Japan Small-Cap		16,120,394			2,385,760			(18,506,154	)
MSCI Malaysia		26,521,350			2,128,536			(28,649,886	)
MSCI Pacific ex Japan		92,751,687			2,330,265			(95,081,952	)
MSCI Singapore		5,072,856			2,225,604			(7,298,460	)
MSCI Taiwan		(64,999,586	)		(1,834,002	)		66,833,588
MSCI Thailand Capped		(17,792,465	)		(168,617	)		17,961,082

The tax character of distributions paid during the years ended August 31, 2015 and August 31, 2014 was as follows:

iShares ETF	2015		2014
MSCI Hong Kong
Ordinary income	$	74,964,011	$	69,523,487
MSCI Japan Small-Cap
Ordinary income	$	2,993,420	$	2,956,269
MSCI Malaysia
Long-term capital gain	$	1,987,267	$	—
Ordinary income		15,389,546		26,722,876
	$	17,376,813	$	26,722,876
MSCI Pacific ex Japan
Ordinary income	$	121,558,328	$	118,670,244
MSCI Singapore
Ordinary income	$	27,289,993	$	36,850,739

76 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

iShares ETF	2015		2014
MSCI Taiwan
Ordinary income	$	61,969,914	$	51,978,221
MSCI Thailand Capped
Ordinary income	$	9,842,483	$	12,909,951

As of August 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss Carryforwards			Net Unrealized Gains (Losses) a			Qualified Late-Year Losses  b			Total
MSCI Hong Kong	$	7,704,071	$	—	$	(380,625,550	)	$	(386,824,408	)	$	(24,811,333	)	$	(784,557,220	)
MSCI Japan Small-Cap		353,142		—		(3,690,251	)		(16,409,655	)		(425,934	)		(20,172,698	)
MSCI Malaysia		7,423,786		54,983,636		—			101,812,380			—			164,219,802
MSCI Pacific ex Japan		14,744,296		—		(423,538,328	)		(466,593,331	)		(48,406,260	)		(923,793,623	)
MSCI Singapore		—		—		(202,028,889	)		(158,140,369	)		(13,524,766	)		(373,694,024	)
MSCI Taiwan		80,626,529		—		(811,979,048	)		665,094,113			(95,574,237	)		(161,832,643	)
MSCI Thailand Capped		1,079,332		—		(12,824,102	)		(111,094,818	)		(4,072,380	)		(126,911,968	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^b  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of August 31, 2015, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Hong Kong	$	198,801,723	$	3,185,408	$	29,235,556	$	114,836,904	$	34,565,959	$	380,625,550
MSCI Japan Small-Cap		2,813,514		—		131,718		541,322		203,697		3,690,251
MSCI Pacific ex Japan		215,930,010		—		66,207,828		104,799,503		36,600,987		423,538,328
MSCI Singapore		41,531,912		807,115		15,680,510		132,420,824		11,588,528		202,028,889
MSCI Taiwan		69,147,354		16,734,578		343,375,145		363,052,013		19,669,958		811,979,048
MSCI Thailand Capped		8,642,320		—		555,444		2,321,428		1,304,910		12,824,102

^a  Must be utilized prior to losses subject to expiration.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

NOTES TO FINANCIAL STATEMENTS 77

Notes to Financial Statements (Continued)

iSHARES^®, INC.

As of August 31, 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)
MSCI Hong Kong	$	3,190,840,064	$	64,973,339	$	(452,043,271	)	$	(387,069,932	)
MSCI Japan Small-Cap		181,470,087		2,775,113		(19,202,367	)		(16,427,254	)
MSCI Malaysia		184,848,787		136,758,470		(34,921,587	)		101,836,883
MSCI Pacific ex Japan		2,502,199,782		120,355,890		(586,652,448	)		(466,296,558	)
MSCI Singapore		816,034,813		6,858,058		(165,075,148	)		(158,217,090	)
MSCI Taiwan		2,844,567,203		1,062,514,942		(398,380,711	)		664,134,231
MSCI Thailand Capped		374,898,516		2,617,619		(113,703,299	)		(111,085,680	)

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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.

8. 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.

78 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

iShares, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand Capped ETF (the “Funds”) at August 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

October 22, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 79

Tax Information (Unaudited)

iSHARES^® TRUST

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the following maximum amounts are hereby designated as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2015:

iShares ETF	Qualified Dividend Income
MSCI Japan Small-Cap	$	1,947,246
MSCI Pacific ex Japan		92,611,914
MSCI Thailand Capped		11,909,801

In February 2016, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.

For the fiscal year ended August 31, 2015, the following Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to Section 853 of the Code:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Hong Kong	$	91,448,352	$	—
MSCI Japan Small-Cap		2,666,206		258,833
MSCI Malaysia		15,843,726		—
MSCI Pacific ex Japan		132,738,540		1,760,821
MSCI Singapore		29,810,924		270,575
MSCI Taiwan		133,332,457		27,988,402
MSCI Thailand Capped		12,254,782		1,209,698

Under Section 852(b)(3)(C) of the Code, the iShares MSCI Malaysia ETF hereby designates $28,508,617 as 20% rate long-term capital gain dividends for the fiscal year ended August 31, 2015.

80 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^®, INC.

I. iShares MSCI Hong Kong ETF, iShares MSCI Malaysia ETF, iShares MSCI Singapore ETF and iShares MSCI Taiwan ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods.

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Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information

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Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds already provided for breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

II. iShares MSCI Japan Small-Cap ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a

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Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

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Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as

86 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

III. iShares MSCI Pacific ex Japan ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

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Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and

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Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and that, following negotiations, BFA and the Board had agreed to revise the Advisory Contract for the Fund to provide for additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that the revisions to the Advisory Contract to provide additional breakpoints had been subject to further negotiation after receipt of management’s proposal, and that at the request of the Board, management had modified its initial proposal regarding adding additional breakpoints to the Fund. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 89

Board Review and Approval of Investment Advisory

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iSHARES^®, INC.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

IV. iShares MSCI Thailand Capped ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited

90 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 91

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing

92 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 93

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 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 these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
MSCI Malaysia	$	0.393275	$	0.044834	$	—	$	0.438109		90	%		10	%		—	%		100	%
MSCI Pacific ex Japan		2.084004		—		—		2.084004		100			—			—			100
MSCI Singapore		0.283068		—		0.144789		0.427857		66			—			34			100
MSCI Taiwan		0.264670		—		0.026542		0.291212		91			—			9			100
MSCI Thailand Capped		2.076272		—		—		2.076272		100			—			—			100

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for five calendar years (or from the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.

94 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares MSCI Hong Kong ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.5%		1		0.07	%
Greater than 4.0% and Less than 4.5%		2		0.14
Greater than 3.5% and Less than 4.0%		1		0.07
Greater than 3.0% and Less than 3.5%		3		0.22
Greater than 2.5% and Less than 3.0%		1		0.07
Greater than 2.0% and Less than 2.5%		14		1.01
Greater than 1.5% and Less than 2.0%		17		1.23
Greater than 1.0% and Less than 1.5%		54		3.91
Greater than 0.5% and Less than 1.0%		242		17.51
Between 0.5% and –0.5%		790		57.17
Less than –0.5% and Greater than –1.0%		149		10.79
Less than –1.0% and Greater than –1.5%		67		4.85
Less than –1.5% and Greater than –2.0%		18		1.30
Less than –2.0% and Greater than –2.5%		10		0.72
Less than –2.5% and Greater than –3.0%		7		0.51
Less than –3.0% and Greater than –3.5%		4		0.29
Less than –3.5%		2		0.14
		1,382		100.00	%

SUPPLEMENTAL INFORMATION 95

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Japan Small-Cap ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		10		0.72	%
Greater than 2.5% and Less than 3.0%		4		0.29
Greater than 2.0% and Less than 2.5%		13		0.94
Greater than 1.5% and Less than 2.0%		37		2.68
Greater than 1.0% and Less than 1.5%		100		7.24
Greater than 0.5% and Less than 1.0%		242		17.51
Between 0.5% and –0.5%		664		48.04
Less than –0.5% and Greater than –1.0%		156		11.29
Less than –1.0% and Greater than –1.5%		83		6.01
Less than –1.5% and Greater than –2.0%		37		2.68
Less than –2.0% and Greater than –2.5%		20		1.45
Less than –2.5% and Greater than –3.0%		12		0.87
Less than –3.0% and Greater than –3.5%		2		0.14
Less than –3.5% and Greater than –4.0%		1		0.07
Less than –4.0% and Greater than –4.5%		1		0.07
		1,382		100.00	%

iShares MSCI Malaysia ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		2		0.14	%
Greater than 2.5% and Less than 3.0%		1		0.07
Greater than 2.0% and Less than 2.5%		7		0.51
Greater than 1.5% and Less than 2.0%		17		1.23
Greater than 1.0% and Less than 1.5%		78		5.64
Greater than 0.5% and Less than 1.0%		224		16.22
Between 0.5% and –0.5%		739		53.48
Less than –0.5% and Greater than –1.0%		199		14.40
Less than –1.0% and Greater than –1.5%		63		4.56
Less than –1.5% and Greater than –2.0%		32		2.32
Less than –2.0% and Greater than –2.5%		8		0.58
Less than –2.5% and Greater than –3.0%		6		0.43
Less than –3.0% and Greater than –3.5%		2		0.14
Less than –3.5% and Greater than –4.0%		2		0.14
Less than –4.0% and Greater than –4.5%		2		0.14
		1,382		100.00	%

96 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Pacific ex Japan ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.0%		3		0.22	%
Greater than 3.5% and Less than 4.0%		2		0.14
Greater than 3.0% and Less than 3.5%		1		0.07
Greater than 2.5% and Less than 3.0%		5		0.36
Greater than 2.0% and Less than 2.5%		10		0.72
Greater than 1.5% and Less than 2.0%		21		1.52
Greater than 1.0% and Less than 1.5%		68		4.92
Greater than 0.5% and Less than 1.0%		209		15.13
Between 0.5% and –0.5%		793		57.38
Less than –0.5% and Greater than –1.0%		145		10.50
Less than –1.0% and Greater than –1.5%		69		5.00
Less than –1.5% and Greater than –2.0%		27		1.95
Less than –2.0% and Greater than –2.5%		13		0.94
Less than –2.5% and Greater than –3.0%		8		0.58
Less than –3.0% and Greater than –3.5%		3		0.22
Less than –3.5% and Greater than –4.0%		2		0.14
Less than –4.0% and Greater than –4.5%		1		0.07
Less than –4.5% and Greater than –5.0%		2		0.14
		1,382		100.00	%

iShares MSCI Singapore ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5%		3		0.22	%
Greater than 2.0% and Less than 2.5%		4		0.29
Greater than 1.5% and Less than 2.0%		11		0.80
Greater than 1.0% and Less than 1.5%		42		3.04
Greater than 0.5% and Less than 1.0%		184		13.31
Between 0.5% and –0.5%		926		67.01
Less than –0.5% and Greater than –1.0%		137		9.91
Less than –1.0% and Greater than –1.5%		40		2.89
Less than –1.5% and Greater than –2.0%		17		1.23
Less than –2.0% and Greater than –2.5%		11		0.80
Less than –2.5% and Greater than –3.0%		3		0.22
Less than –3.0% and Greater than –3.5%		1		0.07
Less than –3.5% and Greater than –4.0%		2		0.14
Less than –4.0%		1		0.07
		1,382		100.00	%

SUPPLEMENTAL INFORMATION 97

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Taiwan ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.5% and Less than 4.0%		5		0.36	%
Greater than 3.0% and Less than 3.5%		3		0.22
Greater than 2.5% and Less than 3.0%		6		0.43
Greater than 2.0% and Less than 2.5%		8		0.58
Greater than 1.5% and Less than 2.0%		22		1.59
Greater than 1.0% and Less than 1.5%		78		5.64
Greater than 0.5% and Less than 1.0%		222		16.06
Between 0.5% and –0.5%		695		50.29
Less than –0.5% and Greater than –1.0%		193		13.97
Less than –1.0% and Greater than –1.5%		76		5.50
Less than –1.5% and Greater than –2.0%		37		2.68
Less than –2.0% and Greater than –2.5%		12		0.87
Less than –2.5% and Greater than –3.0%		11		0.80
Less than –3.0% and Greater than –3.5%		8		0.58
Less than –3.5% and Greater than –4.0%		3		0.22
Less than –4.0% and Greater than –4.5%		2		0.14
Less than –4.5% and Greater than –5.0%		1		0.07
		1,382		100.00	%

iShares MSCI Thailand ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		5		0.36	%
Greater than 2.5% and Less than 3.0%		8		0.58
Greater than 2.0% and Less than 2.5%		15		1.09
Greater than 1.5% and Less than 2.0%		39		2.82
Greater than 1.0% and Less than 1.5%		113		8.18
Greater than 0.5% and Less than 1.0%		252		18.23
Between 0.5% and –0.5%		601		43.50
Less than –0.5% and Greater than –1.0%		180		13.02
Less than –1.0% and Greater than –1.5%		91		6.58
Less than –1.5% and Greater than –2.0%		34		2.46
Less than –2.0% and Greater than –2.5%		28		2.03
Less than –2.5% and Greater than –3.0%		8		0.58
Less than –3.0% and Greater than –3.5%		5		0.36
Less than –3.5% and Greater than –4.0%		1		0.07
Less than –4.0%		2		0.14
		1,382		100.00	%

98 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Regulation under the Alternative Investment Fund Managers Directive (“AIFMD” or, the “Directive”)

The Directive imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside the EU, such as BFA. Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

BFA has registered the iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand Capped ETF (each a “Fund”, collectively the “Funds”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden and Luxembourg.

Report on Remuneration

BFA is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops, BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to both (a) the staff of BFA; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programs which support that philosophy. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Compensation decisions for employees are made based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Bonus pools are reviewed by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Operational Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions.

Functions such as Finance, Operational Risk, Legal & Compliance, and Human Resources each have their own organizational structures which are independent of the business units. Functional bonus pools are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent compensation committee. No individual is involved in setting his or her own remuneration.

Members of staff and senior management of BFA typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of BFA and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which

SUPPLEMENTAL INFORMATION 99

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

acknowledges the multiple-service nature of BFA. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Hong Kong ETF in respect of BFA’s financial year ending December 31, 2014 was USD 469.2 thousand. This figure is comprised of fixed remuneration of USD 189.6 thousand and variable remuneration of USD 279.6 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Hong Kong ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 64.9 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 12.0 thousand.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Japan Small-Cap ETF in respect of BFA’s financial year ending December 31, 2014 was USD 21.4 thousand. This figure is comprised of fixed remuneration of USD 8.7 thousand and variable remuneration of USD 12.8 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Japan Small-Cap ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 3.0 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.5 thousand.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Malaysia ETF in respect of BFA’s financial year ending December 31, 2014 was USD 90.5 thousand. This figure is comprised of fixed remuneration of USD 36.6 thousand and variable remuneration of USD 53.9 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Malaysia ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 12.5 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 2.3 thousand.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Taiwan ETF in respect of BFA’s financial year ending December 31, 2014 was USD 558.5 thousand. This figure is comprised of fixed remuneration of USD 225.7 thousand and variable remuneration of USD 332.8 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Taiwan ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 77.3 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 14.3 thousand.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Thailand Capped ETF in respect of BFA’s financial year ending December 31, 2014 was USD 80.5 thousand. This figure is comprised of fixed remuneration of USD 32.5 thousand and variable remuneration of USD 48.0 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Thailand Capped ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 11.1 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 2.1 thousand.

100 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information

iSHARES^® , INC.

The Board of Directors has responsibility for the overall management and operations of the Company, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees a total of 319 funds (as of August 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert S. Kapitoa (58)	Director (since 2009).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Director (since 2013).	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Trustee of iShares U.S. ETF Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

DIRECTOR AND OFFICER INFORMATION 101

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert H. Silver (60)	Director (since 2007); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Trustee of iShares U.S. ETF Trust (since 2011); Independent Chairman of iShares Trust and iShares U.S. ETF Trust (since 2012).
Jane D. Carlin (59)	Director (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Director (since 2005); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (71)	Director (since 2005); Audit Committee Chair (since 2006).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

102 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (60)	Director (since 2005); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
John E. Martinez (54)	Director (since 2003); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (51)	Director (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Director, Cavium, Inc. (since 2013).

DIRECTOR AND OFFICER INFORMATION 103

Director and Officer Information (Continued)

iSHARES^®, INC.

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (55)	Treasurer and Chief Financial Officer (since 2008).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (47)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (52)	Executive Vice President (since 2007).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

104 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 105

Notes:

106 2015 iSHARES 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company 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.

Certain financial information required by regulations or listing exchange rules in jurisdictions outside the U.S. in which iShares Funds are cross-listed may be publicly filed in those jurisdictions. This information is available upon request by calling 1-800-474-2737.

©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-AR-83-0815

AUGUST 31, 2015

  2015 ANNUAL REPORT

iShares, Inc.

^Ø   iShares MSCI Brazil Capped ETF  |  EWZ  |  NYSE Arca

^Ø   iShares MSCI Chile Capped ETF  |  ECH  |  NYSE Arca

^Ø   iShares MSCI Colombia Capped ETF  |  ICOL  |  NYSE Arca

^Ø   iShares MSCI Israel Capped ETF  |  EIS  |  NYSE Arca

^Ø   iShares MSCI Russia Capped ETF  |  ERUS  |  NYSE Arca

^Ø   iShares MSCI South Africa ETF  |  EZA  |  NYSE Arca

^Ø   iShares MSCI Turkey ETF  |  TUR  |  NYSE Arca

^Ø   iShares MSCI USA Equal Weighted ETF  |  EUSA  |  NYSE Arca

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	22
Shareholder Expenses	22
Schedules of Investments	23
iShares MSCI Brazil Capped ETF	23
iShares MSCI Chile Capped ETF	26
iShares MSCI Colombia Capped ETF	28
iShares MSCI Israel Capped ETF	29
iShares MSCI Russia Capped ETF	31
iShares MSCI South Africa ETF	32
iShares MSCI Turkey ETF	34
iShares MSCI USA Equal Weighted ETF	37
Financial Statements	47
Financial Highlights	57
Notes to Financial Statements	65
Report of Independent Registered Public Accounting Firm	79
Tax Information	80
Board Review and Approval of Investment Advisory Contract	81
Supplemental Information	94
Director and Officer Information	101

Management’s Discussion of Fund Performance

iSHARES^®, INC.

GLOBAL MARKET OVERVIEW

Global equity markets delivered a negative return for the 12 months ended August 31, 2015 (the “reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -6.29% for the reporting period.

The reporting period was characterized by a continued divergence in economic growth and central bank policy between the U.S. and the rest of the world. Despite a slowdown in early 2015, the U.S. economy remained one of the strongest economies among developed countries, which motivated the U.S. Federal Reserve Bank (the “Fed”) to scale back its economic stimulus measures. The Fed ended a two-year quantitative easing program in October 2014 and signaled its intent to raise its short-term interest rate target sometime in 2015. In contrast, weaker economic growth in most other regions of the globe led many of the world’s central banks to take more aggressive actions to stimulate economic activity.

This divergence contributed to a notably stronger U.S. dollar. For the reporting period, the euro, Japanese yen, British pound and Australian dollar declined by 15%, 14%, 7%, and 24% against the U.S. dollar, respectively. Weaker foreign currencies decrease the value of foreign investments measured in U.S. dollars, thereby decreasing returns for U.S. investors, while increasing foreign currencies relative to the U.S. dollar have the opposite effect. Currency performance had a meaningful impact on non-U.S. equity returns for U.S. investors. For example, the MSCI ACWI returned 0.59% in local currency terms for the reporting period.

A number of other factors influenced global markets during the reporting period. Energy prices fell sharply amid growing supply — primarily from increased production in the U.S. — and declining global demand. Lower energy prices contributed to historically low and declining inflation rates in most of the world. Consumer prices were nearly unchanged in the U.S., the European Union, and Japan, while prices in China and India rose at a relatively slow rate. Low inflation and tepid demand kept the Fed’s zero interest rate policy intact, while central banks throughout the world took aggressive measures to stimulate demand.

Global markets advanced for most of the reporting period, then declined sharply in the last few months of the reporting period. The volatility began in China, as slowing economic growth led to a steep drop in China’s equity markets. Plummeting commodity prices amid already subdued inflation also raised concerns about global demand. Currency devaluations in Asia, including China, Vietnam, Pakistan, and Kazakhstan, led to speculation that Asian countries were weakening their currencies to compete for demand. These global events led to further uncertainty about the timing of an expected interest rate hike from the Fed.

On a regional basis, U.S. stocks advanced by less than 1% for the reporting period as declining interest rates, ongoing economic growth, and low inflation provided a favorable environment for U.S. equity market performance. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters. Economic activity improved over the last several months of the reporting period, boosted by an increase in consumer spending.

European stocks declined by about 8% in U.S. dollar terms for the reporting period, though they advanced more than 3% when measured in local currencies. The European Central Bank initiated quantitative easing measures in early 2015, and signs of economic improvement emerged in the latter half of the reporting period. A tentative agreement on Greece’s debt repayment helped alleviate ongoing concerns about Europe’s sovereign debt levels.

Stock markets in the Asia/Pacific region (excluding Japan) declined by approximately 19% in U.S. dollar terms, which equated to an 8% decline when measured in local currencies. China’s economic slowdown weighed heavily on the region, as China is the largest trading partner of many countries in the region. On the bright side, Japanese stocks performed relatively well, as ongoing economic stimulus and reform measures led to a 4% gain in U.S. dollar terms (22% when measured in Japanese yen).

Emerging markets stocks fell by approximately 23% in U.S. dollar terms for the reporting period, though the decline was about 10% when measured in local currencies. Many of the largest emerging economies — including China, Russia, and Brazil — experienced slowing economic growth during the reporting period. Latin American stocks posted some of the biggest declines, as the region struggled with slow growth and declining commodity prices.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® MSCI BRAZIL CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(52.49)%		(52.26)%		(52.28)%		(52.49)%		(52.26)%		(52.28)%
5 Years		(15.53)%		(15.36)%		(15.09)%		(57.00)%		(56.56)%		(55.86)%
10 Years		1.90%		1.96%		2.60%		20.67%		21.45%		29.27%

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

Index performance through February 11, 2013 reflects the performance of the MSCI Brazil Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Brazil 25/50 Index.

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 22 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	714.30	$	2.68	$	1,000.00	$	1,022.10	$	3.16		0.62%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 22 for more information.

6 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI BRAZIL CAPPED ETF

The iShares MSCI Brazil Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -52.49%, net of fees, while the total return for the Index was -52.28%.

Brazilian equities, as represented by the Index, declined significantly for the reporting period in an environment of high volatility. The Brazilian real depreciated 38% relative to the U.S. dollar. As a result, returns on Brazilian investments were significantly lower when translated back into U.S. dollars. A slowdown in China’s economic growth and an unexpected devaluation of the Chinese currency late in the reporting period accelerated declines.

Brazil’s economy remained in recession throughout the reporting period, registering its fifth consecutive quarter of contraction in 2015’s second quarter. Manufacturing continued a long-term decline throughout the reporting period, and unemployment levels climbed. Falling commodity prices largely fueled the economic slowdown as oil prices fell precipitously and demand waned for steel and other metals. Prices for sugar and coffee beans, two key Brazilian exports, also declined. Economic cooling in China, Brazil’s largest export partner, affected Brazil’s economy as its demand for Brazilian exports weakened. The revelation of a decade-long corruption scandal surrounding Brazil’s state-owned oil company negatively impacted markets, unsettled the economy, and created political uncertainty.

Within the Index, all sectors experienced substantial declines in U.S. dollars, and their effect on the Index’s performance was largely a factor of weighting. The financials sector, the largest weighting at an average 33% of the Index during the reporting period, detracted the most from the Index’s return. The energy sector experienced the sharpest absolute decline and detracted substantially from the Index’s performance, reflecting lower oil prices and the oil company scandal. The materials sector also detracted meaningfully as commodities prices declined. The consumer staples and consumer discretionary sectors detracted, reflecting higher unemployment.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	31.10	%
Consumer Staples	22.43
Energy	10.83
Materials	10.55
Consumer Discretionary	5.86
Industrials	5.64
Utilities	5.36
Information Technology	4.63
Telecommunication Services	2.87
Health Care	0.73
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Ambev SA	10.40	%
Itau Unibanco Holding SA (Preferred)	9.36
Banco Bradesco SA (Preferred)	6.66
BRF SA (Brazil)	5.21
Petroleo Brasileiro SA (Preferred)	4.19
Cielo SA (Brazil)	4.05
Petroleo Brasileiro SA	3.44
Ultrapar Participacoes SA	2.87
Vale SA (Preferred)	2.76
Itausa-Investimentos Itau SA (Preferred)	2.71
TOTAL	51.65	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® MSCI CHILE CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(18.85)%		(18.10)%		(18.72)%		(18.85)%		(18.10)%		(18.72)%
5 Years		(11.11)%		(11.06)%		(10.46)%		(44.50)%		(44.35)%		(42.45)%
Since Inception		(2.90)%		(2.82)%		(2.33)%		(20.52)%		(20.02)%		(16.82)%

GROWTH OF $10,000 INVESTMENT (SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 11/12/07. The first day of secondary market trading was 11/16/07.

Index performance through February 11, 2013 reflects the performance of the MSCI Chile Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Chile Investable Market Index 25/50.

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 22 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	857.40	$	2.90	$	1,000.00	$	1,022.10	$	3.16		0.62%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 22 for more information.

8 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI CHILE CAPPED ETF

The iShares MSCI Chile Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile Investable Market Index 25/50 (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 12-month reporting period ended August 31, 2015, the total return for the Fund was -18.85%, net of fees, while the total return for the Index was -18.72%.

Chilean equities, as represented by the Index, declined significantly for the reporting period in an environment of high volatility. A slowdown in China’s economic growth and an unexpected devaluation of the Chinese currency late in the reporting period accelerated declines. The Chilean peso depreciated 15% relative to the U.S. dollar, hitting a multi-year low in August 2015. As a result, returns on Chilean investments were lower when translated back into U.S. dollars.

As a major copper exporter, Chile’s economy was adversely affected by slowing demand from China and around the world. A brief upswing in copper prices in the first quarter of 2015 benefited economic activity temporarily, but prices then resumed their downward spiral, dragging down mining activity and economic growth. Following a healthy January, industrial production contracted for five of the six months through July 2015. For the second quarter of 2015, the mining sector grew slightly but slowed markedly from the first quarter’s advance. Copper production slowed from the first quarter to the second quarter. Economic growth was positive throughout the reporting period, but more muted than in previous years. In July 2015, the government reduced plans for an ambitious reform agenda, citing limited fiscal resources due to the economic slowdown.

In U.S. dollar terms, the industrials sector detracted substantially from the Index’s performance for the reporting period, reflecting the decline in industrial production. The utilities and financials sectors also detracted meaningfully from the Index’s return. Weakening consumer confidence levels were evidenced in the consumer discretionary and consumer staples sectors, which both detracted from the Index’s performance. The energy sector also declined, reflecting a global decline in oil prices.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Utilities	31.51	%
Financials	19.52
Consumer Staples	12.80
Materials	10.19
Energy	8.59
Consumer Discretionary	7.12
Industrials	5.64
Telecommunication Services	2.39
Information Technology	1.77
Health Care	0.47
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Enersis SA	10.62	%
Empresas COPEC SA	8.59
Empresa Nacional de Electricidad SA/Chile	7.82
Empresas CMPC SA	6.47
Banco Santander Chile	6.02
SACI Falabella	5.78
Cencosud SA	4.71
Colbun SA	4.49
Banco de Chile	4.14
LATAM Airlines Group SA	3.55
TOTAL	62.19	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 9

Management’s Discussion of Fund Performance

iSHARES^® MSCI COLOMBIA CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(56.73)%		(56.66)%		(56.66)%		(56.73)%		(56.66)%		(56.66)%
Since Inception		(27.26)%		(27.02)%		(26.83)%		(50.45)%		(50.08)%		(49.70)%

GROWTH OF $10,000 INVESTMENT (SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 6/18/13. The first day of secondary market trading was 6/20/13.

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 22 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	756.20	$	2.70	$	1,000.00	$	1,022.10	$	3.11		0.61%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 22 for more information.

10 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI COLOMBIA CAPPED ETF

The iShares MSCI Colombia Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Colombian equities, as represented by the MSCI All Colombia Capped 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -56.73%, net of fees, while the total return for the Index was -56.66%.

Colombian equities, as represented by the Index, declined significantly for the reporting period in an environment of high volatility. A slowdown in China’s economic growth and an unexpected devaluation of the Chinese currency late in the reporting period accelerated equity market declines. The Colombian peso depreciated 38% relative to the U.S. dollar for the reporting period. As a result, returns on Colombian investments were lower when translated back into U.S. dollars.

During the reporting period, Colombia’s economy was severely affected by the sharp decline in the price of oil, Colombia’s leading export. Falling oil prices sparked a sharp decline in exports, which shrank significantly from September 2014 to July 2015. The reduction in the flow of capital to the country, in turn, caused Colombia’s current account deficit to widen to historically high levels in the first quarter of 2015. That level, in turn, depressed the value of the peso, which depreciated severely, making borrowing costs more expensive. The depreciating peso also caused a spike in the price of imported goods, triggering a rise in inflation, even as growth levels for the country slowed. Economic growth declined in the reporting period, dipping in the first quarter of 2015 (the most recent period for which data is available) to its slowest pace since the fourth quarter of 2012. In an effort to keep inflation from rising further, Colombia’s central bank kept interest rates unchanged throughout the reporting period.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	39.35	%
Utilities	16.08
Materials	15.95
Energy	15.55
Consumer Staples	8.57
Industrials	4.50
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Bancolombia SA (Preferred)	12.15	%
Grupo de Inversiones Suramericana SA	8.54
Ecopetrol SA	8.08
Pacific Exploration and Production Corp.	4.90
Bancolombia SA	4.68
Grupo Nutresa SA	4.54
Grupo Argos SA/Colombia	4.51
Empresa de Energia de Bogota SA ESP	4.49
Banco Davivienda SA (Preferred)	4.44
Isagen SA ESP	4.43
TOTAL	60.76	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 11

Management’s Discussion of Fund Performance

iSHARES^® MSCI ISRAEL CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		1.80%		1.13%		2.37%		1.80%		1.13%		2.37%
5 Years		2.95%		2.89%		3.17%		15.67%		15.33%		16.90%
Since Inception		2.55%		2.50%		3.02%		20.55%		20.18%		24.72%

GROWTH OF $10,000 INVESTMENT (SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08.

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 22 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,074.80	$	3.24	$	1,000.00	$	1,022.10	$	3.16		0.62%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 22 for more information.

12 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI ISRAEL CAPPED ETF

The iShares MSCI Israel Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped Investable Market 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 12-month reporting period ended August 31, 2015, the total return for the Fund was 1.80%, net of fees, while the total return for the Index was 2.37%.

Israeli equities, as represented by the Index, achieved a moderately positive return for the reporting period, outperforming most international equity indexes. A slowdown in China’s economic growth and an unexpected devaluation of the Chinese currency late in the reporting period created market volatility and trimmed Index gains. The Israeli shekel depreciated 9% relative to the U.S. dollar. As a result, returns on Israeli investments were lower when translated back into U.S. dollars.

The reporting period opened shortly after a cease-fire was reached in the Israel-Gaza conflict of 2014. Economic conditions early in the reporting period reflected the impact of the conflict: Tourism levels, in particular, suffered, and economic growth for the third quarter of 2014 was tepid. Economic conditions subsequently improved for much of the reporting period. The economy expanded in fourth-quarter 2014 and first-quarter 2015 as exports climbed and tourism improved. Late in the reporting period, however, economic growth slowed as exports contracted. In response, the government announced cuts to corporate taxes and the value added tax to support domestic demand and reinvigorate the economy.

In U.S. dollar terms, the healthcare sector contributed significantly to the Index’s return for the reporting period, largely due to innovation and merger activity in the pharmaceuticals industry. The information technology sector also contributed meaningfully to the Index’s performance. Financing deals among high-technology companies accelerated during 2015’s first half.

The financials sector declined modestly, but, because it represented an average 36% of the Index, it detracted meaningfully from the Index’s return for the reporting period. The materials and energy sectors also detracted, reflecting lower commodity prices.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	38.27	%
Health Care	24.73
Materials	8.84
Information Technology	8.57
Telecommunication Services	6.41
Industrials	4.36
Energy	4.18
Consumer Staples	2.93
Consumer Discretionary	1.26
Utilities	0.45
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Teva Pharmaceutical Industries Ltd.	24.73	%
Bank Hapoalim BM	8.92
Bank Leumi le-Israel BM	8.54
NICE-Systems Ltd.	5.00
Israel Chemicals Ltd.	4.81
Bezeq The Israeli Telecommunication Corp. Ltd.	4.75
Israel Discount Bank Ltd. Class A	3.29
Elbit Systems Ltd.	3.07
Mizrahi Tefahot Bank Ltd.	2.72
Frutarom Industries Ltd.	2.46
TOTAL	68.29	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 13

Management’s Discussion of Fund Performance

iSHARES^® MSCI RUSSIA CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(27.57)%		(24.79)%		(27.19)%		(27.57)%		(24.79)%		(27.19)%
Since Inception		(10.99)%		(10.31)%		(10.53)%		(42.90)%		(40.76)%		(41.43)%

GROWTH OF $10,000 INVESTMENT (SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 11/9/10. The first day of secondary market trading was 11/10/10.

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 22 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	930.40	$	3.02	$	1,000.00	$	1,022.10	$	3.16		0.62%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 22 for more information.

14 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI RUSSIA CAPPED ETF

The iShares MSCI Russia Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -27.57%, net of fees, while the total return for the Index was -27.19%.

Russian equities, as represented by the Index, declined sharply for the reporting period in an environment of high volatility. The Russian ruble depreciated 43% relative to the U.S. dollar. As a result, returns on Russian investments were significantly lower when translated back into U.S. dollars.

Russia’s economy sank into recession during the reporting period after contracting in the first and second quarters of 2015. Because Russia relies on oil, petroleum products, and natural gas for more than 60% of its exports, its economy was severely affected by the precipitous drop in the price of oil during the reporting period. Industrial production contracted for a seventh consecutive month in August 2015 versus a year earlier, falling to its lowest level since 2009. In June 2015, ongoing conflict in Ukraine led the European Council to extend economic sanctions against Russia until January 2016.

In U.S. dollar terms, the energy sector, which accounted for an average 53% of the Index during the reporting period, was the most significant sector detractor from the Index’s return as the price of oil collapsed. The telecommunication services sector endured a severe absolute decline and also detracted substantially from the Index’s performance. Worldwide telecommunications spending declined as the U.S. dollar appreciated against most currencies during the reporting period. The financials sector detracted meaningfully from the Index’s return, reflecting weakness in the banking sector. The slowing Russian economy also fueled declines in the utilities sector for the reporting period.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Energy	52.96	%
Materials	14.39
Financials	14.27
Telecommunication Services	8.86
Consumer Staples	7.64
Utilities	1.88
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Gazprom PAO	8.90	%
Gazprom PAO ADR	8.80
Magnit PJSC GDR	7.64
Lukoil PJSC	6.26
Lukoil PJSC ADR (London)	6.19
Sberbank of Russia	5.29
Tatneft OAO Class S	4.73
NOVATEK OAO GDR	4.69
AK Transneft OAO (Preferred)	4.58
MMC Norilsk Nickel PJSC	4.45
TOTAL	61.53	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 15

Management’s Discussion of Fund Performance

iSHARES^® MSCI SOUTH AFRICA ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(17.07)%		(16.79)%		(16.52)%		(17.07)%		(16.79)%		(16.52)%
5 Years		2.40%		2.52%		3.05%		12.58%		13.26%		16.22%
10 Years		6.46%		6.26%		7.37%		87.06%		83.50%		103.64%

GROWTH OF $10,000 INVESTMENT ( AT NET ASSET VALUE)

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 22 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	845.70	$	2.88	$	1,000.00	$	1,022.10	$	3.16		0.62%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 22 for more information.

16 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI SOUTH AFRICA ETF

The iShares MSCI South Africa ETF (the “Fund”) seeks to track the investment results of an index composed of South African equities, as represented by the MSCI South Africa 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -17.07%, net of fees, while the total return for the Index was -16.52%.

South African equities, as represented by the Index, declined for the reporting period in an environment of high volatility. The South African rand depreciated 20% relative to the U.S. dollar. As a result, returns on South African investments were lower when translated back into U.S. dollars. A slowdown in China’s economic growth and an unexpected devaluation of the Chinese currency late in the reporting period accelerated declines.

South Africa’s economy grew at the slowest rate since 2009’s recession in the second quarter of 2015. Unemployment remained high throughout the reporting period as ongoing power shortages caused by the country’s major state-owned power company hindered manufacturing activity. Tourism, which had been a bright spot for the economy, weakened as new visa regulations made entry to the country more difficult. The possibility of labor strikes in the mining sector created another area of concern for the economy: Following five months of platinum mine strikes in the previous reporting period, potential strikes among gold and coal mines threatened to disrupt mining activity yet again.

In U.S. dollar terms, sector performance was generally negative for the reporting period. Reflecting the hurdles facing the South African economy, the energy and materials sectors both experienced substantial absolute declines and detracted meaningfully from the Index’s return. The telecommunication services sector registered a significant decline and also detracted from the Index’s performance. The financials sector declined modestly, but, as the largest sector at an average 29% of the Index, its negative impact on the Index’s return was meaningful.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	31.47	%
Consumer Discretionary	30.77
Telecommunication Services	9.83
Energy	6.65
Health Care	6.61
Materials	5.75
Consumer Staples	5.65
Industrials	3.27
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Naspers Ltd. Class N	18.60	%
MTN Group Ltd.	7.99
Sasol Ltd.	6.39
Steinhoff International Holdings Ltd.	4.97
FirstRand Ltd.	4.84
Standard Bank Group Ltd.	4.82
Remgro Ltd.	3.31
Aspen Pharmacare Holdings Ltd.	3.19
Sanlam Ltd.	3.00
Bidvest Group Ltd. (The)	2.76
TOTAL	59.87	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 17

Management’s Discussion of Fund Performance

iSHARES^® MSCI TURKEY ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(29.69)%		(29.39)%		(29.51)%		(29.69)%		(29.39)%		(29.51)%
5 Years		(6.94)%		(6.86)%		(6.50)%		(30.21)%		(29.90)%		(28.52)%
Since Inception		(1.56)%		(1.56)%		(1.16)%		(11.01)%		(11.04)%		(8.32)%

GROWTH OF $10,000 INVESTMENT (SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08.

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 22 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	790.10	$	2.80	$	1,000.00	$	1,022.10	$	3.16		0.62%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 22 for more information.

18 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI TURKEY ETF

The iShares MSCI Turkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey Investable Market 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -29.69%, net of fees, while the total return for the Index was -29.51%.

Turkish equities, as represented by the Index, declined sharply for the reporting period in an environment of high volatility. The Turkish lira depreciated 26% relative to the U.S. dollar. As a result, returns on Turkish investments were significantly lower when translated back into U.S. dollars. A slowdown in China’s economic growth and an unexpected devaluation of the Chinese currency late in the reporting period accelerated declines.

The Turkish economy lost ground for much of the reporting period. Driving down economic activity, export demand from Europe, Russia, and the Middle East declined amid a fall in commodity prices and a rise in the U.S. dollar. Civil unrest in neighboring countries also weighed on the country’s economy. In July 2015, President Recep Tayyip Erdogan estimated the cost of hosting Syrian and Iraqi refugees at $6 billion. Uncertainty regarding political leadership added to economic weakness: Elections in early June failed to provide a clear majority, sending the lira to record lows against the U.S. dollar and consumer confidence to its weakest level since 2009. The country also remained mired in a corruption scandal alleging financial crimes, including a gold-for-oil exchange with Iran.

Within the Index, sector performance was largely negative in U.S. dollar terms. The financials sector, the largest weighting at an average of 46% of the Index, was the most significant detractor from the Index’s return. The consumer staples sector detracted meaningfully, reflecting the downturn in consumer confidence. The industrials and materials sectors also detracted as economic activity cooled and commodity prices collapsed. Conversely, the energy and healthcare sectors contributed slightly to the Index’s performance for the reporting period.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	42.83	%
Industrials	14.91
Consumer Staples	13.22
Materials	8.21
Telecommunication Services	7.82
Consumer Discretionary	6.46
Energy	5.87
Utilities	0.50
Health Care	0.18
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Turkiye Garanti Bankasi AS	10.39	%
Akbank TAS	9.15
BIM Birlesik Magazalar AS	6.54
Turkcell Iletisim Hizmetleri AS	6.12
Tupras Turkiye Petrol Rafinerileri AS	5.73
Haci Omer Sabanci Holding AS	4.87
Turkiye Is Bankasi Class C	4.68
KOC Holding AS	4.39
Turkiye Halk Bankasi AS	4.25
Eregli Demir ve Celik Fabrikalari TAS	3.38
TOTAL	59.50	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 19

Management’s Discussion of Fund Performance

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

Performance as of August 31, 2015

	Average Annual Total Returns								Cumulative Total Returns
	NAV		MARKET		INDEX 1		INDEX 2		NAV		MARKET		INDEX 1		INDEX 2
1 Year		0.48%		0.46%		0.53%		(0.49)%		0.48%		0.46%		0.53%		(0.49)%
5 Years		15.82%		15.83%		16.01%		16.70%		108.41%		108.46%		110.12%		116.48%
Since Inception		12.68%		12.68%		12.87%		13.44%		88.89%		88.84%		90.46%		97.66%

¹  MSCI USA Index

²  MSCI USA Equal Weighted Index

GROWTH OF $10,000 INVESTMENT (SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 5/5/10. The first day of secondary market trading was 5/7/10.

Effective September 1, 2015, the Fund changed its investment objective to track a new underlying index, the MSCI USA Equal Weighted Index. Index performance through August 31, 2015 reflects the performance of the former underlying index, the MSCI USA Index.

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 22 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	947.40	$	0.74	$	1,000.00	$	1,024.40	$	0.77		0.15%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 22 for more information.

20 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

The iShares MSCI USA Equal Weighted ETF (the “Fund”) (formerly known as the iShares MSCI USA ETF prior to September 1, 2015) seeks to track the investment results of an index composed of equal weighted U.S. equities, as represented by the MSCI USA Equal Weighted 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 12-month reporting period ended August 31, 2015, the total return for the Fund was 0.48%, net of fees, while the total return for the Index was 0.53%.*

* Effective September 1, 2015, the Fund changed its investment objective to track a new underlying index, the MSCI USA Equal Weighted Index. Index performance through August 31, 2015 reflects the performance of the former underlying index, the MSCI USA Index.

U.S. stocks, as represented by the Index, delivered slightly positive results for the reporting period, outperforming broad global indexes in a volatile market environment. A slowdown in China’s economic growth and an unexpected devaluation of the Chinese currency late in the reporting period created volatility and trimmed the Index’s gains.

The U.S. economy was one of the strongest global economies during the reporting period, as evidenced by improving data for housing, unemployment, and consumer spending. Unlike most international economies, whose central banks were easing monetary policies in an effort to bolster economic activity, the U.S. Federal Reserve began to taper its easing measures. The opposing monetary postures triggered an increase in the U.S. dollar, which appreciated solidly against most major currencies. Countering the positive economic data, sinking oil prices negatively affected energy producers, while slowing demand from China and the strengthening U.S. dollar hampered manufacturing output. Late in the reporting period, a plunge in China’s stock market and concerns regarding collapsing oil prices reverberated through global markets, including the U.S.

Within the Index, sector performance was mixed. The healthcare sector was a meaningful contributor to the Index’s return, reflecting the strong pace of innovation and acquisitions in the sector. The consumer discretionary and consumer staples sectors both contributed to the Index’s performance as improving unemployment data led to increased consumer spending. On the other side of the performance spectrum, the energy sector experienced significant absolute declines and detracted substantially from the Index’s return as oil prices dropped sharply in the reporting period.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	18.92	%
Consumer Discretionary	16.55
Information Technology	15.02
Industrials	11.97
Health Care	11.08
Energy	8.47
Consumer Staples	6.56
Materials	5.44
Utilities	4.73
Telecommunication Services	1.26
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Cameron International Corp.	0.24	%
Whiting Petroleum Corp.	0.20
Chesapeake Energy Corp.	0.19
Freeport-McMoRan Inc.	0.19
Weatherford International PLC	0.19
Nabors Industries Ltd.	0.19
CONSOL Energy Inc.	0.19
Marathon Oil Corp.	0.18
Continental Resources Inc./OK	0.18
FMC Technologies Inc.	0.18
TOTAL	1.93	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 21

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 advisory fees. Without such a 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 March 1, 2015 and held through August 31, 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 corresponding to 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.

22 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI BRAZIL CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 65.33%
AEROSPACE & DEFENSE — 1.94%
Embraer SA		6,108,632	$	38,541,111
				38,541,111
BANKS — 4.27%
Banco Bradesco SA		5,241,064		36,218,706
Banco do Brasil SA		6,847,397		33,520,238
Banco Santander Brasil SA Units		3,836,100		15,198,002
				84,936,946
BEVERAGES — 10.35%
Ambev SA		39,266,560		205,806,474
				205,806,474
CAPITAL MARKETS — 0.94%
CETIP SA – Mercados Organizados		2,085,303		18,733,232
				18,733,232
CONTAINERS & PACKAGING — 1.28%
Klabin SA Units		4,594,820		25,558,667
				25,558,667
DIVERSIFIED CONSUMER SERVICES — 1.97%
Estacio Participacoes SA		2,880,800		9,863,018
Kroton Educacional SA		12,329,464		29,382,867
				39,245,885
DIVERSIFIED FINANCIAL SERVICES — 2.41%
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		16,165,900		47,846,359
				47,846,359
ELECTRIC UTILITIES — 1.59%
CPFL Energia SA		2,503,931		10,793,250
EDP – Energias do Brasil SA		3,018,400		9,289,935
Equatorial Energia SA		554,400		5,380,751
Transmissora Alianca de Energia Eletrica SA Units		1,207,700		6,134,244
				31,598,180
FOOD & STAPLES RETAILING — 1.20%
Raia Drogasil SA		2,192,700		23,900,114
				23,900,114
FOOD PRODUCTS — 6.91%
BRF SA		5,403,750		103,141,932
JBS SA		7,135,322		27,720,449
M. Dias Branco SA		385,100		6,692,794
				137,555,175

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 0.72%
Odontoprev SA		1,785,300	$	4,793,804
Qualicorp SA		2,049,500		9,605,317
				14,399,121
HOUSEHOLD DURABLES — 0.35%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		3,014,000		6,951,088
				6,951,088
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.78%
Tractebel Energia SA		1,680,200		15,472,279
				15,472,279
INSURANCE — 3.30%
BB Seguridade Participacoes SA		5,567,200		43,868,114
Porto Seguro SA		1,274,900		11,649,028
Sul America SA		2,118,350		10,178,084
				65,695,226
INTERNET & CATALOG RETAIL — 0.27%
B2W Cia. Digitala		1,239,200		5,307,576
				5,307,576
IT SERVICES — 4.03%
Cielo SA		7,614,296		80,172,490
				80,172,490
MACHINERY — 1.26%
WEG SA		5,458,360		25,101,937
				25,101,937
METALS & MINING — 2.59%
Cia. Siderurgica Nacional SA		7,442,054		7,151,401
Vale SA		9,033,600		44,445,634
				51,597,035
MULTILINE RETAIL — 2.01%
Lojas Americanas SA		2,071,750		7,081,690
Lojas Renner SA		1,215,500		32,878,320
				39,960,010
OIL, GAS & CONSUMABLE FUELS — 6.61%
Cosan SA Industria e Comercio		1,352,390		6,739,207
Petroleo Brasileiro SAa		23,306,744		67,957,340
Ultrapar Participacoes SA		3,255,700		56,733,964
				131,430,511

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Continued)

iSHARES^® MSCI BRAZIL CAPPED ETF

August 31, 2015

Security	Shares		Value
PAPER & FOREST PRODUCTS — 1.84%
Duratex SA		1,892,411	$	2,852,450
Fibria Celulose SA		2,401,726		33,774,839
				36,627,289
PERSONAL PRODUCTS — 1.37%
Hypermarcas SAa		3,510,500		15,874,236
Natura Cosmeticos SA		1,753,100		11,402,550
				27,276,786
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.15%
BR Malls Participacoes SA		4,240,300		13,039,017
Multiplan Empreendimentos Imobiliarios SA		866,500		9,796,821
				22,835,838
ROAD & RAIL — 0.48%
Localiza Rent A Car SA		1,548,940		9,530,303
				9,530,303
SOFTWARE — 0.58%
TOTVS SA		1,317,900		11,470,226
				11,470,226
SPECIALTY RETAIL — 0.14%
Via Varejo SA		1,477,800		2,763,077
				2,763,077
TOBACCO — 1.34%
Souza Cruz SA		3,670,400		26,745,121
				26,745,121
TRANSPORTATION INFRASTRUCTURE — 1.93%
CCR SA		8,180,400		33,420,098
EcoRodovias Infraestrutura e Logistica SA		2,578,300		4,948,127
				38,368,225
WATER UTILITIES — 0.74%
Cia. de Saneamento Basico do Estado de Sao Paulo		3,415,400		14,750,290
				14,750,290
WIRELESS TELECOMMUNICATION SERVICES — 0.98%
TIM Participacoes SA		8,036,390		19,416,633
				19,416,633
TOTAL COMMON STOCKS
(Cost: $1,180,524,880)				1,299,593,204

Security	Shares		Value
PREFERRED STOCKS — 34.10%
BANKS — 18.86%
Banco Bradesco SA		20,801,723	$	131,643,823
Banco do Estado do Rio Grande do Sul SA Class B		2,212,010		4,694,581
Itau Unibanco Holding SA		25,409,862		185,223,924
Itausa – Investimentos Itau SA		26,796,052		53,558,997
				375,121,325
CHEMICALS — 0.35%
Braskem SA Class A		1,814,936		7,011,092
				7,011,092
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.88%
Oi SA		3,111,769		2,306,755
Telefonica Brasil SA		3,165,674		35,105,106
				37,411,861
ELECTRIC UTILITIES — 1.52%
Centrais Eletricas Brasileiras SA Class B		2,718,951		5,606,238
Cia. Energetica de Minas Gerais		7,097,990		14,654,921
Cia. Paranaense de Energia Class B		1,161,600		9,886,636
				30,147,795
FOOD & STAPLES RETAILING — 1.12%
Cia. Brasileira de Distribuicao		1,279,464		22,306,532
				22,306,532
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.70%
AES Tiete SA		1,331,300		5,486,392
Cia. Energetica de Sao Paulo Class B		1,921,770		8,510,715
				13,997,107
METALS & MINING — 3.54%
Gerdau SA		8,313,646		11,983,428
Usinas Siderurgicas de Minas Gerais SA Class A		4,671,500		3,822,107
Vale SA		14,044,100		54,560,784
				70,366,319
MULTILINE RETAIL — 1.09%
Lojas Americanas SA		4,849,506		21,702,779
				21,702,779

24 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI BRAZIL CAPPED ETF

August 31, 2015

Security	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 4.16%
Petroleo Brasileiro SA		32,809,578	$	82,784,000
				82,784,000
PAPER & FOREST PRODUCTS — 0.88%
Suzano Papel e Celulose SA Class A		3,622,100		17,482,742
				17,482,742
TOTAL PREFERRED STOCKS
(Cost: $788,879,743)				678,331,552
SHORT-TERM INVESTMENTS — 0.12%
MONEY MARKET FUNDS — 0.12%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%b,c		2,312,655		2,312,655
				2,312,655
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,312,655)				2,312,655
TOTAL INVESTMENTS IN SECURITIES — 99.55%
(Cost: $1,971,717,278)				1,980,237,411
Other Assets, Less Liabilities — 0.45%				8,897,638
NET ASSETS — 100.00%			$	1,989,135,049

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments

iSHARES^® MSCI CHILE CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 93.18%
AIRLINES — 3.53%
LATAM Airlines Group SAa		1,480,793	$	8,289,217
				8,289,217
BANKS — 16.31%
Banco de Chile		93,599,496		9,675,099
Banco de Credito e Inversiones		166,934		7,293,301
Banco Santander Chile		291,354,581		14,086,411
CorpBanca SA		770,520,840		7,190,509
				38,245,320
BEVERAGES — 5.20%
Cia. Cervecerias Unidas SA		732,860		8,122,529
Vina Concha y Toro SA		2,421,978		4,064,718
				12,187,247
CONSTRUCTION & ENGINEERING — 0.91%
Besalco SA		2,741,179		1,004,376
SalfaCorp SA		2,060,855		1,128,848
				2,133,224
DIVERSIFIED FINANCIAL SERVICES — 0.95%
Inversiones La Construccion SA		207,101		2,227,828
				2,227,828
ELECTRIC UTILITIES — 12.23%
E.CL SA		2,735,795		3,837,174
Enersis SA		89,482,090		24,837,902
				28,675,076
FOOD & STAPLES RETAILING — 4.70%
Cencosud SA		5,419,284		11,020,390
				11,020,390
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 15.03%
AES Gener SA		12,839,697		6,459,330
Colbun SA		38,648,639		10,501,338
Empresa Nacional de Electricidad SA/Chile		14,752,953		18,295,934
				35,256,602
IT SERVICES — 1.76%
SONDA SA		2,529,440		4,133,328
				4,133,328
MARINE — 0.34%
Cia. Sud Americana de Vapores SAa		29,049,011		810,642
				810,642

Security	Shares		Value
METALS & MINING — 0.51%
CAP SA		492,974	$	1,200,836
				1,200,836
MULTILINE RETAIL — 6.44%
Ripley Corp. SA		4,780,929		1,588,650
SACI Falabella		2,189,423		13,519,374
				15,108,024
OIL, GAS & CONSUMABLE FUELS — 8.57%
Empresas COPEC SA		2,054,820		20,094,031
				20,094,031
PAPER & FOREST PRODUCTS — 6.45%
Empresas CMPC SA		5,527,858		15,128,432
				15,128,432
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.21%
Parque Arauco SA		2,959,889		5,173,865
				5,173,865
TEXTILES, APPAREL & LUXURY GOODS — 0.66%
Forus SA		578,046		1,541,417
				1,541,417
TRANSPORTATION INFRASTRUCTURE — 0.83%
Sociedad Matriz SAAM SA		28,721,446		1,956,275
				1,956,275
WATER UTILITIES — 4.16%
Aguas Andinas SA Series A		12,983,311		6,730,068
Inversiones Aguas Metropolitanas SA		2,137,886		3,026,214
				9,756,282
WIRELESS TELECOMMUNICATION SERVICES — 2.39%
Empresa Nacional de Telecomunicaciones SA		598,124		5,599,317
				5,599,317
TOTAL COMMON STOCKS
(Cost: $210,427,308)				218,537,353
PREFERRED STOCKS — 6.54%
BEVERAGES — 2.87%
Coca-Cola Embonor SA		1,206,723		2,001,682
Embotelladora Andina SA Class B		1,377,930		4,729,299
				6,730,981
CHEMICALS — 3.20%
Sociedad Quimica y Minera de Chile SA Series B		477,489		7,497,214
				7,497,214

26 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI CHILE CAPPED ETF

August 31, 2015

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 0.47%
Bupa Chile SA		1,422,372	$	1,099,654
				1,099,654
TOTAL PREFERRED STOCKS
(Cost: $17,040,175)				15,327,849
SHORT-TERM INVESTMENTS — 0.20%
MONEY MARKET FUNDS — 0.20%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%b,c		478,553		478,553
				478,553
TOTAL SHORT-TERM INVESTMENTS
(Cost: $478,553)				478,553
TOTAL INVESTMENTS IN SECURITIES — 99.92%
(Cost: $227,946,036)				234,343,755
Other Assets, Less Liabilities — 0.08%				192,620
NET ASSETS — 100.00%			$	234,536,375

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 27

Schedule of Investments

iSHARES^® MSCI COLOMBIA CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 73.43%
BANKS — 5.52%
Banco de Bogota SA		4,073	$	76,365
Bancolombia SA		82,449		665,242
Grupo Aval Acciones y Valores SA		125,800		45,342
				786,949
CONSTRUCTION & ENGINEERING — 2.28%
Construcciones El Condor SA		173,328		66,115
Constructora Conconcreto SA		697,776		259,396
				325,511
CONSTRUCTION MATERIALS — 12.00%
Cementos Argos SA		155,233		489,761
Cemex Latam Holdings SAa		152,884		578,226
Grupo Argos SA/Colombia		118,173		641,767
				1,709,754
DIVERSIFIED FINANCIAL SERVICES — 11.85%
Bolsa de Valores de Colombia		47,925,000		244,776
Corp. Financiera Colombiana SA		19,300		228,967
Grupo de Inversiones Suramericana SA		106,541		1,215,742
				1,689,485
ELECTRIC UTILITIES — 11.57%
Celsia SA ESP		371,861		414,715
Interconexion Electrica SA ESP		281,232		603,647
Isagen SA ESP		662,967		630,070
				1,648,432
FOOD & STAPLES RETAILING — 4.01%
Almacenes Exito SA		105,504		572,283
				572,283
FOOD PRODUCTS — 4.54%
Grupo Nutresa SA		100,483		646,391
				646,391
GAS UTILITIES — 4.48%
Empresa de Energia de Bogota SA ESP		1,169,745		639,040
				639,040
METALS & MINING — 1.65%
Mineros SA		378,264		234,772
				234,772
OIL, GAS & CONSUMABLE FUELS — 15.53%
Canacol Energy Ltd.a		196,176		365,664
Ecopetrol SA		2,231,018		1,150,307

Security	Shares		Value
Pacific Exploration and Production Corp.		207,816	$	696,625
				2,212,596
TOTAL COMMON STOCKS
(Cost: $15,409,651)				10,465,213
PREFERRED STOCKS — 26.41%
AIRLINES — 2.21%
Avianca Holdings SA		434,952		314,949
				314,949
BANKS — 19.14%
Banco Davivienda SA		82,001		631,939
Bancolombia SA		202,654		1,728,144
Grupo Aval Acciones y Valores SA		962,592		367,176
				2,727,259
CONSTRUCTION MATERIALS — 2.29%
Cementos Argos SA		45,144		133,236
Grupo Argos SA/Colombia		37,200		192,403
				325,639
DIVERSIFIED FINANCIAL SERVICES — 2.77%
Grupo de Inversiones Suramericana SA		34,872		395,445
				395,445
TOTAL PREFERRED STOCKS
(Cost: $5,112,449)				3,763,292
SHORT-TERM INVESTMENTS — 0.14%
MONEY MARKET FUNDS — 0.14%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%b,c		19,541		19,541
				19,541
TOTAL SHORT-TERM INVESTMENTS
(Cost: $19,541)				19,541
TOTAL INVESTMENTS IN SECURITIES — 99.98%
(Cost: $20,541,641)				14,248,046
Other Assets, Less Liabilities — 0.02%				2,610
NET ASSETS — 100.00%			$	14,250,656

^a  Non-income earning security.

^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 ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI ISRAEL CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.57%
AEROSPACE & DEFENSE — 3.05%
Elbit Systems Ltd.		50,302	$	3,856,156
				3,856,156
BANKS — 24.34%
Bank Hapoalim BM		2,216,850		11,218,779
Bank Leumi le-Israel BMa		2,951,821		10,736,623
First International Bank of Israel Ltd.		97,306		1,211,919
Israel Discount Bank Ltd. Class Aa		2,242,101		4,143,121
Mizrahi Tefahot Bank Ltd.		294,886		3,426,127
				30,736,569
CHEMICALS — 8.80%
Frutarom Industries Ltd.		81,530		3,087,747
Israel Chemicals Ltd.		1,075,715		6,042,652
Israel Corp. Ltd. (The)		6,550		1,979,526
				11,109,925
COMMUNICATIONS EQUIPMENT — 0.70%
Ituran Location and Control Ltd.		36,700		890,856
				890,856
CONSTRUCTION & ENGINEERING — 1.12%
Electra Ltd./Israel		3,900		507,939
Shikun & Binui Ltd.b		447,400		909,754
				1,417,693
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.09%
B Communications Ltd.		24,500		447,062
Bezeq The Israeli Telecommunication Corp. Ltd.		3,334,865		5,976,777
				6,423,839
FOOD & STAPLES RETAILING — 0.83%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		13,700		609,392
Shufersal Ltd.a,b		167,202		437,740
				1,047,132
FOOD PRODUCTS — 2.08%
Osem Investments Ltd.		72,800		1,371,344
Strauss Group Ltd.a,b		92,650		1,259,903
				2,631,247
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.45%
Kenon Holdings Ltd./Singaporea		40,800		570,376
				570,376

Security	Shares		Value
INSURANCE — 3.24%
Clal Insurance Enterprises Holdings Ltd.a		42,700	$	687,563
Harel Insurance Investments & Financial Services Ltd.b		233,433		1,064,444
IDI Insurance Co. Ltd.		11,900		588,308
Menorah Mivtachim Holdings Ltd.		54,906		522,648
Migdal Insurance & Financial Holding Ltd.b		831,900		852,146
Phoenix Holdings Ltd. (The)		133,301		373,720
				4,088,829
IT SERVICES — 0.40%
Matrix IT Ltd.		81,800		501,082
				501,082
MACHINERY — 0.16%
Plasson Industries Ltd.a		6,950		209,511
				209,511
OIL, GAS & CONSUMABLE FUELS — 4.16%
Delek Group Ltd.		10,002		2,351,617
Naphtha Israel Petroleum Corp. Ltd.a		71,751		410,342
Oil Refineries Ltd.a,b		2,441,400		887,387
Paz Oil Co. Ltd.		11,050		1,600,940
				5,250,286
PHARMACEUTICALS — 24.63%
Teva Pharmaceutical Industries Ltd.		476,109		31,101,230
				31,101,230
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.79%
REIT 1 Ltd.		351,150		998,759
				998,759
REAL ESTATE MANAGEMENT & DEVELOPMENT — 9.74%
Africa Israel Properties Ltd.		26,975		396,297
Airport City Ltd.a		71,350		709,102
Alony Hetz Properties & Investments Ltd.		194,400		1,491,755
Amot Investments Ltd.		241,804		749,828
Azrieli Group		77,850		3,063,145
Bayside Land Corp.		1,600		489,242
Gazit-Globe Ltd.		191,318		1,961,687
Jerusalem Oil Explorationa		18,800		755,505
Melisron Ltd.		33,751		1,243,908
Nitsba Holdings 1995 Ltd.a,b		54,386		977,614
Norstar Holdings Inc.		22,150		466,618
				12,304,701

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Continued)

iSHARES^® MSCI ISRAEL CAPPED ETF

August 31, 2015

Security	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.45%
EZchip Semiconductor Ltd.a		63,100	$	1,411,400
Tower Semiconductor Ltd.a		138,401		1,686,101
				3,097,501
SOFTWARE — 4.98%
NICE-Systems Ltd.		100,700		6,288,871
				6,288,871
SPECIALTY RETAIL — 0.72%
Delek Automotive Systems Ltd.		86,150		906,335
				906,335
TEXTILES, APPAREL & LUXURY GOODS — 0.54%
Delta-Galil Industries Ltd.		21,300		681,622
				681,622
WIRELESS TELECOMMUNICATION SERVICES — 1.30%
Cellcom Israel Ltd.a		128,314		833,629
Partner Communications Co. Ltd.a		184,602		803,301
				1,636,930
TOTAL COMMON STOCKS
(Cost: $152,702,128)				125,749,450
SHORT-TERM INVESTMENTS — 3.45%
MONEY MARKET FUNDS — 3.45%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		4,096,945		4,096,945
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		235,267		235,267
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		20,259		20,259
				4,352,471
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,352,471)				4,352,471
TOTAL INVESTMENTS IN SECURITIES — 103.02%
(Cost: $157,054,599)				130,101,921
Other Assets, Less Liabilities — (3.02)%				(3,817,053	)
NET ASSETS — 100.00%			$	126,284,868

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

30 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI RUSSIA CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 93.32%
BANKS — 11.76%
Sberbank of Russia		10,063,950	$	11,201,273
Sberbank of Russia ADR		957,525		4,643,996
VTB Bank JSC		5,905,005,000		6,063,428
VTB Bank JSC GDRa		1,388,819		2,888,743
				24,797,440
CHEMICALS — 3.47%
Uralkali PJSCb		1,167,995		3,571,208
Uralkali PJSC GDRa,b		242,579		3,750,271
				7,321,479
DIVERSIFIED FINANCIAL SERVICES — 2.56%
Moscow Exchange MICEX-RTS PJSC		4,888,620		5,407,376
				5,407,376
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.02%
Rostelecom PJSC		3,562,720		4,263,303
				4,263,303
ELECTRIC UTILITIES — 1.88%
RusHydro PJSC		501,128,000		3,973,272
				3,973,272
FOOD & STAPLES RETAILING — 7.66%
Magnit PJSC GDRa		323,189		16,157,834
				16,157,834
METALS & MINING — 10.97%
Alrosa PAO		6,315,300		6,207,395
MMC Norilsk Nickel PJSC		60,083		9,410,482
Severstal PAO		689,405		7,511,952
				23,129,829
OIL, GAS & CONSUMABLE FUELS — 46.13%
Gazprom PAO		8,508,677		18,838,456
Gazprom PAO ADR		4,221,873		18,618,460
Lukoil PJSC		350,018		13,256,827
Lukoil PJSC ADR (London)		347,252		13,098,345
NOVATEK OAO GDRa		103,624		9,927,179
Rosneft OAO		1,449,490		5,282,426
Rosneft OAO GDRa		1,037,805		3,910,449
Surgutneftegas OAO		4,425,900		2,263,697
Surgutneftegas OAO ADR		401,021		2,093,330
Tatneft PAO Class S		2,093,395		10,002,613
				97,291,782

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 6.87%
MegaFon PJSC GDRa		368,612	$	4,736,664
Mobile TeleSystems PJSC ADR		927,642		7,077,909
Sistema JSFC GDRa		362,148		2,672,652
				14,487,225
TOTAL COMMON STOCKS
(Cost: $322,349,916)				196,829,540
PREFERRED STOCKS — 7.01%
OIL, GAS & CONSUMABLE FUELS — 7.01%
AK Transneft OAO		4,196		9,685,012
Surgutneftegas OAO		8,441,600		5,086,216
				14,771,228
TOTAL PREFERRED STOCKS
(Cost: $15,968,462)				14,771,228
SHORT-TERM INVESTMENTS — 0.15%
MONEY MARKET FUNDS — 0.15%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		313,635		313,635
				313,635
TOTAL SHORT-TERM INVESTMENTS
(Cost: $313,635)				313,635
TOTAL INVESTMENTS IN SECURITIES — 100.48%
(Cost: $338,632,013)				211,914,403
Other Assets, Less Liabilities — (0.48)%				(1,002,098	)
NET ASSETS — 100.00%			$	210,912,305

ADR	—  American Depositary Receipts
GDR	—  Global Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 31

Schedule of Investments

iSHARES^® MSCI SOUTH AFRICA ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.69%
BANKS — 8.12%
African Bank Investments Ltd.a,b		2,626,522	$	1,980
Barclays Africa Group Ltd.		454,885		5,958,936
Capitec Bank Holdings Ltd.		46,532		1,693,875
Nedbank Group Ltd.		265,477		4,723,016
Standard Bank Group Ltd.		1,627,689		17,930,747
				30,308,554
CAPITAL MARKETS — 2.50%
Brait SEa		454,166		4,970,942
Coronation Fund Managers Ltd.		305,004		1,698,370
Investec Ltd.		325,819		2,650,914
				9,320,226
CONTAINERS & PACKAGING — 0.50%
Nampak Ltd.		800,980		1,863,524
				1,863,524
DISTRIBUTORS — 0.93%
Imperial Holdings Ltd.		250,896		3,489,855
				3,489,855
DIVERSIFIED FINANCIAL SERVICES — 9.88%
FirstRand Ltd.		4,514,897		18,009,552
PSG Group Ltd.		119,002		1,776,383
Remgro Ltd.		645,379		12,308,874
RMB Holdings Ltd.		946,862		4,793,470
				36,888,279
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.40%
Telkom SA SOC Ltd.		314,372		1,504,994
				1,504,994
FOOD & STAPLES RETAILING — 3.61%
Massmart Holdings Ltd.		145,638		1,258,278
Pick n Pay Stores Ltd.		326,858		1,542,591
Shoprite Holdings Ltd.		614,782		7,525,654
SPAR Group Ltd. (The)		220,782		3,162,529
				13,489,052
FOOD PRODUCTS — 2.02%
Pioneer Foods Ltd.		171,552		2,573,749
Tiger Brands Ltd.		219,004		4,949,952
				7,523,701
HEALTH CARE PROVIDERS & SERVICES — 3.42%
Life Healthcare Group Holdings Ltd.		1,258,262		3,610,415
Mediclinic International Ltd.		656,684		5,274,562
Netcare Ltd.		1,290,082		3,876,787
				12,761,764

Security	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 0.23%
Tsogo Sun Holdings Ltd.		492,597	$	872,724
				872,724
HOUSEHOLD DURABLES — 4.95%
Steinhoff International Holdings Ltd.		3,087,896		18,498,160
				18,498,160
INDUSTRIAL CONGLOMERATES — 2.75%
Bidvest Group Ltd. (The)		427,123		10,268,920
				10,268,920
INSURANCE — 6.29%
Discovery Ltd.		477,670		4,825,946
Liberty Holdings Ltd.		153,570		1,491,212
MMI Holdings Ltd./South Africa		1,476,082		3,128,158
Rand Merchant Insurance Holdings Ltd.		896,837		2,838,398
Sanlam Ltd.		2,324,965		11,181,146
				23,464,860
MEDIA — 18.54%
Naspers Ltd. Class N		534,222		69,233,286
				69,233,286
METALS & MINING — 3.62%
African Rainbow Minerals Ltd.		145,851		781,141
Anglo American Platinum Ltd.a		72,353		1,746,552
AngloGold Ashanti Ltd.a		542,981		4,371,520
Gold Fields Ltd.		1,043,665		3,351,090
Impala Platinum Holdings Ltd.a		720,869		2,691,252
Kumba Iron Ore Ltd.b		86,412		588,534
				13,530,089
MULTILINE RETAIL — 2.60%
Woolworths Holdings Ltd./South Africa		1,295,396		9,717,240
				9,717,240
OIL, GAS & CONSUMABLE FUELS — 6.63%
Exxaro Resources Ltd.b		192,157		982,497
Sasol Ltd.		742,280		23,778,367
				24,760,864
PAPER & FOREST PRODUCTS — 1.61%
Mondi Ltd.		158,711		3,679,456
Sappi Ltd.a		726,321		2,327,753
				6,007,209
PHARMACEUTICALS — 3.18%
Aspen Pharmacare Holdings Ltd.		459,125		11,855,544
				11,855,544

32 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI SOUTH AFRICA ETF

August 31, 2015

Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.59%
Growthpoint Properties Ltd.		3,089,994	$	6,094,144
Hyprop Investments Ltd.		326,315		3,050,535
Redefine Properties Ltd.		5,553,534		4,806,496
Resilient Property Income Fund Ltd.		379,040		3,200,519
				17,151,694
SPECIALTY RETAIL — 3.41%
Foschini Group Ltd. (The)		274,729		3,104,728
Mr. Price Group Ltd.		322,651		5,804,884
Truworths International Ltd.		573,917		3,802,388
				12,712,000
TRADING COMPANIES & DISTRIBUTORS — 0.51%
Barloworld Ltd.		294,752		1,893,275
				1,893,275
WIRELESS TELECOMMUNICATION SERVICES — 9.40%
MTN Group Ltd.		2,230,382		29,757,484
Vodacom Group Ltd.		499,003		5,322,874
				35,080,358
TOTAL COMMON STOCKS
(Cost: $501,389,723)				372,196,172
SHORT-TERM INVESTMENTS — 0.27%
MONEY MARKET FUNDS — 0.27%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		872,010		872,010
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		50,075		50,075
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		66,403		66,403
				988,488
TOTAL SHORT-TERM INVESTMENTS
(Cost: $988,488)				988,488
TOTAL INVESTMENTS IN SECURITIES — 99.96%
(Cost: $502,378,211)				373,184,660
Other Assets, Less Liabilities — 0.04%				161,611
NET ASSETS — 100.00%			$	373,346,271

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

^e  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 33

Schedule of Investments

iSHARES^® MSCI TURKEY ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.88%
AIRLINES — 3.11%
Pegasus Hava Tasimaciligi ASa,b		234,934	$	1,489,018
Turk Hava Yollari AOa		3,632,924		10,046,389
				11,535,407
AUTO COMPONENTS — 0.13%
Goodyear Lastikleri TASb		23,474		499,155
				499,155
AUTOMOBILES — 2.63%
Ford Otomotiv Sanayi AS		460,999		4,671,752
Tofas Turk Otomobil Fabrikasi AS		822,673		5,101,081
				9,772,833
BANKS — 33.30%
Akbank TAS		14,479,046		33,922,052
Albaraka Turk Katilim Bankasi AS		1,772,190		821,868
Sekerbank TASa,b		2,562,393		1,205,935
Turkiye Garanti Bankasi AS		15,202,998		38,542,812
Turkiye Halk Bankasi AS		4,113,365		15,755,417
Turkiye Is Bankasi Class C		10,365,612		17,341,302
Turkiye Sinai Kalkinma Bankasi ASb		4,593,190		2,445,704
Turkiye Vakiflar Bankasi Tao Class Db		4,936,038		6,528,254
Yapi ve Kredi Bankasi ASb		5,721,924		7,056,581
				123,619,925
BEVERAGES — 4.41%
Anadolu Efes Biracilik ve Malt Sanayii AS		1,363,905		10,167,206
Coca-Cola Icecek ASb		502,234		6,211,070
				16,378,276
BUILDING PRODUCTS — 0.33%
Trakya Cam Sanayii ASb		2,056,911		1,229,483
				1,229,483
CHEMICALS — 1.27%
Gubre Fabrikalari TAS		547,374		1,165,826
Petkim Petrokimya Holding ASa,b		2,632,554		3,563,127
				4,728,953
CONSTRUCTION & ENGINEERING — 0.31%
Tekfen Holding ASb		847,198		1,164,133
				1,164,133
CONSTRUCTION MATERIALS — 1.45%
Adana Cimento Sanayii TAS Class A		352,304		778,192

Security	Shares		Value
Akcansa Cimento ASb		318,011	$	1,540,349
Baticim Bati Anadolu Cimento Sanayii AS		293,522		618,100
Cimsa Cimento Sanayi VE Ticaret AS		354,088		1,812,405
Konya Cimento Sanayii ASb		6,320		624,184
				5,373,230
CONTAINERS & PACKAGING — 0.14%
Anadolu Cam Sanayii ASa,b		717,024		500,020
				500,020
DISTRIBUTORS — 0.42%
Dogus Otomotiv Servis ve Ticaret AS		361,209		1,551,052
				1,551,052
DIVERSIFIED FINANCIAL SERVICES — 4.87%
Haci Omer Sabanci Holding AS		6,042,907		18,060,217
				18,060,217
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.70%
Turk Telekomunikasyon AS		2,994,530		6,295,611
				6,295,611
FOOD & STAPLES RETAILING — 6.68%
BIM Birlesik Magazalar AS		1,398,676		24,240,194
Bizim Toptan Satis Magazalari ASb		142,590		551,060
				24,791,254
FOOD PRODUCTS — 1.91%
Pinar SUT Mamulleri Sanayii AS		119,892		862,844
Ulker Biskuvi Sanayi ASb		1,012,875		6,228,259
				7,091,103
HEALTH CARE PROVIDERS & SERVICES — 0.17%
Selcuk Ecza Deposu Ticaret ve Sanayi AS		820,426		648,224
				648,224
HOTELS, RESTAURANTS & LEISURE — 0.35%
NET Holding ASa,b		1,219,290		1,306,831
				1,306,831
HOUSEHOLD DURABLES — 2.20%
Arcelik AS		1,556,530		7,298,741
Vestel Elektronik Sanayi ve Ticaret ASa,b		551,299		859,807
				8,158,548

34 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI TURKEY ETF

August 31, 2015

Security	Shares		Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.50%
Akenerji Elektrik Uretim ASa,b		1,422,602	$	454,490
Aksa Enerji Uretim ASa,b		1,005,150		980,634
Zorlu Enerji Elektrik Uretim ASa,b		820,965		417,392
				1,852,516
INDUSTRIAL CONGLOMERATES — 8.41%
Akfen Holding ASb		432,138		1,218,775
Alarko Holding ASb		437,257		471,655
Dogan Sirketler Grubu Holding ASa,b		6,843,522		1,222,477
Enka Insaat ve Sanayi ASb		3,422,320		5,842,985
KOC Holding ASb		4,172,429		16,268,318
Turkiye Sise ve Cam Fabrikalari AS		4,374,760		4,268,059
Yazicilar Holding ASb		318,160		1,934,535
				31,226,804
INSURANCE — 0.75%
Aksigorta AS		597,714		361,380
Anadolu Anonim Turk Sigorta Sirketi		1,314,933		659,499
Anadolu Hayat Emeklilik ASb		545,790		965,585
AvivaSA Emeklilik ve Hayat ASb		47,142		811,341
				2,797,805
MACHINERY — 0.39%
Otokar Otomotiv Ve Savunma Sanayi ASb		55,305		1,458,145
				1,458,145
MEDIA — 0.28%
Besiktas Futbol Yatirimlari Sanayi ve Ticaret ASa,b		703,056		490,280
Fenerbahce Futbol ASa,b		40,934		544,193
				1,034,473
METALS & MINING — 5.35%
Borusan Mannesmann Boru Sanayi ve Ticaret ASb		279,072		567,539
Eregli Demir ve Celik Fabrikalari TASb		9,213,936		12,534,246
Izmir Demir Celik Sanayi ASa,b		615,368		388,965
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Ab		865,434		472,704
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Db		4,620,621		2,015,867
Koza Altin Isletmeleri ASb		300,572		2,519,394
Koza Anadolu Metal Madencilik Isletmeleri ASa,b		1,147,218		922,188

Security	Shares		Value
Park Elektrik Uretim Madencilik Sanayi ve Ticaret ASa,b		339,694	$	431,765
				19,852,668
OIL, GAS & CONSUMABLE FUELS — 5.87%
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim ASa,b		681,976		513,063
Tupras Turkiye Petrol Rafinerileri ASa		824,053		21,259,492
				21,772,555
PERSONAL PRODUCTS — 0.21%
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		895,356		762,790
				762,790
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.85%
Akmerkez Gayrimenkul Yatirim Ortakligi AS		135,462		807,374
Dogus Gayrimenkul Yatirim Ortakligi ASa,b		447,558		487,378
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		12,504,631		10,696,163
Halk Gayrimenkul Yatirim Ortakligi ASb		1,207,500		389,918
Is Gayrimenkul Yatirim Ortakligi ASb		2,209,371		1,085,332
Torunlar Gayrimenkul Yatirim Ortakligi ASb		822,929		842,435
				14,308,600
TEXTILES, APPAREL & LUXURY GOODS — 0.44%
Aksa Akrilik Kimya Sanayii AS		486,008		1,636,166
				1,636,166
TRANSPORTATION INFRASTRUCTURE — 2.34%
TAV Havalimanlari Holding ASb		1,075,902		8,685,571
				8,685,571
WIRELESS TELECOMMUNICATION SERVICES — 6.11%
Turkcell Iletisim Hizmetleri AS		5,791,618		22,681,019
				22,681,019
TOTAL COMMON STOCKS
(Cost: $616,151,120)				370,773,367

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Continued)

iSHARES^® MSCI TURKEY ETF

August 31, 2015

Security	Shares		Value
SHORT-TERM INVESTMENTS — 16.44%
MONEY MARKET FUNDS — 16.44%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		57,552,465	$	57,552,465
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		3,304,945		3,304,945
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		167,903		167,903
				61,025,313
TOTAL SHORT-TERM INVESTMENTS
(Cost: $61,025,313)				61,025,313
TOTAL INVESTMENTS IN SECURITIES — 116.32%
(Cost: $677,176,433)				431,798,680
Other Assets, Less Liabilities — (16.32)%				(60,574,132	)
NET ASSETS — 100.00%			$	371,224,548

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

36 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.62%
AEROSPACE & DEFENSE — 2.00%
B/E Aerospace Inc.		1,437	$	70,054
Boeing Co. (The)		531		69,391
General Dynamics Corp.		480		68,174
Honeywell International Inc.		710		70,482
L-3 Communications Holdings Inc.		639		67,395
Lockheed Martin Corp.		335		67,395
Northrop Grumman Corp.		417		68,279
Precision Castparts Corp.		292		67,233
Raytheon Co.		662		67,895
Rockwell Collins Inc.		836		68,427
Textron Inc.		1,801		69,879
TransDigm Group Inc.a		302		69,409
United Technologies Corp.		751		68,799
				892,812
AIR FREIGHT & LOGISTICS — 0.62%
CH Robinson Worldwide Inc.		1,039		70,060
Expeditors International of Washington Inc.		1,403		68,705
FedEx Corp.		460		69,280
United Parcel Service Inc. Class B		706		68,941
				276,986
AIRLINES — 0.63%
American Airlines Group Inc.		1,777		69,267
Delta Air Lines Inc.		1,611		70,530
Southwest Airlines Co.		1,825		66,977
United Continental Holdings Inc.a		1,279		72,865
				279,639
AUTO COMPONENTS — 0.95%
Autoliv Inc.b		688		70,279
BorgWarner Inc.		1,545		67,424
Delphi Automotive PLC		949		71,668
Goodyear Tire & Rubber Co. (The)		2,395		71,299
Johnson Controls Inc.		1,711		70,391
Lear Corp.		701		72,056
				423,117
AUTOMOBILES — 0.65%
Ford Motor Co.		5,167		71,666
General Motors Co.		2,444		71,952
Harley-Davidson Inc.		1,253		70,231
Tesla Motors Inc.a,b		303		75,465
				289,314

Security	Shares		Value
BANKS — 2.87%
Bank of America Corp.		4,368	$	71,373
BB&T Corp.		1,917		70,776
CIT Group Inc.		1,586		68,896
Citigroup Inc.		1,336		71,449
Citizens Financial Group Inc.		2,885		71,606
Comerica Inc.		1,649		72,556
Fifth Third Bancorp		3,656		72,828
First Republic Bank/CA		1,178		71,045
Huntington Bancshares Inc./OH		6,528		71,220
JPMorgan Chase & Co.		1,113		71,343
KeyCorp		5,260		72,272
M&T Bank Corp.		590		69,762
People’s United Financial Inc.		4,534		70,277
PNC Financial Services Group Inc. (The)c		776		70,709
Regions Financial Corp.		7,600		72,884
SunTrust Banks Inc.		1,771		71,495
U.S. Bancorp		1,677		71,021
Wells Fargo & Co.		1,333		71,089
				1,282,601
BEVERAGES — 1.23%
Brown-Forman Corp. Class B		679		66,610
Coca-Cola Co. (The)		1,755		69,007
Coca-Cola Enterprises Inc.		1,323		68,121
Constellation Brands Inc. Class A		555		71,040
Dr Pepper Snapple Group Inc.		888		68,136
Molson Coors Brewing Co. Class B		1,022		69,588
Monster Beverage Corp.a		496		68,676
PepsiCo Inc.		744		69,140
				550,318
BIOTECHNOLOGY — 2.52%
Alexion Pharmaceuticals Inc.a		403		69,393
Alkermes PLCa		1,159		69,030
Alnylam Pharmaceuticals Inc.a		696		71,625
Amgen Inc.		459		69,667
Baxalta Inc.a		1,919		67,453
Biogen Inc.a		237		70,460
BioMarin Pharmaceutical Inc.a		550		71,082
Celgene Corp.a		591		69,785
Gilead Sciences Inc.		650		68,296
Incyte Corp.a		656		76,221
Isis Pharmaceuticals Inc.a,b		1,435		72,008
Medivation Inc.a		774		68,158
Puma Biotechnology Inc.a,b		823		75,650

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

August 31, 2015

Security	Shares		Value
Regeneron Pharmaceuticals Inc.a		134	$	68,809
United Therapeutics Corp.a		437		65,821
Vertex Pharmaceuticals Inc.a		550		70,136
				1,123,594
BUILDING PRODUCTS — 0.31%
Fortune Brands Home & Security Inc.		1,439		68,856
Masco Corp.		2,678		70,244
				139,100
CAPITAL MARKETS — 2.84%
Affiliated Managers Group Inc.a		371		69,169
Ameriprise Financial Inc.		621		69,968
Bank of New York Mellon Corp. (The)		1,764		70,207
BlackRock Inc.c		226		68,358
Charles Schwab Corp. (The)		2,315		70,330
E*TRADE Financial Corp.a		2,761		72,587
Eaton Vance Corp. NVS		2,016		69,895
Franklin Resources Inc.		1,716		69,635
Goldman Sachs Group Inc. (The)		374		70,536
Invesco Ltd.		2,080		70,949
Legg Mason Inc.		1,551		68,756
Morgan Stanley		2,099		72,310
Northern Trust Corp.		1,021		71,307
Raymond James Financial Inc.		1,330		70,477
SEI Investments Co.		1,412		71,419
State Street Corp.		979		70,410
T Rowe Price Group Inc.		975		70,083
TD Ameritrade Holding Corp.		2,163		72,374
				1,268,770
CHEMICALS — 3.32%
Air Products & Chemicals Inc.		494		68,928
Airgas Inc.		720		69,494
Albemarle Corp.		1,557		70,392
Ashland Inc.		674		70,750
Axalta Coating Systems Ltd.a		2,413		70,436
Celanese Corp. Series A		1,223		74,163
CF Industries Holdings Inc.		1,195		68,569
Dow Chemical Co. (The)		1,692		74,042
Eastman Chemical Co.		983		71,228
Ecolab Inc.		638		69,631
EI du Pont de Nemours & Co.		1,359		69,989
FMC Corp.		1,655		70,023
International Flavors & Fragrances Inc.		623		68,250
LyondellBasell Industries NV Class A		858		73,256
Monsanto Co.		745		72,749
Mosaic Co. (The)		1,774		72,433

Security	Shares		Value
PPG Industries Inc.		732	$	69,752
Praxair Inc.		647		68,420
Sherwin-Williams Co. (The)		268		68,557
Sigma-Aldrich Corp.		479		66,777
Westlake Chemical Corp.		1,306		72,130
				1,479,969
COMMERCIAL SERVICES & SUPPLIES — 0.93%
ADT Corp. (The)		2,132		69,887
Cintas Corp.		821		69,777
Republic Services Inc.		1,681		68,887
Stericycle Inc.a		491		69,300
Tyco International PLC		1,918		69,604
Waste Management Inc.		1,369		68,532
				415,987
COMMUNICATIONS EQUIPMENT — 1.09%
Cisco Systems Inc.		2,708		70,083
F5 Networks Inc.a,b		567		68,840
Harris Corp.		904		69,445
Juniper Networks Inc.		2,679		68,877
Motorola Solutions Inc.		1,103		71,496
Palo Alto Networks Inc.a		421		69,137
QUALCOMM Inc.		1,237		69,989
				487,867
CONSTRUCTION & ENGINEERING — 0.66%
Chicago Bridge & Iron Co. NVb		1,691		74,877
Fluor Corp.		1,561		71,213
Jacobs Engineering Group Inc.a		1,799		72,698
Quanta Services Inc.a,b		3,053		74,005
				292,793
CONSTRUCTION MATERIALS — 0.33%
Martin Marietta Materials Inc.		432		72,490
Vulcan Materials Co.		775		72,555
				145,045
CONSUMER FINANCE — 0.94%
Ally Financial Inc.a		3,206		70,083
American Express Co.		907		69,585
Capital One Financial Corp.		923		71,763
Discover Financial Services		1,331		71,515
Navient Corp.		5,536		70,806
Synchrony Financiala		2,020		66,559
				420,311
CONTAINERS & PACKAGING — 0.93%
Avery Dennison Corp.		1,192		69,231
Ball Corp.		1,048		69,074

38 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

August 31, 2015

Security	Shares		Value
Crown Holdings Inc.a,b		1,382	$	68,506
Packaging Corp. of America		1,045		70,130
Sealed Air Corp.		1,330		68,429
WestRock Co.		1,201		71,279
				416,649
DISTRIBUTORS — 0.31%
Genuine Parts Co.		838		69,965
LKQ Corp.a		2,340		70,176
				140,141
DIVERSIFIED CONSUMER SERVICES — 0.16%
H&R Block Inc.		2,062		70,149
				70,149
DIVERSIFIED FINANCIAL SERVICES — 1.25%
Berkshire Hathaway Inc. Class Ba		522		69,969
CME Group Inc./IL		748		70,641
Intercontinental Exchange Inc.		300		68,523
Leucadia National Corp.		3,262		70,003
McGraw Hill Financial Inc.		715		69,348
Moody’s Corp.		674		68,957
NASDAQ OMX Group Inc. (The)		1,365		69,874
Voya Financial Inc.		1,681		72,417
				559,732
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.78%
AT&T Inc.		2,096		69,587
CenturyLink Inc.		2,648		71,602
Frontier Communications Corp.		13,547		68,683
Level 3 Communications Inc.a		1,545		69,108
Verizon Communications Inc.		1,532		70,488
				349,468
ELECTRIC UTILITIES — 2.12%
American Electric Power Co. Inc.		1,257		68,242
Duke Energy Corp.		949		67,294
Edison International		1,159		67,778
Entergy Corp.		1,048		68,466
Eversource Energy		1,411		66,656
Exelon Corp.		2,193		67,457
FirstEnergy Corp.		2,101		67,148
NextEra Energy Inc.		663		65,246
OGE Energy Corp.		2,428		68,081
Pepco Holdings Inc.		2,961		68,044
Pinnacle West Capital Corp.		1,118		66,554
PPL Corp.		2,182		67,620
Southern Co. (The)		1,568		68,067
Xcel Energy Inc.		2,015		67,966
				944,619

Security	Shares		Value
ELECTRICAL EQUIPMENT — 0.95%
Acuity Brands Inc.		358	$	69,763
AMETEK Inc.		1,294		69,643
Eaton Corp. PLC		1,265		72,181
Emerson Electric Co.		1,476		70,435
Rockwell Automation Inc.		644		72,019
Sensata Technologies Holding NVa,b		1,491		70,673
				424,714
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.28%
Amphenol Corp. Class A		1,344		70,372
Arrow Electronics Inc.a		1,312		73,367
Avnet Inc.		1,725		73,140
Corning Inc.		4,173		71,817
Flextronics International Ltd.a		6,732		70,753
FLIR Systems Inc.		2,463		70,516
TE Connectivity Ltd.		1,221		72,393
Trimble Navigation Ltd.a		3,736		70,611
				572,969
ENERGY EQUIPMENT & SERVICES — 2.17%
Baker Hughes Inc.		1,396		78,176
Cameron International Corp.a		1,569		104,746
Core Laboratories NV		665		76,927
Ensco PLC Class A		4,432		80,264
FMC Technologies Inc.a		2,320		80,690
Halliburton Co.		1,992		78,385
Helmerich & Payne Inc.		1,309		77,244
Nabors Industries Ltd.		7,206		83,157
National Oilwell Varco Inc.		1,784		75,517
Oceaneering International Inc.		1,798		78,788
Schlumberger Ltd.		919		71,103
Weatherford International PLCa		8,331		84,560
				969,557
FOOD & STAPLES RETAILING — 1.25%
Costco Wholesale Corp.		502		70,305
CVS Health Corp.		667		68,301
Kroger Co. (The)		1,980		68,310
Rite Aid Corp.a		8,600		70,950
Sysco Corp.		1,740		69,374
Wal-Mart Stores Inc.		1,056		68,355
Walgreens Boots Alliance Inc.		823		71,231
Whole Foods Market Inc.		2,110		69,123
				555,949

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

August 31, 2015

Security	Shares		Value
FOOD PRODUCTS — 2.51%
Archer-Daniels-Midland Co.		1,550	$	69,734
Bunge Ltd.		967		70,059
Campbell Soup Co.		1,444		69,298
ConAgra Foods Inc.		1,652		68,855
General Mills Inc.		1,216		69,020
Hershey Co. (The)		783		70,094
Hormel Foods Corp.		1,134		69,287
JM Smucker Co. (The)		624		73,457
Kellogg Co.		1,024		67,871
Keurig Green Mountain Inc.		1,283		72,618
Kraft Heinz Co. (The)		949		68,954
McCormick & Co. Inc./MD		877		69,529
Mead Johnson Nutrition Co.		884		69,253
Mondelez International Inc. Class A		1,614		68,369
Tyson Foods Inc. Class A		1,677		70,904
WhiteWave Foods Co. (The)a		1,583		73,040
				1,120,342
HEALTH CARE EQUIPMENT & SUPPLIES — 2.48%
Abbott Laboratories		1,554		70,381
Baxter International Inc.		1,803		69,325
Becton Dickinson and Co.		484		68,254
Boston Scientific Corp.a		4,224		70,710
Cooper Companies Inc. (The)		425		69,028
CR Bard Inc.		362		70,152
DENTSPLY International Inc.		1,305		68,395
Edwards Lifesciences Corp.a		491		69,172
Hologic Inc.a		1,754		68,073
Intuitive Surgical Inc.a		135		68,978
Medtronic PLC		954		68,965
ResMed Inc.		1,319		68,509
St. Jude Medical Inc.		976		69,110
Stryker Corp.		698		68,858
Varian Medical Systems Inc.a		864		70,200
Zimmer Biomet Holdings Inc.		680		70,421
				1,108,531
HEALTH CARE PROVIDERS & SERVICES — 2.77%
Aetna Inc.		603		69,056
AmerisourceBergen Corp.		684		68,427
Anthem Inc.		483		68,127
Cardinal Health Inc.		839		69,025
Centene Corp.a		1,100		67,892
Cigna Corp.		498		70,113
DaVita HealthCare Partners Inc.a		897		67,849
Envision Healthcare Holdings Inc.a		1,652		67,683

Security	Shares		Value
Express Scripts Holding Co.a		824	$	68,886
HCA Holdings Inc.a		802		69,469
Henry Schein Inc.a		504		68,952
Humana Inc.		380		69,460
Laboratory Corp. of America Holdingsa		581		68,448
McKesson Corp.		354		69,943
Patterson Companies Inc.		1,410		64,620
Quest Diagnostics Inc.		1,021		69,224
UnitedHealth Group Inc.		606		70,114
Universal Health Services Inc. Class B		504		69,119
				1,236,407
HEALTH CARE TECHNOLOGY — 0.15%
Cerner Corp.a		1,106		68,307
				68,307
HOTELS, RESTAURANTS & LEISURE — 2.48%
Aramark		2,185		68,478
Carnival Corp.		1,408		69,316
Chipotle Mexican Grill Inc.a		97		68,871
Darden Restaurants Inc.		997		67,806
Hilton Worldwide Holdings Inc.		2,831		70,294
Las Vegas Sands Corp.		1,490		68,883
Marriott International Inc./MD Class A		1,001		70,731
McDonald’s Corp.		731		69,460
MGM Resorts Internationala		3,470		70,892
Norwegian Cruise Line Holdings Ltd.a		1,216		70,041
Royal Caribbean Cruises Ltd.		784		69,117
Starbucks Corp.		1,305		71,396
Starwood Hotels & Resorts Worldwide Inc.		957		68,397
Wyndham Worldwide Corp.		898		68,679
Wynn Resorts Ltd.		880		66,044
Yum! Brands Inc.		876		69,878
				1,108,283
HOUSEHOLD DURABLES — 1.72%
DR Horton Inc.		2,357		71,582
Garmin Ltd.		1,816		68,300
Harman International Industries Inc.		714		69,786
Jarden Corp.a		1,362		69,925
Leggett & Platt Inc.		1,514		67,252
Lennar Corp. Class A		1,383		70,395
Mohawk Industries Inc.a		352		69,333
Newell Rubbermaid Inc.		1,691		71,242
PulteGroup Inc.		3,525		72,932
Toll Brothers Inc.a		1,900		70,243
Whirlpool Corp.		400		67,240
				768,230

40 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

August 31, 2015

Security	Shares		Value
HOUSEHOLD PRODUCTS — 0.77%
Church & Dwight Co. Inc.		803	$	69,283
Clorox Co. (The)		620		68,925
Colgate-Palmolive Co.		1,104		69,342
Kimberly-Clark Corp.		645		68,712
Procter & Gamble Co. (The)		974		68,833
				345,095
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.47%
AES Corp./VA		5,877		70,524
Calpine Corp.a		4,402		70,168
NRG Energy Inc.		3,526		70,238
				210,930
INDUSTRIAL CONGLOMERATES — 0.63%
3M Co.		484		68,796
Danaher Corp.		801		69,703
General Electric Co.		2,865		71,109
Roper Technologies Inc.		432		70,023
				279,631
INSURANCE — 4.65%
ACE Ltd.		668		68,243
Aflac Inc.		1,207		70,730
Alleghany Corp.a		147		69,059
Allstate Corp. (The)		1,170		68,188
American International Group Inc.		1,177		71,020
Aon PLC		746		69,706
Arch Capital Group Ltd.a		999		68,212
Arthur J Gallagher & Co.		1,564		68,378
Assurant Inc.		925		68,774
Axis Capital Holdings Ltd.		1,250		70,000
Chubb Corp. (The)		559		67,533
Cincinnati Financial Corp.		1,309		68,500
Everest Re Group Ltd.		397		69,797
FNF Group		1,837		66,885
Hartford Financial Services Group Inc. (The)		1,491		68,511
Lincoln National Corp.		1,410		71,614
Loews Corp.		1,885		68,708
Marsh & McLennan Companies Inc.		1,285		69,043
MetLife Inc.		1,431		71,693
PartnerRe Ltd.		483		66,852
Principal Financial Group Inc.		1,367		68,828
Progressive Corp. (The)		2,334		69,927
Prudential Financial Inc.		898		72,469
RenaissanceRe Holdings Ltd.		671		68,408

Security	Shares		Value
Torchmark Corp.		1,198	$	70,035
Travelers Companies Inc. (The)		682		67,893
Unum Group		2,095		70,266
Willis Group Holdings PLC		1,556		67,048
WR Berkley Corp.		1,283		69,641
XL Group PLC		1,819		67,831
				2,073,792
INTERNET & CATALOG RETAIL — 0.96%
Amazon.com Inc.a		143		73,343
Expedia Inc.		615		70,719
Liberty Interactive Corp. QVC Group Series Aa		2,504		67,708
Netflix Inc.a		657		75,575
Priceline Group Inc. (The)a		57		71,172
TripAdvisor Inc.a		1,002		70,040
				428,557
INTERNET SOFTWARE & SERVICES — 1.59%
Akamai Technologies Inc.a		1,016		72,451
eBay Inc.a		2,642		71,625
Facebook Inc. Class Aa		803		71,812
Google Inc. Class Aa		54		34,982
Google Inc. Class Ca		58		35,859
LinkedIn Corp. Class Aa		392		70,795
Rackspace Hosting Inc.a		2,328		70,794
Twitter Inc.a,b		2,734		75,978
VeriSign Inc.a,b		1,011		69,698
Yahoo! Inc.a		2,100		67,704
Zillow Group Inc. Class Aa,b		912		23,147
Zillow Group Inc. Class Ca,b		1,788		44,092
				708,937
IT SERVICES — 2.99%
Accenture PLC Class A		723		68,157
Alliance Data Systems Corp.a		269		69,184
Automatic Data Processing Inc.		907		70,129
Cognizant Technology Solutions Corp. Class Aa		1,130		71,122
Computer Sciences Corp.		1,113		68,995
Fidelity National Information Services Inc.		1,020		70,441
Fiserv Inc.a		832		70,945
FleetCor Technologies Inc.a		466		69,509
Gartner Inc.a		806		68,921
International Business Machines Corp.		473		69,952
MasterCard Inc. Class A		768		70,940
Paychex Inc.		1,553		69,357

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

August 31, 2015

Security	Shares		Value
PayPal Holdings Inc.a		2,039	$	71,365
Teradata Corp.a		2,406		70,327
Total System Services Inc.		1,563		71,632
Vantiv Inc. Class Aa		1,614		71,081
Visa Inc. Class A		995		70,944
Western Union Co. (The)		3,742		69,002
Xerox Corp.		6,900		70,173
				1,332,176
LEISURE PRODUCTS — 0.48%
Hasbro Inc.		932		69,518
Mattel Inc.		3,109		72,844
Polaris Industries Inc.		542		70,389
				212,751
LIFE SCIENCES TOOLS & SERVICES — 0.94%
Agilent Technologies Inc.		1,940		70,441
Illumina Inc.a		352		69,559
Mettler-Toledo International Inc.a		232		68,800
Quintiles Transnational Holdings Inc.a		939		69,965
Thermo Fisher Scientific Inc.		555		69,580
Waters Corp.a		570		69,187
				417,532
MACHINERY — 2.53%
AGCO Corp.		1,440		70,618
Caterpillar Inc.		925		70,707
Cummins Inc.		580		70,615
Deere & Co.		843		68,941
Dover Corp.		1,190		73,720
Flowserve Corp.		1,564		70,583
Illinois Tool Works Inc.		832		70,329
Ingersoll-Rand PLC		1,227		67,841
PACCAR Inc.		1,192		70,292
Parker-Hannifin Corp.		664		71,486
Pentair PLC		1,258		69,555
Snap-on Inc.		440		70,299
Stanley Black & Decker Inc.		704		71,470
WABCO Holdings Inc.a		606		69,884
Wabtec Corp./DE		733		70,192
Xylem Inc./NY		2,188		71,001
				1,127,533
MEDIA — 2.96%
Cablevision Systems Corp. Class A		2,950		74,251
CBS Corp. Class B NVS		1,540		69,670
Charter Communications Inc. Class Aa,b		389		70,646
Comcast Corp. Class A		1,039		58,527

Security	Shares		Value
Comcast Corp. Class A Special NVS		196	$	11,219
Discovery Communications Inc. Class Aa,b		947		25,190
Discovery Communications Inc. Class C NVSa,b		1,742		44,177
DISH Network Corp. Class Aa		1,153		68,338
Interpublic Group of Companies Inc. (The)		3,605		68,062
Liberty Global PLC Series Aa		434		20,884
Liberty Global PLC Series C NVSa		1,066		47,831
Liberty Media Corp. Class Aa		608		22,648
Liberty Media Corp. Class Ca		1,317		47,702
News Corp. Class Aa		5,151		70,208
Omnicom Group Inc.		1,007		67,449
Scripps Networks Interactive Inc. Class A		1,297		68,858
Sirius XM Holdings Inc.a		18,361		70,047
TEGNA Inc.		2,973		70,728
Time Warner Cable Inc.		369		68,641
Time Warner Inc.		957		68,043
Twenty-First Century Fox Inc. Class A		1,846		50,562
Twenty-First Century Fox Inc. Class B		644		17,813
Viacom Inc. Class B NVS		1,728		70,451
Walt Disney Co. (The)		695		70,807
				1,322,752
METALS & MINING — 0.68%
Alcoa Inc.		8,218		77,660
Freeport-McMoRan Inc.		8,089		86,067
Newmont Mining Corp.		4,122		70,362
Nucor Corp.		1,644		71,169
				305,258
MULTI-UTILITIES — 1.97%
Alliant Energy Corp.		1,188		67,324
Ameren Corp.		1,676		67,526
CenterPoint Energy Inc.		3,719		69,248
CMS Energy Corp.		2,036		66,740
Consolidated Edison Inc.		1,072		67,439
Dominion Resources Inc./VA		949		66,193
DTE Energy Co.		871		67,990
MDU Resources Group Inc.		4,064		72,786
PG&E Corp.		1,362		67,528
Public Service Enterprise Group Inc.		1,671		67,258
SCANA Corp.		1,277		67,541
Sempra Energy		686		65,067
WEC Energy Group Inc.		1,416		67,472
				880,112

42 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

August 31, 2015

Security	Shares		Value
MULTILINE RETAIL — 0.92%
Dollar General Corp.		900	$	67,041
Dollar Tree Inc.a		911		69,473
Kohl’s Corp.		1,355		69,146
Macy’s Inc.		1,174		68,808
Nordstrom Inc.		934		68,070
Target Corp.		902		70,094
				412,632
OIL, GAS & CONSUMABLE FUELS — 6.27%
Anadarko Petroleum Corp.		1,042		74,586
Antero Resources Corp.a,b		3,084		79,691
Apache Corp.		1,713		77,496
Cabot Oil & Gas Corp.		3,129		74,063
Cheniere Energy Inc.a		1,142		70,975
Chesapeake Energy Corp.b		11,053		86,324
Chevron Corp.		952		77,103
Cimarex Energy Co.		672		74,263
Cobalt International Energy Inc.a,b		8,394		67,236
Columbia Pipeline Group Inc.		2,846		72,175
Concho Resources Inc.a		720		77,875
ConocoPhillips		1,580		77,657
CONSOL Energy Inc.		5,445		82,927
Continental Resources Inc./OKa,b		2,526		81,085
Devon Energy Corp.		1,820		77,641
Energen Corp.		1,509		78,468
EOG Resources Inc.		975		76,352
EQT Corp.		936		72,840
Exxon Mobil Corp.		970		72,983
Hess Corp.		1,335		79,366
HollyFrontier Corp.		1,478		69,259
Kinder Morgan Inc./DE		2,227		72,177
Marathon Oil Corp.		4,747		82,076
Marathon Petroleum Corp.		1,523		72,053
Murphy Oil Corp.		2,478		76,818
Noble Energy Inc.		2,171		72,533
Occidental Petroleum Corp.		1,014		74,032
ONEOK Inc.		2,107		75,873
Phillips 66		945		74,721
Pioneer Natural Resources Co.		622		76,543
Range Resources Corp.		1,972		76,159
Southwestern Energy Co.a,b		4,509		73,226
Spectra Energy Corp.		2,551		74,158
Tesoro Corp.		752		69,192
Valero Energy Corp.		1,157		68,656
Whiting Petroleum Corp.a		4,528		87,526

Security	Shares		Value
Williams Companies Inc. (The)		1,492	$	71,914
				2,798,022
PAPER & FOREST PRODUCTS — 0.16%
International Paper Co.		1,638		70,663
				70,663
PERSONAL PRODUCTS — 0.31%
Edgewell Personal Care Co.		797		70,184
Estee Lauder Companies Inc. (The) Class A		881		70,277
				140,461
PHARMACEUTICALS — 2.18%
AbbVie Inc.		1,098		68,526
Allergan PLCa		229		69,557
Bristol-Myers Squibb Co.		1,152		68,509
Eli Lilly & Co.		852		70,162
Endo International PLCa		912		70,224
Hospira Inc.a		742		66,758
Jazz Pharmaceuticals PLCa		415		70,060
Johnson & Johnson		735		69,075
Mallinckrodt PLCa		847		73,045
Merck & Co. Inc.		1,303		70,167
Mylan NVa		1,357		67,294
Perrigo Co. PLC		374		68,431
Pfizer Inc.		2,127		68,532
Zoetis Inc.		1,566		70,266
				970,606
PROFESSIONAL SERVICES — 1.24%
Dun & Bradstreet Corp. (The)		659		69,834
Equifax Inc.		719		70,390
IHS Inc. Class Aa		593		68,800
ManpowerGroup Inc.		808		70,215
Nielsen Holdings PLC		1,557		70,423
Robert Half International Inc.		1,322		67,462
Towers Watson & Co. Class A		555		65,895
Verisk Analytics Inc. Class Aa		942		68,842
				551,861
REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.52%
American Capital Agency Corp.		3,493		66,821
American Tower Corp.		745		68,682
Annaly Capital Management Inc.		6,746		67,865
AvalonBay Communities Inc.		410		67,675
Boston Properties Inc.		613		69,502
Brixmor Property Group Inc.b		2,908		66,361
Camden Property Trust		933		67,204

SCHEDULES OF INVESTMENTS 43

Schedule of Investments (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

August 31, 2015

Security	Shares		Value
Communications Sales & Leasing Inc./CSL Capital LLCa,b		3,373	$	67,797
Crown Castle International Corp.		838		69,881
Digital Realty Trust Inc.b		1,078		68,259
Duke Realty Corp.b		3,785		68,357
Equinix Inc.		265		71,489
Equity Residential		967		68,899
Essex Property Trust Inc.		318		68,249
Extra Space Storage Inc.		952		69,953
Federal Realty Investment Trust		533		68,800
General Growth Properties Inc.		2,675		67,892
HCP Inc.		1,811		67,116
Health Care REIT Inc.		1,061		67,214
Host Hotels & Resorts Inc.		3,921		69,519
Iron Mountain Inc.		2,513		71,218
Kimco Realty Corp.		2,949		67,974
Liberty Property Trust		2,206		67,812
Macerich Co. (The)		916		69,781
Plum Creek Timber Co. Inc.b		1,749		67,319
Prologis Inc.		1,829		69,502
Public Storage		338		68,029
Realty Income Corp.		1,499		66,990
Regency Centers Corp.b		1,167		69,215
Simon Property Group Inc.		376		67,424
SL Green Realty Corp.b		654		67,696
UDR Inc.		2,140		69,122
Ventas Inc.		1,213		66,739
VEREIT Inc.		8,490		69,109
Vornado Realty Trust		786		68,531
Weyerhaeuser Co.		2,478		69,235
				2,463,231
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.46%
CBRE Group Inc. Class Aa		2,111		67,594
Jones Lang LaSalle Inc.		450		66,991
Realogy Holdings Corp.a		1,702		68,591
				203,176
ROAD & RAIL — 0.96%
CSX Corp.		2,634		72,119
Hertz Global Holdings Inc.a		4,062		74,863
JB Hunt Transport Services Inc.		921		67,030
Kansas City Southern		770		71,410
Norfolk Southern Corp.		916		71,365
Union Pacific Corp.		827		70,907
				427,694

Security	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.28%
Altera Corp.		1,432	$	69,524
Analog Devices Inc.		1,317		73,568
Applied Materials Inc.		4,491		72,238
Avago Technologies Ltd.b		614		77,345
Broadcom Corp. Class A		1,413		73,010
Freescale Semiconductor Ltd.a		1,943		69,423
Intel Corp.		2,577		73,548
KLA-Tencor Corp.		1,439		72,108
Lam Research Corp.		989		71,969
Linear Technology Corp.		1,782		71,779
Marvell Technology Group Ltd.		6,421		72,365
Maxim Integrated Products Inc.		2,170		73,064
Microchip Technology Inc.		1,684		71,570
Micron Technology Inc.a		4,671		76,651
NVIDIA Corp.		3,287		73,892
Qorvo Inc.a		1,338		74,272
Skyworks Solutions Inc.		827		72,238
SunEdison Inc.a,b		7,574		78,770
Texas Instruments Inc.		1,532		73,291
Xilinx Inc.		1,719		72,009
				1,462,634
SOFTWARE — 3.57%
Activision Blizzard Inc.		2,546		72,892
Adobe Systems Inc.a		894		70,242
ANSYS Inc.a		777		68,842
Autodesk Inc.a		1,384		64,702
CA Inc.		2,607		71,145
CDK Global Inc.		1,488		73,716
Citrix Systems Inc.a		1,007		68,587
Electronic Arts Inc.a		1,049		69,391
FireEye Inc.a,b		1,824		68,911
Intuit Inc.		834		71,516
Microsoft Corp.		1,647		71,677
NetSuite Inc.a,b		766		68,059
Nuance Communications Inc.a		4,179		68,828
Oracle Corp.		1,880		69,729
Red Hat Inc.a		967		69,827
salesforce.com inc.a		1,023		70,955
ServiceNow Inc.a		971		68,902
Splunk Inc.a		1,127		69,840
Symantec Corp.		3,351		68,662
Synopsys Inc.a		1,482		69,550
Tableau Software Inc. Class Aa		703		66,202

44 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

August 31, 2015

Security	Shares		Value
VMware Inc. Class Aa		821	$	64,982
Workday Inc. Class Aa		952		66,888
				1,594,045
SPECIALTY RETAIL — 3.44%
Advance Auto Parts Inc.		389		68,172
AutoNation Inc.a		1,154		69,055
AutoZone Inc.a,b		96		68,735
Bed Bath & Beyond Inc.a		1,110		68,942
Best Buy Co. Inc.		2,023		74,325
CarMax Inc.a,b		1,166		71,126
Dick’s Sporting Goods Inc.		1,418		71,084
Foot Locker Inc.		981		69,445
GameStop Corp. Class Ab		1,519		64,527
Gap Inc. (The)		2,102		68,967
Home Depot Inc. (The)		601		69,993
L Brands Inc.		856		71,819
Lowe’s Companies Inc.		995		68,824
O’Reilly Automotive Inc.a		288		69,140
Ross Stores Inc.		1,411		68,603
Signet Jewelers Ltd.		567		78,246
Staples Inc.		5,034		71,533
Tiffany & Co.		814		66,952
TJX Companies Inc. (The)		968		68,070
Tractor Supply Co.		803		68,504
Ulta Salon Cosmetics & Fragrance Inc.a		435		68,769
Urban Outfitters Inc.a		2,313		71,379
				1,536,210
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.16%
Apple Inc.		643		72,505
EMC Corp./MA		2,940		73,118
Hewlett-Packard Co.		2,595		72,816
NetApp Inc.		2,293		73,284
SanDisk Corp.		1,445		78,839
Seagate Technology PLC		1,439		73,965
Western Digital Corp.		887		72,698
				517,225
TEXTILES, APPAREL & LUXURY GOODS — 1.45%
Coach Inc.		2,347		70,997
Hanesbrands Inc.		2,360		71,060
lululemon athletica Inc.a,b		1,135		72,651
Michael Kors Holdings Ltd.a		1,692		73,534
NIKE Inc. Class B		644		71,967
PVH Corp.		610		72,578
Ralph Lauren Corp.		635		70,606

Security	Shares		Value
Under Armour Inc. Class Aa,b		766	$	73,176
VF Corp.		964		69,822
				646,391
THRIFTS & MORTGAGE FINANCE — 0.32%
Hudson City Bancorp Inc.		7,506		69,806
New York Community Bancorp Inc.		4,003		70,693
				140,499
TOBACCO — 0.46%
Altria Group Inc.		1,286		68,904
Philip Morris International Inc.		861		68,708
Reynolds American Inc.		813		68,088
				205,700
TRADING COMPANIES & DISTRIBUTORS — 0.48%
Fastenal Co.		1,801		69,411
United Rentals Inc.a		1,096		75,986
WW Grainger Inc.		312		69,713
				215,110
WATER UTILITIES — 0.15%
American Water Works Co. Inc.		1,298		67,418
				67,418
WIRELESS TELECOMMUNICATION SERVICES — 0.47%
SBA Communications Corp. Class Aa		586		69,265
Sprint Corp.a,b		14,489		73,315
T-Mobile U.S. Inc.a		1,748		69,238
				211,818
TOTAL COMMON STOCKS
(Cost: $44,240,680)				44,462,722
SHORT-TERM INVESTMENTS — 1.70%
MONEY MARKET FUNDS — 1.70%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		635,649		635,649
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		36,502		36,502
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		86,406		86,406
				758,557
TOTAL SHORT-TERM INVESTMENTS
(Cost: $758,557)				758,557

SCHEDULES OF INVESTMENTS 45

Schedule of Investments (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

August 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.32%
(Cost: $44,999,237)	$	45,221,279
Other Assets, Less Liabilities — (1.32)%		(589,414	)
NET ASSETS — 100.00%	$	44,631,865

NVS —  Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

46 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^® , INC.

August 31, 2015

	iShares MSCI Brazil Capped ETF			iShares MSCI Chile Capped ETF			iShares MSCI Colombia Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	1,969,404,623		$	227,467,483		$	20,522,100
Affiliated (Note 2)		2,312,655			478,553			19,541
Total cost of investments	$	1,971,717,278		$	227,946,036		$	20,541,641
Investments in securities, at fair value (Note 1):
Unaffiliated	$	1,977,924,756		$	233,865,202		$	14,228,505
Affiliated (Note 2)		2,312,655			478,553			19,541
Total fair value of investments		1,980,237,411			234,343,755			14,248,046
Foreign currency, at valuea		4,170,158			24,917			8,655
Receivables:
Investment securities sold		5,499,874			5,409,820			253,736
Dividends and interest		7,843,920			26,009			4,855
Capital shares sold		75,291,536			10,418,811			—
Total Assets		2,073,042,899			250,223,312			14,515,292
LIABILITIES
Payables:
Investment securities purchased		82,723,144			15,571,483			257,025
Investment advisory fees (Note 2)		1,184,706			115,454			7,611
Total Liabilities		83,907,850			15,686,937			264,636
NET ASSETS	$	1,989,135,049		$	234,536,375		$	14,250,656
Net assets consist of:
Paid-in capital	$	4,509,413,407		$	408,620,425		$	27,739,161
Undistributed (distributions in excess of) net investment income		(3,041,915	)		433,024			(84,898	)
Accumulated net realized loss		(2,524,324,750	)		(180,914,897	)		(7,109,221	)
Net unrealized appreciation (depreciation)		7,088,307			6,397,823			(6,294,386	)
NET ASSETS	$	1,989,135,049		$	234,536,375		$	14,250,656
Shares outstandingb		80,500,000			6,750,000			1,200,000
Net asset value per share	$	24.71		$	34.75		$	11.88

^a  Cost of foreign currency: $4,249,020, $24,963 and $9,213, respectively.

^b  $0.001 par value, number of shares authorized: 500 million, 200 million and 25 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Assets and Liabilities (Continued)

iSHARES^®, INC.

August 31, 2015

	iShares MSCI Israel Capped ETF			iShares MSCI Russia Capped ETF			iShares MSCI South Africa ETF
ASSETS
Investments, at cost:
Unaffiliated	$	152,702,128		$	338,318,378		$	501,389,723
Affiliated (Note 2)		4,352,471			313,635			988,488
Total cost of investments	$	157,054,599		$	338,632,013		$	502,378,211
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	125,749,450		$	211,600,768		$	372,196,172
Affiliated (Note 2)		4,352,471			313,635			988,488
Total fair value of investments		130,101,921			211,914,403			373,184,660
Foreign currency, at valueb		84,728			—			983,175
Cash		—			166,197			—
Receivables:
Investment securities sold		2,509,454			3,612,618			2,774,559
Dividends and interest		366,950			22,416			95,498
Capital shares sold		—			—			44,084
Total Assets		133,063,053			215,715,634			377,081,976
LIABILITIES
Payables:
Investment securities purchased		2,179,557			4,682,502			2,615,137
Collateral for securities on loan (Note 1)		4,332,212			—			922,085
Securities related to in-kind transactions (Note 4)		178,526			—			—
Investment advisory fees (Note 2)		87,890			120,827			198,483
Total Liabilities		6,778,185			4,803,329			3,735,705
NET ASSETS	$	126,284,868		$	210,912,305		$	373,346,271
Net assets consist of:
Paid-in capital	$	191,408,180		$	387,667,617		$	598,593,305
Undistributed net investment income		396,916			5,010,420			301,134
Accumulated net realized loss		(38,563,016	)		(55,040,152	)		(96,341,155	)
Net unrealized depreciation		(26,957,212	)		(126,725,580	)		(129,207,013	)
NET ASSETS	$	126,284,868		$	210,912,305		$	373,346,271
Shares outstandingc		2,500,000			16,850,000			6,500,000
Net asset value per share	$	50.51		$	12.52		$	57.44

^a  Securities on loan with values of $4,047,917, $  — and $877,856, respectively. See Note 1.

^b  Cost of foreign currency: $86,094, $  — and $996,045, respectively.

^c  $0.001 par value, number of shares authorized: 500 million, 1 billion and 400 million, respectively.

See notes to financial statements.

48 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Continued)

iSHARES^®, INC.

August 31, 2015

	iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF
ASSETS
Investments, at cost:
Unaffiliated	$	616,151,120		$	44,105,570
Affiliated (Note 2)		61,025,313			893,667
Total cost of investments	$	677,176,433		$	44,999,237
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	370,773,367		$	44,323,655
Affiliated (Note 2)		61,025,313			897,624
Total fair value of investments		431,798,680			45,221,279
Foreign currency, at valueb		207,291			—
Cash		—			33,326
Receivables:
Investment securities sold		64,724			17,306,324
Dividends and interest		219,610			104,517
Capital shares sold		—			49,534
Total Assets		432,290,305			62,714,980
LIABILITIES
Payables:
Investment securities purchased		—			17,305,381
Collateral for securities on loan (Note 1)		60,857,410			672,151
Capital shares redeemed		—			99,171
Investment advisory fees (Note 2)		208,347			6,412
Total Liabilities		61,065,757			18,083,115
NET ASSETS	$	371,224,548		$	44,631,865
Net assets consist of:
Paid-in capital	$	684,909,817		$	46,378,266
Undistributed (distributions in excess of) net investment income		(229,909	)		144,655
Accumulated net realized loss		(68,072,784	)		(2,113,098	)
Net unrealized appreciation (depreciation)		(245,382,576	)		222,042
NET ASSETS	$	371,224,548		$	44,631,865
Shares outstandingc		9,700,000			1,050,000
Net asset value per share	$	38.27		$	42.51

^a  Securities on loan with values of $57,691,030 and $590,425, respectively. See Note 1.

^b  Cost of foreign currency: $207,487 and $  — , respectively.

^c  $0.001 par value, number of shares authorized: 200 million and 500 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Operations

iSHARES^® , INC.

Year ended August 31, 2015

	iShares MSCI Brazil Capped ETF			iShares MSCI Chile Capped ETF			iShares MSCI Colombia Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	124,364,904		$	6,248,986		$	544,760	b
Interest — affiliated (Note 2)		151			48			4
Securities lending income — affiliated — net (Note 2)		—			—			4,573
Total investment income		124,365,055			6,249,034			549,337
EXPENSES
Investment advisory fees (Note 2)		22,930,693			1,705,573			104,511
Commitment fees (Note 7)		—			—			43
Total expenses		22,930,693			1,705,573			104,554
Net investment income		101,434,362			4,543,461			444,783
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(716,656,393	)		(29,627,717	)		(7,025,739	)
In-kind redemptions — unaffiliated		—			—			53,461
Foreign currency transactions		(6,711,011	)		(32,882	)		(90,904	)
Net realized loss		(723,367,404	)		(29,660,599	)		(7,063,182	)
Net change in unrealized appreciation/depreciation on:
Investments		(2,273,496,737	)		(38,552,002	)		(8,758,145	)
Translation of assets and liabilities in foreign currencies		(565,854	)		279			(752	)
Net change in unrealized appreciation/depreciation		(2,274,062,591	)		(38,551,723	)		(8,758,897	)
Net realized and unrealized loss		(2,997,429,995	)		(68,212,322	)		(15,822,079	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,895,995,633	)	$	(63,668,861	)	$	(15,377,296	)

^a Net of foreign withholding tax of $9,416,042, $1,610,985 and $4,343, respectively.

^b Includes $125,018 related to a distribution from Ecopetrol SA.

See notes to financial statements.

50 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Continued)

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI Israel Capped ETF			iShares MSCI Russia Capped ETF			iShares MSCI South Africa ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	3,758,451		$	10,192,876		$	11,539,661
Interest — affiliated (Note 2)		4			613			13
Securities lending income — affiliated — net (Note 2)		104,676			—			9,553
Total investment income		3,863,131			10,193,489			11,549,227
EXPENSES
Investment advisory fees (Note 2)		778,200			1,596,025			2,791,571
Total expenses		778,200			1,596,025			2,791,571
Net investment income		3,084,931			8,597,464			8,757,656
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,778,392	)		(33,492,242	)		(26,526,073	)
In-kind redemptions — unaffiliated		10,357,264			4,468,617			25,191,811
Foreign currency transactions		(27,600	)		(466,252	)		(226,091	)
Net realized gain (loss)		3,551,272			(29,489,877	)		(1,560,353	)
Net change in unrealized appreciation/depreciation on:
Investments		(10,070,580	)		(57,253,799	)		(101,916,291	)
Translation of assets and liabilities in foreign currencies		(2,452	)		(727	)		(18,521	)
Net change in unrealized appreciation/depreciation		(10,073,032	)		(57,254,526	)		(101,934,812	)
Net realized and unrealized loss		(6,521,760	)		(86,744,403	)		(103,495,165	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,436,829	)	$	(78,146,939	)	$	(94,737,509	)

^a  Net of foreign withholding tax of $850,330, $1,605,054 and $1,932,415, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Operations (Continued)

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	12,438,889	b	$	1,030,310
Dividends — affiliated (Note 2)		—			5,848
Interest — affiliated (Note 2)		19			6
Securities lending income — affiliated — net (Note 2)		1,426,620			3,279
Total investment income		13,865,528			1,039,443
EXPENSES
Investment advisory fees (Note 2)		2,927,726			79,043
Total expenses		2,927,726			79,043
Net investment income		10,937,802			960,400
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(25,213,091	)		(1,969,621	)
Investments — affiliated (Note 2)		—			(3,589	)
In-kind redemptions — unaffiliated		223,582			5,143,298
In-kind redemptions — affiliated (Note 2)		—			20,981
Foreign currency transactions		(276,391	)		—
Net realized gain (loss)		(25,265,900	)		3,191,069
Net change in unrealized appreciation/depreciation on:
Investments		(161,937,010	)		(3,583,310	)
Translation of assets and liabilities in foreign currencies		905			—
Net change in unrealized appreciation/depreciation		(161,936,105	)		(3,583,310	)
Net realized and unrealized loss		(187,202,005	)		(392,241	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(176,264,203	)	$	568,159

^a Net of foreign withholding tax of $1,385,926 and $244, respectively.

^b Includes $3,578,333 related to a special distribution from Turkcell Iletisim Hizmetleri AS.

See notes to financial statements.

52 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® , INC.

	iShares MSCI Brazil Capped ETF						iShares MSCI Chile Capped ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	101,434,362		$	158,393,234		$	4,543,461		$	5,077,041
Net realized loss		(723,367,404	)		(24,456,910	)		(29,660,599	)		(41,001,966	)
Net change in unrealized appreciation/depreciation		(2,274,062,591	)		1,185,606,681			(38,551,723	)		(2,259,337	)
Net increase (decrease) in net assets resulting from operations		(2,895,995,633	)		1,319,543,005			(63,668,861	)		(38,184,262	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(96,651,627	)		(151,885,117	)		(4,099,138	)		(4,758,168	)
Total distributions to shareholders		(96,651,627	)		(151,885,117	)		(4,099,138	)		(4,758,168	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,005,630,203			2,103,462,834			172,176,839			306,288,062
Cost of shares redeemed		(2,473,533,229	)		(2,805,065,721	)		(222,371,918	)		(275,735,795	)
Net increase (decrease) in net assets from capital share transactions		(467,903,026	)		(701,602,887	)		(50,195,079	)		30,552,267
INCREASE (DECREASE) IN NET ASSETS		(3,460,550,286	)		466,055,001			(117,963,078	)		(12,390,163	)
NET ASSETS
Beginning of year		5,449,685,335			4,983,630,334			352,499,453			364,889,616
End of year	$	1,989,135,049		$	5,449,685,335		$	234,536,375		$	352,499,453
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(3,041,915	)	$	(3,286,174	)	$	433,024		$	21,583
SHARES ISSUED AND REDEEMED
Shares sold		49,050,000			45,450,000			4,200,000			6,450,000
Shares redeemed		(70,200,000	)		(61,000,000	)		(5,550,000	)		(6,000,000	)
Net increase (decrease) in shares outstanding		(21,150,000	)		(15,550,000	)		(1,350,000	)		450,000

See notes to financial statements.

FINANCIAL STATEMENTS 53

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Colombia Capped ETF						iShares MSCI Israel Capped ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	444,783		$	537,807		$	3,084,931		$	1,855,705
Net realized gain (loss)		(7,063,182	)		(126,286	)		3,551,272			10,422,925
Net change in unrealized appreciation/depreciation		(8,758,897	)		2,091,159			(10,073,032	)		4,245,175
Net increase (decrease) in net assets resulting from operations		(15,377,296	)		2,502,680			(3,436,829	)		16,523,805
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(438,777	)		(523,757	)		(2,707,351	)		(2,015,418	)
From net realized gain		—			(24,565	)		—			—
Return of capital		(7,256	)		(10,400	)		—			—
Total distributions to shareholders		(446,033	)		(558,722	)		(2,707,351	)		(2,015,418	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		11,677,734			5,263,753			155,183,874			124,975,600
Cost of shares redeemed		(6,999,421	)		—			(144,400,134	)		(88,548,464	)
Net increase in net assets from capital share transactions		4,678,313			5,263,753			10,783,740			36,427,136
INCREASE (DECREASE) IN NET ASSETS		(11,145,016	)		7,207,711			4,639,560			50,935,523
NET ASSETS
Beginning of year		25,395,672			18,187,961			121,645,308			70,709,785
End of year	$	14,250,656		$	25,395,672		$	126,284,868		$	121,645,308
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(84,898	)	$	—		$	396,916		$	(29,486	)
SHARES ISSUED AND REDEEMED
Shares sold		750,000			200,000			2,900,000			2,500,000
Shares redeemed		(450,000	)		—			(2,800,000	)		(1,750,000	)
Net increase in shares outstanding		300,000			200,000			100,000			750,000

See notes to financial statements.

54 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Russia Capped ETF						iShares MSCI South Africa ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	8,597,464		$	9,621,213		$	8,757,656		$	13,130,204
Net realized gain (loss)		(29,489,877	)		(22,363,897	)		(1,560,353	)		38,061,399
Net change in unrealized appreciation/depreciation		(57,254,526	)		(21,103,770	)		(101,934,812	)		57,102,013
Net increase (decrease) in net assets resulting from operations		(78,146,939	)		(33,846,454	)		(94,737,509	)		108,293,616
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(10,822,184	)		(2,160,831	)		(9,092,367	)		(12,294,677	)
Total distributions to shareholders		(10,822,184	)		(2,160,831	)		(9,092,367	)		(12,294,677	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		110,271,226			333,077,754			193,254,026			281,249,453
Cost of shares redeemed		(100,165,085	)		(317,805,980	)		(303,473,517	)		(337,422,079	)
Net increase (decrease) in net assets from capital share transactions		10,106,141			15,271,774			(110,219,491	)		(56,172,626	)
INCREASE (DECREASE) IN NET ASSETS		(78,862,982	)		(20,735,511	)		(214,049,367	)		39,826,313
NET ASSETS
Beginning of year		289,775,287			310,510,798			587,395,638			547,569,325
End of year	$	210,912,305		$	289,775,287		$	373,346,271		$	587,395,638
Undistributed net investment income included in net assets at end of year	$	5,010,420		$	7,650,856		$	301,134		$	836,307
SHARES ISSUED AND REDEEMED
Shares sold		8,450,000			16,800,000			2,900,000			4,300,000
Shares redeemed		(7,400,000	)		(16,650,000	)		(4,700,000	)		(5,300,000	)
Net increase (decrease) in shares outstanding		1,050,000			150,000			(1,800,000	)		(1,000,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 55

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Turkey ETF						iShares MSCI USA Equal Weighted ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	10,937,802		$	8,452,557		$	960,400		$	2,391,477
Net realized gain (loss)		(25,265,900	)		4,401,805			3,191,069			56,924,794
Net change in unrealized appreciation/depreciation		(161,936,105	)		93,555,911			(3,583,310	)		(29,707,398	)
Net increase (decrease) in net assets resulting from operations		(176,264,203	)		106,410,273			568,159			29,608,873
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(10,891,320	)		(8,703,391	)		(949,728	)		(2,876,350	)
Total distributions to shareholders		(10,891,320	)		(8,703,391	)		(949,728	)		(2,876,350	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		224,563,809			364,224,026			32,136,610			48,587,993
Cost of shares redeemed		(181,550,574	)		(382,640,118	)		(34,514,668	)		(207,759,194	)
Net increase (decrease) in net assets from capital share transactions		43,013,235			(18,416,092	)		(2,378,058	)		(159,171,201	)
INCREASE (DECREASE) IN NET ASSETS		(144,142,288	)		79,290,790			(2,759,627	)		(132,438,678	)
NET ASSETS
Beginning of year		515,366,836			436,076,046			47,391,492			179,830,170
End of year	$	371,224,548		$	515,366,836		$	44,631,865		$	47,391,492
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(229,909	)	$	—		$	144,655		$	133,983
SHARES ISSUED AND REDEEMED
Shares sold		4,150,000			7,500,000			750,000			1,250,000
Shares redeemed		(3,700,000	)		(7,150,000	)		(800,000	)		(5,250,000	)
Net increase (decrease) in shares outstanding		450,000			350,000			(50,000	)		(4,000,000	)

See notes to financial statements.

56 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® , INC.

(For a share outstanding throughout each period)

	iShares MSCI Brazil Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	53.61		$	42.52		$	52.61		$	65.00		$	68.07
Income from investment operations:
Net investment incomea		1.00			1.56			1.59			1.73			2.24
Net realized and unrealized gain (loss)b		(28.87	)		11.08			(10.32	)		(12.64	)		(1.69	)
Total from investment operations		(27.87	)		12.64			(8.73	)		(10.91	)		0.55
Less distributions from:
Net investment income		(1.03	)		(1.55	)		(1.36	)		(0.56	)		(3.62	)
Return of capital		—			—			—			(0.92	)		—
Total distributions		(1.03	)		(1.55	)		(1.36	)		(1.48	)		(3.62	)
Net asset value, end of year	$	24.71		$	53.61		$	42.52		$	52.61		$	65.00
Total return		(52.49	)%		30.33	%		(16.85	)%		(16.79	)%		0.36	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	1,989,135		$	5,449,685		$	4,983,630		$	7,370,617		$	11,332,121
Ratio of expenses to average net assets		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%
Ratio of net investment income to average net assets		2.73	%		3.37	%		3.02	%		2.92	%		3.08	%
Portfolio turnover ratec		63	%		54	%		56	%		7	%		11	%

^a Based on average shares outstanding throughout each period.

^b 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.

^c Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the years ended August 31, 2015, August 31, 2014, August 31, 2013, August 31, 2012, and August 31, 2011 were 48%, 11%, 20%, 6%, and 11%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 57

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Chile Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	43.52		$	47.70		$	60.31		$	67.11		$	67.37
Income from investment operations:
Net investment incomea		0.66			0.69			0.68			0.97			0.95
Net realized and unrealized lossb		(8.81	)		(4.18	)		(12.58	)		(6.80	)		(0.23	)
Total from investment operations		(8.15	)		(3.49	)		(11.90	)		(5.83	)		0.72
Less distributions from:
Net investment income		(0.62	)		(0.69	)		(0.68	)		(0.92	)		(0.98	)
Return of capital		—			—			(0.03	)		(0.05	)		(0.00	)c
Total distributions		(0.62	)		(0.69	)		(0.71	)		(0.97	)		(0.98	)
Net asset value, end of year	$	34.75		$	43.52		$	47.70		$	60.31		$	67.11
Total return		(18.85	)%		(7.40	)%		(19.87	)%		(8.68	)%		0.93	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	234,536		$	352,499		$	364,890		$	548,797		$	708,018
Ratio of expenses to average net assets		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%
Ratio of net investment income to average net assets		1.64	%		1.49	%		1.12	%		1.55	%		1.30	%
Portfolio turnover rated		71	%		91	%		34	%		48	%		38	%

^a Based on average shares outstanding throughout each period.

^b 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.

^c Rounds to less than $0.01.

^d Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the years ended August 31, 2015, August 31, 2014, August 31, 2013, August 31, 2012, and August 31, 2011 were 10%, 11%, 16%, 20%, and 12%, respectively. See Note 4.

See notes to financial statements.

58 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Colombia Capped ETF

	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Period from Jun. 18, 2013a to Aug. 31, 2013
Net asset value, beginning of period	$	28.22		$	25.98		$	25.28
Income from investment operations:
Net investment incomeb		0.46	c		0.67			0.03
Net realized and unrealized gain (loss)d		(16.34	)		2.24			0.67
Total from investment operations		(15.88	)		2.91			0.70
Less distributions from:
Net investment income		(0.45	)		(0.63	)		—
Net realized gain		—			(0.03	)		—
Return of capital		(0.01	)		(0.01	)		—
Total distributions		(0.46	)		(0.67	)		—
Net asset value, end of period	$	11.88		$	28.22		$	25.98
Total return		(56.73	)%		11.44	%		2.77	%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	14,251		$	25,396		$	18,188
Ratio of expenses to average net assetsf		0.61	%		0.61	%		0.61	%
Ratio of net investment income to average net assetsf		2.60	%c		2.54	%		0.61	%
Portfolio turnover rateg		86	%		34	%		2	%

^a Commencement of operations.

^b Based on average shares outstanding throughout each period.

^c Includes a distribution from Ecopetrol SA. Excluding such distribution, the net investment income would have been $0.33 per share and 1.87% of average net assets.

^d 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.

^e Not annualized.

^f Annualized for periods of less than one year.

^g Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the years ended August 31, 2015, August 31, 2014 and for the period ended August 31, 2013 were 49%, 33% and 2%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Israel Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	50.69		$	42.85		$	37.25		$	45.89		$	49.41
Income from investment operations:
Net investment incomea		1.23			0.87			0.95			1.12			1.39
Net realized and unrealized gain (loss)b		(0.34	)		7.95			5.68			(8.66	)		(3.18	)
Total from investment operations		0.89			8.82			6.63			(7.54	)		(1.79	)
Less distributions from:
Net investment income		(1.07	)		(0.98	)		(1.03	)		(1.07	)		(1.73	)
Return of capital		—			—			—			(0.03	)		—
Total distributions		(1.07	)		(0.98	)		(1.03	)		(1.10	)		(1.73	)
Net asset value, end of year	$	50.51		$	50.69		$	42.85		$	37.25		$	45.89
Total return		1.80	%		20.67	%		17.82	%		(16.52	)%		(4.26	)%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	126,285		$	121,645		$	70,710		$	68,912		$	78,018
Ratio of expenses to average net assets		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%
Ratio of net investment income to average net assets		2.45	%		1.74	%		2.20	%		2.75	%		2.49	%
Portfolio turnover ratec		14	%		15	%		14	%		20	%		17	%

^a Based on average shares outstanding throughout each period.

^b 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.

^c 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.

60 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Russia Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Period from Nov. 9, 2010a to Aug. 31, 2011
Net asset value, beginning of period	$	18.34		$	19.84		$	21.15		$	25.13		$	25.00
Income from investment operations:
Net investment incomeb		0.47			0.63			0.62			0.50			0.45
Net realized and unrealized gain (loss)c		(5.63	)		(2.00	)		(1.35	)		(4.00	)		0.03
Total from investment operations		(5.16	)		(1.37	)		(0.73	)		(3.50	)		0.48
Less distributions from:
Net investment income		(0.66	)		(0.13	)		(0.58	)		(0.48	)		(0.35	)
Total distributions		(0.66	)		(0.13	)		(0.58	)		(0.48	)		(0.35	)
Net asset value, end of period	$	12.52		$	18.34		$	19.84		$	21.15		$	25.13
Total return		(27.57	)%		(7.00	)%		(3.40	)%		(13.75	)%		1.76	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	210,912		$	289,775		$	310,511		$	147,026		$	111,835
Ratio of expenses to average net assetse		0.62	%		0.62	%		0.61	%		0.61	%		0.58	%
Ratio of net investment income to average net assetse		3.33	%		3.14	%		2.87	%		2.22	%		1.99	%
Portfolio turnover ratef		19	%		15	%		14	%		16	%		22	%

^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 61

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI South Africa ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	70.77		$	58.88		$	64.65		$	69.06		$	58.74
Income from investment operations:
Net investment incomea		1.28			1.57			1.32			2.10			1.65
Net realized and unrealized gain (loss)b		(13.24	)		11.86			(5.31	)		(4.41	)		11.08
Total from investment operations		(11.96	)		13.43			(3.99	)		(2.31	)		12.73
Less distributions from:
Net investment income		(1.37	)		(1.54	)		(1.78	)		(2.10	)		(2.41	)
Total distributions		(1.37	)		(1.54	)		(1.78	)		(2.10	)		(2.41	)
Net asset value, end of year	$	57.44		$	70.77		$	58.88		$	64.65		$	69.06
Total return		(17.07	)%		23.13	%		(6.35	)%		(3.17	)%		21.58	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	373,346		$	587,396		$	547,569		$	471,922		$	504,102
Ratio of expenses to average net assets		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%
Ratio of net investment income to average net assets		1.94	%		2.40	%		2.08	%		3.26	%		2.38	%
Portfolio turnover ratec		9	%		6	%		5	%		4	%		4	%

^a Based on average shares outstanding throughout each period.

^b 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.

^c 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.

62 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Turkey ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	55.72		$	49.00		$	56.13		$	47.73		$	60.81
Income from investment operations:
Net investment incomea		1.13	b		0.85			1.07			0.86			0.84
Net realized and unrealized gain (loss)c		(17.49	)		6.75			(7.08	)		8.70			(12.59	)
Total from investment operations		(16.36	)		7.60			(6.01	)		9.56			(11.75	)
Less distributions from:
Net investment income		(1.09	)		(0.88	)		(1.12	)		(1.16	)		(1.33	)
Total distributions		(1.09	)		(0.88	)		(1.12	)		(1.16	)		(1.33	)
Net asset value, end of year	$	38.27		$	55.72		$	49.00		$	56.13		$	47.73
Total return		(29.69	)%		15.52	%		(11.05	)%		20.37	%		(19.74	)%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	371,225		$	515,367		$	436,076		$	561,284		$	448,677
Ratio of expenses to average net assets		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%
Ratio of net investment income to average net assets		2.31	%b		1.64	%		1.67	%		1.75	%		1.30	%
Portfolio turnover rated		6	%		8	%		9	%		9	%		12	%

^a Based on average shares outstanding throughout each period.

^b Includes a special distribution from Turkcell Iletisim Hizmetleri AS. Excluding such special distribution, the net investment income would have been $0.76 per share and 1.55% of average net assets.

^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 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 63

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI USA Equal Weighted ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	43.08		$	35.26		$	30.31		$	26.17		$	22.44
Income from investment operations:
Net investment incomea		0.80			0.71			0.69			0.59			0.51
Net realized and unrealized gain (loss)b		(0.57	)		8.01			4.96			3.94			3.73
Total from investment operations		0.23			8.72			5.65			4.53			4.24
Less distributions from:
Net investment income		(0.80	)		(0.90	)		(0.70	)		(0.39	)		(0.51	)
Total distributions		(0.80	)		(0.90	)		(0.70	)		(0.39	)		(0.51	)
Net asset value, end of year	$	42.51		$	43.08		$	35.26		$	30.31		$	26.17
Total return		0.48	%		24.98	%		18.85	%		17.44	%		18.89	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	44,632		$	47,391		$	179,830		$	145,470		$	5,233
Ratio of expenses to average net assets		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Ratio of net investment income to average net assets		1.82	%		1.82	%		2.10	%		2.04	%		1.90	%
Portfolio turnover ratec		39	%		6	%		5	%		6	%		8	%

^a Based on average shares outstanding throughout each period.

^b 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.

^c 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.

64 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

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
MSCI Brazil Capped		Non-diversified
MSCI Chile Capped		Non-diversified
MSCI Colombia Capped		Non-diversified
MSCI Israel Capped		Non-diversified

iShares ETF	Diversification Classification
MSCI Russia Capped		Non-diversified
MSCI South Africa		Non-diversified
MSCI Turkey		Non-diversified
MSCI USA Equal Weighteda		Diversified

^a  Formerly the iShares MSCI USA ETF.

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.

FUND REORGANIZATION

On January 26, 2015, the iShares MSCI Russia Capped ETF, a series of iShares, Inc. (the “Successor Fund”), acquired all the net assets of the iShares MSCI Russia Capped ETF, which operated as a series of iShares MSCI Russia Capped ETF, Inc. (the “Predecessor Fund”), pursuant to a plan of reorganization approved by the shareholders of the Predecessor Fund on January 16, 2015 (the “Reorganization”). The U.S. Securities and Exchange Commission (“SEC”) staff expressed the view that, as a result of the Predecessor Fund being a series of iShares MSCI Russia Capped ETF Inc., the Predecessor Fund was not covered by the iShares exemptive relief that permits various iShares funds to operate as exchange-traded funds. The purpose of the Reorganization was to address the SEC staff’s concerns on a going forward basis. The Successor Fund has the same investment objective, investment strategy, index methodology, risks, policies and expenses as the Predecessor Fund.

Each shareholder of the Predecessor Fund received shares of the Successor Fund in an amount equal to the aggregate net asset value of such shareholder’s Predecessor Fund shares, as determined before market open of business on January 26, 2015. The Reorganization was accomplished by a tax-free exchange of 19,900,000 shares of the Successor Fund for 19,900,000 shares of the Predecessor Fund at a conversion rate of 1.0.

The Predecessor Fund’s fair value and cost of investments prior to the Reorganization was $246,211,923 and $398,080,360, respectively. Prior to the Reorganization, the Successor Fund had not yet commenced operations and had no assets or liabilities. As a result of the Reorganization, the Successor Fund assumed the performance and accounting history of the Predecessor Fund. The aggregate net assets of the Successor Fund immediately after the Reorganization amounted to $246,588,913.

Since this was a non-taxable merger, for financial reporting purposes, assets received and shares issued by the Successor Fund were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward. The Successor Fund retained, without limitation, all the loss carryforwards of the Predecessor Fund.

NOTES TO FINANCIAL STATEMENTS 65

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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”).

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

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

66 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

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

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

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

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of August 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1		Level 2		Level 3		Total
MSCI Brazil Capped
Investments:
Assets:
Common Stocks	$	1,299,593,204	$	—	$	—	$	1,299,593,204
Preferred Stocks		678,331,552		—		—		678,331,552
Money Market Funds		2,312,655		—		—		2,312,655
Total	$	1,980,237,411	$	—	$	—	$	1,980,237,411
MSCI Chile Capped
Investments:
Assets:
Common Stocks	$	218,537,353	$	—	$	—	$	218,537,353
Preferred Stocks		15,327,849		—		—		15,327,849
Money Market Funds		478,553		—		—		478,553
Total	$	234,343,755	$	—	$	—	$	234,343,755
MSCI Colombia Capped
Investments:
Assets:
Common Stocks	$	10,465,213	$	—	$	—	$	10,465,213
Preferred Stocks		3,763,292		—		—		3,763,292
Money Market Funds		19,541		—		—		19,541
Total	$	14,248,046	$	—	$	—	$	14,248,046

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements (Continued)

iSHARES^®, INC.

iShares ETF	Level 1		Level 2		Level 3		Total
MSCI Israel Capped
Investments:
Assets:
Common Stocks	$	125,749,450	$	—	$	—	$	125,749,450
Money Market Funds		4,352,471		—		—		4,352,471
Total	$	130,101,921	$	—	$	—	$	130,101,921
MSCI Russia Capped
Investments:
Assets:
Common Stocks	$	196,829,540	$	—	$	—	$	196,829,540
Preferred Stocks		14,771,228		—		—		14,771,228
Money Market Funds		313,635		—		—		313,635
Total	$	211,914,403	$	—	$	—	$	211,914,403
MSCI South Africa
Investments:
Assets:
Common Stocks	$	372,194,192	$	—	$	1,980	$	372,196,172
Money Market Funds		988,488		—		—		988,488
Total	$	373,182,680	$	—	$	1,980	$	373,184,660
MSCI Turkey
Investments:
Assets:
Common Stocks	$	370,773,367	$	—	$	—	$	370,773,367
Money Market Funds		61,025,313		—		—		61,025,313
Total	$	431,798,680	$	—	$	—	$	431,798,680
MSCI USA Equal Weighted
Investments:
Assets:
Common Stocks	$	44,462,722	$	—	$	—	$	44,462,722
Money Market Funds		758,557		—		—		758,557
Total	$	45,221,279	$	—	$	—	$	45,221,279

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of August 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

68 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (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 August 31, 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 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. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by 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 August 31, 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 securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any

NOTES TO FINANCIAL STATEMENTS 69

Notes to Financial Statements (Continued)

iSHARES^®, INC.

securities on loan as of August 31, 2015 and the total 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.

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 securities lending agreements which are subject to offset under an MSLA as of August 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
MSCI Israel Capped	$	4,047,917	$	4,047,917	$	—
MSCI South Africa		877,856		877,856		—
MSCI Turkey		57,691,030		57,691,030		—
MSCI USA Equal Weighted		590,425		590,425		—

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the iShares MSCI Brazil Capped, iShares MSCI Chile Capped, iShares MSCI Israel Capped, iShares MSCI Russia Capped, iShares MSCI South Africa and iShares MSCI Turkey ETFs, BFA is entitled to an

70 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.74	%	First $2 billion
	0.69		Over $2 billion, up to and including $4 billion
	0.64		Over $4 billion, up to and including $8 billion
	0.57		Over $8 billion, up to and including $16 billion
	0.51		Over $16 billion, up to and including $32 billion
	0.45		Over $32 billion

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
MSCI Colombia Capped		0.61	%
MSCI USA Equal Weighted		0.15

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, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 71.5% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.

Pursuant to a securities lending agreement, the iShares MSCI Brazil Capped, iShares MSCI Chile Capped, iShares MSCI Colombia Capped, iShares MSCI Israel Capped, iShares Russia Capped, iShares MSCI South Africa and iShares MSCI Turkey ETFs (the “Group 2 Funds”), retain 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, the Group 1 Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 75% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will receive 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.

NOTES TO FINANCIAL STATEMENTS 71

Notes to Financial Statements (Continued)

iSHARES^®, INC.

Prior to January 1, 2015, the Group 1 Fund retained 70% of securities lending income and each Group 2 Fund retained 75% of securities lending income, and the amount retained was never less than 65% 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, the Group 1 Fund retained for the remainder of the calendar year 2014, 75% of securities lending income and each Group 2 Fund retained 80% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the year ended August 31, 2015, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Colombia Capped	$	1,220
MSCI Israel Capped		27,932
MSCI South Africa		3,110
MSCI Turkey		399,698
MSCI USA Equal Weighted		1,560

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 year ended August 31, 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.

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the year ended August 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Year		Shares Purchased		Shares Sold			Shares Held at End of Year		Value at End of Year		Dividend Income		Net Realized Gain (Loss)
MSCI USA Equal Weighted
BlackRock Inc.		338		225		(337	)		226	$	68,358	$	3,058	$	5,252
PNC Financial Services Group Inc. (The)		1,343		926		(1,493	)		776		70,709		2,790		12,140
										$	139,067	$	5,848	$	17,392

72 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 year ended August 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil Capped	$	2,352,284,666	$	2,817,862,121
MSCI Chile Capped		199,991,925		249,623,276
MSCI Colombia Capped		19,706,159		15,128,559
MSCI Israel Capped		19,080,782		17,696,508
MSCI Russia Capped		59,165,287		48,624,677
MSCI South Africa		39,669,933		39,909,493
MSCI Turkey		29,145,325		29,684,653
MSCI USA Equal Weighted		20,797,298		20,599,587

In-kind transactions (see Note 4) for the year ended August 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Colombia Capped	$	950,697	$	466,142
MSCI Israel Capped		153,612,682		144,062,182
MSCI Russia Capped		80,047,954		82,061,190
MSCI South Africa		192,826,938		302,469,725
MSCI Turkey		224,252,540		180,980,620
MSCI USA Equal Weighted		32,011,446		34,292,007

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.

NOTES TO FINANCIAL STATEMENTS 73

Notes to Financial Statements (Continued)

iSHARES^®, INC.

5. PRINCIPAL RISKS

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 equity 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, except for the iShares MSCI USA Equal Weighted ETF, each 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 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.

Each Fund, except for the iShares MSCI USA Equal Weighted ETF, each invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

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 MSCI Russia Capped 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

74 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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.

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.

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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of August 31, 2015, attributable to passive foreign investment companies, the expiration of capital loss carryforwards, foreign currency transactions and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized  Loss
MSCI Brazil Capped	$	—		$	(4,538,476	)	$	4,538,476
MSCI Chile Capped		—			(32,882	)		32,882
MSCI Colombia Capped		(20,786	)		(90,904	)		111,690
MSCI Israel Capped		7,527,678			48,822			(7,576,500	)
MSCI Russia Capped		(4,903,001	)		(415,716	)		5,318,717
MSCI South Africa		13,193,993			(200,462	)		(12,993,531	)
MSCI Turkey		(13,519,010	)		(276,391	)		13,795,401
MSCI USA Equal Weighted		5,044,802			—			(5,044,802	)

NOTES TO FINANCIAL STATEMENTS 75

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The tax character of distributions paid during the years ended August 31, 2015 and August 31, 2014 was as follows:

iShares ETF	2015		2014
MSCI Brazil Capped
Ordinary income	$	96,651,627	$	151,885,117
MSCI Chile Capped
Ordinary income	$	4,099,138	$	4,758,168
MSCI Colombia Capped
Ordinary income	$	438,777	$	548,322
Return of Capital		7,256		10,400
	$	446,033	$	558,722
MSCI Israel Capped
Ordinary income	$	2,707,351	$	2,015,418
MSCI Russia Capped
Ordinary income	$	10,822,184	$	2,160,831
MSCI South Africa
Ordinary income	$	9,092,367	$	12,294,677
MSCI Turkey
Ordinary income	$	10,891,320	$	8,703,391
MSCI USA Equal Weighted
Ordinary income	$	949,728	$	2,876,350

As of August 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains  (Losses) a			Qualified Late-Year Losses b			Total
MSCI Brazil Capped	$	683,072	$	(1,251,329,016	)	$	(564,687,744	)	$	(704,944,670	)	$	(2,520,278,358	)
MSCI Chile Capped		433,024		(104,872,743	)		(23,992,090	)		(45,652,241	)		(174,084,050	)
MSCI Colombia Capped		—		(67,112	)		(10,845,258	)		(2,576,135	)		(13,488,505	)
MSCI Israel Capped		397,261		(33,335,594	)		(27,801,403	)		(4,383,576	)		(65,123,312	)
MSCI Russia Capped		5,028,663		(20,431,060	)		(140,031,505	)		(21,321,410	)		(176,755,312	)
MSCI South Africa		1,801,926		(70,652,777	)		(139,232,676	)		(17,163,507	)		(225,247,034	)
MSCI Turkey		—		(40,436,025	)		(259,310,083	)		(13,939,161	)		(313,685,269	)
MSCI USA Equal Weighted		144,655		(169,304	)		(313,537	)		(1,408,215	)		(1,746,401	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^b  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending next taxable year.

76 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

As of August 31, 2015, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Brazil Capped	$	1,053,102,706	$	—	$	—	$	198,226,310	$	—	$	1,251,329,016
MSCI Chile Capped		90,296,781		—		1,886,881		11,712,090		976,991		104,872,743
MSCI Colombia Capped		67,112		—		—		—		—		67,112
MSCI Israel Capped		14,619,675		—		784,479		10,801,191		7,130,249		33,335,594
MSCI Russia Capped		20,431,060		—		—		—		—		20,431,060
MSCI South Africa		33,347,782		972,024		15,339,464		14,856,365		6,137,142		70,652,777
MSCI Turkey		29,873,468		—		720,636		5,982,737		3,859,184		40,436,025
MSCI USA Equal Weighted		169,304		—		—		—		—		169,304

^a  Must be utilized prior to losses subject to expiration.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of August 31, 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)
MSCI Brazil Capped	$	2,544,185,775	$	486,403,770	$	(1,050,352,134	)	$	(563,948,364	)
MSCI Chile Capped		258,335,949		25,817,520		(49,809,714	)		(23,992,194	)
MSCI Colombia Capped		25,092,512		—		(10,844,466	)		(10,844,466	)
MSCI Israel Capped		157,898,790		50,182		(27,847,051	)		(27,796,869	)
MSCI Russia Capped		351,937,938		502,273		(140,525,808	)		(140,023,535	)
MSCI South Africa		512,403,874		10,940,288		(150,159,502	)		(139,219,214	)
MSCI Turkey		691,103,940		474,284		(259,779,544	)		(259,305,260	)
MSCI USA Equal Weighted		45,534,816		1,655,361		(1,968,898	)		(313,537	)

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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. LINE OF CREDIT

The iShares MSCI Colombia Capped ETF, along with certain other iShares funds, are parties to a $150 million credit agreement with State Street Bank and Trust Company, which expires on October 28, 2015. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

NOTES TO FINANCIAL STATEMENTS 77

Notes to Financial Statements (Continued)

iSHARES^®, INC.

On September 17, 2015, the Board amended the terms of the credit agreement as follows: (i) increased the maximum borrowing amount to $250 million; (ii) increased the commitment fee to 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed; and (iii) extended the expiration date to October 28, 2016. These changes are expected to be effective on or around October 28, 2015.

The Fund did not borrow under the credit agreement during the year ended August 31, 2015.

8. 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.

78 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

iShares, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares MSCI Brazil Capped ETF, iShares MSCI Chile Capped ETF, iShares MSCI Colombia Capped ETF, iShares MSCI Israel Capped ETF, iShares MSCI Russia Capped ETF, iShares MSCI South Africa ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF (the “Funds”) at August 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

October 22, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 79

Tax Information (Unaudited)

iSHARES^®, INC.

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the following maximum amounts are hereby designated as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2015:

iShares ETF	Qualified Dividend Income
MSCI Chile Capped	$	34,593
MSCI Colombia Capped		37,567
MSCI Israel Capped		4,129,003
MSCI Russia Capped		10,461,428

iShares ETF	Qualified Dividend Income
MSCI South Africa	$	13,273,111
MSCI Turkey		13,532,038
MSCI USA Equal Weighted		1,015,286

In February 2016, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.

For corporate shareholders, the percentage of income dividends paid by the iShares MSCI USA Equal Weighted ETF during the fiscal year ended August 31, 2015 that qualified for the dividends-received deduction was 100.00%.

For the fiscal year ended August 31, 2015, the following Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to Section 853 of the Code:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Brazil Capped	$	133,780,946	$	9,409,746
MSCI Chile Capped		7,859,971		1,608,540
MSCI Colombia Capped		549,103		4,343
MSCI Israel Capped		4,608,781		849,959

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Russia Capped	$	11,797,930	$	1,604,177
MSCI South Africa		13,472,076		1,931,403
MSCI Turkey		13,824,815		1,385,436

80 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^® , INC.

I. iShares MSCI Brazil Capped ETF and iShares MSCI Chile Capped ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 81

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception,

82 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds already provided for breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 83

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

II. iShares MSCI Colombia Capped ETF and iShares MSCI USA Equal Weighted ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for iShares MSCI USA Equal Weighted ETF were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group and the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for iShares MSCI Colombia Capped ETF were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

84 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 85

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds did not provide for any breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Funds may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory

86 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

III. iShares MSCI Israel Capped ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the

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Board Review and Approval of Investment Advisory

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iSHARES^®, INC.

limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

88 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

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iSHARES^®, INC.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

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Board Review and Approval of Investment Advisory

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iSHARES^®, INC.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

IV. iShares MSCI Russia Capped ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited

90 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 91

Board Review and Approval of Investment Advisory

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iSHARES^®, INC.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds already provided for breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of

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Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 93

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 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 these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
MSCI Brazil Capped	$	1.029425	$	—	$	—	$	1.029425		100	%		—	%		—	%		100	%
MSCI Chile Capped		0.621475		—		—		0.621475		100			—			—			100
MSCI Colombia Capped		0.456867		—		—		0.456867		100			—			—			100
MSCI Israel Capped		1.047968		—		0.022693		1.070661		98			—			2			100
MSCI Russia Capped		0.659175		—		—		0.659175		100			—			—			100
MSCI South Africa		1.374115		—		—		1.374115		100			—			—			100
MSCI USA Equal Weighted		0.796632		—		0.006688		0.803320		99			—			1			100

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for five calendar years (or from the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.

94 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares MSCI Brazil ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0% and Less than 3.5%		2		0.14	%
Greater than 2.5% and Less than 3.0%		8		0.58
Greater than 2.0% and Less than 2.5%		26		1.88
Greater than 1.5% and Less than 2.0%		60		4.34
Greater than 1.0% and Less than 1.5%		88		6.37
Greater than 0.5% and Less than 1.0%		162		11.73
Between 0.5% and –0.5%		862		62.38
Less than –0.5% and Greater than –1.0%		132		9.55
Less than –1.0% and Greater than –1.5%		36		2.60
Less than –1.5% and Greater than –2.0%		4		0.29
Less than –2.0% and Greater than –2.5%		2		0.14
		1,382		100.00	%

Shares MSCI Chile Capped ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		2		0.14	%
Greater than 2.5% and Less than 3.0%		1		0.07
Greater than 2.0% and Less than 2.5%		1		0.07
Greater than 1.5% and Less than 2.0%		3		0.22
Greater than 1.0% and Less than 1.5%		15		1.09
Greater than 0.5% and Less than 1.0%		154		11.15
Between 0.5% and –0.5%		921		66.64
Less than –0.5% and Greater than –1.0%		235		17.01
Less than –1.0% and Greater than –1.5%		30		2.17
Less than –1.5% and Greater than –2.0%		14		1.01
Less than –2.0% and Greater than –2.5%		4		0.29
Less than –2.5%		2		0.14
		1,382		100.00	%

SUPPLEMENTAL INFORMATION 95

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Colombia Capped ETF

Period Covered: June 18, 2013 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.5% and Less than 4.0%		1		0.19	%
Greater than 3.0% and Less than 3.5%		1		0.19
Greater than 2.5% and Less than 3.0%		1		0.19
Greater than 2.0% and Less than 2.5%		11		2.14
Greater than 1.5% and Less than 2.0%		25		4.88
Greater than 1.0% and Less than 1.5%		65		12.68
Greater than 0.5% and Less than 1.0%		147		28.66
Between 0.5% and –0.5%		246		47.96
Less than –0.5% and Greater than –1.0%		15		2.92
Less than –1.0% and Greater than –1.5%		1		0.19
		513		100.00	%

iShares MSCI Israel Capped ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5% and Less than 3.0%		2		0.14	%
Greater than 2.0% and Less than 2.5%		7		0.51
Greater than 1.5% and Less than 2.0%		20		1.45
Greater than 1.0% and Less than 1.5%		54		3.91
Greater than 0.5% and Less than 1.0%		186		13.46
Between 0.5% and –0.5%		793		57.38
Less than –0.5% and Greater than –1.0%		189		13.67
Less than –1.0% and Greater than –1.5%		70		5.07
Less than –1.5% and Greater than –2.0%		35		2.53
Less than –2.0% and Greater than –2.5%		11		0.80
Less than –2.5% and Greater than –3.0%		8		0.58
Less than –3.0% and Greater than –3.5%		3		0.22
Less than –3.5% and Greater than –4.0%		2		0.14
Less than –4.0%		2		0.14
		1,382		100.00	%

96 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Russia Capped ETF

Period Covered: November 9, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 5.0%		4		0.34	%
Greater than 4.5% and Less than 5.0%		1		0.09
Greater than 4.0% and Less than 4.5%		3		0.26
Greater than 3.5% and Less than 4.0%		5		0.43
Greater than 3.0% and Less than 3.5%		6		0.51
Greater than 2.5% and Less than 3.0%		8		0.69
Greater than 2.0% and Less than 2.5%		15		1.29
Greater than 1.5% and Less than 2.0%		32		2.74
Greater than 1.0% and Less than 1.5%		76		6.51
Greater than 0.5% and Less than 1.0%		207		17.73
Between 0.5% and –0.5%		572		49.00
Less than –0.5% and Greater than –1.0%		120		10.28
Less than –1.0% and Greater than –1.5%		60		5.14
Less than –1.5% and Greater than –2.0%		28		2.40
Less than –2.0% and Greater than –2.5%		10		0.86
Less than –2.5% and Greater than –3.0%		6		0.51
Less than –3.0% and Greater than –3.5%		8		0.69
Less than –3.5% and Greater than –4.0%		1		0.09
Less than –4.0% and Greater than –4.5%		2		0.17
Less than –4.5% and Greater than –5.0%		1		0.09
Less than –5.0% and Greater than –5.5%		1		0.09
Less than –5.5%		1		0.09
		1,167		100.00	%

SUPPLEMENTAL INFORMATION 97

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI South Africa ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 5.0%		2		0.14	%
Greater than 4.5% and Less than 5.0%		1		0.07
Greater than 4.0% and Less than 4.5%		1		0.07
Greater than 3.5% and Less than 4.0%		3		0.22
Greater than 3.0% and Less than 3.5%		3		0.22
Greater than 2.5% and Less than 3.0%		3		0.22
Greater than 2.0% and Less than 2.5%		12		0.87
Greater than 1.5% and Less than 2.0%		29		2.10
Greater than 1.0% and Less than 1.5%		105		7.60
Greater than 0.5% and Less than 1.0%		261		18.89
Between 0.5% and –0.5%		648		46.88
Less than –0.5% and Greater than –1.0%		173		12.52
Less than –1.0% and Greater than –1.5%		67		4.85
Less than –1.5% and Greater than –2.0%		40		2.89
Less than –2.0% and Greater than –2.5%		21		1.52
Less than –2.5% and Greater than –3.0%		2		0.14
Less than –3.0% and Greater than –3.5%		7		0.51
Less than –3.5% and Greater than –4.0%		3		0.22
Less than –4.0%		1		0.07
		1,382		100.00	%

iShares MSCI Turkey ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.0%		1		0.07	%
Greater than 3.5% and Less than 4.0%		1		0.07
Greater than 3.0% and Less than 3.5%		4		0.29
Greater than 2.5% and Less than 3.0%		9		0.65
Greater than 2.0% and Less than 2.5%		9		0.65
Greater than 1.5% and Less than 2.0%		34		2.46
Greater than 1.0% and Less than 1.5%		90		6.51
Greater than 0.5% and Less than 1.0%		244		17.67
Between 0.5% and –0.5%		696		50.37
Less than –0.5% and Greater than –1.0%		153		11.07
Less than –1.0% and Greater than –1.5%		76		5.50
Less than –1.5% and Greater than –2.0%		29		2.10
Less than –2.0% and Greater than –2.5%		18		1.30
Less than –2.5% and Greater than –3.0%		9		0.65
Less than –3.0% and Greater than –3.5%		4		0.29
Less than –3.5% and Greater than –4.0%		2		0.14
Less than –4.0% and Greater than –4.5%		2		0.14
Less than –4.5% and Greater than –5.0%		1		0.07
		1,382		100.00	%

98 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI USA Equal Weighted ETF

Period Covered: May 5, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5%		1		0.08	%
Greater than 1.0% and Less than 1.5%		3		0.23
Greater than 0.5% and Less than 1.0%		7		0.54
Between 0.5% and –0.5%		1,274		98.15
Less than –0.5% and Greater than –1.0%		13		1.00
		1,298		100.00	%

Regulation under the Alternative Investment Fund Managers Directive (“AIFMD” or, the “Directive”)

The Directive imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside the EU, such as BFA. Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

BFA has registered the iShares MSCI Brazil Capped ETF and iShares MSCI USA Equal Weighted ETF (each a “Fund”, collectively the “Funds”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden and Luxembourg.

Report on Remuneration

BFA is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops, BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to both (a) the staff of BFA; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programs which support that philosophy. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Compensation decisions for employees are made based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

SUPPLEMENTAL INFORMATION 99

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Bonus pools are reviewed by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Operational Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions.

Functions such as Finance, Operational Risk, Legal & Compliance, and Human Resources each have their own organizational structures which are independent of the business units. Functional bonus pools are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent compensation committee. No individual is involved in setting his or her own remuneration.

Members of staff and senior management of BFA typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of BFA and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of BFA. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Brazil Capped ETF in respect of BFA’s financial year ending December 31, 2014 was USD 682.8 thousand. This figure is comprised of fixed remuneration of USD 275.9 thousand and variable remuneration of USD 406.9 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Brazil Capped ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 94.5 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 17.5 thousand.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI USA Equal Weighted ETF in respect of BFA’s financial year ending December 31, 2014 was USD 10.5 thousand. This figure is comprised of fixed remuneration of USD 4.3 thousand and variable remuneration of USD 6.3 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI USA Equal Weighted ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 1.5 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.3 thousand.

100 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information

iSHARES^® , INC.

The Board of Directors has responsibility for the overall management and operations of the Company, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees a total of 319 funds (as of August 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert S. Kapitoa (58)	Director (since 2009).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Director (since 2013).	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Trustee of iShares U.S. ETF Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

 ^a Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc.

 ^b Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

DIRECTOR AND OFFICER INFORMATION 101

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert H. Silver (60)	Director (since 2007); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Trustee of iShares U.S. ETF Trust (since 2011); Independent Chairman of iShares Trust and iShares U.S. ETF Trust (since 2012).
Jane D. Carlin (59)	Director (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Director (since 2005); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (71)	Director (since 2005); Audit Committee Chair (since 2006).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

102 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (60)	Director (since 2005); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
John E. Martinez (54)	Director (since 2003); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (51)	Director (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Director, Cavium, Inc. (since 2013).

DIRECTOR AND OFFICER INFORMATION 103

Director and Officer Information (Continued)

iSHARES^®, INC.

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (55)	Treasurer and Chief Financial Officer (since 2008).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (47)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (52)	Executive Vice President (since 2007).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

104 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 105

Notes:

106 2015 iSHARES 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company 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-AR-84-0815

AUGUST 31, 2015

2015 ANNUAL REPORT

iShares, Inc.

^Ø   iShares Currency Hedged MSCI Emerging Markets ETF  |  HEEM  |  NYSE Arca

^Ø   iShares MSCI Emerging Markets ETF  |  EEM  |  NYSE Arca

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares Currency Hedged MSCI Emerging Markets ETF	11
iShares MSCI Emerging Markets ETF (Consolidated)	13
Financial Statements	27
Financial Highlights	30
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	47
Tax Information	48
Board Review and Approval of Investment Advisory Contract	49
Supplemental Information	56
Director and Officer Information	59

Management’s Discussion of Fund Performance

iSHARES^®, INC.

GLOBAL MARKET OVERVIEW

Global equity markets delivered a negative return for the 12 months ended August 31, 2015 (the “reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -6.29% for the reporting period.

The reporting period was characterized by a continued divergence in economic growth and central bank policy between the U.S. and the rest of the world. Despite a slowdown in early 2015, the U.S. economy remained one of the strongest economies among developed countries, which motivated the U.S. Federal Reserve Bank (the “Fed”) to scale back its economic stimulus measures. The Fed ended a two-year quantitative easing program in October 2014 and signaled its intent to raise its short-term interest rate target sometime in 2015. In contrast, weaker economic growth in most other regions of the globe led many of the world’s central banks to take more aggressive actions to stimulate economic activity.

This divergence contributed to a notably stronger U.S. dollar. For the reporting period, the euro, Japanese yen, British pound and Australian dollar declined by 15%, 14%, 7%, and 24% against the U.S. dollar, respectively. Weaker foreign currencies decrease the value of foreign investments measured in U.S. dollars, thereby decreasing returns for U.S. investors, while increasing foreign currencies relative to the U.S. dollar have the opposite effect. Currency performance had a meaningful impact on non-U.S. equity returns for U.S. investors. For example, the MSCI ACWI returned 0.59% in local currency terms for the reporting period.

A number of other factors influenced global markets during the reporting period. Energy prices fell sharply amid growing supply — primarily from increased production in the U.S. — and declining global demand. Lower energy prices contributed to historically low and declining inflation rates in most of the world. Consumer prices were nearly unchanged in the U.S., the European Union, and Japan, while prices in China and India rose at a relatively slow rate. Low inflation and tepid demand kept the Fed’s zero interest rate policy intact, while central banks throughout the world took aggressive measures to stimulate demand.

Global markets advanced for most of the reporting period, then declined sharply in the last few months of the reporting period. The volatility began in China, as slowing economic growth led to a steep drop in China’s equity markets. Plummeting commodity prices amid already subdued inflation also raised concerns about global demand. Currency devaluations in Asia, including China, Vietnam, Pakistan, and Kazakhstan, led to speculation that Asian countries were weakening their currencies to compete for demand. These global events led to further uncertainty about the timing of an expected interest rate hike from the Fed.

On a regional basis, U.S. stocks advanced by less than 1% for the reporting period as declining interest rates, ongoing economic growth, and low inflation provided a favorable environment for U.S. equity market performance. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters. Economic activity improved over the last several months of the reporting period, boosted by an increase in consumer spending.

European stocks declined by about 8% in U.S. dollar terms for the reporting period, though they advanced more than 3% when measured in local currencies. The European Central Bank initiated quantitative easing measures in early 2015, and signs of economic improvement emerged in the latter half of the reporting period. A tentative agreement on Greece’s debt repayment helped alleviate ongoing concerns about Europe’s sovereign debt levels.

Stock markets in the Asia/Pacific region (excluding Japan) declined by approximately 19% in U.S. dollar terms, which equated to an 8% decline when measured in local currencies. China’s economic slowdown weighed heavily on the region, as China is the largest trading partner of many countries in the region. On the bright side, Japanese stocks performed relatively well, as ongoing economic stimulus and reform measures led to a 4% gain in U.S. dollar terms (22% when measured in Japanese yen).

Emerging markets stocks fell by approximately 23% in U.S. dollar terms for the reporting period, though the decline was about 10% when measured in local currencies. Many of the largest emerging economies — including China, Russia, and Brazil — experienced slowing economic growth during the reporting period. Latin American stocks posted some of the biggest declines, as the region struggled with slow growth and declining commodity prices.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

Performance as of August 31, 2015

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		(10.01)%		(10.02)%		(9.41)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.

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 (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a,b		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a,b		Annualized Expense Ratio  a
$	1,000.00	$	881.60	$	0.05	$	1,000.00	$	1,025.20	$	0.05		0.01%

^a  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^b  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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD Index (the “Index”).

The Index applies a one-month forward rate to the total value of the non-U.S. dollar denominated securities included in the Index to effectively create a “hedge” against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. In order to replicate the “hedging” component of the Index, the Fund enters into foreign currency forward contracts designed to offset the Fund’s exposure to the component currencies.

6 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF. For the period from September 23, 2014 (inception date of the Fund) through August 31, 2015 (the “reporting period”), the total return for the Fund was -10.01%, net of fees, while the total return for the Index was -9.41%.

As represented by the Index, currency-hedged emerging market equities had negative returns for the reporting period. Many key emerging market currencies depreciated relative to the U.S. dollar during the reporting period, which had a meaningful negative impact on international equity returns. However, the Index’s implementation of foreign currency hedging helped offset the impact of currency fluctuations, resulting in an Index return close to that of emerging market equity returns measured in local currencies.

The Index declined amid volatility caused largely by events in China, including signs of economic weakness, a precipitous drop in the country’s stock market, and an unanticipated devaluation of the Chinese yuan. In addition, South Korea’s economy grew at its slowest annual rate in almost two years during the second quarter of 2015 as personal consumption expenditures declined. It was a similar story for Taiwan, whose economy expanded by just 0.5% for the 12 months ended June 2015 as manufacturing activity shrank. China, South Korea, and Taiwan together accounted for more than half of the Index on average during the reporting period.

Slower Chinese economic growth also weighed on commodity prices, which hurt many export-oriented, resource-rich emerging economies. Russia was a prime example — fossil fuels account for more than half the country’s exports. In addition, Russia was subject to economic sanctions because of its role in the ongoing conflict in Ukraine. Brazil was the leading detractor in the Index for the reporting period as its economy contracted on a year-over-year basis for the fifth straight quarter. No country produced a meaningful positive contribution to Index performance during the period.

ALLOCATION BY SECTOR¹ As of 8/31/15

Sector	Percentage of Total Investments 2
Financials		28.70	%
Information Technology		17.45
Consumer Discretionary		9.36
Consumer Staples		8.75
Energy		8.02
Telecommunication Services		7.49
Industrials		7.22
Materials		6.72
Utilities		3.35
Health Care		2.94
TOTAL		100.00	%

TEN LARGEST COUNTRIES¹ As of 8/31/15

Country	Percentage of Total Investments 2
China		23.29	%
South Korea		14.69
Taiwan		12.49
India		8.55
South Africa		8.16
Brazil		6.71
Mexico		4.81
Russia		3.90
Malaysia		3.14
Indonesia		2.40
TOTAL		88.14	%

¹  Reflects the portfolio allocation and ten largest countries of the iShares MSCI Emerging Markets ETF, the underlying fund in which the Fund invests.

²  Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® MSCI EMERGING MARKETS ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(23.46)%		(23.34)%		(22.95)%		(23.46)%		(23.34)%		(22.95)%
5 Years		(1.51)%		(1.44)%		(0.92)%		(7.33)%		(6.98)%		(4.51)%
10 Years		4.57%		4.53%		5.52%		56.29%		55.81%		71.14%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	837.40	$	3.20	$	1,000.00	$	1,021.70	$	3.52		0.69%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

8 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -23.46%, net of fees, while the total return for the Index was -22.95%.

As represented by the Index, emerging markets stocks declined sharply for the reporting period. One factor behind this decline was the depreciation of many emerging market currencies against the U.S. dollar. For the reporting period, the Taiwanese dollar depreciated 8%, the South Korean won depreciated 14%, and the Brazilian real depreciated 38% against the U.S. dollar. These three countries comprised approximately 36% of the Index on average during the reporting period. The stronger dollar had a meaningful impact on the Index’s performance; when measured in local currencies, the Index returned -9.53% for the reporting period.

The Index experienced substantial volatility during the reporting period as geopolitical conflicts, global economic weakness, and declining demand for commodities (a primary driver of growth in many emerging economies) buffeted emerging markets. Events in China late in the reporting period — including signs of economic weakness, a precipitous drop in the country’s stock market, and an unexpected devaluation of the Chinese yuan — put additional downward pressure on emerging markets stocks.

In U.S. dollars, Brazil had the most significant negative impact on the Index’s performance for the reporting period. Brazil’s economy remained in recession throughout the reporting period, domestic inflation accelerated, and several government officials faced corruption allegations. South Korea also detracted meaningfully from the Index’s performance as declining exports and an outbreak of Middle East Respiratory Syndrome led to weaker economic output.

The only country that contributed to the Index’s return was Hungary, a relatively small component of the Index. The Hungarian stock market benefited from economic and tax reforms that led to an improving economy.

ALLOCATION BY SECTOR As of 8/31/15

Sector	Percentage of Total Investments*
Financials		28.70	%
Information Technology		17.45
Consumer Discretionary		9.36
Consumer Staples		8.75
Energy		8.02
Telecommunication Services		7.49
Industrials		7.22
Materials		6.72
Utilities		3.35
Health Care		2.94
TOTAL		100.00	%

TEN LARGEST COUNTRIES As of 8/31/15

Country	Percentage of Total Investments*
China		23.29	%
South Korea		14.69
Taiwan		12.49
India		8.55
South Africa		8.16
Brazil		6.71
Mexico		4.81
Russia		3.90
Malaysia		3.14
Indonesia		2.40
TOTAL		88.14	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 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 advisory fees. Without such a 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 March 1, 2015 and held through August 31, 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 corresponding to 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 ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 99.72%
EXCHANGE-TRADED FUNDS — 99.72%
iShares MSCI Emerging Markets ETFa		6,243,211	$	211,270,260
TOTAL INVESTMENT COMPANIES
(Cost: $245,221,518)				211,270,260
SHORT-TERM INVESTMENTS — 0.05%
MONEY MARKET FUNDS — 0.05%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%a,b		108,774		108,774
				108,774
TOTAL SHORT-TERM INVESTMENTS
(Cost: $108,774)				108,774
TOTAL INVESTMENTS IN SECURITIES — 99.77%
(Cost: $245,330,292)				211,379,034
Other Assets, Less Liabilities — 0.23%				485,871
NET ASSETS — 100.00%			$	211,864,905

^a  Affiliated issuer. See Note 2.

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

Forward currency contracts as of August 31, 2015 were as follows:

Currency Purchased			Currency Sold			Settlement Date	Counter- party		Unrealized Appreciation (Depreciation)
	EUR	185,000		USD	201,613	09/04/2015		BNP		$	5,991
	EUR	1,000		USD	1,087	09/04/2015		CITI			35
	EUR	271,000		USD	296,293	09/04/2015		MS			7,818
	HKD	20,362,000		USD	2,626,518	09/04/2015		BBP			802
	HKD	16,765,000		USD	2,162,208	09/04/2015		BNP			989
	HKD	109,000		USD	14,060	09/04/2015		CITI			4
	HKD	3,002,000		USD	387,249	09/04/2015		HSBC			101
	HKD	20,998,000		USD	2,707,567	09/04/2015		MS			1,816
	MXN	234,563,000		USD	14,011,848	09/04/2015		MS			25,273
	RUB	404,754,000		USD	6,123,359	09/04/2015		JPM			176,171
	RUB	4,171,000		USD	64,652	09/04/2015		MS			265
	TRY	8,993,000		USD	3,079,305	09/04/2015		HSBC			7,967
	USD	3,659,249		BRL	12,835,000	09/04/2015		BOA			122,970
	USD	88,262		BRL	314,000	09/04/2015		GS			1,749
	USD	13,547,123		BRL	46,342,000	09/04/2015		JPM			779,049
	USD	1,267,521		EUR	1,115,000	09/04/2015		BOA			16,288
	USD	31,262		EUR	27,000	09/04/2015		JPM			963
	USD	4,639,449		INR	306,395,000	09/04/2015		BOA			29,678
	USD	15,504,879		INR	999,083,000	09/04/2015		JPM			473,486
	USD	42,929		INR	2,764,000	09/04/2015		UBS			1,344
	USD	626,866		KRW	729,703,000	09/04/2015		JPM			9,887
	USD	33,319,945		KRW	39,153,601,000	09/04/2015		RBS			214,797
	USD	265,467		MXN	4,263,000	09/04/2015		BBP			10,353

Currency Purchased			Currency Sold			Settlement Date	Counter- party		Unrealized Appreciation (Depreciation)
	USD	11,761,957		MXN	192,940,000	09/04/2015		SCB		$	215,711
	USD	5,525,719		RUB	332,878,000	09/04/2015		JPM			344,857
	USD	20,583		RUB	1,282,000	09/04/2015		UBS			630
	USD	2,727,108		TRY	7,644,000	09/04/2015		BNP			102,944
	USD	715		TRY	2,000	09/04/2015		CITI			28
	USD	34,259,187		TWD	1,082,419,000	09/04/2015		RBC			971,545
	USD	304,951		TWD	9,670,000	09/04/2015		UBS			7,569
	USD	4,274,625		ZAR	55,537,000	09/04/2015		BOA			87,783
	USD	316,859		ZAR	4,020,000	09/04/2015		BBP			13,798
	USD	103,868		ZAR	1,368,000	09/04/2015		GS			737
	USD	14,603,620		ZAR	186,140,000	09/04/2015		RBC			570,833
	EUR	207,000		USD	232,049	10/05/2015		BBP			349
	EUR	22,000		USD	24,689	10/05/2015		BNP			10
	HKD	10,984,000		USD	1,417,229	10/05/2015		HSBC			15
	INR	23,649,000		USD	354,013	10/05/2015		JPM			93
	KRW	1,009,459,000		USD	852,512	10/05/2015		JPM			220
	RUB	2,174,000		USD	33,456	10/05/2015		JPM			40
	TWD	55,677,000		USD	1,713,297	10/05/2015		JPM			446
	USD	15,095,256		BRL	54,345,000	10/05/2015		BNP			282,908
	USD	73,043		BRL	265,000	10/05/2015		CITI			814
	USD	5,152,712		EUR	4,589,000	10/05/2015		GS			662
	USD	88,012		INR	5,874,000	10/05/2015		CITI			58
	USD	18,091,050		INR	1,204,683,000	10/05/2015		JPM			52,823
	USD	190,850		KRW	225,585,000	10/05/2015		CITI			289
	USD	40,005,604		KRW	47,186,610,000	10/05/2015		JPM			145,109
	USD	182,386		TWD	5,902,000	10/05/2015		CITI			722
	USD	39,242,391		TWD	1,267,942,000	10/05/2015		JPM			215,039
	USD	16,939,640		ZAR	225,379,000	10/05/2015		BBP			40,470
	ZAR	157,000		USD	11,759	10/05/2015		HSBC			13
											4,944,311
	BRL	56,237,000		USD	15,799,991	09/04/2015		BNP			(305,662)
	BRL	14,000		USD	3,968	09/04/2015		CITI			(111)
	BRL	2,755,000		USD	786,934	09/04/2015		MS			(27,880)
	BRL	485,000		USD	140,172	09/04/2015		UBS			(6,545)
	EUR	4,589,000		USD	5,150,348	09/04/2015		GS			(655)
	HKD	411,753,000		USD	53,128,802	09/04/2015		HSBC			(98)
	INR	49,339,000		USD	769,959	09/04/2015		BNP			(27,645)
	INR	320,000		USD	4,997	09/04/2015		CITI			(183)
	INR	1,204,683,000		USD	18,205,879	09/04/2015		JPM			(81,195)
	INR	61,524,000		USD	957,967	09/04/2015		MS			(32,327)
	KRW	1,919,378,000		USD	1,640,941	09/04/2015		BNP			(18,069)
	KRW	12,484,000		USD	10,614	09/04/2015		CITI			(59)
	KRW	47,186,610,000		USD	40,056,545	09/04/2015		JPM			(159,328)
	KRW	2,386,927,000		USD	2,037,176	09/04/2015		MS			(18,982)
	KRW	156,588,000		USD	134,186	09/04/2015		UBS			(1,788)
	MXN	9,584,000		USD	588,091	09/04/2015		BNP			(14,548)
	MXN	63,000		USD	3,842	09/04/2015		CITI			(72)
	MXN	607,000		USD	37,532	09/04/2015		HSBC			(1,206)
	MXN	11,974,000		USD	734,460	09/04/2015		MS			(17,892)
	RUB	16,558,000		USD	259,853	09/04/2015		BNP			(2,147)
	RUB	108,000		USD	1,686	09/04/2015		CITI			(5)
	RUB	16,558,000		USD	259,864	09/04/2015		MS			(2,158)
	TRY	89,000		USD	31,921	09/04/2015		BBP			(1,368)
	TRY	368,000		USD	131,244	09/04/2015		BNP			(4,911)
	TRY	2,000		USD	711	09/04/2015		CITI			(24)
	TRY	458,000		USD	163,383	09/04/2015		MS			(6,153)
	TWD	51,960,000		USD	1,640,426	09/04/2015		BNP			(42,500)
	TWD	336,000		USD	10,601	09/04/2015		CITI			(268)
	TWD	1,283,988,000		USD	39,741,981	09/04/2015		JPM			(255,487)
	TWD	64,424,000		USD	2,025,302	09/04/2015		MS			(44,071)
	USD	4,281,178		EUR	3,904,000	09/04/2015		BBP			(99,820)
	USD	12,893,381		HKD	99,954,000	09/04/2015		BOA			(3,736)

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Continued)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

August 31, 2015

Currency Purchased			Currency Sold			Settlement Date	Counter- party		Unrealized Appreciation (Depreciation)
	USD	315,228		HKD	2,445,000	09/04/2015		HSBC		$	(251)
	USD	47,805,617		HKD	370,590,000	09/04/2015		RBC			(11,805)
	USD	113,368		INR	7,624,000	09/04/2015		HSBC			(1,336)
	USD	9,626,644		KRW	11,497,601,000	09/04/2015		BOA			(94,807)
	USD	235,807		KRW	281,082,000	09/04/2015		HSBC			(1,853)
	USD	3,420,708		MXN	58,164,000	09/04/2015		BOA			(60,042)
	USD	83,426		MXN	1,424,000	09/04/2015		HSBC			(1,791)
	USD	1,517,923		RUB	105,400,000	09/04/2015		BOA			(122,507)
	USD	36,547		RUB	2,589,000	09/04/2015		HSBC			(3,747)
	USD	754,331		TRY	2,210,000	09/04/2015		BOA			(4,357)
	USD	18,335		TRY	54,000	09/04/2015		UBS			(203)
	USD	9,224,640		TWD	301,300,000	09/04/2015		BOA			(41,241)
	USD	223,140		TWD	7,319,000	09/04/2015		HSBC			(1,941)
	ZAR	225,379,000		USD	17,031,944	09/04/2015		BBP			(40,995)
	ZAR	9,242,000		USD	722,332	09/04/2015		BNP			(25,593)
	ZAR	61,000		USD	4,743	09/04/2015		CITI			(145)
	ZAR	842,000		USD	66,088	09/04/2015		HSBC			(2,611)
	ZAR	11,541,000		USD	901,309	09/04/2015		MS			(31,252)
	BRL	1,745,000		USD	476,175	10/05/2015		BNP			(555)
	BRL	262,000		USD	71,473	10/05/2015		JPM			(62)
	EUR	42,000		USD	47,210	10/05/2015		HSBC			(57)
	HKD	1,904,000		USD	245,676	10/05/2015		BNP			(7)
	HKD	18,829,000		USD	2,429,570	10/05/2015		JPM			(103)
	KRW	230,461,000		USD	194,753	10/05/2015		JPM			(73)
	MXN	1,174,000		USD	70,120	10/05/2015		BNP			(24)
	MXN	4,526,000		USD	270,239	10/05/2015		HSBC			(7)
	RUB	1,374,000		USD	21,175	10/05/2015		JPM			(5)
	TRY	45,000		USD	15,319	10/05/2015		BNP			(14)
	TRY	218,000		USD	74,208	10/05/2015		HSBC			(67)
	TWD	6,043,000		USD	186,030	10/05/2015		JPM			(26)
	USD	23,504		EUR	21,000	10/05/2015		BNP			(72)
	USD	247,701		HKD	1,920,000	10/05/2015		BNP			(33)
	USD	53,124,484		HKD	411,753,000	10/05/2015		HSBC			(3,171)
	USD	44,720		KRW	52,964,000	10/05/2015		JPM			(21)
	USD	69,752		MXN	1,172,000	10/05/2015		BNP			(224)
	USD	321,902		MXN	5,415,000	10/05/2015		JPM			(1,409)
	USD	13,979,907		MXN	234,563,000	10/05/2015		MS			(25,052)
	USD	31,932		RUB	2,137,000	10/05/2015		CITI			(995)
	USD	6,544,809		RUB	437,451,000	10/05/2015		JPM			(195,387)
	USD	15,208		TRY	45,000	10/05/2015		BNP			(96)
	USD	3,050,453		TRY	8,993,000	10/05/2015		HSBC			(8,035)
	USD	56,778		TRY	167,000	10/05/2015		JPM			(18)
	USD	83,518		ZAR	1,119,000	10/05/2015		BNP			(386)
	USD	273,287		ZAR	3,646,000	10/05/2015		JPM			(94)
	ZAR	1,141,000		USD	85,563	10/05/2015		BNP			(10)
											(1,859,373)
		Net Unrealized Appreciation								$	3,084,938

Counterparties:

BBP — Barclays Bank PLC Wholesale

BNP — BNP Paribas SA

BOA — Bank of America N.A

CITI — Citibank N.A. London

GS — Goldman Sachs Group Inc.

HSBC — HSBC Bank PLC

JPM — J.P. Morgan Chase Bank N.A.

MS — Morgan Stanley and Co. International PLC

RBC — Royal Bank of Canada

RBS — Royal Bank of Scotland PLC

SCB — Standard Chartered Bank, London

UBS — UBS AG London

Currency abbreviations:

BRL — Brazilian Real

EUR — Euro

HKD — Hong Kong Dollar

INR — Indian Rupee

KRW — South Korean Won

MXN — Mexican Peso

RUB — New Russian Ruble

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — United States Dollar

ZAR — South African Rand

See notes to financial statements.

12 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 96.04%
BRAZIL — 4.35%
Ambev SA		28,944,615	$	151,706,418
B2W Cia. Digitala		680,500		2,914,627
Banco Bradesco SA		4,792,008		33,115,476
Banco do Brasil SA		5,273,074		25,813,415
Banco Santander Brasil SA Units		2,408,800		9,543,272
BB Seguridade Participacoes SA		4,342,400		34,217,003
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		10,677,000		31,600,813
BR Malls Participacoes SA		2,735,300		8,411,108
BRF SA		4,021,685		76,762,315
CCR SA		5,378,500		21,973,253
CETIP SA – Mercados Organizados		1,379,429		12,392,042
Cia. de Saneamento Basico do Estado de Sao Paulo		2,183,624		9,430,546
Cia. Siderurgica Nacional SA		3,958,828		3,804,214
Cielo SA		5,247,248		55,249,354
Cosan SA Industria e Comercio		724,700		3,611,313
CPFL Energia SA		1,375,568		5,929,417
Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,590,300		3,667,656
Duratex SA		2,012,255		3,033,092
EcoRodovias Infraestrutura e Logistica SA		1,156,300		2,219,105
EDP – Energias do Brasil SA		1,649,500		5,076,778
Embraer SA		4,136,600		26,098,996
Equatorial Energia SA		680,800		6,607,531
Estacio Participacoes SA		1,776,400		6,081,875
Fibria Celulose SA		1,592,261		22,391,546
Hypermarcas SAa		2,197,800		9,938,298
JBS SA		4,573,565		17,768,123
Klabin SA Units		3,314,400		18,436,336
Kroton Educacional SA		8,465,880		20,175,397
Localiza Rent A Car SA		863,289		5,311,636
Lojas Americanas SA		828,775		2,832,933
Lojas Renner SA		824,900		22,312,897
M. Dias Branco SA		161,700		2,810,244
Multiplan Empreendimentos Imobiliarios SA		524,000		5,924,448

Security	Shares		Value
Natura Cosmeticos SA		1,080,600	$	7,028,461
Odontoprev SA		1,907,600		5,122,199
Petroleo Brasileiro SAa		18,743,274		54,651,265
Porto Seguro SA		775,700		7,087,733
Qualicorp SA		1,327,000		6,219,202
Raia Drogasil SA		1,324,900		14,441,219
Souza Cruz SA		2,395,100		17,452,386
Sul America SA		993,265		4,772,363
TIM Participacoes SA		5,135,076		12,406,800
TOTVS SA		822,600		7,159,426
Tractebel Energia SA		1,066,400		9,820,044
Transmissora Alianca de Energia Eletrica SA Units		416,400		2,115,011
Ultrapar Participacoes SA		2,246,300		39,144,117
Vale SA		8,248,948		40,585,119
Via Varejo SA		509,100		951,876
WEG SA		3,625,720		16,673,982
				912,792,680
CHILE — 1.24%
AES Gener SA		16,610,669		8,356,413
Aguas Andinas SA Series A		15,839,721		8,210,733
Banco de Chile		149,550,750		15,458,558
Banco de Credito e Inversiones		228,928		10,001,802
Banco Santander Chile		427,064,600		20,647,909
Cencosud SA		7,720,197		15,699,413
Cia. Cervecerias Unidas SA		853,476		9,459,355
Colbun SA		46,092,271		12,523,859
CorpBanca SA		961,283,519		8,970,573
Empresa Nacional de Electricidad SA/Chile		20,620,080		25,572,078
Empresa Nacional de Telecomunicaciones SA		765,074		7,162,214
Empresas CMPC SA		8,102,793		22,175,412
Empresas COPEC SA		2,795,177		27,333,964
Enersis SA		123,279,291		34,219,133
LATAM Airlines Group SAa		1,821,287		10,195,242
SACI Falabella		3,111,540		19,213,315
SONDA SA		1,589,961		2,598,136
Vina Concha y Toro SA		2,159,896		3,624,876
				261,422,985
CHINA — 23.18%
AAC Technologies Holdings Inc.b		4,607,500		25,950,462

SCHEDULES OF INVESTMENTS 13

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Agricultural Bank of China Ltd. Class H		137,662,000	$	55,597,326
Air China Ltd. Class H		13,170,000		9,516,326
Alibaba Health Information Technology Ltd.a,b		15,030,000		10,394,875
Alibaba Pictures Group Ltd.a,b		62,520,000		14,601,351
Aluminum Corp. of China Ltd. Class Ha,b		24,750,000		8,271,237
Anhui Conch Cement Co. Ltd. Class H		7,631,500		23,091,293
Anta Sports Products Ltd.		6,529,402		16,445,562
AviChina Industry & Technology Co. Ltd. Class H		13,660,000		9,500,248
Bank of China Ltd. Class H		485,708,000		221,857,449
Bank of Communications Co. Ltd. Class H		53,965,600		40,665,428
BBMG Corp. Class H		7,251,500		4,678,357
Beijing Capital International Airport Co. Ltd. Class H		10,560,000		11,363,849
Beijing Enterprises Holdings Ltd.		3,360,000		19,617,938
Beijing Enterprises Water Group Ltd.b		26,618,000		19,061,800
Belle International Holdings Ltd.		28,567,000		26,134,029
Brilliance China Automotive Holdings Ltd.		18,760,000		22,657,093
Byd Co. Ltd. Class Hb		4,033,500		16,472,187
CGN Power Co. Ltd. Class Hc		44,760,000		17,730,621
China Agri-Industries Holdings Ltd.a,b		15,300,600		5,804,319
China Cinda Asset Management Co. Ltd. Class H		52,631,000		19,558,233
China CITIC Bank Corp. Ltd. Class Ha		50,361,800		30,866,711
China Coal Energy Co. Ltd. Class Hb		17,572,000		8,207,772
China Communications Construction Co. Ltd. Class H		27,486,000		32,699,263
China Communications Services Corp. Ltd. Class H		13,118,000		4,824,008
China Conch Venture Holdings Ltd.b		6,548,000		14,430,854

Security	Shares		Value
China Construction Bank Corp. Class H		514,766,760	$	361,994,934
China COSCO Holdings Co. Ltd. Class Ha,b		17,337,500		9,877,099
China Everbright Bank Co. Ltd. Class H		18,956,000		8,658,556
China Everbright International Ltd.b		15,914,000		20,821,538
China Everbright Ltd.		5,930,000		12,395,533
China Galaxy Securities Co. Ltd. Class H		20,657,500		14,153,628
China Gas Holdings Ltd.b		11,168,000		16,312,380
China Huishan Dairy Holdings Co. Ltd.b		35,945,000		13,172,018
China International Marine Containers Group Co. Ltd. Class H		2,766,600		4,926,301
China Life Insurance Co. Ltd. Class H		45,804,000		158,392,165
China Longyuan Power Group Corp. Ltd.		18,597,000		19,748,687
China Medical System Holdings Ltd.b		6,596,000		7,166,189
China Mengniu Dairy Co. Ltd.		8,540,000		29,862,259
China Merchants Bank Co. Ltd. Class H		28,157,467		67,068,837
China Merchants Holdings International Co. Ltd.b		7,466,000		24,950,729
China Minsheng Banking Corp. Ltd. Class H		35,116,040		34,028,356
China Mobile Ltd.		37,752,000		457,405,152
China National Building Material Co. Ltd. Class H		17,908,000		10,444,340
China Oilfield Services Ltd. Class H		11,044,000		11,884,692
China Overseas Land & Investment Ltd.		24,432,960		71,564,466
China Pacific Insurance Group Co. Ltd. Class H		16,255,000		59,146,844
China Petroleum & Chemical Corp. Class H		156,006,800		103,869,664
China Power International Development Ltd.		17,972,000		11,965,796
China Railway Construction Corp. Ltd. Class H		12,352,500		16,193,625

14 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
China Railway Group Ltd. Class H		24,792,000	$	22,232,682
China Resources Cement Holdings Ltd.		12,948,000		6,365,363
China Resources Enterprise Ltd.		7,742,000		24,324,708
China Resources Gas Group Ltd.b		5,698,000		15,035,271
China Resources Land Ltd.		16,741,333		41,777,457
China Resources Power Holdings Co. Ltd.		12,172,999		29,811,875
China Shenhua Energy Co. Ltd. Class H		20,695,000		35,888,904
China Shipping Container Lines Co. Ltd. Class Ha,b		24,822,000		8,902,521
China Southern Airlines Co. Ltd. Class H		11,058,000		7,205,489
China State Construction International Holdings Ltd.		11,290,000		14,917,272
China Taiping Insurance Holdings Co. Ltd.a		9,988,860		28,226,403
China Telecom Corp. Ltd. Class H		85,014,000		44,536,079
China Unicom Hong Kong Ltd.		36,544,000		48,002,003
China Vanke Co. Ltd. Class Hb		8,022,931		18,240,404
Chongqing Changan Automobile Co. Ltd. Class B		5,140,175		8,224,227
Chongqing Rural Commercial Bank Co. Ltd. Class H		16,495,000		9,641,531
CITIC Ltd.		24,616,000		45,102,574
CITIC Securities Co. Ltd. Class H		13,351,500		26,771,738
CNOOC Ltd.		109,858,000		136,223,041
COSCO Pacific Ltd.		11,732,000		13,800,285
Country Garden Holdings Co. Ltd.b		34,339,939		12,052,133
CRRC Corp. Ltd. Class Ha		26,628,300		31,129,141
CSPC Pharmaceutical Group Ltd.		25,490,000		23,351,978
Dalian Wanda Commercial Properties Co. Ltd. Class Hc		3,618,100		22,221,993
Datang International Power Generation Co. Ltd. Class H		17,718,000		7,155,740
Dongfeng Motor Group Co. Ltd. Class H		16,726,000		16,833,801

Security	Shares		Value
ENN Energy Holdings Ltd.		5,084,000	$	25,944,633
Evergrande Real Estate Group Ltd.b		33,989,388		22,367,066
Far East Horizon Ltd.		10,010,000		7,969,200
Fosun International Ltd.		11,685,500		19,601,357
Franshion Properties China Ltd.		21,628,000		5,413,942
GCL-Poly Energy Holdings Ltd.a,b		65,670,000		10,507,132
Geely Automobile Holdings Ltd.b		33,455,000		12,950,239
GF Securities Co. Ltd.a,b		5,591,000		9,580,387
Goldin Properties Holdings Ltd.a,b		7,370,105		7,037,216
GOME Electrical Appliances Holding Ltd.b		76,860,200		12,198,379
Great Wall Motor Co. Ltd. Class H		6,809,500		18,187,837
Guangdong Investment Ltd.		16,986,110		22,969,456
Guangzhou Automobile Group Co. Ltd. Class H		13,770,742		9,683,879
Guangzhou R&F Properties Co. Ltd. Class Ha		6,156,000		5,623,768
Haier Electronics Group Co. Ltd.		7,069,000		12,678,512
Haitian International Holdings Ltd.b		3,497,000		6,344,194
Haitong Securities Co. Ltd. Class H		19,906,400		28,716,402
Hanergy Thin Film Power Group Ltd.a,b		98,422,000		127
Hengan International Group Co. Ltd.		4,460,000		43,765,266
Huadian Power International Corp. Ltd. Class H		10,046,000		8,179,336
Huaneng Power International Inc. Class H		22,010,000		25,361,036
Huaneng Renewables Corp. Ltd. Class H		21,980,000		8,026,193
Huatai Securities Co. Ltd.a,c		4,495,600		8,179,039
Industrial & Commercial Bank of China Ltd. Class H		451,015,085		266,533,647
Inner Mongolia Yitai Coal Co. Ltd. Class B		6,576,254		5,563,511
Jiangsu Expressway Co. Ltd. Class H		7,698,000		9,098,481

SCHEDULES OF INVESTMENTS 15

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Jiangxi Copper Co. Ltd. Class H		8,243,000	$	10,412,703
Kingsoft Corp. Ltd.b		5,320,000		11,216,547
Kunlun Energy Co. Ltd.b		20,054,000		14,180,027
Lenovo Group Ltd.b		41,064,000		33,698,755
Longfor Properties Co. Ltd.		9,610,500		11,619,330
Luye Pharma Group Ltd.a		7,469,500		6,361,082
New China Life Insurance Co. Ltd. Class H		4,842,200		18,931,318
New World China Land Ltd.		11,838,000		7,179,128
Nine Dragons Paper Holdings Ltd.		10,612,000		5,956,374
People’s Insurance Co. Group of China Ltd. (The) Class H		40,146,000		19,010,951
PetroChina Co. Ltd. Class H		129,112,000		107,287,215
PICC Property & Casualty Co. Ltd. Class H		21,632,128		41,086,822
Ping An Insurance Group Co. of China Ltd. Class H		32,046,500		156,923,462
Semiconductor Manufacturing International Corp.a		155,705,000		13,661,770
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		11,116,000		7,773,978
Shanghai Electric Group Co. Ltd. Class Hb		17,238,000		9,519,763
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		2,356,000		6,885,556
Shanghai Industrial Holdings Ltd.		3,877,000		9,454,816
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		4,406,000		9,187,161
Shenzhou International Group Holdings Ltd.		3,428,000		17,316,817
Shimao Property Holdings Ltd.		8,701,500		12,215,704
Shui On Land Ltd.		30,237,100		6,632,611
Sihuan Pharmaceutical Holdings Group Ltd.		33,336,000		6,452,087
Sino Biopharmaceutical Ltd.		19,956,000		23,689,550
Sino-Ocean Land Holdings Ltd.		23,590,500		12,327,859
Sinopec Engineering Group Co. Ltd. Class H		6,472,000		5,586,761

Security	Shares		Value
Sinopec Shanghai Petrochemical Co. Ltd. Class Ha		22,217,000	$	8,112,736
Sinopharm Group Co. Ltd. Class H		7,276,800		27,557,768
Sinotrans Ltd. Class H		11,048,000		5,074,920
SOHO China Ltd.b		14,992,500		6,403,207
Sun Art Retail Group Ltd.b		14,816,500		12,350,190
Sunac China Holdings Ltd.		9,522,000		5,147,990
Tencent Holdings Ltd.		31,691,300		538,953,083
Tingyi Cayman Islands Holding Corp.b		11,960,000		18,395,133
Tsingtao Brewery Co. Ltd. Class H		2,728,000		13,411,113
Want Want China Holdings Ltd.b		36,591,000		29,508,681
Weichai Power Co. Ltd. Class H		5,795,400		6,236,558
Yanzhou Coal Mining Co. Ltd. Class Hb		11,652,800		5,503,093
Yuexiu Property Co. Ltd.b		46,957,420		7,391,959
Zhejiang Expressway Co. Ltd. Class H		9,998,000		10,733,268
Zhuzhou CSR Times Electric Co. Ltd. Class H		3,339,000		22,123,425
Zijin Mining Group Co. Ltd. Class H		36,464,000		9,410,004
ZTE Corp. Class H		5,081,400		10,241,414
				4,867,579,916
COLOMBIA — 0.36%
Almacenes Exito SA		1,285,885		6,974,996
Cementos Argos SA		2,667,788		8,416,878
Corp. Financiera Colombiana SA		589,009		6,987,758
Ecopetrol SA		29,080,933		14,994,048
Grupo Argos SA/Colombia		1,754,725		9,529,458
Grupo de Inversiones Suramericana SA		1,565,855		17,868,008
Interconexion Electrica SA ESP		2,184,762		4,689,452
Isagen SA ESP		5,352,786		5,087,180
				74,547,778
CZECH REPUBLIC — 0.22%
CEZ AS		979,188		22,348,980
Komercni Banka AS		102,171		23,243,294
Pegas Nonwovens SA		20,000		762,374
				46,354,648

16 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
EGYPT — 0.21%
Commercial International Bank Egypt SAE		3,574,839	$	22,882,476
Global Telecom Holding SAEa		16,169,071		4,336,504
Global Telecom Holding SAE GDRa		8,557,240		11,124,412
Talaat Moustafa Group		5,139,562		4,850,718
				43,194,110
GREECE — 0.25%
Alpha Bank AEa		28,536,863		2,685,946
Eurobank Ergasias SAa		56,902,970		2,295,351
FF Group		214,590		4,568,513
Hellenic Telecommunications Organization SA		1,505,596		13,749,211
JUMBO SA		647,211		5,438,998
National Bank of Greece SAa		9,771,217		5,693,296
OPAP SA		1,380,226		10,825,799
Piraeus Bank SAa		13,504,141		1,301,299
Titan Cement Co. SA		298,682		6,265,080
				52,823,493
HUNGARY — 0.24%
MOL Hungarian Oil & Gas PLC		235,396		11,659,347
OTP Bank PLC		1,366,096		26,299,054
Richter Gedeon Nyrt		781,404		11,929,406
				49,887,807
INDIA — 8.51%
ACC Ltd.		243,144		4,882,449
Adani Ports & Special Economic Zone Ltd.		4,330,991		23,158,342
Aditya Birla Nuvo Ltd.		222,347		6,841,832
Ambuja Cements Ltd.		4,438,849		13,835,720
Apollo Hospitals Enterprise Ltd.		477,088		9,618,553
Asian Paints Ltd.		1,886,269		24,079,547
Aurobindo Pharma Ltd.		1,717,939		19,460,069
Bajaj Auto Ltd.		529,873		17,796,878
Bharat Forge Ltd.		640,580		11,254,357
Bharat Heavy Electricals Ltd.		3,747,721		12,766,776
Bharat Petroleum Corp. Ltd.		1,154,699		15,341,559
Bharti Airtel Ltd.		7,285,885		38,832,479
Bharti Infratel Ltd.		2,826,926		16,999,830
Bosch Ltd.		47,259		16,500,980
Cairn India Ltd.		2,744,136		6,148,764
Cipla Ltd.		2,262,872		23,221,033
Coal India Ltd.		4,216,331		23,236,598

Security	Shares		Value
Container Corp. of India Ltd.		308,936	$	6,622,779
Dabur India Ltd.		3,044,513		12,505,518
Divi’s Laboratories Ltd.		283,121		10,068,843
DLF Ltd.		1,558,697		2,600,369
Dr. Reddy’s Laboratories Ltd.		734,063		47,512,842
Eicher Motors Ltd.		66,589		19,047,409
GAIL (India) Ltd.		2,224,105		9,906,845
GlaxoSmithKline Consumer Healthcare Ltd.		48,577		4,467,257
Glenmark Pharmaceuticals Ltd.		623,225		10,826,630
Godrej Consumer Products Ltd.		760,717		15,246,954
HCL Technologies Ltd.		3,465,994		50,630,364
Hero Motocorp Ltd.		295,025		10,639,096
Hindalco Industries Ltd.		6,899,828		8,308,856
Hindustan Unilever Ltd.		4,710,342		61,002,383
Housing Development Finance Corp. Ltd.		9,287,459		165,721,241
ICICI Bank Ltd.		6,932,970		28,983,413
Idea Cellular Ltd.		6,536,145		15,323,929
Indiabulls Housing Finance Ltd.		961,931		10,926,002
Infosys Ltd.		11,379,051		187,337,095
ITC Ltd.		13,903,084		68,004,329
JSW Steel Ltd.		561,128		7,766,315
Larsen & Toubro Ltd.		1,976,351		47,655,405
LIC Housing Finance Ltd.		1,926,498		12,838,490
Lupin Ltd.		1,373,535		39,993,165
Mahindra & Mahindra Financial Services Ltd.		1,681,684		6,391,538
Mahindra & Mahindra Ltd.		2,256,761		41,448,357
Marico Ltd.		1,042,241		6,358,493
Motherson Sumi Systems Ltd.		1,979,703		9,038,584
Nestle India Ltd.		127,694		11,459,132
NTPC Ltd.		7,926,051		14,480,916
Oil & Natural Gas Corp. Ltd.		5,155,401		18,558,668
Oil India Ltd.		660,293		4,464,365
Piramal Enterprises Ltd.		345,149		5,056,387
Power Finance Corp. Ltd.		1,648,167		5,557,527
Reliance Communications Ltd.a		4,631,618		4,208,345
Reliance Industries Ltd.		8,015,654		103,205,690
Rural Electrification Corp. Ltd.		1,909,781		7,275,698
Shree Cement Ltd.		34,815		5,645,660
Shriram Transport Finance Co. Ltd.		904,415		11,061,822
Siemens Ltd.		439,436		8,361,348
State Bank of India		9,356,606		34,815,442

SCHEDULES OF INVESTMENTS 17

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Sun Pharmaceuticals Industries Ltd.		5,915,234	$	79,992,472
Tata Consultancy Services Ltd.		2,921,914		112,703,025
Tata Motors Ltd.a		5,057,042		25,876,688
Tata Power Co. Ltd.		6,885,903		6,272,154
Tata Steel Ltd.		1,913,064		6,486,719
Tech Mahindra Ltd.		1,555,041		12,047,328
Ultratech Cement Ltd.		241,583		10,502,092
United Breweries Ltd.		439,158		5,647,450
United Spirits Ltd.a		347,487		17,289,144
UPL Ltd.		1,705,516		12,893,675
Vedanta Ltd.		5,576,509		8,275,632
Wipro Ltd.		3,916,032		33,684,650
Zee Entertainment Enterprises Ltd.		3,466,808		20,068,112
				1,787,038,408
INDONESIA — 2.38%
Adaro Energy Tbk PT		83,826,400		3,549,944
Astra Agro Lestari Tbk PT		2,503,300		3,051,175
Astra International Tbk PT		125,125,900		52,766,616
Bank Central Asia Tbk PT		78,620,700		72,185,554
Bank Danamon Indonesia Tbk PT		24,757,316		6,228,976
Bank Mandiri Persero Tbk PT		59,036,900		38,237,423
Bank Negara Indonesia Persero Tbk PT		48,820,976		17,200,273
Bank Rakyat Indonesia Persero Tbk PT		69,376,622		52,464,527
Bumi Serpong Damai Tbk PT		44,745,000		5,111,439
Charoen Pokphand Indonesia Tbk PT		48,966,045		6,517,189
Global Mediacom Tbk PT		38,115,700		3,201,176
Gudang Garam Tbk PT		3,215,300		10,183,690
Indocement Tunggal Prakarsa Tbk PT		8,700,900		12,153,392
Indofood CBP Sukses Makmur Tbk PT		5,743,400		5,211,982
Indofood Sukses Makmur Tbk PT		29,848,500		11,259,577
Jasa Marga Persero Tbk PT		11,741,700		4,303,897
Kalbe Farma Tbk PT		142,511,615		16,989,819
Lippo Karawaci Tbk PT		124,391,100		9,473,201
Matahari Department Store Tbk PT		13,395,800		16,708,996

Security	Shares		Value
Media Nusantara Citra Tbk PT		26,929,700	$	3,632,155
Perusahaan Gas Negara Persero Tbk PT		67,245,800		13,305,575
Semen Indonesia Persero Tbk PT		18,186,100		11,973,055
Summarecon Agung Tbk PT		39,937,200		4,604,859
Surya Citra Media Tbk PT		27,052,300		5,256,426
Tambang Batubara Bukit Asam Persero Tbk PT		4,271,700		1,778,608
Telekomunikasi Indonesia Persero Tbk PT		310,846,900		63,496,840
Tower Bersama Infrastructure Tbk PTa		9,498,100		4,850,453
Unilever Indonesia Tbk PT		9,484,800		26,817,344
United Tractors Tbk PT		10,818,153		14,725,778
XL Axiata Tbk PTa		15,054,000		3,214,377
				500,454,316
MALAYSIA — 3.13%
AirAsia Bhdb		7,804,500		1,616,646
Alliance Financial Group Bhdb		6,305,000		5,644,476
AMMB Holdings Bhdb		13,207,175		14,779,458
Astro Malaysia Holdings Bhdb		7,098,600		4,901,414
Axiata Group Bhdb		15,311,600		22,384,101
Berjaya Sports Toto Bhdb		6,762,463		4,749,825
British American Tobacco Malaysia Bhdb		903,500		13,376,102
Bumi Armada Bhda,b		11,417,900		2,324,358
CIMB Group Holdings Bhdb		30,949,900		36,845,119
Dialog Group Bhdb		19,378,712		7,243,947
DiGi.Com Bhdb		20,163,000		25,107,736
Felda Global Ventures Holdings Bhdb		7,189,900		2,088,495
Gamuda Bhdb		11,035,900		11,403,763
Genting Bhdb		13,794,500		22,498,173
Genting Malaysia Bhdb		20,412,800		19,246,354
Genting Plantations Bhdb		2,516,000		5,912,600
Hong Leong Bank Bhdb		3,039,800		9,466,806
Hong Leong Financial Group Bhdb		719,400		2,391,149
IHH Healthcare Bhd		14,797,700		20,611,082
IJM Corp. Bhdb		9,268,220		13,902,330
IOI Corp. Bhdb		18,698,420		17,808,019
IOI Properties Group Bhdb		13,626,685		5,937,341
Kuala Lumpur Kepong Bhdb		2,886,200		14,307,306
Lafarge Malaysia Bhdb		2,485,900		5,504,493

18 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Malayan Banking Bhdb		28,177,300	$	58,769,797
Malaysia Airports Holdings Bhdb		4,143,100		4,261,474
Maxis Bhdb		11,353,400		17,759,961
MISC Bhdb		6,895,000		13,297,500
Petronas Chemicals Group Bhdb		16,541,100		23,905,828
Petronas Dagangan Bhdb		1,466,500		7,388,367
Petronas Gas Bhdb		4,113,100		20,878,879
PPB Group Bhdb		3,354,100		12,250,451
Public Bank Bhdb		15,695,230		67,265,272
RHB Capital Bhdb		2,897,100		4,469,811
Sapurakencana Petroleum Bhdb		20,158,100		8,255,222
Sime Darby Bhdb		18,442,873		32,714,144
Telekom Malaysia Bhd		6,955,800		10,748,367
Tenaga Nasional Bhdb		20,906,450		55,650,979
UMW Holdings Bhdb		3,951,800		7,997,691
Westports Holdings Bhd		3,813,000		3,813,000
YTL Corp. Bhdb		28,181,462		10,467,400
YTL Power International Bhd		17,172,743		6,337,560
				656,282,796
MEXICO — 4.79%
Alfa SAB de CV		17,435,200		34,693,762
America Movil SAB de CV		200,134,600		182,124,871
Arca Continental SAB de CV		2,682,836		15,276,816
Cemex SAB de CV CPOa		78,617,182		61,516,305
Coca-Cola Femsa SAB de CV Series L		2,834,293		20,353,534
Controladora Comercial Mexicana SAB de CV BC Units		2,478,800		7,065,614
El Puerto de Liverpool SAB de CV Series C1		1,302,100		15,510,355
Fibra Uno Administracion SA de CV		14,211,200		30,395,707
Fomento Economico Mexicano SAB de CV		11,396,000		101,429,833
Gentera SAB de CVb		7,118,600		11,352,428
Gruma SAB de CV Series B		1,156,100		15,510,205
Grupo Aeroportuario del Pacifico SAB de CV Series B		1,779,400		14,886,304
Grupo Aeroportuario del Sureste SAB de CV Series B		1,387,600		20,160,720

Security	Shares		Value
Grupo Bimbo SAB de CVa		9,789,900	$	25,134,022
Grupo Carso SAB de CV Series A1		3,141,441		14,246,940
Grupo Comercial Chedraui SA de CVb		1,303,800		3,243,183
Grupo Financiero Banorte SAB de CV		15,421,856		73,901,755
Grupo Financiero Inbursa SAB de CV Series O		14,564,500		30,682,662
Grupo Financiero Santander Mexico SAB de CV Series B		11,394,700		17,737,161
Grupo Lala SAB de CV		2,912,600		6,569,840
Grupo Mexico SAB de CV Series B		23,605,388		59,716,849
Grupo Televisa SAB		15,240,500		93,050,609
Industrias Penoles SAB de CV		868,248		12,336,573
Kimberly-Clark de Mexico SAB de CV Series A		9,980,400		22,333,970
Mexichem SAB de CVb		6,388,492		16,340,529
OHL Mexico SAB de CVa		4,493,400		5,966,207
Promotora y Operadora de Infraestructura SAB de CVa		1,594,900		16,743,599
Wal-Mart de Mexico SAB de CV		32,362,600		77,396,373
				1,005,676,726
PERU — 0.37%
Cia. de Minas Buenaventura SA ADR		1,184,842		7,488,202
Credicorp Ltd.		411,207		45,224,546
Southern Copper Corp.		970,708		25,879,075
				78,591,823
PHILIPPINES — 1.46%
Aboitiz Equity Ventures Inc.		13,092,280		15,433,989
Aboitiz Power Corp.		5,470,364		5,061,901
Alliance Global Group Inc.		13,191,480		5,588,175
Ayala Corp.		1,529,826		24,155,147
Ayala Land Inc.		44,291,200		34,066,509
Bank of the Philippine Islands		6,385,992		11,558,727
BDO Unibank Inc.		8,966,006		18,894,985
DMCI Holdings Inc.		15,743,700		3,833,190
Energy Development Corp.		49,692,200		6,378,973
Globe Telecom Inc.		256,000		14,109,029
GT Capital Holdings Inc.		404,640		10,994,711
International Container Terminal Services Inc.		4,651,620		9,250,494
JG Summit Holdings Inc.		14,119,714		21,448,432

SCHEDULES OF INVESTMENTS 19

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Jollibee Foods Corp.		3,239,579	$	13,272,986
Megaworld Corp.		59,102,000		5,475,217
Metro Pacific Investments Corp.		51,973,800		5,559,884
Metropolitan Bank & Trust Co.		2,174,846		3,896,948
Philippine Long Distance Telephone Co.		594,108		32,006,075
SM Investments Corp.		1,137,795		21,373,214
SM Prime Holdings Inc.		48,265,425		20,136,410
Universal Robina Corp.		5,669,210		23,530,739
				306,025,735
POLAND — 1.58%
Alior Bank SAa		294,830		6,863,072
Bank Handlowy w Warszawie SA		231,745		5,370,619
Bank Millennium SAa		3,409,104		5,376,637
Bank Pekao SA		821,438		35,044,450
Bank Zachodni WBK SAa		209,162		16,798,825
CCC SA		97,707		4,426,100
Cyfrowy Polsat SAa		1,393,147		8,353,010
ENEA SA		1,120,493		4,217,460
Energa SA		1,187,759		6,155,007
Eurocash SA		507,832		5,599,727
Grupa Azoty SAa		214,328		5,112,989
Grupa Lotos SAa		519,280		4,115,535
KGHM Polska Miedz SA		862,945		17,962,724
LPP SA		6,686		13,823,387
mBank SAa,b		102,495		9,916,286
Orange Polska SA		4,148,832		7,807,962
PGE Polska Grupa Energetyczna SA		5,201,062		21,520,305
Polski Koncern Naftowy Orlen SA		2,014,850		39,430,208
Polskie Gornictwo Naftowe i Gazownictwo SA		11,422,945		20,558,970
Powszechna Kasa Oszczednosci Bank Polski SA		5,470,027		43,120,513
Powszechny Zaklad Ubezpieczen SA		343,735		39,251,200
Synthos SA		4,014,979		4,203,721
Tauron Polska Energia SA		7,324,360		6,795,027
				331,823,734
QATAR — 1.08%
Barwa Real Estate Co.		796,189		9,621,355
Commercial Bank QSC (The)		710,346		11,198,226
Doha Bank QSC		542,952		7,888,320

Security	Shares		Value
Ezdan Holding Group QSC		4,116,337	$	21,468,578
Gulf International Services QSC		296,916		4,892,741
Industries Qatar QSC		967,570		35,342,839
Masraf Al Rayan QSC		2,455,380		29,401,710
Ooredoo QSC		447,428		8,540,344
Qatar Electricity & Water Co. QSC		195,547		11,761,499
Qatar Insurance Co. SAQ		443,969		11,949,400
Qatar Islamic Bank SAQ		338,348		10,500,487
Qatar National Bank SAQ		1,122,042		55,160,671
Vodafone Qatar QSC		2,503,359		9,728,524
				227,454,694
RUSSIA — 3.65%
Alrosa PAO		10,759,700		10,575,856
Gazprom PAO		37,438,989		82,890,999
Gazprom PAO ADR		18,051,843		79,608,628
Lukoil PJSC		1,571,588		59,523,424
Lukoil PJSC ADR (London)		1,585,816		59,816,979
Magnit PJSC GDRd		1,601,058		80,044,895
MegaFon PJSC GDRd		597,512		7,678,029
MMC Norilsk Nickel PJSC		343,329		53,773,802
Mobile TeleSystems PJSC ADR		3,155,490		24,076,389
Moscow Exchange MICEX-RTS PJSC		7,143,720		7,901,777
NOVATEK OAO GDRd		555,784		53,244,107
Rosneft OAO		7,309,767		26,639,236
Rostelecom PJSC		5,212,610		6,237,632
RusHydro PJSC		752,517,100		5,966,450
Sberbank of Russia		67,187,111		74,779,899
Severstal PAO		1,344,973		14,655,206
Sistema JSFC GDRd		1,059,799		7,821,317
Surgutneftegas OAO		22,838,660		11,681,194
Surgutneftegas OAO ADR		2,206,480		11,517,826
Tatneft PAO Class S		8,825,810		42,171,286
Uralkali PJSCa		2,481,815		7,588,283
Uralkali PJSC GDRa,d		324,536		5,017,327
VTB Bank JSC		32,452,582,000		33,323,237
				766,533,778
SOUTH AFRICA — 8.12%
African Bank Investments Ltd.a,b		14,665,413		11,056
African Rainbow Minerals Ltd.		532,587		2,852,403

20 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Anglo American Platinum Ltd.a		330,934	$	7,988,522
AngloGold Ashanti Ltd.a		2,522,151		20,305,747
Aspen Pharmacare Holdings Ltd.		2,109,185		54,463,460
Barclays Africa Group Ltd.		2,124,558		27,831,441
Barloworld Ltd.		1,439,619		9,247,077
Bidvest Group Ltd. (The)		2,035,009		48,925,825
Brait SEa		2,074,781		22,708,913
Capitec Bank Holdings Ltd.		207,846		7,566,085
Coronation Fund Managers Ltd.		1,237,384		6,890,188
Discovery Ltd.		2,170,884		21,932,651
Exxaro Resources Ltd.b		905,266		4,628,618
FirstRand Ltd.		21,058,710		84,001,458
Foschini Group Ltd. (The)		1,294,059		14,624,230
Gold Fields Ltd.		4,907,340		15,756,911
Growthpoint Properties Ltd.		13,875,424		27,365,369
Hyprop Investments Ltd.		1,370,861		12,815,407
Impala Platinum Holdings Ltd.a		3,252,401		12,142,330
Imperial Holdings Ltd.		1,171,845		16,299,859
Investec Ltd.		1,855,688		15,098,166
Kumba Iron Ore Ltd.b		380,890		2,594,161
Liberty Holdings Ltd.		841,730		8,173,461
Life Healthcare Group Holdings Ltd.		5,768,370		16,551,570
Massmart Holdings Ltd.		561,970		4,855,289
Mediclinic International Ltd.		2,836,082		22,779,741
MMI Holdings Ltd./South Africa		6,300,261		13,351,704
Mondi Ltd.		663,116		15,373,263
Mr. Price Group Ltd.		1,490,934		26,823,717
MTN Group Ltd.		10,254,132		136,809,374
Nampak Ltd.		3,189,541		7,420,641
Naspers Ltd. Class N		2,457,070		318,427,603
Nedbank Group Ltd.		1,349,233		24,003,770
Netcare Ltd.		6,572,200		19,749,921
Pick n Pay Stores Ltd.		1,854,324		8,751,394
Pioneer Foods Ltd.		517,603		7,765,460
PSG Group Ltd.		388,322		5,796,615
Rand Merchant Insurance Holdings Ltd.		3,675,391		11,632,238
Redefine Properties Ltd.		24,804,797		21,468,162
Remgro Ltd.		3,028,952		57,769,137
Resilient Property Income Fund Ltd.		1,531,533		12,931,881
RMB Holdings Ltd.		4,064,673		20,577,326
Sanlam Ltd.		10,879,714		52,322,367

Security	Shares		Value
Sappi Ltd.a		3,091,623	$	9,908,204
Sasol Ltd.		3,412,425		109,314,398
Shoprite Holdings Ltd.		2,867,242		35,098,410
SPAR Group Ltd. (The)		1,158,522		16,594,921
Standard Bank Group Ltd.		7,571,337		83,406,432
Steinhoff International Holdings Ltd.		14,182,373		84,960,051
Telkom SA SOC Ltd.		1,422,455		6,809,725
Tiger Brands Ltd.		1,029,251		23,263,241
Truworths International Ltd.		2,503,551		16,586,845
Tsogo Sun Holdings Ltd.		1,232,675		2,183,905
Vodacom Group Ltd.		2,245,923		23,957,302
Woolworths Holdings Ltd./South Africa		5,967,827		44,766,857
				1,706,234,802
SOUTH KOREA — 13.96%
AmorePacific Corp.		200,943		64,305,158
AmorePacific Group		177,803		25,856,788
BGF retail Co. Ltd.		27,781		4,732,929
BNK Financial Group Inc.		1,289,087		15,149,701
Celltrion Inc.a,b		386,444		23,198,076
Cheil Industries Inc.a,b		183,090		27,554,445
Cheil Worldwide Inc.a,b		519,740		7,646,143
CJ CheilJedang Corp.		51,101		16,979,660
CJ Corp.		93,910		22,827,415
CJ Korea Express Co. Ltd.a		40,172		6,045,754
Coway Co. Ltd.		353,268		25,208,894
Daelim Industrial Co. Ltd.		174,703		9,940,826
Daewoo Engineering & Construction Co. Ltd.a,b		553,859		2,982,948
Daewoo International Corp.b		265,070		4,885,670
Daewoo Securities Co. Ltd.		1,091,831		11,446,801
Daewoo Shipbuilding & Marine Engineering Co. Ltd.b		609,920		3,470,523
Daum Kakao Corp.b		158,560		18,084,755
DGB Financial Group Inc.		1,060,700		9,326,806
Dongbu Insurance Co. Ltd.b		261,070		11,742,908
Dongsuh Cos. Inc.		102,830		3,894,977
Doosan Corp.		53,362		4,647,040
Doosan Heavy Industries & Construction Co. Ltd.b		296,170		4,607,506
Doosan Infracore Co. Ltd.a,b		790,482		4,464,527
E-Mart Co. Ltd.		131,187		25,344,519
GS Engineering & Construction Corp.a,b		297,410		6,122,962

SCHEDULES OF INVESTMENTS 21

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
GS Holdings Corp.		320,586	$	12,590,336
Hana Financial Group Inc.		1,802,478		41,452,041
Hankook Tire Co. Ltd.		453,355		14,163,151
Hanmi Pharm Co. Ltd.a,b		31,574		11,612,505
Hanmi Science Co. Ltd.a		37,774		5,109,989
Hanon Systemsb		216,181		6,643,990
Hanssem Co. Ltd.		61,918		16,673,754
Hanwha Chemical Corp.		623,176		9,563,005
Hanwha Corp.		271,261		9,667,006
Hanwha Life Insurance Co. Ltd.		1,455,574		9,783,820
Hotel Shilla Co. Ltd.b		206,413		21,029,606
Hyosung Corp.		140,284		15,181,866
Hyundai Department Store Co. Ltd.		92,935		11,825,591
Hyundai Development Co. Engineering & Construction		347,468		17,597,407
Hyundai Engineering & Construction Co. Ltd.		462,050		12,969,825
Hyundai Glovis Co. Ltd.		113,593		16,519,126
Hyundai Heavy Industries Co. Ltd.a,b		256,595		19,850,723
Hyundai Marine & Fire Insurance Co. Ltd.		423,993		10,037,459
Hyundai Merchant Marine Co. Ltd.a,b		473,969		3,406,245
Hyundai Mobis Co. Ltd.		418,774		73,115,055
Hyundai Motor Co.		952,308		119,969,471
Hyundai Steel Co.		437,482		19,566,940
Hyundai Wia Corp.		100,000		8,835,341
Industrial Bank of Korea		1,647,916		18,391,453
Kangwon Land Inc.		701,932		25,252,341
KB Financial Group Inc.		2,507,440		75,896,303
KCC Corp.		36,266		12,035,007
KEPCO Plant Service & Engineering Co. Ltd.		124,245		13,235,992
Kia Motors Corp.		1,622,327		66,799,683
Korea Aerospace Industries Ltd.		292,559		22,830,857
Korea Electric Power Corp.		1,598,951		64,890,846
Korea Gas Corp.		179,184		6,097,786
Korea Investment Holdings Co. Ltd.		229,246		13,528,954
Korea Zinc Co. Ltd.		53,960		23,404,337
Korean Air Lines Co. Ltd.a		201,836		5,682,637
KT Corp.a		161,682		3,943,797
KT&G Corp.		686,097		64,099,530

Security	Shares		Value
Kumho Petrochemical Co. Ltd.b		89,755	$	4,158,591
LG Chem Ltd.		286,920		56,765,403
LG Corp.		602,945		29,669,329
LG Display Co. Ltd.		1,429,377		27,856,385
LG Electronics Inc.b		648,446		24,397,250
LG Household & Health Care Ltd.b		58,881		39,926,072
LG Innotek Co. Ltd.b		81,487		6,331,562
LG Uplus Corp.		1,331,350		12,382,033
Lotte Chemical Corp.		97,863		20,437,253
Lotte Confectionery Co. Ltd.		3,629		5,976,996
Lotte Shopping Co. Ltd.		65,970		14,920,292
LS Industrial Systems Co. Ltd.		104,851		3,829,688
Mirae Asset Securities Co. Ltd.		145,006		4,787,558
NAVER Corp.		172,192		72,137,929
NCsoft Corp.		96,154		17,763,390
NH Investment & Securities Co. Ltd.b		833,603		6,843,615
OCI Co. Ltd.b		100,404		6,935,537
Orion Corp./Republic of Korea		22,034		17,381,291
Paradise Co. Ltd.a,b		266,610		5,139,470
POSCO		419,253		67,349,880
S-1 Corp.		125,416		9,956,933
S-Oil Corp.		279,651		14,186,481
Samsung C&T Corp.		786,444		31,983,053
Samsung Card Co. Ltd.		228,588		7,005,973
Samsung Electro-Mechanics Co. Ltd.b		368,525		18,913,099
Samsung Electronics Co. Ltd.		681,020		627,039,341
Samsung Fire & Marine Insurance Co. Ltd.		217,640		49,591,190
Samsung Heavy Industries Co. Ltd.b		898,159		8,543,047
Samsung Life Insurance Co. Ltd.		494,782		41,122,021
Samsung SDI Co. Ltd.		338,421		24,178,038
Samsung SDS Co. Ltd.		188,223		40,819,446
Samsung Securities Co. Ltd.		352,170		13,458,537
Shinhan Financial Group Co. Ltd.		2,738,942		91,587,534
Shinsegae Co. Ltd.		42,933		9,092,975
SK Holdings Co. Ltd.		229,510		52,392,898
SK Hynix Inc.		3,595,554		108,831,818
SK Innovation Co. Ltd.a		391,147		33,037,908
SK Networks Co. Ltd.		653,081		3,627,768
SK Telecom Co. Ltd.		53,888		11,117,034
Woori Bank		1,961,422		15,124,218

22 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Yuhan Corp.		58,628	$	12,317,952
				2,932,638,294
TAIWAN — 12.44%
Acer Inc.a,b		17,825,121		6,574,301
Advanced Semiconductor Engineering Inc.b		38,608,701		39,871,292
Advantech Co. Ltd.b		2,188,370		13,922,811
Asia Cement Corp.b		14,809,077		15,907,833
Asia Pacific Telecom Co. Ltd.a		9,533,000		2,604,757
Asustek Computer Inc.b		4,367,968		39,738,091
AU Optronics Corp.b		53,287,000		17,196,751
Casetek Holdings Ltd.b		764,000		2,853,024
Catcher Technology Co. Ltd.		4,098,210		41,818,469
Cathay Financial Holding Co. Ltd.		50,440,644		72,709,190
Chailease Holding Co. Ltd.b		6,340,932		10,192,732
Chang Hwa Commercial Bank Ltd.b		31,075,845		15,090,925
Cheng Shin Rubber Industry Co. Ltd.b		9,772,128		15,678,174
Chicony Electronics Co. Ltd.b		3,644,143		9,049,876
China Airlines Ltd.a		15,114,347		5,435,144
China Development Financial Holding Corp.b		87,579,848		25,275,841
China Life Insurance Co. Ltd./Taiwanb		19,119,983		14,603,257
China Motor Corp.		3,232,000		2,195,328
China Steel Corp.b		72,811,313		43,638,450
Chunghwa Telecom Co. Ltd.		22,977,410		69,774,038
Compal Electronics Inc.b		26,237,908		15,322,113
CTBC Financial Holding Co. Ltd.b		92,342,715		55,628,142
CTCI Corp.b		2,730,000		3,524,096
Delta Electronics Inc.b		11,183,000		56,024,988
E.Sun Financial Holding Co. Ltd.b		42,494,144		25,533,579
Eclat Textile Co. Ltd.b		1,257,360		18,916,822
Epistar Corp.b		5,985,345		4,838,166
EVA Airways Corp.a		11,054,360		6,676,241
Evergreen Marine Corp. Taiwan Ltd.		10,812,808		4,735,755
Far Eastern New Century Corp.		20,438,038		18,530,923
Far EasTone Telecommunications Co. Ltd.		9,841,000		21,595,998
Feng TAY Enterprise Co. Ltd.b		1,798,830		10,670,463

Security	Shares		Value
First Financial Holding Co. Ltd.		48,381,211	$	23,420,337
Formosa Chemicals & Fibre Corp.		20,269,090		43,359,007
Formosa Petrochemical Corp.b		6,393,000		14,324,124
Formosa Plastics Corp.		25,746,280		56,737,407
Formosa Taffeta Co. Ltd.		5,806,000		5,050,092
Foxconn Technology Co. Ltd.b		5,651,205		15,892,711
Fubon Financial Holding Co. Ltd.b		41,029,969		70,493,462
Giant Manufacturing Co. Ltd.b		1,857,203		13,442,688
Hermes Microvision Inc.b		277,000		11,748,832
Highwealth Construction Corp.		4,050,900		6,262,610
Hiwin Technologies Corp.b		1,386,542		7,116,810
Hon Hai Precision Industry Co. Ltd.b		81,201,812		230,857,131
Hotai Motor Co. Ltd.b		1,606,000		17,671,134
HTC Corp.b		4,125,708		5,839,343
Hua Nan Financial Holdings Co. Ltd.b		36,388,155		17,223,309
Innolux Corp.b		51,228,002		18,106,775
Inotera Memories Inc.a,b		13,849,000		8,342,771
Inventec Corp.b		14,632,281		6,700,916
Kinsus Interconnect Technology Corp.b		1,636,000		2,916,400
Largan Precision Co. Ltd.b		630,000		58,476,764
Lite-On Technology Corp.b		12,877,387		11,794,509
MediaTek Inc.b		9,160,338		70,667,717
Mega Financial Holding Co. Ltd.		60,623,162		45,463,645
Merida Industry Co. Ltd.b		1,376,500		7,488,336
Nan Ya Plastics Corp.		29,666,160		54,069,440
Novatek Microelectronics Corp.b		3,700,000		12,395,500
Pegatron Corp.		10,385,414		26,876,440
Phison Electronics Corp.		1,119,535		7,793,665
Pou Chen Corp.		13,784,220		22,284,546
Powertech Technology Inc.b		4,126,300		7,102,065
President Chain Store Corp.b		3,658,000		24,453,375
Quanta Computer Inc.b		16,526,000		30,374,195
Radiant Opto-Electronics Corp.b		2,755,240		8,027,931
Realtek Semiconductor Corp.b		2,776,637		4,983,883
Ruentex Development Co. Ltd.b		4,897,025		5,237,782
Ruentex Industries Ltd.b		3,311,598		5,282,516
Shin Kong Financial Holding Co. Ltd.b		46,506,866		11,034,946
Siliconware Precision Industries Co. Ltd.b		18,197,190		22,371,761

SCHEDULES OF INVESTMENTS 23

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Simplo Technology Co. Ltd.b		2,027,202	$	6,729,094
SinoPac Financial Holdings Co. Ltd.b		53,879,925		18,547,306
Standard Foods Corp.		2,721,972		6,182,497
Synnex Technology International Corp.b		8,231,985		8,754,201
Taishin Financial Holding Co. Ltd.b		47,163,025		16,525,033
Taiwan Business Banka,b		22,101,149		5,570,120
Taiwan Cement Corp.		20,549,296		22,010,787
Taiwan Cooperative Financial Holding Co. Ltd.		39,343,943		16,687,559
Taiwan Fertilizer Co. Ltd.b		4,344,000		5,494,087
Taiwan Glass Industry Corp.a,b		3,838,176		1,545,368
Taiwan Mobile Co. Ltd.		10,343,600		31,091,839
Taiwan Semiconductor Manufacturing Co. Ltd.		151,276,000		599,784,977
Teco Electric and Machinery Co. Ltd.		11,796,000		8,882,530
TPK Holding Co. Ltd.b		1,757,827		4,403,212
Transcend Information Inc.b		1,093,000		2,946,155
U-Ming Marine Transport Corp.		2,775,000		2,750,607
Uni-President Enterprises Corp.		30,033,839		53,539,546
United Microelectronics Corp.b		73,176,000		24,177,588
Vanguard International Semiconductor Corp.b		5,207,000		5,921,410
Wan Hai Lines Ltd.		2,737,000		1,884,337
Wistron Corp.b		14,179,272		7,016,421
WPG Holdings Ltd.b		8,257,532		7,804,251
Yang Ming Marine Transport Corp.a		8,954,075		2,875,894
Yuanta Financial Holding Co. Ltd.b		54,329,635		21,791,300
Yulon Motor Co. Ltd.b		5,947,000		5,382,934
Zhen Ding Technology Holding Ltd.b		1,881,075		5,336,342
				2,611,447,840
THAILAND — 2.28%
Advanced Info Service PCL NVDR		6,401,600		42,504,695
Airports of Thailand PCL NVDR		2,726,600		20,994,326
Bangkok Bank PCL Foreign		1,613,200		7,403,303

Security	Shares		Value
Bangkok Bank PCL NVDR		1,889,000	$	8,669,005
Bangkok Dusit Medical Services PCL NVDR		22,510,800		12,246,076
Banpu PCL NVDRb		6,985,800		4,014,716
BEC World PCL NVDR		6,590,900		6,803,272
BTS Group Holdings PCL NVDR		31,187,100		8,483,030
Bumrungrad Hospital PCL NVDR		1,739,400		11,209,413
Central Pattana PCL NVDR		8,872,400		11,138,457
Charoen Pokphand Foods PCL NVDRb		17,962,400		9,521,149
CP ALL PCL NVDR		27,482,800		39,102,324
Delta Electronics Thailand PCL NVDR		2,181,400		5,294,513
Energy Absolute PCL NVDR		5,802,400		3,302,245
Glow Energy PCL NVDR		3,695,500		10,180,796
Home Product Center PCL NVDRb		17,910,914		3,647,640
Indorama Ventures PCL NVDR		8,797,480		5,350,399
IRPC PCL NVDR		64,631,300		6,851,693
Kasikornbank PCL Foreign		7,199,100		36,351,991
Kasikornbank PCL NVDRb		3,917,300		19,725,838
Krung Thai Bank PCL NVDRb		22,623,300		11,486,792
Minor International PCL NVDRb		10,168,520		7,517,528
PTT Exploration & Production PCL NVDR		8,763,039		19,435,391
PTT Global Chemical PCL NVDR		10,283,330		17,212,995
PTT PCL NVDR		6,187,400		46,260,935
Siam Cement PCL (The) Foreign		1,900,200		25,233,511
Siam Cement PCL (The) NVDR		662,100		8,866,174
Siam Commercial Bank PCL (The) NVDRb		9,706,100		38,450,724
Thai Oil PCL NVDR		5,468,700		7,857,108
Thai Union Frozen Products PCL NVDR		10,086,100		4,896,028
TMB Bank PCL NVDR		77,760,100		5,119,650
True Corp. PCL NVDRa,b		54,277,221		14,687,935
				479,819,652
TURKEY — 1.43%
Akbank TAS		13,497,802		31,623,157
Anadolu Efes Biracilik ve Malt Sanayii AS		1,148,995		8,565,164
Arcelik AS		1,217,263		5,707,880

24 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
BIM Birlesik Magazalar AS		1,345,184	$	23,313,134
Coca-Cola Icecek ASb		376,924		4,661,375
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		12,347,488		10,561,747
Enka Insaat ve Sanayi AS		2,772,971		4,734,340
Eregli Demir ve Celik Fabrikalari TAS		8,968,496		12,200,358
Ford Otomotiv Sanayi AS		486,352		4,928,679
Haci Omer Sabanci Holding AS		5,836,365		17,442,932
KOC Holding ASb		4,017,780		15,665,339
Petkim Petrokimya Holding ASa,b		1,675,145		2,267,287
TAV Havalimanlari Holding AS		1,105,985		8,928,426
Tofas Turk Otomobil Fabrikasi AS		711,221		4,410,010
Tupras Turkiye Petrol Rafinerileri ASa		800,622		20,655,002
Turk Hava Yollari AOa,b		3,489,667		9,650,230
Turk Telekomunikasyon AS		2,684,340		5,643,477
Turkcell Iletisim Hizmetleri AS		5,329,038		20,869,472
Turkiye Garanti Bankasi AS		14,042,028		35,599,508
Turkiye Halk Bankasi AS		3,861,653		14,791,285
Turkiye Is Bankasi Class C		9,742,976		16,299,654
Turkiye Sise ve Cam Fabrikalari AS		3,980,708		3,883,617
Turkiye Vakiflar Bankasi Tao Class Db		4,681,783		6,191,984
Ulker Biskuvi Sanayi ASb		858,066		5,276,325
Yapi ve Kredi Bankasi ASb		5,594,200		6,899,065
				300,769,447
UNITED ARAB EMIRATES — 0.81%
Abu Dhabi Commercial Bank PJSC		10,543,784		22,964,640
Aldar Properties PJSC		21,683,858		13,755,160
Arabtec Holding PJSCa		14,259,649		7,648,006
DP World Ltd.		1,048,206		23,374,994
Dubai Financial Market PJSC		13,015,925		6,095,041
Dubai Islamic Bank PJSC		6,942,305		13,230,458
Emaar Malls Group PJSCa		8,252,219		6,403,078
Emaar Properties PJSC		23,065,666		42,388,001
First Gulf Bank PJSC		5,860,928		22,897,678
National Bank of Abu Dhabi PJSC		4,156,933		11,770,083
				170,527,139
TOTAL COMMON STOCKS
(Cost: $23,421,543,491)				20,169,922,601

Security	Shares		Value
PREFERRED STOCKS — 3.49%
BRAZIL — 2.33%
AES Tiete SA		691,000	$	2,847,665
Banco Bradesco SA		15,393,909		97,420,441
Banco do Estado do Rio Grande do Sul SA Class B		1,204,100		2,555,479
Braskem SA Class A		1,016,700		3,927,509
Centrais Eletricas Brasileiras SA Class B		1,492,037		3,076,449
Cia. Brasileira de Distribuicao		922,986		16,091,595
Cia. Energetica de Minas Gerais		4,745,302		9,797,425
Cia. Energetica de Sao Paulo Class B		1,191,100		5,274,883
Cia. Paranaense de Energia Class B		686,075		5,839,337
Gerdau SA		5,248,485		7,565,254
Itau Unibanco Holding SA		18,640,167		135,876,569
Itausa – Investimentos Itau SA		21,830,964		43,634,956
Lojas Americanas SA		3,189,670		14,274,589
Oi SA		1,816,176		1,346,331
Petroleo Brasileiro SA		23,883,427		60,261,842
Suzano Papel e Celulose SA Class A		2,250,400		10,861,976
Telefonica Brasil SA		2,045,367		22,681,687
Usinas Siderurgicas de Minas Gerais SA Class A		2,340,800		1,915,185
Vale SA		11,511,851		44,723,095
				489,972,267
CHILE — 0.07%
Embotelladora Andina SA Class B		1,455,146		4,994,318
Sociedad Quimica y Minera de Chile SA Series B		595,230		9,345,905
				14,340,223
COLOMBIA — 0.20%
Banco Davivienda SA		638,342		4,919,371
Bancolombia SA		2,797,034		23,851,869
Grupo Aval Acciones y Valores SA		18,258,093		6,964,458
Grupo de Inversiones Suramericana SA		509,286		5,775,255
				41,510,953

SCHEDULES OF INVESTMENTS 25

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
RUSSIA — 0.23%
AK Transneft OAO		9,749	$	22,502,188
Surgutneftegas OAO		42,953,100		25,880,016
				48,382,204
SOUTH KOREA — 0.66%
AmorePacific Corp.		36,822		5,681,687
Hyundai Motor Co.		133,759		10,969,878
Hyundai Motor Co. Series 2		233,141		19,711,773
LG Chem Ltd.		49,725		7,273,240
Samsung Electronics Co. Ltd.		127,921		94,095,346
				137,731,924
TOTAL PREFERRED STOCKS
(Cost: $1,256,457,709)				731,937,571
SHORT-TERM INVESTMENTS — 4.09%
MONEY MARKET FUNDS — 4.09%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%e,f,g		812,916,830		812,916,830
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%e,f,g		46,681,681		46,681,681
				859,598,511
TOTAL SHORT-TERM INVESTMENTS
(Cost: $859,598,511)				859,598,511

	Value
TOTAL INVESTMENTS IN SECURITIES — 103.62%
(Cost: $25,537,599,711)	$	21,761,458,683
Other Assets, Less Liabilities — (3.62)%		(760,593,685	)
NET ASSETS — 100.00%	$	21,000,864,998

ADR  —  American Depositary Receipts

CPO  —  Certificates of Participation (Ordinary)

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^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.

Open futures contracts as of August 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
MSCI Emerging Markets Mini Index		2,060		Sep. 2015		NYSE LIFFE	$	84,202,500	$	(9,577,921)

See notes to financial statements.

26 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^® , INC.

August 31, 2015

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)
ASSETS
Investments, at cost:
Unaffiliated	$	—		$	24,678,001,200
Affiliated (Note 2)		245,330,292			859,598,511
Total cost of investments	$	245,330,292		$	25,537,599,711
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	—		$	20,901,860,172
Affiliated (Note 2)		211,379,034			859,598,511
Total fair value of investments		211,379,034			21,761,458,683
Foreign currency, at valueb		—			23,433,978
Cash		—			149,057,369
Cash pledged to broker		—			3,071,010
Receivables:
Investment securities sold		—			148,841,091
Dividends and interest		3			36,726,071
Unrealized appreciation on forward currency contracts (Note 1)		4,944,311			—
Capital shares sold		15,327			—
Futures variation margin		—			178,505
Total Assets		216,338,675			22,122,766,707
LIABILITIES
Payables:
Investment securities purchased		2,596,708			98,805,685
Collateral for securities on loan (Note 1)		—			859,598,511
Capital shares redeemed		16,240			122,686,429
Line of credit (Note 9)		—			25,000,832
Foreign taxes (Note 1)		—			1,784,375
Securities related to in-kind transactions (Note 4)		—			131,729
Unrealized depreciation on forward currency contracts (Note 1)		1,859,373			—
Investment advisory fees (Note 2)		1,449			13,894,148
Total Liabilities		4,473,770			1,121,901,709
NET ASSETS	$	211,864,905		$	21,000,864,998
Net assets consist of:
Paid-in capital	$	237,958,953		$	34,538,178,846
Undistributed net investment income		—			92,311,084
Undistributed net realized gain (accumulated net realized loss)		4,772,272			(9,841,987,412	)
Net unrealized depreciation		(30,866,320	)		(3,787,637,520	)
NET ASSETS	$	211,864,905		$	21,000,864,998
Shares outstandingc		9,900,000			621,450,000
Net asset value per share	$	21.40		$	33.79

^a  Securities on loan with values of $  — and $802,422,761, respectively. See Note 1.

^b  Cost of foreign currency: $  — and $23,518,338, respectively.

^c  $0.001 par value, number of shares authorized: 250 million and 2 billion, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Operations

iSHARES^® , INC.

Year ended August 31, 2015

	iShares Currency Hedged MSCI Emerging Markets ETFa			iShares MSCI Emerging Markets ETF (Consolidated)
NET INVESTMENT INCOME
Dividends — unaffiliatedb	$	—		$	778,832,138
Dividends — affiliated (Note 2)		1,478,109			—
Interest — unaffiliated		—			10,366
Interest — affiliated (Note 2)		7			10,494
Securities lending income — affiliated — net (Note 2)c		—			26,410,748
		1,478,116			805,263,746
Less: Other foreign taxes (Note 1)		—			(2,522,613	)
Total investment income		1,478,116			802,741,133
EXPENSES
Investment advisory fees (Note 2)		629,603			221,482,303
Mauritius income taxes (Note 1)		—			1,157,704
Commitment fees (Note 9)		—			109,177
Interest expense (Note 9)		—			15,782
Total expenses		629,603			222,764,966
Less investment advisory fees waived (Note 2)		(617,304	)		—
Net expenses		12,299			222,764,966
Net investment income		1,465,817			579,976,167
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			(2,091,782,449	)
Investments — affiliated (Note 2)		(268,271	)		—
In-kind redemptions — unaffiliated		—			595,875,704
In-kind redemptions — affiliated (Note 2)		(1,030,779	)		—
Futures contracts		—			(29,867,869	)
Foreign currency transactions		5,164,162			(24,262,792	)
Net realized gain (loss)		3,865,112			(1,550,037,406	)
Net change in unrealized appreciation/depreciation on:
Investments		(33,951,258	)		(7,689,887,253	)
Forward currency contracts		3,084,938			—
Futures contracts		—			(15,877,447	)
Translation of assets and liabilities in foreign currencies		—			(1,944,959	)
Net change in unrealized appreciation/depreciation		(30,866,320	)		(7,707,709,659	)
Net realized and unrealized loss		(27,001,208	)		(9,257,747,065	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(25,535,391	)	$	(8,677,770,898	)

^a  For the period from September 23, 2014 (commencement of operations) to August 31, 2015.

^b  Net of foreign withholding tax of $  — and $90,362,825, respectively.

^c  Net of securities lending income tax paid of $  — and $777,105, respectively.

See notes to financial statements.

28 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® , INC.

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)
	Period from September 23, 2014a to August 31, 2015			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,465,817		$	579,976,167		$	758,783,170
Net realized gain (loss)		3,865,112			(1,550,037,406	)		(970,499,346	)
Net change in unrealized appreciation/depreciation		(30,866,320	)		(7,707,709,659	)		6,267,266,623
Net increase (decrease) in net assets resulting from operations		(25,535,391	)		(8,677,770,898	)		6,055,550,447
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,468,085	)		(661,275,094	)		(673,353,625	)
Total distributions to shareholders		(1,468,085	)		(661,275,094	)		(673,353,625	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		260,396,098			1,756,006,247			16,425,662,994
Cost of shares redeemed		(21,527,717	)		(15,752,495,900	)		(12,275,651,505	)
Net increase (decrease) in net assets from capital share transactions		238,868,381			(13,996,489,653	)		4,150,011,489
INCREASE (DECREASE) IN NET ASSETS		211,864,905			(23,335,535,645	)		9,532,208,311
NET ASSETS
Beginning of period		—			44,336,400,643			34,804,192,332
End of period	$	211,864,905		$	21,000,864,998		$	44,336,400,643
Undistributed net investment income included in net assets at end of period	$	—		$	92,311,084		$	173,862,959
SHARES ISSUED AND REDEEMED
Shares sold		10,850,000			40,950,000			388,800,000
Shares redeemed		(950,000	)		(402,300,000	)		(311,400,000	)
Net increase (decrease) in shares outstanding		9,900,000			(361,350,000	)		77,400,000

^a  Commencement of operations.

See notes to financial statements.

FINANCIAL STATEMENTS 29

Financial Highlights

iSHARES^® , INC.

(For a share outstanding throughout the period)

iShares Currency Hedged MSCI Emerging Markets ETF

	Period from Sept. 23, 2014a to Aug. 31, 2015
Net asset value, beginning of period	$	24.44
Income from investment operations:
Net investment incomeb		0.41
Net realized and unrealized lossc		(2.80	)
Total from investment operations		(2.39	)
Less distributions from:
Net investment income		(0.65	)
Total distributions		(0.65	)
Net asset value, end of period	$	21.40
Total return		(10.01	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	211,865
Ratio of expenses to average net assetse,f		0.02	%
Ratio of expenses to average net assets prior to waived feese,f		0.78	%
Ratio of net investment income to average net assetse		1.82	%
Portfolio turnover rateg,h		7	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the period.

^c  The amount 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  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^g  Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

^h  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See page 31 for the portfolio turnover rates of the underlying fund.

See notes to financial statements.

30 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

		iShares MSCI Emerging Markets ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	45.11		$	38.44		$	39.22		$	42.71		$	40.19
Income from investment operations:
Net investment incomea		0.73			0.83			0.75			0.86			0.81
Net realized and unrealized gain (loss)b		(11.21	)		6.55			(0.76	)		(3.53	)		2.56
Total from investment operations		(10.48	)		7.38			(0.01	)		(2.67	)		3.37
Less distributions from:
Net investment income		(0.84	)		(0.71	)		(0.77	)		(0.82	)		(0.85	)
Total distributions		(0.84	)		(0.71	)		(0.77	)		(0.82	)		(0.85	)
Net asset value, end of year	$	33.79		$	45.11		$	38.44		$	39.22		$	42.71
Total return		(23.46	)%		19.34	%		(0.08	)%		(6.18	)%		8.23	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	21,000,865		$	44,336,401		$	34,804,192		$	34,256,628		$	33,496,549
Ratio of expenses to average net assets		0.69	%		0.67	%		0.67	%		0.68	%		0.67	%
Ratio of expenses to average net assets prior to waived fees		0.69	%		0.68	%		0.67	%		0.69	%		0.67	%
Ratio of net investment income to average net assets		1.79	%		1.98	%		1.78	%		2.13	%		1.76	%
Portfolio turnover ratec		10	%		22	%		24	%		15	%		17	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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 years ended August 31, 2015, August 31, 2014, August 31, 2013, August 31, 2012 and August 31, 2011 were 7%, 7%, 9%, 10% and 15%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 31

Notes to Financial Statements

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
Currency Hedged MSCI Emerging Marketsa	Non-diversified
MSCI Emerging Markets	Diversified

^a  The Fund commenced operation on September 23, 2014.

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. Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF. The financial statements and schedule of investments for the iShares MSCI Emerging Markets ETF are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.

The iShares MSCI Emerging Markets ETF carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (the “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of the Fund also serves as the investment adviser to the Subsidiary. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for the Fund include the accounts of the Subsidiary. Intercompany accounts and transactions, if any, have been eliminated.

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

32 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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”).

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

• Futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded.

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 33

Notes to Financial Statements (Continued)

iSHARES^®, INC.

the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

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

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of August 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1			Level 2			Level 3		Total
Currency Hedged MSCI Emerging Markets
Investments:
Assets:
Exchange-Traded Funds	$	211,270,260		$	—		$	—	$	211,270,260
Money Market Funds		108,774			—			—		108,774
Total	$	211,379,034		$	—		$	—	$	211,379,034
Derivative Financial Instruments:a
Assets:
Forward Currency Contracts	$	—		$	4,944,311		$	—	$	4,944,311
Liabilities:
Forward Currency Contracts		—			(1,859,373	)		—		(1,859,373	)
Total	$	—		$	3,084,938		$	—	$	3,084,938
MSCI Emerging Markets
Investments:
Assets:
Common Stocks	$	20,098,896,373		$	31,983,053		$	39,043,175	$	20,169,922,601
Preferred Stocks		731,937,571			—			—		731,937,571
Money Market Funds		859,598,511			—			—		859,598,511
Total	$	21,690,432,455		$	31,983,053		$	39,043,175	$	21,761,458,683
Derivative Financial Instruments:a
Liabilities:
Futures Contracts	$	(9,577,921	)	$	—		$	—	$	(9,577,921	)
Total	$	(9,577,921	)	$	—		$	—	$	(9,577,921	)

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of August 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an

34 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

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. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for federal income tax purposes. The iShares Currency Hedged MSCI Emerging Markets ETF has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for federal income tax 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 August 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

The iShares MSCI Emerging Markets ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. These income taxes, if any, are paid by the Fund and are disclosed in the consolidated statement of operations. Any dividends paid by the Subsidiary to the Fund are not subject to tax in Mauritius. Further, the Subsidiary is also exempt from tax in Mauritius on any gains from the sale of securities.

However, there can be no assurance that any future changes to the India-Mauritius treaty will not adversely affect the tax position of the Fund’s investments in India. If the DTAA is interpreted, amended, terminated, renegotiated, or possibly overridden by the General Anti-Avoidance Rules provisions (which are due to take effect April 1, 2017, the details of which are pending further authoritative guidance), in a manner that would adversely affect the tax position in India of the Fund, such an interpretation, amendment, or override renegotiation may cause the Fund to incur capital gains tax in India. Tax laws in India also include

NOTES TO FINANCIAL STATEMENTS 35

Notes to Financial Statements (Continued)

iSHARES^®, INC.

provisions that impose Indian tax on the transfer of shares of an Indian company. However, until more definitive authoritative guidance on the final applicability of this provision to the Fund is available, the impact to the Fund, if any, cannot be determined at this time.

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 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. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by 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 August 31, 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 securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of August 31, 2015 and the total 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.

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.

36 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of August 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
MSCI Emerging Markets	$	802,422,761	$	802,422,761	$	—

^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 the Fund’s consolidated statement of assets and liabilities.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

With respect to the iShares MSCI Emerging Markets ETF, the Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

For its investment advisory services to the iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2020 on assets attributable to the Fund’s investments in the iShares MSCI Emerging Markets ETF (“EEM”) (and those assets used by the Fund to hedge the Fund’s exposure to the securities in EEM’s portfolio against the U.S. dollar) such that the Fund’s total annual investment advisory fee is equal to EEM’s net total expense ratio. Prior to May 22, 2015, BFA waived a portion of its investment advisory fees on assets attributable to the Fund’s investments in EEM (and those assets used by the Fund to hedge the Fund’s exposure to the securities in EEM’s portfolio against the U.S. dollar) such that the Fund’s total annual investment advisory fee was equal to EEM’s net total expense ratio plus 0.03%.

For its investment advisory services to the iShares MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.75	%	First $14 billion
	0.68		Over $14 billion, up to and including $28 billion
	0.61		Over $28 billion, up to and including $42 billion
	0.54		Over $42 billion, up to and including $56 billion
	0.47		Over $56 billion, up to and including $70 billion
	0.41		Over $70 billion, up to and including $84 billion
	0.35		Over $84 billion

NOTES TO FINANCIAL STATEMENTS 37

Notes to Financial Statements (Continued)

iSHARES^®, INC.

BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI Emerging Markets ETF through December 31, 2015 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any.

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 65% 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 calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the year ended August 31, 2015, the iShares MSCI Emerging Markets ETF paid to BTC securities lending agent services and collateral investment fees in the amount of $7,730,625.

For the year ended August 31, 2015, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Emerging Markets ETF in the amount of $169,005, related to the foreign tax on the securities lending income. Such reimbursement is included in “Securities lending income – affiliated – net” in the Fund’s consolidated statement of operations.

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 period ended August 31, 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.

38 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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.

Each Fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the year ended August 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Year		Shares Purchased		Shares Sold			Shares Held at End of Year		Value at End of Year		Dividend Income		Net Realized Gain (Loss)
Currency Hedged MSCI Emerging Markets
iShares MSCI Emerging Markets ETF		—		6,980,255		(737,044	)		6,243,211	$	211,270,260	$	1,478,109	$	(1,299,050	)

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 year ended August 31, 2015 were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI Emerging Markets	$	14,623,310	$	6,248,527
MSCI Emerging Markets		3,135,531,291		10,592,196,300

In-kind transactions (see Note 4) for the year ended August 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI Emerging Markets	$	259,575,270	$	21,429,484
MSCI Emerging Markets		834,327,016		7,447,259,662

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

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 statement of assets and liabilities.

5. FUTURES CONTRACTS

Each Fund may purchase or sell futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held by the iShares MSCI Emerging Markets ETF as of August 31, 2015 and the related locations in the consolidated statement of assets and liabilities, presented by risk exposure category:

Liabilities
Equity contracts:
Variation margin/Net assets consist of – net unrealized depreciationa	$	9,577,921

^a  Represents cumulative depreciation of futures contracts as reported in the consolidated schedule of investments. Only current day’s variation margin is reported separately within the consolidated statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI Emerging Markets ETF during the year ended August 31, 2015 and the related locations in the consolidated statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	(29,867,869	)	$	(15,877,447	)

40 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The following table shows the average quarter-end balances of open futures contracts held by the iShares MSCI Emerging Markets ETF for the year ended August 31, 2015:

Average value of contracts purchased $ 126,441,115

6. FORWARD CURRENCY CONTRACTS

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

The following table shows the value of forward currency contracts held by the iShares Currency Hedged MSCI Emerging Markets ETF as of August 31, 2015 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Forward currency contracts:
Unrealized appreciation on forward currency contracts/Net assets consist of – net unrealized appreciation	$	4,944,311
Liabilities
Forward currency contracts:
Unrealized depreciation on forward currency contracts/Net assets consist of – net unrealized appreciation	$	1,859,373

The following table shows the realized and unrealized gains (losses) on forward currency contracts held by the iShares Currency Hedged MSCI Emerging Markets ETF during the year ended August 31, 2015 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Forward currency contracts:
Foreign currency transactions/Forward currency contracts	$	5,164,162	$	3,084,938

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The following table shows the average quarter-end balances of outstanding forward currency contracts held by the iShares Currency Hedged MSCI Emerging Markets ETF for the year ended August 31, 2015:

Average amounts purchased in U.S. dollars	$	117,820,532
Average amounts sold in U.S. dollars	$	226,355,561

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

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

For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to netting arrangements in the statement of assets and liabilities.

The following table presents the exposure of the open forward currency contracts held by the iShares Currency Hedged MSCI Emerging Markets ETF that are subject to potential offset on the statement of assets and liabilities as of August 31, 2015:

	Derivative Assets Subject to Offsetting		Derivatives Available for Offset			Net Amount of Derivative Assets
Forward currency contracts	$	4,944,311	$	(1,474,666	)	$	3,469,645

	Derivative Liabilities Subject to Offsetting		Derivatives Available for Offset			Net Amount of Derivative Liabilities
Forward currency contracts	$	1,859,373	$	(1,474,666	)	$	384,707

42 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

7. PRINCIPAL RISKS

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 direct or indirect investment in equity and financial derivative 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, with the iShares Currency Hedged MSCI Emerging Markets ETF investing indirectly, 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 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 MSCI Emerging Markets 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.

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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.

8. 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of August 31, 2015, attributable to the use of equalization, passive foreign investment companies, the expiration of capital loss carryforwards, foreign currency transactions and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
Currency Hedged MSCI Emerging Markets	$	(909,428	)	$	2,268		$	907,160
MSCI Emerging Markets		391,951,262			(252,948	)		(391,698,314	)

The tax character of distributions paid during the years ended August 31, 2015 and August 31, 2014 was as follows:

iShares ETF	2015		2014
Currency Hedged MSCI Emerging Markets
Ordinary income	$	1,468,085		N/A
MSCI Emerging Markets
Ordinary income	$	661,275,094	$	673,353,625

44 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

As of August 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss Carryforwards			Net Unrealized Gains (Losses) a			Qualified Late-Year Losses  b			Total
Currency Hedged MSCI Emerging Markets	$	3,108,288	$	4,214,422	$	—		$	(33,416,758	)	$	—		$	(26,094,048	)
MSCI Emerging Markets		147,435,024		—		(7,134,479,897	)		(4,928,527,642	)		(1,621,741,333	)		(13,537,313,848	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency contracts, and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^b  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending next taxable year.

As of August 31, 2015, the following Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Emerging Markets	$	4,817,904,318	$	13,844,901	$	228,196,854	$	1,201,366,175	$	873,167,649	$	7,134,479,897

^a  Must be utilized prior to losses subject to expiration.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of August 31, 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)
Currency Hedged MSCI Emerging Markets	$	245,590,103	$	—	$	(34,211,069	)	$	(34,211,069	)
MSCI Emerging Markets		26,687,703,880		2,717,407,736		(7,643,652,933	)		(4,926,245,197	)

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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.

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Continued)

iSHARES^®, INC.

9. LINE OF CREDIT

The iShares MSCI Emerging Markets ETF, along with certain other iShares funds, are parties to a $150 million credit agreement with State Street Bank and Trust Company, which expires on October 28, 2015. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

On September 17, 2015, the Board amended the terms of the credit agreement as follows: (i) increased the maximum borrowing amount to $250 million; (ii) increased the commitment fee to 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed; and (iii) extended the expiration date to October 28, 2016. These changes are expected to be effective on or around October 28, 2015.

For the year ended August 31, 2015, the Fund’s maximum amount borrowed, the average borrowings and the weighted average interest rate under the credit agreement were $75,750,000, $1,313,699 and 1.18%, respectively.

10. LEGAL PROCEEDINGS

On January 18, 2013, a lawsuit was filed in the United States District Court for the Middle District of Tennessee by Laborers’ Local 265 Pension Fund and Plumbers and Pipefitters Local No. 572 Pension Fund (the “Plaintiffs”) against BFA, BTC, and the current members of the iShares Trust Board of Trustees and the Board of Directors of iShares, Inc. (collectively, “Defendants”) for alleged violations of, among other things, Sections 36(a) and 36(b) of the 1940 Act. The complaint purports to be brought derivatively on behalf of iShares Trust and iShares, Inc., as well as the following eight funds: iShares Russell Mid-Cap ETF; iShares MSCI EAFE ETF; iShares MSCI Emerging Markets ETF; iShares Russell 2000 Growth ETF; iShares Russell 2000 Value ETF; iShares Core S&P Mid-Cap ETF; iShares Core S&P Small-Cap ETF; and iShares U.S. Real Estate ETF. The complaint alleges, among other things, that BFA and BTC breached their fiduciary duties under the 1940 Act by charging allegedly excessive fees in connection with the provision of securities lending services to the above eight funds, that the individual defendants breached their fiduciary duties under the 1940 Act by approving those fee arrangements, and that the securities lending contracts are unenforceable under Section 47(b) of the 1940 Act. The Plaintiffs sought injunctive relief, rescission of the securities lending contracts, and monetary damages of an unspecified amount. The Defendants believe that the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit. The Court dismissed the complaint with prejudice on October 24, 2013. The Plaintiffs filed a notice of appeal on November 8, 2013. On February 13, 2014, the Plaintiffs filed an appeal brief with the United States Court of Appeals for the Sixth Circuit (the “Sixth Circuit”). Oral argument of the Plaintiffs’ appeal was heard by the Sixth Circuit on July 30, 2014. On September 30, 2014, the Sixth Circuit affirmed the dismissal of the lawsuit. On December 29, 2014, the Plaintiffs filed a petition for a writ of certiorari asking the U.S. Supreme Court to hear their appeal of the Sixth Circuit’s ruling. On March 2, 2015, the U.S. Supreme Court denied the Plaintiffs’ petition, which concluded the lawsuit.

11. 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.

46 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

iShares, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF and its subsidiary (the “Funds”) at August 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (consolidated financial statements and consolidated financial highlights for iShares MSCI Emerging Markets ETF) (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

October 22, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 47

Tax Information (Unaudited)

iSHARES^®, INC.

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the following maximum amounts are hereby designated as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2015:

iShares ETF	Qualified Dividend Income
Currency Hedged MSCI Emerging Markets	$	1,258,807
MSCI Emerging Markets		500,975,310

In February 2016, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.

For the fiscal year ended August 31, 2015, the iShares Currency Hedged MSCI Emerging Markets ETF intends to pass through to its shareholders foreign source income earned of $1,739,750 and foreign taxes paid of $261,641 by the underlying fund pursuant to Section 852(g)(1) of the Code.

For the fiscal year ended August 31, 2015, the iShares MSCI Emerging Markets ETF earned foreign source income of $868,547,881 and paid foreign taxes of $94,819,662 which it intends to pass through to its shareholders pursuant to Section 853 of the Code.

Under Section 871(k)(2)(C) of the Code, the iShares Currency Hedged MSCI Emerging Markets ETF hereby designates $2,268 as short-term capital gain dividends for the fiscal year ended August 31, 2015.

48 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^®, INC.

I. iShares Currency Hedged MSCI Emerging Markets ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group, and in the 5^th Lipper quintile. The Board further noted that the Fund’s pricing reflects the additional complexity associated with the Fund’s currency hedging strategy, as compared to many of the competitor funds as determined by Lipper, which are not currency hedged.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that

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the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the

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15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that to the extent that the Fund invests in the unhedged iShares MSCI Emerging Markets ETF (“EEM”), Fund shareholders would benefit from breakpoints in EEM’s investment advisory fee rate as the assets of EEM, on an aggregated basis with the assets of other iShares funds, increase. The Board further noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an

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Board Review and Approval of Investment Advisory

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underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

II. iShares MSCI Emerging Markets ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

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iSHARES^®, INC.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group. The Board further noted management’s assertion that the Fund’s pricing reflects its capital markets ecosystem (i.e., linkage with other capital market instruments, such as options, futures and structured products) and its greater liquidity as compared to its competitor funds as determined by Lipper. In addition, the Board noted that the Fund’s investment advisory fee rate and overall expenses (net of waivers and reimbursements) were 3.8 basis points higher than those of a competitor fund in the Lipper Group ranked in the 3^rd Lipper quintile.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

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Board Review and Approval of Investment Advisory

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Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the

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iSHARES^®, INC.

Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 55

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 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 these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Currency Hedged MSCI Emerging Markets	$	0.653937	$	—	$	—	$	0.653937		100	%		—	%		—	%		100	%
MSCI Emerging Markets		0.820134		—		0.016139		0.836273		98			—			2			100

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that a fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for five calendar years (or from the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.

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Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares Currency Hedged MSCI Emerging Markets ETF

Period Covered: September 23, 2014 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.5% and Less than 1.0%		6		3.09	%
Between 0.5% and –0.5%		188		96.91
		194		100.00	%

iShares MSCI Emerging Markets ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.0% and Less than 4.5%		1		0.07	%
Greater than 3.5% and Less than 4.0%		1		0.07
Greater than 3.0% and Less than 3.5%		1		0.07
Greater than 2.5% and Less than 3.0%		4		0.29
Greater than 2.0% and Less than 2.5%		7		0.51
Greater than 1.5% and Less than 2.0%		17		1.23
Greater than 1.0% and Less than 1.5%		50		3.62
Greater than 0.5% and Less than 1.0%		239		17.30
Between 0.5% and –0.5%		756		54.71
Less than –0.5% and Greater than –1.0%		196		14.18
Less than –1.0% and Greater than –1.5%		70		5.07
Less than –1.5% and Greater than –2.0%		22		1.59
Less than –2.0% and Greater than –2.5%		9		0.65
Less than –2.5% and Greater than –3.0%		5		0.36
Less than –3.0% and Greater than –3.5%		2		0.14
Less than –3.5% and Greater than –4.0%		1		0.07
Less than –4.0% and Greater than –4.5%		1		0.07
		1,382		100.00	%

Regulation under the Alternative Investment Fund Managers Directive (“AIFMD” or, the “Directive”)

The Directive imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside the EU, such as BFA. Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

BFA has registered the iShares MSCI Emerging Markets ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden and Luxembourg.

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Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Report on Remuneration

BFA is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops, BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to both (a) the staff of BFA; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programs which support that philosophy. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Compensation decisions for employees are made based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Bonus pools are reviewed by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Operational Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions.

Functions such as Finance, Operational Risk, Legal & Compliance, and Human Resources each have their own organizational structures which are independent of the business units. Functional bonus pools are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent compensation committee. No individual is involved in setting his or her own remuneration.

Members of staff and senior management of BFA typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of BFA and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of BFA. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Emerging Markets ETF in respect of BFA’s financial year ending December 31, 2014 was USD 5.50 million. This figure is comprised of fixed remuneration of USD 2.22 million and variable remuneration of USD 3.28 million. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Emerging Markets ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 0.76 million, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.14 million.

58 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information

iSHARES^® , INC.

The Board of Directors has responsibility for the overall management and operations of the Company, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees a total of 319 funds (as of August 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert S. Kapitoa (58)	Director (since 2009).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Director (since 2013).	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Trustee of iShares U.S. ETF Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

DIRECTOR AND OFFICER INFORMATION 59

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert H. Silver (60)	Director (since 2007); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Trustee of iShares U.S. ETF Trust (since 2011); Independent Chairman of iShares Trust and iShares U.S. ETF Trust (since 2012).
Jane D. Carlin (59)	Director (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Director (since 2005); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (71)	Director (since 2005); Audit Committee Chair (since 2006).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

60 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (60)	Director (since 2005); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
John E. Martinez (54)	Director (since 2003); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (51)	Director (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Director, Cavium, Inc. (since 2013).

DIRECTOR AND OFFICER INFORMATION 61

Director and Officer Information (Continued)

iSHARES^®, INC.

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (55)	Treasurer and Chief Financial Officer (since 2008).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (47)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (52)	Executive Vice President (since 2007).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

62 2015 iSHARES 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company 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.

Certain financial information required by regulations or listing exchange rules in jurisdictions outside the U.S. in which iShares Funds are cross-listed may be publicly filed in those jurisdictions. This information is available upon request by calling 1-800-474-2737.

©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-AR-85-0815

AUGUST 31, 2015

2015 ANNUAL REPORT

iShares, Inc.

^Ø   iShares MSCI Eurozone ETF  |  EZU  |  NYSE Arca

^Ø   iShares MSCI Germany ETF  |  EWG  |  NYSE Arca

^Ø   iShares MSCI Italy Capped ETF  |  EWI  |  NYSE Arca

^Ø   iShares MSCI Spain Capped ETF  |  EWP  |  NYSE Arca

^Ø   iShares MSCI Switzerland Capped ETF  |  EWL  |  NYSE Arca

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	16
Shareholder Expenses	16
Schedules of Investments	17
iShares MSCI Eurozone ETF	17
iShares MSCI Germany ETF	21
iShares MSCI Italy Capped ETF	24
iShares MSCI Spain Capped ETF	26
iShares MSCI Switzerland Capped ETF	27
Financial Statements	29
Financial Highlights	36
Notes to Financial Statements	41
Report of Independent Registered Public Accounting Firm	53
Tax Information	54
Board Review and Approval of Investment Advisory Contract	55
Supplemental Information	65
Director and Officer Information	70

Management’s Discussion of Fund Performance

iSHARES^®, INC.

GLOBAL MARKET OVERVIEW

Global equity markets delivered a negative return for the 12 months ended August 31, 2015 (the “reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -6.29% for the reporting period.

The reporting period was characterized by a continued divergence in economic growth and central bank policy between the U.S. and the rest of the world. Despite a slowdown in early 2015, the U.S. economy remained one of the strongest economies among developed countries, which motivated the U.S. Federal Reserve Bank (the “Fed”) to scale back its economic stimulus measures. The Fed ended a two-year quantitative easing program in October 2014 and signaled its intent to raise its short-term interest rate target sometime in 2015. In contrast, weaker economic growth in most other regions of the globe led many of the world’s central banks to take more aggressive actions to stimulate economic activity.

This divergence contributed to a notably stronger U.S. dollar. For the reporting period, the euro, Japanese yen, British pound and Australian dollar declined by 15%, 14%, 7%, and 24% against the U.S. dollar, respectively. Weaker foreign currencies decrease the value of foreign investments measured in U.S. dollars, thereby decreasing returns for U.S. investors, while increasing foreign currencies relative to the U.S. dollar have the opposite effect. Currency performance had a meaningful impact on non-U.S. equity returns for U.S. investors. For example, the MSCI ACWI returned 0.59% in local currency terms for the reporting period.

A number of other factors influenced global markets during the reporting period. Energy prices fell sharply amid growing supply —primarily from increased production in the U.S. — and declining global demand. Lower energy prices contributed to historically low and declining inflation rates in most of the world. Consumer prices were nearly unchanged in the U.S., the European Union, and Japan, while prices in China and India rose at a relatively slow rate. Low inflation and tepid demand kept the Fed’s zero interest rate policy intact, while central banks throughout the world took aggressive measures to stimulate demand.

Global markets advanced for most of the reporting period, then declined sharply in the last few months of the reporting period. The volatility began in China, as slowing economic growth led to a steep drop in China’s equity markets. Plummeting commodity prices amid already subdued inflation also raised concerns about global demand. Currency devaluations in Asia, including China, Vietnam, Pakistan, and Kazakhstan, led to speculation that Asian countries were weakening their currencies to compete for demand. These global events led to further uncertainty about the timing of an expected interest rate hike from the Fed.

On a regional basis, U.S. stocks advanced by less than 1% for the reporting period as declining interest rates, ongoing economic growth, and low inflation provided a favorable environment for U.S. equity market performance. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters. Economic activity improved over the last several months of the reporting period, boosted by an increase in consumer spending.

European stocks declined by about 8% in U.S. dollar terms for the reporting period, though they advanced more than 3% when measured in local currencies. The European Central Bank initiated quantitative easing measures in early 2015, and signs of economic improvement emerged in the latter half of the reporting period. A tentative agreement on Greece’s debt repayment helped alleviate ongoing concerns about Europe’s sovereign debt levels.

Stock markets in the Asia/Pacific region (excluding Japan) declined by approximately 19% in U.S. dollar terms, which equated to an 8% decline when measured in local currencies. China’s economic slowdown weighed heavily on the region, as China is the largest trading partner of many countries in the region. On the bright side, Japanese stocks performed relatively well, as ongoing economic stimulus and reform measures led to a 4% gain in U.S. dollar terms (22% when measured in Japanese yen).

Emerging markets stocks fell by approximately 23% in U.S. dollar terms for the reporting period, though the decline was about 10% when measured in local currencies. Many of the largest emerging economies — including China, Russia, and Brazil —experienced slowing economic growth during the reporting period. Latin American stocks posted some of the biggest declines, as the region struggled with slow growth and declining commodity prices.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® MSCI EUROZONE ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(7.62)%		(7.44)%		(7.43)%		(7.62)%		(7.44)%		(7.43)%
5 Years		6.27%		6.42%		6.38%		35.54%		36.52%		36.24%
10 Years		2.77%		2.68%		2.91%		31.44%		30.32%		33.18%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	937.80	$	2.30	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

6 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI EUROZONE ETF

The iShares MSCI Eurozone ETF (the “Fund”) (formerly the iShares MSCI EMU ETF) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -7.62%, net of fees, while the total return for the Index was -7.43%.

Eurozone equities, as represented by the Index, produced a negative return for the reporting period and slightly underperformed the broad international developed markets. Stocks in the eurozone performed well in the early months of 2015 as investors grew more optimistic about the ongoing efforts of the European Central Bank to stimulate economic growth in the eurozone. Later in the reporting period, however, the momentum slowed, as worries about the Greek debt crisis and a weakening of the region’s euro currency took hold. The euro depreciated by 15% relative to the U.S. dollar, which meaningfully detracted from Index performance in U.S. dollar terms. The steep decline in the Chinese stock market near the end of the reporting period put further pressure on eurozone stocks.

Equities in France, Germany, and Spain, which together accounted for nearly 75% of the Index, were especially hard hit by the euro’s weakness and extreme volatility in the Chinese markets toward the end of the reporting period, with each country producing negative returns in U.S. dollar terms.

French stocks posted a moderate decline, as early enthusiasm about economic improvements in the eurozone were offset by geopolitical tensions and falling energy prices, as well as a slowdown in manufacturing and construction during the second half of the reporting period. Similarly, German equities declined by a similar amount, with weakness in the materials, industrials, and utilities sectors as the most significant detractors during the reporting period. Stocks in Spain also fell during the reporting period, mainly due to poor performance in the financials sector.

ALLOCATION BY SECTOR

As of 8/31/15

Sector	Percentage of Total Investments*
Financials		24.06	%
Consumer Discretionary		14.55
Industrials		13.18
Consumer Staples		10.44
Health Care		8.85
Materials		7.69
Information Technology		5.66
Utilities		5.43
Telecommunication Services		5.27
Energy		4.87
TOTAL		100.00	%

* Excludes money market funds.

TEN LARGEST COUNTRIES

As of 8/31/15

Country	Percentage of Total Investments*
France		32.58	%
Germany		29.28
Spain		11.51
Netherlands		9.45
Italy		7.89
Belgium		4.25
Finland		2.73
Ireland		1.27
Austria		0.57
Portugal		0.47
TOTAL		100.00	%

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® MSCI GERMANY ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(7.50)%		(7.31)%		(7.34)%		(7.50)%		(7.31)%		(7.34)%
5 Years		8.60%		8.77%		8.74%		51.06%		52.24%		52.05%
10 Years		5.74%		5.63%		5.87%		74.69%		73.00%		76.88%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	899.50	$	2.25	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

8 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI GERMANY ETF

The iShares MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of German equities, as represented by the MSCI Germany 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -7.50%, net of fees, while the total return for the Index was -7.34%.

German stocks, as represented by the Index, produced a negative return during the reporting period and slightly underperformed the broad international developed markets. Germany’s currency, the euro, depreciated 15% relative to the U.S. dollar, which meaningfully detracted from Index performance as German stocks were valued lower when translated back into U.S. dollars.

German stock market performance was uneven during the reporting period. Stock prices surged early in 2015, as investors grew more optimistic about the European Central Bank’s ongoing efforts to stimulate economic growth in the eurozone. By mid-year 2015, however, German stocks had begun to retreat. Among the factors influencing the decline in German stocks were worries about a bond market sell-off, a weakening of the euro against other world currencies, and nagging doubts over the intractable Greek debt crisis. Late in the reporting period, the further slowing of the Chinese economy and the extreme volatility of its stock market delivered a major blow to the world’s capital markets, putting additional downward pressure on the performance of German stocks.

With the exception of the healthcare and telecommunication services sectors, which turned in positive results from the perspective of U.S. investors, all other sectors of the Index produced negative returns during the reporting period. Materials, industrials, and utilities were the most notable sector detractors, due in part to a slump in industrial output and exports during 2015’s second quarter. A decline in the consumer discretionary sector, which at an average weighting of 21% made up the largest segment of the Index, also detracted meaningfully from the Index’s performance during the reporting period.

ALLOCATION BY SECTOR

As of 8/31/15

Sector	Percentage of Total Investments*
Consumer Discretionary		20.49	%
Financials		18.43
Health Care		15.73
Materials		13.78
Industrials		12.20
Information Technology		7.64
Telecommunication Services		5.24
Consumer Staples		3.77
Utilities		2.72
TOTAL		100.00	%

* Excludes money market funds.

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security	Percentage of Total Investments*
Bayer AG Registered		10.15	%
Siemens AG Registered		7.12
Daimler AG Registered		7.00
BASF SE		6.69
Allianz SE Registered		6.60
SAP SE		5.98
Deutsche Telekom AG Registered		4.91
Deutsche Bank AG Registered		3.68
Linde AG		2.92
Volkswagen AG (Preferred)		2.80
TOTAL		57.85	%

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 9

Management’s Discussion of Fund Performance

iSHARES^® MSCI ITALY CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(5.66)%		(5.10)%		(5.52)%		(5.66)%		(5.10)%		(5.52)%
5 Years		2.40%		2.65%		2.34%		12.57%		13.99%		12.27%
10 Years		(2.29)%		(2.30)%		(2.31)%		(20.64)%		(20.78)%		(20.86)%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through February 11, 2013 reflects the performance of the MSCI Italy Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Italy 25/50 Index.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,003.90	$	2.37	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

10 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI ITALY CAPPED ETF

The iShares MSCI Italy Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Italian equities, as represented by the MSCI Italy 25/50 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -5.66%, net of fees, while the total return for the Index was -5.52%.

Italian stock prices, as measured by the Index, receded during the reporting period, but outperformed broad international developed markets. Italy’s currency, the euro, depreciated by 15% relative to the U.S. dollar, which meaningfully detracted from the Index’s performance as Italian stocks were valued lower when translated back into U.S. dollars.

After a long recession, the Italian economy began a gradual recovery during most of the reporting period. The recovery was driven mainly by domestic consumption, but also helped to a lesser extent by exports, which were supported by the decline in the value of the euro. Tax and labor reforms in Italy, coupled with the European Central Bank’s more accommodative monetary policy, helped boost corporate profits and spur the recovery’s momentum. However, volatility in the Chinese stock market late in the reporting period detracted appreciably from that gathering momentum among Italian stocks while also negatively affecting most world equity markets.

Energy prices declined considerably during the reporting period, affecting the stocks of several large Italian energy companies and making energy the most meaningful detractor in the Index from the perspective of U.S. investors. The utilities sector also posted a significant loss for the reporting period, while the financials sector, the Index’s single largest weighting at about 38% on average, struggled as well.

On the upside, robust domestic consumption drove strong performance within the consumer discretionary sector during the reporting period. The industrials sector also contributed to the Index’s performance, albeit to a lesser extent.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	41.39	%
Utilities	16.49
Energy	15.52
Industrials	11.71
Consumer Discretionary	10.60
Telecommunication Services	4.29
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Intesa Sanpaolo SpA	13.55	%
Eni SpA	12.02
Enel SpA	8.89
UniCredit SpA	8.73
Assicurazioni Generali SpA	4.38
Luxottica Group SpA	4.35
Atlantia SpA	4.23
Fiat Chrysler Automobiles NV	4.18
Snam SpA	3.97
Telecom Italia SpA	3.16
TOTAL	67.46	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 11

Management’s Discussion of Fund Performance

iSHARES^® MSCI SPAIN CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(17.63)%		(17.29)%		(17.16)%		(17.63)%		(17.29)%		(17.16)%
5 Years		2.34%		2.51%		1.75%		12.28%		13.20%		9.04%
10 Years		3.41%		3.37%		3.24%		39.89%		39.32%		37.62%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through February 11, 2013 reflects the performance of the MSCI Spain Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Spain 25/50 Index.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	926.00	$	2.28	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

12 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI SPAIN CAPPED ETF

The iShares MSCI Spain Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Spanish equities, as represented by the MSCI Spain 25/50 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -17.63%, net of fees, while the total return for the Index was -17.16%.

Spanish stocks, as represented by the Index, produced a negative return during the reporting period and widely underperformed the broad international developed markets. The decline was mainly attributable to global market reactions to a decelerating Chinese economy and the extreme volatility of Chinese stocks late in the reporting period. Additionally, Spain’s currency, the euro, depreciated by 15% relative to the U.S. dollar, which detracted meaningfully from the performance of the dollar-denominated Index because Spanish stocks were valued lower when translated back into U.S. dollars.

Despite the negative performance of Spanish stocks, the economy of Spain continued its recovery for most of the reporting period. The country’s economy grew in 2014, the first year of economic expansion since Spain’s real-estate market collapsed in 2007, and was on track to grow even more quickly during 2015. Low inflation, the weak euro, falling energy prices, and improving financial stability in the eurozone all contributed to an accelerating Spanish economy. Like most other eurozone markets, however, Spanish equities were vulnerable to geopolitical tensions in Greece, as well as the economic crisis in China, and stock prices declined on news of these events.

The financials sector, the largest segment of the Index, was the most significant detractor from Index performance during the reporting period from the perspective of U.S. investors. Many Spanish bank stocks declined in the wake of the real-estate collapse, which left banks holding large amounts of nonperforming assets. Energy stocks also performed poorly. On the upside, equities in the consumer discretionary and information technology sectors delivered positive results.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total Investments*

Financials	42.84	%
Industrials	14.83
Utilities	12.95
Telecommunication Services	11.86
Information Technology	4.66
Consumer Discretionary	4.64
Energy	4.29
Health Care	2.23
Consumer Staples	1.70
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total Investments*

Banco Santander SA	17.34	%
Telefonica SA	11.86
Banco Bilbao Vizcaya Argentaria SA	10.75
Iberdrola SA	5.10
Amadeus IT Holding SA Class A	4.66
Industria de Diseno Textil SA	4.64
Repsol SA	4.28
CaixaBank SA	3.42
Ferrovial SA	3.42
Banco de Sabadell SA	3.19
TOTAL	68.66	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 13

Management’s Discussion of Fund Performance

iSHARES^® MSCI SWITZERLAND CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(2.92)%		(3.12)%		(2.89)%		(2.92)%		(3.12)%		(2.89)%
5 Years		10.60%		10.59%		10.49%		65.49%		65.42%		64.65%
10 Years		8.18%		8.10%		7.72%		119.47%		117.93%		110.33%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through February 11, 2013 reflects the performance of the MSCI Switzerland Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Switzerland 25/50 Index.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	974.90	$	2.34	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

14 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI SWITZERLAND CAPPED ETF

The iShares MSCI Switzerland Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Swiss equities, as represented by the MSCI Switzerland 25/50 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -2.92%, net of fees, while the total return for the Index was -2.89%.

Swiss stocks, as represented by the Index, produced a negative return during the reporting period but outperformed the broad international developed markets. The decline was mainly due to global market reactions to a decelerating Chinese economy and the extreme volatility of Chinese stocks late in the reporting period. Additionally, Switzerland’s currency, the Swiss franc, depreciated by approximately 5% relative to the U.S. dollar during the reporting period, which detracted from the performance of the dollar-denominated Index as Swiss stocks were valued lower when translated back into U.S. dollars.

Swiss stock prices declined in U.S. dollar terms during the reporting period, as the Swiss economy had difficulty establishing a sustained growth trajectory. The Swiss economy began to struggle in early 2015 when the Swiss central bank decided to allow the Swiss franc to float freely relative to the euro, ending a period when the Swiss franc was artificially pegged to the euro. This currency-exchange decision led to an abrupt appreciation of the Swiss franc. GDP in Switzerland declined 0.2% during the first quarter of 2015, but returned to modest growth in the second quarter, growing by 0.2% or an annualized rate of 1%, as the Swiss economy adjusted to the currency appreciation. Solid private consumption and fixed investment spending by businesses and the Swiss government during the latter portion of the reporting period helped offset the Swiss franc’s negative effects on demand for Swiss exports.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total Investments*

Health Care	31.91	%
Financials	20.05
Consumer Staples	19.78
Industrials	10.85
Materials	9.11
Consumer Discretionary	6.17
Telecommunication Services	1.48
Energy	0.65
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total Investments*

Nestle SA Registered	16.79	%
Novartis AG Registered	15.53
Roche Holding AG	12.96
UBS Group AG	4.46
ABB Ltd. Registered	3.88
Credit Suisse Group AG Registered	3.81
Zurich Insurance Group AG	3.78
Cie. Financiere Richemont SA Class A Registered	3.60
Syngenta AG Registered	3.02
Swiss Re AG	2.90
TOTAL	70.73	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 15

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 advisory fees. Without such a 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 March 1, 2015 and held through August 31, 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 corresponding to 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.

16 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI EUROZONE ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.05%
AUSTRIA — 0.57%
Andritz AG		209,525	$	10,029,489
Erste Group Bank AGa		749,223		22,293,032
IMMOEAST AG Escrowa		105,078		1
IMMOFINANZ AG Escrowa		68,575		1
OMV AG		392,965		10,056,844
Raiffeisen Bank International AGa,b		320,185		4,330,320
Voestalpine AG		299,061		10,924,186
				57,633,873
BELGIUM — 4.24%
Ageas		538,932		22,041,369
Anheuser-Busch InBev SA/NV		2,152,270		235,036,270
Colruyt SA		190,123		9,267,990
Delhaize Group		275,874		24,701,517
Groupe Bruxelles Lambert SA		213,794		16,589,260
KBC Groep NV		673,974		44,684,452
Proximus		409,611		14,730,609
Solvay SA		159,107		18,701,503
Telenet Group Holding NVa		141,988		7,993,059
UCB SA		338,759		25,636,789
Umicore SA		255,718		10,216,296
				429,599,114
FINLAND — 2.72%
Elisa OYJ		382,740		12,737,143
Fortum OYJ		1,211,293		19,693,747
Kone OYJ Class B		903,552		35,718,520
Metso OYJ		301,798		7,439,620
Neste OYJ		343,942		8,817,652
Nokia OYJ		9,864,922		61,679,320
Nokian Renkaat OYJb		304,353		8,215,351
Orion OYJ Class B		270,879		10,738,531
Sampo OYJ Class A		1,196,443		57,686,619
Stora Enso OYJ Class R		1,471,741		13,085,492
UPM-Kymmene OYJ		1,428,144		23,795,492
Wartsila OYJ Abp		396,502		16,402,831
				276,010,318
FRANCE — 32.52%
Accor SA		562,578		26,651,978
Aeroports de Paris		78,500		9,002,626
Air Liquide SA		924,162		110,645,654
Airbus Group SE		1,580,077		102,846,935
Alcatel-Lucenta		7,379,912		24,757,951

Security	Shares		Value
Alstom SAa		579,878	$	17,978,668
ArcelorMittal		2,670,951		20,767,037
Arkema SA		176,384		12,433,420
Atos		231,161		17,543,142
AXA SA		5,252,742		132,281,008
BNP Paribas SA		2,837,019		178,875,510
Bollore SA		2,325,865		12,556,339
Bouygues SA		539,188		20,505,189
Bureau Veritas SA		710,099		16,195,775
Cap Gemini SA		416,009		37,346,972
Carrefour SA		1,475,994		47,928,595
Casino Guichard Perrachon SA		150,349		9,501,483
Christian Dior SE		145,422		26,951,153
Cie. de Saint-Gobain		1,278,293		58,675,270
Cie. Generale des Etablissements Michelin Class B		497,755		48,126,893
CNP Assurances		462,344		7,123,274
Credit Agricole SA		2,763,104		37,415,850
Danone SA		1,554,420		96,474,262
Dassault Systemes		342,355		23,741,540
Edenred		551,769		11,688,148
Electricite de France SA		655,382		14,165,714
Engie		3,936,242		70,502,766
Essilor International SA		549,632		65,527,766
Eurazeo SA		108,170		7,017,738
Eutelsat Communications SA		454,197		13,677,429
Fonciere des Regions		81,924		6,826,855
Gecina SA		93,174		11,734,721
Groupe Eurotunnel SE Registered		1,253,190		16,941,660
Hermes International		71,223		25,270,363
ICADE		91,811		6,568,517
Iliad SA		71,332		16,089,402
Imerys SA		96,325		6,634,588
Ingenico Group		146,841		18,164,696
JCDecaux SA		203,217		7,293,378
Kering		203,302		34,796,423
Klepierre		505,275		22,204,813
L’Oreal SA		676,675		115,779,294
Lagardere SCA		317,416		8,624,865
Legrand SA		709,341		40,877,405
LVMH Moet Hennessy Louis Vuitton SE		748,568		124,683,188
Natixis SA		2,523,582		16,004,628

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Continued)

iSHARES^® MSCI EUROZONE ETF

August 31, 2015

Security	Shares		Value
Numericable-SFR SASa		261,818	$	13,449,409
Orange SA		5,326,278		84,090,425
Pernod Ricard SA		569,334		59,660,013
Peugeot SAa		1,159,258		20,003,802
Publicis Groupe SA		503,550		35,839,737
Remy Cointreau SA		66,728		3,952,274
Renault SA		514,898		42,745,709
Rexel SA		779,880		11,949,971
Safran SA		782,023		61,004,978
Sanofi		3,150,029		311,205,397
Schneider Electric SE		1,487,246		93,871,614
SCOR SE		409,398		14,422,481
SES SA		862,037		25,572,524
Societe BIC SA		77,876		12,342,931
Societe Generale SA		1,941,419		94,530,239
Sodexo SA		252,320		22,174,080
STMicroelectronics NV		1,708,423		12,391,182
Suez Environnement Co.		812,400		14,642,078
Technip SA		280,808		15,279,174
Thales SA		276,481		19,024,625
Total SA		5,771,451		263,882,215
Unibail-Rodamco SE		262,524		68,024,049
Valeo SA		212,583		26,678,308
Veolia Environnement SA		1,225,758		26,851,171
Vinci SA		1,278,633		82,251,757
Vivendi SA		3,100,310		76,582,044
Wendel SA		77,876		9,978,185
Zodiac Aerospace		539,090		16,372,780
				3,296,174,033
GERMANY — 27.45%
adidas AG		561,804		42,000,319
Allianz SE Registered		1,225,013		195,256,140
Axel Springer SE		119,834		7,246,765
BASF SE		2,464,462		198,325,818
Bayer AG Registered		2,213,358		299,964,088
Bayerische Motoren Werke AG		887,024		81,719,287
Beiersdorf AG		271,141		22,415,352
Brenntag AG		414,103		23,005,232
Commerzbank AGa		2,857,862		31,996,716
Continental AG		295,046		62,631,969
Daimler AG Registered		2,583,435		207,436,927
Deutsche Annington Immobilien SE		1,247,681		40,801,393
Deutsche Bank AG Registered		3,694,677		108,775,460
Deutsche Boerse AG		518,300		46,338,439

Security	Shares		Value
Deutsche Lufthansa AG Registereda		629,350	$	7,654,799
Deutsche Post AG Registered		2,603,048		71,619,922
Deutsche Telekom AG Registered		8,519,593		145,531,834
Deutsche Wohnen AG Bearer		904,582		23,758,405
E.ON SE		5,392,163		61,053,569
Evonik Industries AG		374,935		13,949,903
Fraport AG Frankfurt Airport Services Worldwide		112,233		6,775,789
Fresenius Medical Care AG & Co. KGaA		585,245		44,729,855
Fresenius SE & Co. KGaA		1,018,845		71,978,855
GEA Group AG		491,378		19,160,493
Hannover Rueck SE		161,729		16,421,911
HeidelbergCement AG		377,237		28,472,663
Henkel AG & Co. KGaA		277,510		25,441,917
HUGO BOSS AG		180,269		20,582,919
Infineon Technologies AG		3,028,890		33,103,810
K+S AG Registered		513,764		19,190,039
Kabel Deutschland Holding AGa		58,679		7,945,863
Lanxess AG		245,823		12,477,640
Linde AG		498,600		86,539,707
MAN SE		95,272		9,981,335
Merck KGaA		347,125		33,166,060
METRO AG		477,050		13,913,929
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen Registered		446,465		81,943,223
Osram Licht AG		239,522		12,657,004
ProSiebenSat.1 Media SE Registered		587,485		28,572,502
QIAGEN NVa		596,367		15,746,817
RTL Group SAa		103,497		9,002,623
RWE AG		1,322,048		19,842,741
SAP SE		2,638,116		177,330,924
Siemens AG Registered		2,127,737		210,900,013
Symrise AG		331,243		19,964,571
Telefonica Deutschland Holding AG		1,600,073		9,722,795
ThyssenKrupp AG		987,123		21,374,822
United Internet AG Registeredc		330,294		16,041,738
Volkswagen AG		94,638		17,677,176
				2,782,142,071

18 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI EUROZONE ETF

August 31, 2015

Security	Shares		Value
IRELAND — 1.27%
Bank of Irelanda		74,247,527	$	29,533,987
CRH PLC		2,197,677		65,724,027
Irish Bank Resolution Corp. Ltd.a		446,666		5
Kerry Group PLC Class A		426,102		31,678,618
Ryanair Holdings PLC		43,520		599,311
Ryanair Holdings PLC ADR		9,599		700,247
				128,236,195
ITALY — 7.88%
Assicurazioni Generali SpA		3,153,243		57,697,282
Atlantia SpA		1,123,315		30,031,963
Banca Monte dei Paschi di Siena SpAa		6,768,726		14,205,497
Banco Popolare SCa		789,013		13,544,240
CNH Industrial NV		2,562,676		20,215,202
Enel Green Power SpA		4,681,105		8,916,800
Enel SpA		18,955,437		85,298,075
Eni SpA		6,827,097		111,915,986
EXOR SpA		272,977		12,531,520
Finmeccanica SpAa		1,022,484		13,828,514
Intesa Sanpaolo SpA		33,879,724		123,529,061
Intesa Sanpaolo SpA RSP		2,494,160		8,227,613
Luxottica Group SpA		456,748		30,911,873
Mediobanca SpA		1,559,760		15,642,009
Pirelli & C. SpA		719,589		12,046,111
Prysmian SpA		540,358		11,546,331
Saipem SpAa,b		718,020		6,906,986
Snam SpA		5,620,068		27,468,754
Telecom Italia SpAa		27,187,193		32,991,689
Telecom Italia SpA RSP		16,200,887		16,219,784
Tenaris SA		1,272,859		16,515,837
Terna Rete Elettrica Nazionale SpA		4,032,905		18,780,418
UniCredit SpA		12,786,789		83,529,865
Unione di Banche Italiane SpA		2,411,375		18,805,536
UnipolSai SpA		2,982,264		6,823,600
				798,130,546
NETHERLANDS — 9.44%
Aegon NV		4,836,863		29,732,493
Akzo Nobel NV		658,458		44,518,970
Altice NV Class Aa		697,012		19,856,968
Altice NV Class Ba		226,176		7,090,975
ASML Holding NV		927,388		84,876,786
Boskalis Westminster NV		231,316		12,034,168

Security	Shares		Value
Delta Lloyd NV		587,737	$	6,234,579
Fiat Chrysler Automobiles NVa		2,417,676		33,970,924
Gemalto NVb		214,552		15,434,029
Heineken Holding NV		270,535		18,854,958
Heineken NV		619,493		48,936,989
ING Groep NV CVA		10,344,718		158,162,646
Koninklijke Ahold NV		2,400,532		47,380,744
Koninklijke DSM NV		487,153		25,606,047
Koninklijke KPN NV		8,598,003		33,449,454
Koninklijke Philips NV		2,507,359		64,393,623
Koninklijke Vopak NV		188,767		7,766,771
NN Group NV		513,955		15,678,507
OCI NVa		225,587		6,642,800
Randstad Holding NV		339,800		21,455,025
RELX NV		2,737,153		42,124,957
TNT Express NV		1,328,561		11,218,483
Unilever NV CVA		4,372,922		175,096,411
Wolters Kluwer NV		808,547		25,593,840
				956,111,147
PORTUGAL — 0.47%
Banco Comercial Portugues SA Registereda,b		102,490,227		7,234,936
EDP – Energias de Portugal SA		5,838,059		20,448,864
Galp Energia SGPS SA		1,036,124		10,909,697
Jeronimo Martins SGPS SA		673,974		9,326,567
				47,920,064
SPAIN — 11.49%
Abertis Infraestructuras SA		1,292,736		21,380,011
ACS Actividades de Construccion y Servicios SA		529,909		17,180,528
Aena SAa,d		182,399		20,948,747
Amadeus IT Holding SA Class A		1,206,641		50,444,643
Banco Bilbao Vizcaya Argentaria SA		16,875,790		156,247,685
Banco de Sabadell SA		13,541,381		28,828,914
Banco Popular Espanol SA		4,595,990		19,677,406
Banco Santander SA		38,317,593		234,424,279
Bankia SA		12,646,100		15,261,037
Bankinter SA		1,846,661		13,904,910
CaixaBank SA		6,987,977		30,223,900
Distribuidora Internacional de Alimentacion SA		1,693,536		10,182,556
Enagas SA		391,608		10,715,414

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Continued)

iSHARES^® MSCI EUROZONE ETF

August 31, 2015

Security	Shares		Value
Endesa SA		799,155	$	16,565,879
Ferrovial SA		1,184,440		28,295,149
Gas Natural SDG SA		952,535		19,318,404
Grifols SA		405,221		16,597,797
Iberdrola SA		14,456,269		98,080,370
Industria de Diseno Textil SA		2,938,848		97,933,171
International Consolidated Airlines Group SAa		2,247,829		18,736,547
Mapfre SA		3,040,366		8,959,697
Red Electrica Corp. SA		208,608		16,652,007
Repsol SA		2,874,302		41,079,447
Telefonica SA		11,895,653		167,813,055
Zardoya Otis SA		481,010		5,136,399
Zardoya Otis SA Newa		17,881		190,940
				1,164,778,892
TOTAL COMMON STOCKS
(Cost: $10,959,451,063)				9,936,736,253
PREFERRED STOCKS — 1.78%
GERMANY — 1.78%
Bayerische Motoren Werke AG		147,569		10,732,934
Fuchs Petrolub SE		187,754		8,089,045
Henkel AG & Co. KGaA		479,428		50,120,658
Porsche Automobil Holding SE		409,599		28,505,729
Volkswagen AG		436,004		82,807,925
				180,256,291
TOTAL PREFERRED STOCKS
(Cost: $224,254,615)				180,256,291
SHORT-TERM INVESTMENTS — 0.26%
MONEY MARKET FUNDS — 0.26%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%e,f,g		19,595,068		19,595,068
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%e,f,g		1,125,245		1,125,245
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%e,f		5,629,272		5,629,272
				26,349,585
TOTAL SHORT-TERM INVESTMENTS
(Cost: $26,349,585)				26,349,585

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.09%
(Cost: $11,210,055,263)	$	10,143,342,129
Other Assets, Less Liabilities — (0.09)%		(8,726,301	)
NET ASSETS — 100.00%	$	10,134,615,828

ADR — American Depositary Receipts

^a  Non-income earning security.

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

^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.

20 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI GERMANY ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 93.49%
AIR FREIGHT & LOGISTICS — 2.40%
Deutsche Post AG Registered		5,771,868	$	158,806,420
				158,806,420
AIRLINES — 0.25%
Deutsche Lufthansa AG Registereda		1,379,932		16,784,146
				16,784,146
AUTO COMPONENTS — 2.10%
Continental AG		655,278		139,101,535
				139,101,535
AUTOMOBILES — 10.32%
Bayerische Motoren Werke AG		1,972,295		181,702,571
Daimler AG Registered		5,735,569		460,537,542
Volkswagen AG		210,938		39,400,538
				681,640,651
BANKS — 1.07%
Commerzbank AGa		6,341,078		70,994,916
				70,994,916
CAPITAL MARKETS — 3.66%
Deutsche Bank AG Registered		8,216,113		241,891,638
				241,891,638
CHEMICALS — 11.77%
BASF SE		5,471,232		440,293,484
Evonik Industries AG		828,160		30,812,679
K+S AG Registered		1,140,144		42,586,495
Lanxess AG		545,188		27,672,998
Linde AG		1,106,385		192,030,151
Symrise AG		734,371		44,261,771
				777,657,578
CONSTRUCTION MATERIALS — 0.96%
HeidelbergCement AG		839,543		63,366,067
				63,366,067
DIVERSIFIED FINANCIAL SERVICES — 1.56%
Deutsche Boerse AG		1,149,657		102,784,702
				102,784,702
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.22%
Deutsche Telekom AG Registered		18,914,177		323,092,297
Telefonica Deutschland Holding AG		3,546,848		21,552,314
				344,644,611

Security	Shares		Value
ELECTRICAL EQUIPMENT — 0.42%
Osram Licht AG		530,076	$	28,010,681
				28,010,681
FOOD & STAPLES RETAILING — 0.47%
METRO AG		1,061,869		30,971,115
				30,971,115
HEALTH CARE PROVIDERS & SERVICES — 3.92%
Fresenius Medical Care AG & Co. KGaA		1,297,683		99,180,979
Fresenius SE & Co. KGaA		2,259,836		159,651,771
				258,832,750
HOUSEHOLD PRODUCTS — 0.86%
Henkel AG & Co. KGaA		619,028		56,752,042
				56,752,042
INDUSTRIAL CONGLOMERATES — 7.09%
Siemens AG Registered		4,723,182		468,158,963
				468,158,963
INSURANCE — 9.88%
Allianz SE Registered		2,722,277		433,906,659
Hannover Rueck SE		359,193		36,472,342
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		993,868		182,412,389
				652,791,390
INTERNET SOFTWARE & SERVICES — 0.54%
United Internet AG Registeredb		732,694		35,585,524
				35,585,524
LIFE SCIENCES TOOLS & SERVICES — 0.52%
QIAGEN NVa,c		1,312,496		34,655,898
				34,655,898
MACHINERY — 0.98%
GEA Group AG		1,089,331		42,476,706
MAN SE		209,715		21,971,152
				64,447,858
MEDIA — 1.77%
Axel Springer SE		265,218		16,038,625
Kabel Deutschland Holding AGa		131,586		17,818,374
ProSiebenSat.1 Media SE Registered		1,303,340		63,388,316
RTL Group SAa		230,265		20,029,460
				117,274,775

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Continued)

iSHARES^® MSCI GERMANY ETF

August 31, 2015

Security	Shares		Value
METALS & MINING — 0.72%
ThyssenKrupp AG		2,191,281	$	47,449,244
				47,449,244
MULTI-UTILITIES — 2.70%
E.ON SE		11,921,693		134,985,145
RWE AG		2,915,180		43,754,208
				178,739,353
PERSONAL PRODUCTS — 0.75%
Beiersdorf AG		600,319		49,628,650
				49,628,650
PHARMACEUTICALS — 11.22%
Bayer AG Registered		4,925,906		667,580,618
Merck KGaA		769,739		73,544,717
				741,125,335
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.17%
Deutsche Annington Immobilien SE		2,775,893		90,776,649
Deutsche Wohnen AG Bearer		2,003,445		52,619,505
				143,396,154
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.11%
Infineon Technologies AG		6,718,658		73,430,589
				73,430,589
SOFTWARE — 5.96%
SAP SE		5,854,407		393,526,062
				393,526,062
TEXTILES, APPAREL & LUXURY GOODS — 2.10%
adidas AG		1,246,272		93,170,967
HUGO BOSS AG		398,397		45,488,537
				138,659,504
TRADING COMPANIES & DISTRIBUTORS — 0.77%
Brenntag AG		920,231		51,122,856
				51,122,856
TRANSPORTATION INFRASTRUCTURE — 0.23%
Fraport AG Frankfurt Airport Services Worldwide		247,532		14,944,131
				14,944,131
TOTAL COMMON STOCKS
(Cost: $6,922,089,082)				6,177,175,138

Security	Shares		Value
PREFERRED STOCKS — 6.05%
AUTOMOBILES — 4.10%
Bayerische Motoren Werke AG		324,647	$	23,612,106
Porsche Automobil Holding SE		912,011		63,470,707
Volkswagen AG		968,450		183,932,567
				271,015,380
CHEMICALS — 0.27%
Fuchs Petrolub SE		414,002		17,836,536
				17,836,536
HOUSEHOLD PRODUCTS — 1.68%
Henkel AG & Co. KGaA		1,061,291		110,950,139
				110,950,139
TOTAL PREFERRED STOCKS
(Cost: $474,327,669)				399,802,055
SHORT-TERM INVESTMENTS — 0.04%
MONEY MARKET FUNDS — 0.04%
BlackRock Cash Funds: Institutional,
SL Agency Shares
0.18%d,e,f		2,010,636		2,010,636
BlackRock Cash Funds: Prime,
SL Agency Shares
0.18%d,e,f		115,461		115,461
BlackRock Cash Funds: Treasury,
SL Agency Shares
0.03%d,e		138,221		138,221
				2,264,318
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,264,318)				2,264,318
TOTAL INVESTMENTS IN SECURITIES — 99.58%
(Cost: $7,398,681,069)				6,579,241,511
Other Assets, Less Liabilities — 0.42%				27,814,809
NET ASSETS — 100.00%			$	6,607,056,320

^a  Non-income earning security.

^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  Affiliated issuer. See Note 2.

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

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

22 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI GERMANY ETF

August 31, 2015

Open futures contracts as of August 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
DAX Index		104		Sep. 2015		Eurex	$	29,852,576	$	(2,345,063)

See notes to financial statements.

SCHEDULES OF INVESTMENTS 23

Schedule of Investments

iSHARES^® MSCI ITALY CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.95%
AEROSPACE & DEFENSE — 2.41%
Finmeccanica SpAa		1,917,494	$	25,933,015
				25,933,015
AUTO COMPONENTS — 2.07%
Pirelli & C. SpA		1,332,822		22,311,793
				22,311,793
AUTOMOBILES — 4.17%
Fiat Chrysler Automobiles NVa,b		3,199,786		44,960,403
				44,960,403
BANKS — 30.94%
Banca Monte dei Paschi di Siena SpAa		12,371,013		25,962,994
Banco Popolare SCa		1,650,593		28,334,170
Intesa Sanpaolo SpA		40,007,036		145,869,889
Intesa Sanpaolo SpA RSP		2,316,640		7,642,018
UniCredit SpA		14,396,943		94,048,217
Unione di Banche Italiane SpA		4,035,385		31,470,666
				333,327,954
CAPITAL MARKETS — 2.49%
Mediobanca SpA		2,672,271		26,798,795
				26,798,795
DIVERSIFIED FINANCIAL SERVICES — 2.12%
EXOR SpA		497,411		22,834,583
				22,834,583
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.28%
Telecom Italia SpAa,b		27,992,124		33,968,474
Telecom Italia SpA RSP		12,179,511		12,193,718
				46,162,192
ELECTRIC UTILITIES — 11.82%
Enel SpA		21,267,265		95,701,132
Terna Rete Elettrica Nazionale SpA		6,794,528		31,640,734
				127,341,866
ELECTRICAL EQUIPMENT — 2.00%
Prysmian SpA		1,007,432		21,526,735
				21,526,735
ENERGY EQUIPMENT & SERVICES — 3.49%
Saipem SpAa,b		910,878		8,762,181
Tenaris SA		2,224,031		28,857,661
				37,619,842

Security	Shares		Value
GAS UTILITIES — 3.97%
Snam SpA		8,755,289	$	42,792,521
				42,792,521
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.70%
Enel Green Power SpA		3,935,689		7,496,895
				7,496,895
INSURANCE — 5.82%
Assicurazioni Generali SpA		2,578,603		47,182,657
UnipolSai SpA		6,811,230		15,584,505
				62,767,162
MACHINERY — 3.07%
CNH Industrial NV		4,195,564		33,095,941
				33,095,941
OIL, GAS & CONSUMABLE FUELS — 12.02%
Eni SpA		7,898,001		129,471,219
				129,471,219
TEXTILES, APPAREL & LUXURY GOODS — 4.35%
Luxottica Group SpA		692,151		46,843,519
				46,843,519
TRANSPORTATION INFRASTRUCTURE — 4.23%
Atlantia SpA		1,705,101		45,586,083
				45,586,083
TOTAL COMMON STOCKS
(Cost: $1,192,051,281)				1,076,870,518
SHORT-TERM INVESTMENTS — 3.93%
MONEY MARKET FUNDS — 3.93%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		39,977,821		39,977,821
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		2,295,723		2,295,723
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		76,754		76,754
				42,350,298
TOTAL SHORT-TERM INVESTMENTS
(Cost: $42,350,298)				42,350,298

24 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI ITALY CAPPED ETF

August 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 103.88%
(Cost: $1,234,401,579)	$	1,119,220,816
Other Assets, Less Liabilities — (3.88)%		(41,783,572	)
NET ASSETS — 100.00%	$	1,077,437,244

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

^e  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 25

Schedule of Investments

iSHARES^® MSCI SPAIN CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.77%
AIRLINES — 2.39%
International Consolidated Airlines Group SAa		4,767,100	$	39,735,671
				39,735,671
BANKS — 41.17%
Banco Bilbao Vizcaya Argentaria SA		19,300,534		178,697,635
Banco de Sabadell SA		24,900,092		53,011,034
Banco Popular Espanol SA		9,525,593		40,783,152
Banco Santander SA		47,118,079		288,265,020
Bankia SA		29,103,048		35,120,922
Bankinter SA		4,410,147		33,207,339
CaixaBank SA		13,140,308		56,833,522
				685,918,624
BIOTECHNOLOGY — 2.22%
Grifols SA		904,871		37,063,394
				37,063,394
CONSTRUCTION & ENGINEERING — 5.66%
ACS Actividades de Construccion y Servicios SA		1,159,357		37,588,276
Ferrovial SA		2,376,116		56,763,160
				94,351,436
DIVERSIFIED TELECOMMUNICATION SERVICES — 11.83%
Telefonica SA		13,975,642		197,155,648
				197,155,648
ELECTRIC UTILITIES — 8.95%
Endesa SA		1,324,527		27,456,443
Iberdrola SA		12,492,630		84,757,815
Red Electrica Corp. SA		462,036		36,881,744
				149,096,002
FOOD & STAPLES RETAILING — 1.70%
Distribuidora Internacional de Alimentacion SA		4,707,196		28,302,492
				28,302,492
GAS UTILITIES — 3.97%
Enagas SA		968,946		26,512,883
Gas Natural SDG SA		1,957,355		39,697,203
				66,210,086
INSURANCE — 1.58%
Mapfre SA		8,913,150		26,266,287
				26,266,287

Security	Shares		Value
IT SERVICES — 4.65%
Amadeus IT Holding SA Class A		1,853,381	$	77,482,153
				77,482,153
MACHINERY — 1.31%
Zardoya Otis SA		1,976,369		21,104,383
Zardoya Otis SA Newa		69,285		739,850
				21,844,233
OIL, GAS & CONSUMABLE FUELS — 4.28%
Repsol SA		4,983,181		71,219,489
				71,219,489
SPECIALTY RETAIL — 4.63%
Industria de Diseno Textil SA		2,314,746		77,135,808
				77,135,808
TRANSPORTATION INFRASTRUCTURE — 5.43%
Abertis Infraestructuras SA		2,832,663		46,848,209
Aena SAa,b		380,224		43,669,188
				90,517,397
TOTAL COMMON STOCKS
(Cost: $2,002,447,463)				1,662,298,720
SHORT-TERM INVESTMENTS — 0.01%
MONEY MARKET FUNDS — 0.01%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		57,404		57,404
				57,404
TOTAL SHORT-TERM INVESTMENTS
(Cost: $57,404)				57,404
TOTAL INVESTMENTS IN SECURITIES — 99.78%
(Cost: $2,002,504,867)				1,662,356,124
Other Assets, Less Liabilities — 0.22%				3,734,476
NET ASSETS — 100.00%			$	1,666,090,600

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

See notes to financial statements.

26 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI SWITZERLAND CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.33%
BIOTECHNOLOGY — 1.53%
Actelion Ltd. Registered		134,167	$	18,313,473
				18,313,473
BUILDING PRODUCTS — 1.35%
Geberit AG Registered		50,875		16,166,576
				16,166,576
CAPITAL MARKETS — 10.30%
Credit Suisse Group AG Registered		1,693,504		45,443,802
Julius Baer Group Ltd.		309,971		15,087,467
Partners Group Holding AG		30,903		9,978,245
UBS Group AG		2,566,716		53,163,044
				123,672,558
CHEMICALS — 6.30%
EMS-Chemie Holding AG Registered		18,802		8,476,989
Givaudan SA Registered		11,691		20,128,757
Sika AG Bearer		3,326		11,009,282
Syngenta AG Registered		104,023		36,035,060
				75,650,088
CONSTRUCTION MATERIALS — 2.75%
LafargeHolcim Ltd. Registered		518,694		32,986,589
				32,986,589
DIVERSIFIED FINANCIAL SERVICES — 0.43%
Pargesa Holding SA Bearer		84,246		5,166,008
				5,166,008
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.46%
Swisscom AG Registered		32,513		17,566,871
				17,566,871
ELECTRICAL EQUIPMENT — 3.86%
ABB Ltd. Registered		2,397,120		46,279,128
				46,279,128
ENERGY EQUIPMENT & SERVICES — 0.65%
Transocean Ltd.a		567,021		7,751,427
				7,751,427
FOOD PRODUCTS — 19.65%
Aryzta AG		144,747		7,421,081
Barry Callebaut AG Registered		5,944		6,521,467
Chocoladefabriken Lindt & Sprungli AG Participation Certificates		1,765		9,965,255

Security	Shares		Value
Chocoladefabriken Lindt & Sprungli AG Registered		174	$	11,710,656
Nestle SA Registered		2,714,890		200,167,165
				235,785,624
HEALTH CARE EQUIPMENT & SUPPLIES — 0.88%
Sonova Holding AG Registered		80,747		10,512,432
				10,512,432
INSURANCE — 8.43%
Baloise Holding AG Registered		79,447		9,727,031
Swiss Life Holding AG Registered		50,253		11,764,934
Swiss Re AG		403,131		34,620,784
Zurich Insurance Group AG		163,848		45,017,748
				101,130,497
LIFE SCIENCES TOOLS & SERVICES — 1.00%
Lonza Group AG Registered		87,620		12,014,283
				12,014,283
MACHINERY — 2.03%
Schindler Holding AG Participation Certificates		71,376		10,945,723
Schindler Holding AG Registered		47,175		7,346,626
Sulzer AG Registered		59,823		6,102,620
				24,394,969
MARINE — 0.94%
Kuehne + Nagel International AG Registered		85,136		11,339,141
				11,339,141
PHARMACEUTICALS — 28.29%
Novartis AG Registered		1,889,962		185,077,712
Roche Holding AG		565,949		154,501,356
				339,579,068
PROFESSIONAL SERVICES — 2.60%
Adecco SA Registered		229,380		18,015,005
SGS SA Registered		7,453		13,148,046
				31,163,051
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.75%
Swiss Prime Site AG Registered		115,216		9,036,899
				9,036,899
SPECIALTY RETAIL — 0.68%
Dufry AG Registereda,b		60,301		8,106,230
				8,106,230
TEXTILES, APPAREL & LUXURY GOODS — 5.45%
Cie. Financiere Richemont SA Class A Registered		572,830		42,856,368
Swatch Group AG (The) Bearer		40,155		15,376,037

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Continued)

iSHARES^® MSCI SWITZERLAND CAPPED ETF

August 31, 2015

Security	Shares		Value
Swatch Group AG (The) Registered		97,439	$	7,214,345
				65,446,750
TOTAL COMMON STOCKS
(Cost: $1,242,842,528)				1,192,061,662
SHORT-TERM INVESTMENTS — 1.01%
MONEY MARKET FUNDS — 1.01%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		9,806,595		9,806,595
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		563,143		563,143
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		1,766,868		1,766,868
				12,136,606
TOTAL SHORT-TERM INVESTMENTS
(Cost: $12,136,606)				12,136,606
TOTAL INVESTMENTS IN SECURITIES — 100.34% (Cost: $1,254,979,134)				1,204,198,268
Other Assets, Less Liabilities — (0.34)%				(4,034,330	)
NET ASSETS — 100.00%			$	1,200,163,938

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

28 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^®, INC.

August 31, 2015

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	11,183,705,678		$	7,396,416,751		$	1,192,051,281
Affiliated (Note 2)		26,349,585			2,264,318			42,350,298
Total cost of investments	$	11,210,055,263		$	7,398,681,069		$	1,234,401,579
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	10,116,992,544		$	6,576,977,193		$	1,076,870,518
Affiliated (Note 2)		26,349,585			2,264,318			42,350,298
Total fair value of investments		10,143,342,129			6,579,241,511			1,119,220,816
Foreign currency, at valueb		5,722,499			9,245,191			861,868
Foreign currency pledged to broker, at valueb		—			5,214,954			—
Receivables:
Investment securities sold		29,305,287			7,551,625			64,087,844
Dividends, reclaims and interest		11,465,370			20,278,238			36,753
Capital shares sold		—			—			3,814,576
Total Assets		10,189,835,285			6,621,531,519			1,188,021,857
LIABILITIES
Payables:
Investment securities purchased		29,256,576			6,805,931			67,885,558
Collateral for securities on loan (Note 1)		20,720,313			2,126,097			42,273,544
Capital shares redeemed		975,635			265,016			—
Futures variation margin		—			2,345,063			—
Investment advisory fees (Note 2)		4,266,933			2,933,092			425,511
Total Liabilities		55,219,457			14,475,199			110,584,613
NET ASSETS	$	10,134,615,828		$	6,607,056,320		$	1,077,437,244
Net assets consist of:
Paid-in capital	$	11,632,469,786		$	7,669,547,317		$	1,335,139,165
Undistributed (distributions in excess of) net investment income		5,210,075			(4,090,809	)		(60,827	)
Accumulated net realized loss		(436,296,808	)		(236,140,546	)		(142,467,495	)
Net unrealized depreciation		(1,066,767,225	)		(822,259,642	)		(115,173,599	)
NET ASSETS	$	10,134,615,828		$	6,607,056,320		$	1,077,437,244
Shares outstandingc		281,200,000			250,800,000			73,050,000
Net asset value per share	$	36.04		$	26.34		$	14.75

^a  Securities on loan with values of $19,638,033, $2,015,752 and $39,557,850, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker: $5,631,836, $14,326,717 and $854,696, respectively.

^c  $0.001 par value, number of shares authorized: 1 billion, 482.2 million and 295.4 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Assets and Liabilities (Continued)

iSHARES^®, INC.

August 31, 2015

	iShares MSCI Spain Capped ETF			iShares MSCI Switzerland Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	2,002,447,463		$	1,242,842,528
Affiliated (Note 2)		57,404			12,136,606
Total cost of investments	$	2,002,504,867		$	1,254,979,134
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,662,298,720		$	1,192,061,662
Affiliated (Note 2)		57,404			12,136,606
Total fair value of investments		1,662,356,124			1,204,198,268
Foreign currency, at valueb		2,147,803			1,058,923
Receivables:
Investment securities sold		72,221,237			5,077,854
Dividends, reclaims and interest		127,472			7,581,789
Capital shares sold		2,334,317			—
Total Assets		1,739,186,953			1,217,916,834
LIABILITIES
Payables:
Investment securities purchased		72,410,747			6,904,230
Collateral for securities on loan (Note 1)		—			10,369,738
Investment advisory fees (Note 2)		685,606			478,928
Total Liabilities		73,096,353			17,752,896
NET ASSETS	$	1,666,090,600		$	1,200,163,938
Net assets consist of:
Paid-in capital	$	2,115,562,219		$	1,307,374,476
Undistributed (distributions in excess of) net investment income		9,904,643			(258,980	)
Accumulated net realized loss		(119,247,626	)		(55,825,597	)
Net unrealized depreciation		(340,128,636	)		(51,125,961	)
NET ASSETS	$	1,666,090,600		$	1,200,163,938
Shares outstandingc		52,125,000			37,625,000
Net asset value per share	$	31.96		$	31.90

^a  Securities on loan with values of $  — and $9,814,925, respectively. See Note 1.

^b  Cost of foreign currency: $2,130,341 and $1,066,639, respectively.

^c  $0.001 par value, number of shares authorized: 127.8 million and 318.625 million, respectively.

See notes to financial statements.

30 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	268,195,579		$	149,846,088		$	28,849,466
Interest — affiliated (Note 2)		449			174			56
Securities lending income — affiliated — net (Note 2)		676,485			8,095			328,782
Total investment income		268,872,513			149,854,357			29,178,304
EXPENSES
Investment advisory fees (Note 2)		43,090,544			28,550,112			4,950,493
Total expenses		43,090,544			28,550,112			4,950,493
Net investment income		225,781,969			121,304,245			24,227,811
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(114,260,938	)		(41,273,379	)		(73,442,443	)
In-kind redemptions — unaffiliated		165,941,699			171,847,704			28,772,957
Futures contracts		—			748,453			—
Foreign currency transactions		(2,812,648	)		(4,406,601	)		(194,854	)
Net realized gain (loss)		48,868,113			126,916,177			(44,864,340	)
Net change in unrealized appreciation/depreciation on:
Investments		(1,146,060,055	)		(856,791,369	)		(76,935,536	)
Futures contracts		—			(1,154,890	)		—
Translation of assets and liabilities in foreign currencies		461,363			250,445			37,949
Net change in unrealized appreciation/depreciation		(1,145,598,692	)		(857,695,814	)		(76,897,587	)
Net realized and unrealized loss		(1,096,730,579	)		(730,779,637	)		(121,761,927	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(870,948,610	)	$	(609,475,392	)	$	(97,534,116	)

^a  Net of foreign withholding tax of $38,766,661, $22,795,634 and $4,405,111, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Operations (Continued)

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI Spain Capped ETF			iShares MSCI Switzerland Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	73,539,235		$	33,423,166
Interest — affiliated (Note 2)		97			29
Securities lending income — affiliated — net (Note 2)		20,627			427,861
Total investment income		73,559,959			33,851,056
EXPENSES
Investment advisory fees (Note 2)		8,425,166			5,453,148
Total expenses		8,425,166			5,453,148
Net investment income		65,134,793			28,397,908
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(68,947,351	)		(3,886,856	)
In-kind redemptions — unaffiliated		39,553,586			177,977,076
Foreign currency transactions		(382,454	)		(306,209	)
Net realized gain (loss)		(29,776,219	)		173,784,011
Net change in unrealized appreciation/depreciation on:
Investments		(436,192,700	)		(251,572,102	)
Translation of assets and liabilities in foreign currencies		34,613			(267,380	)
Net change in unrealized appreciation/depreciation		(436,158,087	)		(251,839,482	)
Net realized and unrealized loss		(465,934,306	)		(78,055,471	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(400,799,513	)	$	(49,657,563	)

^a  Net of foreign withholding tax of $3,914,116 and $3,229,797, respectively.

See notes to financial statements.

32 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Eurozone ETF						iShares  MSCI Germany ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	225,781,969		$	255,301,280		$	121,304,245		$	109,217,597
Net realized gain		48,868,113			272,213,942			126,916,177			503,529,812
Net change in unrealized appreciation/depreciation		(1,145,598,692	)		323,453,444			(857,695,814	)		181,241,179
Net increase (decrease) in net assets resulting from operations		(870,948,610	)		850,968,666			(609,475,392	)		793,988,588
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(233,277,080	)		(243,559,586	)		(127,874,456	)		(111,913,888	)
Total distributions to shareholders		(233,277,080	)		(243,559,586	)		(127,874,456	)		(111,913,888	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		5,243,729,213			6,832,263,291			3,934,318,439			1,689,588,472
Cost of shares redeemed		(2,707,524,817	)		(2,277,014,968	)		(1,387,346,200	)		(2,230,103,855	)
Net increase (decrease) in net assets from capital share transactions		2,536,204,396			4,555,248,323			2,546,972,239			(540,515,383	)
INCREASE IN NET ASSETS		1,431,978,706			5,162,657,403			1,809,622,391			141,559,317
NET ASSETS
Beginning of year		8,702,637,122			3,539,979,719			4,797,433,929			4,655,874,612
End of year	$	10,134,615,828		$	8,702,637,122		$	6,607,056,320		$	4,797,433,929
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	5,210,075		$	14,544,730		$	(4,090,809	)	$	—
SHARES ISSUED AND REDEEMED
Shares sold		136,000,000			172,200,000			135,600,000			57,000,000
Shares redeemed		(72,500,000	)		(56,700,000	)		(50,400,000	)		(73,200,000	)
Net increase (decrease) in shares outstanding		63,500,000			115,500,000			85,200,000			(16,200,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 33

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Italy Capped ETF						iShares MSCI Spain Capped ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	24,227,811		$	30,016,510		$	65,134,793		$	67,503,910
Net realized gain (loss)		(44,864,340	)		118,669,234			(29,776,219	)		29,271,436
Net change in unrealized appreciation/depreciation		(76,897,587	)		(43,114,144	)		(436,158,087	)		128,772,813
Net increase (decrease) in net assets resulting from operations		(97,534,116	)		105,571,600			(400,799,513	)		225,548,159
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(24,941,571	)		(31,039,889	)		(77,875,309	)		(48,486,263	)
Total distributions to shareholders		(24,941,571	)		(31,039,889	)		(77,875,309	)		(48,486,263	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		342,752,870			1,348,720,763			635,385,021			2,068,530,441
Cost of shares redeemed		(699,700,191	)		(583,513,961	)		(963,657,247	)		(190,332,570	)
Net increase (decrease) in net assets from capital share transactions		(356,947,321	)		765,206,802			(328,272,226	)		1,878,197,871
INCREASE (DECREASE) IN NET ASSETS		(479,423,008	)		839,738,513			(806,947,048	)		2,055,259,767
NET ASSETS
Beginning of year		1,556,860,252			717,121,739			2,473,037,648			417,777,881
End of year	$	1,077,437,244		$	1,556,860,252		$	1,666,090,600		$	2,473,037,648
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(60,827	)	$	—		$	9,904,643		$	23,027,613
SHARES ISSUED AND REDEEMED
Shares sold		23,100,000			79,050,000			18,075,000			51,825,000
Shares redeemed		(47,250,000	)		(36,750,000	)		(26,850,000	)		(4,650,000	)
Net increase (decrease) in shares outstanding		(24,150,000	)		42,300,000			(8,775,000	)		47,175,000

See notes to financial statements.

34 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Switzerland Capped ETF
	Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	28,397,908		$	25,455,124
Net realized gain		173,784,011			33,351,910
Net change in unrealized appreciation/depreciation		(251,839,482	)		97,427,932
Net increase (decrease) in net assets resulting from operations		(49,657,563	)		156,234,966
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(28,746,817	)		(26,005,188	)
Total distributions to shareholders		(28,746,817	)		(26,005,188	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		875,666,580			135,490,352
Cost of shares redeemed		(669,255,531	)		(96,423,300	)
Net increase in net assets from capital share transactions		206,411,049			39,067,052
INCREASE IN NET ASSETS		128,006,669			169,296,830
NET ASSETS
Beginning of year		1,072,157,269			902,860,439
End of year	$	1,200,163,938		$	1,072,157,269
Distributions in excess of net investment income included in net assets at end of year	$	(258,980	)	$	(640,142	)
SHARES ISSUED AND REDEEMED
Shares sold		25,875,000			4,000,000
Shares redeemed		(20,125,000	)		(2,875,000	)
Net increase in shares outstanding		5,750,000			1,125,000

See notes to financial statements.

FINANCIAL STATEMENTS 35

Financial Highlights

iSHARES^® , INC.

(For a share outstanding throughout each period)

	iShares MSCI Eurozone ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	39.98		$	34.64		$	29.09		$	31.55		$	30.75
Income from investment operations:
Net investment incomea		0.96			1.18			0.92			1.02			1.23
Net realized and unrealized gain (loss)b		(3.95	)		5.10			5.55			(2.38	)		0.71
Total from investment operations		(2.99	)		6.28			6.47			(1.36	)		1.94
Less distributions from:
Net investment income		(0.95	)		(0.94	)		(0.92	)		(1.10	)		(1.14	)
Total distributions		(0.95	)		(0.94	)		(0.92	)		(1.10	)		(1.14	)
Net asset value, end of year	$	36.04		$	39.98		$	34.64		$	29.09		$	31.55
Total return		(7.62	)%		18.02	%		22.43	%		(3.99	)%		5.78	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	10,134,616		$	8,702,637		$	3,539,980		$	794,226		$	738,233
Ratio of expenses to average net assets		0.48	%		0.48	%		0.50	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		2.50	%		2.89	%		2.74	%		3.55	%		3.38	%
Portfolio turnover ratec		5	%		7	%		5	%		7	%		8	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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.

36 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Germany ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	28.97		$	25.61		$	21.34		$	21.02		$	19.45
Income from investment operations:
Net investment incomea		0.58			0.59			0.46			0.56			0.86
Net realized and unrealized gain (loss)b		(2.70	)		3.40			4.24			0.34			1.38
Total from investment operations		(2.12	)		3.99			4.70			0.90			2.24
Less distributions from:
Net investment income		(0.51	)		(0.63	)		(0.43	)		(0.58	)		(0.67	)
Total distributions		(0.51	)		(0.63	)		(0.43	)		(0.58	)		(0.67	)
Net asset value, end of year	$	26.34		$	28.97		$	25.61		$	21.34		$	21.02
Total return		(7.50	)%		15.41	%		22.11	%		4.55	%		10.84	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	6,607,056		$	4,797,434		$	4,655,875		$	2,797,029		$	2,768,171
Ratio of expenses to average net assets		0.48	%		0.48	%		0.51	%		0.53	%		0.51	%
Ratio of net investment income to average net assets		2.03	%		1.95	%		1.88	%		2.72	%		3.45	%
Portfolio turnover ratec		3	%		6	%		4	%		4	%		13	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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 37

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Italy Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	16.02		$	13.06		$	11.78		$	13.58		$	15.00
Income from investment operations:
Net investment incomea		0.35			0.41			0.36			0.41			0.54
Net realized and unrealized gain (loss)b		(1.25	)		2.89			1.23			(1.79	)		(1.47	)
Total from investment operations		(0.90	)		3.30			1.59			(1.38	)		(0.93	)
Less distributions from:
Net investment income		(0.37	)		(0.34	)		(0.30	)		(0.42	)		(0.49	)
Return of capital		—			—			(0.01	)		(0.00	)c		—
Total distributions		(0.37	)		(0.34	)		(0.31	)		(0.42	)		(0.49	)
Net asset value, end of year	$	14.75		$	16.02		$	13.06		$	11.78		$	13.58
Total return		(5.66	)%		25.20	%		13.58	%		(9.98	)%		(6.80	)%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	1,077,437		$	1,556,860		$	717,122		$	196,212		$	144,612
Ratio of expenses to average net assets		0.48	%		0.48	%		0.50	%		0.53	%		0.51	%
Ratio of net investment income to average net assets		2.34	%		2.49	%		2.78	%		3.41	%		3.15	%
Portfolio turnover rated		22	%		24	%		45	%		14	%		16	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  Rounds to less than $0.01.

^d  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.

38 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Spain Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	40.61		$	30.44		$	26.28		$	35.89		$	37.02
Income from investment operations:
Net investment incomea		1.32			1.80			1.33			2.12			2.14
Net realized and unrealized gain (loss)b		(8.35	)		9.53			4.07			(8.93	)		(1.36	)
Total from investment operations		(7.03	)		11.33			5.40			(6.81	)		0.78
Less distributions from:
Net investment income		(1.62	)		(1.16	)		(1.24	)		(2.80	)		(1.91	)
Total distributions		(1.62	)		(1.16	)		(1.24	)		(2.80	)		(1.91	)
Net asset value, end of year	$	31.96		$	40.61		$	30.44		$	26.28		$	35.89
Total return		(17.63	)%		37.39	%		20.88	%		(19.36	)%		1.78	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	1,666,091		$	2,473,038		$	417,778		$	195,093		$	180,360
Ratio of expenses to average net assets		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		3.70	%		4.48	%		4.45	%		7.60	%		5.31	%
Portfolio turnover ratec		15	%		15	%		24	%		17	%		14	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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 39

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Switzerland Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	33.64		$	29.36		$	23.85		$	24.67		$	21.64
Income from investment operations:
Net investment incomea		0.83			0.80			0.67			0.63			0.59
Net realized and unrealized gain (loss)b		(1.77	)		4.27			5.44			(0.80	)		2.97
Total from investment operations		(0.94	)		5.07			6.11			(0.17	)		3.56
Less distributions from:
Net investment income		(0.80	)		(0.79	)		(0.60	)		(0.65	)		(0.53	)
Total distributions		(0.80	)		(0.79	)		(0.60	)		(0.65	)		(0.53	)
Net asset value, end of year	$	31.90		$	33.64		$	29.36		$	23.85		$	24.67
Total return		(2.92	)%		17.21	%		25.71	%		(0.53	)%		16.30	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	1,200,164		$	1,072,157		$	902,860		$	554,570		$	524,159
Ratio of expenses to average net assets		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		2.49	%		2.41	%		2.38	%		2.73	%		2.35	%
Portfolio turnover ratec		7	%		5	%		13	%		8	%		7	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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.

40 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

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
MSCI Eurozonea	Diversified
MSCI Germany	Non-diversified
MSCI Italy Capped	Non-diversified
MSCI Spain Capped	Non-diversified
MSCI Switzerland Capped	Non-diversified

^a Formerly the iShares MSCI EMU ETF.

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”).

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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

• Futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded.

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.

42 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of August 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1			Level 2		Level 3		Total
MSCI Eurozone
Investments:
Assets:
Common Stocks	$	9,936,545,306		$	190,940	$	7	$	9,936,736,253
Preferred Stocks		180,256,291			—		—		180,256,291
Money Market Funds		26,349,585			—		—		26,349,585
Total	$	10,143,151,182		$	190,940	$	7	$	10,143,342,129
MSCI Germany
Investments:
Assets:
Common Stocks	$	6,177,175,138		$	—	$	—	$	6,177,175,138
Preferred Stocks		399,802,055			—		—		399,802,055
Money Market Funds		2,264,318			—		—		2,264,318
Total	$	6,579,241,511		$	—	$	—	$	6,579,241,511
Derivative Financial Instruments:a
Liabilities:
Futures Contracts	$	(2,345,063	)	$	—	$	—	$	(2,345,063	)
Total	$	(2,345,063	)	$	—	$	—	$	(2,345,063	)
MSCI Italy Capped
Investments:
Assets:
Common Stocks	$	1,076,870,518		$	—	$	—	$	1,076,870,518
Money Market Funds		42,350,298			—		—		42,350,298
Total	$	1,119,220,816		$	—	$	—	$	1,119,220,816
MSCI Spain Capped
Investments:
Assets:
Common Stocks	$	1,661,558,870		$	739,850	$	—	$	1,662,298,720
Money Market Funds		57,404			—		—		57,404
Total	$	1,661,616,274		$	739,850	$	—	$	1,662,356,124
MSCI Switzerland Capped
Investments:
Assets:
Common Stocks	$	1,192,061,662		$	—	$	—	$	1,192,061,662
Money Market Funds		12,136,606			—		—		12,136,606
Total	$	1,204,198,268		$	—	$	—	$	1,204,198,268

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Continued)

iSHARES^®, INC.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of August 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

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 August 31, 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 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. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business

44 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 August 31, 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 securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of August 31, 2015 and the total 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.

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 securities lending agreements which are subject to offset under an MSLA as of August 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
MSCI Eurozone	$	19,638,033	$	19,638,033	$	—
MSCI Germany		2,015,752		2,015,752		—
MSCI Italy Capped		39,557,850		39,557,850		—
MSCI Switzerland Capped		9,814,925		9,814,925		—

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Continued)

iSHARES^®, INC.

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.59	%	First $7 billion
	0.54		Over $7 billion, up to and including $11 billion
	0.49		Over $11 billion, up to and including $24 billion
	0.44		Over $24 billion, up to and including $48 billion
	0.40		Over $48 billion, up to and including $72 billion
	0.36		Over $72 billion

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 65% 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 calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the year ended August 31, 2015, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Eurozone	$	196,882
MSCI Germany		3,416
MSCI Italy Capped		94,724
MSCI Spain Capped		6,660
MSCI Switzerland Capped		114,106

46 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 year ended August 31, 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 year ended August 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI Eurozone	$	490,988,217	$	422,311,176
MSCI Germany		295,430,997		179,771,710
MSCI Italy Capped		236,252,195		233,455,026
MSCI Spain Capped		263,456,049		320,785,774
MSCI Switzerland Capped		107,720,510		75,338,476

In-kind transactions (see Note 4) for the year ended August 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Eurozone	$	5,087,212,548	$	2,670,644,018
MSCI Germany		3,791,136,177		1,379,673,366
MSCI Italy Capped		292,919,952		670,660,259
MSCI Spain Capped		575,969,326		910,039,148
MSCI Switzerland Capped		829,240,149		655,334,586

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

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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.

5. FUTURES CONTRACTS

Each Fund may purchase or sell futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held by the iShares MSCI Germany ETF as of August 31, 2015 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Liabilities
Equity contracts:
Variation margin / Net assets consist of – net unrealized depreciationa	$	2,345,063

^a  Represents cumulative depreciation of futures contracts as reported in the schedule of investments.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI Germany ETF during the year ended August 31, 2015 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	748,453	$	(1,154,890	)

48 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The following table shows the average quarter-end balances of open futures contracts for the iShares MSCI Germany ETF for the year ended August 31, 2015:

Average value of contracts purchased $ 34,056,659

6. PRINCIPAL RISKS

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 equity and financial derivative 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 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.

Each Fund, except for the iShares MSCI Eurozone ETF, invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

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

NOTES TO FINANCIAL STATEMENTS 49

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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.

7. 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of August 31, 2015, attributable to passive foreign investment companies, the expiration of capital loss carryforwards, distributions paid in excess of taxable income, foreign currency transactions and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
MSCI Eurozone	$	119,235,410		$	(1,839,544	)	$	(117,395,866	)
MSCI Germany		140,292,970			2,479,402			(142,772,372	)
MSCI Italy Capped		9,038,556			652,933			(9,691,489	)
MSCI Spain Capped		(16,972,478	)		(382,454	)		17,354,932
MSCI Switzerland Capped		171,868,457			730,071			(172,598,528	)

50 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The tax character of distributions paid during the years ended August 31, 2015 and August 31, 2014 was as follows:

iShares ETF	2015		2014
MSCI Eurozone
Ordinary income	$	233,277,080	$	243,559,586
MSCI Germany
Ordinary income	$	127,874,456	$	111,913,888
MSCI Italy Capped
Ordinary income	$	24,941,571	$	31,039,889
MSCI Spain Capped
Ordinary income	$	77,875,309	$	48,486,263
MSCI Switzerland Capped
Ordinary income	$	28,746,817	$	26,005,188

As of August 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses) a			Qualified Late-Year Losses  b			Total
MSCI Eurozone	$	5,766,561	$	(195,087,241	)	$	(1,282,951,456	)	$	(25,581,822	)	$	(1,497,853,958	)
MSCI Germany		—		(121,319,015	)		(923,562,510	)		(17,609,472	)		(1,062,490,997	)
MSCI Italy Capped		—		(66,427,843	)		(157,582,027	)		(33,692,051	)		(257,701,921	)
MSCI Spain Capped		9,904,643		(54,478,988	)		(379,957,033	)		(24,940,241	)		(449,471,619	)
MSCI Switzerland Capped		—		(44,564,021	)		(58,888,882	)		(3,757,635	)		(107,210,538	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^b  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of August 31, 2015, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Eurozone	$	70,176,760	$	—	$	26,644,200	$	68,035,542	$	30,230,739	$	195,087,241
MSCI Germany		29,427,327		3,394,735		27,790,050		28,490,949		32,215,954		121,319,015
MSCI Italy Capped		35,582,636		472,268		2,743,650		18,169,627		9,459,662		66,427,843
MSCI Spain Capped		24,791,486		—		5,946,927		15,120,672		8,619,903		54,478,988
MSCI Switzerland Capped		12,201,097		—		2,837,786		22,569,380		6,955,758		44,564,021

^a  Must be utilized prior to losses subject to expiration.

NOTES TO FINANCIAL STATEMENTS 51

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of August 31, 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)
MSCI Eurozone	$	11,426,239,567	$	207,374,881	$	(1,490,272,319	)	$	(1,282,897,438	)
MSCI Germany		7,502,329,000		112,504,269		(1,035,591,758	)		(923,087,489	)
MSCI Italy Capped		1,276,810,007		40,188,111		(197,777,302	)		(157,589,191	)
MSCI Spain Capped		2,042,333,264		29,745,678		(409,722,818	)		(379,977,140	)
MSCI Switzerland Capped		1,262,742,055		37,366,511		(95,910,298	)		(58,543,787	)

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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.

8. 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.

52 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

iShares, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares MSCI Eurozone ETF, iShares MSCI Germany ETF, iShares MSCI Italy Capped ETF, iShares MSCI Spain Capped ETF and iShares MSCI Switzerland Capped ETF (the “Funds”) at August 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

October 22, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 53

Tax Information (Unaudited)

iSHARES^®, INC.

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the following maximum amounts are hereby designated as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2015:

iShares ETF	Qualified Dividend Income
MSCI Eurozone	$	303,046,357
MSCI Germany		172,407,351
MSCI Italy Capped		31,935,208
MSCI Spain Capped		77,149,651
MSCI Switzerland Capped		35,650,796

In February 2016, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.

For the fiscal year ended August 31, 2015, the following Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to Section 853 of the Code:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Eurozone	$	306,962,240	$	38,743,620
MSCI Germany		172,641,722		22,795,634
MSCI Italy Capped		33,254,577		4,405,111
MSCI Spain Capped		77,453,351		3,914,116
MSCI Switzerland Capped		36,652,963		3,226,806

54 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^® , INC.

I. iShares MSCI Eurozone ETF and iShares MSCI Switzerland Capped ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 55

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception,

56 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds already provided for breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 57

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

II. iShares MSCI Germany ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a

58 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 59

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as

60 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

III. iShares MSCI Italy Capped ETF and iShares MSCI Spain Capped ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 61

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had

62 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds already provided for breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 63

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

64 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

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 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 these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
MSCI Eurozone	$	0.949270	$	—	$	—	$	0.949270		100	%		—	%		—	%		100	%
MSCI Spain Capped		1.617115		—		—		1.617115		100			—			—			100

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for five calendar years (or from the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.

SUPPLEMENTAL INFORMATION 65

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares MSCI Eurozone ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		2		0.14	%
Greater than 2.5% and Less than 3.0%		3		0.22
Greater than 2.0% and Less than 2.5%		5		0.36
Greater than 1.5% and Less than 2.0%		16		1.16
Greater than 1.0% and Less than 1.5%		44		3.18
Greater than 0.5% and Less than 1.0%		191		13.82
Between 0.5% and –0.5%		947		68.53
Less than –0.5% and Greater than –1.0%		103		7.45
Less than –1.0% and Greater than –1.5%		41		2.97
Less than –1.5% and Greater than –2.0%		18		1.30
Less than –2.0% and Greater than –2.5%		7		0.51
Less than –2.5% and Greater than –3.0%		3		0.22
Less than –3.0%		2		0.14
		1,382		100.00	%

iShares MSCI Germany ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0% and Less than 2.5%		6		0.43	%
Greater than 1.5% and Less than 2.0%		16		1.16
Greater than 1.0% and Less than 1.5%		40		2.89
Greater than 0.5% and Less than 1.0%		164		11.87
Between 0.5% and –0.5%		987		71.43
Less than –0.5% and Greater than –1.0%		105		7.60
Less than –1.0% and Greater than –1.5%		41		2.97
Less than –1.5% and Greater than –2.0%		14		1.01
Less than –2.0% and Greater than –2.5%		4		0.29
Less than –2.5% and Greater than –3.0%		2		0.14
Less than –3.0% and Greater than –3.5%		2		0.14
Less than –3.5%		1		0.07
		1,382		100.00	%

66 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Italy Capped ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.0%		1		0.07	%
Greater than 3.5% and Less than 4.0%		1		0.07
Greater than 3.0% and Less than 3.5%		3		0.22
Greater than 2.5% and Less than 3.0%		4		0.29
Greater than 2.0% and Less than 2.5%		6		0.43
Greater than 1.5% and Less than 2.0%		21		1.52
Greater than 1.0% and Less than 1.5%		72		5.21
Greater than 0.5% and Less than 1.0%		235		17.01
Between 0.5% and –0.5%		825		59.70
Less than –0.5% and Greater than –1.0%		122		8.83
Less than –1.0% and Greater than –1.5%		55		3.98
Less than –1.5% and Greater than –2.0%		19		1.37
Less than –2.0% and Greater than –2.5%		10		0.72
Less than –2.5% and Greater than –3.0%		5		0.36
Less than –3.0%		3		0.22
		1,382		100.00	%

iShares MSCI Spain Capped ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.5%		1		0.07	%
Greater than 3.0% and Less than 3.5%		3		0.22
Greater than 2.5% and Less than 3.0%		2		0.14
Greater than 2.0% and Less than 2.5%		10		0.72
Greater than 1.5% and Less than 2.0%		23		1.66
Greater than 1.0% and Less than 1.5%		60		4.34
Greater than 0.5% and Less than 1.0%		206		14.92
Between 0.5% and –0.5%		834		60.36
Less than –0.5% and Greater than –1.0%		136		9.84
Less than –1.0% and Greater than –1.5%		61		4.41
Less than –1.5% and Greater than –2.0%		27		1.95
Less than –2.0% and Greater than –2.5%		10		0.72
Less than –2.5% and Greater than –3.0%		6		0.43
Less than –3.0%		3		0.22
		1,382		100.00	%

SUPPLEMENTAL INFORMATION 67

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Switzerland Capped ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		1		0.07	%
Greater than 2.5% and Less than 3.0%		1		0.07
Greater than 2.0% and Less than 2.5%		2		0.14
Greater than 1.5% and Less than 2.0%		11		0.80
Greater than 1.0% and Less than 1.5%		29		2.10
Greater than 0.5% and Less than 1.0%		152		11.00
Between 0.5% and –0.5%		1,050		75.99
Less than –0.5% and Greater than –1.0%		90		6.51
Less than –1.0% and Greater than –1.5%		31		2.24
Less than –1.5% and Greater than –2.0%		10		0.72
Less than –2.0% and Greater than –2.5%		3		0.22
Less than –2.5% and Greater than –3.0%		2		0.14
		1,382		100.00	%

Regulation under the Alternative Investment Fund Managers Directive (“AIFMD” or, the “Directive”)

The Directive imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside the EU, such as BFA. Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

BFA has registered the iShares MSCI Germany ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden and Luxembourg.

Report on Remuneration

BFA is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops, BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to both (a) the staff of BFA; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programs which support that philosophy. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

68 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Compensation decisions for employees are made based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Bonus pools are reviewed by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Operational Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions.

Functions such as Finance, Operational Risk, Legal & Compliance, and Human Resources each have their own organizational structures which are independent of the business units. Functional bonus pools are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent compensation committee. No individual is involved in setting his or her own remuneration.

Members of staff and senior management of BFA typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of BFA and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of BFA. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Germany ETF in respect of BFA’s financial year ending December 31, 2014 was USD 775.6 thousand. This figure is comprised of fixed remuneration of USD 313.4 thousand and variable remuneration of USD 462.2 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Germany ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 107.4 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 19.9 thousand.

SUPPLEMENTAL INFORMATION 69

Director and Officer Information

iSHARES^® , INC.

The Board of Directors has responsibility for the overall management and operations of the Company, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees a total of 319 funds (as of August 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert S. Kapitoa (58)	Director (since 2009).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Director (since 2013).	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Trustee of iShares U.S. ETF Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

 ^a Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc.

 ^b Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

70 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert H. Silver (60)	Director (since 2007); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Trustee of iShares U.S. ETF Trust (since 2011); Independent Chairman of iShares Trust and iShares U.S. ETF Trust (since 2012).
Jane D. Carlin (59)	Director (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Director (since 2005); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (71)	Director (since 2005); Audit Committee Chair (since 2006).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

DIRECTOR AND OFFICER INFORMATION 71

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (60)	Director (since 2005); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
John E. Martinez (54)	Director (since 2003); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (51)	Director (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Director, Cavium, Inc. (since 2013).

72 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (55)	Treasurer and Chief Financial Officer (since 2008).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (47)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (52)	Executive Vice President (since 2007).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

DIRECTOR AND OFFICER INFORMATION 73

Notes:

74 2015 iSHARES 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company 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-AR-87-0815

AUGUST 31, 2015

2015 ANNUAL REPORT

iShares, Inc.

^Ø   iShares Core MSCI Emerging Markets ETF  |  IEMG  |  NYSE Arca

^Ø   iShares MSCI BRIC ETF  |  BKF  |  NYSE Arca

^Ø   iShares MSCI Emerging Markets Asia ETF  |  EEMA  |  NASDAQ

^Ø   iShares MSCI Emerging Markets Minimum Volatility ETF  |  EEMV  |  NYSE Arca

^Ø   iShares MSCI Emerging Markets Small-Cap ETF  |  EEMS  |  NYSE Arca

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	16
Shareholder Expenses	16
Consolidated Schedules of Investments	17
iShares Core MSCI Emerging Markets ETF	17
iShares MSCI BRIC ETF	45
iShares MSCI Emerging Markets Asia ETF	50
iShares MSCI Emerging Markets Minimum Volatility ETF	58
iShares MSCI Emerging Markets Small-Cap ETF	63
Consolidated Financial Statements	75
Consolidated Financial Highlights	82
Notes to Consolidated Financial Statements	87
Report of Independent Registered Public Accounting Firm	102
Tax Information	103
Board Review and Approval of Investment Advisory Contract	104
Supplemental Information	114
Director and Officer Information	120

Management’s Discussion of Fund Performance

iSHARES^®, INC.

GLOBAL MARKET OVERVIEW

Global equity markets delivered a negative return for the 12 months ended August 31, 2015 (the “reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -6.29% for the reporting period.

The reporting period was characterized by a continued divergence in economic growth and central bank policy between the U.S. and the rest of the world. Despite a slowdown in early 2015, the U.S. economy remained one of the strongest economies among developed countries, which motivated the U.S. Federal Reserve Bank (the “Fed”) to scale back its economic stimulus measures. The Fed ended a two-year quantitative easing program in October 2014 and signaled its intent to raise its short-term interest rate target sometime in 2015. In contrast, weaker economic growth in most other regions of the globe led many of the world’s central banks to take more aggressive actions to stimulate economic activity.

This divergence contributed to a notably stronger U.S. dollar. For the reporting period, the euro, Japanese yen, British pound and Australian dollar declined by 15%, 14%, 7%, and 24% against the U.S. dollar, respectively. Weaker foreign currencies decrease the value of foreign investments measured in U.S. dollars, thereby decreasing returns for U.S. investors, while increasing foreign currencies relative to the U.S. dollar have the opposite effect. Currency performance had a meaningful impact on non-U.S. equity returns for U.S. investors. For example, the MSCI ACWI returned 0.59% in local currency terms for the reporting period.

A number of other factors influenced global markets during the reporting period. Energy prices fell sharply amid growing supply —primarily from increased production in the U.S. — and declining global demand. Lower energy prices contributed to historically low and declining inflation rates in most of the world. Consumer prices were nearly unchanged in the U.S., the European Union, and Japan, while prices in China and India rose at a relatively slow rate. Low inflation and tepid demand kept the Fed’s zero interest rate policy intact, while central banks throughout the world took aggressive measures to stimulate demand.

Global markets advanced for most of the reporting period, then declined sharply in the last few months of the reporting period. The volatility began in China, as slowing economic growth led to a steep drop in China’s equity markets. Plummeting commodity prices amid already subdued inflation also raised concerns about global demand. Currency devaluations in Asia, including China, Vietnam, Pakistan, and Kazakhstan, led to speculation that Asian countries were weakening their currencies to compete for demand. These global events led to further uncertainty about the timing of an expected interest rate hike from the Fed.

On a regional basis, U.S. stocks advanced by less than 1% for the reporting period as declining interest rates, ongoing economic growth, and low inflation provided a favorable environment for U.S. equity market performance. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters. Economic activity improved over the last several months of the reporting period, boosted by an increase in consumer spending.

European stocks declined by about 8% in U.S. dollar terms for the reporting period, though they advanced more than 3% when measured in local currencies. The European Central Bank initiated quantitative easing measures in early 2015, and signs of economic improvement emerged in the latter half of the reporting period. A tentative agreement on Greece’s debt repayment helped alleviate ongoing concerns about Europe’s sovereign debt levels.

Stock markets in the Asia/Pacific region (excluding Japan) declined by approximately 19% in U.S. dollar terms, which equated to an 8% decline when measured in local currencies. China’s economic slowdown weighed heavily on the region, as China is the largest trading partner of many countries in the region. On the bright side, Japanese stocks performed relatively well, as ongoing economic stimulus and reform measures led to a 4% gain in U.S. dollar terms (22% when measured in Japanese yen).

Emerging markets stocks fell by approximately 23% in U.S. dollar terms for the reporting period, though the decline was about 10% when measured in local currencies. Many of the largest emerging economies — including China, Russia, and Brazil —experienced slowing economic growth during the reporting period. Latin American stocks posted some of the biggest declines, as the region struggled with slow growth and declining commodity prices.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® CORE MSCI EMERGING MARKETS ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(22.61)%		(22.71)%		(22.43)%		(22.61)%		(22.71)%		(22.43)%
Since Inception		(4.52)%		(4.54)%		(4.45)%		(12.43)%		(12.48)%		(12.25)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	842.20	$	0.84	$	1,000.00	$	1,024.30	$	0.92		0.18%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

6 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

The iShares Core MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Investable Market 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -22.61%, net of fees, while the total return for the Index was -22.43%.

As represented by the Index, emerging markets stocks declined sharply for the reporting period. One factor behind this decline was the depreciation of many emerging markets currencies relative to the U.S. dollar. For the reporting period, the Taiwanese dollar depreciated by 8%, the South Korean won depreciated by 14%, and the Brazilian real depreciated by 38% against the U.S. dollar. These three countries comprised approximately 35% of the Index on average during the reporting period. The currency fluctuations had a meaningful impact on the Index’s performance; when measured in local currencies, the Index returned -9.34% for the reporting period.

The Index experienced substantial volatility during the reporting period as geopolitical conflicts, global economic weakness, and declining demand for commodities (a primary driver of growth in many emerging economies) buffeted emerging markets. Events in China late in the reporting period — including signs of economic weakness, a precipitous drop in the country’s stock market, and an unexpected devaluation of the Chinese yuan — put additional downward pressure on emerging markets stocks.

In U.S. dollar terms, Brazil had the most significant negative impact on the Index’s performance for the reporting period. Brazil’s economy remained in recession throughout the reporting period, domestic inflation accelerated, and several government officials faced corruption allegations. South Korea also detracted meaningfully from the Index’s performance as declining exports and an outbreak of Middle East Respiratory Syndrome led to weaker economic output.

The only country that contributed to the Index’s return was Hungary, which benefited from economic and tax reforms that led to an improving domestic economy.

ALLOCATION BY SECTOR

As of 8/31/15

Sector	Percentage of Total Investments*
Financials		27.42	%
Information Technology		17.12
Consumer Discretionary		10.41
Consumer Staples		8.76
Industrials		8.34
Materials		7.33
Energy		7.12
Telecommunication Services		6.58
Health Care		3.61
Utilities		3.31
TOTAL		100.00	%

TEN LARGEST COUNTRIES

As of 8/31/15

Country	Percentage of Total Investments*
China		22.99	%
South Korea		15.54
Taiwan		13.03
India		8.92
South Africa		7.88
Brazil		6.15
Mexico		4.57
Russia		3.42
Malaysia		3.18
Thailand		2.52
TOTAL		88.20	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® MSCI BRIC ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(23.19)%		(23.61)%		(23.05)%		(23.19)%		(23.61)%		(23.05)%
5 Years		(4.25)%		(4.43)%		(3.49)%		(19.50)%		(20.27)%		(16.28)%
Since Inception		(5.64)%		(5.71)%		(5.25)%		(36.44)%		(36.77)%		(34.33)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 11/12/07. The first day of secondary market trading was 11/16/07.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	836.10	$	3.24	$	1,000.00	$	1,021.70	$	3.57		0.70%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

8 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI BRIC ETF

The iShares MSCI BRIC ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, and Brazilian, Russian, and Indian equities, as represented by the MSCI BRIC 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -23.19%, net of fees, while the total return for the Index was -23.05%.

As represented by the Index, emerging markets stocks in Brazil, Russia, India, and China declined sharply for the reporting period.

One factor behind the Index’s decline was the depreciation of the currencies represented in the Index relative to the U.S. dollar. For the reporting period, the Russian ruble depreciated by 43%, the Brazilian real depreciated by 38%, the Indian rupee depreciated by 9%, and the Chinese yuan depreciated by 3% against the U.S. dollar. The currency fluctuations had a meaningful impact on the Index’s performance; when measured in local currencies, the Index returned -9.87% for the reporting period.

In U.S. dollar terms, all four countries represented in the Index detracted from the Index’s performance during the reporting period, with Brazil having the most significant negative impact. While Brazil’s economy remained in recession throughout the reporting period, its central bank was forced to raise interest rates to combat accelerating domestic inflation. In addition, several Brazilian government officials faced allegations of corruption.

China was the largest country weight in the Index on average for the reporting period. Increasing signs of weakness in the Chinese economy led to a precipitous drop in the country’s stock market late in the reporting period, as well as an unexpected devaluation of the Chinese yuan.

Russia and India detracted modestly from the Index’s performance. Russia’s economy faced a recession because of declining global demand for energy and economic sanctions related to the country’s actions in Ukraine. India’s equity market held up best as the Indian economy performed better than the other three countries represented in the Index.

ALLOCATION BY SECTOR

As of 8/31/15

Sector	Percentage of Total Investments*
Financials		31.69	%
Energy		13.83
Information Technology		12.61
Consumer Staples		9.11
Telecommunication Services		8.14
Industrials		6.83
Materials		5.07
Consumer Discretionary		4.80
Health Care		4.28
Utilities		3.64
TOTAL		100.00	%

ALLOCATION BY COUNTRY

As of 8/31/15

Country	Percentage of Total Investments*
China		54.88	%
India		20.17
Brazil		15.83
Russia		9.12
TOTAL		100.00	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 9

Management’s Discussion of Fund Performance

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(16.86)%		(18.00)%		(16.82)%		(16.86)%		(18.00)%		(16.82)%
Since Inception		(0.30)%		(0.63)%		(0.03)%		(1.07)%		(2.22)%		(0.12)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	845.00	$	2.28	$	1,000.00	$	1,022.70	$	2.50		0.49%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

10 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

The iShares MSCI Emerging Markets Asia ETF (the “Fund”) seeks to track the investment results of an index composed of Asian emerging market equities, as represented by the MSCI Emerging Markets Asia 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -16.86%, net of fees, while the total return for the Index was -16.82%.

As represented by the Index, emerging markets stocks in Asia declined sharply for the reporting period, but they outperformed the MSCI Emerging Markets Index, a broad measure of emerging market equity performance.

One factor behind the Index’s overall decline was the depreciation of many Asian emerging markets currencies relative to the U.S. dollar. For the reporting period, the Taiwanese dollar depreciated by 8%, the Indian rupee depreciated by 9%, and the South Korean won depreciated by 14% against the U.S. dollar. These three countries comprised approximately 51% of the Index on average during the reporting period. The currency fluctuations had a meaningful impact on the Index’s performance; when measured in local currencies, the Index returned -9.26% for the reporting period.

China, the Index’s largest country weighting, had a significant impact on equity market performance across Asia. Signs of weakness in the Chinese economy led to reduced demand for exports from many emerging Asian economies. A precipitous drop in China’s stock market late in the reporting period, along with an unexpected devaluation of the Chinese yuan, put additional downward pressure on Asian emerging markets stocks.

In U.S. dollar terms, every country represented in the Index declined for the reporting period, with South Korea having the most significant negative impact on the Index’s performance. The South Korean economy slowed amid a decline in exports and an outbreak of Middle East Respiratory Syndrome that restrained domestic consumption.

China and Taiwan were also noteworthy detractors from the Index’s performance, while the Philippines and Thailand detracted the least from the Index’s return during the reporting period.

ALLOCATION BY SECTOR

As of 8/31/15

Sector	Percentage of Total Investments*
Financials		27.21	%
Information Technology		25.06
Industrials		8.08
Consumer Discretionary		8.08
Telecommunication Services		7.36
Consumer Staples		6.68
Energy		5.50
Materials		5.46
Health Care		3.35
Utilities		3.22
TOTAL		100.00	%

ALLOCATION BY COUNTRY

As of 8/31/15

Country	Percentage of Total Investments*
China		34.05	%
South Korea		21.54
Taiwan		18.28
India		12.53
Malaysia		4.60
Indonesia		3.50
Thailand		3.37
Philippines		2.13
TOTAL		100.00	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 11

Management’s Discussion of Fund Performance

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(16.32)%		(16.71)%		(16.31)%		(16.32)%		(16.71)%		(16.31)%
Since Inception		3.38%		3.30%		3.56%		13.71%		13.39%		14.48%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	880.60	$	1.19	$	1,000.00	$	1,023.90	$	1.28		0.25%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

12 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

The iShares MSCI Emerging Markets Minimum Volatility ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -16.32%, net of fees, while the total return for the Index was -16.31%.

As represented by the Index, lower-volatility stocks in emerging markets declined sharply for the reporting period.

One factor behind the Index’s decline was the depreciation of many emerging markets currencies relative to the U.S. dollar. For the reporting period, the Taiwanese dollar depreciated by 8%, the South Korean won depreciated by 14%, and the Malaysian ringgit depreciated by 25% against the U.S. dollar. These three countries comprised approximately 36% of the Index on average during the reporting period. The currency fluctuations had a meaningful impact on the Index’s performance; when measured in local currencies, the Index returned -4.21% for the reporting period.

Although the Index experienced less volatility than broad emerging markets, it still fluctuated significantly during the reporting period as geopolitical conflicts, global economic weakness, and declining commodities demand buffeted emerging markets. Events in China late in the reporting period — including signs of economic weakness, a precipitous drop in the country’s stock market, and an unexpected Chinese yuan devaluation — put additional downward pressure on emerging markets stocks.

The developments in China weighed on Taiwanese stocks, which had the most significant negative impact on the Index’s performance for the reporting period in U.S. dollar terms. Brazil and Malaysia also detracted meaningfully from the Index’s performance as both countries faced weaker economies and allegations of government corruption.

India contributed to the Index’s return for the reporting period amid optimism about economic reforms implemented by the country’s prime minister. As a major oil importer, India also benefited from a sharp decline in energy prices.

ALLOCATION BY SECTOR

As of 8/31/15

Sector	Percentage of Total Investments*
Financials		28.84	%
Consumer Staples		13.29
Telecommunication Services		12.26
Information Technology		11.05
Utilities		8.53
Industrials		8.25
Health Care		7.42
Consumer Discretionary		4.75
Energy		3.33
Materials		2.28
TOTAL		100.00	%

TEN LARGEST COUNTRIES

As of 8/31/15

Country	Percentage of Total Investments*
China		18.31	%
Taiwan		16.86
South Korea		11.85
Malaysia		7.93
Indonesia		6.64
South Africa		5.95
Philippines		4.01
Chile		3.96
Thailand		3.92
Qatar		3.67
TOTAL		83.10	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 13

Management’s Discussion of Fund Performance

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(19.77)%		(20.31)%		(18.91)%		(19.77)%		(20.31)%		(18.91)%
Since Inception		(2.81)%		(2.89)%		(1.96)%		(10.88)%		(11.18)%		(7.69)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 8/16/11. The first day of secondary market trading was 8/18/11.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	860.20	$	3.24	$	1,000.00	$	1,021.70	$	3.52		0.69%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

14 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

The iShares MSCI Emerging Markets Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Small Cap 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -19.77%, net of fees, while the total return for the Index was -18.91%.

As represented by the Index, emerging markets small-capitalization stocks declined sharply for the reporting period.

One factor behind the Index’s decline was the depreciation of many emerging markets currencies relative to the U.S. dollar. For the reporting period, the Taiwanese dollar depreciated by 8%, the Indian rupee depreciated by 9%, and the South Korean won depreciated by 14% against the U.S. dollar. These three countries comprised approximately 45% of the Index on average during the reporting period. The currency fluctuations had a meaningful impact on the Index’s performance; when measured in local currencies, the Index returned -8.00% for the reporting period.

The Index experienced substantial volatility during the reporting period as geopolitical conflicts, global economic weakness, and declining demand for commodities (a primary growth driver in many emerging economies) buffeted emerging markets. Events in China late in the reporting period — including signs of economic weakness, a precipitous drop in the country’s stock market, and an unexpected devaluation of the Chinese yuan — put additional downward pressure on emerging markets stocks.

The developments in China weighed on Taiwanese stocks, which had the most significant negative impact on the Index’s performance in U.S. dollar terms for the reporting period. Brazil also detracted meaningfully from the Index’s performance as the country’s economy remained in recession, domestic inflation accelerated, and several government officials faced corruption allegations.

Among the few contributors to the Index’s return, South Korea generated the largest contribution during the reporting period. South Korean small-cap stocks benefited from stronger domestic demand and government efforts to promote entrepreneurship.

ALLOCATION BY SECTOR

As of 8/31/15

Sector	Percentage of Total Investments*
Financials		18.61	%
Consumer Discretionary		17.71
Industrials		15.67
Information Technology		14.97
Materials		11.22
Consumer Staples		8.42
Health Care		7.63
Utilities		3.05
Energy		1.46
Telecommunication Services		1.26
TOTAL		100.00	%

TEN LARGEST COUNTRIES

As of 8/31/15

Country	Percentage of Total Investments*
China		21.20	%
South Korea		20.68
Taiwan		16.48
India		11.32
South Africa		6.16
Thailand		3.88
Malaysia		3.52
Mexico		3.07
Brazil		2.57
Indonesia		2.47
TOTAL		91.35	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 15

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 advisory fees. Without such a 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 March 1, 2015 and held through August 31, 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 corresponding to 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.

16 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 96.32%
BRAZIL — 4.06%
Aliansce Shopping Centers SA		219,100	$	667,722
Alupar Investimento SA Units		158,800		636,988
Ambev SA		8,314,400		43,577,980
Arezzo Industria e Comercio SA		131,600		790,557
B2W Cia. Digitala		227,251		973,331
Banco ABC Brasil SAa		7,045		17,563
Banco Bradesco SA		1,324,452		9,152,710
Banco do Brasil SA		1,531,900		7,499,149
Banco Santander Brasil SA Units		750,800		2,974,547
BB Seguridade Participacoes SA		1,248,400		9,837,073
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		3,074,900		9,100,809
BR Malls Participacoes SA		826,600		2,541,813
BRF SA		1,159,400		22,129,587
CCR SA		1,591,500		6,501,893
CETIP SA – Mercados Organizados		412,417		3,704,931
Cia. de Saneamento Basico do Estado de Sao Paulo		633,300		2,735,070
Cia. Siderurgica Nacional SA		1,176,100		1,130,167
Cielo SA		1,517,592		15,979,039
Cosan SA Industria e Comercio		246,800		1,229,850
CPFL Energia SA		386,305		1,665,176
Cyrela Brazil Realty SA Empreendimentos e Participacoes		515,300		1,188,419
Duratex SA		608,229		916,790
EDP – Energias do Brasil SA		516,100		1,588,436
Embraer SA		1,198,600		7,562,311
Equatorial Energia SA		320,776		3,113,304
Estacio Participacoes SA		534,400		1,829,630
EZ TEC Empreendimentos e Participacoes SA		143,957		520,929
Fibria Celulose SA		457,900		6,439,327
Fleury SA		162,900		742,437
Gafisa SAa		1,087,600		680,823
Hypermarcas SAa		618,400		2,796,362
Iguatemi Empresa de Shopping Centers SA		172,900		977,896

Security	Shares		Value
JBS SA		1,378,900	$	5,356,973
JSL SA		155,400		413,860
Klabin SA Units		1,006,900		5,600,877
Kroton Educacional SA		2,459,956		5,862,425
Light SA		222,700		714,768
Linx SA		71,600		856,900
Localiza Rent A Car SA		293,935		1,808,520
Lojas Americanas SA		260,425		890,189
Lojas Renner SA		233,000		6,302,467
LPS Brasil Consultoria de Imoveis SA		283,800		248,561
M. Dias Branco SA		66,700		1,159,204
Magnesita Refratarios SAa		555,900		434,983
Marfrig Global Foods SAa		561,800		987,170
Mills Estruturas e Servicos de Engenharia SAa		248,600		334,447
Minerva SA/Brazila		249,900		798,637
MRV Engenharia e Participacoes SA		607,100		1,061,769
Multiplan Empreendimentos Imobiliarios SA		153,900		1,740,024
Multiplus SA		103,900		1,076,298
Natura Cosmeticos SA		316,500		2,058,586
Odontoprev SA		576,800		1,548,796
Petroleo Brasileiro SAa		5,419,900		15,803,236
Porto Seguro SA		227,200		2,075,974
Qualicorp SA		425,200		1,992,769
Raia Drogasil SA		410,300		4,472,211
Restoque Comercio e Confeccoes de Roupas SA		232,700		266,417
Sao Martinho SA		110,300		921,829
SLC Agricola SA		143,700		634,809
Smiles SA		95,700		1,256,994
Somos Educacao SA		181,800		643,893
Sonae Sierra Brasil SA		67,500		298,373
Souza Cruz SA		684,100		4,984,835
Sul America SA		350,489		1,684,002
Tegma Gestao Logisticaa		186,200		270,948
TIM Participacoes SA		1,513,900		3,657,717
TOTVS SA		236,300		2,056,616
Tractebel Energia SA		285,300		2,627,212
Transmissora Alianca de Energia Eletrica SA Units		158,200		803,542
Ultrapar Participacoes SA		650,000		11,326,927
Vale SA		2,442,200		12,015,711

CONSOLIDATED SCHEDULES OF INVESTMENTS 17

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		137,300	$	1,769,850
Via Varejo SA		251,900		470,983
WEG SA		1,046,460		4,812,466
				285,305,387
CHILE — 1.19%
AES Gener SA		4,703,670		2,366,299
Aguas Andinas SA Series A		4,561,989		2,364,768
Banco de Chile		38,856,155		4,016,430
Banco de Credito e Inversiones		63,359		2,768,137
Banco Santander Chile		115,820,868		5,599,759
Besalco SA		709,538		259,977
Cencosud SA		2,196,457		4,466,607
Cia. Cervecerias Unidas SA		290,380		3,218,377
Cia. Sud Americana de Vapores SAa		23,983,511		669,286
Colbun SA		15,207,118		4,131,968
CorpBanca SA		284,460,841		2,654,552
E.CL SA		1,130,004		1,584,922
Empresa Nacional de Electricidad SA/Chile		5,724,379		7,099,113
Empresa Nacional de Telecomunicaciones SA		230,695		2,159,643
Empresas CMPC SA		2,262,845		6,192,867
Empresas COPEC SA		774,108		7,569,982
Enersis SA		34,617,930		9,609,039
Inversiones Aguas Metropolitanas SA		812,034		1,149,448
Inversiones La Construccion SA		80,695		868,053
LATAM Airlines Group SAa		520,657		2,914,546
Parque Arauco SA		1,178,624		2,060,227
SACI Falabella		816,248		5,040,215
SalfaCorp SA		1,075,423		589,070
Sociedad Matriz SAAM SA		11,885,057		809,518
SONDA SA		1,022,580		1,670,986
Vina Concha y Toro SA		865,717		1,452,902
				83,286,691
CHINA — 22.84%
361 Degrees International Ltd.		2,355,000		720,170
AAC Technologies Holdings Inc.		1,339,500		7,544,361
Agile Property Holdings Ltd.		2,786,500		1,366,275
Agricultural Bank of China Ltd. Class H		39,784,000		16,067,499

Security	Shares		Value
AGTech Holdings Ltd.a,b		4,488,000	$	729,657
Air China Ltd. Class H		3,438,000		2,484,216
Ajisen (China) Holdings Ltd.b		1,744,000		679,593
Alibaba Health Information Technology Ltd.a,b		4,506,000		3,116,388
Alibaba Pictures Group Ltd.a,b		18,340,000		4,283,250
Aluminum Corp. of China Ltd. Class Ha,b		7,398,000		2,472,348
Anhui Conch Cement Co. Ltd. Class H		2,217,000		6,708,170
Anhui Expressway Co. Ltd. Class H		1,184,000		905,945
Anta Sports Products Ltd.		1,879,000		4,732,625
APT Satellite Holdings Ltd.b		930,500		677,160
Asia Cement China Holdings Corp.		1,203,000		380,301
AVIC International Holding HK Ltd.a,b		6,878,000		745,482
AviChina Industry & Technology Co. Ltd. Class H		4,049,000		2,815,996
Bank of China Ltd. Class H		140,628,000		64,234,827
Bank of Communications Co. Ltd. Class H		15,634,000		11,780,900
Baoxin Auto Group Ltd.b		1,801,000		608,850
BBMG Corp. Class H		2,230,500		1,439,023
Beijing Capital International Airport Co. Ltd. Class H		2,858,000		3,075,557
Beijing Capital Land Ltd. Class H		2,406,000		962,394
Beijing Enterprises Holdings Ltd.		939,000		5,482,513
Beijing Enterprises Medical & Health Group Ltd.a,b		6,564,000		601,343
Beijing Enterprises Water Group Ltd.b		8,112,000		5,809,201
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		845,000		928,949
Belle International Holdings Ltd.		8,353,000		7,641,598
Biostime International Holdings Ltd.b		382,000		629,926
Boer Power Holdings Ltd.b		693,000		1,133,830
Bosideng International Holdings Ltd.b		7,094,000		659,051
Brilliance China Automotive Holdings Ltd.		5,484,000		6,623,214

18 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Byd Co. Ltd. Class Hb		1,167,500	$	4,767,889
BYD Electronic International Co. Ltd.a,b		1,636,000		945,707
C C Land Holdings Ltd.		3,701,000		883,459
Carnival Group International Holdings Ltd.a,b		7,897,000		988,392
Central China Securities Co. Ltd. Class Hb		2,284,000		1,261,349
CGN Power Co. Ltd. Class Hc		14,141,000		5,601,625
Chaowei Power Holdings Ltd.a,b		1,571,000		770,292
China Aerospace International Holdings Ltd.b		4,928,000		693,095
China Agri-Industries Holdings Ltd.a,b		4,557,200		1,728,785
China Aircraft Leasing Group Holdings Ltd.b		515,500		499,533
China Animal Healthcare Ltd.a,b		1,237,000		79,806
China Aoyuan Property Group Ltd.		3,427,000		636,755
China BlueChemical Ltd. Class H		3,974,000		1,128,096
China Cinda Asset Management Co. Ltd. Class H		15,222,000		5,656,655
China CITIC Bank Corp. Ltd. Class Ha		14,524,000		8,901,749
China Coal Energy Co. Ltd. Class Hb		4,714,000		2,201,880
China Communications Construction Co. Ltd. Class H		7,952,000		9,460,254
China Communications Services Corp. Ltd. Class H		4,652,000		1,710,724
China Conch Venture Holdings Ltd.		2,192,500		4,831,956
China Construction Bank Corp. Class H		148,926,000		104,727,931
China COSCO Holdings Co. Ltd. Class Ha,b		4,551,000		2,592,685
China Datang Corp. Renewable Power Co. Ltd. Class Ha		5,904,000		746,566
China Dongxiang Group Co. Ltd.		6,335,000		1,577,609
China Dynamics Holdings Ltd.a,b		8,490,000		438,191
China Electronics Corp. Holdings Co. Ltd.b		2,120,000		626,422

Security	Shares		Value
China Everbright Bank Co. Ltd. Class H		6,234,000	$	2,847,512
China Everbright International Ltd.b		4,663,000		6,100,970
China Everbright Ltd.		1,780,000		3,720,750
China Fiber Optic Network System Group Ltd.a,b		3,624,800		620,061
China Foods Ltd.a		1,946,000		903,943
China Galaxy Securities Co. Ltd. Class H		6,001,000		4,111,626
China Gas Holdings Ltd.		3,250,000		4,747,066
China Harmony New Energy Auto Holding Ltd.b		1,668,500		740,594
China High Speed Transmission Equipment Group Co. Ltd.a		2,166,000		1,489,639
China Huarong Energy Co. Ltd.a,b		10,170,000		406,797
China Huishan Dairy Holdings Co. Ltd.b		11,975,000		4,388,230
China Huiyuan Juice Group Ltd.a		1,822,500		604,361
China Innovationpay Group Ltd.a,b		9,492,000		575,640
China International Marine Containers Group Co. Ltd. Class H		959,000		1,707,628
China Lesso Group Holdings Ltd.b		2,365,000		1,660,067
China Life Insurance Co. Ltd. Class H		13,260,000		45,853,640
China Lilang Ltd.b		1,308,000		1,125,717
China Longyuan Power Group Corp. Ltd.		5,808,000		6,167,682
China LotSynergy Holdings Ltd.b		17,060,000		704,408
China Lumena New Materials Corp.a,b		2,584,000		41,677
China Medical System Holdings Ltd.		2,178,000		2,366,276
China Mengniu Dairy Co. Ltd.		2,480,000		8,671,944
China Merchants Bank Co. Ltd. Class H		8,183,464		19,492,358
China Merchants Holdings International Co. Ltd.		2,066,000		6,904,394
China Merchants Land Ltd.b		2,872,000		452,105

CONSOLIDATED SCHEDULES OF INVESTMENTS 19

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
China Metal Recycling Holdings Ltd.a		62,400	$	—
China Minsheng Banking Corp. Ltd. Class H		10,550,100		10,223,321
China Mobile Ltd.		10,906,000		132,137,651
China Modern Dairy Holdings Ltd.b		4,045,000		1,054,303
China National Building Material Co. Ltd. Class H		5,188,000		3,025,756
China National Materials Co. Ltd. Class H		2,713,000		602,107
China New Town Development Co. Ltd.a		10,607,500		362,706
China Oceanwide Holdings Ltd.a,b		7,640,000		1,104,096
China Oil and Gas Group Ltd.a,b		15,588,000		985,558
China Oilfield Services Ltd. Class H		3,164,000		3,404,850
China Overseas Grand Oceans Group Ltd.b		2,262,000		715,079
China Overseas Land & Investment Ltd.		7,080,000		20,737,415
China Pacific Insurance Group Co. Ltd. Class H		4,728,800		17,206,619
China Petroleum & Chemical Corp. Class H		44,946,200		29,925,277
China Power International Development Ltd.		5,972,000		3,976,171
China Power New Energy Development Co. Ltd.b		11,460,000		591,480
China Precious Metal Resources Holdings Co. Ltd.a,b		9,118,000		341,188
China Railway Construction Corp. Ltd. Class H		3,577,000		4,689,301
China Railway Group Ltd. Class H		7,249,000		6,500,674
China Rare Earth Holdings Ltd.a,b		7,057,200		610,102
China Regenerative Medicine International Ltd.a,b		22,690,000		1,200,366
China Resources and Transportation Group Ltd.a,b		49,700,000		384,772
China Resources Cement Holdings Ltd.b		3,738,000		1,837,637

Security	Shares		Value
China Resources Enterprise Ltd.		2,156,000	$	6,773,969
China Resources Gas Group Ltd.		1,658,000		4,374,952
China Resources Land Ltd.		5,019,777		12,526,692
China Resources Power Holdings Co. Ltd.		3,444,000		8,434,413
China SCE Property Holdings Ltd.		4,509,200		930,926
China Shanshui Cement Group Ltd.a,b		3,521,000		2,121,218
China Shenhua Energy Co. Ltd. Class H		5,927,000		10,278,499
China Shineway Pharmaceutical Group Ltd.b		962,000		1,154,393
China Shipping Container Lines Co. Ltd. Class Ha,b		6,554,000		2,350,621
China Singyes Solar Technologies Holdings Ltd.b		1,313,000		814,902
China Southern Airlines Co. Ltd. Class H		3,454,000		2,250,656
China State Construction International Holdings Ltd.		3,390,000		4,479,145
China Suntien Green Energy Corp. Ltd. Class Hb		4,380,000		706,447
China Taiping Insurance Holdings Co. Ltd.a		2,971,508		8,396,852
China Telecom Corp. Ltd. Class H		24,680,000		12,929,052
China Traditional Chinese Medicine Co. Ltd.a,b		3,390,000		2,366,423
China Travel International Investment Hong Kong Ltd.b		4,950,000		1,724,505
China Unicom Hong Kong Ltd.		10,678,000		14,025,979
China Vanke Co. Ltd. Class Hb		2,388,787		5,430,988
China Water Affairs Group Ltd.b		2,386,000		1,040,597
China Yurun Food Group Ltd.a,b		3,373,000		779,049
China ZhengTong Auto Services Holdings Ltd.b		2,080,000		823,943
Chinasoft International Ltd.a,b		2,958,000		969,454
Chongqing Changan Automobile Co. Ltd. Class B		1,579,800		2,527,664
Chongqing Rural Commercial Bank Co. Ltd. Class H		4,932,000		2,882,815
CIFI Holdings Group Co. Ltd.b		6,164,000		1,153,257

20 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
CIMC Enric Holdings Ltd.b		1,254,000	$	660,166
CITIC Ltd.		6,975,000		12,779,918
CITIC Resources Holdings Ltd.a,b		5,864,000		900,402
CITIC Securities Co. Ltd. Class H		3,889,000		7,798,022
CNOOC Ltd.		31,387,000		38,919,629
Cogobuy Groupa,b,c		840,000		740,279
Colour Life Services Group Co. Ltd.		776,000		573,736
Comba Telecom Systems Holdings Ltd.b		3,007,265		585,928
Coolpad Group Ltd.		5,208,000		967,674
COSCO International Holdings Ltd.b		1,970,000		977,721
COSCO Pacific Ltd.		2,916,000		3,430,074
Country Garden Holdings Co. Ltd.		9,900,733		3,474,816
CPMC Holdings Ltd.b		1,471,000		778,201
Credit China Holdings Ltd.b		3,708,000		909,052
CRRC Corp. Ltd. Class Ha		7,845,750		9,171,876
CSPC Pharmaceutical Group Ltd.		7,696,000		7,050,484
CT Environmental Group Ltd.b		5,528,000		1,811,746
Dah Chong Hong Holdings Ltd.b		1,989,000		718,602
Dalian Wanda Commercial Properties Co. Ltd. Class Hc		1,060,700		6,514,709
Daphne International Holdings Ltd.		2,876,000		552,931
Datang International Power Generation Co. Ltd. Class H		4,974,000		2,008,841
Dawnrays Pharmaceutical Holdings Ltd.b		1,132,000		893,909
Dazhong Transportation Group Co. Ltd. Class B		1,016,700		900,796
Digital China Holdings Ltd.		1,760,000		1,539,706
Dongfeng Motor Group Co. Ltd. Class H		4,722,000		4,752,434
Dongjiang Environmental Co. Ltd. Class Hb		427,300		639,568
Dongyue Group Ltd.		3,584,000		860,154
ENN Energy Holdings Ltd.		1,390,000		7,093,438
EverChina International Holdings Co. Ltd.a,b		13,015,000		436,629

Security	Shares		Value
Evergrande Real Estate Group Ltd.b		10,070,000	$	6,626,667
Fantasia Holdings Group Co. Ltd.b		4,356,000		460,890
Far East Horizon Ltd.		3,453,000		2,749,016
FDG Electric Vehicles Ltd.a,b		21,165,000		1,310,856
First Tractor Co. Ltd. Class Hb		1,064,000		610,938
Fosun International Ltd.		3,518,500		5,901,962
Franshion Properties China Ltd.		6,406,000		1,603,556
Fufeng Group Ltd.b		2,234,400		994,662
Fullshare Holdings Ltd.a		7,487,500		1,120,702
GCL-Poly Energy Holdings Ltd.a,b		20,229,000		3,236,619
Geely Automobile Holdings Ltd.		9,940,000		3,847,717
GF Securities Co. Ltd.a		1,645,000		2,818,769
Glorious Property Holdings Ltd.a		5,525,000		598,835
Golden Eagle Retail Group Ltd.b		1,057,000		1,177,013
Goldin Properties Holdings Ltd.a,b		2,370,000		2,262,953
GOME Electrical Appliances Holding Ltd.		21,396,000		3,395,730
Goodbaby International Holdings Ltd.a,b		2,379,000		933,176
Great Wall Motor Co. Ltd. Class H		1,832,000		4,893,181
Greatview Aseptic Packaging Co. Ltd.b		2,285,000		1,052,567
Guangdong Investment Ltd.		5,162,000		6,980,311
Guangdong Land Holdings Ltd.a		2,376,000		554,907
Guangzhou Automobile Group Co. Ltd. Class H		3,840,000		2,700,370
Guangzhou R&F Properties Co. Ltd. Class Ha		1,890,800		1,727,326
Haier Electronics Group Co. Ltd.		2,300,000		4,125,135
Haitian International Holdings Ltd.		1,286,000		2,333,038
Haitong Securities Co. Ltd. Class H		5,746,000		8,289,015
Hanergy Thin Film Power Group Ltd.a,b		20,984,000		27
Hangzhou Steam Turbine Co. Class B		831,400		1,096,192
Harbin Electric Co. Ltd. Class Hb		1,776,000		930,389
HC International Inc.a,b		876,000		376,395

CONSOLIDATED SCHEDULES OF INVESTMENTS 21

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Hengan International Group Co. Ltd.		1,313,000	$	12,884,259
Hengdeli Holdings Ltd.b		6,190,800		862,712
Hi Sun Technology (China) Ltd.a,b		4,152,000		685,745
Hisense Kelon Electrical Holdings Co. Ltd. Class Ha		851,000		439,223
Honbridge Holdings Ltd.a,b		6,406,000		843,107
Honghua Group Ltd.a,b		7,651,000		533,099
Hopson Development Holdings Ltd.a,b		1,310,000		1,007,426
Hua Han Bio-Pharmaceutical Holdings Ltd. Class Hb		9,508,288		1,214,599
Huabao International Holdings Ltd.b		3,940,000		1,311,630
Huadian Power International Corp. Ltd. Class H		3,072,000		2,501,186
Huaneng Power International Inc. Class H		6,344,000		7,309,878
Huaneng Renewables Corp. Ltd. Class H		7,668,000		2,800,039
Huatai Securities Co. Ltd.a,c		1,610,800		2,930,598
Imperial Pacific International Holdings Ltd.a,b		66,850,000		1,638,893
Industrial & Commercial Bank of China Ltd. Class H		130,451,000		77,091,836
Inner Mongolia Yitai Coal Co. Ltd. Class B		2,022,700		1,711,204
Intime Retail Group Co. Ltd.b		2,024,500		2,128,977
Jiangnan Group Ltd.		4,816,000		975,622
Jiangsu Expressway Co. Ltd. Class H		2,296,000		2,713,706
Jiangsu Future Land Co. Ltd. Class B		1,214,800		1,969,191
Jiangxi Copper Co. Ltd. Class H		2,408,000		3,041,828
Ju Teng International Holdings Ltd.b		2,138,000		816,573
Kaisa Group Holdings Ltd.a,b		2,773,000		178,902
Kingboard Chemical Holdings Ltd.		1,240,200		1,609,849
Kingboard Laminates Holdings Ltd.b		2,237,500		889,220
Kingdee International Software Group Co. Ltd.b		3,998,000		1,372,208
Kingsoft Corp. Ltd.		1,586,000		3,343,880

Security	Shares		Value
Konka Group Co. Ltd. Class B		577,800	$	763,705
Kunlun Energy Co. Ltd.		5,852,000		4,137,904
KWG Property Holding Ltd.		2,347,000		1,483,900
Lao Feng Xiang Co. Ltd. Class B		422,106		1,565,591
Launch Tech Co. Ltd.a		319,500		373,091
Lee & Man Paper Manufacturing Ltd.		2,839,000		1,626,462
Lenovo Group Ltd.b		11,982,000		9,832,907
Leyou Technologies Holdings Ltd.a,b		5,480,000		494,965
Li Ning Co. Ltd.a,b		2,873,500		1,327,363
Lianhua Supermarket Holdings Co. Ltd. Class Ha		1,098,000		570,956
Lifetech Scientific Corp.a,b		3,872,000		539,578
Livzon Pharmaceutical Group Inc. Class H		159,770		723,240
Longfor Properties Co. Ltd.		2,656,000		3,211,169
Lonking Holdings Ltd.		6,939,000		949,070
Luthai Textile Co. Ltd. Class B		713,169		870,521
Luye Pharma Group Ltd.a		2,564,000		2,183,521
Microport Scientific Corp.a,b		1,984,000		727,035
MIE Holdings Corp.a		2,836,000		332,999
Minth Group Ltd.		1,290,000		2,243,753
MMG Ltd.a,b		4,116,000		849,749
National Agricultural Holdings Ltd.a,b		1,568,000		631,242
NetDragon Websoft Inc.b		369,500		882,027
New China Life Insurance Co. Ltd. Class H		1,424,600		5,569,691
New World China Land Ltd.		4,636,000		2,811,492
New World Department Store China Ltd.		2,851,000		511,337
Nexteer Automotive Group Ltd.		1,545,000		1,455,281
Nine Dragons Paper (Holdings) Ltd.		3,130,000		1,756,827
North Mining Shares Co. Ltd.a,b		33,030,000		460,286
NVC Lighting Holdings Ltd.b		1,831,000		274,398
Parkson Retail Group Ltd.b		4,141,500		593,166
PAX Global Technology Ltd.b		1,568,000		1,460,760
People’s Insurance Co. Group of China Ltd. (The) Class H		12,061,000		5,711,430
PetroChina Co. Ltd. Class H		37,234,000		30,940,053
Phoenix Healthcare Group Co. Ltd.b		781,500		1,133,420

22 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Phoenix Satellite Television Holdings Ltd.b		3,842,000	$	822,926
PICC Property & Casualty Co. Ltd. Class H		6,255,360		11,881,072
Ping An Insurance Group Co. of China Ltd. Class H		9,318,500		45,630,296
Poly Property Group Co. Ltd.b		4,339,000		1,158,925
Real Nutriceutical Group Ltd.b		3,314,000		590,102
Renhe Commercial Holdings Co. Ltd.a,b		28,772,000		1,596,372
REXLot Holdings Ltd.b		19,550,000		252,256
Road King Infrastructure Ltd.b		1,135,000		1,003,187
Sany Heavy Equipment International Holdings Co. Ltd.a,b		2,984,000		639,149
Semiconductor Manufacturing International Corp.a,b		48,744,000		4,276,865
Shandong Airlines Co. Ltd. Class B		340,200		657,131
Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. Class H		394,000		657,849
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		3,568,000		2,495,282
Shanghai Baosight Software Co. Ltd. Class B		267,000		777,237
Shanghai Electric Group Co. Ltd. Class Hb		5,142,000		2,839,693
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		758,500		2,216,763
Shanghai Industrial Holdings Ltd.		976,000		2,380,165
Shanghai Industrial Urban Development Group Ltd.b		3,994,000		633,882
Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H		2,600,000		795,092
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B		626,300		920,661
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		1,295,000		2,700,266

Security	Shares		Value
Shenzhen Expressway Co. Ltd. Class Hb		1,554,000	$	1,014,605
Shenzhen International Holdings Ltd.		2,220,250		3,071,087
Shenzhen Investment Ltd.b		5,826,000		2,059,760
Shenzhou International Group Holdings Ltd.		1,061,000		5,359,727
Shimao Property Holdings Ltd.		2,486,000		3,490,001
Shougang Concord International Enterprises Co. Ltd.a,b		15,716,000		638,775
Shougang Fushan Resources Group Ltd.b		6,318,000		798,916
Shui On Land Ltd.		7,284,666		1,597,916
Shunfeng International Clean Energy Ltd.a		2,388,000		573,116
Sihuan Pharmaceutical Holdings Group Ltd.		6,629,000		1,283,024
Sino Biopharmaceutical Ltd.		5,592,000		6,638,202
Sino Oil And Gas Holdings Ltd.a,b		28,525,000		666,193
Sino-Ocean Land Holdings Ltd.		6,284,500		3,284,137
Sinofert Holdings Ltd.b		5,216,000		800,903
Sinolink Worldwide Holdings Ltd.a,b		5,114,000		488,301
Sinopec Engineering Group Co. Ltd. Class H		2,342,000		2,021,662
Sinopec Kantons Holdings Ltd.b		2,092,000		1,109,428
Sinopec Shanghai Petrochemical Co. Ltd. Class Ha		6,599,000		2,409,684
Sinopharm Group Co. Ltd. Class H		2,167,200		8,207,343
Sinosoft Technology Group Ltd.b		1,244,000		539,331
Sinotrans Ltd. Class H		3,517,000		1,615,541
Sinotrans Shipping Ltd.b		4,055,500		753,533
Skyworth Digital Holdings Ltd.b		3,902,000		2,250,558
SOHO China Ltd.		3,757,500		1,604,806
Sound Global Ltd.a,b		1,007,000		757,529
SSY Group Ltd.b		4,892,000		1,407,625
Sun Art Retail Group Ltd.b		4,247,500		3,540,474
Sunac China Holdings Ltd.		3,599,000		1,945,769
Sunny Optical Technology Group Co. Ltd.b		1,402,000		2,337,255

CONSOLIDATED SCHEDULES OF INVESTMENTS 23

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Superb Summit International Group Ltd.a,b		6,035,000	$	155,741
TCC International Holdings Ltd.		3,408,000		646,416
TCL Communication Technology Holdings Ltd.b		1,207,000		816,083
TCL Multimedia Technology Holdings Ltd.b		1,412,000		634,029
Tech Pro Technology Development Ltd.a,b		10,704,000		2,610,378
Technovator International Ltd.a,b		1,006,000		556,866
Tencent Holdings Ltd.		9,175,500		156,041,690
Tiangong International Co. Ltd.b		5,336,000		481,958
Tianjin Development Holdings Ltd.b		1,356,000		874,833
Tianjin Port Development Holdings Ltd.b		4,458,000		701,771
Tianneng Power International Ltd.a,b		1,988,000		792,630
Tibet 5100 Water Resources Holdings Ltd.b		3,769,000		1,016,408
Tingyi Cayman Islands Holding Corp.		3,552,000		5,463,170
Tong Ren Tang Technologies Co. Ltd. Class Hb		1,346,000		1,740,237
Tongda Group Holdings Ltd.b		6,360,000		984,768
Towngas China Co. Ltd.b		2,253,000		1,433,189
Tsingtao Brewery Co. Ltd. Class H		658,000		3,234,792
Universal Health International Group Holding Ltd.b		2,508,000		873,749
V1 Group Ltd.a,b		10,494,000		704,109
Vinda International Holdings Ltd.b		519,000		1,000,492
Viva China Holdings Ltd.a,b		5,624,000		645,849
Wanda Hotel Development Co. Ltd.a,b		3,161,000		469,049
Want Want China Holdings Ltd.b		10,619,000		8,563,654
Wasion Group Holdings Ltd.b		1,270,000		1,224,108
Weichai Power Co. Ltd. Class H		1,806,000		1,943,477
Weiqiao Textile Co. Class H		1,299,500		558,362
Welling Holding Ltd.b		3,544,000		571,609
West China Cement Ltd.a,b		5,382,000		881,948
Wisdom Holdings Groupb		1,574,000		639,751
Wumart Stores Inc. Class Ha		880,000		474,629

Security	Shares		Value
Xiamen International Port Co. Ltd. Class H		2,208,000	$	541,313
Xingda International Holdings Ltd.		3,379,000		680,156
Xinhua Winshare Publishing and Media Co. Ltd. Class H		1,157,000		836,020
Xinyi Solar Holdings Ltd.b		5,330,000		1,781,240
XTEP International Holdings Ltd.		1,951,500		841,028
Yanchang Petroleum International Ltd.a		21,350,000		641,873
Yanzhou Coal Mining Co. Ltd. Class Hb		3,212,000		1,516,883
Yingde Gases Group Co. Ltd.		2,660,000		1,108,612
Yuanda China Holdings Ltd.		8,172,000		411,234
YuanShengTai Dairy Farm Ltd.a,b		8,616,000		589,219
Yuexiu Property Co. Ltd.b		13,094,880		2,061,374
Yuexiu Transport Infrastructure Ltd.b		1,658,000		990,515
Yuxing InfoTech Investment Holdings Ltd.b		2,190,000		904,252
Yuzhou Properties Co. Ltd.b		4,203,400		900,335
Yuexiu REITb		2,507,000		1,319,806
Zhaojin Mining Industry Co. Ltd. Class Hb		1,884,500		938,597
Zhejiang Expressway Co. Ltd. Class H		2,750,000		2,952,239
Zhonglu Co. Ltd. Class Ba		204,000		460,428
Zhongsheng Group Holdings Ltd.		1,457,000		609,116
Zhuzhou CSR Times Electric Co. Ltd. Class H		964,000		6,387,236
Zijin Mining Group Co. Ltd. Class H		10,346,000		2,669,918
ZTE Corp. Class H		1,387,640		2,796,748
				1,604,585,834
COLOMBIA — 0.30%
Almacenes Exito SA		363,495		1,971,697
Cementos Argos SA		786,030		2,479,926
Corp. Financiera Colombiana SA		163,987		1,945,474
Ecopetrol SA		8,207,805		4,231,921
Grupo Argos SA/Colombia		482,477		2,620,208

24 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Grupo de Inversiones Suramericana SA		427,919	$	4,882,994
Interconexion Electrica SA ESP		716,474		1,537,866
Isagen SA ESP		1,702,941		1,618,441
				21,288,527
CZECH REPUBLIC — 0.20%
CEZ AS		263,433		6,012,593
Komercni Banka AS		28,184		6,411,692
Pegas Nonwovens SAb		31,220		1,190,066
Philip Morris CR AS		654		299,839
				13,914,190
EGYPT — 0.28%
Commercial International Bank Egypt SAE		1,432,776		9,171,172
Egypt Kuwait Holding Co. SAE		1,248,177		773,870
Egyptian Financial Group-Hermes Holding Co.a		1,103,008		1,210,061
Ezz Steela		607,862		714,990
Global Telecom Holding SAEa		4,440,144		1,190,836
Global Telecom Holding SAE GDRa		211,538		274,999
Juhayna Food Industries		939,105		985,874
Orascom Telecom Media And Technology Holding SAEa		7,074,736		632,476
Orascom Telecom Media And Technology Holding SAE GDRa		50,000		33,500
Palm Hills Developments SAEa		3,611,079		954,647
Pioneers Holding For Financial Investments SAEa		739,048		729,605
Six of October Development & Investmenta		587,972		712,620
South Valley Cement		959,291		475,354
Talaat Moustafa Group		2,032,300		1,918,084
				19,778,088
GREECE — 0.30%
Alpha Bank AEa		9,334,110		878,545
Athens Water Supply & Sewage Co. SA (The)		43,842		243,660
Eurobank Ergasias SAa		18,236,567		735,626
FF Group		72,403		1,541,423
Hellenic Exchanges – Athens Stock Exchange SA Holding		214,980		1,038,214
Hellenic Telecommunications Organization SA		477,592		4,361,405

Security	Shares		Value
Intralot SA-Integrated Lottery Systems & Servicesa		270,680	$	461,011
JUMBO SA		212,913		1,789,267
Metka SA		62,306		470,545
Motor Oil Hellas Corinth Refineries SAa		130,661		1,361,572
Mytilineos Holdings SAa		190,549		969,336
National Bank of Greece SAa		2,795,526		1,628,841
OPAP SA		412,271		3,233,647
Piraeus Bank SAa		4,685,198		451,480
Piraeus Port Authority SA		15,225		242,417
Titan Cement Co. SA		91,871		1,927,063
				21,334,052
HUNGARY — 0.23%
Magyar Telekom Telecommunications PLCa		885,601		1,259,601
MOL Hungarian Oil & Gas PLC		60,742		3,008,599
OTP Bank PLC		406,462		7,824,901
Richter Gedeon Nyrt		255,926		3,907,128
				16,000,229
INDIA — 8.86%
ACC Ltd.		96,539		1,938,550
Adani Enterprises Ltd.		586,352		662,871
Adani Ports & Special Economic Zone Ltd.		1,322,675		7,072,506
Adani Power Ltd.a		1,959,596		663,271
Adani Transmissions Ltd.a		340,421		159,520
Aditya Birla Nuvo Ltd.		80,758		2,485,002
AIA Engineering Ltd.		80,979		1,117,260
Ajanta Pharma Ltd.		54,390		1,227,140
Alstom T&D India Ltd.		154,709		1,228,130
Amara Raja Batteries Ltd.		109,276		1,657,099
Ambuja Cements Ltd.		1,314,100		4,095,999
Apollo Hospitals Enterprise Ltd.		153,655		3,097,833
Apollo Tyres Ltd.		512,159		1,386,816
Arvind Infrastructure Ltd.a		27,551		18,941
Arvind Ltd.		315,738		1,289,075
Ashok Leyland Ltd.		2,322,938		3,155,492
Asian Paints Ltd.		548,974		7,008,038
Aurobindo Pharma Ltd.		511,953		5,799,182
Bajaj Auto Ltd.		155,616		5,226,684
Balkrishna Industries Ltd.		92,226		890,420
Bayer CropScience Ltd./India		20,694		1,200,314
Berger Paints India Ltd.		375,737		1,201,115
Bharat Forge Ltd.		206,248		3,623,573

CONSOLIDATED SCHEDULES OF INVESTMENTS 25

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Bharat Heavy Electricals Ltd.		1,109,129	$	3,778,297
Bharat Petroleum Corp. Ltd.		342,622		4,552,144
Bharti Airtel Ltd.		2,157,457		11,498,864
Bharti Infratel Ltd.		894,150		5,377,006
Biocon Ltd.		137,765		919,746
Blue Dart Express Ltd.		10,921		1,121,548
Bosch Ltd.		14,456		5,047,465
Cairn India Ltd.		830,013		1,859,803
Century Textiles & Industries Ltd.		82,571		680,256
CESC Ltd.		158,332		1,247,959
Cipla Ltd.		660,579		6,778,698
Coal India Ltd.		1,276,927		7,037,265
Container Corp. of India Ltd.		86,483		1,853,969
Credit Analysis & Research Ltd.		48,955		901,884
CRISIL Ltd.		42,181		1,228,309
Crompton Greaves Ltd.		743,911		1,913,074
Dabur India Ltd.		1,054,021		4,329,454
DCB Bank Ltd.a		756,108		1,470,131
Dewan Housing Finance Corp. Ltd.		174,709		1,206,603
Dish TV India Ltd.a		856,397		1,343,696
Divi’s Laboratories Ltd.		84,305		2,998,202
DLF Ltd.		470,025		784,141
Dr. Reddy’s Laboratories Ltd.		214,941		13,912,236
Eicher Motors Ltd.		21,663		6,196,579
Federal Bank Ltd.		2,576,737		2,380,017
Finolex Cables Ltd.		234,296		841,316
GAIL (India) Ltd.		709,836		3,161,827
Gateway Distriparks Ltd.		212,150		1,151,466
GlaxoSmithKline Consumer Healthcare Ltd.		20,895		1,921,554
Glenmark Pharmaceuticals Ltd.		239,306		4,157,210
GMR Infrastructure Ltd.		3,568,211		625,343
Godrej Consumer Products Ltd.		229,526		4,600,361
Godrej Industries Ltd.		267,867		1,488,128
GRUH Finance Ltd.		256,640		929,849
Gujarat Pipavav Port Ltd.a		379,484		973,900
Havells India Ltd.		517,492		2,025,206
HCL Technologies Ltd.		1,016,603		14,850,280
Hero Motocorp Ltd.		93,934		3,387,418
Hexaware Technologies Ltd.		248,202		913,465
Hindalco Industries Ltd.		2,178,778		2,623,711
Hindustan Unilever Ltd.		1,363,494		17,658,247

Security	Shares		Value
Housing Development & Infrastructure Ltd.a		670,481	$	604,668
Housing Development Finance Corp. Ltd.		2,679,195		47,806,350
ICICI Bank Ltd.		2,020,007		8,444,678
Idea Cellular Ltd.		2,005,245		4,701,278
IFCI Ltd.		1,886,209		566,076
Indiabulls Housing Finance Ltd.		374,454		4,253,200
Indian Hotels Co. Ltd.a		868,140		1,136,189
Infosys Ltd.		3,277,998		53,966,770
IRB Infrastructure Developers Ltd.		343,025		1,205,425
ITC Ltd.		4,006,351		19,596,315
Jain Irrigation Systems Ltd.		1,035,302		910,318
Jammu & Kashmir Bank Ltd. (The)		548,908		795,597
JSW Steel Ltd.		183,495		2,539,670
Jubilant Foodworks Ltd.		40,611		1,018,528
Just Dial Ltd.		64,123		814,668
Kajaria Ceramics Ltd.		98,408		1,016,722
Karur Vysya Bank Ltd. (The)		172,719		1,209,358
KPIT Technologies Ltd.		472,215		728,479
Larsen & Toubro Ltd.		576,487		13,900,730
LIC Housing Finance Ltd.		564,650		3,762,918
Lupin Ltd.		403,684		11,754,051
Mahindra & Mahindra Financial Services Ltd.		552,448		2,099,676
Mahindra & Mahindra Ltd.		674,860		12,394,683
Marico Ltd.		465,141		2,837,727
MAX India Ltd.		259,433		1,954,675
MindTree Ltd.		102,425		2,150,732
Motherson Sumi Systems Ltd.		636,614		2,906,542
Mphasis Ltd.		182,782		1,162,958
MRF Ltd.		2,692		1,635,740
NCC Ltd./India		742,071		800,399
Nestle India Ltd.		45,742		4,104,841
NIIT Technologies Ltd.		103,086		723,192
NTPC Ltd.		2,081,686		3,803,246
Oil & Natural Gas Corp. Ltd.		1,519,516		5,470,029
Oil India Ltd.		214,428		1,449,788
Page Industries Ltd.		11,224		2,397,943
Persistent Systems Ltd.		91,751		967,543
PI Industries Ltd.		126,892		1,374,862
Piramal Enterprises Ltd.		139,976		2,050,630
Power Finance Corp. Ltd.		500,993		1,689,320

26 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
PTC India Ltd.		970,976	$	875,668
Rajesh Exports Ltd.		164,681		1,254,771
Rallis India Ltd.		231,588		746,586
Ramco Cements Ltd. (The)		184,781		903,266
Raymond Ltd.		124,045		732,980
Redington India Ltd.		650,122		1,060,635
Reliance Capital Ltd.		235,991		1,116,497
Reliance Communications Ltd.a		1,768,008		1,606,434
Reliance Industries Ltd.		2,317,109		29,833,977
Reliance Infrastructure Ltd.		237,758		1,221,606
Rural Electrification Corp. Ltd.		561,398		2,138,760
Shree Cement Ltd.		17,356		2,814,479
Shree Renuka Sugars Ltd.a		5,878,424		658,808
Shriram Transport Finance Co. Ltd.		282,760		3,458,413
Siemens Ltd.		152,533		2,902,315
SKS Microfinance Ltd.a		237,143		1,649,210
Sobha Ltd.		154,243		656,649
State Bank of India		2,720,372		10,122,362
Sun Pharma Advanced Research Co. Ltd.a		148,913		835,458
Sun Pharmaceuticals Industries Ltd.		1,661,481		22,468,422
Sundaram Finance Ltd.		67,370		1,471,347
Suzlon Energy Ltd.a		3,843,657		1,277,846
Tata Consultancy Services Ltd.		836,384		32,260,705
Tata Global Beverages Ltd.		843,025		1,516,747
Tata Motors Ltd.a		1,481,723		7,581,919
Tata Power Co. Ltd.		2,321,768		2,114,826
Tata Steel Ltd.		607,643		2,060,365
Tech Mahindra Ltd.		437,643		3,390,540
Thermax Ltd.		79,297		1,133,240
Torrent Pharmaceuticals Ltd.		90,831		2,195,794
TTK Prestige Ltd.		11,758		696,203
Tube Investments of India Ltd.		173,705		1,051,245
TV18 Broadcast Ltd.a		1,419,599		686,576
TVS Motor Co. Ltd.		271,555		913,626
Ultratech Cement Ltd.		71,641		3,114,376
United Breweries Ltd.		142,242		1,829,193
United Spirits Ltd.a		109,042		5,425,362
UPL Ltd.		533,025		4,029,661
VA Tech Wabag Ltd.		77,124		805,176
Vedanta Ltd.		1,671,951		2,481,203
Vijaya Bank		1,100,672		596,077
Voltas Ltd.		271,112		1,113,201

Security	Shares		Value
Wipro Ltd.		1,109,254	$	9,541,503
Wockhardt Ltd.		61,228		1,236,396
Zee Entertainment Enterprises Ltd.		1,104,932		6,396,056
				622,614,451
INDONESIA — 2.38%
Ace Hardware Indonesia Tbk PT		19,429,300		822,807
Adaro Energy Tbk PT		26,114,100		1,105,900
Alam Sutera Realty Tbk PT		25,739,700		648,530
Aneka Tambang Persero Tbk PTa		12,865,300		457,840
Arwana Citramulia Tbk PT		12,907,000		436,358
Astra Agro Lestari Tbk PT		786,700		958,878
Astra International Tbk PT		35,695,500		15,053,084
Bank Bukopin Tbk		14,728,800		712,853
Bank Central Asia Tbk PT		22,116,200		20,305,977
Bank Danamon Indonesia Tbk PT		6,689,600		1,683,113
Bank Mandiri Persero Tbk PT		16,994,300		11,006,984
Bank Negara Indonesia Persero Tbk PT		13,740,200		4,840,853
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		9,012,800		445,829
Bank Rakyat Indonesia Persero Tbk PT		19,928,400		15,070,409
Bank Tabungan Negara Persero Tbk PT		11,053,976		837,899
Bumi Serpong Damai Tbk PT		16,094,200		1,838,519
Charoen Pokphand Indonesia Tbk PT		14,422,200		1,919,538
Ciputra Development Tbk PT		21,977,500		1,353,063
Ciputra Property Tbk PT		11,454,000		297,559
Eagle High Plantations Tbk PT		25,029,200		459,611
Energi Mega Persada Tbk PTa		93,718,500		373,540
Gudang Garam Tbk PT		904,700		2,865,420
Hanson International Tbk PTa		32,133,600		1,646,704
Indocement Tunggal Prakarsa Tbk PT		2,635,100		3,680,700
Indofood CBP Sukses Makmur Tbk PT		2,222,300		2,016,678
Indofood Sukses Makmur Tbk PT		8,050,900		3,036,994
Jasa Marga Persero Tbk PT		4,279,400		1,568,606

CONSOLIDATED SCHEDULES OF INVESTMENTS 27

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Kalbe Farma Tbk PT		40,679,700	$	4,849,715
Kawasan Industri Jababeka Tbk PT		55,213,713		774,171
Krakatau Steel Persero Tbk PTa		4,350,100		99,077
Link Net Tbk PTa		2,215,000		760,667
Lippo Cikarang Tbk PTa		1,665,200		838,526
Lippo Karawaci Tbk PT		34,321,800		2,613,831
Matahari Department Store Tbk PT		4,140,900		5,165,073
Media Nusantara Citra Tbk PT		10,270,000		1,385,171
Mitra Adiperkasa Tbk PTa		1,815,300		516,811
Modernland Realty Tbk PT		28,149,900		721,279
Multipolar Tbk PT		15,589,354		454,921
Pakuwon Jati Tbk PT		53,744,800		1,453,596
Panin Financial Tbk PTa		37,460,200		693,214
Pembangunan Perumahan Persero Tbk PT		5,367,100		1,264,420
Perusahaan Gas Negara Persero Tbk PT		19,905,100		3,938,518
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		8,157,300		627,038
Ramayana Lestari Sentosa Tbk PT		10,688,900		460,269
Salim Ivomas Pratama Tbk PT		5,851,700		195,751
Semen Indonesia Persero Tbk PT		5,439,600		3,581,231
Sugih Energy Tbk PTa		41,472,600		1,163,004
Summarecon Agung Tbk PT		21,025,200		2,424,258
Surya Citra Media Tbk PT		11,730,400		2,279,288
Tambang Batubara Bukit Asam Persero Tbk PT		1,734,800		722,319
Telekomunikasi Indonesia Persero Tbk PT		88,611,200		18,100,651
Timah Persero Tbk PT		11,987,752		516,199
Tower Bersama Infrastructure Tbk PTa		3,850,700		1,966,461
Unilever Indonesia Tbk PT		2,789,200		7,886,190
United Tractors Tbk PT		3,106,700		4,228,871
Wijaya Karya Persero Tbk PT		5,873,300		1,155,849
XL Axiata Tbk PTa		6,034,700		1,288,548
				167,569,163
MALAYSIA — 3.16%
AEON Credit Service M Bhd		219,300		635,970
AirAsia Bhdb		2,725,700		564,609

Security	Shares		Value
Alliance Financial Group Bhd		2,215,800	$	1,983,669
AMMB Holdings Bhd		3,503,200		3,920,248
Astro Malaysia Holdings Bhd		3,350,100		2,313,164
Axiata Group Bhd		4,637,500		6,779,583
Berjaya Corp. Bhdb		6,894,700		590,974
Berjaya Sports Toto Bhd		1,172,545		823,573
British American Tobacco Malaysia Bhd		242,600		3,591,635
Bumi Armada Bhda,b		5,079,200		1,033,980
Bursa Malaysia Bhd		957,600		1,878,720
Cahya Mata Sarawak Bhd		1,363,800		1,607,336
CapitaMalls Malaysia Trustb		2,730,900		864,785
Carlsberg Brewery Malaysia Bhd		386,900		1,077,793
CIMB Group Holdings Bhdb		9,059,800		10,785,476
Dialog Group Bhdb		7,971,996		2,980,008
DiGi.Com Bhdb		6,320,600		7,870,652
DRB-Hicom Bhdb		1,518,700		470,074
Eastern & Oriental Bhd		1,975,890		719,788
Gamuda Bhdb		2,931,600		3,029,320
Genting Bhdb		3,997,800		6,520,221
Genting Malaysia Bhdb		5,400,000		5,091,429
Genting Plantations Bhd		562,800		1,322,580
Hartalega Holdings Bhdb		859,700		1,682,556
Hong Leong Bank Bhd		970,400		3,022,103
Hong Leong Financial Group Bhd		460,700		1,531,279
IHH Healthcare Bhd		4,647,200		6,472,886
IJM Corp. Bhdb		2,695,400		4,043,100
IOI Corp. Bhdb		5,185,100		4,938,190
IOI Properties Group Bhd		2,871,573		1,251,185
KNM Group Bhda,b		4,861,300		555,577
KPJ Healthcare Bhdb		1,235,550		1,235,550
Kuala Lumpur Kepong Bhdb		781,300		3,873,016
Lafarge Malaysia Bhdb		786,400		1,741,314
Magnum Bhd		1,185,400		733,819
Mah Sing Group Bhd		2,991,423		990,019
Malayan Banking Bhdb		8,083,900		16,860,706
Malaysia Airports Holdings Bhd		1,646,900		1,693,954
Malaysia Building Society Bhdb		2,022,000		659,557
Malaysian Resources Corp. Bhd		2,676,900		544,940
Maxis Bhdb		3,289,000		5,144,936
Media Prima Bhd		3,032,700		758,175
MISC Bhd		2,047,200		3,948,171
OSK Holdings Bhd		1,448,300		562,078

28 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Parkson Holdings Bhda,b		1,251,816	$	312,954
Pavilion REIT		2,478,300		891,008
Petronas Chemicals Group Bhdb		5,164,100		7,463,354
Petronas Dagangan Bhd		476,200		2,399,141
Petronas Gas Bhd		1,231,500		6,251,329
POS Malaysia Bhdb		1,138,500		1,024,650
PPB Group Bhd		871,700		3,183,780
Public Bank Bhdb		4,429,560		18,983,829
QL Resources Bhd		1,630,250		1,498,277
RHB Capital Bhd		1,086,600		1,676,469
Sapurakencana Petroleum Bhdb		6,359,400		2,604,326
Sime Darby Bhdb		5,466,600		9,696,707
Sunway Bhd		1,351,000		1,093,667
Sunway Construction Group Bhda		3,074,070		819,752
Sunway REIT		3,212,400		1,139,637
Supermax Corp. Bhdb		1,316,800		639,589
Ta Ann Holdings Bhd		695,800		538,417
TA Enterprise Bhd		3,250,900		456,674
Telekom Malaysia Bhdb		2,039,100		3,150,895
Tenaga Nasional Bhd		6,027,700		16,045,163
TIME dotCom Bhd		935,000		1,340,167
Top Glove Corp. Bhdb		1,009,000		1,854,638
TSH Resources Bhd		1,837,900		765,792
UMW Holdings Bhdb		1,068,500		2,162,440
UOA Development Bhd		1,145,100		515,295
WCT Holdings Bhd		2,699,552		758,446
Westports Holdings Bhdb		2,221,000		2,221,000
YTL Corp. Bhd		7,354,500		2,731,671
YTL Power International Bhdb		3,324,535		1,226,912
				222,144,677
MEXICO — 4.54%
Alfa SAB de CV		5,122,500		10,193,103
Alsea SAB de CVb		1,029,100		3,165,801
America Movil SAB de CV		56,725,600		51,620,972
Arca Continental SAB de CV		699,700		3,984,287
Axtel SAB de CV CPOa,b		2,104,300		851,502
Banregio Grupo Financiero SAB de CVb		538,900		2,821,678
Bolsa Mexicana de Valores SAB de CV		1,015,800		1,533,386
Cemex SAB de CV CPOa		22,290,023		17,441,478
Coca-Cola Femsa SAB de CV Series L		836,200		6,004,893

Security	Shares		Value
Concentradora Fibra Hotelera Mexicana SA de CV		1,137,400	$	1,082,496
Consorcio ARA SAB de CVa		2,487,300		859,734
Controladora Comercial Mexicana SAB de CV BC Units		760,700		2,168,312
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa		1,015,500		1,341,089
Corp Inmobiliaria Vesta SAB de CVb		1,106,800		1,712,308
El Puerto de Liverpool SAB de CV Series C1		340,300		4,053,586
Fibra Uno Administracion SA de CV		3,911,400		8,365,921
Fomento Economico Mexicano SAB de CV		3,238,300		28,822,414
Gentera SAB de CVb		2,012,700		3,209,765
Gruma SAB de CV Series B		380,000		5,098,069
Grupo Aeromexico SAB de CVa,b		892,900		1,332,965
Grupo Aeroportuario del Centro Norte SAB de CV		492,400		2,575,270
Grupo Aeroportuario del Pacifico SAB de CV Series B		601,300		5,030,423
Grupo Aeroportuario del Sureste SAB de CV Series B		398,900		5,795,699
Grupo Bimbo SAB de CVa		2,934,700		7,534,379
Grupo Carso SAB de CV Series A1		1,085,200		4,921,557
Grupo Comercial Chedraui SA de CV		654,400		1,627,810
Grupo Famsa SAB de CV Series Aa,b		755,453		450,210
Grupo Financiero Banorte SAB de CV		4,457,300		21,359,445
Grupo Financiero Inbursa SAB de CV Series Ob		4,204,800		8,858,145
Grupo Financiero Santander Mexico SAB de CV Series B		3,153,000		4,908,007
Grupo Herdez SAB de CV		651,600		1,591,333
Grupo Lala SAB de CV		1,306,600		2,947,247
Grupo Mexico SAB de CV Series B		6,753,300		17,084,481
Grupo Simec SAB de CV Series Ba,b		339,000		930,533

CONSOLIDATED SCHEDULES OF INVESTMENTS 29

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Grupo Televisa SAB		4,381,100	$	26,748,730
Industrias Bachoco SAB de CV Series B		9,600		45,368
Industrias CH SAB de CV Series Ba,b		381,400		1,294,214
Industrias Penoles SAB de CV		241,195		3,427,039
Kimberly-Clark de Mexico SAB de CV Series A		2,781,400		6,224,170
Mexichem SAB de CV		1,917,900		4,905,618
Mexico Real Estate Management SA de CV		1,459,400		1,979,496
OHL Mexico SAB de CVa		1,441,000		1,913,318
PLA Administradora Industrial S. de RL de CV		1,252,100		2,337,054
Promotora y Operadora de Infraestructura SAB de CVa		483,600		5,076,935
Qualitas Controladora SAB de CVa		672,200		953,418
TV Azteca SAB de CV CPOb		3,618,000		519,629
Urbi Desarrollos Urbanos SAB de CVa,b		558,900		—
Wal-Mart de Mexico SAB de CV		9,302,900		22,248,235
				318,951,522
PERU — 0.34%
Cia. de Minas Buenaventura SA ADR		358,748		2,267,287
Credicorp Ltd.		121,682		13,382,587
Southern Copper Corp.		296,194		7,896,532
				23,546,406
PHILIPPINES — 1.46%
Aboitiz Equity Ventures Inc.		3,275,860		3,861,786
Aboitiz Power Corp.		2,416,100		2,235,694
Alliance Global Group Inc.		3,783,700		1,602,851
Ayala Corp.		378,280		5,972,842
Ayala Land Inc.		13,119,300		10,090,690
Bank of the Philippine Islands		1,298,495		2,350,293
BDO Unibank Inc.		2,860,730		6,028,710
Belle Corp.		9,926,900		656,271
Cebu Air Inc.		501,720		960,181
Cosco Capital Inc.		3,789,400		563,464
D&L Industries Inc.		5,932,000		1,446,829
DMCI Holdings Inc.		7,597,000		1,849,676
East West Banking Corp.a		1,377,200		612,875
Energy Development Corp.		17,567,700		2,255,160
Filinvest Land Inc.		21,235,000		813,236

Security	Shares		Value
First Gen Corp.		2,435,900	$	1,216,908
First Philippine Holdings Corp.		352,250		527,546
Globe Telecom Inc.		60,200		3,317,826
GT Capital Holdings Inc.		155,060		4,213,226
International Container Terminal Services Inc.		819,630		1,629,966
JG Summit Holdings Inc.		4,599,153		6,986,304
Jollibee Foods Corp.		751,470		3,078,873
Lopez Holdings Corp.		4,793,000		693,211
Manila Water Co. Inc.		2,188,900		1,058,390
Megaworld Corp.		21,937,200		2,032,265
Melco Crown Philippines Resorts Corp.a		4,175,500		536,901
Metro Pacific Investments Corp.		24,043,500		2,572,048
Metropolitan Bank & Trust Co.		592,682		1,061,984
Nickel Asia Corp.		3,711,324		639,199
Philippine Long Distance Telephone Co.		165,195		8,899,465
Philippine National Banka		453,406		582,036
Rizal Commercial Banking Corp.		655,190		490,622
Security Bank Corp.		917,400		2,588,897
SM Investments Corp.		279,845		5,256,823
SM Prime Holdings Inc.		15,129,296		6,311,966
Universal Robina Corp.		1,610,810		6,685,861
Vista Land & Lifescapes Inc.		8,173,400		1,019,489
				102,700,364
POLAND — 1.53%
Alior Bank SAa		102,960		2,396,710
Asseco Poland SA		141,744		1,968,369
Bank Handlowy w Warszawie SA		55,282		1,281,143
Bank Millennium SAa		1,166,993		1,840,512
Bank Pekao SA		225,613		9,625,174
Bank Zachodni WBK SAa		63,568		5,105,458
Budimex SA		28,813		1,495,773
CCC SA		45,501		2,061,183
Ciech SAa		73,915		1,419,660
Cyfrowy Polsat SAa		354,980		2,128,384
ENEA SA		368,437		1,386,772
Energa SA		351,601		1,822,008
Eurocash SA		160,759		1,772,646
Getin Holding SAa		747,762		307,219
Getin Noble Bank SAa,b		2,513,429		586,277
Globe Trade Centre SAa,b		538,952		842,860

30 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Grupa Azoty SAa		85,358	$	2,036,293
Grupa Lotos SAa		175,281		1,389,183
Kernel Holding SA		99,486		1,100,170
KGHM Polska Miedz SA		253,885		5,284,771
LPP SA		2,325		4,806,966
Lubelski Wegiel Bogdanka SA		74,530		923,562
mBank SAa		26,659		2,579,231
Netia SA		653,936		948,148
Orange Polska SA		1,109,765		2,088,540
PGE Polska Grupa Energetyczna SA		1,448,633		5,993,973
Polski Koncern Naftowy Orlen SA		588,099		11,508,979
Polskie Gornictwo Naftowe i Gazownictwo SA		3,266,277		5,878,632
Powszechna Kasa Oszczednosci Bank Polski SA		1,543,561		12,167,973
Powszechny Zaklad Ubezpieczen SA		95,338		10,886,674
Synthos SA		1,063,124		1,113,101
Tauron Polska Energia SA		1,756,586		1,629,637
Warsaw Stock Exchange		82,324		964,936
				107,340,917
QATAR — 1.02%
Al Khalij Commercial Bank QSC		175,159		993,390
Al Meera Consumer Goods Co. QSC		13,444		948,919
Barwa Real Estate Co.		171,219		2,069,055
Commercial Bank QSC (The)		199,939		3,151,932
Doha Bank QSC		188,020		2,731,663
Ezdan Holding Group QSC		1,270,878		6,628,209
Gulf International Services QSC		89,532		1,475,356
Industries Qatar QSC		269,186		9,832,671
Masraf Al Rayan QSC		654,649		7,839,031
Mazaya Qatar Real Estate Development QSC		144,811		638,328
Medicare Group		18,882		860,842
Ooredoo QSC		129,404		2,470,017
Qatar Electricity & Water Co. QSC		50,394		3,031,031
Qatar Industrial Manufacturing Co. QSC		43,731		526,055
Qatar Insurance Co. SAQ		168,409		4,532,719
Qatar Islamic Bank SAQ		105,638		3,278,431
Qatar National Bank SAQ		305,442		15,015,824

Security	Shares		Value
Qatar National Cement Co. QSC		25,404	$	724,912
Qatari Investors Group QSC		68,011		895,643
Salam International Investment Co.		288,220		1,005,299
United Development Co. QSC		145,282		933,274
Vodafone Qatar QSC		620,463		2,411,236
				71,993,837
RUSSIA — 3.23%
Alrosa PAO		3,451,100		3,392,133
Gazprom PAO		9,487,090		21,004,690
Gazprom PAO ADR		5,838,771		25,748,980
Inter RAO UES PJSC		53,951,000		907,270
LSR Group PJSC GDRd		510,525		1,021,050
Lukoil PJSC		411,859		15,599,036
Lukoil PJSC ADR (London)		514,255		19,397,699
M Video OJSC		252,270		767,548
Magnit PJSC GDRd		471,953		23,595,290
Mechel ADRa		400,939		457,070
MegaFon PJSC GDRd		185,836		2,387,993
MMC Norilsk Nickel PJSC		102,197		16,006,574
Mobile TeleSystems PJSC ADR		953,052		7,271,787
Moscow Exchange MICEX-RTS PJSC		2,299,770		2,543,810
NOVATEK OAO GDRd		166,131		15,915,350
Rosneft OAO		1,206,660		4,397,473
Rosneft OAO GDRd		695,300		2,619,890
Rostelecom PJSC		1,692,250		2,025,019
RusHydro PJSC		229,484,000		1,819,500
Sberbank of Russia		12,641,030		14,069,588
Sberbank of Russia ADR		1,223,689		5,934,892
Severstal PAO		438,210		4,774,860
Sistema JSFC GDRd		321,774		2,374,692
Surgutneftegas OAO		5,994,950		3,066,212
Surgutneftegas OAO ADR		750,632		3,918,299
Tatneft PAO Class S		2,597,030		12,409,070
Uralkali PJSCa		731,620		2,236,968
Uralkali PJSC GDRa,d		143,677		2,221,246
VTB Bank JSC		5,421,870,000		5,567,331
VTB Bank JSC GDRd		1,550,901		3,225,874
				226,677,194
SOUTH AFRICA — 7.83%
Adcock Ingram Holdings Ltd.a		128,332		492,362
Adcorp Holdings Ltd.		368,108		807,580

CONSOLIDATED SCHEDULES OF INVESTMENTS 31

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Advtech Ltd.		1,084,485	$	1,004,013
Aeci Ltd.		239,313		1,757,467
African Oxygen Ltd.		348,541		334,503
Anglo American Platinum Ltd.a		91,306		2,204,065
AngloGold Ashanti Ltd.a		715,974		5,764,281
Aspen Pharmacare Holdings Ltd.		608,769		15,719,658
Astral Foods Ltd.		91,534		1,227,998
Attacq Ltd.a		891,839		1,499,369
AVI Ltd.		621,679		3,796,370
Barclays Africa Group Ltd.		576,682		7,554,461
Barloworld Ltd.		424,395		2,726,008
Bidvest Group Ltd. (The)		554,973		13,342,699
Blue Label Telecoms Ltd.		1,219,979		935,385
Brait SEa		632,766		6,925,757
Capital Property Funda		2,802,378		3,295,859
Capitec Bank Holdings Ltd.		70,589		2,569,606
Cashbuild Ltd.		54,800		1,292,304
City Lodge Hotels Ltd.		106,316		1,138,163
Clicks Group Ltd.b		486,503		3,357,482
Clover Industries Ltd.		606,808		800,584
Coronation Fund Managers Ltd.		422,259		2,351,286
DataTec Ltd.		363,383		2,054,675
Discovery Ltd.		660,380		6,671,883
Emira Property Fund Ltd.		932,100		1,235,375
EOH Holdings Ltd.		222,546		2,659,294
Famous Brands Ltd.		138,646		1,434,098
FirstRand Ltd.		5,973,605		23,828,218
Foschini Group Ltd. (The)		375,025		4,238,178
Gold Fields Ltd.		1,386,794		4,452,838
Grindrod Ltd.		935,900		1,001,925
Group Five Ltd./South Africa		417,416		701,764
Growthpoint Properties Ltd.		3,840,893		7,575,080
Harmony Gold Mining Co. Ltd.a,b		949,996		807,882
Hosken Consolidated Investments Ltd.		93,399		992,979
Hudaco Industries Ltd.		118,503		1,009,544
Hyprop Investments Ltd.		450,983		4,215,986
Impala Platinum Holdings Ltd.a		906,354		3,383,731
Imperial Holdings Ltd.		327,186		4,551,016
Investec Ltd.		419,268		3,411,230
JSE Ltd.		196,624		2,040,469
Lewis Group Ltd.		181,511		855,948
Liberty Holdings Ltd.		208,609		2,025,658

Security	Shares		Value
Life Healthcare Group Holdings Ltd.		1,666,949	$	4,783,088
Massmart Holdings Ltd.		191,455		1,654,126
Mediclinic International Ltd.		876,321		7,038,712
Metair Investments Ltd.		349,125		863,321
MMI Holdings Ltd./South Africa		1,897,388		4,021,002
Mondi Ltd.		218,882		5,074,422
Mpact Ltd.		434,158		1,564,563
Mr. Price Group Ltd.		433,311		7,795,792
MTN Group Ltd.		2,931,476		39,111,394
Murray & Roberts Holdings Ltd.		1,133,367		1,072,338
Nampak Ltd.		1,076,318		2,504,112
Naspers Ltd. Class N		707,841		91,733,696
Nedbank Group Ltd.		337,364		6,001,934
Netcare Ltd.		1,764,385		5,302,100
Northam Platinum Ltd.a		618,949		1,759,660
Omnia Holdings Ltd.b		123,410		1,535,060
Pick n Pay Holdings Ltd.		585,294		1,207,278
Pick n Pay Stores Ltd.b		444,411		2,097,377
Pioneer Foods Ltd.		151,648		2,275,134
PPC Ltd.		1,109,360		1,814,887
PSG Group Ltd.		186,265		2,780,441
Rand Merchant Insurance Holdings Ltd.		1,299,309		4,112,181
Redefine Properties Ltd.		7,117,501		6,160,085
Remgro Ltd.		845,780		16,130,985
Resilient Property Income Fund Ltd.		528,624		4,463,568
Reunert Ltd.		321,792		1,558,469
RMB Holdings Ltd.		1,259,101		6,374,174
Royal Bafokeng Platinum Ltd.a		165,350		411,248
SA Corporate Real Estate Fund Nominees Pty Ltd.		3,253,494		1,250,943
Sanlam Ltd.		3,091,368		14,866,907
Sappi Ltd.a		980,098		3,141,072
Sasol Ltd.		977,397		31,310,158
Shoprite Holdings Ltd.		806,580		9,873,487
Sibanye Gold Ltd.		1,344,470		1,540,678
SPAR Group Ltd. (The)		306,833		4,395,143
Standard Bank Group Ltd.		2,126,365		23,424,201
Steinhoff International Holdings Ltd.		4,082,823		24,458,308
Sun International Ltd./ South Africa		197,214		1,542,564
Super Group Ltd./South Africaa		671,097		1,674,169

32 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Telkom SA SOC Ltd.		428,278	$	2,050,297
Tiger Brands Ltd.		289,332		6,539,513
Tongaat Hulett Ltd.		194,605		1,686,917
Trencor Ltd.b		306,294		1,246,951
Truworths International Ltd.		772,993		5,121,332
Tsogo Sun Holdings Ltd.		648,793		1,149,453
Vodacom Group Ltd.		649,292		6,926,010
Vukile Property Fund Ltd.		952,118		1,313,588
Wilson Bayly Holmes-Ovcon Ltd.		138,628		992,869
Woolworths Holdings Ltd./South Africa		1,711,692		12,840,029
Zeder Investments Ltd.		2,229,464		1,307,668
				549,898,435
SOUTH KOREA — 14.87%
Ahnlab Inc.b		22,718		864,350
Amicogen Inc.b		15,279		1,121,300
AmorePacific Corp.b		58,317		18,662,426
AmorePacific Group		51,871		7,543,278
Asiana Airlines Inc.a		206,904		886,919
ATLASBX Co. Ltd.b		25,495		833,128
BGF retail Co. Ltd.		19,116		3,256,710
Binggrae Co. Ltd.		14,350		875,984
Bioland Ltd.b		26,557		602,879
BNK Financial Group Inc.		385,719		4,533,075
Bukwang Pharmaceutical Co. Ltd.		52,838		1,101,210
Cell Biotech Co. Ltd.b		16,372		759,943
Celltrion Inc.a,b		113,340		6,803,754
Chabiotech Co. Ltd.a,b		81,342		1,010,972
Cheil Industries Inc.a,b		56,112		8,444,672
Cheil Worldwide Inc.a		141,591		2,083,013
Chong Kun Dang Pharmaceutical Corp.		16,005		975,659
CJ CGV Co. Ltd.b		27,384		2,639,422
CJ CheilJedang Corp.		14,643		4,865,524
CJ Corp.		27,483		6,680,501
CJ E&M Corp.a		37,548		2,622,249
CJ Freshway Corp.b		17,914		1,363,145
CJ Hellovision Co. Ltd.		74,568		731,337
CJ Korea Express Co. Ltd.a		12,993		1,955,404
CJ O Shopping Co. Ltd.		6,132		1,032,758
Com2uSCorp.a,b		17,273		1,545,114
Cosmax Inc.		13,359		2,445,338
COSON Co. Ltd.a,b		32,651		817,138

Security	Shares		Value
Coway Co. Ltd.		96,258	$	6,868,886
Daeduck Electronics Co.		115,097		709,412
Daeduck GDS Co. Ltd.b		66,920		506,957
Daekyo Co. Ltd.		94,599		759,831
Daelim Industrial Co. Ltd.		48,738		2,773,255
Daesang Corp.		42,227		1,124,625
Daewoo Engineering & Construction Co. Ltd.a,b		211,446		1,138,796
Daewoo International Corp.		86,978		1,603,146
Daewoo Securities Co. Ltd.		341,536		3,580,678
Daewoo Shipbuilding & Marine Engineering Co. Ltd.b		201,971		1,149,241
Daewoong Pharmaceutical Co. Ltd.b		10,527		676,434
Daishin Securities Co. Ltd.		95,397		826,734
Daou Technology Inc.b		59,791		1,511,521
Daum Kakao Corp.b		49,724		5,671,332
DGB Financial Group Inc.		293,301		2,579,015
Dong-A Socio Holdings Co. Ltd.b		5,790		802,841
Dong-A ST Co. Ltd.b		9,704		968,144
Dongbu Insurance Co. Ltd.		75,177		3,381,455
Dongkuk Steel Mill Co. Ltd.a,b		141,947		714,086
Dongsuh Cos. Inc.		66,676		2,525,542
Dongwon Industries Co. Ltd.b		3,340		977,079
Doosan Corp.		13,902		1,210,658
Doosan Engine Co. Ltd.a,b		120,934		467,274
Doosan Heavy Industries & Construction Co. Ltd.		85,622		1,332,018
Doosan Infracore Co. Ltd.a		238,295		1,345,856
DuzonBIzon Co. Ltd.		57,672		1,087,369
DY Corp.b		113,761		545,360
E-Mart Co. Ltd.		37,106		7,168,650
E1 Corp.b		5,221		298,847
EO Technics Co. Ltd.b		16,628		1,516,940
Fila Korea Ltd.		19,543		1,734,952
Gamevil Inc.a,b		10,637		651,126
GemVax & Kael Co. Ltd.a,b		46,163		1,319,222
Global & Yuasa Battery Co. Ltd.b		20,127		668,773
GOLFZON Co. Ltd.a,b		5,167		406,283
GOLFZONYUWONHOLDINGS Co. Ltd.b		52,525		417,447
Grand Korea Leisure Co. Ltd.b		59,700		1,579,886
Green Cross Cell Corp.a		16,167		619,205

CONSOLIDATED SCHEDULES OF INVESTMENTS 33

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Green Cross Corp./South Korea		11,314	$	1,889,254
Green Cross Holdings Corp.b		49,545		1,818,011
GS Engineering & Construction Corp.a,b		94,801		1,951,726
GS Holdings Corp.		88,470		3,474,472
GS Home Shopping Inc.		6,092		1,030,142
Gwangju Shinsegae Co. Ltd.b		2,813		743,236
Halla Holdings Corp.b		16,163		688,747
Hana Financial Group Inc.		509,651		11,720,573
Hana Tour Service Inc.		18,642		2,482,448
Hancom Inc.b		45,427		985,164
Handsome Co. Ltd.		33,994		1,123,792
Hanil Cement Co. Ltd.		6,617		724,499
Hanjin Heavy Industries & Construction Co. Ltd.a,b		148,361		500,495
Hanjin Kal Corp.b		76,850		1,595,153
Hanjin Shipping Co. Ltd.a,b		267,823		1,247,689
Hanjin Transportation Co. Ltd.b		18,959		769,420
Hankook Shell Oil Co. Ltd.		2,055		830,514
Hankook Tire Co. Ltd.b		130,632		4,081,042
Hankook Tire Worldwide Co. Ltd.b		48,454		704,636
Hanmi Pharm Co. Ltd.a,b		9,786		3,599,163
Hanmi Science Co. Ltd.a		22,269		3,012,505
Hanon Systems		68,864		2,116,429
Hansae Co. Ltd.		37,247		1,977,689
Hansol Chemical Co. Ltd.b		22,662		1,509,842
Hansol Holdings Co. Ltd.a		101,735		654,579
Hanssem Co. Ltd.		17,941		4,831,290
Hanwha Chemical Corp.		195,441		2,999,158
Hanwha Corp.		85,084		3,032,163
Hanwha General Insurance Co. Ltd.a,b		141,908		855,467
Hanwha Investment & Securities Co. Ltd.b		162,049		665,185
Hanwha Life Insurance Co. Ltd.		396,718		2,666,589
Hanwha Techwin Co. Ltd.a,b		65,723		1,739,277
Hite Jinro Co. Ltd.b		52,664		984,041
HLB Inc.a,b		58,187		1,116,757
HMC Investment Securities Co. Ltd.b		81,493		716,573
Hotel Shilla Co. Ltd.		59,185		6,029,839
Huchems Fine Chemical Corp.		57,562		951,458
Hwa Shin Co. Ltd.b		117,715		578,249
Hy-Lok Corp.		27,944		805,657

Security	Shares		Value
Hyosung Corp.		40,471	$	4,379,867
Hyundai Corp.b		28,438		785,035
Hyundai Department Store Co. Ltd.		26,921		3,425,585
Hyundai Development Co. Engineering & Construction		100,282		5,078,750
Hyundai Elevator Co. Ltd.a,b		18,705		1,048,524
Hyundai Engineering & Construction Co. Ltd.		138,061		3,875,396
Hyundai Glovis Co. Ltd.		34,147		4,965,786
Hyundai Greenfood Co. Ltd.		86,529		1,997,245
Hyundai Heavy Industries Co. Ltd.a,b		74,711		5,779,798
Hyundai Home Shopping Network Corp.		11,622		1,262,673
Hyundai Livart Furniture Co. Ltd.b		21,967		1,071,652
Hyundai Marine & Fire Insurance Co. Ltd.		110,589		2,618,044
Hyundai Merchant Marine Co. Ltd.a,b		165,258		1,187,650
Hyundai Mipo Dockyard Co. Ltd.a		22,848		1,041,224
Hyundai Mobis Co. Ltd.		120,996		21,125,068
Hyundai Motor Co.		273,100		34,404,481
Hyundai Securities Co. Ltd.		270,335		1,682,237
Hyundai Steel Co.		141,103		6,311,011
Hyundai Wia Corp.		28,835		2,547,671
Ilyang Pharmaceutical Co. Ltd.a,b		32,426		1,304,991
iMarketKorea Inc.		36,913		995,582
Industrial Bank of Korea		491,463		5,484,939
Interpark Holdings Corp.		87,514		984,093
iNtRON Biotechnology Inc.a,b		25,385		1,062,403
IS Dongseo Co. Ltd.b		23,455		1,233,482
JB Financial Group Co. Ltd.b		206,582		1,114,346
Kangwon Land Inc.		216,064		7,773,006
KB Capital Co. Ltd.b		46,207		918,085
KB Financial Group Inc.		680,216		20,589,079
KB Insurance Co. Ltd.		77,483		1,601,741
KCC Corp.b		10,577		3,510,017
KCP Co. Ltd.a,b		24,515		724,413
KEPCO Plant Service & Engineering Co. Ltd.		43,155		4,597,362
Kia Motors Corp.		466,959		19,227,143

34 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
KISWIRE Ltd.b		17,012	$	670,268
KIWOOM Securities Co. Ltd.b		23,832		1,148,530
Koh Young Technology Inc.b		33,088		1,063,068
Kolon Corp.b		13,316		944,589
Kolon Industries Inc.		32,822		1,537,382
Kolon Life Science Inc.b		8,858		1,470,904
Komipharm International Co. Ltd.a,b		64,284		1,016,369
Korea Aerospace Industries Ltd.		84,905		6,625,856
Korea Electric Power Corp.		453,951		18,422,869
Korea Gas Corp.		46,626		1,586,723
Korea Investment Holdings Co. Ltd.		72,332		4,268,674
Korea Kolmar Co. Ltd.b		27,742		2,439,373
Korea Petro Chemical Ind.b		7,022		863,835
Korea Zinc Co. Ltd.		15,871		6,883,807
Korean Air Lines Co. Ltd.a		65,948		1,856,748
Korean Reinsurance Co.		189,668		2,229,030
KT Corp.a		50,177		1,223,933
KT Skylife Co. Ltd.		53,949		896,299
KT&G Corp.		195,830		18,295,680
Kukdo Chemical Co. Ltd.b		14,316		865,436
Kumho Petrochemical Co. Ltd.		25,238		1,169,345
Kumho Tire Co. Inc.a,b		194,729		1,047,116
Kwang Dong Pharmaceutical Co. Ltd.		97,618		1,019,304
Kwangju Banka,b		102,617		678,474
LF Corp.		44,505		1,230,449
LG Chem Ltd.		83,604		16,540,550
LG Corp.		170,990		8,413,966
LG Display Co. Ltd.		406,747		7,926,881
LG Electronics Inc.b		184,899		6,956,673
LG Hausys Ltd.b		12,556		1,666,702
LG Household & Health Care Ltd.		16,708		11,329,373
LG Innotek Co. Ltd.b		26,249		2,039,554
LG International Corp.		58,241		1,295,065
LG Life Sciences Ltd.a,b		27,682		1,376,201
LG Uplus Corp.		397,240		3,694,475
Lotte Chemical Corp.		28,745		6,002,972
Lotte Chilsung Beverage Co. Ltd.		1,185		2,289,347
Lotte Confectionery Co. Ltd.		1,359		2,238,285
Lotte Food Co. Ltd.b		1,584		1,475,855
LOTTE Himart Co. Ltd.		16,964		930,851

Security	Shares		Value
Lotte Shopping Co. Ltd.		19,518	$	4,414,344
LS Corp.		32,152		846,785
LS Industrial Systems Co. Ltd.		32,126		1,173,404
Maeil Dairy Industry Co. Ltd.b		23,831		690,097
Mando Corp.b		13,813		1,366,410
Medipost Co. Ltd.a,b		14,463		1,068,752
Medy-Tox Inc.		7,729		3,326,852
MegaStudy Co. Ltd.		14,427		523,288
Meritz Fire & Marine Insurance Co. Ltd.b		116,227		1,518,247
Meritz Securities Co. Ltd.b		439,800		1,810,886
Mirae Asset Securities Co. Ltd.		48,424		1,598,780
Modetour Network Inc.b		35,062		1,258,408
Muhak Co. Ltd.a,b		30,282		1,300,635
Namhae Chemical Corp.		87,534		773,393
Namyang Dairy Products Co. Ltd.b		1,372		944,247
NAVER Corp.		49,706		20,823,778
NCsoft Corp.b		27,231		5,030,626
Neowiz Games Corp.a,b		43,416		735,989
Nexen Corp.		8,382		582,541
Nexen Tire Corp.b		73,334		886,642
NH Investment & Securities Co. Ltd.		258,794		2,124,616
NHN Entertainment Corp.a,b		28,664		1,378,974
NICE Holdings Co. Ltd.b		51,000		1,077,996
Nong Shim Holdings Co. Ltd.b		6,040		674,090
NongShim Co. Ltd.		6,219		1,934,975
OCI Co. Ltd.b		31,193		2,154,697
OCI Materials Co. Ltd.b		15,264		1,415,735
Orion Corp./Republic of Korea		6,356		5,013,864
Osstem Implant Co. Ltd.a,b		24,380		1,335,721
Ottogi Corp.b		2,428		2,139,062
Paradise Co. Ltd.a,b		87,282		1,682,545
Partron Co. Ltd.b		96,061		633,503
Poongsan Corp.		49,350		1,024,344
POSCO		120,335		19,330,924
POSCO Chemtech Co. Ltd.b		66,928		679,041
POSCO ICT Co. Ltd.b		170,864		735,318
Pyeong Hwa Automotive Co. Ltd.b		49,956		494,175
S&T Dynamics Co. Ltd.		72,823		800,422
S-1 Corp.		33,256		2,640,235
S-Oil Corp.		82,847		4,202,765
Samchully Co. Ltd.b		6,965		677,214

CONSOLIDATED SCHEDULES OF INVESTMENTS 35

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Samkwang Glassb		10,551	$	880,477
Samlip General Foods Co. Ltd.		4,798		1,484,733
Samsung C&T Corp.		216,197		8,792,286
Samsung Card Co. Ltd.		60,670		1,859,469
Samsung Electro-Mechanics Co. Ltd.		106,009		5,440,496
Samsung Electronics Co. Ltd.		195,832		180,309,489
Samsung Fine Chemicals Co. Ltd.		37,816		1,136,638
Samsung Fire & Marine Insurance Co. Ltd.		63,806		14,538,759
Samsung Heavy Industries Co. Ltd.b		263,862		2,509,784
Samsung Life Insurance Co. Ltd.		142,114		11,811,292
Samsung SDI Co. Ltd.		96,047		6,861,950
Samsung SDS Co. Ltd.		55,597		12,057,181
Samsung Securities Co. Ltd.		101,551		3,880,875
Sansung Life & Science Co. Ltd.a,b		24,162		1,068,419
SeAH Besteel Corp.		29,576		797,696
Sebang Co. Ltd.b		41,223		655,246
Seegene Inc.a,b		32,948		1,300,927
Seobu T&Da,b		40,782		770,643
Seoul Semiconductor Co. Ltd.a,b		76,044		909,763
SFA Engineering Corp.b		23,992		883,409
Shinhan Financial Group Co. Ltd.		756,814		25,307,118
Shinsegae Co. Ltd.		12,115		2,565,891
Shinsegae Food Co. Ltd.b		4,711		930,052
Shinsegae International Co. Ltd.b		6,311		784,373
SIMMTECH Co. Ltd.a,b		60,349		602,087
Sindoh Co. Ltd.		15,835		772,504
SK Chemicals Co. Ltd.b		27,603		1,598,652
SK Gas Ltd.b		8,935		667,811
SK Holdings Co. Ltd.		64,101		14,633,075
SK Hynix Inc.		1,037,045		31,389,737
SK Innovation Co. Ltd.a		116,213		9,815,835
SK Networks Co. Ltd.		222,264		1,234,643
SK Securities Co. Ltd.a,b		732,996		743,686
SK Telecom Co. Ltd.		16,847		3,475,517
SKC Co. Ltd.b		43,922		1,424,146
SL Corp.b		38,275		503,214
SM Entertainment Co.a,b		35,044		1,303,687

Security	Shares		Value
Soulbrain Co. Ltd.		23,886	$	875,467
Ssangyong Motor Co.a,b		92,059		671,714
Sung Kwang Bend Co. Ltd.b		68,834		602,352
Sungwoo Hitech Co. Ltd.b		92,406		611,743
Suprema Inc.a,b		44,827		839,500
Taekwang Industrial Co. Ltd.b		681		684,599
Taewoong Co. Ltd.a,b		51,116		648,269
Taeyoung Engineering & Construction Co. Ltd.a		170,645		934,923
Taihan Electric Wire Co. Ltd.a,b		200,343		203,265
Tera Resource Co. Ltd.a		49,111		—
TK Corp.a,b		81,787		722,616
Tongyang Life Insurance		85,547		1,084,933
ViroMed Co. Ltd.a,b		23,557		3,146,908
Webzen Inc.a,b		27,205		717,646
WeMade Entertainment Co. Ltd.a,b		19,347		844,054
Wonik IPS Co. Ltd.a,b		100,471		942,911
Woori Bank		575,648		4,438,732
YG Entertainment Inc.b		22,838		1,123,798
Youlchon Chemical Co. Ltd.b		67,008		691,184
Youngone Corp.b		42,077		2,180,782
Youngone Holdings Co. Ltd.b		13,155		934,280
Yuanta Securities Korea Co. Ltd.a,b		189,014		666,403
Yuhan Corp.		13,919		2,924,432
Yungjin Pharmaceutical Co. Ltd.a,b		374,652		684,209
				1,044,518,791
TAIWAN — 12.94%
A-DATA Technology Co. Ltd.b		775,820		679,582
Ability Enterprise Co. Ltd.b		1,461,000		646,619
AcBel Polytech Inc.b		1,266,000		657,592
Accton Technology Corp.b		2,265,000		957,209
Acer Inc.a,b		5,303,872		1,956,186
Advanced Semiconductor Engineering Inc.b		11,115,000		11,478,485
Advantech Co. Ltd.		569,302		3,622,004
Airtac International Groupb		235,190		1,120,434
ALI Corp.b		1,750,000		677,711
Alpha Networks Inc.b		1,393,000		494,503
Altek Corp.b		836,000		528,024
Ambassador Hotel (The)		971,000		826,675
AmTRAN Technology Co. Ltd.b		1,746,000		794,222
Ardentec Corp.b		1,299,912		815,042

36 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Asia Cement Corp.		3,234,050	$	3,473,999
Asia Optical Co. Inc.a,b		741,000		638,832
Asia Pacific Telecom Co. Ltd.a		3,605,000		985,015
Asia Polymer Corp.		1,443,850		743,315
Asustek Computer Inc.b		1,241,000		11,290,140
AU Optronics Corp.b		14,932,000		4,818,847
Bank of Kaohsiung Co. Ltd.		3,833,043		987,242
BES Engineering Corp.b		4,373,000		1,008,037
Bizlink Holding Inc.b		229,583		966,710
Brogent Technologies Inc.b		71,800		550,593
Capital Securities Corp.b		2,827,000		719,436
Career Technology MFG. Co. Ltd.b		958,000		736,108
Casetek Holdings Ltd.b		277,000		1,034,408
Catcher Technology Co. Ltd.		1,173,000		11,969,388
Cathay Financial Holding Co. Ltd.		14,359,078		20,698,327
Cathay Real Estate Development Co. Ltd.b		1,497,000		579,733
Chailease Holding Co. Ltd.		1,828,945		2,939,938
Chang Hwa Commercial Bank Ltd.		7,014,290		3,406,251
Cheng Loong Corp.		1,587,000		560,933
Cheng Shin Rubber Industry Co. Ltd.b		2,515,650		4,036,050
Cheng Uei Precision Industry Co. Ltd.b		762,000		1,059,765
Chia Hsin Cement Corp.b		894,000		267,354
Chicony Electronics Co. Ltd.		849,302		2,109,159
Chin-Poon Industrial Co. Ltd.b		792,000		1,117,310
China Airlines Ltd.a		4,766,000		1,713,862
China Bills Finance Corp.b		2,720,000		932,137
China Development Financial Holding Corp.		24,250,000		6,998,632
China Life Insurance Co. Ltd./Taiwan		5,624,048		4,295,476
China Man-Made Fiber Corp.a,b		2,322,000		674,419
China Metal Products		1,041,146		732,796
China Motor Corp.		445,000		302,265
China Petrochemical Development Corp.a,b		3,987,900		981,776
China Steel Chemical Corp.b		301,000		925,129
China Steel Corp.b		20,194,529		12,103,311
China Synthetic Rubber Corp.		1,188,100		874,570
Chipbond Technology Corp.b		1,079,000		1,571,939

Security	Shares		Value
Chong Hong Construction Co. Ltd.		407,450	$	568,547
Chroma ATE Inc.b		654,000		1,081,424
Chung Hung Steel Corp.a		4,631,000		590,689
Chunghwa Telecom Co. Ltd.		6,318,000		19,185,468
Clevo Co.b		611,175		563,537
CMC Magnetics Corp.a		10,675,000		869,460
Compal Electronics Inc.		7,413,000		4,328,959
Compeq Manufacturing Co. Ltd.		2,124,000		1,413,345
Continental Holdings Corp.a,b		2,117,600		587,065
Coretronic Corp.b		1,006,750		801,415
Coxon Precise Industrial Co. Ltd.b		494,000		784,970
CSBC Corp. Taiwan		2,060,000		762,939
CTBC Financial Holding Co. Ltd.b		26,198,047		15,781,956
CTCI Corp.		1,207,000		1,558,089
Cyberlink Corp.b		525,540		1,014,381
CyberTAN Technology Inc.b		1,770,000		794,259
D-Link Corp.b		2,586,991		746,614
Darwin Precisions Corp.b		1,314,000		450,304
Delta Electronics Inc.		3,204,000		16,051,512
Depo Auto Parts Ind. Co. Ltd.b		232,000		657,438
Dynapack International Technology Corp.b		565,000		823,987
E Ink Holdings Inc.a,b		1,742,000		631,780
E.Sun Financial Holding Co. Ltd.		12,302,438		7,392,201
Eclat Textile Co. Ltd.		339,062		5,101,145
Elan Microelectronics Corp.b		923,000		923,397
Elite Material Co. Ltd.b		777,000		1,695,568
Elite Semiconductor Memory Technology Inc.b		945,000		781,304
Epistar Corp.b		1,804,694		1,458,798
Eternal Materials Co. Ltd.		1,265,030		1,131,435
EVA Airways Corp.a		3,611,279		2,181,019
Evergreen Marine Corp. Taiwan Ltd.		3,088,870		1,352,852
Everlight Chemical Industrial Corp.b		1,584,601		793,859
Everlight Electronics Co. Ltd.b		740,000		889,292
Far Eastern Department Stores Ltd.b		1,354,167		651,362
Far Eastern International Bankb		2,782,587		906,547
Far Eastern New Century Corp.		4,944,916		4,483,496

CONSOLIDATED SCHEDULES OF INVESTMENTS 37

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Far EasTone Telecommunications Co. Ltd.		2,783,000	$	6,107,272
Faraday Technology Corp.		1,050,000		911,682
Farglory Land Development Co. Ltd.		526,782		488,960
Federal Corp.		2,170,264		917,173
Feng Hsin Iron & Steel Co.		787,000		834,506
Feng TAY Enterprise Co. Ltd.		574,024		3,405,048
Firich Enterprises Co. Ltd.b		402,731		922,162
First Financial Holding Co. Ltd.		12,352,549		5,979,612
FLEXium Interconnect Inc.b		483,734		1,378,232
Formosa Chemicals & Fibre Corp.		5,544,210		11,860,002
Formosa Petrochemical Corp.		2,029,000		4,546,167
Formosa Plastics Corp.		6,948,800		15,313,160
Formosa Taffeta Co. Ltd.		1,283,000		1,115,961
Formosan Rubber Group Inc.		1,297,000		753,421
Foxconn Technology Co. Ltd.		1,636,787		4,603,086
Fubon Financial Holding Co. Ltd.		11,833,000		20,330,240
Gemtek Technology Corp.b		1,703,000		758,959
Getac Technology Corp.b		1,360,000		813,007
Giant Manufacturing Co. Ltd.b		515,000		3,727,640
Gigabyte Technology Co. Ltd.b		907,000		768,006
Gigasolar Materials Corp.b		56,800		815,269
Gigastorage Corp.a,b		1,183,000		581,756
Ginko International Co. Ltd.b		88,000		897,959
Gintech Energy Corp.a,b		1,554,019		616,143
Global Mixed Mode Technology Inc.b		574,000		926,205
Gloria Material Technology Corp.b		2,055,200		991,721
Gourmet Master Co. Ltd.		145,000		757,622
Grand Pacific Petrochemical		1,987,000		1,001,561
Grape King Bio Ltd.b		262,000		1,340,761
Great Wall Enterprise Co. Ltd.		1,229,500		648,080
Greatek Electronics Inc.b		638,000		517,679
HannStar Display Corp.b		6,237,640		728,517
Hermes Microvision Inc.		74,000		3,138,677
Hey Song Corp.		672,000		684,682
Highwealth Construction Corp.		1,157,100		1,788,853
Hiwin Technologies Corp.b		389,263		1,998,000
Ho Tung Chemical Corp.a,b		3,477,177		767,339
Holy Stone Enterprise Co. Ltd.b		850,900		808,114

Security	Shares		Value
Hon Hai Precision Industry Co. Ltd.		23,441,568	$	66,644,487
Hotai Motor Co. Ltd.b		433,000		4,764,384
HTC Corp.b		1,207,000		1,708,334
Hua Nan Financial Holdings Co. Ltd.		9,885,211		4,678,886
Huaku Development Co. Ltd.b		517,000		834,230
Hung Sheng Construction Ltd.b		1,460,000		668,613
Ichia Technologies Inc.b		1,022,000		518,287
IEI Integration Corp.b		697,582		801,868
Innolux Corp.b		14,520,241		5,132,246
Inotera Memories Inc.a,b		4,075,000		2,454,819
Inventec Corp.		3,979,000		1,822,200
ITEQ Corp.b		1,057,000		639,996
KEE TAI Properties Co. Ltd.b		1,662,000		837,743
Kenda Rubber Industrial Co. Ltd.b		901,689		1,213,855
Kerry TJ Logistics Co. Ltd.b		685,000		760,035
Kindom Construction Corp.b		1,180,000		536,759
King Slide Works Co. Ltd.		117,000		1,485,155
King Yuan Electronics Co. Ltd.b		1,931,000		1,240,408
King’s Town Bank Co. Ltd.b		1,753,000		1,206,885
Kinpo Electronicsa		2,577,000		782,541
Kinsus Interconnect Technology Corp.b		510,000		909,147
Kuoyang Construction Co. Ltd.		2,452,023		813,925
Largan Precision Co. Ltd.		181,000		16,800,467
LCY Chemical Corp.a,b		1,136,000		651,168
Lealea Enterprise Co. Ltd.b		3,704,173		949,496
Lien Hwa Industrial Corp.b		1,079,400		605,454
Lite-On Technology Corp.		3,419,889		3,132,305
Long Bon International Co. Ltd.b		955,000		660,422
Macronix Internationala,b		6,736,000		941,997
Makalot Industrial Co. Ltd.b		336,526		2,834,034
Masterlink Securities Corp.b		2,979,603		750,945
MediaTek Inc.b		2,627,572		20,270,487
Mega Financial Holding Co. Ltd.		17,097,958		12,822,417
Merida Industry Co. Ltd.		398,850		2,169,795
Merry Electronics Co. Ltd.b		441,070		488,029
Micro-Star International Co. Ltd.b		1,265,000		977,832
Microbio Co. Ltd.a,b		1,257,141		948,574
MIN AIK Technology Co. Ltd.b		415,000		626,913
Mitac Holdings Corp.b		1,400,000		869,191
Motech Industries Inc.a,b		725,000		579,358

38 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Nan Kang Rubber Tire Co. Ltd.a,b		1,051,000	$	807,567
Nan Ya Plastics Corp.		8,139,440		14,834,915
Nan Ya Printed Circuit Board Corp.b		552,000		532,727
National Petroleum Co. Ltd.b		817,000		860,040
Neo Solar Power Corp.b		1,376,806		649,557
Novatek Microelectronics Corp.b		1,014,000		3,397,037
OptoTech Corp.b		3,119,000		845,512
Oriental Union Chemical Corp.b		1,202,000		930,981
Pan-International Industrial Corp.b		1,841,366		636,691
Parade Technologies Ltd.b		134,000		914,310
PChome Online Inc.b		155,413		1,647,943
Pegatron Corp.		2,992,000		7,743,005
PharmaEngine Inc.b		130,000		621,312
Phison Electronics Corp.b		261,000		1,816,957
Pixart Imaging Inc.b		380,000		675,068
Pou Chen Corp.		4,041,000		6,532,967
Powertech Technology Inc.		1,216,000		2,092,943
Poya International Co. Ltd.b		114,060		1,104,281
President Chain Store Corp.		983,000		6,571,260
President Securities Corp.b		1,918,000		686,768
Primax Electronics Ltd.b		821,000		971,493
Prince Housing & Development Corp.b		2,178,995		618,150
Qisda Corp.b		2,841,000		846,991
Quanta Computer Inc.		4,514,000		8,296,570
Radiant Opto-Electronics Corp.b		806,940		2,351,178
Radium Life Tech Co. Ltd.b		1,772,196		558,305
Realtek Semiconductor Corp.b		810,110		1,454,095
Rich Development Co. Ltd.b		2,910,770		816,798
Richtek Technology Corp.b		297,000		1,538,127
Ritek Corp.a,b		7,209,000		640,337
Ruentex Development Co. Ltd.b		1,373,822		1,469,419
Ruentex Industries Ltd.		858,906		1,370,089
Sampo Corp.		2,869,000		1,062,560
Sanyang Motor Co. Ltd.a,b		925,000		581,394
ScinoPharm Taiwan Ltd.b		554,700		632,511
Sercomm Corp.b		520,000		1,128,350
Shih Wei Navigation Co. Ltd.		1,626,675		649,950
Shihlin Paper Corp.a,b		126,000		103,206
Shin Kong Financial Holding Co. Ltd.		13,013,443		3,087,773
Shin Zu Shing Co. Ltd.b		422,000		1,001,303

Security	Shares		Value
Shining Building Business Co. Ltd.a		1,623,601	$	568,879
Shinkong Synthetic Fibers Corp.		3,286,000		854,425
Shinkong Textile Co. Ltd.		364,000		435,198
Sigurd Microelectronics Corp.b		1,371,000		851,186
Silergy Corp.b		99,000		876,322
Siliconware Precision Industries Co. Ltd.b		5,230,000		6,429,801
Simplo Technology Co. Ltd.b		501,000		1,663,019
Sino-American Silicon Products Inc.b		993,000		909,497
SinoPac Financial Holdings Co. Ltd.		16,244,243		5,591,822
Sinyi Realty Inc.b		503,877		449,116
Soft-World International Corp.b		430,000		598,691
Solar Applied Materials Technology Co.		1,421,000		788,328
Sonix Technology Co. Ltd.b		808,000		864,224
St. Shine Optical Co. Ltd.b		98,000		972,892
Standard Foods Corp.		763,648		1,734,497
Swancor Ind Co. Ltd.b		151,000		812,177
Synnex Technology International Corp.		2,107,000		2,240,663
TA Chen Stainless Pipeb		1,579,254		708,664
Ta Chong Bank Ltd.a,b		3,850,168		1,621,198
Taichung Commercial Bank Co. Ltd.b		3,240,341		941,149
Taiflex Scientific Co. Ltd.b		720,000		688,222
Taigen Biopharmaceuticals Holdings Ltd.a,b		687,000		449,751
Tainan Spinning Co. Ltd.b		1,971,894		821,218
Taishin Financial Holding Co. Ltd.		13,477,316		4,722,197
Taiwan Acceptance Corp.b		326,000		762,497
Taiwan Building Materials Co. Ltd.b		2,351,000		614,197
Taiwan Business Banka		6,441,518		1,623,446
Taiwan Cement Corp.b		5,372,000		5,754,063
Taiwan Cogeneration Corp.b		1,287,000		870,236
Taiwan Cooperative Financial Holding Co. Ltd.		10,869,131		4,610,094
Taiwan Fertilizer Co. Ltd.		1,304,000		1,649,238
Taiwan Glass Industry Corp.a		1,689,000		680,044
Taiwan Hon Chuan Enterprise Co. Ltd.b		645,674		956,525

CONSOLIDATED SCHEDULES OF INVESTMENTS 39

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Taiwan Land Development Corp.b		1,905,322	$	647,093
Taiwan Life Insurance Co. Ltd.a,b		1,119,674		1,054,770
Taiwan Liposome Co. Ltd.a		135,000		495,835
Taiwan Mobile Co. Ltd.		2,826,000		8,494,677
Taiwan Paiho Ltd.b		577,000		1,324,745
Taiwan PCB Techvest Co. Ltd.b		805,042		791,780
Taiwan Secom Co. Ltd.b		597,185		1,672,103
Taiwan Semiconductor Manufacturing Co. Ltd.b		43,704,000		173,279,321
Taiwan Sogo Shin Kong SECb		991,770		1,112,602
Taiwan Surface Mounting Technology Corp.b		903,261		757,900
Taiwan TEA Corp.b		1,521,000		614,739
Tatung Co. Ltd.a,b		4,296,000		681,318
Teco Electric and Machinery Co. Ltd.		3,446,000		2,594,880
Test Research Inc.b		550,400		877,974
Test Rite International Co. Ltd.b		1,149,000		686,871
Ton Yi Industrial Corp.b		1,508,000		688,278
Tong Hsing Electronic Industries Ltd.b		295,000		660,069
Tong Yang Industry Co. Ltd.b		824,400		691,730
Topco Scientific Co. Ltd.b		687,371		985,550
TPK Holding Co. Ltd.b		534,000		1,337,626
Transcend Information Inc.		363,000		978,458
Tripod Technology Corp.b		785,000		1,100,197
TSRC Corp.		1,449,900		909,084
TTY Biopharm Co. Ltd.b		458,124		1,103,913
Tung Ho Steel Enterprise Corp.		1,280,000		684,534
TWi Pharmaceuticals Inc.a		98,000		612,952
TXC Corp.b		902,000		892,685
U-Ming Marine Transport Corp.		671,000		665,102
Uni-President Enterprises Corp.		8,516,369		15,181,627
Unimicron Technology Corp.b		2,541,000		984,036
Union Bank of Taiwanb		2,732,681		771,023
Unitech Printed Circuit Board Corp.b		2,487,000		787,316
United Microelectronics Corp.b		19,328,000		6,386,034
Unity Opto Technology Co. Ltd.b		1,194,000		554,137
UPC Technology Corp.		2,489,146		684,714
USI Corp.		1,649,000		648,734
Vanguard International Semiconductor Corp.		1,478,000		1,680,784

Security	Shares		Value
Visual Photonics Epitaxy Co. Ltd.b		891,000	$	1,015,985
Voltronic Power Technology Corp.b		96,451		1,234,689
Wah Lee Industrial Corp.b		654,000		848,254
Walsin Lihwa Corp.a		5,737,000		1,281,903
Wan Hai Lines Ltd.		840,000		578,313
Waterland Financial Holdings Co. Ltd.b		3,085,581		736,875
Win Semiconductors Corp.		1,085,669		1,014,394
Winbond Electronics Corp.a,b		4,953,000		1,024,517
Wistron Corp.b		4,435,087		2,194,643
Wistron NeWeb Corp.b		554,623		1,041,538
Wowprime Corp.b		139,260		751,172
WPG Holdings Ltd.		2,287,000		2,161,460
WT Microelectronics Co. Ltd.b		914,896		927,943
Yageo Corp.b		861,078		1,218,731
Yang Ming Marine Transport Corp.a		2,813,000		903,487
YC Co. Ltd.b		2,721,467		1,049,742
Yeong Guan Energy Technology Group Co. Ltd.b		148,000		818,785
YFY Inc.b		1,316,000		393,959
Yieh Phui Enterprise Co. Ltd.		1,934,510		476,849
Youngtek Electronics Corp.b		636,855		953,247
Yuanta Financial Holding Co. Ltd.		14,964,255		6,002,075
Yulon Motor Co. Ltd.b		1,060,000		959,460
YungShin Global Holding Corp.b		622,650		824,816
Yungtay Engineering Co. Ltd.b		745,000		1,085,352
Zhen Ding Technology Holding Ltd.		623,950		1,770,057
Zinwell Corp.b		958,000		898,051
				909,360,228
THAILAND — 2.51%
Advanced Info Service PCL NVDR		1,874,900		12,448,771
Airports of Thailand PCL NVDR		841,300		6,477,857
Amata Corp. PCL NVDR		2,346,500		772,456
AP Thailand PCL NVDRb		4,561,590		699,923
Bangchak Petroleum PCL (The) NVDR		1,053,800		1,028,958
Bangkok Bank PCL Foreign		941,900		4,322,571
Bangkok Chain Hospital PCL NVDRb		4,753,950		875,326

40 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Bangkok Dusit Medical Services PCL NVDR		7,514,000	$	4,087,683
Bangkok Expressway PCL NVDR		865,900		851,527
Bangkok Land PCL NVDRb		22,812,100		910,066
Banpu PCL NVDRb		2,283,100		1,312,090
BEC World PCL NVDR		2,064,600		2,131,126
BTS Group Holdings PCL NVDR		10,499,000		2,855,775
Bumrungrad Hospital PCL NVDR		711,200		4,583,267
Central Pattana PCL NVDR		2,842,800		3,568,866
Charoen Pokphand Foods PCL NVDR		5,658,000		2,999,079
CP ALL PCL NVDR		8,022,900		11,414,923
Delta Electronics Thailand PCL NVDR		1,029,900		2,499,687
Dynasty Ceramic PCL NVDR		10,296,220		1,028,329
Energy Absolute PCL NVDR		2,426,600		1,381,019
Esso Thailand PCL NVDRa,b		5,167,600		720,826
Glow Energy PCL NVDR		1,055,300		2,907,264
Hana Microelectronics PCL NVDRb		1,286,700		915,354
Home Product Center PCL NVDRb		8,600,374		1,751,506
Indorama Ventures PCL NVDR		3,010,100		1,830,665
IRPC PCL NVDRb		21,363,900		2,264,830
Jasmine International PCL NVDR		7,926,700		1,249,431
Kasikornbank PCL Foreign		2,080,300		10,504,514
Kasikornbank PCL NVDRb		1,146,300		5,772,274
Khon Kaen Sugar Industry PCL NVDR		4,371,960		434,208
Kiatnakin Bank PCL NVDRb		834,000		750,356
Krung Thai Bank PCL NVDRb		6,448,100		3,273,969
LPN Development PCL NVDRb		1,875,600		816,274
Major Cineplex Group PCL NVDRb		757,200		686,539
Minor International PCL NVDRb		3,587,260		2,652,040
Polyplex Thailand PCL NVDR		1,325,200		282,823
PTT Exploration & Production PCL NVDR		2,439,101		5,409,640
PTT Global Chemical PCL NVDR		2,958,300		4,951,820
PTT PCL NVDR		1,808,000		13,517,757

Security	Shares		Value
Quality Houses PCL NVDR		15,307,217	$	1,007,812
Samart Corp. PCL NVDRb		1,369,800		706,969
Siam Cement PCL (The) Foreign		546,000		7,250,551
Siam Cement PCL (The) NVDR		200,600		2,686,232
Siam Commercial Bank PCL (The) NVDRb		2,832,300		11,220,159
Siam Global House PCL NVDRb		3,155,722		924,399
Sino-Thai Engineering & Construction PCL NVDRb		2,041,828		1,452,549
Sri Trang Agro-Industry PCL NVDR		1,973,400		644,128
Srisawad Power 1979 PCL NVDRb		1,170,000		1,199,540
Supalai PCL NVDRb		1,738,400		814,761
Superblock PCLa,b		15,798,700		833,018
Thai Airways International PCL NVDRa,b		1,659,000		472,083
Thai Oil PCL NVDR		1,630,200		2,342,176
Thai Union Frozen Products PCL NVDR		4,108,100		1,994,168
Thai Vegetable Oil PCL NVDR		1,658,800		1,272,618
Thaicom PCL NVDR		1,123,600		987,401
Thanachart Capital PCL NVDR		1,428,700		1,175,803
Thoresen Thai Agencies PCL NVDRb		2,530,523		720,082
TICON Industrial Connection PCL NVDRb		2,109,860		694,556
Tisco Financial Group PCL NVDRb		1,048,150		1,155,026
TMB Bank PCL NVDR		28,293,400		1,862,810
True Corp. PCL NVDRa,b		16,129,518		4,364,802
TTW PCL NVDRb		3,624,800		1,152,817
VGI Global Media PCL NVDRb		7,959,900		919,347
WHA Corp. PCL NVDRa		13,532,500		1,306,248
				176,101,444
TURKEY — 1.42%
Akbank TAS		3,991,255		9,350,862
Akfen Holding ASb		238,291		672,061
Akmerkez Gayrimenkul Yatirim Ortakligi AS		38,118		227,189
Aksa Akrilik Kimya Sanayii AS		210,609		709,024
Albaraka Turk Katilim Bankasi AS		1,158,320		537,180

CONSOLIDATED SCHEDULES OF INVESTMENTS 41

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Anadolu Efes Biracilik ve Malt Sanayii AS		381,554	$	2,844,288
Arcelik AS		463,215		2,172,066
BIM Birlesik Magazalar AS		384,231		6,659,036
Cimsa Cimento Sanayi VE Ticaret AS		150,973		772,758
Coca-Cola Icecek AS		153,884		1,903,066
Dogus Otomotiv Servis ve Ticaret AS		147,007		631,256
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,614,585		3,091,830
Enka Insaat ve Sanayi AS		1,021,351		1,743,770
Eregli Demir ve Celik Fabrikalari TAS		2,614,345		3,556,443
Ford Otomotiv Sanayi AS		149,686		1,516,914
Haci Omer Sabanci Holding AS		1,674,289		5,003,887
Is Gayrimenkul Yatirim Ortakligi ASb		1,805,571		886,969
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Db		2,202,805		961,031
KOC Holding AS		1,178,358		4,594,422
Koza Altin Isletmeleri ASb		95,034		796,575
Sekerbank TASa,b		959,103		451,381
TAV Havalimanlari Holding ASb		324,847		2,622,434
Tofas Turk Otomobil Fabrikasi AS		273,444		1,695,522
Trakya Cam Sanayii ASb		1,164,225		695,895
Tupras Turkiye Petrol Rafinerileri ASa		243,212		6,274,552
Turk Hava Yollari AOa		1,059,621		2,930,247
Turk Telekomunikasyon AS		829,840		1,744,631
Turkcell Iletisim Hizmetleri AS		1,539,789		6,030,091
Turkiye Garanti Bankasi AS		4,202,545		10,654,339
Turkiye Halk Bankasi AS		1,159,195		4,440,063
Turkiye Is Bankasi Class C		2,844,316		4,758,440
Turkiye Sinai Kalkinma Bankasi ASb		1,840,540		980,020
Turkiye Sise ve Cam Fabrikalari AS		1,494,088		1,457,647
Turkiye Vakiflar Bankasi Tao Class D		1,483,750		1,962,363
Ulker Biskuvi Sanayi ASb		305,355		1,877,655
Yapi ve Kredi Bankasi ASb		1,580,444		1,949,088
Yazicilar Holding AS		98,985		601,867
				99,756,862

Security	Shares		Value
UNITED ARAB EMIRATES — 0.83%
Abu Dhabi Commercial Bank PJSC		3,564,624	$	7,763,845
Agthia Group PJSC		303,093		645,291
Air Arabia PJSC		3,997,637		1,545,485
Al Waha Capital PJSC		1,738,204		1,078,969
Aldar Properties PJSC		5,739,880		3,641,094
Arabtec Holding PJSCa		4,227,354		2,267,295
Dana Gas PJSCa		6,529,488		959,944
Deyaar Development PJSCa		3,483,124		630,614
DP World Ltd.		296,172		6,604,636
Dubai Financial Market PJSC		3,911,448		1,831,636
Dubai Islamic Bank PJSC		1,799,443		3,429,330
Dubai Parks & Resorts PJSCa		5,166,481		1,603,514
Emaar Malls Group PJSCa		3,426,280		2,658,526
Emaar Properties PJSC		6,272,528		11,527,086
Eshraq Properties Co. PJSCa		2,896,475		496,802
First Gulf Bank PJSC		1,575,529		6,155,332
National Bank of Abu Dhabi PJSC		1,203,645		3,408,042
Orascom Construction Ltd.a		109,553		1,258,764
Union Properties PJSC		2,188,669		589,914
				58,096,119
TOTAL COMMON STOCKS
(Cost: $7,912,697,068)				6,766,763,408
PREFERRED STOCKS — 3.04%
BRAZIL — 2.05%
AES Tiete SA		188,800		778,060
Banco ABC Brasil SA		210,230		524,096
Banco Bradesco SA		4,481,404		28,360,591
Banco Daycoval SA		137,100		325,599
Banco Industrial e Comercial SA		108,300		242,335
Braskem SA Class A		306,500		1,184,008
Centrais Eletricas Brasileiras SA Class B		418,600		863,116
Cia. Brasileira de Distribuicao		271,100		4,726,433
Cia. Energetica de Minas Gerais		1,365,520		2,819,332
Cia. Energetica de Sao Paulo Class B		352,400		1,560,632
Cia. Energetica do Ceara Class A		22,800		237,875

42 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

Security	Shares		Value
Cia. Ferro Ligas da Bahia-Ferbasa		172,000	$	340,010
Cia. Paranaense de Energia Class B		188,200		1,601,812
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		217,800		698,443
Gerdau SA		1,492,800		2,151,747
GOL Linhas Aereas Inteligentes SA		208,800		238,481
Itau Unibanco Holding SA		5,373,912		39,172,864
Itausa – Investimentos Itau SA		6,292,987		12,578,199
Lojas Americanas SA		910,275		4,073,713
Marcopolo SA		1,061,900		583,101
Oi SA		650,600		482,290
Petroleo Brasileiro SA		6,825,400		17,221,615
Suzano Papel e Celulose SA Class A		699,600		3,376,750
Telefonica Brasil SA		593,200		6,578,172
Usinas Siderurgicas de Minas Gerais SA Class A		771,900		631,550
Vale SA		3,193,900		12,408,178
				143,759,002
CHILE — 0.08%
Bupa Chile SA		1,145,631		885,702
Embotelladora Andina SA Class B		518,359		1,779,100
Sociedad Quimica y Minera de Chile SA Series B		172,280		2,705,026
				5,369,828
COLOMBIA — 0.17%
Avianca Holdings SA		1,007,790		729,740
Banco Davivienda SA		191,886		1,478,766
Bancolombia SA		749,594		6,392,206
Grupo Aval Acciones y Valores SA		4,916,624		1,875,421
Grupo de Inversiones Suramericana SA		131,371		1,489,735
				11,965,868
RUSSIA — 0.17%
AK Transneft OAO		2,068		4,773,262
Surgutneftegas OAO		12,593,100		7,587,569
				12,360,831
SOUTH KOREA — 0.57%
AmorePacific Corp.		16,154		2,492,585

Security	Shares		Value
Hyundai Motor Co.		41,519	$	3,405,067
Hyundai Motor Co. Series 2		66,705		5,639,822
LG Chem Ltd.		12,973		1,897,552
Samsung Electronics Co. Ltd.		36,348		26,736,639
				40,171,665
TOTAL PREFERRED STOCKS
(Cost: $374,538,471)				213,627,194
RIGHTS — 0.00%
EGYPT — 0.00%
Pioneers Holding For Financial Investments SAEa		220,764		—
				—
TOTAL RIGHTS
(Cost: $0)				—
WARRANTS — 0.00%
MALAYSIA — 0.00%
WCT Holdings Bhd (Expires 08/27/20)a		537,990		1
				1
TOTAL WARRANTS
(Cost: $0)				1
SHORT-TERM INVESTMENTS — 6.37%
MONEY MARKET FUNDS — 6.37%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%e,f,g		423,498,006		423,498,006
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%e,f,g		24,319,338		24,319,338
				447,817,344
TOTAL SHORT-TERM INVESTMENTS
(Cost: $447,817,344)				447,817,344

CONSOLIDATED SCHEDULES OF INVESTMENTS 43

Consolidated Schedule of Investments (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

August 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 105.73%
(Cost: $8,735,052,883)	$	7,428,207,947
Other Assets, Less Liabilities — (5.73)%		(402,877,119	)
NET ASSETS — 100.00%	$	7,025,330,828

ADR  —  American Depositary Receipts

CPO  —  Certificates of Participation (Ordinary)

GDR   —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^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.

Open futures contracts as of August 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
MSCI Emerging Markets Mini Index		967		Sep. 2015		NYSE LIFFE	$	39,526,125	$	(4,522,127)

See notes to consolidated financial statements.

44 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments

iSHARES^® MSCI BRIC ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 93.51%
BRAZIL — 10.10%
Ambev SA		627,265	$	3,287,663
B2W Cia. Digitala		12,800		54,823
Banco Bradesco SA		95,788		661,949
Banco do Brasil SA		115,289		564,377
Banco Santander Brasil SA Units		64,000		253,558
BB Seguridade Participacoes SA		102,400		806,886
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		243,269		720,005
BR Malls Participacoes SA		64,000		196,801
BRF SA		89,600		1,710,204
CCR SA		115,200		470,637
CETIP SA – Mercados Organizados		26,160		235,007
Cia. de Saneamento Basico do Estado de Sao Paulo		51,200		221,120
Cia. Siderurgica Nacional SA		102,400		98,401
Cielo SA		124,401		1,309,844
Cosan SA Industria e Comercio		12,800		63,785
CPFL Energia SA		27,037		116,544
Cyrela Brazil Realty SA Empreendimentos e Participacoes		25,600		59,040
Duratex SA		38,448		57,953
EcoRodovias Infraestrutura e Logistica SA		25,600		49,130
EDP – Energias do Brasil SA		25,600		78,791
Embraer SA		89,600		565,312
Equatorial Energia SA		12,800		124,231
Estacio Participacoes SA		38,400		131,470
Fibria Celulose SA		38,441		540,586
Hypermarcas SAa		51,200		231,523
JBS SA		102,452		398,022
Klabin SA Units		76,800		427,200
Kroton Educacional SA		192,064		457,716
Localiza Rent A Car SA		12,860		79,125
Lojas Renner SA		12,800		346,230
Multiplan Empreendimentos Imobiliarios SA		12,800		144,719
Natura Cosmeticos SA		25,600		166,508
Odontoprev SA		38,400		103,110
Petroleo Brasileiro SAa		409,600		1,194,304
Porto Seguro SA		12,800		116,956
Qualicorp SA		25,600		119,979

Security	Shares		Value
Raia Drogasil SA		38,450	$	419,099
Souza Cruz SA		51,200		373,079
Sul America SA		25,672		123,347
TIM Participacoes SA		115,269		278,500
TOTVS SA		12,800		111,404
Tractebel Energia SA		25,600		235,740
Ultrapar Participacoes SA		51,200		892,213
Vale SA		179,200		881,670
Via Varejo SA		26,900		50,296
WEG SA		74,240		341,415
				19,870,272
CHINA — 54.70%
AAC Technologies Holdings Inc.		128,000		720,924
Agricultural Bank of China Ltd. Class H		3,072,000		1,240,684
Air China Ltd. Class H		274,000		197,986
Alibaba Health Information Technology Ltd.a,b		334,000		230,997
Alibaba Pictures Group Ltd.a,b		1,350,000		315,288
Aluminum Corp. of China Ltd. Class Ha		512,000		171,106
Anhui Conch Cement Co. Ltd. Class H		192,000		580,951
Anta Sports Products Ltd.		128,040		322,494
AviChina Industry & Technology Co. Ltd. Class H		256,000		178,043
Bank of China Ltd. Class H		10,880,000		4,969,671
Bank of Communications Co. Ltd. Class H		1,156,200		871,247
BBMG Corp. Class H		192,000		123,870
Beijing Capital International Airport Co. Ltd. Class H		256,000		275,487
Beijing Enterprises Holdings Ltd.		64,000		373,675
Beijing Enterprises Water Group Ltd.		512,000		366,656
Belle International Holdings Ltd.		640,000		585,493
Brilliance China Automotive Holdings Ltd.		512,000		618,360
Byd Co. Ltd. Class H		64,000		261,366
CGN Power Co. Ltd. Class Hc		1,152,000		456,338
China Agri-Industries Holdings Ltd.a,b		271,800		103,108
China Cinda Asset Management Co. Ltd. Class H		1,024,000		380,529
China CITIC Bank Corp. Ltd. Class Ha		1,152,000		706,060

CONSOLIDATED SCHEDULES OF INVESTMENTS 45

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI BRIC ETF

August 31, 2015

Security	Shares		Value
China Coal Energy Co. Ltd. Class Hb		256,000	$	119,576
China Communications Construction Co. Ltd. Class H		650,000		773,285
China Communications Services Corp. Ltd. Class H		256,800		94,436
China Conch Venture Holdings Ltd.		128,000		282,094
China Construction Bank Corp. Class H		11,520,370		8,101,369
China COSCO Holdings Co. Ltd. Class Ha,b		384,000		218,763
China Everbright Bank Co. Ltd. Class H		384,000		175,400
China Everbright International Ltd.		384,000		502,417
China Galaxy Securities Co. Ltd. Class H		448,000		306,950
China Gas Holdings Ltd.b		256,000		373,923
China Huishan Dairy Holdings Co. Ltd.b		768,000		281,433
China International Marine Containers Group Co. Ltd. Class H		76,800		136,753
China Life Insurance Co. Ltd. Class H		1,024,000		3,541,035
China Longyuan Power Group Corp. Ltd.		384,000		407,781
China Medical System Holdings Ltd.		128,000		139,065
China Mengniu Dairy Co. Ltd.		128,000		447,584
China Merchants Bank Co. Ltd. Class H		640,456		1,525,515
China Merchants Holdings International Co. Ltd.b		256,000		855,530
China Minsheng Banking Corp. Ltd. Class H		768,000		744,212
China Mobile Ltd.		832,000		10,080,554
China National Building Material Co. Ltd. Class H		512,000		298,610
China Oilfield Services Ltd. Class H		256,000		275,487
China Overseas Land & Investment Ltd.		512,800		1,501,998
China Pacific Insurance Group Co. Ltd. Class H		358,400		1,304,105

Security	Shares		Value
China Petroleum & Chemical Corp. Class H		3,328,600	$	2,216,189
China Power International Development Ltd.		384,000		255,668
China Railway Construction Corp. Ltd. Class H		268,000		351,337
China Railway Group Ltd. Class H		512,000		459,145
China Resources Cement Holdings Ltd.		256,000		125,852
China Resources Enterprise Ltd.		276,000		867,169
China Resources Gas Group Ltd.		171,000		451,216
China Resources Land Ltd.		284,444		709,821
China Resources Power Holdings Co. Ltd.		256,200		627,438
China Shenhua Energy Co. Ltd. Class H		448,000		776,914
China Shipping Container Lines Co. Ltd. Class Ha		512,000		183,631
China Southern Airlines Co. Ltd. Class H		256,000		166,812
China State Construction International Holdings Ltd.		256,000		338,248
China Taiping Insurance Holdings Co. Ltd.a		206,840		584,486
China Telecom Corp. Ltd. Class H		2,048,000		1,072,881
China Unicom Hong Kong Ltd.		769,900		1,011,294
China Vanke Co. Ltd. Class H		192,301		437,203
Chongqing Changan Automobile Co. Ltd. Class B		130,000		207,999
Chongqing Rural Commercial Bank Co. Ltd. Class H		384,000		224,453
CITIC Ltd.		512,000		938,110
CITIC Securities Co. Ltd. Class H		256,000		513,318
CNOOC Ltd.		2,432,000		3,015,661
COSCO Pacific Ltd.		256,000		301,131
Country Garden Holdings Co. Ltd.		768,046		269,558
CRRC Corp. Ltd. Class Ha		587,400		686,685
CSPC Pharmaceutical Group Ltd.		512,000		469,055
Dalian Wanda Commercial Properties Co. Ltd. Class Hc		76,800		471,698
Datang International Power Generation Co. Ltd. Class H		256,000		103,390
Dongfeng Motor Group Co. Ltd. Class H		256,000		257,650
ENN Energy Holdings Ltd.		124,000		632,796

46 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI BRIC ETF

August 31, 2015

Security	Shares		Value
Evergrande Real Estate Group Ltd.b		768,000	$	505,390
Far East Horizon Ltd.		256,000		203,808
Fosun International Ltd.		256,000		429,417
Franshion Properties China Ltd.b		548,000		137,176
GCL-Poly Energy Holdings Ltd.a,b		1,280,000		204,799
Geely Automobile Holdings Ltd.		640,000		247,740
GF Securities Co. Ltd.a		128,000		219,333
Goldin Properties Holdings Ltd.a,b		169,728		162,062
GOME Electrical Appliances Holding Ltd.		1,572,400		249,553
Great Wall Motor Co. Ltd. Class H		164,500		439,371
Guangdong Investment Ltd.		256,000		346,176
Guangzhou Automobile Group Co. Ltd. Class H		256,454		180,344
Guangzhou R&F Properties Co. Ltd. Class Ha		153,600		140,320
Haier Electronics Group Co. Ltd.		148,000		265,443
Haitian International Holdings Ltd.		128,000		232,215
Haitong Securities Co. Ltd. Class H		409,600		590,877
Hanergy Thin Film Power Group Ltd.a,b		2,030,000		3
Hengan International Group Co. Ltd.		128,000		1,256,043
Huadian Power International Corp. Ltd. Class H		256,000		208,432
Huaneng Power International Inc. Class H		512,000		589,952
Huaneng Renewables Corp. Ltd. Class H		512,000		186,961
Huatai Securities Co. Ltd.a,c		128,000		232,876
Industrial & Commercial Bank of China Ltd. Class H		10,112,050		5,975,857
Inner Mongolia Yitai Coal Co. Ltd. Class B		166,470		140,834
Jiangxi Copper Co. Ltd. Class H		128,000		161,692
Kingsoft Corp. Ltd.		128,000		269,872
Kunlun Energy Co. Ltd.		512,000		362,031
Lenovo Group Ltd.b		1,024,000		840,335
Longfor Properties Co. Ltd.		192,000		232,133
Luye Pharma Group Ltd.a		192,000		163,509
New China Life Insurance Co. Ltd. Class H		102,200		399,566
New World China Land Ltd.		256,000		155,251

Security	Shares		Value
Nine Dragons Paper (Holdings) Ltd.		256,000	$	143,689
People’s Insurance Co. Group of China Ltd. (The) Class H		896,000		424,297
PetroChina Co. Ltd. Class H		2,816,000		2,339,990
PICC Property & Casualty Co. Ltd. Class H		513,548		975,404
Ping An Insurance Group Co. of China Ltd. Class H		640,000		3,133,915
Semiconductor Manufacturing International Corp.a		3,968,000		348,158
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		408,000		285,335
Shanghai Electric Group Co. Ltd. Class Hb		256,000		141,377
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		67,500		197,273
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		102,400		213,519
Shenzhou International Group Holdings Ltd.		128,000		646,602
Shimao Property Holdings Ltd.		192,000		269,541
Shui On Land Ltd.		320,333		70,266
Sihuan Pharmaceutical Holdings Group Ltd.		722,000		139,741
Sino Biopharmaceutical Ltd.		512,000		607,790
Sino-Ocean Land Holdings Ltd.		448,000		234,115
Sinopec Engineering Group Co. Ltd. Class H		128,000		110,492
Sinopec Shanghai Petrochemical Co. Ltd. Class Ha		513,000		187,327
Sinopharm Group Co. Ltd. Class H		153,600		581,694
Sinotrans Ltd. Class H		256,000		117,594
SOHO China Ltd.		256,000		109,336
Sun Art Retail Group Ltd.b		320,000		266,734
Sunac China Holdings Ltd.		256,000		138,404
Tencent Holdings Ltd.		704,000		11,972,465
Tingyi Cayman Islands Holding Corp.		256,000		393,742
Tsingtao Brewery Co. Ltd. Class H		40,000		196,644
Want Want China Holdings Ltd.b		896,000		722,576
Weichai Power Co. Ltd. Class H		168,550		181,380
Yanzhou Coal Mining Co. Ltd. Class Hb		256,000		120,897

CONSOLIDATED SCHEDULES OF INVESTMENTS 47

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI BRIC ETF

August 31, 2015

Security	Shares		Value
Yuexiu Property Co. Ltd.		1,025,920	$	161,499
Zhejiang Expressway Co. Ltd. Class H		256,000		274,827
Zhuzhou CSR Times Electric Co. Ltd. Class H		70,000		463,803
Zijin Mining Group Co. Ltd. Class H		799,000		206,192
ZTE Corp. Class H		125,648		253,240
				107,624,245
INDIA — 20.10%
ACC Ltd.		5,888		118,234
Adani Ports & Special Economic Zone Ltd.		102,785		549,604
Aditya Birla Nuvo Ltd.		4,992		153,609
Ambuja Cements Ltd.		90,752		282,871
Apollo Hospitals Enterprise Ltd.		11,136		224,513
Asian Paints Ltd.		39,296		501,641
Aurobindo Pharma Ltd.		35,690		404,281
Bajaj Auto Ltd.		11,904		399,820
Bharat Forge Ltd.		13,568		238,376
Bharat Heavy Electricals Ltd.		84,096		286,477
Bharat Petroleum Corp. Ltd.		25,472		338,426
Bharti Airtel Ltd.		163,584		871,874
Bharti Infratel Ltd.		63,744		383,327
Bosch Ltd.		1,024		357,540
Cairn India Ltd.		69,376		155,450
Cipla Ltd.		49,792		510,953
Coal India Ltd.		94,720		522,011
Container Corp. of India Ltd.		4,506		96,597
Dabur India Ltd.		64,896		266,564
Divi’s Laboratories Ltd.		5,760		204,847
DLF Ltd.		30,592		51,037
Dr. Reddy’s Laboratories Ltd.		15,973		1,033,866
Eicher Motors Ltd.		1,408		402,751
GAIL (India) Ltd.		50,304		224,069
GlaxoSmithKline Consumer Healthcare Ltd.		1,408		129,483
Glenmark Pharmaceuticals Ltd.		16,896		293,516
Godrej Consumer Products Ltd.		16,256		325,817
HCL Technologies Ltd.		75,904		1,108,786
Hero Motocorp Ltd.		7,168		258,490
Hindalco Industries Ltd.		173,313		208,706
Hindustan Unilever Ltd.		104,263		1,350,282
Housing Development Finance Corp. Ltd.		203,904		3,638,371

Security	Shares		Value
ICICI Bank Ltd.		154,112	$	644,268
Idea Cellular Ltd.		150,016		351,711
Indiabulls Housing Finance Ltd.		26,112		296,591
Infosys Ltd.		250,240		4,119,784
ITC Ltd.		309,248		1,512,629
JSW Steel Ltd.		10,752		148,814
Larsen & Toubro Ltd.		43,264		1,043,217
LIC Housing Finance Ltd.		40,192		267,846
Lupin Ltd.		29,184		849,749
Mahindra & Mahindra Financial Services Ltd.		38,105		144,825
Mahindra & Mahindra Ltd.		49,408		907,442
Marico Ltd.		26,880		163,989
Motherson Sumi Systems Ltd.		46,080		210,384
Nestle India Ltd.		3,200		287,165
NTPC Ltd.		167,425		305,886
Oil & Natural Gas Corp. Ltd.		114,304		411,477
Oil India Ltd.		17,024		115,103
Piramal Enterprises Ltd.		9,600		140,639
Power Finance Corp. Ltd.		38,148		128,633
Reliance Communications Ltd.a		123,008		111,767
Reliance Industries Ltd.		177,408		2,284,220
Rural Electrification Corp. Ltd.		41,737		159,006
Shree Cement Ltd.		1,024		166,054
Shriram Transport Finance Co. Ltd.		21,169		258,916
Siemens Ltd.		9,987		190,027
State Bank of India		205,322		763,992
Sun Pharmaceuticals Industries Ltd.		125,824		1,701,534
Tata Consultancy Services Ltd.		64,128		2,473,522
Tata Motors Ltd.a		109,621		560,926
Tata Power Co. Ltd.		171,755		156,446
Tata Steel Ltd.		42,496		144,093
Tech Mahindra Ltd.		32,768		253,863
Ultratech Cement Ltd.		4,992		217,012
United Breweries Ltd.		9,472		121,807
United Spirits Ltd.a		7,552		375,748
UPL Ltd.		36,480		275,788
Vedanta Ltd.		134,912		200,212
Wipro Ltd.		86,016		739,886
Zee Entertainment Enterprises Ltd.		77,440		448,273
				39,545,433

48 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI BRIC ETF

August 31, 2015

Security	Shares		Value
RUSSIA — 8.61%
Alrosa PAO		260,000	$	255,558
Gazprom PAO		826,884		1,830,745
Gazprom PAO ADR		394,291		1,738,823
Lukoil PJSC		36,361		1,377,162
Lukoil PJSC ADR (London)		33,541		1,265,167
Magnit PJSC GDRd		35,456		1,772,623
MegaFon PJSC GDRd		12,672		162,835
MMC Norilsk Nickel PJSC		7,552		1,182,830
Mobile TeleSystems PJSC ADR		70,272		536,175
Moscow Exchange MICEX-RTS PJSC		159,820		176,779
NOVATEK OAO GDRd		12,416		1,189,453
Rosneft OAO		162,262		591,337
Rostelecom PJSC		119,680		143,214
RusHydro PJSC		16,640,200		131,934
Sberbank of Russia		1,479,680		1,646,898
Severstal PAO		28,160		306,839
Sistema JSFC GDRd		23,424		172,869
Surgutneftegas OAO		495,210		253,283
Surgutneftegas OAO ADR		51,857		270,694
Tatneft PAO Class S		194,563		929,657
Uralkali PJSCa		49,920		152,633
Uralkali PJSC GDRa,d		9,602		148,447
VTB Bank JSC		700,166,001		718,950
				16,954,905
TOTAL COMMON STOCKS
(Cost: $211,853,627)				183,994,855
PREFERRED STOCKS — 6.16%
BRAZIL — 5.68%
AES Tiete SA		12,800		52,750
Banco Bradesco SA		357,769		2,264,143
Banco do Estado do Rio Grande do Sul SA Class B		25,600		54,331
Braskem SA Class A		25,600		98,893
Centrais Eletricas Brasileiras SA Class B		25,682		52,954
Cia. Brasileira de Distribuicao		25,656		447,294
Cia. Energetica de Minas Gerais		102,432		211,487
Cia. Energetica de Sao Paulo Class B		25,600		113,372
Cia. Paranaense de Energia Class B		12,800		108,944
Gerdau SA		128,000		184,501
Itau Unibanco Holding SA		422,429		3,079,275

Security	Shares		Value
Itausa – Investimentos Itau SA		486,445	$	972,289
Lojas Americanas SA		76,887		344,089
Oi SA		52,929		39,236
Petroleo Brasileiro SA		550,414		1,388,786
Suzano Papel e Celulose SA Class A		51,200		247,126
Telefonica Brasil SA		38,464		426,539
Usinas Siderurgicas de Minas Gerais SA Class A		64,000		52,363
Vale SA		268,800		1,044,278
				11,182,650
RUSSIA — 0.48%
AK Transneft OAO		158		364,688
Surgutneftegas OAO		947,200		570,705
				935,393
TOTAL PREFERRED STOCKS
(Cost: $23,678,286)				12,118,043
SHORT-TERM INVESTMENTS — 2.43%
MONEY MARKET FUNDS — 2.43%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%e,f,g		4,521,395		4,521,395
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%e,f,g		259,641		259,641
				4,781,036
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,781,036)				4,781,036
TOTAL INVESTMENTS IN SECURITIES — 102.10%
(Cost: $240,312,949)				200,893,934
Other Assets, Less Liabilities — (2.10)%				(4,135,912	)
NET ASSETS — 100.00%			$	196,758,022

ADR — American Depositary Receipts

GDR — Global Depositary Receipts

^a Non-income earning security.

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

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

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

^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 consolidated financial statements.

CONSOLIDATED SCHEDULES OF INVESTMENTS 49

Consolidated Schedule of Investments

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.58%
CHINA — 33.91%
AAC Technologies Holdings Inc.		39,000	$	219,657
Agricultural Bank of China Ltd. Class H		1,209,000		488,277
Air China Ltd. Class H		102,000		73,703
Alibaba Health Information Technology Ltd.a,b		128,000		88,526
Alibaba Pictures Group Ltd.a,b		540,000		126,115
Aluminum Corp. of China Ltd. Class Ha,b		210,000		70,180
Anhui Conch Cement Co. Ltd. Class H		65,000		196,676
Anta Sports Products Ltd.		53,000		133,491
AviChina Industry & Technology Co. Ltd. Class H		116,000		80,676
Bank of China Ltd. Class H		4,228,000		1,931,229
Bank of Communications Co. Ltd. Class H		465,000		350,398
BBMG Corp. Class H		61,000		39,355
Beijing Capital International Airport Co. Ltd. Class H		76,000		81,785
Beijing Enterprises Holdings Ltd.		28,500		166,402
Beijing Enterprises Water Group Ltd.b		226,000		161,844
Belle International Holdings Ltd.		251,000		229,623
Brilliance China Automotive Holdings Ltd.		160,000		193,237
Byd Co. Ltd. Class Hb		33,500		136,809
CGN Power Co. Ltd. Class Hc		449,000		177,861
China Agri-Industries Holdings Ltd.a		118,800		45,067
China Cinda Asset Management Co. Ltd. Class H		472,000		175,400
China CITIC Bank Corp. Ltd. Class Ha		436,000		267,224
China Coal Energy Co. Ltd. Class Hb		151,000		70,531
China Communications Construction Co. Ltd. Class H		236,000		280,762
China Communications Services Corp. Ltd. Class H		132,000		48,542
China Conch Venture Holdings Ltd.b		70,500		155,372
China Construction Bank Corp. Class H		4,490,000		3,157,463

Security	Shares		Value
China COSCO Holdings Co. Ltd. Class Ha,b		165,500	$	94,285
China Everbright Bank Co. Ltd. Class H		168,000		76,738
China Everbright International Ltd.		129,000		168,781
China Everbright Ltd.		52,000		108,696
China Galaxy Securities Co. Ltd. Class H		180,500		123,671
China Gas Holdings Ltd.		92,000		134,378
China Huishan Dairy Holdings Co. Ltd.b		333,000		122,028
China International Marine Containers Group Co. Ltd. Class H		25,500		45,406
China Life Insurance Co. Ltd. Class H		397,000		1,372,843
China Longyuan Power Group Corp. Ltd.		168,000		178,404
China Medical System Holdings Ltd.		58,000		63,014
China Mengniu Dairy Co. Ltd.		73,000		255,263
China Merchants Bank Co. Ltd. Class H		247,331		589,123
China Merchants Holdings International Co. Ltd.b		62,000		207,199
China Minsheng Banking Corp. Ltd. Class H		317,800		307,956
China Mobile Ltd.		328,000		3,974,065
China National Building Material Co. Ltd. Class H		150,000		87,483
China Oilfield Services Ltd. Class H		98,000		105,460
China Overseas Land & Investment Ltd.b		208,000		609,235
China Pacific Insurance Group Co. Ltd. Class H		140,200		510,144
China Petroleum & Chemical Corp. Class H		1,352,600		900,564
China Power International Development Ltd.		170,000		113,186
China Railway Construction Corp. Ltd. Class H		110,000		144,205
China Railway Group Ltd. Class H		210,000		188,321
China Resources Cement Holdings Ltd.b		110,000		54,077
China Resources Enterprise Ltd.		64,000		201,083
China Resources Gas Group Ltd.		48,000		126,657

50 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

August 31, 2015

Security	Shares		Value
China Resources Land Ltd.		147,777	$	368,773
China Resources Power Holdings Co. Ltd.		104,000		254,698
China Shenhua Energy Co. Ltd. Class H		182,500		316,488
China Shipping Container Lines Co. Ltd. Class Ha,b		243,000		87,153
China Southern Airlines Co. Ltd. Class H		92,000		59,948
China State Construction International Holdings Ltd.		96,000		126,843
China Taiping Insurance Holdings Co. Ltd.a,b		87,700		247,822
China Telecom Corp. Ltd. Class H		744,000		389,757
China Unicom Hong Kong Ltd.		318,000		417,706
China Vanke Co. Ltd. Class Hb		71,500		162,558
Chongqing Changan Automobile Co. Ltd. Class B		46,000		73,600
Chongqing Rural Commercial Bank Co. Ltd. Class H		140,000		81,832
CITIC Ltd.		222,000		406,759
CITIC Securities Co. Ltd. Class H		117,500		235,605
CNOOC Ltd.		957,000		1,186,672
COSCO Pacific Ltd.		114,000		134,098
Country Garden Holdings Co. Ltd.b		280,828		98,561
CRRC Corp. Ltd. Class Ha		230,750		269,752
CSPC Pharmaceutical Group Ltd.		216,000		197,883
Dalian Wanda Commercial Properties Co. Ltd. Class Hc		31,600		194,084
Datang International Power Generation Co. Ltd. Class H		164,000		66,234
Dongfeng Motor Group Co. Ltd. Class H		152,000		152,980
ENN Energy Holdings Ltd.		40,000		204,128
Evergrande Real Estate Group Ltd.b		298,000		196,102
Far East Horizon Ltd.		101,000		80,408
Fosun International Ltd.		97,000		162,709
Franshion Properties China Ltd.b		166,000		41,553
GCL-Poly Energy Holdings Ltd.a,b		595,000		95,199
Geely Automobile Holdings Ltd.b		295,000		114,193
GF Securities Co. Ltd.a		49,600		84,991
Goldin Properties Holdings Ltd.a,b		67,031		64,003
GOME Electrical Appliances Holding Ltd.b		634,000		100,621
Great Wall Motor Co. Ltd. Class H		55,500		148,238

Security	Shares		Value
Guangdong Investment Ltd.		154,000	$	208,246
Guangzhou Automobile Group Co. Ltd. Class H		124,000		87,199
Guangzhou R&F Properties Co. Ltd. Class Ha		58,800		53,716
Haier Electronics Group Co. Ltd.		65,000		116,580
Haitian International Holdings Ltd.		34,000		61,682
Haitong Securities Co. Ltd. Class H		168,000		242,352
Hanergy Thin Film Power Group Ltd.a,b		776,000		1
Hengan International Group Co. Ltd.		39,500		387,607
Huadian Power International Corp. Ltd. Class H		94,000		76,534
Huaneng Power International Inc. Class H		190,000		218,928
Huaneng Renewables Corp. Ltd. Class H		212,000		77,414
Huatai Securities Co. Ltd.a,c		44,400		80,779
Industrial & Commercial Bank of China Ltd. Class H		3,936,000		2,326,034
Inner Mongolia Yitai Coal Co. Ltd. Class B		53,100		44,923
Jiangsu Expressway Co. Ltd. Class H		68,000		80,371
Jiangxi Copper Co. Ltd. Class H		72,000		90,952
Kingsoft Corp. Ltd.b		46,000		96,985
Kunlun Energy Co. Ltd.		178,000		125,862
Lenovo Group Ltd.b		360,000		295,430
Longfor Properties Co. Ltd.		82,500		99,745
Luye Pharma Group Ltd.a,b		73,000		62,167
New China Life Insurance Co. Ltd. Class H		40,200		157,168
New World China Land Ltd.		144,000		87,328
Nine Dragons Paper (Holdings) Ltd.		91,000		51,077
People’s Insurance Co. Group of China Ltd. (The) Class H		345,000		163,373
PetroChina Co. Ltd. Class H		1,120,000		930,678
PICC Property & Casualty Co. Ltd. Class H		185,160		351,682
Ping An Insurance Group Co. of China Ltd. Class H		277,000		1,356,398
Semiconductor Manufacturing International Corp.a,b		1,405,000		123,277
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		96,000		67,138

CONSOLIDATED SCHEDULES OF INVESTMENTS 51

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

August 31, 2015

Security	Shares		Value
Shanghai Electric Group Co. Ltd. Class Hb		150,000	$	82,838
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		20,000		58,451
Shanghai Industrial Holdings Ltd.		29,000		70,722
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		39,100		81,529
Shenzhou International Group Holdings Ltd.		30,000		151,547
Shimao Property Holdings Ltd.		73,000		102,482
Shui On Land Ltd.		200,000		43,871
Sihuan Pharmaceutical Holdings Group Ltd.		220,000		42,580
Sino Biopharmaceutical Ltd.		156,000		185,186
Sino-Ocean Land Holdings Ltd.		186,500		97,461
Sinopec Engineering Group Co. Ltd. Class H		74,000		63,878
Sinopec Shanghai Petrochemical Co. Ltd. Class Ha		177,000		64,633
Sinopharm Group Co. Ltd. Class H		64,400		243,887
Sinotrans Ltd. Class H		99,000		45,476
SOHO China Ltd.b		102,000		43,564
Sun Art Retail Group Ltd.b		119,500		99,608
Sunac China Holdings Ltd.b		98,000		52,983
Tencent Holdings Ltd.		274,900		4,675,043
Tingyi Cayman Islands Holding Corp.b		102,000		156,882
Tsingtao Brewery Co. Ltd. Class H		20,000		98,322
Want Want China Holdings Ltd.b		316,000		254,837
Weichai Power Co. Ltd. Class H		51,600		55,528
Yanzhou Coal Mining Co. Ltd. Class Hb		108,000		51,004
Yuexiu Property Co. Ltd.b		352,140		55,433
Zhejiang Expressway Co. Ltd. Class H		82,000		88,030
Zhuzhou CSR Times Electric Co. Ltd. Class H		27,500		182,208
Zijin Mining Group Co. Ltd. Class H		296,000		76,387
ZTE Corp. Class H		41,760		84,166
				42,260,583
INDIA — 12.47%
ACC Ltd.		2,202		44,217
Adani Ports & Special Economic Zone Ltd.		42,844		229,092
Aditya Birla Nuvo Ltd.		2,144		65,973

Security	Shares		Value
Ambuja Cements Ltd.		37,767	$	117,718
Apollo Hospitals Enterprise Ltd.		4,202		84,716
Asian Paints Ltd.		15,630		199,528
Aurobindo Pharma Ltd.		14,534		164,635
Bajaj Auto Ltd.		4,500		151,142
Bharat Forge Ltd.		5,778		101,514
Bharat Heavy Electricals Ltd.		31,852		108,505
Bharat Petroleum Corp. Ltd.		9,066		120,453
Bharti Airtel Ltd.		63,948		340,832
Bharti Infratel Ltd.		25,169		151,355
Bosch Ltd.		399		139,315
Cairn India Ltd.		23,949		53,662
Cipla Ltd.		18,233		187,103
Coal India Ltd.		36,745		202,505
Container Corp. of India Ltd.		1,766		37,858
Dabur India Ltd.		28,925		118,811
Divi’s Laboratories Ltd.		1,920		68,282
DLF Ltd.		13,129		21,903
Dr. Reddy’s Laboratories Ltd.		6,214		402,206
Eicher Motors Ltd.		652		186,501
GAIL (India) Ltd.		19,659		87,567
GlaxoSmithKline Consumer Healthcare Ltd.		482		44,326
Glenmark Pharmaceuticals Ltd.		7,035		122,212
Godrej Consumer Products Ltd.		6,278		125,829
HCL Technologies Ltd.		30,125		440,058
Hero Motocorp Ltd.		2,855		102,956
Hindalco Industries Ltd.		59,561		71,724
Hindustan Unilever Ltd.		40,481		524,259
Housing Development Finance Corp. Ltd.		80,143		1,430,036
ICICI Bank Ltd.		59,706		249,602
Idea Cellular Ltd.		59,755		140,095
Indiabulls Housing Finance Ltd.		11,103		126,112
Infosys Ltd.		98,355		1,619,251
ITC Ltd.		119,454		584,287
JSW Steel Ltd.		4,333		59,971
Larsen & Toubro Ltd.		17,003		409,990
LIC Housing Finance Ltd.		15,201		101,302
Lupin Ltd.		11,807		343,784
Mahindra & Mahindra Financial Services Ltd.		14,969		56,892
Mahindra & Mahindra Ltd.		19,873		364,994
Marico Ltd.		11,590		70,708
Motherson Sumi Systems Ltd.		16,878		77,059

52 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

August 31, 2015

Security	Shares		Value
Nestle India Ltd.		1,233	$	110,648
NTPC Ltd.		63,900		116,746
Oil & Natural Gas Corp. Ltd.		45,493		163,768
Oil India Ltd.		6,442		43,556
Piramal Enterprises Ltd.		3,922		57,457
Power Finance Corp. Ltd.		15,002		50,586
Reliance Communications Ltd.a		49,678		45,138
Reliance Industries Ltd.		69,088		889,544
Rural Electrification Corp. Ltd.		17,791		67,779
Shree Cement Ltd.		414		67,135
Shriram Transport Finance Co. Ltd.		7,917		96,832
Siemens Ltd.		3,734		71,049
State Bank of India		80,854		300,854
Sun Pharmaceuticals Industries Ltd.		50,852		687,678
Tata Consultancy Services Ltd.		25,179		971,195
Tata Motors Ltd.a		43,419		222,173
Tata Power Co. Ltd.		60,851		55,427
Tata Steel Ltd.		16,942		57,446
Tech Mahindra Ltd.		12,398		96,051
Ultratech Cement Ltd.		2,009		87,335
United Breweries Ltd.		3,491		44,893
United Spirits Ltd.a		3,086		153,543
UPL Ltd.		14,465		109,355
Vedanta Ltd.		48,162		71,473
Wipro Ltd.		33,631		289,285
Zee Entertainment Enterprises Ltd.		29,312		169,677
				15,547,463
INDONESIA — 3.48%
Adaro Energy Tbk PT		782,100		33,121
Astra Agro Lestari Tbk PT		23,300		28,399
Astra International Tbk PT		1,093,000		460,927
Bank Central Asia Tbk PT		666,200		611,671
Bank Danamon Indonesia Tbk PT		194,800		49,012
Bank Mandiri Persero Tbk PT		504,600		326,823
Bank Negara Indonesia Persero Tbk PT		393,300		138,565
Bank Rakyat Indonesia Persero Tbk PT		598,100		452,300
Bumi Serpong Damai Tbk PT		413,800		47,270
Charoen Pokphand Indonesia Tbk PT		384,000		51,109
Global Mediacom Tbk PT		309,100		25,960
Gudang Garam Tbk PT		27,700		87,733
Indocement Tunggal Prakarsa Tbk PT		77,900		108,810

Security	Shares		Value
Indofood CBP Sukses Makmur Tbk PT		59,300	$	53,813
Indofood Sukses Makmur Tbk PT		245,100		92,458
Jasa Marga Persero Tbk PT		94,400		34,602
Kalbe Farma Tbk PT		1,113,800		132,784
Lippo Karawaci Tbk PT		1,017,500		77,489
Matahari Department Store Tbk PT		122,800		153,172
Media Nusantara Citra Tbk PT		284,800		38,413
Perusahaan Gas Negara Persero Tbk PT		588,400		116,424
Semen Indonesia Persero Tbk PT		157,000		103,363
Summarecon Agung Tbk PT		510,500		58,862
Surya Citra Media Tbk PT		293,000		56,932
Tambang Batubara Bukit Asam Persero Tbk PT		31,800		13,241
Telekomunikasi Indonesia Persero Tbk PT		2,709,400		553,450
Tower Bersama Infrastructure Tbk PTa		102,800		52,497
Unilever Indonesia Tbk PT		81,800		231,281
United Tractors Tbk PT		87,300		118,834
XL Axiata Tbk PTa		159,400		34,036
				4,343,351
MALAYSIA — 4.58%
AirAsia Bhdb		61,400		12,719
Alliance Financial Group Bhdb		61,000		54,610
AMMB Holdings Bhdb		103,900		116,269
Astro Malaysia Holdings Bhdb		80,900		55,859
Axiata Group Bhdb		139,100		203,351
Berjaya Sports Toto Bhd		32,937		23,134
British American Tobacco Malaysia Bhdb		7,300		108,075
Bumi Armada Bhda		98,600		20,072
CIMB Group Holdings Bhdb		277,900		330,833
Dialog Group Bhd		202,878		75,838
DiGi.Com Bhdb		185,800		231,365
Felda Global Ventures Holdings Bhdb		69,000		20,043
Gamuda Bhdb		83,100		85,870
Genting Bhdb		114,800		187,233
Genting Malaysia Bhdb		152,300		143,597
Genting Plantations Bhd		9,100		21,385
Hong Leong Bank Bhdb		28,900		90,003
Hong Leong Financial Group Bhd		15,200		50,522
IHH Healthcare Bhd		132,700		184,832

CONSOLIDATED SCHEDULES OF INVESTMENTS 53

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

August 31, 2015

Security	Shares		Value
IJM Corp. Bhdb		79,100	$	118,650
IOI Corp. Bhdb		161,800		154,095
IOI Properties Group Bhdb		88,515		38,567
Kuala Lumpur Kepong Bhdb		23,300		115,501
Lafarge Malaysia Bhdb		25,700		56,907
Malayan Banking Bhdb		251,900		525,391
Malaysia Airports Holdings Bhdb		40,600		41,760
Maxis Bhdb		102,300		160,026
MISC Bhd		58,900		113,593
Petronas Chemicals Group Bhdb		151,500		218,954
Petronas Dagangan Bhdb		12,700		63,984
Petronas Gas Bhdb		39,200		198,987
PPB Group Bhdb		26,800		97,884
Public Bank Bhd		134,910		578,186
RHB Capital Bhdb		32,400		49,989
Sapurakencana Petroleum Bhdb		179,100		73,346
Sime Darby Bhdb		165,200		293,033
Telekom Malaysia Bhd		55,600		85,915
Tenaga Nasional Bhdb		182,200		484,999
UMW Holdings Bhd		29,400		59,500
Westports Holdings Bhd		47,300		47,300
YTL Corp. Bhdb		221,253		82,180
YTL Power International Bhd		80,315		29,640
				5,703,997
PHILIPPINES — 2.12%
Aboitiz Equity Ventures Inc.		98,350		115,941
Aboitiz Power Corp.		71,600		66,254
Alliance Global Group Inc.		104,900		44,438
Ayala Corp.		11,780		186,000
Ayala Land Inc.		392,000		301,506
Bank of the Philippine Islands		47,510		85,994
BDO Unibank Inc.		87,070		183,492
DMCI Holdings Inc.		186,200		45,335
Energy Development Corp.		498,200		63,954
Globe Telecom Inc.		1,675		92,315
GT Capital Holdings Inc.		4,275		116,158
International Container Terminal Services Inc.		28,440		56,557
JG Summit Holdings Inc.		132,496		201,267
Jollibee Foods Corp.		21,140		86,613
Megaworld Corp.		533,600		49,433
Metro Pacific Investments Corp.		715,100		76,498
Metropolitan Bank & Trust Co.		20,086		35,991
Philippine Long Distance Telephone Co.		5,250		282,830

Security	Shares		Value
SM Investments Corp.		8,363	$	157,097
SM Prime Holdings Inc.		468,150		195,313
Universal Robina Corp.		47,500		197,154
				2,640,140
SOUTH KOREA — 20.47%
AmorePacific Corp.		1,721		550,749
AmorePacific Group		1,504		218,717
BGF retail Co. Ltd.		463		78,879
BNK Financial Group Inc.		11,334		133,200
Celltrion Inc.a,b		3,553		213,285
Cheil Industries Inc.a		1,679		252,684
Cheil Worldwide Inc.a		4,317		63,509
CJ CheilJedang Corp.		405		134,572
CJ Corp.		783		190,330
CJ Korea Express Co. Ltd.a		340		51,169
Coway Co. Ltd.		2,842		202,803
Daelim Industrial Co. Ltd.		1,468		83,531
Daewoo Engineering & Construction Co. Ltd.a		5,046		27,177
Daewoo International Corp.		2,440		44,973
Daewoo Securities Co. Ltd.		9,679		101,475
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		6,076		34,573
Daum Kakao Corp.		1,578		179,981
DGB Financial Group Inc.		8,520		74,917
Dongbu Insurance Co. Ltd.		2,298		103,364
Dongsuh Cos. Inc.		1,897		71,854
Doosan Corp.		334		29,086
Doosan Heavy Industries & Construction Co. Ltd.		2,555		39,748
Doosan Infracore Co. Ltd.a		7,278		41,105
E-Mart Co. Ltd.		1,123		216,957
GS Engineering & Construction Corp.a		2,873		59,148
GS Holdings Corp.		2,737		107,490
Hana Financial Group Inc.		15,643		359,746
Hankook Tire Co. Ltd.		3,910		122,151
Hanmi Pharm Co. Ltd.a		288		105,923
Hanmi Science Co. Ltd.a		600		81,167
Hanon Systems		2,151		66,108
Hanssem Co. Ltd.		516		138,952
Hanwha Chemical Corp.		5,755		88,314
Hanwha Corp.		2,515		89,628
Hanwha Life Insurance Co. Ltd.		12,238		82,259
Hotel Shilla Co. Ltd.		1,764		179,718

54 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

August 31, 2015

Security	Shares		Value
Hyosung Corp.		1,187	$	128,460
Hyundai Department Store Co. Ltd.		815		103,705
Hyundai Development Co. Engineering & Construction		2,975		150,668
Hyundai Engineering & Construction Co. Ltd.		3,807		106,863
Hyundai Glovis Co. Ltd.		1,024		148,914
Hyundai Heavy Industries Co. Ltd.a		2,189		169,346
Hyundai Marine & Fire Insurance Co. Ltd.		2,815		66,641
Hyundai Merchant Marine Co. Ltd.a		5,181		37,234
Hyundai Mobis Co. Ltd.		3,630		633,773
Hyundai Motor Co.		8,233		1,037,174
Hyundai Steel Co.		4,042		180,784
Hyundai Wia Corp.		860		75,984
Industrial Bank of Korea		15,013		167,552
Kangwon Land Inc.		6,352		228,516
KB Financial Group Inc.		20,645		624,892
KCC Corp.		324		107,521
KEPCO Plant Service & Engineering Co. Ltd.		1,265		134,762
Kia Motors Corp.		13,857		570,565
Korea Aerospace Industries Ltd.		2,364		184,483
Korea Electric Power Corp.		13,860		562,486
Korea Gas Corp.		1,660		56,491
Korea Investment Holdings Co. Ltd.		2,091		123,400
Korea Zinc Co. Ltd.		456		197,783
Korean Air Lines Co. Ltd.a		1,934		54,451
KT Corp.a		1,694		41,321
KT&G Corp.		5,932		554,205
Kumho Petrochemical Co. Ltd.		740		34,286
LG Chem Ltd.		2,509		496,391
LG Corp.		5,124		252,138
LG Display Co. Ltd.		12,420		242,047
LG Electronics Inc.		5,740		215,963
LG Household & Health Care Ltd.		508		344,465
LG Innotek Co. Ltd.		775		60,218
LG Uplus Corp.		10,902		101,393
Lotte Chemical Corp.		815		170,201
Lotte Confectionery Co. Ltd.		33		54,351
Lotte Shopping Co. Ltd.		596		134,796
LS Industrial Systems Co. Ltd.		805		29,403
Mirae Asset Securities Co. Ltd.		1,547		51,076
NAVER Corp.		1,492		625,057
NCsoft Corp.		809		149,454

Security	Shares		Value
NH Investment & Securities Co. Ltd.		6,888	$	56,548
OCI Co. Ltd.b		967		66,797
Orion Corp./Republic of Korea		193		152,246
Paradise Co. Ltd.a		2,508		48,347
POSCO		3,727		598,715
S-1 Corp.		902		71,611
S-Oil Corp.		2,381		120,786
Samsung C&T Corp.		6,747		274,387
Samsung Card Co. Ltd.		1,985		60,838
Samsung Electro-Mechanics Co. Ltd.		3,172		162,790
Samsung Electronics Co. Ltd.		5,905		5,436,944
Samsung Fire & Marine Insurance Co. Ltd.		1,906		434,299
Samsung Heavy Industries Co. Ltd.b		7,950		75,618
Samsung Life Insurance Co. Ltd.		4,250		353,223
Samsung SDI Co. Ltd.		2,896		206,901
Samsung SDS Co. Ltd.		1,670		362,169
Samsung Securities Co. Ltd.		3,063		117,056
Shinhan Financial Group Co. Ltd.		22,844		763,881
Shinsegae Co. Ltd.		374		79,211
SK Holdings Co. Ltd.		1,916		437,387
SK Hynix Inc.		31,184		943,891
SK Innovation Co. Ltd.a		3,536		298,665
SK Networks Co. Ltd.		5,749		31,935
SK Telecom Co. Ltd.		520		107,275
Woori Bank		17,107		131,909
Yuhan Corp.		423		88,874
				25,510,758
TAIWAN — 18.19%
Acer Inc.a		157,062		57,928
Advanced Semiconductor Engineering Inc.		331,434		342,273
Advantech Co. Ltd.		15,894		101,121
Asia Cement Corp.		121,229		130,224
Asia Pacific Telecom Co. Ltd.a		103,000		28,143
Asustek Computer Inc.		37,000		336,612
AU Optronics Corp.		474,000		152,969
Casetek Holdings Ltd.		7,000		26,140
Catcher Technology Co. Ltd.		35,000		357,143
Cathay Financial Holding Co. Ltd.		435,944		628,405
Chailease Holding Co. Ltd.		54,496		87,600
Chang Hwa Commercial Bank Ltd.		274,580		133,340
Cheng Shin Rubber Industry Co. Ltd.		87,776		140,826

CONSOLIDATED SCHEDULES OF INVESTMENTS 55

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

August 31, 2015

Security	Shares		Value
Chicony Electronics Co. Ltd.		28,741	$	71,375
China Airlines Ltd.a		133,000		47,827
China Development Financial Holding Corp.		730,200		210,738
China Life Insurance Co. Ltd./Taiwan		172,726		131,923
China Motor Corp.		25,000		16,981
China Steel Corp.		638,867		382,896
Chunghwa Telecom Co. Ltd.		202,000		613,401
Compal Electronics Inc.		227,000		132,561
CTBC Financial Holding Co. Ltd.		807,098		486,204
CTCI Corp.		32,000		41,308
Delta Electronics Inc.		99,000		495,974
E.Sun Financial Holding Co. Ltd.		364,834		219,219
Eclat Textile Co. Ltd.		9,200		138,413
Epistar Corp.		60,000		48,500
EVA Airways Corp.a		92,426		55,820
Evergreen Marine Corp. Taiwan Ltd.		100,050		43,820
Far Eastern New Century Corp.		179,460		162,714
Far EasTone Telecommunications Co. Ltd.		85,000		186,532
Feng TAY Enterprise Co. Ltd.		15,450		91,648
First Financial Holding Co. Ltd.		424,737		205,606
Formosa Chemicals & Fibre Corp.		170,950		365,691
Formosa Petrochemical Corp.		62,000		138,917
Formosa Plastics Corp.		220,400		485,698
Formosa Taffeta Co. Ltd.		35,000		30,443
Foxconn Technology Co. Ltd.		47,843		134,547
Fubon Financial Holding Co. Ltd.		350,396		602,014
Giant Manufacturing Co. Ltd.		16,000		115,810
Hermes Microvision Inc.		2,000		84,829
Highwealth Construction Corp.		33,800		52,254
Hiwin Technologies Corp.		11,688		59,992
Hon Hai Precision Industry Co. Ltd.		711,528		2,022,877
Hotai Motor Co. Ltd.		13,000		143,042
HTC Corp.		33,000		46,707
Hua Nan Financial Holdings Co. Ltd.		366,968		173,694
Innolux Corp.		450,620		159,274
Inotera Memories Inc.a		130,000		78,313
Inventec Corp.		134,980		61,815
Kinsus Interconnect Technology Corp.		17,000		30,305
Largan Precision Co. Ltd.		5,000		464,101
Lite-On Technology Corp.		116,253		106,477
MediaTek Inc.		80,176		618,520

Security	Shares		Value
Mega Financial Holding Co. Ltd.		526,542	$	394,874
Merida Industry Co. Ltd.		11,350		61,745
Nan Ya Plastics Corp.		254,090		463,104
Novatek Microelectronics Corp.		31,000		103,854
Pegatron Corp.		102,000		263,966
Phison Electronics Corp.		7,000		48,731
Pou Chen Corp.		121,000		195,617
Powertech Technology Inc.		33,000		56,799
President Chain Store Corp.		30,000		200,547
Quanta Computer Inc.		148,000		272,019
Radiant Opto-Electronics Corp.		23,363		68,073
Realtek Semiconductor Corp.		24,140		43,330
Ruentex Development Co. Ltd.		42,888		45,872
Ruentex Industries Ltd.		29,855		47,623
Shin Kong Financial Holding Co. Ltd.		431,138		102,299
Siliconware Precision Industries Co. Ltd.		161,000		197,935
Simplo Technology Co. Ltd.		16,200		53,774
SinoPac Financial Holdings Co. Ltd.		518,499		178,485
Standard Foods Corp.		19,913		45,229
Synnex Technology International Corp.		69,000		73,377
Taishin Financial Holding Co. Ltd.		393,067		137,723
Taiwan Business Banka		179,045		45,124
Taiwan Cement Corp.		177,000		189,588
Taiwan Cooperative Financial Holding Co. Ltd.		435,463		184,700
Taiwan Fertilizer Co. Ltd.		42,000		53,120
Taiwan Glass Industry Corp.a		53,450		21,521
Taiwan Mobile Co. Ltd.		89,000		267,525
Taiwan Semiconductor Manufacturing Co. Ltd.		1,316,000		5,217,728
Teco Electric and Machinery Co. Ltd.		103,000		77,560
TPK Holding Co. Ltd.		16,591		41,559
Transcend Information Inc.		12,000		32,346
U-Ming Marine Transport Corp.		22,000		21,807
Uni-President Enterprises Corp.		266,650		475,341
United Microelectronics Corp.		664,000		219,388
Vanguard International Semiconductor Corp.		43,000		48,900
Wan Hai Lines Ltd.		22,000		15,146
Wistron Corp.		109,736		54,301
WPG Holdings Ltd.		75,000		70,883

56 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

August 31, 2015

Security	Shares		Value
Yang Ming Marine Transport Corp.a		79,000	$	25,373
Yuanta Financial Holding Co. Ltd.		475,893		190,878
Yulon Motor Co. Ltd.		42,000		38,016
Zhen Ding Technology Holding Ltd.		18,455		52,354
				22,679,638
THAILAND — 3.36%
Advanced Info Service PCL NVDR		55,000		365,183
Airports of Thailand PCL NVDR		23,600		181,716
Bangkok Bank PCL Foreign		11,900		54,611
Bangkok Bank PCL NVDRb		17,300		79,393
Bangkok Dusit Medical Services PCL NVDR		204,800		111,413
Banpu PCL NVDRb		49,500		28,447
BEC World PCL NVDR		52,100		53,779
BTS Group Holdings PCL NVDR		313,200		85,192
Bumrungrad Hospital PCL NVDR		18,700		120,511
Central Pattana PCL NVDR		71,800		90,138
Charoen Pokphand Foods PCL NVDR		168,600		89,368
CP ALL PCL NVDR		231,900		329,946
Delta Electronics Thailand PCL NVDRb		26,400		64,076
Energy Absolute PCL NVDR		60,300		34,318
Glow Energy PCL NVDR		27,700		76,311
Home Product Center PCL NVDR		198,445		40,414
Indorama Ventures PCL NVDR		74,400		45,248
IRPC PCL NVDR		486,700		51,596
Kasikornbank PCL Foreign		61,800		312,060
Kasikornbank PCL NVDR		34,500		173,727
Krung Thai Bank PCL NVDRb		188,550		95,735
Minor International PCL NVDRb		89,780		66,374
PTT Exploration & Production PCL NVDR		75,610		167,694
PTT Global Chemical PCL NVDR		88,200		147,636
PTT PCL NVDR		54,000		403,738
Siam Cement PCL (The) Foreign		17,000		225,750
Siam Cement PCL (The) NVDR		5,800		77,668
Siam Commercial Bank PCL (The) NVDR		84,300		333,954
Thai Oil PCL NVDR		40,900		58,763
Thai Union Frozen Products PCL NVDR		96,400		46,795

Security	Shares		Value
TMB Bank PCL NVDR		736,900	$	48,517
True Corp. PCL NVDRa		471,390		127,563
				4,187,634
TOTAL COMMON STOCKS
(Cost: $140,084,477)				122,873,564
PREFERRED STOCKS — 0.98%
SOUTH KOREA — 0.98%
AmorePacific Corp.		484		74,682
Hyundai Motor Co.		1,283		105,222
Hyundai Motor Co. Series 2		2,070		175,016
LG Chem Ltd.		402		58,800
Samsung Electronics Co. Ltd.		1,104		812,073
				1,225,793
TOTAL PREFERRED STOCKS
(Cost: $1,455,086)				1,225,793
SHORT-TERM INVESTMENTS — 4.95%
MONEY MARKET FUNDS — 4.95%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%d,e,f		5,828,714		5,828,714
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%d,e,f		334,713		334,713
				6,163,427
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,163,427)				6,163,427
TOTAL INVESTMENTS IN SECURITIES — 104.51%
(Cost: $147,702,990)				130,262,784
Other Assets, Less Liabilities — (4.51)%				(5,625,748	)
NET ASSETS — 100.00%			$	124,637,036

NVDR — Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULES OF INVESTMENTS 57

Consolidated Schedule of Investments

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.34%
BRAZIL — 2.35%
Ambev SA		2,028,600	$	10,632,432
BRF SA		193,200		3,687,628
Cielo SA		1,806,948		19,025,727
Souza Cruz SA		531,300		3,871,426
TOTVS SA		728,100		6,336,954
Tractebel Energia SA		289,800		2,668,650
Transmissora Alianca de Energia Eletrica SA Units		821,100		4,170,595
Ultrapar Participacoes SA		435,100		7,582,071
				57,975,483
CHILE — 3.94%
AES Gener SA		7,666,176		3,856,662
Aguas Andinas SA Series A		29,762,460		15,427,772
Banco de Chile		284,587,003		29,416,800
Banco de Credito e Inversiones		60,142		2,627,587
Cia. Cervecerias Unidas SA		391,230		4,336,131
Colbun SA		64,232,721		17,452,850
Empresa Nacional de Electricidad SA/Chile		10,992,114		13,631,916
Empresas COPEC SA		226,527		2,215,202
SACI Falabella		318,780		1,968,421
Vina Concha y Toro SA		3,569,853		5,991,156
				96,924,497
CHINA — 18.21%
AAC Technologies Holdings Inc.a		1,449,000		8,161,089
Agricultural Bank of China Ltd. Class H		19,320,000		7,802,737
Bank of China Ltd. Class H		50,715,000		23,165,154
Bank of Communications Co. Ltd. Class H		3,381,000		2,547,731
Beijing Enterprises Holdings Ltd.		2,415,000		14,100,393
Beijing Enterprises Water Group Ltd.a		11,592,000		8,301,314
China CITIC Bank Corp. Ltd. Class Hb		5,313,000		3,256,334
China Communications Services Corp. Ltd. Class H		16,422,000		6,039,019
China Construction Bank Corp. Class H		27,048,000		19,020,729
China Everbright Bank Co. Ltd. Class H		14,973,000		6,839,236
China Gas Holdings Ltd.a		966,000		1,410,974

Security	Shares		Value
China Life Insurance Co. Ltd. Class H		974,000	$	3,368,133
China Medical System Holdings Ltd.a		5,796,000		6,297,033
China Mengniu Dairy Co. Ltd.		3,395,000		11,871,472
China Merchants Holdings International Co. Ltd.a		966,000		3,228,289
China Minsheng Banking Corp. Ltd. Class H		1,449,100		1,404,215
China Mobile Ltd.		2,430,000		29,442,004
China Petroleum & Chemical Corp. Class H		16,884,000		11,241,404
China Resources Gas Group Ltd.a		4,830,000		12,744,885
China Resources Power Holdings Co. Ltd.		2,898,000		7,097,250
CSPC Pharmaceutical Group Ltd.		11,592,000		10,619,699
Dalian Wanda Commercial Properties Co. Ltd. Class Hc		1,159,200		7,119,686
ENN Energy Holdings Ltd.		412,000		2,102,515
Guangdong Investment Ltd.		15,456,000		20,900,366
Haier Electronics Group Co. Ltd.		1,502,000		2,693,892
Hanergy Thin Film Power Group Ltd.a,b		39,762,000		51
Hengan International Group Co. Ltd.a		2,184,500		21,436,149
Industrial & Commercial Bank of China Ltd. Class H		24,633,000		14,557,214
Inner Mongolia Yitai Coal Co. Ltd. Class B		6,134,119		5,189,465
Jiangsu Expressway Co. Ltd. Class H		15,524,000		18,348,248
Lenovo Group Ltd.a		12,786,000		10,492,701
Luye Pharma Group Ltd.b		2,415,000		2,056,632
PetroChina Co. Ltd. Class H		4,830,000		4,013,548
Semiconductor Manufacturing International Corp.a,b		27,531,000		2,415,608
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		1,932,000		1,351,145
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		2,125,200		4,431,356
Shenzhou International Group Holdings Ltd.a		4,830,000		24,399,133
Sihuan Pharmaceutical Holdings Group Ltd.		10,904,000		2,110,438
Sino Biopharmaceutical Ltd.		15,504,000		18,404,630

58 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

August 31, 2015

Security	Shares		Value
Sinopharm Group Co. Ltd. Class H		579,600	$	2,194,987
SOHO China Ltd.a		21,010,500		8,973,459
Sun Art Retail Group Ltd.a		17,629,500		14,694,946
Tencent Holdings Ltd.		1,255,800		21,356,564
Tingyi Cayman Islands Holding Corp.		6,016,000		9,252,936
Tsingtao Brewery Co. Ltd. Class H		1,240,000		6,095,961
Want Want China Holdings Ltd.a		2,415,000		1,947,568
Zhejiang Expressway Co. Ltd. Class H		17,388,000		18,666,739
ZTE Corp. Class H		2,634,120		5,308,992
				448,474,023
COLOMBIA — 0.66%
Almacenes Exito SA		551,103		2,989,335
Corp. Financiera Colombiana SA		293,181		3,478,178
Ecopetrol SA		8,987,664		4,634,015
Isagen SA ESP		5,419,743		5,150,814
				16,252,342
CZECH REPUBLIC — 0.36%
CEZ AS		291,249		6,647,465
Komercni Banka AS		9,660		2,197,592
				8,845,057
EGYPT — 0.61%
Commercial International Bank Egypt SAE		2,333,648		14,937,636
				14,937,636
HUNGARY — 0.08%
Richter Gedeon Nyrt		134,757		2,057,285
				2,057,285
INDIA — 3.02%
Cipla Ltd.		211,071		2,165,958
Coal India Ltd.		310,569		1,711,575
Dabur India Ltd.		4,235,427		17,397,267
Divi’s Laboratories Ltd.		258,405		9,189,850
Dr. Reddy’s Laboratories Ltd.		165,669		10,723,065
HCL Technologies Ltd.		113,440		1,657,103
Hindustan Unilever Ltd.		336,168		4,353,622
Infosys Ltd.		103,362		1,701,683
Sun Pharmaceuticals Industries Ltd.		944,838		12,777,166
Tata Consultancy Services Ltd.		78,246		3,018,077

Security	Shares		Value
Tech Mahindra Ltd.		244,398	$	1,893,418
Wipro Ltd.		912,387		7,848,107
				74,436,891
INDONESIA — 6.60%
Astra Agro Lestari Tbk PT		2,415,000		2,943,550
Bank Central Asia Tbk PT		37,674,000		34,590,363
Bank Danamon Indonesia Tbk PT		20,672,400		5,201,205
Bank Mandiri Persero Tbk PT		18,305,700		11,856,361
Bank Negara Indonesia Persero Tbk PT		11,012,400		3,879,814
Bank Rakyat Indonesia Persero Tbk PT		14,345,100		10,848,163
Gudang Garam Tbk PT		531,300		1,682,765
Indocement Tunggal Prakarsa Tbk PT		775,800		1,083,635
Indofood CBP Sukses Makmur Tbk PT		2,946,300		2,673,689
Indofood Sukses Makmur Tbk PT		29,076,600		10,968,397
Jasa Marga Persero Tbk PT		27,917,400		10,233,068
Kalbe Farma Tbk PT		134,032,500		15,978,963
Perusahaan Gas Negara Persero Tbk PT		6,810,300		1,347,518
Tambang Batubara Bukit Asam Persero Tbk PT		2,656,500		1,106,087
Telekomunikasi Indonesia Persero Tbk PT		98,773,500		20,176,509
Tower Bersama Infrastructure Tbk PTb		14,973,000		7,646,354
Unilever Indonesia Tbk PT		7,196,700		20,347,965
				162,564,406
MALAYSIA — 7.89%
Astro Malaysia Holdings Bhd		1,551,400		1,071,205
Axiata Group Bhd		13,330,800		19,488,360
Berjaya Sports Toto Bhd		1,690,597		1,187,443
DiGi.Com Bhda		2,318,400		2,886,960
Hong Leong Bank Bhda		5,409,600		16,847,040
IHH Healthcare Bhd		22,556,100		31,417,425
Malayan Banking Bhda		13,717,200		28,610,160
Maxis Bhda		14,007,000		21,910,950
Petronas Chemicals Group Bhda		4,781,700		6,910,695
Petronas Dagangan Bhd		386,400		1,946,720
Petronas Gas Bhda		2,366,700		12,013,820
Public Bank Bhda		7,293,380		31,257,343
Sime Darby Bhda		3,381,000		5,997,250

CONSOLIDATED SCHEDULES OF INVESTMENTS 59

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

August 31, 2015

Security	Shares		Value
Telekom Malaysia Bhd		5,023,200	$	7,762,040
Tenaga Nasional Bhd		1,835,400		4,885,660
				194,193,071
MEXICO — 3.39%
America Movil SAB de CV		9,128,700		8,307,226
Arca Continental SAB de CV		2,223,400		12,660,660
Coca-Cola Femsa SAB de CV Series L		386,400		2,774,803
El Puerto de Liverpool SAB de CV Series C1		2,270,100		27,040,976
Fibra Uno Administracion SA de CV		966,000		2,066,135
Gruma SAB de CV Series B		434,700		5,831,923
Grupo Aeroportuario del Pacifico SAB de CV Series B		1,014,300		8,485,544
Grupo Aeroportuario del Sureste SAB de CV Series B		338,100		4,912,323
Grupo Bimbo SAB de CVb		531,300		1,364,029
Wal-Mart de Mexico SAB de CV		4,153,800		9,933,969
				83,377,588
PERU — 1.05%
Cia. de Minas Buenaventura SA ADR		357,903		2,261,947
Credicorp Ltd.		213,969		23,532,311
				25,794,258
PHILIPPINES — 3.98%
Aboitiz Power Corp.		14,586,600		13,497,442
Bank of the Philippine Islands		10,674,304		19,320,627
BDO Unibank Inc.		6,158,250		12,977,913
International Container Terminal Services Inc.		4,873,470		9,691,678
Jollibee Foods Corp.		2,337,730		9,577,991
Metropolitan Bank & Trust Co.		4,402,141		7,887,876
Philippine Long Distance Telephone Co.		466,099		25,109,912
				98,063,439
POLAND — 1.58%
Bank Pekao SA		235,704		10,055,679
Bank Zachodni WBK SAb		58,926		4,732,636
PGE Polska Grupa Energetyczna SA		3,975,573		16,449,630
Powszechny Zaklad Ubezpieczen SA		66,364		7,578,124
				38,816,069

Security	Shares		Value
QATAR — 3.65%
Commercial Bank QSC (The)		1,518,440	$	23,937,397
Doha Bank QSC		355,005		5,157,717
Industries Qatar QSC		114,954		4,198,974
Masraf Al Rayan QSC		104,811		1,255,049
Ooredoo QSC		207,690		3,964,312
Qatar Electricity & Water Co. QSC		369,495		22,223,890
Qatar Insurance Co. SAQ		222,663		5,992,962
Qatar Islamic Bank SAQ		437,115		13,565,679
Qatar National Bank SAQ		173,880		8,548,109
Vodafone Qatar QSC		272,412		1,058,644
				89,902,733
RUSSIA — 0.21%
Rosneft OAO		906,120		3,302,204
Rosneft OAO GDRd		534,949		2,015,688
				5,317,892
SOUTH AFRICA — 5.92%
Aspen Pharmacare Holdings Ltd.		197,064		5,088,595
Bidvest Group Ltd. (The)		268,681		6,459,647
Discovery Ltd.		633,505		6,400,362
Foschini Group Ltd. (The)		239,085		2,701,912
Liberty Holdings Ltd.		497,490		4,830,783
Life Healthcare Group Holdings Ltd.		2,938,089		8,430,455
Mediclinic International Ltd.		218,015		1,751,122
Mr. Price Group Ltd.		213,969		3,849,563
MTN Group Ltd.		80,178		1,069,725
Nedbank Group Ltd.		555,450		9,881,832
Netcare Ltd.		1,200,255		3,606,850
Pick n Pay Stores Ltd.		1,231,650		5,812,714
Rand Merchant Insurance Holdings Ltd.		2,403,891		7,608,070
Redefine Properties Ltd.		12,799,752		11,077,984
Sasol Ltd.		146,832		4,703,650
Shoprite Holdings Ltd.		776,181		9,501,367
SPAR Group Ltd. (The)		566,076		8,108,596
Standard Bank Group Ltd.		2,387,469		26,300,542
Tiger Brands Ltd.		173,397		3,919,138
Tsogo Sun Holdings Ltd.		579,117		1,026,010
Vodacom Group Ltd.		1,278,501		13,637,794
				145,766,711

60 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

August 31, 2015

Security	Shares		Value
SOUTH KOREA — 11.74%
AmorePacific Corp.		46,034	$	14,731,658
AmorePacific Group		72,118		10,487,674
Cheil Worldwide Inc.b		128,824		1,895,191
CJ CheilJedang Corp.		16,905		5,617,134
Coway Co. Ltd.		50,048		3,571,381
Dongbu Insurance Co. Ltd.		337,617		15,185,986
E-Mart Co. Ltd.		18,837		3,639,192
Hyundai Marine & Fire Insurance Co. Ltd.a		658,329		15,585,045
Hyundai Wia Corp.		16,560		1,463,133
Kangwon Land Inc.		515,844		18,557,736
KEPCO Plant Service & Engineering Co. Ltd.		110,607		11,783,117
Kia Motors Corp.		161,514		6,650,376
Korea Electric Power Corp.		246,330		9,996,906
KT Corp.b		232,323		5,666,894
KT&G Corp.		363,033		33,916,843
LG Display Co. Ltd.		52,385		1,020,904
Lotte Shopping Co. Ltd.		12,075		2,730,977
NAVER Corp.		3,659		1,532,897
Orion Corp./Republic of Korea		11,109		8,763,219
S-1 Corp.a		213,486		16,948,920
Samsung Electronics Co. Ltd.		9,241		8,508,517
Samsung Fire & Marine Insurance Co. Ltd.		65,688		14,967,589
Samsung Life Insurance Co. Ltd.		198,513		16,498,692
SK Holdings Co. Ltd.		57,477		13,120,938
SK Hynix Inc.		269,633		8,161,371
SK Telecom Co. Ltd.		76,797		15,843,135
Yuhan Corp.a		105,777		22,224,126
				289,069,551
TAIWAN — 16.77%
Advanced Semiconductor Engineering Inc.		1,941,000		2,004,475
Advantech Co. Ltd.		1,932,481		12,294,799
Asia Cement Corp.		13,199,125		14,178,431
Asustek Computer Inc.		1,103,000		10,034,669
Chicony Electronics Co. Ltd.		4,381,579		10,881,226
China Airlines Ltd.b		25,116,828		9,032,053
China Steel Corp.		23,667,517		14,184,798
Chunghwa Telecom Co. Ltd.		13,524,000		41,067,470
Delta Electronics Inc.		1,936,000		9,699,041
EVA Airways Corp.b		3,949,899		2,385,527

Security	Shares		Value
Far EasTone Telecommunications Co. Ltd.		13,617,000	$	29,882,401
First Financial Holding Co. Ltd.		36,422,946		17,631,590
Formosa Chemicals & Fibre Corp.		483,300		1,033,860
Formosa Petrochemical Corp.		4,830,000		10,822,074
Formosa Plastics Corp.		4,023,840		8,867,388
Formosa Taffeta Co. Ltd.		6,792,000		5,907,721
Foxconn Technology Co. Ltd.		4,391,328		12,349,598
Hon Hai Precision Industry Co. Ltd.		2,415,000		6,865,856
HTC Corp.		3,864,000		5,468,933
Hua Nan Financial Holdings Co. Ltd.		32,825,175		15,536,873
Kinsus Interconnect Technology Corp.		2,898,000		5,166,093
Lite-On Technology Corp.		16,018,548		14,671,525
MediaTek Inc.		483,000		3,726,119
Novatek Microelectronics Corp.		200,000		670,027
President Chain Store Corp.		1,940,000		12,968,711
Quanta Computer Inc.		966,000		1,775,473
Standard Foods Corp.		1,140,340		2,590,089
Synnex Technology International Corp.		9,660,000		10,272,805
Taiwan Business Bankb		9,846,921		2,481,705
Taiwan Cement Corp.		6,762,000		7,242,922
Taiwan Cooperative Financial Holding Co. Ltd.		63,900,375		27,103,060
Taiwan Mobile Co. Ltd.		10,189,000		30,627,127
Taiwan Semiconductor Manufacturing Co. Ltd.		9,177,000		36,385,327
Transcend Information Inc.		2,898,000		7,811,489
U-Ming Marine Transport Corp.		5,796,000		5,745,052
United Microelectronics Corp.		5,313,000		1,755,432
WPG Holdings Ltd.		1,932,000		1,825,947
				412,947,686
THAILAND — 3.90%
Advanced Info Service PCL NVDR		1,305,800		8,670,119
Bangkok Bank PCL NVDRa		1,110,900		5,098,146
Bangkok Dusit Medical Services PCL NVDR		16,101,700		8,759,469
BTS Group Holdings PCL NVDR		79,501,800		21,624,844
CP ALL PCL NVDR		10,995,400		15,644,173
Delta Electronics Thailand PCL NVDR		3,042,900		7,385,474

CONSOLIDATED SCHEDULES OF INVESTMENTS 61

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

August 31, 2015

Security	Shares		Value
Glow Energy PCL NVDR		2,511,600	$	6,919,250
Kasikornbank PCL NVDRa		1,034,000		5,206,779
PTT Exploration & Production PCL NVDR		1,143,100		2,535,262
PTT PCL NVDR		1,555,300		11,628,411
Thai Oil PCL NVDR		1,738,800		2,498,206
				95,970,133
UNITED ARAB EMIRATES — 2.43%
Abu Dhabi Commercial Bank PJSC		1,757,637		3,828,180
DP World Ltd.		771,351		17,201,127
First Gulf Bank PJSC		4,571,595		17,860,467
National Bank of Abu Dhabi PJSC		7,406,842		20,971,987
				59,861,761
TOTAL COMMON STOCKS (Cost: $2,701,179,502)				2,421,548,512
PREFERRED STOCKS — 1.11%
COLOMBIA — 0.89%
Banco Davivienda SA		913,836		7,042,460
Grupo de Inversiones Suramericana SA		1,310,862		14,865,052
				21,907,512
RUSSIA — 0.18%
AK Transneft OAO		1,899		4,383,183
				4,383,183
SOUTH KOREA — 0.04%
Samsung Electronics Co. Ltd.		1,449		1,065,847
				1,065,847
TOTAL PREFERRED STOCKS (Cost: $40,718,162)				27,356,542
SHORT-TERM INVESTMENTS — 3.12%
MONEY MARKET FUNDS — 3.12%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%e,f,g		72,529,174		72,529,174
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%e,f,g		4,164,982		4,164,982
				76,694,156
TOTAL SHORT-TERM INVESTMENTS (Cost: $76,694,156)				76,694,156

	Value
TOTAL INVESTMENTS IN SECURITIES — 102.57% (Cost: $2,818,591,820)	$	2,525,599,210
Other Assets, Less Liabilities — (2.57)%		(63,242,222	)
NET ASSETS — 100.00%	$	2,462,356,988

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

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

^b  Non-income earning security.

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

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

^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 consolidated financial statements.

62 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.97%
BRAZIL — 2.15%
Aliansce Shopping Centers SA		12,500	$	38,095
Alupar Investimento SA Units		10,900		43,723
Arezzo Industria e Comercio SA		7,600		45,655
Banco ABC Brasil SAa		262		653
BR Properties SA		24,200		67,107
Cia. de Saneamento de Minas Gerais-COPASA		9,600		25,039
Cia. Hering		19,900		75,945
Direcional Engenharia SA		28,300		26,185
Even Construtora e Incorporadora SA		41,000		39,286
EZ TEC Empreendimentos e Participacoes SA		9,098		32,922
Fleury SA		12,000		54,692
Gafisa SAa		69,300		43,381
Helbor Empreendimentos SA		20,740		11,389
Iguatemi Empresa de Shopping Centers SA		12,300		69,567
Iochpe-Maxion SA		16,700		68,730
JSL SA		12,700		33,823
Light SA		12,900		41,403
Linx SA		5,600		67,020
LPS Brasil Consultoria de Imoveis SA		35,000		30,654
Marfrig Global Foods SAa		45,000		79,072
Marisa Lojas SA		8,800		20,609
Mills Estruturas e Servicos de Engenharia SAa		23,500		31,615
MRV Engenharia e Participacoes SA		36,400		63,661
Multiplus SA		6,400		66,298
PDG Realty SA Empreendimentos e Participacoesa		330,700		8,172
Restoque Comercio e Confeccoes de Roupas SA		23,900		27,363
Rumo Logistica Operadora Multimodal SAa		21,697		46,941
Santos Brasil Participacoes SA Units		7,500		24,710
Sao Martinho SA		9,000		75,217
SLC Agricola SA		10,700		47,268
Smiles SA		10,800		141,855
Tecnisa SA		25,600		21,086
Tegma Gestao Logisticaa		15,400		22,409

Security	Shares		Value
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		11,200	$	144,372
				1,635,917
CHILE — 0.99%
Administradora de Fondos de Pensiones Habitat SA		57,695		68,817
Besalco SA		140,022		51,304
Cia. Sud Americana de Vapores SAa		1,887,421		52,670
E.CL SA		76,993		107,989
Inversiones Aguas Metropolitanas SA		55,181		78,110
Inversiones La Construccion SA		2,987		32,132
Parque Arauco SA		108,115		188,984
Ripley Corp. SA		80,011		26,587
SalfaCorp SA		104,395		57,183
Sociedad Matriz SAAM SA		1,312,051		89,367
				753,143
CHINA — 21.08%
361 Degrees International Ltd.		254,000		77,674
Agile Property Holdings Ltd.		236,000		115,715
AGTech Holdings Ltd.a		304,000		49,424
Ajisen China Holdings Ltd.		195,000		75,987
Anhui Expressway Co. Ltd. Class H		136,000		104,061
Anton Oilfield Services Group/Hong Konga,b		322,000		42,379
Anxin-China Holdings Ltd.a		1,084,000		41,348
Asia Cement China Holdings Corp.		176,500		55,796
AVIC International Holding HK Ltd.a,b		580,000		62,864
Baoxin Auto Group Ltd.b		171,000		57,809
Beijing Capital Land Ltd. Class H		264,000		105,599
Beijing Enterprises Medical & Health Group Ltd.a		708,000		64,862
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		112,000		123,127
Biostime International Holdings Ltd.b		32,000		52,769
Boshiwa International Holding Ltd.a,b		32,000		619
Bosideng International Holdings Ltd.b		692,000		64,289
BYD Electronic International Co. Ltd.a,b		147,000		84,975
C C Land Holdings Ltd.		496,000		118,399
Carnival Group International Holdings Ltd.a,b		692,000		86,611

CONSOLIDATED SCHEDULES OF INVESTMENTS 63

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Central China Securities Co. Ltd. Class Hb		190,000	$	104,928
China Animal Healthcare Ltd.a,b		126,000		8,129
China BlueChemical Ltd. Class H		384,000		109,006
China Datang Corp. Renewable Power Co. Ltd. Class Ha		726,000		91,803
China Dongxiang Group Co. Ltd.		669,000		166,602
China Electronics Corp. Holdings Co. Ltd.b		214,000		63,233
China Foods Ltd.a		206,000		95,690
China Harmony New Energy Auto Holding Ltd.b		142,000		63,029
China High Speed Transmission Equipment Group Co. Ltd.a		196,000		134,797
China Huarong Energy Co. Ltd.a,b		1,140,000		45,600
China Huiyuan Juice Group Ltd.a		179,500		59,524
China Innovationpay Group Ltd.a,b		804,000		48,758
China Jicheng Holdings Ltd.a,c		450,000		119,032
China Lesso Group Holdings Ltd.b		264,000		185,310
China Lilang Ltd.b		176,000		151,473
China LotSynergy Holdings Ltd.b		1,540,000		63,587
China Lumena New Materials Corp.a,b		210,000		3,387
China Merchants Land Ltd.b		264,000		41,558
China Metal Recycling Holdings Ltd.a		12,000		—
China Modern Dairy Holdings Ltd.b		355,000		92,528
China Oceanwide Holdings Ltd.a,b		716,000		103,473
China Oil & Gas Group Ltd.a,b		1,470,000		92,941
China Overseas Grand Oceans Group Ltd.b		266,000		84,090
China Power New Energy Development Co. Ltd.b		1,080,000		55,742
China Precious Metal Resources Holdings Co. Ltd.a,b		882,000		33,004
China Rare Earth Holdings Ltd.a		761,600		65,841
China Regenerative Medicine International Ltd.a,b		1,900,000		100,516
China Resources and Transportation Group Ltd.a,b		4,000,000		30,968
China Shanshui Cement Group Ltd.a,b		253,000		152,419
China Shineway Pharmaceutical Group Ltd.		93,000		111,599

Security	Shares		Value
China Singyes Solar Technologies Holdings Ltd.b		152,000	$	94,337
China Suntien Green Energy Corp. Ltd. Class Hb		422,000		68,064
China Traditional Chinese Medicine Co. Ltd.a		306,000		213,606
China Travel International Investment Hong Kong Ltd.		476,000		165,831
China Vanadium Titano-Magnetite Mining Co. Ltd.a,b		1,286,000		56,418
China Water Affairs Group Ltd.b		276,000		120,371
China Yurun Food Group Ltd.a,b		313,000		72,292
China ZhengTong Auto Services Holdings Ltd.b		189,000		74,868
Chinasoft International Ltd.a,b		270,000		88,490
Chongqing Machinery & Electric Co. Ltd. Class H		558,000		72,000
CIFI Holdings Group Co. Ltd.		380,000		71,096
CIMC Enric Holdings Ltd.b		112,000		58,962
CITIC Dameng Holdings Ltd.a,b		394,000		33,045
CITIC Resources Holdings Ltd.a,b		550,000		84,451
Cogobuy Groupa,b,c		75,000		66,096
Colour Life Services Group Co. Ltd.b		79,000		58,409
Comba Telecom Systems Holdings Ltd.b		305,030		59,431
Coolpad Group Ltd.		492,000		91,416
COSCO International Holdings Ltd.b		230,000		114,150
Cosmo Lady China Holdings Co. Ltd.c		76,000		81,589
CT Environmental Group Ltd.b		528,000		173,047
Dah Chong Hong Holdings Ltd.b		212,000		76,593
Dazhong Transportation Group Co. Ltd. Class B		92,700		82,132
Digital China Holdings Ltd.		159,000		139,099
Dongyue Group Ltd.		327,000		78,480
EverChina International Holdings Co. Ltd.a		1,445,000		48,477
Fantasia Holdings Group Co. Ltd.b		466,500		49,358
FDG Electric Vehicles Ltd.a,b		1,980,000		122,632
First Tractor Co. Ltd. Class H		112,000		64,309
Fufeng Group Ltd.b		224,400		99,894
Fullshare Holdings Ltd.a		750,000		112,257
Golden Eagle Retail Group Ltd.b		117,000		130,284
Greatview Aseptic Packaging Co. Ltd.b		257,000		118,385

64 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Greenland Hong Kong Holdings Ltd.a		114,000	$	50,160
Hangzhou Steam Turbine Co. Class B		95,780		126,285
Harbin Electric Co. Ltd. Class Hb		174,000		91,153
HC International Inc.a,b		78,000		33,515
Hengdeli Holdings Ltd.		709,600		98,886
Hi Sun Technology China Ltd.a,b		366,000		60,449
Hisense Kelon Electrical Holdings Co. Ltd. Class Ha		88,000		45,419
Honbridge Holdings Ltd.a,b		540,000		71,071
Hopewell Highway Infrastructure Ltd.		302,500		144,809
Hopson Development Holdings Ltd.a,b		124,000		95,359
Hua Han Bio-Pharmaceutical Holdings Ltd. Class H		824,400		105,310
Huabao International Holdings Ltd.b		330,000		109,857
Imperial Pacific International Holdings Ltd.a,b		6,880,000		168,670
Intime Retail Group Co. Ltd.b		167,000		175,618
Jiangsu Future Land Co. Ltd. Class B		89,900		145,728
Ju Teng International Holdings Ltd.b		210,000		80,206
Kaisa Group Holdings Ltd.a,b		276,000		17,806
Kingboard Chemical Holdings Ltd.b		97,000		125,911
Kingdee International Software Group Co. Ltd.b		362,000		124,247
KWG Property Holding Ltd.		214,500		135,619
Lao Feng Xiang Co. Ltd. Class B		44,900		166,534
Launch Tech Co. Ltd.a		28,000		32,697
Lee & Man Paper Manufacturing Ltd.		246,000		140,933
Leyou Technologies Holdings Ltd.a,b		485,000		43,806
Li Ning Co. Ltd.a,b		251,500		116,176
Lifetech Scientific Corp.a,b		362,000		50,446
Lonking Holdings Ltd.		769,000		105,179
Luthai Textile Co. Ltd. Class B		96,000		117,181
MIE Holdings Corp.a		368,000		43,210
Minth Group Ltd.b		126,000		219,157
MMG Ltd.a,b		368,000		75,974
National Agricultural Holdings Ltd.a,b		144,000		57,971
NetDragon Websoft Inc.		38,000		90,709
New World Department Store China Ltd.		271,000		48,605

Security	Shares		Value
Nexteer Automotive Group Ltd.		150,000	$	141,289
North Mining Shares Co. Ltd.a,b		2,660,000		37,068
NVC Lighting Holding Ltd.		108,000		16,185
PAX Global Technology Ltd.b		132,000		122,972
Peak Sport Products Co. Ltd.b		387,000		92,879
Phoenix Healthcare Group Co. Ltd.b		86,500		125,452
Phoenix Satellite Television Holdings Ltd.b		428,000		91,674
Poly Property Group Co. Ltd.b		395,000		105,503
Renhe Commercial Holdings Co. Ltd.a,b		2,450,000		135,935
REXLot Holdings Ltd.b		1,500,000		19,355
Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. Class H		48,000		80,144
Shanghai Baosight Software Co. Ltd. Class B		27,900		81,217
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B		75,600		111,132
Shenguan Holdings Group Ltd.		386,000		54,787
Shenzhen Expressway Co. Ltd. Class Hb		174,000		113,604
Shenzhen International Holdings Ltd.		205,000		283,560
Shenzhen Investment Ltd.b		578,000		204,350
Shougang Concord International Enterprises Co. Ltd.a,b		1,450,000		58,935
Shougang Fushan Resources Group Ltd.b		568,000		71,824
Shunfeng International Clean Energy Ltd.a		304,000		72,960
Sino Oil And Gas Holdings Ltd.a,b		3,335,000		77,888
Sinopec Kantons Holdings Ltd.b		210,000		111,367
Sinotrans Shipping Ltd.b		435,000		80,825
Skyworth Digital Holdings Ltd.b		366,000		211,098
SMI Holdings Group Ltd.		608,000		40,010
Sound Global Ltd.a		80,000		60,181
Springland International Holdings Ltd.b		349,000		92,316
SSY Group Ltd.		460,000		132,360
Sunny Optical Technology Group Co. Ltd.b		120,000		200,050
Superb Summit International Group Ltd.a,b		238,250		6,148

CONSOLIDATED SCHEDULES OF INVESTMENTS 65

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
TCL Communication Technology Holdings Ltd.b		129,000	$	87,220
Tech Pro Technology Development Ltd.a,b		1,078,400		262,989
Texhong Textile Group Ltd.		70,500		60,038
Tianjin Development Holdings Ltd.		174,000		112,257
Tianjin Port Development Holdings Ltd.b		424,000		66,745
Tianneng Power International Ltd.a		278,000		110,841
Tibet 5100 Water Resources Holdings Ltd.b		421,000		113,533
Tong Ren Tang Technologies Co. Ltd. Class Hb		140,000		181,005
Towngas China Co. Ltd.b		185,000		117,683
V1 Group Ltd.a,b		1,038,000		69,646
Vinda International Holdings Ltd.		64,000		123,375
Wasion Group Holdings Ltd.b		134,000		129,158
West China Cement Ltd.a		554,000		90,784
Wisdom Holdings Groupb		144,000		58,529
Xiamen International Port Co. Ltd. Class H		202,000		49,522
Xingda International Holdings Ltd.b		359,000		72,263
Xinjiang Xinxin Mining Industry Co. Ltd. Class Ha		348,000		39,515
Xinyi Solar Holdings Ltd.b		486,000		162,417
XTEP International Holdings Ltd.		207,500		89,425
Yanchang Petroleum International Ltd.a,b		2,880,000		86,585
Yingde Gases Group Co. Ltd.		202,500		84,396
Yip’s Chemical Holdings Ltd.b		210,000		92,128
Yuexiu REIT		320,000		168,463
Yuexiu Transport Infrastructure Ltd.b		196,000		117,093
Yuxing InfoTech Investment Holdings Ltd.b		206,000		85,058
Zhaojin Mining Industry Co. Ltd. Class Hb		189,000		94,134
Zhongsheng Group Holdings Ltd.		171,000		71,489
				16,046,758
CZECH REPUBLIC — 0.03%
Philip Morris CR AS		42		19,256
				19,256
EGYPT — 0.78%
Egypt Kuwait Holding Co. SAE		98,192		60,879
Egyptian Financial Group-Hermes Holding Co.a		96,854		106,254

Security	Shares		Value
Medinet Nasr Housinga		38,220	$	103,921
Orascom Telecom Media And Technology Holding SAE GDRa		379,722		254,414
Palm Hills Developments SAEa		271,385		71,745
				597,213
GREECE — 0.65%
Aegean Airlines SA		7,239		52,723
Ellaktor SAa		17,260		23,981
Grivalia Properties REIC AE		5,610		49,031
Hellenic Exchanges – Athens Stock Exchange SA Holding		14,870		71,813
Intralot SA-Integrated Lottery Systems & Servicesa		30,690		52,270
Metka SA		3,912		29,544
Motor Oil Hellas Corinth Refineries SAa		7,821		81,500
Mytilineos Holdings SAa		8,895		45,249
Public Power Corp. SA		19,190		87,300
				493,411
HUNGARY — 0.13%
Magyar Telekom Telecommunications PLCa		68,423		97,319
				97,319
INDIA — 11.26%
Adani Enterprises Ltd.		64,706		73,150
AIA Engineering Ltd.		9,207		127,028
Ajanta Pharma Ltd.		6,266		141,373
Alembic Pharmaceuticals Ltd.		4,500		48,398
Alstom T&D India Ltd.		16,764		133,078
Amara Raja Batteries Ltd.		13,596		206,175
Amtek Auto Ltd.		24,573		19,000
Andhra Bank		52,100		52,864
Apollo Tyres Ltd.		46,695		126,440
Arvind Infrastructure Ltd.a		2,842		1,954
Arvind Ltd.		31,150		127,177
Ashok Leyland Ltd.		218,427		296,712
Balkrishna Industries Ltd.		10,406		100,467
Bayer CropScience Ltd./India		2,252		130,623
Berger Paints India Ltd.		37,742		120,650
Biocon Ltd.		17,061		113,903
Blue Dart Express Ltd.		1,179		121,079
Ceat Ltd.		2,812		46,426
CESC Ltd.		15,154		119,442
Cox & Kings Ltd.		24,510		88,011
CRISIL Ltd.		4,464		129,992

66 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Crompton Greaves Ltd.		67,390	$	173,303
Cyient Ltd.		20,621		180,525
Dewan Housing Finance Corp. Ltd.		16,413		113,354
Dish TV India Ltd.a		92,017		144,376
EID Parry India Ltd.		42,490		85,300
Federal Bank Ltd.		245,760		226,998
Gillette India Ltd.		1,856		139,280
Gujarat Fluorochemicals Ltd.		10,560		104,909
Gujarat Gas Ltd.		7,043		78,731
Gujarat Mineral Development Corp. Ltd.		53,092		59,821
Gujarat Pipavav Port Ltd.a		47,261		121,290
Gujarat State Petronet Ltd.		56,826		105,317
GVK Power & Infrastructure Ltd.a		398,947		44,111
Havells India Ltd.		48,069		188,118
Hexaware Technologies Ltd.		29,686		109,254
Housing Development & Infrastructure Ltd.a		57,488		51,845
IIFL Holdings Ltd.		55,374		157,771
Indian Hotels Co. Ltd.a		86,460		113,156
Indraprastha Gas Ltd.		20,001		143,670
IRB Infrastructure Developers Ltd.		33,228		116,767
Jaiprakash Associates Ltd.a		330,703		48,007
Jammu & Kashmir Bank Ltd. (The)		49,166		71,262
Jindal Saw Ltd.		53,220		53,040
Jubilant Foodworks Ltd.		4,707		118,052
Just Dial Ltd.		6,432		81,717
Kansai Nerolac Paints Ltd.		42,925		166,147
Manappuram Finance Ltd.		163,650		57,114
Marksans Pharma Ltd.		31,692		43,122
MAX India Ltd.		25,879		194,983
MindTree Ltd.		10,048		210,989
MRF Ltd.		330		200,518
NCC Ltd./India		66,600		71,835
Page Industries Ltd.		1,062		226,890
Persistent Systems Ltd.		10,382		109,482
PI Industries Ltd.		13,785		149,359
PTC India Ltd.		109,712		98,943
Rajesh Exports Ltd.		10,412		79,333
Redington India Ltd.		82,651		134,840
Reliance Capital Ltd.		20,196		95,549
Reliance Infrastructure Ltd.		18,599		95,562
SKS Microfinance Ltd.a		23,397		162,714
Strides Arcolab Ltd.		4,066		75,023
Sundaram Finance Ltd.		8,415		183,782

Security	Shares		Value
Suzlon Energy Ltd.a		345,308	$	114,800
Syndicate Bank		36,247		46,648
Tata Global Beverages Ltd.		84,285		151,643
Thermax Ltd.		9,226		131,850
Torrent Pharmaceuticals Ltd.		11,286		272,833
TVS Motor Co. Ltd.		31,581		106,252
Voltas Ltd.		29,742		122,122
Wockhardt Ltd.		5,724		115,587
				8,571,836
INDONESIA — 2.45%
Ace Hardware Indonesia Tbk PT		1,809,900		76,647
Agung Podomoro Land Tbk PT		2,052,600		47,188
Alam Sutera Realty Tbk PT		2,478,700		62,453
Arwana Citramulia Tbk PT		1,978,700		66,896
Bank Bukopin Tbk		1,249,600		60,479
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		696,300		34,443
Bank Tabungan Negara Persero Tbk PT		949,423		71,967
Ciputra Development Tbk PT		2,001,600		123,230
Eagle High Plantations Tbk PT		2,165,300		39,761
Gajah Tunggal Tbk PT		986,800		35,117
Hanson International Tbk PTa		2,647,100		135,652
Japfa Comfeed Indonesia Tbk PTa		1,343,200		35,181
Kawasan Industri Jababeka Tbk PT		6,868,894		96,311
Link Net Tbk PTa		196,800		67,584
Mitra Adiperkasa Tbk PTa		162,100		46,150
MNC Investama Tbk PT		3,570,800		65,825
Multipolar Tbk PT		1,237,713		36,118
Pakuwon Jati Tbk PT		5,226,600		141,360
Pembangunan Perumahan Persero Tbk PT		627,000		147,713
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		646,000		49,657
Ramayana Lestari Sentosa Tbk PT		949,400		40,882
Sampoerna Agro PT		422,400		39,985
Sentul City Tbk PTa		6,489,700		28,176
Sugih Energy Tbk PTa		3,554,600		99,681
Surya Semesta Internusa Tbk PT		1,193,450		59,035
Timah Persero Tbk PT		989,696		42,617
Wijaya Karya Persero Tbk PT		596,000		117,291
				1,867,399
MALAYSIA — 3.50%
Bursa Malaysia Bhd		92,700		181,868
Cahya Mata Sarawak Bhdb		128,500		151,446

CONSOLIDATED SCHEDULES OF INVESTMENTS 67

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Carlsberg Brewery Malaysia Bhd		35,800	$	99,728
DRB-Hicom Bhd		151,900		47,017
Eastern & Oriental Bhd		176,550		64,315
Hartalega Holdings Bhd		89,800		175,751
IGB REIT		438,000		136,614
KNM Group Bhda,b		346,000		39,543
Kossan Rubber Industries		102,100		167,493
KPJ Healthcare Bhd		141,250		141,250
Magnum Bhd		121,400		75,152
Mah Sing Group Bhd		330,557		109,399
Malaysia Building Society Bhdb		117,900		38,458
Malaysian Pacific Industries Bhd		48,500		76,330
Malaysian Resources Corp. Bhd		280,200		57,041
Media Prima Bhd		241,600		60,400
OSK Holdings Bhd		152,287		59,102
POS Malaysia Bhd		102,700		92,430
QL Resources Bhd		164,500		151,183
Sunway Bhd		162,400		131,467
Sunway Construction Group Bhda		212,820		56,752
Sunway REIT		364,300		129,240
TIME dotCom Bhd		96,400		138,173
Top Glove Corp. Bhd		95,000		174,619
Wah Seong Corp. Bhd		138,310		41,164
WCT Holdings Bhd		238,265		66,941
				2,662,876
MEXICO — 3.05%
Alsea SAB de CVb		86,459		265,972
Axtel SAB de CV CPOa,b		242,900		98,289
Banregio Grupo Financiero SAB de CVb		45,800		239,809
Bolsa Mexicana de Valores SAB de CV		79,000		119,253
Concentradora Fibra Hotelera Mexicana SA de CV		87,400		83,181
Consorcio ARA SAB de CVa,b		184,600		63,807
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa		82,500		108,951
Corp GEO SAB de CVa		38,700		—
Corp Inmobiliaria Vesta SAB de CVb		72,200		111,699
Empresas ICA SAB de CVa,b		102,300		40,359
Genomma Lab Internacional SAB de CV Series Ba		133,100		107,638
Grupo Aeromexico SAB de CVa,b		80,200		119,726
Grupo Aeroportuario del Centro Norte SAB de CV		36,200		189,327

Security	Shares		Value
Grupo Herdez SAB de CV		57,700	$	140,915
Industrias Bachoco SAB de CV Series B		28,400		134,215
Industrias CH SAB de CV Series Ba,b		22,000		74,653
Mexico Real Estate Management SA de CV		92,600		125,601
PLA Administradora Industrial S. de RL de CV		97,000		181,051
Prologis Property Mexico SA de CV		53,700		83,334
TV Azteca SAB de CV CPOb		229,000		32,890
Urbi Desarrollos Urbanos SAB de CVa,b		124,600		—
				2,320,670
PHILIPPINES — 1.48%
Belle Corp.		1,033,933		68,354
Cebu Air Inc.		54,230		103,784
Cosco Capital Inc.		374,000		55,612
EEI Corp.		526,172		93,775
Filinvest Land Inc.		2,432,000		93,138
First Gen Corp.		228,500		114,152
First Philippine Holdings Corp.		24,370		36,498
Manila Water Co. Inc.		179,900		86,986
Melco Crown Philippines Resorts Corp.a		325,400		41,841
Nickel Asia Corp.		335,600		57,800
Philippine National Banka		29,733		38,168
Security Bank Corp.		80,600		227,453
Vista Land & Lifescapes Inc.		850,300		106,060
				1,123,621
POLAND — 1.15%
Asseco Poland SA		12,977		180,209
Budimex SA		2,981		154,753
Getin Noble Bank SAa		179,246		41,810
Globe Trade Centre SAa		48,639		76,066
Kernel Holding SA		8,023		88,723
Lubelski Wegiel Bogdanka SA		5,918		73,335
Netia SA		57,558		83,454
PKP Cargo SA		4,173		77,926
Warsaw Stock Exchange		8,303		97,321
				873,597
QATAR — 0.58%
Al Khalij Commercial Bank QSC		16,845		95,534
Qatar National Cement Co. QSC		3,233		92,255
Qatari Investors Group QSC		7,183		94,594

68 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Salam International Investment Co.		24,627	$	85,898
United Development Co. QSC		11,525		74,035
				442,316
RUSSIA — 0.50%
Acron JSC		1,857		77,152
Aeroflot – Russian Airlines PJSCa		90,156		53,767
DIXY Group OJSCa		11,960		56,466
LSR Group PJSC GDRd		40,010		80,020
M Video OJSC		19,300		58,721
TMK PAO GDRd		14,988		52,458
				378,584
SOUTH AFRICA — 6.12%
Adcock Ingram Holdings Ltd.a		15,057		57,768
Aeci Ltd.		15,477		113,660
Alexander Forbes Group Holdings Ltd.		132,650		88,805
ArcelorMittal South Africa Ltd.a		31,489		23,645
Astral Foods Ltd.		8,017		107,554
Attacq Ltd.a		79,811		134,179
Aveng Ltd.a		102,558		37,191
AVI Ltd.		48,193		294,297
Capital Property Funda		226,002		265,800
Cashbuild Ltd.		2,508		59,144
City Lodge Hotels Ltd.		11,586		124,034
Clicks Group Ltd.		40,033		276,278
Clover Industries Ltd.		69,915		92,241
DataTec Ltd.		27,847		157,455
Emira Property Fund Ltd.		64,448		85,417
EOH Holdings Ltd.		22,449		268,252
Famous Brands Ltd.		10,767		111,369
Grindrod Ltd.		75,617		80,952
Group Five Ltd./South Africa		41,365		69,543
Harmony Gold Mining Co. Ltd.a,b		65,384		55,603
Hosken Consolidated Investments Ltd.		6,706		71,295
Illovo Sugar Ltd.		35,454		39,719
JSE Ltd.		16,671		173,004
Lewis Group Ltd.		18,709		88,226
Mpact Ltd.		42,485		153,102
Murray & Roberts Holdings Ltd.		66,645		63,056
Northam Platinum Ltd.a		49,612		141,046
Omnia Holdings Ltd.		7,599		94,522
Pick n Pay Holdings Ltd.		51,549		106,329
PPC Ltd.		84,930		138,944
Reunert Ltd.		21,877		105,952

Security	Shares		Value
Royal Bafokeng Platinum Ltd.a		9,927	$	24,690
SA Corporate Real Estate Fund Nominees Pty Ltd.		226,305		87,013
Sibanye Gold Ltd.		98,637		113,032
Sun International Ltd./South Africa		14,246		111,429
Super Group Ltd./South Africaa		56,161		140,103
Tongaat Hulett Ltd.		13,826		119,849
Trencor Ltd.		23,441		95,431
Vukile Property Fund Ltd.		77,028		106,272
Wilson Bayly Holmes-Ovcon Ltd.		7,763		55,599
Zeder Investments Ltd.		220,398		129,272
				4,661,072
SOUTH KOREA — 20.57%
Able C&C Co. Ltd.b		3,107		76,969
Ahnlab Inc.		3,050		116,043
Amicogen Inc.		532		39,043
Asiana Airlines Inc.a		17,976		77,056
Binggrae Co. Ltd.		1,699		103,714
Chabiotech Co. Ltd.a,b		8,088		100,523
Chong Kun Dang Pharmaceutical Corp.		1,840		112,166
CJ CGV Co. Ltd.		2,517		242,602
CJ E&M Corp.a		3,278		228,927
CJ O Shopping Co. Ltd.		594		100,042
Com2uSCorp.a,b		1,491		133,374
Cosmax Inc.b		1,251		228,993
Crown Confectionery Co. Ltd.		76		48,000
CrucialTec Co. Ltd.a,b		5,676		75,824
D.I Corp.b		11,049		78,191
Daesang Corp.		3,844		102,377
Daishin Securities Co. Ltd.		11,271		97,677
Daou Technology Inc.		3,078		77,812
Dong-A Socio Holdings Co. Ltd.b		667		92,486
Dong-A ST Co. Ltd.		1,032		102,960
Doosan Engine Co. Ltd.a		16,771		64,801
DY Corp.		15,728		75,399
EO Technics Co. Ltd.b		1,432		130,639
Fila Korea Ltd.b		1,975		175,333
Gamevil Inc.a,b		966		59,132
GemVax & Kael Co. Ltd.a		4,049		115,710
Grand Korea Leisure Co. Ltd.		5,412		143,222
Green Cross Cell Corp.a		1,459		55,881
Green Cross Corp./South Korea		1,217		203,219
Green Cross Holdings Corp.		4,785		175,581
GS Home Shopping Inc.		564		95,371

CONSOLIDATED SCHEDULES OF INVESTMENTS 69

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Halla Holdings Corp.		1,545	$	65,836
Hana Tour Service Inc.		2,087		277,914
Handsome Co. Ltd.		4,419		146,086
Hanjin Heavy Industries & Construction Co. Ltd.a,b		14,405		48,595
Hanjin Kal Corp.b		6,630		137,617
Hanjin Shipping Co. Ltd.a,b		24,078		112,171
Hankook Tire Worldwide Co. Ltd.		4,661		67,782
Hansae Co. Ltd.		4,164		221,094
Hansol Chemical Co. Ltd.		2,357		157,034
Hansol Holdings Co. Ltd.a		14,006		90,117
Hanwha Investment & Securities Co. Ltd.		19,646		80,644
Hanwha Techwin Co. Ltd.a,b		6,196		163,969
HLB Inc.a,b		5,205		99,897
Huchems Fine Chemical Corp.		6,930		114,548
Huons Co. Ltd.		722		64,524
Hwa Shin Co. Ltd.		16,169		79,427
Hyundai Corp.b		3,540		97,722
Hyundai Elevator Co. Ltd.a		760		42,602
Hyundai Greenfood Co. Ltd.		8,376		193,333
Hyundai Home Shopping Network Corp.		1,028		111,687
Hyundai Livart Furniture Co. Ltd.b		2,156		105,180
Hyundai Securities Co. Ltd.		24,254		150,927
Ilyang Pharmaceutical Co. Ltd.a,b		3,732		150,195
iNtRON Biotechnology Inc.a		2,471		103,415
IS Dongseo Co. Ltd.		2,277		119,746
KB Insurance Co. Ltd.		8,002		165,419
KIWOOM Securities Co. Ltd.		2,458		118,458
Kolao Holdingsb		4,757		72,195
Kolon Corp.		684		48,520
Kolon Industries Inc.		2,962		138,740
Kolon Life Science Inc.		570		94,651
Komipharm International Co. Ltd.a,b		5,643		89,219
KONA I Co. Ltd.		1,216		43,746
Korea Kolmar Co. Ltd.		2,703		237,677
Korea Kolmar Holdings Co. Ltd.		608		37,989
Korea Petro Chemical Ind.		765		94,109
Korean Reinsurance Co.		20,100		236,221
KT Skylife Co. Ltd.		4,998		83,036
Kumho Tire Co. Inc.a,b		19,633		105,573
LF Corp.		4,584		126,736
LG Hausys Ltd.		1,159		153,847
LG International Corp.		6,079		135,175

Security	Shares		Value
LG Life Sciences Ltd.a		3,101	$	154,165
Lock&Lock Co. Ltd.b		6,157		79,647
Loen Entertainment Inc.		608		49,144
Lotte Chilsung Beverage Co. Ltd.		113		218,309
Lotte Food Co. Ltd.		178		165,847
LOTTE Himart Co. Ltd.		1,878		103,050
Lumens Co. Ltd.b		19,990		67,436
Mando Corp.		1,193		118,014
Medipost Co. Ltd.a		1,443		106,631
Medy-Tox Inc.		697		300,015
MegaStudy Co. Ltd.		3,091		112,115
Meritz Financial Group Inc.		13,355		184,051
Meritz Fire & Marine Insurance Co. Ltd.b		13,716		179,169
Meritz Securities Co. Ltd.b		43,979		181,085
Muhak Co. Ltd.a		3,149		135,252
Namhae Chemical Corp.b		12,375		109,337
Namyang Dairy Products Co. Ltd.		177		121,816
Naturalendo Tech Co. Ltd.a,b		3,465		81,150
Nexen Tire Corp.		7,272		87,922
NHN Entertainment Corp.a,b		2,037		97,996
NICE Information Service Co. Ltd.		3,762		44,689
NongShim Co. Ltd.		646		200,996
OCI Materials Co. Ltd.		1,622		150,440
Osstem Implant Co. Ltd.a		2,756		150,995
Ottogi Corp.		275		242,274
Partron Co. Ltd.b		8,786		57,942
Poongsan Corp.		5,499		114,141
POSCO Chemtech Co. Ltd.		7,871		79,858
POSCO ICT Co. Ltd.		23,062		99,248
S&T Dynamics Co. Ltd.		8,778		96,482
Samlip General Foods Co. Ltd.		469		145,131
Samsung Engineering Co. Ltd.a,b		5,255		117,296
Samsung Fine Chemicals Co. Ltd.		4,194		126,059
Samyang Holdings Corp.b		702		106,242
Sansung Life & Science Co. Ltd.a,b		2,146		94,894
SeAH Besteel Corp.		3,307		89,193
Seegene Inc.a,b		3,707		146,368
Seoul Semiconductor Co. Ltd.a,b		6,802		81,377
SFA Engineering Corp.b		3,174		116,870
SK Chemicals Co. Ltd.b		2,506		145,137
SK Securities Co. Ltd.a,b		73,710		74,785
SKC Co. Ltd.		4,887		158,458
SM Entertainment Co.a,b		3,815		141,923
Soulbrain Co. Ltd.		2,992		109,662

70 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Sung Kwang Bend Co. Ltd.		7,908	$	69,201
Sungwoo Hitech Co. Ltd.		9,771		64,686
Suprema Inc.a,b		6,144		115,062
Taekwang Industrial Co. Ltd.		99		99,523
Taewoong Co. Ltd.a		6,473		82,093
Taihan Electric Wire Co. Ltd.a		9,521		9,660
TK Corp.a,b		10,693		94,476
Tongyang Life Insurance		12,129		153,824
ViroMed Co. Ltd.a		2,013		268,911
Webzen Inc.a,b		2,759		72,780
WeMade Entertainment Co. Ltd.a		912		39,788
Wonik IPS Co. Ltd.a		7,047		66,135
Woongjin Thinkbig Co. Ltd.a,b		10,454		73,185
YESCO Co. Ltd.		4,175		143,314
Youngone Corp.b		3,684		190,936
Yuanta Securities Korea Co. Ltd.a,b		16,698		58,872
				15,657,497
TAIWAN — 16.38%
Ability Enterprise Co. Ltd.		112,000		49,570
Airtac International Group		20,850		99,328
ALI Corp.		149,000		57,702
Altek Corp.		73,793		46,608
Ambassador Hotel (The)		136,000		115,786
AmTRAN Technology Co. Ltd.		78,312		35,623
Asia Optical Co. Inc.a		81,000		69,832
Asia Polymer Corp.		130,620		67,245
BES Engineering Corp.		301,000		69,385
Career Technology MFG. Co. Ltd.		98,000		75,301
Cathay Real Estate Development Co. Ltd.		179,000		69,320
Cheng Loong Corp.		219,000		77,407
Cheng Uei Precision Industry Co. Ltd.		64,000		89,009
Chin-Poon Industrial Co. Ltd.		88,000		124,146
China Bills Finance Corp.		120,000		41,124
China Man-Made Fiber Corp.a		251,000		72,902
China Petrochemical Development Corp.a		346,000		85,181
China Steel Chemical Corp.		22,000		67,617
China Synthetic Rubber Corp.		102,460		75,422
Chipbond Technology Corp.		107,000		155,883
Chong Hong Construction Co. Ltd.		35,642		49,734
Chroma ATE Inc.		51,000		84,331
Chung Hung Steel Corp.a		682,000		86,990
Compeq Manufacturing Co. Ltd.		220,000		146,392

Security	Shares		Value
Coretronic Corp.		101,000	$	80,400
CSBC Corp. Taiwan		258,420		95,708
Cyberlink Corp.		53,125		102,540
CyberTAN Technology Inc.		223,000		100,068
D-Link Corp.		204,246		58,946
Dynapack International Technology Corp.		65,000		94,795
Elan Microelectronics Corp.		79,000		79,034
Elite Advanced Laser Corp.		28,000		98,107
Elite Material Co. Ltd.		38,000		82,923
Ennoconn Corp.		12,000		100,320
Eternal Materials Co. Ltd.		97,440		87,150
Everlight Electronics Co. Ltd.		62,000		74,508
Far Eastern Department Stores Ltd.		99,000		47,620
Far Eastern International Bank		203,000		66,136
Faraday Technology Corp.		110,000		95,510
Feng Hsin Iron & Steel Co.		60,000		63,622
Firich Enterprises Co. Ltd.		39,198		89,754
FLEXium Interconnect Inc.		51,667		147,207
Formosan Rubber Group Inc.		104,000		60,413
Gemtek Technology Corp.		171,000		76,208
Genius Electronic Optical Co. Ltd.a		18,357		25,587
Gigabyte Technology Co. Ltd.		77,000		65,200
Gigastorage Corp.a		115,400		56,749
Gintech Energy Corp.a		133,584		52,964
Global Unichip Corp.		42,000		74,225
Gloria Material Technology Corp.		201,818		97,386
Grand Pacific Petrochemical		191,000		96,275
Great Wall Enterprise Co. Ltd.		113,128		59,631
Greatek Electronics Inc.		92,000		74,650
Green Energy Technology Inc.a		165,125		58,618
HannStar Display Corp.		370,320		43,251
HannsTouch Solution Inc.a		396,000		43,329
Hey Song Corp.		86,500		88,132
Ho Tung Chemical Corp.a		298,548		65,883
Holy Stone Enterprise Co. Ltd.		79,500		75,502
Hota Industrial Manufacturing Co. Ltd.		38,000		114,575
Huaku Development Co. Ltd.		53,080		85,650
Huang Hsiang Construction Corp.		37,000		27,748
Hung Sheng Construction Ltd.		148,000		67,777
ITEQ Corp.		89,600		54,251
Jih Sun Financial Holdings Co. Ltd.		203,197		46,715
Kenda Rubber Industrial Co. Ltd.		104,158		140,218
Kerry TJ Logistics Co. Ltd.		85,000		94,311

CONSOLIDATED SCHEDULES OF INVESTMENTS 71

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
Kindom Construction Corp.		88,000	$	40,029
King Slide Works Co. Ltd.		11,000		139,630
King Yuan Electronics Co. Ltd.		169,000		108,560
King’s Town Bank Co. Ltd.		132,000		90,878
Kinpo Electronicsa		248,000		75,309
Lealea Enterprise Co. Ltd.		415,590		106,529
Lien Hwa Industrial Corp.		82,160		46,085
Macronix Internationala		570,000		79,712
Makalot Industrial Co. Ltd.		33,358		280,922
Masterlink Securities Corp.		260,605		65,680
Medigen Biotechnology Corp.a		10,397		26,587
Mercuries & Associates Holding Ltd.		155,548		86,532
Merry Electronics Co. Ltd.		36,000		39,833
Micro-Star International Co. Ltd.		101,000		78,072
Microbio Co. Ltd.a		121,727		91,849
MIN AIK Technology Co. Ltd.		14,000		21,149
Mitac Holdings Corp.		152,000		94,369
Motech Industries Inc.a		64,000		51,143
Nan Kang Rubber Tire Co. Ltd.a		98,000		75,301
Neo Solar Power Corp.		110,364		52,068
Pan-International Industrial Corp.		215,722		74,590
PChome Online Inc.		14,731		156,202
Pixart Imaging Inc.		36,635		65,082
Poya International Co. Ltd.		14,140		136,898
President Securities Corp.		154,510		55,325
Primax Electronics Ltd.		79,000		93,481
Prince Housing & Development Corp.		200,917		56,997
Qisda Corp.		257,000		76,620
Radium Life Tech Co. Ltd.		139,707		44,013
Richtek Technology Corp.		31,000		160,545
Ritek Corp.a		805,000		71,504
Sanyang Motor Co. Ltd.a		82,820		52,055
Senao International Co. Ltd.		33,000		40,063
Shining Building Business Co. Ltd.a		217,008		76,035
Shinkong Synthetic Fibers Corp.		230,135		59,840
Shinkong Textile Co. Ltd.		91,000		108,799
Silergy Corp.		11,000		97,369
Sino-American Silicon Products Inc.		68,000		62,282
Sinyi Realty Inc.		53,105		47,334
Soft-World International Corp.		37,140		51,710
Solar Applied Materials Technology Co.		130,799		72,563
Solartech Energy Corp.		155,744		55,766
St. Shine Optical Co. Ltd.		8,000		79,420

Security	Shares		Value
Swancor Ind Co. Ltd.		16,000	$	86,058
TA Chen Stainless Pipe		161,976		72,684
Ta Chong Bank Ltd.a		325,676		137,133
Taichung Commercial Bank Co. Ltd.		184,810		53,678
Taiflex Scientific Co. Ltd.		69,000		65,955
Tainan Spinning Co. Ltd.		120,190		50,055
Taiwan Building Materials Co. Ltd.		255,000		66,618
Taiwan Hon Chuan Enterprise Co. Ltd.		76,004		112,595
Taiwan Life Insurance Co. Ltd.a		141,599		133,391
Taiwan Paiho Ltd.		68,050		156,237
Taiwan Secom Co. Ltd.		68,450		191,658
Taiwan Sogo Shin Kong SEC		115,640		129,729
Taiwan Surface Mounting Technology Corp.		81,633		68,496
Taiwan TEA Corp.		91,000		36,779
Tatung Co. Ltd.a		290,000		45,992
Ton Yi Industrial Corp.		109,000		49,749
Tong Hsing Electronic Industries Ltd.		33,000		73,838
Tong Yang Industry Co. Ltd.		71,133		59,686
Tripod Technology Corp.		69,000		96,705
TSRC Corp.		91,000		57,057
TTY Biopharm Co. Ltd.		50,450		121,566
Tung Ho Steel Enterprise Corp.		87,000		46,527
TXC Corp.		99,000		97,978
Unimicron Technology Corp.		165,000		63,898
Union Bank of Taiwan		259,218		73,138
Unity Opto Technology Co. Ltd.		113,679		52,759
UPC Technology Corp.		199,661		54,923
USI Corp.		126,950		49,943
Visual Photonics Epitaxy Co. Ltd.		99,900		113,913
Voltronic Power Technology Corp.		11,550		147,854
Wah Lee Industrial Corp.		62,000		80,416
Walsin Lihwa Corp.a		396,000		88,484
Waterland Financial Holdings Co. Ltd.		238,780		57,024
Win Semiconductors Corp.		126,431		118,131
Winbond Electronics Corp.a		444,000		91,840
Wistron NeWeb Corp.		67,320		126,422
WT Microelectronics Co. Ltd.		84,637		85,844
Yageo Corp.		96,467		136,535
Yeong Guan Energy Technology Group Co. Ltd.		15,000		82,985
YFY Inc.		186,000		55,681
Yieh Phui Enterprise Co. Ltd.		157,625		38,854

72 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
YungShin Global Holding Corp.		67,200	$	89,019
Yungtay Engineering Co. Ltd.		56,000		81,583
Zinwell Corp.		113,000		105,929
				12,471,503
THAILAND — 3.86%
Amata Corp. PCL NVDRb		280,500		92,339
Bangchak Petroleum PCL (The) NVDR		53,200		51,946
Bangkok Airways Co. Ltd.		122,000		69,773
Bangkok Expressway PCL NVDR		90,200		88,703
Bangkok Land PCL NVDRb		2,253,400		89,897
CH Karnchang PCL NVDRb		141,900		104,906
Esso Thailand PCL NVDRa		753,300		105,077
Hana Microelectronics PCL NVDRb		125,400		89,209
Inter Far East Engineering PCL		239,900		66,258
Italian-Thai Development PCL NVDRa,b		524,700		111,981
Jasmine International PCL NVDR		744,200		117,303
KCE Electronics PCL NVDRb		92,400		134,688
Khon Kaen Sugar Industry PCL NVDR		814,400		80,883
Kiatnakin Bank PCL NVDRb		65,632		59,050
LPN Development PCL NVDRb		188,100		81,862
Major Cineplex Group PCL NVDRb		51,000		46,241
Quality Houses PCL NVDR		1,518,067		99,948
Samart Corp. PCL NVDRb		128,700		66,424
Siam Global House PCL NVDRb		377,385		110,547
Sino-Thai Engineering & Construction PCL NVDRb		217,728		154,891
Sri Trang Agro-Industry PCL NVDR		210,400		68,676
Srisawad Power 1979 PCL NVDRb		129,000		132,257
Supalai PCL NVDRb		224,900		105,407
Superblock PCLa		1,442,700		76,069
Thai Airways International PCL NVDRa		90,200		25,667
Thai Vegetable Oil PCL NVDR		151,600		116,306
Thaicom PCL NVDRb		108,900		95,700
Thanachart Capital PCL NVDR		78,100		64,275
Tisco Financial Group PCL NVDR		99,540		109,690
TTW PCL NVDR		321,200		102,153
VGI Global Media PCL NVDRb		769,800		88,910
WHA Corp. PCL NVDRa		1,372,100		132,444
				2,939,480
TURKEY — 1.32%
Akcansa Cimento AS		14,460		70,040

Security	Shares		Value
Aksa Akrilik Kimya Sanayii AS		19,209	$	64,668
Bizim Toptan Satis Magazalari AS		19,261		74,437
Cimsa Cimento Sanayi VE Ticaret AS		15,960		81,691
Dogan Sirketler Grubu Holding ASa,b		170,000		30,368
Dogus Otomotiv Servis ve Ticaret AS		17,789		76,387
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Db		154,075		67,219
Koza Altin Isletmeleri ASb		8,371		70,166
Koza Anadolu Metal Madencilik Isletmeleri ASa		47,425		38,122
NET Holding ASa,b		56,336		60,381
Otokar Otomotiv Ve Savunma Sanayi ASb		2,542		67,021
Sekerbank TASa		83,916		39,493
Tekfen Holding ASb		33,559		46,113
Trakya Cam Sanayii ASb		101,763		60,827
Turkiye Sinai Kalkinma Bankasi ASb		136,770		72,825
Vestel Elektronik Sanayi ve Ticaret ASa,b		21,588		33,669
Yazicilar Holding AS		9,079		55,204
				1,008,631
UNITED ARAB EMIRATES — 0.94%
Air Arabia PJSC		370,701		143,313
Al Waha Capital PJSC		162,850		101,087
Dana Gas PJSCa		500,800		73,626
Deyaar Development PJSCa		333,062		60,300
Dubai Parks & Resorts PJSCa		474,260		147,196
Eshraq Properties Co. PJSCa		219,936		37,723
Orascom Construction Ltd.a		9,280		106,627
Union Properties PJSC		173,622		46,797
				716,669
TOTAL COMMON STOCKS (Cost: $91,364,971)				75,338,768
PREFERRED STOCKS — 0.47%
BRAZIL — 0.41%
Banco ABC Brasil SA		10,183		25,386
Banco Daycoval SA		6,000		14,249
Bradespar SA		22,800		58,655
Cia. Ferro Ligas da Bahia-Ferbasa		15,000		29,652
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		18,300		58,685

CONSOLIDATED SCHEDULES OF INVESTMENTS 73

Consolidated Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

August 31, 2015

Security	Shares		Value
GOL Linhas Aereas Inteligentes SA		10,100	$	11,536
Marcopolo SA		67,100		36,845
Metalurgica Gerdau SA		52,000		42,974
Randon Participacoes SA		35,325		29,872
				307,854
COLOMBIA — 0.06%
Avianca Holdings SA		64,001		46,343
				46,343
TOTAL PREFERRED STOCKS (Cost: $754,074)				354,197
WARRANTS — 0.00%
MALAYSIA — 0.00%
WCT Holdings Bhd (Expires 08/27/20)a		47,653		—
				—
TOTAL WARRANTS (Cost: $0)				—
SHORT-TERM INVESTMENTS — 18.38%
MONEY MARKET FUNDS — 18.38%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%e,f,g		13,231,337		13,231,337
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%e,f,g		759,808		759,808
				13,991,145
TOTAL SHORT-TERM INVESTMENTS (Cost: $13,991,145)				13,991,145
TOTAL INVESTMENTS IN SECURITIES — 117.82% (Cost: $106,110,190)				89,684,110
Other Assets, Less Liabilities — (17.82)%				(13,564,049	)
NET ASSETS — 100.00%			$	76,120,061

CPO  —  Certificates of Participation (Ordinary)

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^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 consolidated financial statements.

74 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Assets and Liabilities

iSHARES^®, INC.

August 31, 2015

	iShares Core MSCI Emerging Markets ETF			iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF
ASSETS
Investments, at cost:
Unaffiliated	$	8,287,235,539		$	235,531,913		$	141,539,563
Affiliated (Note 2)		447,817,344			4,781,036			6,163,427
Total cost of investments	$	8,735,052,883		$	240,312,949		$	147,702,990
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	6,980,390,603		$	196,112,898		$	124,099,357
Affiliated (Note 2)		447,817,344			4,781,036			6,163,427
Total fair value of investments		7,428,207,947			200,893,934			130,262,784
Foreign currency, at valueb		41,847,754			433,817			135,187
Cash		92,287,054			1,072,590			672,940
Cash pledged to broker		6,242,822			—			—
Receivables:
Investment securities sold		22,296,073			2,239,467			1,047,031
Due from custodian (Note 4)		27,153			—			—
Dividends and interest		12,627,283			160,329			240,651
Capital shares sold		730,243			—			—
Prepaid expenses		8,059			—			—
Total Assets		7,604,274,388			204,800,137			132,358,593
LIABILITIES
Payables:
Investment securities purchased		124,962,364			2,333,672			1,133,124
Collateral for securities on loan (Note 1)		447,817,344			4,781,036			6,163,427
Futures variation margin		4,522,127			—			—
Line of credit (Note 8)		—			800,027			349,012
Foreign taxes (Note 1)		571,737			—			16,492
Investment advisory fees (Note 2)		1,069,988			127,380			59,502
Total Liabilities		578,943,560			8,042,115			7,721,557
NET ASSETS	$	7,025,330,828		$	196,758,022		$	124,637,036
Net assets consist of:
Paid-in capital	$	8,513,218,683		$	441,760,204		$	157,586,451
Undistributed net investment income		49,180,838			1,722,422			1,232,476
Accumulated net realized loss		(225,551,158	)		(207,279,915	)		(16,735,300	)
Net unrealized depreciation		(1,311,517,535	)		(39,444,689	)		(17,446,591	)
NET ASSETS	$	7,025,330,828		$	196,758,022		$	124,637,036
Shares outstandingc		172,400,000			6,400,000			2,450,000
Net asset value per share	$	40.75		$	30.74		$	50.87

^a  Securities on loan with values of $412,076,435, $4,517,829 and $5,797,387, respectively. See Note 1.

^b  Cost of foreign currency: $41,859,165, $437,359 and $136,073, respectively.

^c  $0.001 par value, number of shares authorized: 450 million, 500 million and 500 million, respectively.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 75

Consolidated Statements of Assets and Liabilities (Continued)

iSHARES^®, INC.

August 31, 2015

	iShares MSCI Emerging Markets Minimum Volatility ETF			iShares MSCI Emerging Markets Small-Cap ETF
ASSETS
Investments, at cost:
Unaffiliated	$	2,741,897,664		$	92,119,045
Affiliated (Note 2)		76,694,156			13,991,145
Total cost of investments	$	2,818,591,820		$	106,110,190
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	2,448,905,054		$	75,692,965
Affiliated (Note 2)		76,694,156			13,991,145
Total fair value of investments		2,525,599,210			89,684,110
Foreign currency, at valueb		2,111,953			303,404
Cash		9,852,310			369,240
Receivables:
Investment securities sold		10,019,760			1,787,336
Dividends and interest		5,503,542			222,732
Total Assets		2,553,086,775			92,366,822
LIABILITIES
Payables:
Investment securities purchased		13,013,223			1,812,582
Collateral for securities on loan (Note 1)		76,694,156			13,991,145
Line of credit (Note 8)		—			190,006
Due to custodian		—			195,870
Foreign taxes (Note 1)		488,045			8,543
Investment advisory fees (Note 2)		534,363			48,615
Total Liabilities		90,729,787			16,246,761
NET ASSETS	$	2,462,356,988		$	76,120,061
Net assets consist of:
Paid-in capital	$	2,946,889,122		$	98,520,580
Undistributed net investment income		18,688,160			253,958
Accumulated net realized loss		(210,092,622	)		(6,223,376	)
Net unrealized depreciation		(293,127,672	)		(16,431,101	)
NET ASSETS	$	2,462,356,988		$	76,120,061
Shares outstandingc		48,300,000			1,900,000
Net asset value per share	$	50.98		$	40.06

^a  Securities on loan with values of $65,191,365 and $12,250,426, respectively. See Note 1.

^b  Cost of foreign currency: $2,140,621 and $305,331, respectively.

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

See notes to consolidated financial statements.

76 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Operations

iSHARES^®, INC.

Year ended August 31, 2015

	iShares Core MSCI Emerging Markets ETF			iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	170,591,032		$	7,962,114		$	3,276,816
Interest — unaffiliated		2,592			298			97
Interest — affiliated (Note 2)		3,151			96			24
Securities lending income — affiliated — net (Note 2)b		8,209,001			296,295			126,567
		178,805,776			8,258,803			3,403,504
Less: Other foreign taxes (Note 1)		(688,290	)		—			(21,143	)
Total investment income		178,117,486			8,258,803			3,382,361
EXPENSES
Investment advisory fees (Note 2)		11,987,656			2,041,675			887,511
Mauritius income taxes (Note 1)		165,591			26,280			—
Commitment fees (Note 8)		18,534			2,468			482
Interest expense (Note 8)		4,934			1,050			367
Total expenses		12,176,715			2,071,473			888,360
Less investment advisory fees waived (Note 2)		—			—			(247,981	)
Net expenses		12,176,715			2,071,473			640,379
Net investment income		165,940,771			6,187,330			2,741,982
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(160,290,804	)		(17,272,227	)		(6,407,695	)
In-kind redemptions — unaffiliated		—			6,024,141			95,100
Futures contracts		(3,937,423	)		—			—
Foreign currency transactions		(3,980,788	)		(245,760	)		(60,375	)
Net realized loss		(168,209,015	)		(11,493,846	)		(6,372,970	)
Net change in unrealized appreciation/depreciation on:
Investments		(1,740,604,265	)		(66,263,346	)		(23,771,760	)
Futures contracts		(4,892,657	)		—			—
Translation of assets and liabilities in foreign currencies		47,518			(29,599	)		(6,812	)
Net change in unrealized appreciation/depreciation		(1,745,449,404	)		(66,292,945	)		(23,778,572	)
Net realized and unrealized loss		(1,913,658,419	)		(77,786,791	)		(30,151,542	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,747,717,648	)	$	(71,599,461	)	$	(27,409,560	)

^a  Net of foreign withholding tax of $19,505,707, $625,124 and $442,756, respectively.

^b  Net of securities lending income tax paid of $199,406, $ — and $ —, respectively.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 77

Consolidated Statements of Operations (Continued)

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI Emerging Markets Minimum Volatility ETF			iShares MSCI Emerging Markets Small-Cap ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	64,332,717		$	1,590,354
Interest — unaffiliated		185			2
Interest — affiliated (Note 2)		504			17
Securities lending income — affiliated — net (Note 2)		3,249,371			238,933
		67,582,777			1,829,306
Less: Other foreign taxes (Note 1)		(495,622	)		(9,849	)
Total investment income		67,087,155			1,819,457
EXPENSES
Investment advisory fees (Note 2)		15,586,950			432,881
Mauritius income taxes (Note 1)		6,422			—
Commitment fees (Note 8)		2,046			189
Interest expense (Note 8)		4,241			388
Total expenses		15,599,659			433,458
Less investment advisory fees waived (Note 2)		(9,914,710	)		—
Net expenses		5,684,949			433,458
Net investment income		61,402,206			1,385,999
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(71,929,174	)		2,038,152
In-kind redemptions — unaffiliated		7,795,576			—
Foreign currency transactions		(1,467,421	)		(30,202	)
Net realized gain (loss)		(65,601,019	)		2,007,950
Net change in unrealized appreciation/depreciation on:
Investments		(459,078,197	)		(18,769,352	)
Translation of assets and liabilities in foreign currencies		(145,213	)		(5,181	)
Net change in unrealized appreciation/depreciation		(459,223,410	)		(18,774,533	)
Net realized and unrealized loss		(524,824,429	)		(16,766,583	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(463,422,223	)	$	(15,380,584	)

^a  Net of foreign withholding tax of $8,378,867 and $177,843, respectively.

See notes to consolidated financial statements.

78 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Core MSCI Emerging Markets ETF						iShares MSCI BRIC ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	165,940,771		$	95,944,162		$	6,187,330		$	10,441,817
Net realized loss		(168,209,015	)		(50,781,092	)		(11,493,846	)		(15,454,106	)
Net change in unrealized appreciation/depreciation		(1,745,449,404	)		584,785,351			(66,292,945	)		84,789,618
Net increase (decrease) in net assets resulting from operations		(1,747,717,648	)		629,948,421			(71,599,461	)		79,777,329
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(149,835,315	)		(69,107,942	)		(7,526,071	)		(7,905,401	)
Total distributions to shareholders		(149,835,315	)		(69,107,942	)		(7,526,071	)		(7,905,401	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,253,716,865			3,243,361,038			124,399			38,350,012
Cost of shares redeemed		—			—			(135,405,344	)		(173,918,382	)
Net increase (decrease) in net assets from capital share transactions		3,253,716,865			3,243,361,038			(135,280,945	)		(135,568,370	)
INCREASE (DECREASE) IN NET ASSETS		1,356,163,902			3,804,201,517			(214,406,477	)		(63,696,442	)
NET ASSETS
Beginning of year		5,669,166,926			1,864,965,409			411,164,499			474,860,941
End of year	$	7,025,330,828		$	5,669,166,926		$	196,758,022		$	411,164,499
Undistributed net investment income included in net assets at end of year	$	47,648,015		$	35,140,187		$	1,722,422		$	2,756,022
SHARES ISSUED AND REDEEMED
Shares sold		67,200,000			64,400,000			—			950,000
Shares redeemed		—			—			(3,600,000	)		(4,750,000	)
Net increase (decrease) in shares outstanding		67,200,000			64,400,000			(3,600,000	)		(3,800,000	)

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 79

Consolidated Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets Asia ETF						iShares MSCI Emerging Markets Minimum Volatility ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,741,982		$	1,029,865		$	61,402,206		$	57,548,609
Net realized loss		(6,372,970	)		(135,653	)		(65,601,019	)		(80,037,690	)
Net change in unrealized appreciation/depreciation		(23,778,572	)		7,842,979			(459,223,410	)		311,606,077
Net increase (decrease) in net assets resulting from operations		(27,409,560	)		8,737,191			(463,422,223	)		289,116,996
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,886,156	)		(898,216	)		(56,113,327	)		(58,169,702	)
Total distributions to shareholders		(1,886,156	)		(898,216	)		(56,113,327	)		(58,169,702	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		87,597,450			59,268,915			1,088,475,713			323,291,843
Cost of shares redeemed		(14,370,934	)		(17,742,448	)		(186,946,485	)		(929,603,299	)
Net increase (decrease) in net assets from capital share transactions		73,226,516			41,526,467			901,529,228			(606,311,456	)
INCREASE (DECREASE) IN NET ASSETS		43,930,800			49,365,442			381,993,678			(375,364,162	)
NET ASSETS
Beginning of year		80,706,236			31,340,794			2,080,363,310			2,455,727,472
End of year	$	124,637,036		$	80,706,236		$	2,462,356,988		$	2,080,363,310
Undistributed net investment income included in net assets at end of year	$	1,232,476		$	433,762		$	18,688,160		$	14,508,908
SHARES ISSUED AND REDEEMED
Shares sold		1,450,000			1,000,000			18,300,000			5,300,000
Shares redeemed		(300,000	)		(300,000	)		(3,300,000	)		(16,200,000	)
Net increase (decrease) in shares outstanding		1,150,000			700,000			15,000,000			(10,900,000	)

See notes to consolidated financial statements.

80 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets Small-Cap ETF
	Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,385,999		$	706,744
Net realized gain		2,007,950			338,522
Net change in unrealized appreciation/depreciation		(18,774,533	)		5,681,431
Net increase (decrease) in net assets resulting from operations		(15,380,584	)		6,726,697
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,449,168	)		(736,376	)
Total distributions to shareholders		(1,449,168	)		(736,376	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		49,283,928			7,031,811
Net increase in net assets from capital share transactions		49,283,928			7,031,811
INCREASE IN NET ASSETS		32,454,176			13,022,132
NET ASSETS
Beginning of year		43,665,885			30,643,753
End of year	$	76,120,061		$	43,665,885
Undistributed net investment income included in net assets at end of year	$	233,983		$	262,193
SHARES ISSUED
Shares sold		1,050,000			150,000
Net increase in shares outstanding		1,050,000			150,000

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 81

Consolidated Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Core MSCI Emerging Markets  ETF

	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Period from Oct. 18, 2012a to Aug. 31, 2013
Net asset value, beginning of period	$	53.89		$	45.71		$	49.06
Income from investment operations:
Net investment incomeb		1.21			1.31			1.33
Net realized and unrealized gain (loss)c		(13.26	)		7.78			(4.14	)
Total from investment operations		(12.05	)		9.09			(2.81	)
Less distributions from:
Net investment income		(1.09	)		(0.91	)		(0.54	)
Total distributions		(1.09	)		(0.91	)		(0.54	)
Net asset value, end of period	$	40.75		$	53.89		$	45.71
Total return		(22.61	)%		20.05	%		(5.75	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	7,025,331		$	5,669,167		$	1,864,965
Ratio of expenses to average net assetse		0.18	%		0.17	%		0.05	%
Ratio of expenses to average net assets prior to waived feese		0.18	%		0.18	%		0.18	%
Ratio of net investment income to average net assetse		2.49	%		2.61	%		3.17	%
Portfolio turnover ratef		7	%		8	%		15	%

^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 years ended August 31, 2015, August 31, 2014 and the period ended August 31, 2013 were 7%, 8% and 15%, respectively. See Note 4.

See notes to consolidated financial statements.

82 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI BRIC ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	41.12		$	34.41		$	35.68		$	42.25		$	42.94
Income from investment operations:
Net investment incomea		0.77			0.89			0.84			0.98			0.89
Net realized and unrealized gain (loss)b		(10.20	)		6.53			(1.25	)		(6.62	)		(0.58	)
Total from investment operations		(9.43	)		7.42			(0.41	)		(5.64	)		0.31
Less distributions from:
Net investment income		(0.95	)		(0.71	)		(0.86	)		(0.93	)		(1.00	)
Total distributions		(0.95	)		(0.71	)		(0.86	)		(0.93	)		(1.00	)
Net asset value, end of year	$	30.74		$	41.12		$	34.41		$	35.68		$	42.25
Total return		(23.19	)%		21.73	%		(1.17	)%		(13.33	)%		0.49	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	196,758		$	411,164		$	474,861		$	685,149		$	866,194
Ratio of expenses to average net assets		0.69	%		0.68	%		0.67	%		0.69	%		0.67	%
Ratio of expenses to average net assets prior to waived fees		n/a			n/a			n/a			n/a			0.67	%
Ratio of net investment income to average net assets		2.07	%		2.38	%		2.18	%		2.55	%		1.86	%
Portfolio turnover ratec		9	%		10	%		10	%		32	%		13	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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 years ended August 31, 2015, August 31, 2014, August 31, 2013, August 31, 2012 and August 31, 2011 were 9%, 6%, 9%, 20% and 10%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 83

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets Asia  ETF

	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	62.08		$	52.23		$	50.18		$	54.71
Income from investment operations:
Net investment incomeb		1.25			1.36			1.15			0.87
Net realized and unrealized gain (loss)c		(11.61	)		9.75			1.82			(4.99	)
Total from investment operations		(10.36	)		11.11			2.97			(4.12	)
Less distributions from:
Net investment income		(0.85	)		(1.26	)		(0.92	)		(0.41	)
Total distributions		(0.85	)		(1.26	)		(0.92	)		(0.41	)
Net asset value, end of period	$	50.87		$	62.08		$	52.23		$	50.18
Total return		(16.86	)%		21.54	%d		5.88	%		(7.52	)%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	124,637		$	80,706		$	31,341		$	20,071
Ratio of expenses to average net assetsf		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feesf		0.68	%		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetsf		2.10	%		2.36	%		2.09	%		3.05	%
Portfolio turnover rateg		16	%		33	%		174	%		3	%

^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  Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been 21.46%.

^e  Not annualized.

^f  Annualized for periods of less than one year.

^g  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 years ended August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 10%, 33%, 21% and 3%, respectively. See Note 4.

See notes to consolidated financial statements.

84 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets Minimum Volatility  ETF

	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Oct. 18, 2011a to Aug. 31, 2012
Net asset value, beginning of period	$	62.47		$	55.56		$	55.32		$	49.30
Income from investment operations:
Net investment incomeb		1.58			1.51			1.85			1.93
Net realized and unrealized gain (loss)c		(11.65	)		6.94			(0.60	)		5.41
Total from investment operations		(10.07	)		8.45			1.25			7.34
Less distributions from:
Net investment income		(1.42	)		(1.54	)		(1.01	)		(1.32	)
Total distributions		(1.42	)		(1.54	)		(1.01	)		(1.32	)
Net asset value, end of period	$	50.98		$	62.47		$	55.56		$	55.32
Total return		(16.32	)%		15.44	%		2.22	%		15.16	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,462,357		$	2,080,363		$	2,455,727		$	387,227
Ratio of expenses to average net assetse		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived feese		0.69	%		0.67	%		0.67	%		0.69	%
Ratio of net investment income to average net assetse		2.71	%		2.58	%		3.13	%		4.08	%
Portfolio turnover ratef		28	%		34	%		23	%		31	%

^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 years ended August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 24%, 26%, 23% and 16%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 85

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Small-Cap ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Period from Aug. 16, 2011a to Aug. 31, 2011
Net asset value, beginning of period	$	51.37		$	43.78		$	43.44		$	49.60		$	50.54
Income from investment operations:
Net investment incomeb		1.04			0.93			1.07			0.50			0.07
Net realized and unrealized gain (loss)c		(11.06	)		7.67			1.13			(5.52	)		(1.01	)
Total from investment operations		(10.02	)		8.60			2.20			(5.02	)		(0.94	)
Less distributions from:
Net investment income		(1.29	)		(1.01	)		(1.86	)		(1.14	)		—
Total distributions		(1.29	)		(1.01	)		(1.86	)		(1.14	)		—
Net asset value, end of period	$	40.06		$	51.37		$	43.78		$	43.44		$	49.60
Total return		(19.77	)%		19.92	%d		4.85	%		(9.98	)%		(1.86	)%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	76,120		$	43,666		$	30,644		$	8,689		$	69,443
Ratio of expenses to average net assetsf		0.69	%		0.67	%		0.67	%		0.69	%		0.69	%
Ratio of net investment income to average net assetsf		2.20	%		1.93	%		2.26	%		1.13	%		3.33	%
Portfolio turnover rateg		23	%		20	%		21	%		32	%		2	%

^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  Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been 19.73%.

^e  Not annualized.

^f  Annualized for periods of less than one year.

^g  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 years ended August 31, 2015, August 31, 2014, August 31, 2013, August 31, 2012 and the period ended August 31, 2011 were 23%, 20%, 21%, 17% and 2%, respectively. See Note 4.

See notes to consolidated financial statements.

86 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements

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

iShares ETF	Diversification Classification
Core MSCI Emerging Markets	Diversified
MSCI BRIC	Diversified
MSCI Emerging Markets Asia	Diversified
MSCI Emerging Markets Minimum Volatility	Diversified
MSCI Emerging Markets Small-Cap	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.

Each Fund carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (each, a “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of each Fund also serves as the investment adviser to each Subsidiary. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for each Fund include the accounts of its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 87

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

to policies and procedures developed by the Global Valuation Committee and approved by the Board of Directors of the Company (the “Board”).

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

• Futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded.

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.

88 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of August 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective consolidated schedule of investments.

iShares ETF	Level 1			Level 2			Level 3		Total
Core MSCI Emerging Markets
Investments:
Assets:
Common Stocks	$	6,740,051,417		$	9,013,114		$	17,698,877	$	6,766,763,408
Preferred Stocks		213,627,194			—			—		213,627,194
Rights		—			0	a		—		0	a
Warrants		—			1			—		1
Money Market Funds		447,817,344			—			—		447,817,344
Total	$	7,401,495,955		$	9,013,115		$	17,698,877	$	7,428,207,947
Derivative Financial Instruments:b
Liabilities:
Futures Contracts	$	(4,522,127	)	$	—		$	—	$	(4,522,127	)
Total	$	(4,522,127	)	$	—		$	—	$	(4,522,127	)
MSCI BRIC
Investments:
Assets:
Common Stocks	$	183,151,586		$	—		$	843,269	$	183,994,855
Preferred Stocks		12,118,043			—			—		12,118,043
Money Market Funds		4,781,036			—			—		4,781,036
Total	$	200,050,665		$	—		$	843,269	$	200,893,934
MSCI Emerging Markets Asia
Investments:
Assets:
Common Stocks	$	122,241,060		$	274,387		$	358,117	$	122,873,564
Preferred Stocks		1,225,793			—			—		1,225,793
Money Market Funds		6,163,427			—			—		6,163,427
Total	$	129,630,280		$	274,387		$	358,117	$	130,262,784
MSCI Emerging Markets Minimum Volatility
Investments:
Assets:
Common Stocks	$	2,419,438,023		$	—		$	2,110,489	$	2,421,548,512
Preferred Stocks		27,356,542			—			—		27,356,542
Money Market Funds		76,694,156			—			—		76,694,156
Total	$	2,523,488,721		$	—		$	2,110,489	$	2,525,599,210

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 89

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

iShares ETF	Level 1		Level 2			Level 3		Total
MSCI Emerging Markets Small-Cap
Investments:
Assets:
Common Stocks	$	74,683,712	$	89,044		$	566,012	$	75,338,768
Preferred Stocks		354,197		—			—		354,197
Warrants		—		0	a		—		0	a
Money Market Funds		13,991,145		—			—		13,991,145
Total	$	89,029,054	$	89,044		$	566,012	$	89,684,110

^a  Rounds to less than $1.

^b  Shown at the unrealized appreciation (depreciation) on the contracts.

The iShares MSCI Emerging Markets Small-Cap ETF had transfers from Level 2 to Level 1 during the year ended August 31, 2015 in the amount of $584,909 resulting from the resumption of trading after a temporary suspension and transfers from Level 1 to Level 2 in the amount of $20,236, resulting from a temporary suspension of trading.

The following table includes a rollforward for the year ended August 31, 2015 of investments whose values are classified as Level 3 as of the beginning or end of the year.

iShares MSCI Emerging Markets Small-Cap ETF	Common Stocks
Balance at beginning of year	$	56,797
Realized gain (loss) and change in unrealized appreciation/depreciation		(388,674	)
Purchases		608,917
Sales		(180,284	)
Transfers ina		469,256	b
Transfers out		—
Balance at end of year	$	566,012
Net change in unrealized appreciation/depreciation on investments still held at end of year	$	(381,212	)

^a  Represents the value as of the beginning of the reporting period.

^b  Transfers in to Level 3 resulted from a suspension of trading.

The following table summarizes the valuation techniques used and unobservable inputs developed by the Global Valuation Committee to determine the fair value of certain of the iShares MSCI Emerging Markets Small-Cap ETF’s Level 3 investments as of August 31, 2015:

Value

Valuation Techniques

Unobservable inputs

Range of Unobservable Inputs a

Weighted Average of Unobservable Inputs b

Assets:

Common stocks

$

516,717

c

Last trade with adjustment

Discount rate

14%-86

%

25

%

^a  A decrease in the unobservable input may result in a significant increase to value, while an increase in the unobservable input may result in a significant decrease to value.

^b  Unobservable inputs are weighted based on the fair value of the investments included in the range.

^c  Does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information without adjustment for which such inputs are unobservable.

90 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of August 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

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 consolidated 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 August 31, 2015, if any, are disclosed in the Funds’ consolidated statements of assets and liabilities.

Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. These income taxes, if any, are paid by the Funds and are disclosed in the consolidated statements of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Further, each Subsidiary is also exempt from tax in Mauritius on any gains from the sale of securities.

However, there can be no assurance that any future changes to the India-Mauritius treaty will not adversely affect the tax position of the Funds’ investments in India. If the DTAA is interpreted, amended, terminated, renegotiated, or possibly overridden by the General Anti-Avoidance Rules provisions (which are due to take effect April 1, 2017, the details of which are pending further authoritative guidance), in a manner that would adversely affect the tax position in India of each Fund, such an interpretation, amendment, or

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 91

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

override renegotiation may cause the Funds to incur capital gains tax in India. Tax laws in India also include provisions that impose Indian tax on the transfer of shares of an Indian company. However, until more definitive authoritative guidance on the final applicability of this provision to the Funds is available, the impact to the Funds, if any, cannot be determined at this time.

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 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. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by 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 August 31, 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 consolidated schedules of investments. The securities on loan for each Fund are also disclosed in its consolidated schedule of investments. The total value of any securities on loan as of August 31, 2015 and the total value of the related collateral are disclosed in the consolidated statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the consolidated statements of operations.

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.

92 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of August 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
Core MSCI Emerging Markets	$	412,076,435	$	412,076,435	$	—
MSCI BRIC		4,517,829		4,517,829		—
MSCI Emerging Markets Asia		5,797,387		5,797,387		—
MSCI Emerging Markets Minimum Volatility		65,191,365		65,191,365		—
MSCI Emerging Markets Small-Cap		12,250,426		12,250,426		—

^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 consolidated statement of assets and liabilities.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

For its investment advisory services to the iShares Core MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.18% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2015 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any.

For its investment advisory services to each of the iShares MSCI BRIC, iShares MSCI Emerging Markets Minimum Volatility and iShares MSCI Emerging Markets Small-Cap ETFs, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.75	%	First $14 billion
	0.68		Over $14 billion, up to and including $28 billion
	0.61		Over $28 billion, up to and including $42 billion
	0.54		Over $42 billion, up to and including $56 billion
	0.47		Over $56 billion, up to and including $70 billion
	0.41		Over $70 billion, up to and including $84 billion
	0.35		Over $84 billion

The total of the investment advisory fee and any other fund expenses is a fund’s total annual operating expense. For the iShares MSCI Emerging Markets Minimum Volatility ETF, BFA has contractually agreed to waive a portion of its investment advisory fees

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 93

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

for the Fund through December 31, 2015 in order to limit total annual operating expenses after fee waiver to 0.25% of average daily net assets.

For its investment advisory services to the iShares MSCI Emerging Markets Asia ETF, BFA is entitled to an annual investment advisory fee of 0.68% based on the average daily net assets of the Fund. BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2015 in order to limit total annual operating expenses after fee waiver to 0.49% 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 65% 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 calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the year ended August 31, 2015, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Core MSCI Emerging Markets	$	2,285,543
MSCI BRIC		83,658
MSCI Emerging Markets Asia		34,758
MSCI Emerging Markets Minimum Volatility		875,781
MSCI Emerging Markets Small-Cap		64,670

For the year ended August 31, 2015, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares Core MSCI Emerging Markets ETF in the amount of $39,878, related to the foreign tax on the securities lending income. Such reimbursement is included in “Securities lending income – affiliated – net” in the Fund’s consolidated statement of operations.

94 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

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 year ended August 31, 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 consolidated 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 Funds, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.

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 year ended August 31, 2015 were as follows:

iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	3,548,333,200	$	464,687,049
MSCI BRIC		26,370,580		83,728,829
MSCI Emerging Markets Asia		92,919,382		20,263,993
MSCI Emerging Markets Minimum Volatility		1,139,500,400		641,150,537
MSCI Emerging Markets Small-Cap		63,663,643		14,755,774

In-kind transactions (see Note 4) for the year ended August 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core MSCI Emerging Markets	$	158,694,060	$	—
MSCI BRIC		—		79,417,004
MSCI Emerging Markets Asia		6,566,676		5,546,131
MSCI Emerging Markets Minimum Volatility		487,592,530		83,239,261

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 consolidated 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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 95

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

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 consolidated 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 consolidated statements of assets and liabilities.

5. FUTURES CONTRACTS

Each Fund may purchase or sell futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held by the iShares Core MSCI Emerging Markets ETF as of August 31, 2015 and the related locations in the consolidated statements of assets and liabilities, presented by risk exposure category:

Liabilities
Equity contracts:
Variation margin / Net assets consist of – net unrealized depreciationa	$	4,522,127

^a  Represents cumulative depreciation of futures contracts as reported in the consolidated schedule of investments.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares Core MSCI Emerging Markets ETF during the year ended August 31, 2015 and the related locations in the consolidated statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	(3,937,423	)	$	(4,892,657	)

96 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

The following table shows the average quarter-end balances of open futures contracts for the iShares Core MSCI Emerging Markets ETF for the year ended August 31, 2015:

Average value of contracts purchased $ 29,029,135

6. PRINCIPAL RISKS

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 equity and financial derivative 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 consolidated 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 consolidated 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 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 Core MSCI Emerging Markets ETF, iShares MSCI BRIC ETF, iShares MSCI Emerging Markets Minimum Volatility ETF and iShares MSCI Emerging Markets Small-Cap 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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 97

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

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.

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 consolidated statement of assets and liabilities.

7. 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of August 31, 2015, attributable to the characterization of corporate actions, passive foreign investment companies, foreign currency transactions and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
Core MSCI Emerging Markets	$	—		$	(2,064,805	)	$	2,064,805
MSCI BRIC		5,374,516			305,141			(5,679,657	)
MSCI Emerging Markets Asia		(10,183	)		(57,112	)		67,295
MSCI Emerging Markets Minimum Volatility		6,657,634			(1,109,627	)		(5,548,007	)
MSCI Emerging Markets Small-Cap		—			54,934			(54,934	)

The tax character of distributions paid during the years ended August 31, 2015 and August 31, 2014 was as follows:

iShares ETF	2015		2014
Core MSCI Emerging Markets
Ordinary income	$	149,835,315	$	69,107,942

98 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

iShares ETF	2015		2014
MSCI BRIC
Ordinary income	$	7,526,071	$	7,905,401
MSCI Emerging Markets Asia
Ordinary income	$	1,886,156	$	898,216
MSCI Emerging Markets Minimum Volatility
Ordinary income	$	56,113,327	$	58,169,702
MSCI Emerging Markets Small-Cap
Ordinary income	$	1,449,168	$	736,376

As of August 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses)  a			Qualified Late-Year Losses b			Total
Core MSCI Emerging Markets	$	59,081,485	$	(34,205,998	)	$	(1,408,130,373	)	$	(104,632,969	)	$	(1,487,887,855	)
MSCI BRIC		1,946,769		(181,073,552	)		(49,328,601	)		(16,546,798	)		(245,002,182	)
MSCI Emerging Markets Asia		1,309,389		(9,350,259	)		(19,719,781	)		(5,188,764	)		(32,949,415	)
MSCI Emerging Markets Minimum Volatility		18,688,666		(112,910,321	)		(339,042,382	)		(51,268,097	)		(484,532,134	)
MSCI Emerging Markets Small-Cap		691,120		(5,947,880	)		(17,143,759	)		—			(22,400,519	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the corporate actions, the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^b  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of August 31, 2015, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2017		Expiring 2018		Expiring 2019		Total
Core MSCI Emerging Markets	$	34,205,998	$	—	$	—	$	—	$	34,205,998
MSCI BRIC		160,504,168		1,540,740		11,268,086		7,760,558		181,073,552
MSCI Emerging Markets Asia		9,350,259		—		—		—		9,350,259
MSCI Emerging Markets Minimum Volatility		112,910,321		—		—		—		112,910,321
MSCI Emerging Markets Small-Cap		5,947,880		—		—		—		5,947,880

^a  Must be utilized prior to losses subject to expiration.

For the year ended August 31, 2015, the iShares MSCI Emerging Markets Small-Cap ETF utilized $2,132,398 of its capital loss carryforwards.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 99

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

As of August 31, 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)
Core MSCI Emerging Markets	$	8,836,185,376	$	348,855,492	$	(1,756,832,921	)	$	(1,407,977,429	)
MSCI BRIC		250,196,610		28,460,924		(77,763,600	)		(49,302,676	)
MSCI Emerging Markets Asia		149,975,978		5,229,202		(24,942,396	)		(19,713,194	)
MSCI Emerging Markets Minimum Volatility		2,864,506,202		126,498,731		(465,405,723	)		(338,906,992	)
MSCI Emerging Markets Small-Cap		106,822,350		5,217,473		(22,355,713	)		(17,138,240	)

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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’ consolidated financial statements.

8. LINE OF CREDIT

The Funds, along with certain other iShares funds, are parties to a $150 million credit agreement with State Street Bank and Trust Company, which expires on October 28, 2015. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

On September 17, 2015, the Board amended the terms of the credit agreement as follows: (i) increased the maximum borrowing amount to $250 million; (ii) increased the commitment fee to 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed; and (iii) extended the expiration date to October 28, 2016. These changes are expected to be effective on or around October 28, 2015.

For the year ended August 31, 2015, the maximum amounts borrowed, the average borrowings and the weighted average interest rates, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowings		Weighted Average Interest Rates
Core MSCI Emerging Markets	$	25,000,000	$	410,959		1.18	%
MSCI BRIC		4,000,000		87,806		1.18
MSCI Emerging Markets Asia		1,800,000		30,545		1.18
MSCI Emerging Markets Minimum Volatility		11,704,000		380,625		1.16
MSCI Emerging Markets Small-Cap		1,250,000		32,575		1.17

100 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^®, INC.

9. SUBSEQUENT EVENTS

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 101

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

iShares, Inc.:

In our opinion, the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of iShares Core MSCI Emerging Markets ETF, iShares MSCI BRIC ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets Minimum Volatility ETF, iShares MSCI Emerging Markets Small-Cap ETF and their subsidiaries (the “Funds”) at August 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These consolidated financial statements and consolidated financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

October 22, 2015

102 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Tax Information (Unaudited)

iSHARES^®, INC.

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the following maximum amounts are hereby designated as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2015:

iShares ETF	Qualified Dividend Income
Core MSCI Emerging Markets	$	95,619,839
MSCI BRIC		5,074,047
MSCI Emerging Markets Asia		2,201,368
MSCI Emerging Markets Minimum Volatility		29,185,561
MSCI Emerging Markets Small-Cap		591,203

In February 2016, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.

For the fiscal year ended August 31, 2015, the following Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to Section 853 of the Code:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Core MSCI Emerging Markets	$	192,374,106	$	20,542,033
MSCI BRIC		8,587,238		651,404
MSCI Emerging Markets Asia		3,719,572		463,899
MSCI Emerging Markets Minimum Volatility		72,711,584		8,879,276
MSCI Emerging Markets Small-Cap		1,905,012		186,347

TAX INFORMATION 103

Board Review and Approval of Investment Advisory

Contract

iSHARES^®, INC.

I. iShares Core MSCI Emerging Markets ETF and iShares MSCI Emerging Markets Asia ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives

104 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception,

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 105

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds did not provide for any breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Funds may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

106 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

II. iShares MSCI BRIC ETF and iShares MSCI Emerging Markets Small-Cap ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group. The Board further noted that each Fund’s investment advisory fee rate and overall expenses (net of waivers and reimbursements) were 2 basis points higher than those of a competitor fund in its respective Lipper Group that was ranked in the 3rd Lipper quintile.

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In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its

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affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds already provided for breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of

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Board Review and Approval of Investment Advisory

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iSHARES^®, INC.

research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

III. iShares MSCI Emerging Markets Minimum Volatility ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

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iSHARES^®, INC.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had

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Board Review and Approval of Investment Advisory

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iSHARES^®, INC.

focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s

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iSHARES^®, INC.

securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

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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 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 these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Core MSCI Emerging Markets	$	1.087643	$	—	$	—	$	1.087643		100	%		—	%		—	%		100	%
MSCI BRIC		0.954159		—		—		0.954159		100			—			—			100
MSCI Emerging Markets Asia		0.845929		—		—		0.845929		100			—			—			100
MSCI Emerging Markets Minimum Volatility		1.419028		—		—		1.419028		100			—			—			100
MSCI Emerging Markets Small-Cap		1.293432		—		—		1.293432		100			—			—			100

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for five calendar years (or from the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.

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iSHARES^®, INC.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares Core MSCI Emerging Markets ETF

Period Covered: October 18, 2012 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5%		1		0.15	%
Greater than 2.0% and Less than 2.5%		2		0.30
Greater than 1.5% and Less than 2.0%		9		1.33
Greater than 1.0% and Less than 1.5%		41		6.06
Greater than 0.5% and Less than 1.0%		162		23.93
Between 0.5% and –0.5%		389		57.45
Less than –0.5% and Greater than –1.0%		51		7.53
Less than –1.0% and Greater than –1.5%		17		2.51
Less than –1.5% and Greater than –2.0%		3		0.44
Less than –2.0% and Greater than –2.5%		2		0.30
		677		100.00	%

iShares MSCI BRIC ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.5%		1		0.07	%
Greater than 3.0% and Less than 3.5%		1		0.07
Greater than 2.5% and Less than 3.0%		5		0.36
Greater than 2.0% and Less than 2.5%		6		0.43
Greater than 1.5% and Less than 2.0%		27		1.95
Greater than 1.0% and Less than 1.5%		110		7.96
Greater than 0.5% and Less than 1.0%		154		11.15
Between 0.5% and –0.5%		725		52.47
Less than –0.5% and Greater than –1.0%		228		16.50
Less than –1.0% and Greater than –1.5%		82		5.94
Less than –1.5% and Greater than –2.0%		31		2.24
Less than –2.0% and Greater than –2.5%		6		0.43
Less than –2.5% and Greater than –3.0%		5		0.36
Less than –3.0% and Greater than –3.5%		1		0.07
		1,382		100.00	%

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Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Emerging Markets Asia ETF

Period Covered: February 8, 2012 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		1		0.12	%
Greater than 2.5% and Less than 3.0%		2		0.23
Greater than 2.0% and Less than 2.5%		5		0.59
Greater than 1.5% and Less than 2.0%		27		3.17
Greater than 1.0% and Less than 1.5%		81		9.50
Greater than 0.5% and Less than 1.0%		188		22.04
Between 0.5% and –0.5%		405		47.49
Less than –0.5% and Greater than –1.0%		96		11.25
Less than –1.0% and Greater than –1.5%		31		3.63
Less than –1.5% and Greater than –2.0%		13		1.52
Less than –2.0% and Greater than –2.5%		2		0.23
Less than –2.5% and Greater than –3.0%		2		0.23
		853		100.00	%

iShares MSCI Emerging Markets Minimum Volatility ETF

Period Covered: October 18, 2011 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		2		0.22	%
Greater than 2.5% and Less than 3.0%		2		0.22
Greater than 2.0% and Less than 2.5%		4		0.43
Greater than 1.5% and Less than 2.0%		23		2.47
Greater than 1.0% and Less than 1.5%		49		5.27
Greater than 0.5% and Less than 1.0%		205		22.04
Between 0.5% and –0.5%		524		56.33
Less than –0.5% and Greater than –1.0%		82		8.82
Less than –1.0% and Greater than –1.5%		27		2.90
Less than –1.5% and Greater than –2.0%		8		0.86
Less than –2.0% and Greater than –2.5%		2		0.22
Less than –2.5% and Greater than –3.0%		2		0.22
		930		100.00	%

116 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Emerging Markets Small-Cap ETF

Period Covered: August 16, 2011 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 5.5%		1		0.10	%
Greater than 5.0% and Less than 5.5%		1		0.10
Greater than 4.5% and Less than 5.0%		2		0.21
Greater than 4.0% and Less than 4.5%		3		0.31
Greater than 3.5% and Less than 4.0%		2		0.21
Greater than 3.0% and Less than 3.5%		5		0.51
Greater than 2.5% and Less than 3.0%		5		0.51
Greater than 2.0% and Less than 2.5%		19		1.95
Greater than 1.5% and Less than 2.0%		46		4.72
Greater than 1.0% and Less than 1.5%		98		10.06
Greater than 0.5% and Less than 1.0%		196		20.12
Between 0.5% and –0.5%		411		42.21
Less than –0.5% and Greater than –1.0%		114		11.70
Less than –1.0% and Greater than –1.5%		35		3.59
Less than –1.5% and Greater than –2.0%		18		1.85
Less than –2.0% and Greater than –2.5%		12		1.23
Less than –2.5% and Greater than –3.0%		4		0.41
Less than –3.0%		2		0.21
		974		100.00	%

Regulation under the Alternative Investment Fund Managers Directive (“AIFMD” or, the “Directive”)

The Directive imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside the EU, such as BFA. Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

BFA has registered the iShares Core MSCI Emerging Markets ETF, iShares MSCI BRIC ETF and iShares MSCI Emerging Markets Minimum Volatility ETF (each a “Fund”, collectively the “Funds”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden and Luxembourg.

Report on Remuneration

BFA is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops, BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to both (a) the staff of BFA; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

SUPPLEMENTAL INFORMATION 117

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programs which support that philosophy. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Compensation decisions for employees are made based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Bonus pools are reviewed by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Operational Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions.

Functions such as Finance, Operational Risk, Legal & Compliance, and Human Resources each have their own organizational structures which are independent of the business units. Functional bonus pools are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent compensation committee. No individual is involved in setting his or her own remuneration.

Members of staff and senior management of BFA typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of BFA and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of BFA. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares Core MSCI Emerging Markets ETF in respect of BFA’s financial year ending December 31, 2014 was USD 1.04 million. This figure is comprised of fixed remuneration of USD 0.42 million and variable remuneration of USD 0.62 million. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares Core MSCI Emerging Markets ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 0.14 million, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.03 million.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI BRIC ETF in respect of BFA’s financial year ending December 31, 2014 was USD 51.7 thousand. This figure is comprised of fixed remuneration of USD 20.9 thousand and variable remuneration of USD 30.8 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI BRIC ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 7.2 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was 1.3 thousand.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Emerging Markets Minimum Volatility ETF in respect of BFA’s financial year ending December 31, 2014 was USD 325.8 thousand. This

118 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

figure is comprised of fixed remuneration of USD 131.6 thousand and variable remuneration of USD 194.1 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Emerging Markets Minimum Volatility ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 45.1 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 8.4 thousand.

SUPPLEMENTAL INFORMATION 119

Director and Officer Information

iSHARES^®, INC.

The Board of Directors has responsibility for the overall management and operations of the Company, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees a total of 319 funds (as of August 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert S. Kapitoa (58)	Director (since 2009).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Director (since 2013).	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Trustee of iShares U.S. ETF Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

120 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert H. Silver (60)	Director (since 2007); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Trustee of iShares U.S. ETF Trust (since 2011); Independent Chairman of iShares Trust and iShares U.S. ETF Trust (since 2012).
Jane D. Carlin (59)	Director (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Director (since 2005); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (71)	Director (since 2005); Audit Committee Chair (since 2006).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

DIRECTOR AND OFFICER INFORMATION 121

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (60)	Director (since 2005); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
John E. Martinez (54)	Director (since 2003); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (51)	Director (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Director, Cavium, Inc. (since 2013).

122 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (55)	Treasurer and Chief Financial Officer (since 2008).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (47)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (52)	Executive Vice President (since 2007).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

DIRECTOR AND OFFICER INFORMATION 123

Notes:

124 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 125

Notes:

126 2015 iSHARES 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company 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.

Certain financial information required by regulations or listing exchange rules in jurisdictions outside the U.S. in which iShares Funds are cross-listed may be publicly filed in those jurisdictions. This information is available upon request by calling 1-800-474-2737.

©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-AR-810-0815

AUGUST 31, 2015

  2015 ANNUAL REPORT

iShares, Inc.

^Ø   iShares MSCI All Country World Minimum Volatility ETF  |  ACWV  |  NYSE Arca

^Ø   iShares MSCI Emerging Markets Horizon ETF  |  EMHZ  |  BATS

^Ø   iShares MSCI Frontier 100 ETF  |  FM  |  NYSE Arca

^Ø   iShares MSCI World ETF  |  URTH  |  NYSE Arca

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	14
Shareholder Expenses	14
Schedules of Investments	15
iShares MSCI All Country World Minimum Volatility ETF	15
iShares MSCI Emerging Markets Horizon ETF	21
iShares MSCI Frontier 100 ETF	25
iShares MSCI World ETF	28
Financial Statements	43
Financial Highlights	49
Notes to Financial Statements	53
Report of Independent Registered Public Accounting Firm	65
Tax Information	66
Board Review and Approval of Investment Advisory Contracts	67
Supplemental Information	77
Director and Officer Information	81

Management’s Discussion of Fund Performance

iSHARES^®, INC.

GLOBAL MARKET OVERVIEW

Global equity markets delivered a negative return for the 12 months ended August 31, 2015 (the “reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -6.29% for the reporting period.

The reporting period was characterized by a continued divergence in economic growth and central bank policy between the U.S. and the rest of the world. Despite a slowdown in early 2015, the U.S. economy remained one of the strongest economies among developed countries, which motivated the U.S. Federal Reserve Bank (the “Fed”) to scale back its economic stimulus measures. The Fed ended a two-year quantitative easing program in October 2014 and signaled its intent to raise its short-term interest rate target sometime in 2015. In contrast, weaker economic growth in most other regions of the globe led many of the world’s central banks to take more aggressive actions to stimulate economic activity.

This divergence contributed to a notably stronger U.S. dollar. For the reporting period, the euro, Japanese yen, British pound and Australian dollar declined by 15%, 14%, 7%, and 24% against the U.S. dollar, respectively. Weaker foreign currencies decrease the value of foreign investments measured in U.S. dollars, thereby decreasing returns for U.S. investors, while increasing foreign currencies relative to the U.S. dollar have the opposite effect. Currency performance had a meaningful impact on non-U.S. equity returns for U.S. investors. For example, the MSCI ACWI returned 0.59% in local currency terms for the reporting period.

A number of other factors influenced global markets during the reporting period. Energy prices fell sharply amid growing supply — primarily from increased production in the U.S. — and declining global demand. Lower energy prices contributed to historically low and declining inflation rates in most of the world. Consumer prices were nearly unchanged in the U.S., the European Union, and Japan, while prices in China and India rose at a relatively slow rate. Low inflation and tepid demand kept the Fed’s zero interest rate policy intact, while central banks throughout the world took aggressive measures to stimulate demand.

Global markets advanced for most of the reporting period, then declined sharply in the last few months of the reporting period. The volatility began in China, as slowing economic growth led to a steep drop in China’s equity markets. Plummeting commodity prices amid already subdued inflation also raised concerns about global demand. Currency devaluations in Asia, including China, Vietnam, Pakistan, and Kazakhstan, led to speculation that Asian countries were weakening their currencies to compete for demand. These global events led to further uncertainty about the timing of an expected interest rate hike from the Fed.

On a regional basis, U.S. stocks advanced by less than 1% for the reporting period as declining interest rates, ongoing economic growth, and low inflation provided a favorable environment for U.S. equity market performance. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters. Economic activity improved over the last several months of the reporting period, boosted by an increase in consumer spending.

European stocks declined by about 8% in U.S. dollar terms for the reporting period, though they advanced more than 3% when measured in local currencies. The European Central Bank initiated quantitative easing measures in early 2015, and signs of economic improvement emerged in the latter half of the reporting period. A tentative agreement on Greece’s debt repayment helped alleviate ongoing concerns about Europe’s sovereign debt levels.

Stock markets in the Asia/Pacific region (excluding Japan) declined by approximately 19% in U.S. dollar terms, which equated to an 8% decline when measured in local currencies. China’s economic slowdown weighed heavily on the region, as China is the largest trading partner of many countries in the region. On the bright side, Japanese stocks performed relatively well, as ongoing economic stimulus and reform measures led to a 4% gain in U.S. dollar terms (22% when measured in Japanese yen).

Emerging markets stocks fell by approximately 23% in U.S. dollar terms for the reporting period, though the decline was about 10% when measured in local currencies. Many of the largest emerging economies — including China, Russia, and Brazil — experienced slowing economic growth during the reporting period. Latin American stocks posted some of the biggest declines, as the region struggled with slow growth and declining commodity prices.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		1.15%		1.14%		0.88%		1.15%		1.14%		0.88%
Since Inception		10.44%		10.38%		10.15%		46.87%		46.58%		45.35%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	952.70	$	0.98	$	1,000.00	$	1,024.20	$	1.02		0.20%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

6 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

The iShares MSCI All Country World Minimum Volatility ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) 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 12-month reporting period ended August 31, 2015, the total return for the Fund was 1.15%, net of fees, while the total return for the Index was 0.88%.

As represented by the Index, lower-volatility global stocks advanced modestly for the reporting period. The Index generated a positive return despite the negative impact of currency fluctuations relative to the U.S. dollar. The U.S. comprised more than half of the Index as of the end of the reporting period; the top country weights in the remainder of the Index included Canada, China, Japan, Switzerland, and Taiwan. For the reporting period, the Swiss franc depreciated by 5%, the Taiwanese dollar depreciated by 8%, the Japanese yen depreciated by 14%, and the Canadian dollar depreciated by 18% against the U.S. dollar. The currency fluctuations had a meaningful impact on the Index’s performance in U.S. dollar terms. When measured in local currencies, the Index returned 6.57% for the reporting period.

Global equity markets experienced substantial volatility during the reporting period in an environment of geopolitical conflicts, declining commodity prices, and global economic weakness. In addition, events in China late in the reporting period — including signs of economic weakness, a precipitous drop in the country’s stock market, and an unexpected devaluation of the Chinese yuan — led to sharp declines in stock markets around the globe.

In this environment, the Index outpaced the decline of the MSCI All Country World Index (ACWI), a broad measure of global equity market performance. The Index also experienced less volatility than the MSCI ACWI during the reporting period.

ALLOCATION BY SECTOR
As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	18.15	%
Health Care	17.51
Consumer Staples	14.84
Consumer Discretionary	9.81
Telecommunication Services	8.74
Information Technology	8.42
Utilities	8.37
Industrials	7.96
Materials	3.96
Energy	2.24
TOTAL	100.00	%

TEN LARGEST COUNTRIES
As of 8/31/15

Country Percentage of
Total  Investments*

United States	55.63	%
Japan	13.65
Canada	5.79
China	4.52
Switzerland	3.73
Taiwan	3.62
Hong Kong	3.42
United Kingdom	2.38
Singapore	1.30
Malaysia	0.93
TOTAL	94.97	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® MSCI EMERGING MARKETS HORIZON ETF

Performance as of August 31, 2015

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		(20.64)%		(22.81)%		(20.57)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 10/14/14. The first day of secondary market trading was 10/16/14.

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	835.80	$	2.31	$	1,000.00	$	1,022.70	$	2.55		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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

8 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI EMERGING MARKETS HORIZON ETF

The iShares MSCI Emerging Markets Horizon ETF (the “Fund”) seeks to track the investment results of an index that takes the smallest 25% of countries by market capitalization from the universe of an index of emerging markets countries, and then excludes Brazil, China, India, and Russia, as represented by the MSCI Emerging Markets Horizon 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 period from October 14, 2014 (inception date of the Fund) through August 31, 2015 (the “reporting period”), the total return for the Fund was -20.64%, net of fees, while the total return for the Index was -20.57%.

As represented by the Index, stocks in smaller emerging market countries declined sharply for the reporting period.

One factor behind the Index’s decline was the depreciation of many emerging market currencies relative to the U.S. dollar. For the reporting period, the Malaysian ringgit depreciated by 25%, the Mexican peso depreciated by 22%, the Indonesian rupiah depreciated by 16%, and the Thai baht depreciated by 11% against the U.S. dollar. These four countries comprised approximately 58% of the Index on average during the reporting period. The currency fluctuations had a meaningful impact on the Index’s performance; when measured in local currencies, the Index returned -6.20% for the reporting period.

The Index experienced substantial volatility during the reporting period as geopolitical conflicts, global economic weakness, and declining demand for commodities buffeted emerging markets. Events in China late in the reporting period — including signs of economic weakness, a precipitous drop in the country’s stock market, and an unexpected Chinese yuan devaluation — put additional downward pressure on emerging markets stocks.

From a country perspective, Malaysia had the most significant negative impact on the Index’s performance for the reporting period in U.S. dollar terms. Malaysia’s economy slowed as exports contracted, and the country’s prime minister faced corruption allegations. Mexico, the Index’s largest country weight, also detracted meaningfully from the Index’s performance as the Mexican economy was adversely affected by the lack of demand for commodities.

Hungary and the Philippines were the only two countries that contributed to the Index’s return for the reporting period. Encouraging economic news aided equity market performance in both countries.

ALLOCATION BY SECTOR
As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	36.99	%
Consumer Staples	12.81
Telecommunication Services	11.51
Industrials	9.55
Materials	8.66
Consumer Discretionary	7.43
Utilities	5.87
Energy	5.19
Health Care	1.99
TOTAL	100.00	%

TEN LARGEST COUNTRIES
As of 8/31/15

Country Percentage of
Total  Investments*

Mexico	21.73	%
Malaysia	14.19
Indonesia	10.89
Thailand	10.36
Poland	7.11
Philippines	6.67
Turkey	6.42
Chile	5.95
Qatar	4.75
United Arab Emirates	3.57
TOTAL	91.64	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 9

Management’s Discussion of Fund Performance

iSHARES^® MSCI FRONTIER 100 ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(21.70)%		(21.56)%		(20.57)%		(21.70)%		(21.56)%		(20.57)%
Since Inception		6.73%		7.14%		7.61%		21.35%		22.73%		24.29%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	882.50	$	3.75	$	1,000.00	$	1,021.20	$	4.02		0.79%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

10 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI FRONTIER 100 ETF

The iShares MSCI Frontier 100 ETF (the “Fund”) seeks to track the investment results of an index composed of frontier market equities, as represented by the MSCI Frontier Markets 100 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -21.70%, net of fees, while the total return for the Index was -20.57%.

As represented by the Index, frontier market stocks declined sharply for the reporting period. One factor behind this decline was the depreciation of many world currencies relative to the U.S. dollar. For the reporting period, the Kuwaiti dinar, the Argentine peso, and the Nigerian naira depreciated by 6%, 10%, and 23% against the U.S. dollar, respectively. These three countries comprised approximately half of the Index on average during the reporting period. The currency fluctuations had a meaningful impact on the Index’s performance; when measured in local currencies, the Index returned -14.68% for the reporting period.

Frontier markets were also buffeted by geopolitical conflicts, global economic weakness, and declining demand for commodities. Events in China late in the reporting period — including signs of economic weakness, a precipitous drop in the country’s stock market, and an unexpected devaluation of the Chinese yuan — put additional downward pressure on stocks in frontier markets.

Kuwait and Nigeria, the two largest country weights on average in the Index, had the most significant negative impact on the Index’s performance for the reporting period in U.S. dollar terms. The Nigerian economy is heavily dependent on oil exports, but falling energy prices led to reduced oil production and weaker economic growth. Falling oil prices also adversely affected the Kuwait stock market during the reporting period.

Qatar and Bangladesh were the primary positive contributors to the Index’s return for the reporting period. Although Qatar is also a major energy producer, the country embarked on a series of infrastructure development projects that helped aid economic growth. Bangladesh continued to benefit from stable economic growth driven in large part by garment exports.

ALLOCATION BY SECTOR
As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	51.69	%
Telecommunication Services	14.32
Energy	12.50
Consumer Staples	6.95
Materials	6.08
Industrials	4.71
Utilities	2.36
Health Care	1.39
TOTAL	100.00	%

TEN LARGEST COUNTRIES
As of 8/31/15

Country Percentage of
Total  Investments*

Kuwait	25.64	%
Argentina	13.18
Nigeria	13.11
Pakistan	11.02
Kenya	5.90
Oman	5.67
Morocco	5.48
Romania	4.55
Bangladesh	3.53
Vietnam	3.43
TOTAL	91.51	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 11

Management’s Discussion of Fund Performance

iSHARES^® MSCI WORLD ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(3.97)%		(3.89)%		(4.13)%		(3.97)%		(3.89)%		(4.13)%
Since Inception		11.29%		11.36%		11.18%		47.64%		47.96%		47.06%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	940.30	$	1.17	$	1,000.00	$	1,024.00	$	1.22		0.24%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

12 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI WORLD ETF

The iShares MSCI World ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, as represented by the MSCI World 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -3.97%, net of fees, while the total return for the Index was -4.13%.

As represented by the Index, global stocks declined modestly for the reporting period. One factor behind this decline was the depreciation of many world currencies relative to the U.S. dollar. For the reporting period, the euro depreciated by 15%, the Japanese yen depreciated by 14%, and the British pound depreciated by 7% against the U.S. dollar. Countries using these currencies comprised approximately 28% of the Index on average during the reporting period. The currency fluctuations had a meaningful impact on the Index’s performance; when measured in local currencies, the Index returned 1.85% for the reporting period.

Canada and Australia were among the largest detractors from the Index’s performance during the reporting period in U.S. dollar terms. Slowing global economic growth, particularly in Europe and China, led to reduced demand for commodities, which are a significant component of both the Canadian and Australian economies. The U.K. also detracted from the Index’s return as a British economic recovery began to stall during the last half of the reporting period.

Japan produced the greatest contribution to the Index’s performance for the reporting period. The Bank of Japan implemented a series of aggressive measures in an effort to revive the Japanese economy, inject liquidity into the capital markets, and keep deflation at bay. These efforts provided a favorable environment for equity market performance in Japan. Other noteworthy contributors to the Index’s return included Denmark and the Netherlands.

The U.S., the largest country weight at approximately 57% of the Index on average for the reporting period, posted a relatively flat return.

ALLOCATION BY SECTOR
As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	20.84	%
Health Care	13.81
Information Technology	13.43
Consumer Discretionary	13.20
Industrials	10.63
Consumer Staples	9.99
Energy	6.77
Materials	4.69
Telecommunication Services	3.50
Utilities	3.14
TOTAL	100.00	%

TEN LARGEST COUNTRIES
As of 8/31/15

Country Percentage of
Total  Investments*

United States	57.31	%
Japan	8.88
United Kingdom	7.80
France	3.81
Switzerland	3.77
Germany	3.45
Canada	3.36
Australia	2.50
Spain	1.38
Hong Kong	1.19
TOTAL	93.45	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 13

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 advisory fees. Without such a 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 March 1, 2015 and held through August 31, 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 corresponding to 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.

14 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.36%
CANADA — 5.75%
Agnico Eagle Mines Ltd.		189,052	$	4,578,174
Bank of Montreal		107,672		5,745,744
Bank of Nova Scotia (The)		163,699		7,409,210
Barrick Gold Corp.		98,595		678,049
BCE Inc.		159,004		6,357,770
Canadian Imperial Bank of Commerce/Canada		77,311		5,618,339
Dollarama Inc.		144,293		8,146,780
Eldorado Gold Corp.		241,636		713,739
Enbridge Inc.		105,168		4,297,621
Fairfax Financial Holdings Ltd.		9,703		4,461,411
First Capital Realty Inc.		113,619		1,485,032
Franco-Nevada Corp.		181,853		7,790,771
Goldcorp Inc.		713,327		9,784,455
H&R REIT		61,661		957,008
Intact Financial Corp.		153,057		10,474,137
RioCan REIT		112,367		2,053,094
Rogers Communications Inc. Class B		63,226		2,134,145
Royal Bank of Canada		89,518		4,934,423
Shaw Communications Inc. Class B		443,834		8,816,635
Silver Wheaton Corp.		350,247		4,246,136
TELUS Corp.		214,776		6,947,733
Thomson Reuters Corp.		165,577		6,369,208
Toronto-Dominion Bank (The)		22,223		876,560
TransCanada Corp.		199,068		6,867,509
				121,743,683
CHILE — 0.38%
Aguas Andinas SA Series A		2,551,263		1,322,481
Banco de Chile		26,355,245		2,724,253
Empresa Nacional de Electricidad SA/Chile		741,810		919,959
Empresas COPEC SA		314,878		3,079,184
				8,045,877
CHINA — 4.50%
Agricultural Bank of China Ltd. Class H		5,008,000		2,022,573
Bank of China Ltd. Class H		11,894,000		5,432,837
Beijing Capital International Airport Co. Ltd. Class H		1,878,000		2,020,957

Security	Shares		Value
Beijing Enterprises Holdings Ltd.		626,000	$	3,655,009
China Coal Energy Co. Ltd. Class Ha		2,191,000		1,023,402
China Communications Services Corp. Ltd. Class H		3,130,000		1,151,025
China Construction Bank Corp. Class H		14,085,000		9,904,872
China Medical System Holdings Ltd.a		1,252,000		1,360,229
China Mengniu Dairy Co. Ltd.		626,000		2,188,966
China Merchants Holdings International Co. Ltd.a		626,000		2,092,038
China Mobile Ltd.		782,500		9,480,810
China Petroleum & Chemical Corp. Class H		1,878,000		1,250,376
China Resources Gas Group Ltd.a		626,000		1,651,822
China Unicom Hong Kong Ltd.		1,252,000		1,644,552
CITIC Ltd.		2,817,000		5,161,438
COSCO Pacific Ltd.		1,252,000		1,472,720
CSPC Pharmaceutical Group Ltd.		1,252,000		1,146,986
Dalian Wanda Commercial Properties Co. Ltd. Class H		688,600		4,229,309
Geely Automobile Holdings Ltd.a		1,565,000		605,803
Guangdong Investment Ltd.		3,130,000		4,232,540
Hanergy Thin Film Power Group Ltd.a,b		11,018,000		11
Hengan International Group Co. Ltd.a		469,500		4,607,128
Industrial & Commercial Bank of China Ltd. Class H		2,817,000		1,664,745
Inner Mongolia Yitai Coal Co. Ltd. Class B		1,283,336		1,085,702
Jiangsu Expressway Co. Ltd. Class H		1,252,000		1,479,774
Lenovo Group Ltd.a		3,756,000		3,082,323
Luye Pharma Group Ltd.a,b		1,565,000		1,332,766
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		2,504,000		1,751,173
Shenzhou International Group Holdings Ltd.a		626,000		3,162,289
Sihuan Pharmaceutical Holdings Group Ltd.		4,767,000		922,639

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

August 31, 2015

Security	Shares		Value
Sino Biopharmaceutical Ltd.		3,756,000	$	4,458,707
SOHO China Ltd.a		2,034,500		868,923
Sun Art Retail Group Ltd.a		2,817,000		2,348,091
Tingyi Cayman Islands Holding Corp.a		1,878,000		2,888,466
Zhejiang Expressway Co. Ltd. Class H		1,878,000		2,016,111
Zijin Mining Group Co. Ltd. Class H		6,886,000		1,777,021
				95,174,133
COLOMBIA — 0.05%
Corp. Financiera Colombiana SA		84,823		1,006,305
				1,006,305
EGYPT — 0.06%
Commercial International Bank Egypt SAE		197,503		1,264,213
				1,264,213
GERMANY — 0.55%
Fresenius Medical Care AG & Co. KGaA		47,576		3,636,199
Kabel Deutschland Holding AGb		26,918		3,645,031
MAN SE		41,629		4,361,334
				11,642,564
HONG KONG — 3.40%
Bank of East Asia Ltd. (The)		688,600		2,367,880
Cheung Kong Infrastructure Holdings Ltd.		626,000		5,161,438
CLP Holdings Ltd.		2,034,500		16,840,301
Haier Electronics Group Co. Ltd.		626,000		1,122,754
Hang Seng Bank Ltd.a		907,700		16,151,100
HKT Trust & HKT Ltd.a		2,191,000		2,535,889
Hong Kong & China Gas Co. Ltd.		2,755,860		5,198,763
Link REIT		939,000		4,979,697
MTR Corp. Ltd.		1,721,500		7,674,508
Power Assets Holdings Ltd.a		782,500		6,734,505
Sun Hung Kai Properties Ltd.		30,000		380,127
Swire Pacific Ltd. Class A		156,500		1,717,450
Yue Yuen Industrial Holdings Ltd.		313,000		1,120,735
				71,985,147
INDONESIA — 0.72%
Bank Central Asia Tbk PT		7,199,000		6,609,758
Indofood Sukses Makmur Tbk PT		3,380,400		1,275,169

Security	Shares		Value
Jasa Marga Persero Tbk PT		2,378,800	$	871,944
Kalbe Farma Tbk PT		14,617,100		1,742,608
Telekomunikasi Indonesia Persero Tbk PT		9,922,100		2,026,792
Tower Bersama Infrastructure Tbk PTb		1,721,500		879,129
Unilever Indonesia Tbk PT		626,000		1,769,954
				15,175,354
IRELAND — 0.20%
Kerry Group PLC Class A		33,804		2,513,163
Ryanair Holdings PLC ADR		23,688		1,728,040
				4,241,203
ISRAEL — 0.67%
Bank Leumi le-Israel BMa,b		400,327		1,456,105
Mizrahi Tefahot Bank Ltd.		161,508		1,876,477
NICE-Systems Ltd.		41,629		2,599,795
Teva Pharmaceutical Industries Ltd.		127,391		8,321,659
				14,254,036
JAPAN — 13.57%
ABC-Mart Inc.		31,300		1,900,961
Ajinomoto Co. Inc.		54,000		1,190,420
ANA Holdings Inc.		1,252,000		3,676,914
Aozora Bank Ltd.		939,000		3,440,327
Astellas Pharma Inc.		313,000		4,649,090
Benesse Holdings Inc.		93,900		2,495,012
Calbee Inc.		31,300		1,199,724
Canon Inc.		563,400		17,234,177
Chugai Pharmaceutical Co. Ltd.		31,300		1,171,312
East Japan Railway Co.		32,100		2,968,028
Eisai Co. Ltd.		62,600		4,274,064
ITOCHU Techno-Solutions Corp.		62,600		1,379,230
Japan Airlines Co. Ltd.		125,200		4,457,961
Japan Prime Realty Investment Corp.		939		3,049,028
Japan Real Estate Investment Corp.		939		3,951,727
Japan Retail Fund Investment Corp.		2,817		5,197,683
Kakaku.com Inc.		156,500		2,489,846
Kintetsu Group Holdings Co. Ltd.		313,000		1,118,364
Kyowa Hakko Kirin Co. Ltd.		313,000		5,266,386
Lawson Inc.		93,900		6,710,187
M3 Inc.		219,100		5,084,038

16 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

August 31, 2015

Security	Shares		Value
McDonald’s Holdings Co. Japan Ltd.a		93,900	$	2,068,845
Miraca Holdings Inc.		62,600		2,691,307
Mitsubishi Tanabe Pharma Corp.		250,400		4,487,922
Nagoya Railroad Co. Ltd.		626,000		2,495,012
Nippon Building Fund Inc.		939		3,951,727
Nippon Prologis REIT Inc.		1,565		2,847,568
Nippon Telegraph & Telephone Corp.		281,700		10,761,482
Nissin Foods Holdings Co. Ltd.		62,600		2,975,418
Nitori Holdings Co. Ltd.		93,900		7,477,287
Nomura Research Institute Ltd.		125,200		5,088,171
NTT DOCOMO Inc.		1,095,500		22,947,780
Oracle Corp. Japan		31,300		1,309,494
Oriental Land Co. Ltd./Japan		156,500		8,640,851
Osaka Gas Co. Ltd.		626,000		2,544,602
Otsuka Corp.		62,600		3,306,020
Otsuka Holdings Co. Ltd.		375,600		12,817,542
Park24 Co. Ltd.		125,200		2,458,852
Recruit Holdings Co. Ltd.		156,500		4,816,974
Sankyo Co. Ltd.		31,300		1,204,889
Santen Pharmaceutical Co. Ltd.		438,200		6,852,242
Secom Co. Ltd.		156,500		10,025,246
Shimadzu Corp.		50,000		736,477
Shimamura Co. Ltd.		31,300		2,895,350
Showa Shell Sekiyu KK		125,200		1,071,357
Suntory Beverage & Food Ltd.		156,500		6,624,954
Taisho Pharmaceutical Holdings Co. Ltd.		31,300		2,030,103
Takeda Pharmaceutical Co. Ltd.		563,400		27,717,876
Tobu Railway Co. Ltd.		1,252,000		5,589,240
Toho Co. Ltd./Tokyo		93,900		2,119,985
TonenGeneral Sekiyu KK		313,000		3,125,222
Unicharm Corp.		125,200		2,532,204
United Urban Investment Corp.		3,130		4,127,359
USS Co. Ltd.		250,400		4,450,729
West Japan Railway Co.		156,500		10,574,097
Yamato Holdings Co. Ltd.		406,900		7,945,941
Yamazaki Baking Co. Ltd.		48,000		810,001
				287,024,605
MALAYSIA — 0.92%
Axiata Group Bhda		3,005,400		4,393,609
Hong Leong Bank Bhda		281,700		877,294
IHH Healthcare Bhd		907,700		1,264,297

Security	Shares		Value
Malayan Banking Bhda		1,533,700	$	3,198,860
Maxis Bhda		2,034,500		3,182,539
Public Bank Bhda		1,064,260		4,561,114
Telekom Malaysia Bhda		1,314,600		2,031,370
				19,509,083
NEW ZEALAND — 0.14%
Auckland International Airport Ltd.		971,552		3,045,415
				3,045,415
PERU — 0.07%
Cia. de Minas Buenaventura SA ADR		221,917		1,402,515
				1,402,515
PHILIPPINES — 0.38%
Bank of the Philippine Islands		917,099		1,659,961
BDO Unibank Inc.		1,878,000		3,957,702
International Container Terminal Services Inc.		594,700		1,182,656
Philippine Long Distance Telephone Co.		23,475		1,264,657
				8,064,976
QATAR — 0.29%
Ooredoo QSC		44,446		848,369
Qatar Insurance Co. SAQ		43,820		1,179,413
Qatar National Bank SAQ		81,380		4,000,720
				6,028,502
SINGAPORE — 1.30%
Oversea-Chinese Banking Corp. Ltd.		782,500		4,954,779
Singapore Airlines Ltd.		688,600		4,843,588
Singapore Press Holdings Ltd.a		1,182,500		3,303,588
Singapore Technologies Engineering Ltd.a		563,400		1,226,433
Singapore Telecommunications Ltd.		4,162,900		11,039,669
StarHub Ltd.a		782,500		2,030,738
				27,398,795
SOUTH KOREA — 0.59%
Dongbu Insurance Co. Ltd.		48,202		2,168,122
Kia Motors Corp.		27,857		1,147,018
S-1 Corp.		21,597		1,714,613
Samsung Fire & Marine Insurance Co. Ltd.		19,406		4,421,828
Samsung Life Insurance Co. Ltd.		14,711		1,222,652

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

August 31, 2015

Security	Shares		Value
Yuhan Corp.		9,039	$	1,899,126
				12,573,359
SWITZERLAND — 3.70%
Chocoladefabriken Lindt & Sprungli AG Registered		96		6,461,052
Givaudan SA Registered		626		1,077,803
Kuehne + Nagel International AG Registered		10,016		1,334,017
Nestle SA Registered		308,931		22,777,292
Novartis AG Registered		159,004		15,570,734
Roche Holding AG		32,239		8,801,092
Schindler Holding AG Registered		24,727		3,850,769
Swiss Prime Site AG Registered		54,620		4,284,088
Swisscom AG Registered		26,292		14,205,646
				78,362,493
TAIWAN — 3.60%
Advanced Semiconductor Engineering Inc.		1,252,000		1,292,943
Asia Cement Corp.		2,817,000		3,026,007
Asustek Computer Inc.		313,000		2,847,554
Chang Hwa Commercial Bank Ltd.		6,028,482		2,927,527
Cheng Shin Rubber Industry Co. Ltd.		939,000		1,506,510
Chicony Electronics Co. Ltd.		630,064		1,564,703
Chunghwa Telecom Co. Ltd.		4,382,000		13,306,540
Delta Electronics Inc.		313,000		1,568,078
Far EasTone Telecommunications Co. Ltd.		1,878,000		4,121,256
First Financial Holding Co. Ltd.		8,667,217		4,195,619
Foxconn Technology Co. Ltd.		632,462		1,778,654
HTC Corp.		616,000		871,859
Hua Nan Financial Holdings Co. Ltd.		7,645,391		3,618,731
Lite-On Technology Corp.		2,516,782		2,305,142
Mega Financial Holding Co. Ltd.		5,947,000		4,459,884
Quanta Computer Inc.		626,000		1,150,566
SinoPac Financial Holdings Co. Ltd.		9,073,347		3,123,355
Synnex Technology International Corp.		1,565,000		1,664,280
Taiwan Business Bankb		5,038,593		1,269,869
Taiwan Cooperative Financial Holding Co. Ltd.		8,545,316		3,624,458

Security	Shares		Value
Taiwan Fertilizer Co. Ltd.		939,000	$	1,187,603
Taiwan Mobile Co. Ltd.		1,878,000		5,645,082
Taiwan Semiconductor Manufacturing Co. Ltd.		1,878,000		7,445,968
WPG Holdings Ltd.		939,000		887,455
Yulon Motor Co. Ltd.		939,000		849,937
				76,239,580
THAILAND — 0.60%
Advanced Info Service PCL NVDR		507,600		3,370,311
BTS Group Holdings PCL NVDR		6,812,300		1,852,976
CP ALL PCL NVDR		2,222,300		3,161,872
PTT PCL NVDR		573,800		4,290,094
				12,675,253
UNITED ARAB EMIRATES — 0.24%
DP World Ltd.		61,035		1,361,080
First Gulf Bank PJSC		391,563		1,529,772
National Bank of Abu Dhabi PJSC		769,980		2,180,148
				5,071,000
UNITED KINGDOM — 2.37%
Capita PLC		65,417		1,243,556
Compass Group PLC		332,406		5,291,339
Fresnillo PLC		256,035		2,443,416
G4S PLC		579,676		2,286,805
GlaxoSmithKline PLC		363,706		7,498,487
Inmarsat PLC		340,857		5,142,776
Randgold Resources Ltd.		107,046		6,517,969
Reckitt Benckiser Group PLC		82,319		7,288,744
Royal Dutch Shell PLC Class B		39,869		1,046,401
Sky PLC		577,798		9,268,655
SSE PLC		93,587		2,117,311
				50,145,459
UNITED STATES — 55.31%
Abbott Laboratories		370,592		16,784,112
Accenture PLC Class A		22,849		2,153,975
Adobe Systems Inc.b		18,154		1,426,360
Airgas Inc.		10,903		1,052,358
Alleghany Corp.b		15,024		7,058,125
Allergan PLCb		3,756		1,140,847
Altria Group Inc.		225,047		12,058,018
American Capital Agency Corp.		401,241		7,675,740
American Tower Corp.		61,035		5,626,817

18 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

August 31, 2015

Security	Shares		Value
American Water Works Co. Inc.		56,027	$	2,910,042
AmerisourceBergen Corp.		216,283		21,636,951
Annaly Capital Management Inc.		1,076,465		10,829,238
Arch Capital Group Ltd.b		147,110		10,044,671
AT&T Inc.		412,534		13,696,129
Automatic Data Processing Inc.		379,669		29,356,007
AutoZone Inc.b		28,796		20,617,648
AvalonBay Communities Inc.		34,430		5,683,016
Axis Capital Holdings Ltd.		116,749		6,537,944
Baxalta Inc.b		145,858		5,126,909
Baxter International Inc.		144,919		5,572,136
Becton Dickinson and Co.		86,701		12,226,575
Berkshire Hathaway Inc. Class Bb		93,873		12,582,737
Bristol-Myers Squibb Co.		213,153		12,676,209
Campbell Soup Co.		47,263		2,268,151
Cardinal Health Inc.		39,125		3,218,814
CH Robinson Worldwide Inc.		22,849		1,540,708
Chevron Corp.		9,703		785,846
Chipotle Mexican Grill Inc.b		5,947		4,222,429
Chubb Corp. (The)		143,980		17,394,224
Church & Dwight Co. Inc.		153,683		13,259,769
Clorox Co. (The)		128,643		14,301,242
Coca-Cola Co. (The)		259,164		10,190,328
Colgate-Palmolive Co.		312,374		19,620,211
Consolidated Edison Inc.		327,711		20,616,299
Costco Wholesale Corp.		15,650		2,191,783
CR Bard Inc.		67,608		13,101,754
Crown Castle International Corp.		73,555		6,133,751
CVS Health Corp.		35,486		3,633,766
DaVita HealthCare Partners Inc.b		68,547		5,184,895
Dollar General Corp.		71,051		5,292,589
Dollar Tree Inc.b		151,049		11,518,997
Dominion Resources Inc./VA		218,787		15,260,393
Duke Energy Corp.		226,299		16,046,862
eBay Inc.b		71,990		1,951,649
Ecolab Inc.		116,123		12,673,664
Eli Lilly & Co.		248,522		20,465,787
Equity Residential		15,337		1,092,761
Everest Re Group Ltd.		51,019		8,969,650
Express Scripts Holding Co.b		73,868		6,175,365
Exxon Mobil Corp.		231,187		17,394,510
Facebook Inc. Class Ab		89,518		8,005,595
Federal Realty Investment Trust		72,929		9,413,675

Security	Shares		Value
Gartner Inc.b		34,743	$	2,970,874
General Mills Inc.		526,779		29,899,976
Genuine Parts Co.		25,040		2,090,590
Health Care REIT Inc.		131,773		8,347,820
Henry Schein Inc.b		98,282		13,445,960
Hershey Co. (The)		96,717		8,658,106
Hormel Foods Corp.		50,706		3,098,137
Intel Corp.		55,088		1,572,212
International Business Machines Corp.		55,714		8,239,543
Intuit Inc.		110,802		9,501,271
JB Hunt Transport Services Inc.		45,072		3,280,340
JM Smucker Co. (The)		50,393		5,932,264
Johnson & Johnson		292,968		27,533,133
Kellogg Co.		241,636		16,015,634
Kimberly-Clark Corp.		184,357		19,639,551
Kinder Morgan Inc./DE		24,414		791,258
Laboratory Corp. of America Holdingsb		100,160		11,799,850
Marsh & McLennan Companies Inc.		310,809		16,699,768
McCormick & Co. Inc./MD		133,338		10,571,037
McDonald’s Corp.		297,037		28,224,456
McKesson Corp.		34,430		6,802,679
Merck & Co. Inc.		337,101		18,152,889
Microsoft Corp.		163,386		7,110,559
Motorola Solutions Inc.		100,160		6,492,371
Newmont Mining Corp.		418,794		7,148,814
NextEra Energy Inc.		25,040		2,464,186
O’Reilly Automotive Inc.b		29,422		7,063,340
Occidental Petroleum Corp.		15,024		1,096,902
OGE Energy Corp.		39,125		1,097,065
PartnerRe Ltd.		50,080		6,931,573
Patterson Companies Inc.		97,656		4,475,574
Paychex Inc.		367,775		16,424,831
PayPal Holdings Inc.b		71,990		2,519,650
People’s United Financial Inc.		340,231		5,273,580
Pepco Holdings Inc.		296,098		6,804,332
PepsiCo Inc.		203,763		18,935,696
Pfizer Inc.		255,721		8,239,331
PG&E Corp.		250,713		12,430,351
Procter & Gamble Co. (The)		327,085		23,115,097
Public Storage		52,643		10,595,457
QUALCOMM Inc.		62,287		3,524,198
RenaissanceRe Holdings Ltd.		51,332		5,233,297

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

August 31, 2015

Security	Shares		Value
Republic Services Inc.		152,431	$	6,246,622
Reynolds American Inc.		23,475		1,966,031
Ross Stores Inc.		42,568		2,069,656
SBA Communications Corp. Class Ab		92,648		10,950,994
SCANA Corp.		27,544		1,456,802
Sherwin-Williams Co. (The)		7,825		2,001,713
Sigma-Aldrich Corp.		108,924		15,185,095
Southern Co. (The)		651,040		28,261,646
Starbucks Corp.		189,991		10,394,408
Stericycle Inc.b		95,465		13,473,930
Synopsys Inc.b		176,845		8,299,336
Sysco Corp.		46,011		1,834,459
Target Corp.		200,633		15,591,190
TJX Companies Inc. (The)		123,009		8,649,993
Travelers Companies Inc. (The)		81,380		8,101,379
Union Pacific Corp.		31,613		2,710,499
United Parcel Service Inc. Class B		105,481		10,300,220
UnitedHealth Group Inc.		61,661		7,134,178
Varian Medical Systems Inc.b		116,749		9,485,856
Verisk Analytics Inc. Class Ab		37,560		2,744,885
Verizon Communications Inc.		473,256		21,774,509
VF Corp.		21,597		1,564,271
Visa Inc. Class A		97,338		6,940,199
Wal-Mart Stores Inc.		242,888		15,722,140
Waste Management Inc.		291,403		14,587,634
Waters Corp.b		9,390		1,139,758
WEC Energy Group Inc.		234,124		11,156,009
Wells Fargo & Co.		95,465		5,091,148
WR Berkley Corp.		117,375		6,371,115
Xcel Energy Inc.		320,199		10,800,312
Yum! Brands Inc.		18,154		1,448,145
				1,170,095,715
TOTAL COMMON STOCKS
(Cost: $2,014,850,820)				2,102,169,265
PREFERRED STOCKS — 0.07%
COLOMBIA — 0.07%
Grupo Aval Acciones y Valores SA		3,664,291		1,397,726
				1,397,726
TOTAL PREFERRED STOCKS
(Cost: $2,142,429)				1,397,726

Security	Shares		Value
SHORT-TERM INVESTMENTS — 2.87%
MONEY MARKET FUNDS — 2.87%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		53,179,112	$	53,179,112
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		3,053,806		3,053,806
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		4,392,763		4,392,763
				60,625,681
TOTAL SHORT-TERM INVESTMENTS
(Cost: $60,625,681)				60,625,681
TOTAL INVESTMENTS IN SECURITIES — 102.30%
(Cost: $2,077,618,930)				2,164,192,672
Other Assets, Less Liabilities — (2.30)%				(48,560,698	)
NET ASSETS — 100.00%			$	2,115,631,974

ADR — American Depositary Receipts

NVDR — Non-Voting Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

20 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI EMERGING MARKETS HORIZON ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.91%
CHILE — 5.68%
Banco de Chile		33,054	$	3,417
Banco de Credito e Inversiones		50		2,184
Banco Santander Chile		98,531		4,764
Cencosud SA		1,931		3,927
Cia. Cervecerias Unidas SA		284		3,148
Colbun SA		14,176		3,852
CorpBanca SA		239,597		2,236
Empresa Nacional de Electricidad SA/Chile		4,511		5,594
Empresas CMPC SA		1,723		4,715
Empresas COPEC SA		619		6,053
Enersis SA		25,873		7,182
LATAM Airlines Group SAa		462		2,586
SACI Falabella		616		3,804
				53,462
COLOMBIA — 2.04%
Almacenes Exito SA		322		1,747
Cementos Argos SA		732		2,309
Corp. Financiera Colombiana SA		157		1,863
Ecopetrol SA		6,520		3,362
Grupo Argos SA/Colombia		697		3,785
Grupo de Inversiones Suramericana SA		368		4,199
Interconexion Electrica SA ESP		897		1,925
				19,190
CZECH REPUBLIC — 0.96%
CEZ AS		204		4,656
Komercni Banka AS		19		4,323
				8,979
EGYPT — 0.96%
Commercial International Bank Egypt SAE		140		896
Commercial International Bank Egypt SAE GDR		1,200		6,720
Global Telecom Holding SAE GDRa		1,120		1,456
				9,072
GREECE — 0.95%
Alpha Bank AEa		7,901		744
Eurobank Ergasias SAa		15,637		631
Hellenic Telecommunications Organization SA		307		2,803
National Bank of Greece SAa		2,631		1,533

Security	Shares		Value
OPAP SA		408	$	3,200
				8,911
HUNGARY — 1.14%
MOL Hungarian Oil & Gas PLC		46		2,278
OTP Bank PLC		294		5,660
Richter Gedeon Nyrt		184		2,809
				10,747
INDONESIA — 10.86%
Astra International Tbk PT		26,800		11,302
Bank Central Asia Tbk PT		15,300		14,048
Bank Mandiri Persero Tbk PT		13,300		8,614
Bank Negara Indonesia Persero Tbk PT		12,400		4,369
Bank Rakyat Indonesia Persero Tbk PT		15,000		11,343
Charoen Pokphand Indonesia Tbk PT		11,400		1,517
Gudang Garam Tbk PT		800		2,534
Indocement Tunggal Prakarsa Tbk PT		2,600		3,632
Indofood Sukses Makmur Tbk PT		8,300		3,131
Kalbe Farma Tbk PT		37,600		4,483
Lippo Karawaci Tbk PT		25,400		1,934
Matahari Department Store Tbk PT		2,900		3,617
Perusahaan Gas Negara Persero Tbk PT		15,500		3,067
Semen Indonesia Persero Tbk PT		4,800		3,160
Telekomunikasi Indonesia Persero Tbk PT		67,700		13,829
Unilever Indonesia Tbk PT		2,300		6,503
United Tractors Tbk PT		2,800		3,811
XL Axiata Tbk PTa		5,800		1,239
				102,133
MALAYSIA — 14.15%
Alliance Financial Group Bhd		2,100		1,880
AMMB Holdings Bhd		2,900		3,245
Astro Malaysia Holdings Bhd		3,000		2,072
Axiata Group Bhd		3,300		4,824
British American Tobacco Malaysia Bhd		200		2,961
CIMB Group Holdings Bhd		6,600		7,857
Dialog Group Bhd		7,300		2,729
DiGi.Com Bhd		4,500		5,604
Gamuda Bhd		2,000		2,067
Genting Bhd		3,100		5,056
Genting Malaysia Bhd		4,300		4,054
Hong Leong Bank Bhd		400		1,246
IHH Healthcare Bhd		3,100		4,318
IJM Corp. Bhd		1,900		2,850
IOI Corp. Bhd		4,100		3,905

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS HORIZON ETF

August 31, 2015

Security	Shares		Value
Kuala Lumpur Kepong Bhd		600	$	2,974
Malayan Banking Bhd		6,000		12,514
Maxis Bhd		2,600		4,067
MISC Bhd		1,500		2,893
Petronas Chemicals Group Bhd		4,000		5,781
Petronas Gas Bhd		1,000		5,076
PPB Group Bhd		900		3,287
Public Bank Bhd		3,200		13,714
Sapurakencana Petroleum Bhd		5,400		2,212
Sime Darby Bhd		3,900		6,918
Telekom Malaysia Bhd		1,400		2,163
Tenaga Nasional Bhd		4,400		11,712
UMW Holdings Bhd		1,100		2,226
YTL Corp. Bhd		7,800		2,897
				133,102
MEXICO — 21.67%
Alfa SAB de CV		3,700		7,362
America Movil SAB de CV		40,000		36,400
Arca Continental SAB de CV		500		2,847
Cemex SAB de CV CPOa		14,864		11,631
Coca-Cola Femsa SAB de CV Series L		600		4,309
Controladora Comercial Mexicana SAB de CV BC Units		600		1,710
El Puerto de Liverpool SAB de CV Series C1		300		3,574
Fibra Uno Administracion SA de CV		3,100		6,630
Fomento Economico Mexicano SAB de CV		2,300		20,471
Gentera SAB de CV		1,400		2,233
Gruma SAB de CV Series B		300		4,025
Grupo Aeroportuario del Pacifico SAB de CV Series B		400		3,346
Grupo Aeroportuario del Sureste SAB de CV Series B		300		4,359
Grupo Bimbo SAB de CVa		2,200		5,648
Grupo Carso SAB de CV Series A1		800		3,628
Grupo Financiero Banorte SAB de CV		3,200		15,334
Grupo Financiero Inbursa SAB de CV Series Ob		3,000		6,320
Grupo Financiero Santander Mexico SAB de CV Series B		2,400		3,736
Grupo Mexico SAB de CV Series B		4,500		11,384
Grupo Televisa SAB		3,100		18,927
Industrias Penoles SAB de CV		205		2,913

Security	Shares		Value
Kimberly-Clark de Mexico SAB de CV Series A		2,000	$	4,476
Mexichem SAB de CV		1,200		3,069
OHL Mexico SAB de CVa		1,100		1,461
Promotora y Operadora de Infraestructura SAB de CVa		300		3,149
Wal-Mart de Mexico SAB de CV		6,200		14,828
				203,770
PERU — 1.73%
Cia. de Minas Buenaventura SA ADR		240		1,517
Credicorp Ltd.		85		9,348
Southern Copper Corp.		204		5,439
				16,304
PHILIPPINES — 6.65%
Aboitiz Equity Ventures Inc.		2,440		2,876
Ayala Corp.		270		4,263
Ayala Land Inc.		10,300		7,922
Bank of the Philippine Islands		1,480		2,679
BDO Unibank Inc.		2,480		5,226
Energy Development Corp.		16,200		2,080
Globe Telecom Inc.		45		2,480
GT Capital Holdings Inc.		115		3,125
JG Summit Holdings Inc.		3,540		5,377
Jollibee Foods Corp.		790		3,237
Philippine Long Distance Telephone Co.		140		7,542
SM Investments Corp.		270		5,072
SM Prime Holdings Inc.		11,600		4,840
Universal Robina Corp.		1,400		5,811
				62,530
POLAND — 7.09%
Bank Pekao SA		189		8,063
Bank Zachodni WBK SAa		51		4,096
Cyfrowy Polsat SAa		350		2,098
KGHM Polska Miedz SA		216		4,496
LPP SA		2		4,135
mBank SAa		27		2,612
Orange Polska SA		1,171		2,204
PGE Polska Grupa Energetyczna SA		1,152		4,767
Polski Koncern Naftowy Orlen SA		447		8,748
Polskie Gornictwo Naftowe i Gazownictwo SA		3,144		5,659
Powszechna Kasa Oszczednosci Bank Polski SA		1,085		8,553
Powszechny Zaklad Ubezpieczen SA		79		9,021

22 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS HORIZON ETF

August 31, 2015

Security	Shares		Value
Tauron Polska Energia SA		2,391	$	2,218
				66,670
QATAR — 4.74%
Ezdan Holding Group QSC		906		4,725
Industries Qatar QSC		235		8,584
Masraf Al Rayan QSC		545		6,526
Ooredoo QSC		138		2,634
Qatar Insurance Co. SAQ		149		4,010
Qatar Islamic Bank SAQ		109		3,383
Qatar National Bank SAQ		250		12,290
Vodafone Qatar QSC		618		2,402
				44,554
THAILAND — 10.33%
Advanced Info Service PCL NVDR		1,500		9,960
Airports of Thailand PCL NVDR		700		5,390
Bangkok Bank PCL Foreign		600		2,754
Bangkok Dusit Medical Services PCL NVDR		5,800		3,155
BTS Group Holdings PCL NVDR		4,200		1,142
Bumrungrad Hospital PCL NVDR		600		3,867
Central Pattana PCL NVDR		3,000		3,766
Charoen Pokphand Foods PCL NVDR		4,600		2,438
CP ALL PCL NVDR		6,400		9,106
Kasikornbank PCL Foreign		1,200		6,059
Kasikornbank PCL NVDR		800		4,029
Krung Thai Bank PCL NVDRb		6,000		3,046
Minor International PCL NVDR		3,280		2,425
PTT Exploration & Production PCL NVDR		2,300		5,101
PTT Global Chemical PCL NVDR		2,600		4,352
PTT PCL NVDR		1,400		10,467
Siam Cement PCL (The) Foreign		600		7,968
Siam Commercial Bank PCL (The) NVDR		2,200		8,715
True Corp. PCL NVDRa		12,700		3,437
				97,177
TURKEY — 6.40%
Akbank TAS		2,780		6,513
Anadolu Efes Biracilik ve Malt Sanayii AS		324		2,415
BIM Birlesik Magazalar AS		288		4,991
Coca-Cola Icecek AS		111		1,373
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,369		2,882
Eregli Demir ve Celik Fabrikalari TAS		2,012		2,737
Haci Omer Sabanci Holding AS		1,518		4,537
KOC Holding AS		926		3,610

Security	Shares		Value
Tupras Turkiye Petrol Rafinerileri ASa		187	$	4,824
Turk Hava Yollari AOa		1,065		2,945
Turkcell Iletisim Hizmetleri AS		1,250		4,895
Turkiye Garanti Bankasi AS		3,165		8,024
Turkiye Halk Bankasi AS		839		3,214
Turkiye Is Bankasi Class C		1,889		3,160
Turkiye Vakiflar Bankasi Tao Class D		1,518		2,008
Yapi ve Kredi Bankasi AS		1,649		2,034
				60,162
UNITED ARAB EMIRATES — 3.56%
Abu Dhabi Commercial Bank PJSC		2,357		5,134
Aldar Properties PJSC		4,958		3,145
Arabtec Holding PJSCa		3,272		1,755
DP World Ltd.		253		5,642
Dubai Financial Market PJSC		1,477		692
Emaar Properties PJSC		4,759		8,746
First Gulf Bank PJSC		1,336		5,219
National Bank of Abu Dhabi PJSC		1,107		3,134
				33,467
TOTAL COMMON STOCKS
(Cost: $1,182,613)				930,230
PREFERRED STOCKS — 0.79%
CHILE — 0.25%
Sociedad Quimica y Minera de Chile SA Series B		148		2,324
				2,324
COLOMBIA — 0.54%
Bancolombia SA		603		5,142
				5,142
TOTAL PREFERRED STOCKS
(Cost: $11,882)				7,466
SHORT-TERM INVESTMENTS — 1.08%
MONEY MARKET FUNDS — 1.08%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		9,348		9,348
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		537		537

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Continued)

iSHARES^® MSCI EMERGING MARKETS HORIZON ETF

August 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		261	$	261
				10,146
TOTAL SHORT-TERM INVESTMENTS
(Cost: $10,146)				10,146
TOTAL INVESTMENTS IN SECURITIES — 100.78%
(Cost: $1,204,641)				947,842
Other Assets, Less Liabilities — (0.78)%				(7,354	)
NET ASSETS — 100.00%			$	940,488

ADR — American Depositary Receipts

CPO — Certificates of Participation (Ordinary)

GDR — Global Depositary Receipts

NVDR — Non-Voting Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

24 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI FRONTIER 100 ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.77%
ARGENTINA — 13.16%
Banco Macro SA ADRa		217,568	$	9,738,344
BBVA Banco Frances SA ADR		257,124		4,255,402
Cresud SACIF y A ADRa		174,520		1,825,479
Empresa Distribuidora y Comercializadora Norte SA ADRa		126,360		1,656,580
Grupo Financiero Galicia SA ADR		497,176		9,525,892
IRSA Inversiones y Representaciones SA ADR		120,220		1,812,917
Pampa Energia SA ADRa		241,600		3,851,104
Petrobras Argentina SA ADR		405,648		2,279,742
Telecom Argentina SA ADR		497,952		7,997,109
Transportadora de Gas del Sur SA ADR		317,512		1,349,426
YPF SA ADR		1,015,676		21,877,661
				66,169,656
BANGLADESH — 3.52%
GrameenPhone Ltd.		998,400		4,061,310
Islami Bank Bangladesh Ltd.		1		—
Lafarge Surma Cement Ltd.		2,995,200		4,328,046
Olympic Industries Ltd.		192,365		681,944
Square Pharmaceuticals Ltd.		2,145,719		6,970,038
Titas Gas Transmission & Distribution Co. Ltd.		1,728,400		1,653,918
				17,695,256
JORDAN — 1.32%
Arab Bank PLC		453,960		4,483,556
Jordan Petroleum Refinery Co.		344,385		2,171,994
				6,655,550
KAZAKHSTAN — 2.70%
Halyk Savings Bank of Kazakhstan JSC GDRb		368,640		2,359,296
KazMunaiGas Exploration Production JSC GDRb		1,126,192		9,291,084
KCell JSC GDRb		328,864		1,940,298
				13,590,678
KENYA — 5.89%
Co-operative Bank of Kenya Ltd. (The)		11,331,072		1,991,257
East African Breweries Ltd.		2,611,242		6,914,700
Equity Group Holdings Ltd./Kenya		13,478,400		5,256,381

Security	Shares		Value
Kenya Commercial Bank Ltd.		14,822,460	$	6,280,099
Safaricom Ltd.		66,316,800		9,195,589
				29,638,026
KUWAIT — 25.59%
Agility Public Warehousing Co. KSC		4,197,896		8,197,116
ALAFCO Aviation Lease & Finance Co. KSCP		1,666,254		1,224,254
Boubyan Bank KSCP		2,021,624		2,676,318
Burgan Bank SAK		4,333,700		5,665,436
Commercial Real Estate Co. KSC		8,406,532		2,309,258
Jazeera Airways Co. KSC		1,137,812		1,675,745
Kuwait Finance House KSCP		13,325,902		25,580,087
Kuwait International Bank KSCP		2,855,750		2,173,829
Kuwait Projects Co. Holding KSCP		3,434,232		6,819,590
Mabanee Co. SAK		2,548,248		7,337,335
Mobile Telecommunications Co. KSC		14,455,185		17,701,203
National Bank of Kuwait SAKP		13,673,532		35,298,213
National Industries Group Holding SAK		5,901,724		2,929,865
National Real Estate Co. KSCa		3,326,506		891,766
Qurain Petrochemical Industries Co. KSC		1,893,962		1,103,218
VIVA Kuwait Telecom Co.a		1,859,128		5,168,517
Warba Bank KSCPa		2,875,944		1,979,799
				128,731,549
MAURITIUS — 1.46%
MCB Group Ltd.		921,608		5,476,715
SBM Holdings Ltd.		77,176,320		1,843,279
				7,319,994
MOROCCO — 5.47%
Attijariwafa Bank		261,120		9,000,756
Banque Centrale Populaire		179,712		3,975,663
Douja Promotion Groupe Addoha SA		1,029,504		2,976,655
Maroc Telecom		1,011,456		11,572,997
				27,526,071
NIGERIA — 13.09%
Access Bank PLC		81,093,120		2,091,938
Afriland Properties PLC		7,291		80
Dangote Cement PLC		5,324,928		4,609,236

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Continued)

iSHARES^® MSCI FRONTIER 100 ETF

August 31, 2015

Security	Shares		Value
Diamond Bank PLC		76,337,664	$	1,218,338
Ecobank Transnational Inc.a		39,976,320		3,701,697
FBN Holdings PLC		124,826,880		3,846,610
Guaranty Trust Bank PLC		95,824,512		11,022,825
Lafarge Africa PLC		7,343,232		3,684,699
Nestle Nigeria PLC		1,856,256		7,825,621
Nigerian Breweries PLC		21,999,744		13,414,047
Oando PLC		28,744,320		1,601,315
SEPLAT Petroleum Development Co. PLC		993,024		1,219,488
Transnational Corp. of Nigeria PLC		145,346,688		1,692,368
United Bank for Africa PLC		119,308,416		1,981,987
Zenith Bank PLC		103,567,872		7,900,786
				65,811,035
OMAN — 5.61%
Bank Muscat SAOG		6,549,504		8,569,445
Bank Sohar SAOG		4,341,303		1,994,835
Oman Cables Industry		411,872		2,079,676
Oman Telecommunications Co. SAOG		2,280,856		10,125,295
OMINVEST		94,584		115,897
Ooredoo QSC		2,220,956		4,151,320
Raysut Cement Co. SAOG		388,760		1,200,998
				28,237,466
PAKISTAN — 11.00%
Bank Al Habib Ltd.		4,268,000		1,803,525
Engro Corp. Ltd./Pakistan		1,550,461		4,788,002
Fauji Fertilizer Co. Ltd.		3,848,350		5,094,421
Habib Bank Ltd.		3,878,500		8,300,828
Hub Power Co. Ltd. (The)		3,002,030		2,943,647
Lucky Cement Ltd.		1,132,298		5,749,627
MCB Bank Ltd.		3,220,466		7,894,588
National Bank of Pakistan		3,967,126		2,018,519
Oil & Gas Development Co. Ltd.		4,416,200		6,098,067
Pakistan Oilfields Ltd.		571,000		1,904,851
Pakistan Petroleum Ltd.		1,162,150		1,558,202
Pakistan State Oil Co. Ltd.		968,000		3,093,881
United Bank Ltd./Pakistan		2,599,667		4,093,305
				55,341,463
ROMANIA — 4.54%
Banca Transilvaniaa		13,954,177		7,624,269
BRD-Groupe Societe Generale SAa		1,231,829		3,190,734

Security	Shares or Principal		Value
Electrica SA		1,039,872	$	3,393,203
OMV Petrom SA		29,754,624		2,596,652
Societatea Nationala de Gaze Naturale ROMGAZ SA		446,592		3,535,864
Transgaz SA Medias		37,248		2,510,963
				22,851,685
SLOVENIA — 0.31%
Zavarovalnica Triglav DD		59,904		1,543,815
				1,543,815
SRI LANKA — 2.68%
Commercial Bank of Ceylon PLC		3,327,744		4,301,839
Hatton National Bank PLC		1,008,384		1,663,159
John Keells Holdings PLC		5,613,696		7,532,195
				13,497,193
VIETNAM — 3.43%
Bank for Foreign Trade of Vietnam JSC		1,470,720		2,780,313
Masan Group Corp.a		1,693,440		6,063,738
Saigon Thuong Tin Commercial JSBa		2,553,606		1,885,544
Vingroup JSC		3,521,285		6,500,159
				17,229,754
TOTAL COMMON STOCKS
(Cost: $586,812,221)				501,839,191
CONVERTIBLE BONDS — 0.05%
OMAN — 0.05%
Bank Muscat SAOG
4.50%, 03/20/17	$	540,521		1,445
3.50%, 03/19/18		1,026,177		250,417
				251,862
TOTAL CONVERTIBLE BONDS
(Cost: $0)				251,862
SHORT-TERM INVESTMENTS — 0.41%
MONEY MARKET FUNDS — 0.41%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		2,041,402		2,041,402
				2,041,402
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,041,402)				2,041,402

26 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI FRONTIER 100 ETF

August 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.23%
(Cost: $588,853,623)	$	504,132,455
Other Assets, Less Liabilities — (0.23)%		(1,139,954	)
NET ASSETS — 100.00%	$	502,992,501

ADR — American Depositary Receipts

GDR — Global Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 27

Schedule of Investments

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.37%
AUSTRALIA — 2.49%
AGL Energy Ltd.		5,000	$	59,871
Amcor Ltd./Australia		9,480		92,210
AMP Ltd.		20,400		86,052
APA Group		9,434		58,656
Asciano Ltd.		8,940		53,810
ASX Ltd.		1,803		50,414
Aurizon Holdings Ltd.		15,180		53,379
Australia & New Zealand Banking Group Ltd.		17,190		340,379
Bendigo & Adelaide Bank Ltd.		5,010		38,964
BHP Billiton Ltd.		20,940		373,808
Brambles Ltd.		11,190		78,062
Cochlear Ltd.		600		36,339
Commonwealth Bank of Australia		10,547		561,395
Computershare Ltd.		4,290		30,110
Crown Resorts Ltd.		4,440		36,010
CSL Ltd.		3,210		209,071
Dexus Property Group		9,403		49,130
Federation Centres		22,075		44,290
Goodman Group		15,300		66,166
GPT Group (The)		17,940		57,106
Iluka Resources Ltd.		4,710		24,810
Incitec Pivot Ltd.		18,330		45,613
Insurance Australia Group Ltd.		16,110		57,905
James Hardie Industries PLC		4,448		55,405
Lend Lease Group		6,330		62,558
Macquarie Group Ltd.		2,140		115,197
Mirvac Group		40,680		50,470
National Australia Bank Ltd.		15,876		350,827
Newcrest Mining Ltd.a		6,510		51,691
Orica Ltd.b		2,850		32,045
Origin Energy Ltd.		8,760		51,298
QBE Insurance Group Ltd.		9,570		89,557
Ramsay Health Care Ltd.		1,230		54,466
Rio Tinto Ltd.		3,120		111,238
Santos Ltd.		8,130		29,568
Scentre Group		43,461		117,393
Sonic Healthcare Ltd.		3,062		44,979
South32 Ltd.a		39,304		42,354
Stockland		18,546		51,409
Suncorp Group Ltd.		8,087		73,558
Sydney Airport		5,869		23,925

Security	Shares		Value
Tatts Group Ltd.		14,820	$	38,665
Telstra Corp. Ltd.		25,853		105,755
Transurban Group		12,318		84,534
Wesfarmers Ltd.		6,634		191,231
Westfield Corp.		15,870		109,698
Westpac Banking Corp.		19,410		427,958
Woodside Petroleum Ltd.		5,190		118,699
Woolworths Ltd.		8,310		155,532
				5,143,560
AUSTRIA — 0.07%
Andritz AG		870		41,645
Erste Group Bank AGa		2,460		73,197
OMV AG		1,170		29,943
				144,785
BELGIUM — 0.51%
Ageas		2,100		85,886
Anheuser-Busch InBev SA/NV		5,250		573,321
Colruyt SA		630		30,711
Groupe Bruxelles Lambert SA		510		39,573
KBC Groep NV		2,055		136,246
Proximus		990		35,603
Solvay SA		420		49,367
UCB SA		870		65,840
Umicore SA		1,110		44,346
				1,060,893
CANADA — 3.35%
Agnico Eagle Mines Ltd.		1,920		46,496
Agrium Inc.		1,050		107,809
Alimentation Couche-Tard Inc. Class B		3,150		131,990
ARC Resources Ltd.		2,520		37,464
Bank of Montreal		4,260		227,328
Bank of Nova Scotia (The)		7,770		351,679
Barrick Gold Corp.		7,530		51,785
BCE Inc.		1,290		51,581
BlackBerry Ltd.a,b		3,120		23,403
Brookfield Asset Management Inc. Class A		6,300		196,079
Cameco Corp.		2,880		40,067
Canadian Imperial Bank of Commerce/Canada		2,730		198,394
Canadian National Railway Co.		5,640		310,338
Canadian Natural Resources Ltd.		7,200		160,451
Canadian Oil Sands Ltd.		4,470		25,869

28 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
Canadian Pacific Railway Ltd.		1,170	$	168,039
Canadian Tire Corp. Ltd. Class A		570		53,209
Canadian Utilities Ltd. Class A		960		26,242
Cenovus Energy Inc.		5,580		79,978
CGI Group Inc. Class Aa		1,800		65,750
CI Financial Corp.		1,620		38,293
Crescent Point Energy Corp.		3,360		42,628
Enbridge Inc.		5,310		216,990
Encana Corp.		6,600		48,762
Fairfax Financial Holdings Ltd.		210		96,557
Finning International Inc.		1,590		26,661
First Quantum Minerals Ltd.		4,898		25,254
Fortis Inc./Canada		2,040		54,722
Franco-Nevada Corp.		1,500		64,262
George Weston Ltd.		510		41,789
Gildan Activewear Inc.		2,280		70,773
Goldcorp Inc.		5,760		79,008
Great-West Lifeco Inc.		1,410		35,639
Husky Energy Inc.		2,340		41,207
IGM Financial Inc.		870		24,619
Imperial Oil Ltd.		1,980		69,125
Intact Financial Corp.		1,110		75,961
Inter Pipeline Ltd.		2,596		55,022
Loblaw Companies Ltd.		1,830		96,582
Magna International Inc. Class A		2,760		134,671
Manulife Financial Corp.		11,550		185,599
Metro Inc.		2,880		75,198
National Bank of Canada		2,700		87,869
Onex Corp.		840		50,570
Open Text Corp.		960		43,054
Pembina Pipeline Corp.		2,280		62,548
Potash Corp. of Saskatchewan Inc.		5,610		144,456
Power Corp. of Canada		2,040		44,158
Power Financial Corp.		1,080		26,251
Restaurant Brands International Inc.		1,590		60,326
RioCan REIT		2,010		36,725
Rogers Communications Inc. Class B		2,400		81,010
Royal Bank of Canada		8,910		491,138
Saputo Inc.		2,160		49,191
Shaw Communications Inc. Class B		2,556		50,774
Silver Wheaton Corp.		3,900		47,281
SNC-Lavalin Group Inc.		1,230		36,516
Sun Life Financial Inc.		3,750		117,869
Suncor Energy Inc.		10,050		281,445

Security	Shares		Value
TELUS Corp.		64	$	2,070
Thomson Reuters Corp.		2,280		87,704
Toronto-Dominion Bank (The)		11,580		456,759
Tourmaline Oil Corp.a,b		1,410		35,290
TransCanada Corp.		4,440		153,173
Valeant Pharmaceuticals International Inc.a		2,130		488,259
Vermilion Energy Inc.		1,140		39,054
				6,926,763
DENMARK — 0.74%
AP Moeller – Maersk A/S Class A		90		150,111
Carlsberg A/S Class B		900		67,827
Coloplast A/S Class B		960		65,301
Danske Bank A/S		5,190		160,506
DSV A/S		2,520		89,889
Novo Nordisk A/S Class B		12,240		678,423
Novozymes A/S Class B		2,070		90,059
Pandora A/S		810		93,452
Vestas Wind Systems A/S		1,590		84,858
William Demant Holding A/Sa,b		570		46,252
				1,526,678
FINLAND — 0.31%
Elisa OYJ		1,170		38,936
Fortum OYJ		2,640		42,922
Kone OYJ Class Bb		2,340		92,503
Metso OYJ		1,080		26,623
Nokia OYJ		24,870		155,497
Sampo OYJ Class A		2,520		121,502
Stora Enso OYJ Class R		4,860		43,211
UPM-Kymmene OYJ		3,990		66,481
Wartsila OYJ Abp		1,320		54,607
				642,282
FRANCE — 3.79%
Accor SA		1,560		73,905
Air Liquide SA		2,204		263,875
Airbus Group SE		4,038		262,833
Alcatel-Lucenta,b		22,710		76,187
Alstom SAa		1,530		47,436
ArcelorMittal		6,000		46,651
Atos		600		45,535
AXA SA		11,130		280,289
BNP Paribas SA		6,780		427,482
Bollore SA		7,770		41,947
Bouygues SA		1,380		52,481

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
Bureau Veritas SA		1,920	$	43,791
Cap Gemini SA		1,110		99,650
Carrefour SA		4,110		133,460
Casino Guichard Perrachon SAb		480		30,334
Christian Dior SE		420		77,839
Cie. de Saint-Gobain		2,910		133,573
Cie. Generale des Etablissements Michelin Class B		1,290		124,727
Credit Agricole SA		6,540		88,560
Danone SA		3,780		234,604
Dassault Systemes		960		66,574
Edenred		1,650		34,952
Electricite de France SA		1,470		31,773
Engie		9,030		161,738
Essilor International SA		1,350		160,949
Eutelsat Communications SA		1,140		34,329
Groupe Eurotunnel SE Registered		5,670		76,652
Hermes International		189		67,058
Iliad SA		240		54,134
Kering		540		92,424
Klepierre		2,064		90,705
L’Oreal SA		1,560		266,916
Lagardere SCA		1,170		31,791
Legrand SA		1,890		108,916
LVMH Moet Hennessy Louis Vuitton SE		1,740		289,818
Numericable-SFR SASa		810		41,609
Orange SA		12,540		197,980
Pernod Ricard SA		1,440		150,896
Peugeot SAa		3,570		61,603
Publicis Groupe SA		1,260		89,679
Renault SA		1,304		108,255
Safran SA		1,860		145,097
Sanofi		7,650		755,778
Schneider Electric SE		3,589		226,530
SCOR SE		1,320		46,502
SES SA		2,520		74,756
Societe BIC SA		300		47,548
Societe Generale SA		4,927		239,902
Sodexo SA		750		65,911
STMicroelectronics NV		4,710		34,162
Suez Environnement Co.		2,130		38,389
Technip SA		840		45,706
Thales SA		930		63,993
Total SA		13,830		632,335

Security	Shares		Value
Unibail-Rodamco SE		630	$	163,243
Veolia Environnement SA		3,150		69,003
Vinci SA		3,090		198,773
Vivendi SA		7,770		191,930
				7,843,468
GERMANY — 3.25%
adidas AG		1,650		123,354
Allianz SE Registered		2,850		454,265
BASF SE		6,060		487,674
Bayer AG Registered		5,370		727,766
Bayerische Motoren Werke AG		2,190		201,759
Beiersdorf AG		810		66,963
Brenntag AG		1,620		89,998
Commerzbank AGa		7,980		89,344
Continental AG		798		169,398
Daimler AG Registered		6,240		501,041
Deutsche Annington Immobilien SE		3,160		103,338
Deutsche Bank AG Registered		8,912		262,379
Deutsche Boerse AG		1,470		131,425
Deutsche Post AG Registered		6,870		189,020
Deutsche Telekom AG Registered		20,160		344,373
E.ON SE		11,970		135,532
Fresenius Medical Care AG & Co. KGaA		1,770		135,280
Fresenius SE & Co. KGaA		2,700		190,748
GEA Group AG		1,830		71,358
Hannover Rueck SE		600		60,924
HeidelbergCement AG		1,080		81,515
Henkel AG & Co. KGaA		870		79,761
Infineon Technologies AG		8,910		97,381
Kabel Deutschland Holding AGa		450		60,936
Lanxess AG		930		47,206
Linde AG		1,320		229,106
MAN SE		540		56,574
Merck KGaA		900		85,991
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		1,170		214,739
Osram Licht AG		1,080		57,070
QIAGEN NVa		2,850		75,253
RWE AG		3,540		53,132
SAP SE		6,210		417,429
Siemens AG Registered		5,280		523,350
ThyssenKrupp AG		3,671		79,491

30 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
Volkswagen AG		150	$	28,018
				6,722,891
HONG KONG — 1.18%
AIA Group Ltd.b		90,000		497,610
Bank of East Asia Ltd. (The)b		30,000		103,161
BOC Hong Kong Holdings Ltd.b		45,000		152,128
Cheung Kong Property Holdings Ltd.a		16,500		115,606
CK Hutchison Holdings Ltd.		30,000		399,868
CLP Holdings Ltd.b		15,000		124,160
Galaxy Entertainment Group Ltd.b		30,000		96,193
Hang Seng Bank Ltd.b		12,000		213,521
Hong Kong & China Gas Co. Ltd.b		60,610		114,337
Hong Kong Exchanges and Clearing Ltd.		7,300		171,619
Li & Fung Ltd.b		68,000		44,836
Link REITb		15,000		79,548
Michael Kors Holdings Ltd.a		1,380		59,975
MTR Corp. Ltd.		30,000		133,741
New World Development Co. Ltd.		60,333		61,345
Sands China Ltd.b		24,000		83,303
				2,450,951
IRELAND — 0.65%
Bank of Irelanda		191,700		76,254
CRH PLC		5,100		152,521
Endo International PLCa		1,410		108,570
Jazz Pharmaceuticals PLCa		360		60,775
Kerry Group PLC Class A		1,320		98,135
Medtronic PLC		8,880		641,935
Pentair PLC		1,530		84,594
Tyco International PLC		3,330		120,846
				1,343,630
ISRAEL — 0.24%
Bank Hapoalim BM		20,820		105,364
Teva Pharmaceutical Industries Ltd.		6,120		399,781
				505,145
ITALY — 0.94%
Assicurazioni Generali SpA		8,160		149,310
Atlantia SpA		3,540		94,642
Banca Monte dei Paschi di Siena SpAa		16,950		35,573
Banco Popolare SCa		1,377		23,638
CNH Industrial NV		7,920		62,475

Security	Shares		Value
Enel SpA		44,060	$	198,267
Eni SpA		16,050		263,106
Finmeccanica SpAa		3,996		54,044
Intesa Sanpaolo SpA		94,242		343,616
Luxottica Group SpA		1,320		89,335
Saipem SpAa,b		3,330		32,033
Snam SpA		14,010		68,476
Telecom Italia SpAa,b		83,610		101,461
Telecom Italia SpA RSP		34,530		34,570
Tenaris SA		3,360		43,597
Terna Rete Elettrica Nazionale SpA		10,980		51,132
UniCredit SpA		34,860		227,723
Unione di Banche Italiane SpA		9,072		70,750
				1,943,748
JAPAN — 8.84%
Aeon Co. Ltd.		9,000		135,240
Aisin Seiki Co. Ltd.		3,000		108,429
ANA Holdings Inc.		30,000		88,105
Asahi Group Holdings Ltd.		6,000		198,168
Astellas Pharma Inc.		18,000		267,360
Bridgestone Corp.		6,000		201,386
Canon Inc.		9,000		275,306
Casio Computer Co. Ltd.		3,300		63,557
Chubu Electric Power Co. Inc.		9,000		139,510
Chugai Pharmaceutical Co. Ltd.		3,000		112,266
Chugoku Electric Power Co. Inc. (The)		6,000		87,833
Dai-ichi Life Insurance Co. Ltd. (The)		9,000		164,278
Daiichi Sankyo Co. Ltd.		6,900		133,092
Daikin Industries Ltd.		3,000		179,181
Daiwa House Industry Co. Ltd.		6,000		147,593
Denso Corp.		6,000		268,796
Dentsu Inc.		3,000		153,979
East Japan Railway Co.		3,000		277,386
Eisai Co. Ltd.		3,000		204,827
FANUC Corp.		1,100		178,954
Fast Retailing Co. Ltd.		200		81,305
Fuji Heavy Industries Ltd.		6,000		211,437
FUJIFILM Holdings Corp.		3,000		123,505
Hakuhodo DY Holdings Inc.		6,000		60,106
Hitachi Ltd.		30,000		168,783
Honda Motor Co. Ltd.		12,000		378,661
Hoya Corp.		6,000		235,153

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
Iida Group Holdings Co. Ltd.		3,000	$	53,175
INPEX Corp.		9,000		90,754
ITOCHU Corp.		15,000		180,158
Japan Airlines Co. Ltd.		3,000		106,820
Japan Exchange Group Inc.		3,000		93,576
Japan Retail Fund Investment Corp.		60		110,707
Japan Tobacco Inc.		9,000		321,537
JFE Holdings Inc.		6,000		93,205
JTEKT Corp.		3,000		42,307
JX Holdings Inc.		27,000		104,471
Kansai Electric Power Co. Inc. (The)a		9,000		112,403
Kao Corp.		6,000		274,886
KDDI Corp.		15,000		373,561
Kirin Holdings Co. Ltd.		9,000		132,343
Kobe Steel Ltd.		60,000		80,703
Komatsu Ltd.		9,000		149,610
Konica Minolta Inc.		6,000		65,949
Kuraray Co. Ltd.		9,000		106,573
Kyocera Corp.		3,000		147,419
Kyushu Electric Power Co. Inc.a		6,000		71,593
Marubeni Corp.		15,000		82,337
Marui Group Co. Ltd.		3,000		36,341
Mazda Motor Corp.		6,000		103,503
Mitsubishi Chemical Holdings Corp.		18,000		102,592
Mitsubishi Corp.		12,000		223,295
Mitsubishi Electric Corp.		8,000		79,944
Mitsubishi Estate Co. Ltd.		5,000		107,645
Mitsubishi Heavy Industries Ltd.		30,000		143,434
Mitsubishi Motors Corp.		6,000		46,095
Mitsubishi UFJ Financial Group Inc.		93,600		617,975
Mitsubishi UFJ Lease & Finance Co. Ltd.		21,000		101,547
Mitsui & Co. Ltd.		15,100		196,686
Mitsui Fudosan Co. Ltd.		4,000		110,905
Mizuho Financial Group Inc.		189,000		387,872
MS&AD Insurance Group Holdings Inc.		4,900		154,701
Murata Manufacturing Co. Ltd.		800		115,856
Nagoya Railroad Co. Ltd.		30,000		119,569
NEC Corp.		30,000		94,814
Nidec Corp.		3,000		235,326
Nikon Corp.b		6,000		76,990
Nintendo Co. Ltd.		500		103,189

Security	Shares		Value
Nippon Paint Holdings Co. Ltd.		3,000	$	61,790
Nippon Steel & Sumitomo Metal Corp.		60,470		124,598
Nippon Telegraph & Telephone Corp.		6,000		229,212
Nissan Motor Co. Ltd.		21,000		190,098
Nitto Denko Corp.		3,000		202,302
Nomura Holdings Inc.		33,000		208,617
NTT DOCOMO Inc.		12,000		251,368
Olympus Corp.		3,000		109,667
Omron Corp.		3,000		112,885
Oriental Land Co. Ltd./Japan		3,000		165,639
ORIX Corp.		12,000		161,802
Otsuka Holdings Co. Ltd.		3,000		102,377
Panasonic Corp.		18,000		198,663
Rakuten Inc.		9,000		128,778
Resona Holdings Inc.		27,000		136,755
Ricoh Co. Ltd.		6,000		58,695
Sekisui House Ltd.		9,000		134,608
Seven & I Holdings Co. Ltd.		6,000		261,914
Seven Bank Ltd.		18,000		76,940
Shin-Etsu Chemical Co. Ltd.		3,000		165,194
Shionogi & Co. Ltd.		3,000		117,836
Shiseido Co. Ltd.		3,000		62,990
SoftBank Group Corp.		6,000		349,697
Sompo Japan Nipponkoa Holdings Inc.		3,000		99,592
Sony Corp.a		9,000		234,831
Sumitomo Corp.		12,000		127,491
Sumitomo Electric Industries Ltd.		9,000		123,802
Sumitomo Mitsui Financial Group Inc.		9,000		368,659
Sumitomo Mitsui Trust Holdings Inc.		30,000		124,075
Sumitomo Realty & Development Co. Ltd.		2,000		67,682
Suzuki Motor Corp.		3,000		102,228
Sysmex Corp.		3,000		182,201
T&D Holdings Inc.		9,000		121,389
Takeda Pharmaceutical Co. Ltd.		6,000		295,185
Tohoku Electric Power Co. Inc.		6,000		82,436
Tokio Marine Holdings Inc.		6,000		241,416
Tokyo Electric Power Co. Inc.a,b		15,000		102,735
Tokyo Electron Ltd.		3,000		157,891
Tokyu Fudosan Holdings Corp.		9,000		61,938

32 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
Toshiba Corp.		30,000	$	95,061
Toyota Motor Corp.		18,000		1,068,251
Unicharm Corp.		3,000		60,676
USS Co. Ltd.		6,000		106,647
Yahoo Japan Corp.		18,100		73,335
Yamada Denki Co. Ltd.		12,000		46,243
Yamato Holdings Co. Ltd.		3,000		58,584
Yokogawa Electric Corp.		6,000		70,603
				18,281,938
NETHERLANDS — 1.18%
Aegon NV		12,480		76,715
Akzo Nobel NV		1,620		109,530
Altice NV Class Aa,b		2,007		57,177
Altice NV Class Ba,b		669		20,974
ASML Holding NV		2,280		208,671
Fiat Chrysler Automobiles NVa,b		6,630		93,159
Gemalto NVb		623		44,816
Heineken Holding NV		720		50,180
Heineken NV		1,470		116,123
ING Groep NV CVA		26,370		403,177
Koninklijke Ahold NV		6,252		123,399
Koninklijke DSM NV		1,351		71,012
Koninklijke KPN NV		21,341		83,025
Koninklijke Philips NV		6,675		171,426
Mylan NVa		2,610		129,430
Randstad Holding NV		1,035		65,350
RELX NV		6,831		105,130
Unilever NV CVA		10,200		408,419
Wolters Kluwer NV		3,030		95,912
				2,433,625
NEW ZEALAND — 0.03%
Fletcher Building Ltd.		7,320		33,375
Spark New Zealand Ltd.		18,330		39,233
				72,608
NORWAY — 0.21%
DNB ASA		6,810		96,155
Norsk Hydro ASA		9,330		31,888
Orkla ASA		6,780		49,321
Statoil ASA		6,990		103,282
Telenor ASA		4,590		90,372
Yara International ASA		1,350		59,455
				430,473

Security	Shares		Value
PORTUGAL — 0.07%
Banco Comercial Portugues SA Registereda,b		274,920	$	19,407
EDP – Energias de Portugal SA		22,440		78,600
Galp Energia SGPS SA		3,990		42,012
				140,019
SINGAPORE — 0.44%
Ascendas REITb		60,000		94,873
CapitaLand Ltd.b		54,000		107,977
CapitaLand Mall Trustb		84,000		114,359
Genting Singapore PLC		120,000		65,518
Global Logistic Properties Ltd.b		60,000		94,448
Hutchison Port Holdings Trustb		120,000		63,000
Noble Group Ltd.b		60,000		23,186
Oversea-Chinese Banking Corp. Ltd.b		18,000		113,976
Singapore Press Holdings Ltd.b		7,000		19,556
Singapore Telecommunications Ltd.b		78,000		206,850
				903,743
SPAIN — 1.37%
Abertis Infraestructuras SA		3,962		65,526
ACS Actividades de Construccion y Servicios SA		1,632		52,912
Amadeus IT Holding SA Class A		3,120		130,434
Banco Bilbao Vizcaya Argentaria SA		40,425		374,283
Banco de Sabadell SAb		39,453		83,993
Banco Popular Espanol SA		14,490		62,038
Banco Santander SA		92,370		565,113
Bankia SA		40,740		49,164
Bankinter SA		8,520		64,154
CaixaBank SA		17,971		77,727
Distribuidora Internacional de Alimentacion SA		5,730		34,452
Endesa SA		2,040		42,288
Ferrovial SA		3,715		88,748
Gas Natural SDG SA		2,490		50,500
Grifols SA		1,260		51,609
Iberdrola SA		30,461		206,666
Industria de Diseno Textil SA		6,900		229,933
International Consolidated Airlines Group SAa		12,600		105,026
Red Electrica Corp. SA		112		8,940
Repsol SA		7,596		108,562

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
Telefonica SA		27,338	$	385,660
				2,837,728
SWEDEN — 1.13%
Alfa Laval AB		2,790		46,953
Assa Abloy AB		8,280		158,179
Atlas Copco AB Class A		3,930		98,884
Atlas Copco AB Class B		3,360		76,504
Boliden AB		2,704		44,582
Electrolux AB Class B		1,710		48,185
Hennes & Mauritz AB Class B		6,000		230,376
Hexagon AB Class B		1,740		55,941
Investment AB Kinnevik Class B		1,920		54,148
Investor AB Class B		3,690		132,593
Lundin Petroleum ABa,b		2,250		29,327
Millicom International Cellular SA SDR		420		27,966
Nordea Bank AB		18,390		217,162
Sandvik AB		7,835		75,531
Skandinaviska Enskilda Banken AB Class A		9,480		110,103
Skanska AB Class B		3,360		65,733
SKF AB Class B		3,000		57,241
Svenska Cellulosa AB SCA Class B		3,660		104,125
Svenska Handelsbanken AB Class A		10,020		149,380
Swedbank AB Class A		5,970		136,071
Swedish Match AB		1,590		46,902
Telefonaktiebolaget LM Ericsson Class B		19,710		191,752
TeliaSonera AB		11,850		66,727
Volvo AB Class B		10,511		114,088
				2,338,453
SWITZERLAND — 3.75%
ABB Ltd. Registered		14,970		289,013
Actelion Ltd. Registered		750		102,373
Adecco SA Registered		1,080		84,821
Aryzta AG		840		43,066
Baloise Holding AG Registered		570		69,788
Cie. Financiere Richemont SA Class A Registered		3,510		262,601
Credit Suisse Group AG Registered		10,200		273,709
Geberit AG Registered		360		114,397
Givaudan SA Registered		90		154,956
Julius Baer Group Ltd.		1,770		86,153

Security	Shares		Value
Kuehne + Nagel International AG Registered		450	$	59,935
LafargeHolcim Ltd. Registered		3,088		196,383
Nestle SA Registered		20,490		1,510,715
Novartis AG Registered		14,610		1,430,709
Partners Group Holding AG		240		77,493
Roche Holding AG		4,440		1,212,099
Schindler Holding AG Participation Certificates		360		55,207
Schindler Holding AG Registered		270		42,047
SGS SA Registered		60		105,848
Sonova Holding AG Registered		390		50,774
Swatch Group AG (The) Bearer		300		114,875
Swiss Life Holding AG Registered		270		63,211
Swiss Prime Site AG Registered		390		30,589
Swiss Re AG		2,160		185,500
Swisscom AG Registered		150		81,045
Syngenta AG Registered		630		218,241
Transocean Ltd.b		2,670		36,500
UBS Group AG		23,740		491,714
Weatherford International PLCa		5,790		58,769
Zurich Insurance Group AG		930		255,520
				7,758,051
UNITED KINGDOM — 7.77%
3i Group PLC		8,970		67,848
Aberdeen Asset Management PLC		8,010		39,286
Admiral Group PLC		1,890		45,056
Aggreko PLC		1,935		31,754
Amec Foster Wheeler PLC		2,820		34,979
Anglo American PLC		9,000		102,569
Antofagasta PLC		4,680		43,835
ARM Holdings PLC		9,540		136,968
Associated British Foods PLC		2,790		137,398
AstraZeneca PLC		8,310		526,568
Aviva PLC		24,882		185,143
Babcock International Group PLC		3,990		59,464
BAE Systems PLC		22,350		155,441
Barclays PLC		104,580		420,527
BG Group PLC		22,440		343,264
BHP Billiton PLC		13,740		239,216
BP PLC		118,140		655,026
British American Tobacco PLC		12,210		653,321
British Land Co. PLC (The)		8,070		101,776
BT Group PLC		56,460		379,775

34 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
Bunzl PLC		3,270	$	87,459
Burberry Group PLC		3,780		82,030
Capita PLC		4,590		87,254
Carnival PLC		1,380		70,465
Centrica PLC		33,000		123,434
Cobham PLC		10,530		45,606
Compass Group PLC		11,770		187,358
Croda International PLC		1,170		52,040
Diageo PLC		16,140		429,443
Experian PLC		7,080		120,759
G4S PLC		14,640		57,754
GKN PLC		14,010		62,854
GlaxoSmithKline PLC		30,600		630,877
Glencore PLC		67,954		154,993
Hammerson PLC		8,250		79,684
HSBC Holdings PLC		123,090		981,964
ICAP PLC		4,800		33,523
IMI PLC		2,520		40,230
Imperial Tobacco Group PLC		6,390		310,461
Inmarsat PLC		5,850		88,264
InterContinental Hotels Group PLC		2,103		79,437
Intertek Group PLC		1,290		50,315
Intu Properties PLC		9,229		45,847
Investec PLC		4,830		39,706
ITV PLC		27,450		105,630
J Sainsbury PLC		9,734		36,334
Johnson Matthey PLC		1,650		68,645
Kingfisher PLC		15,480		84,805
Land Securities Group PLC		6,780		130,554
Legal & General Group PLC		37,590		146,095
Lloyds Banking Group PLC		378,420		450,359
London Stock Exchange Group PLC		2,314		89,685
Marks & Spencer Group PLC		11,160		89,511
Meggitt PLC		7,800		57,271
National Grid PLC		21,960		290,494
Next PLC		1,110		135,635
Nielsen Holdings PLC		2,100		94,983
Old Mutual PLC		29,670		91,356
Pearson PLC		5,160		89,916
Petrofac Ltd.		1,830		25,106
Prudential PLC		15,810		344,798
Randgold Resources Ltd.		840		51,147
Reckitt Benckiser Group PLC		3,930		347,973
RELX PLC		8,160		131,148

Security	Shares		Value
Rexam PLC		5,811	$	48,127
Rio Tinto PLC		8,670		318,427
Rolls-Royce Holdings PLC		12,780		146,140
Royal Bank of Scotland Group PLCa		22,530		116,705
Royal Dutch Shell PLC Class A		25,290		659,288
Royal Dutch Shell PLC Class B		15,630		410,225
RSA Insurance Group PLC		8,807		69,622
SABMiller PLC		6,180		290,278
Sage Group PLC (The)		9,482		75,177
SEGRO PLC		9,750		62,921
Severn Trent PLC		2,040		65,166
Shire PLC		4,080		315,321
Sky PLC		6,570		105,392
Smith & Nephew PLC		6,270		112,151
Smiths Group PLC		3,240		56,259
SSE PLC		6,168		139,545
Standard Chartered PLC		16,500		194,134
Standard Life PLC		12,175		77,915
Tate & Lyle PLC		4,110		34,261
Tesco PLC		51,840		152,563
Tullow Oil PLCa		7,530		25,849
Unilever PLC		8,220		331,609
United Utilities Group PLC		4,620		60,753
Vodafone Group PLC		168,543		587,650
Weir Group PLC (The)		1,710		36,925
Whitbread PLC		1,560		115,093
Wolseley PLC		1,961		126,884
WPP PLC		8,190		170,175
				16,066,971
UNITED STATES — 57.06%
3M Co.		4,020		571,403
Abbott Laboratories		9,570		433,425
AbbVie Inc.		10,690		667,163
Accenture PLC Class A		3,990		376,137
ACE Ltd.		2,010		205,342
Activision Blizzard Inc.		3,450		98,773
Adobe Systems Inc.a		3,270		256,924
ADT Corp. (The)		1,200		39,336
Advance Auto Parts Inc.		510		89,377
AES Corp./VA		4,410		52,920
Aetna Inc.		2,250		257,670
Affiliated Managers Group Inc.a		540		100,678
Aflac Inc.		2,310		135,366
AGCO Corp.		840		41,194

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
Agilent Technologies Inc.		2,250	$	81,698
Air Products & Chemicals Inc.		1,380		192,551
Airgas Inc.		540		52,121
Akamai Technologies Inc.a		1,290		91,990
Albemarle Corp.		720		32,551
Alcoa Inc.		8,220		77,679
Alexion Pharmaceuticals Inc.a		1,470		253,119
Alleghany Corp.a		120		56,375
Allergan PLCa		2,490		756,313
Alliance Data Systems Corp.a		390		100,304
Alliant Energy Corp.		990		56,103
Allstate Corp. (The)		2,730		159,104
Alnylam Pharmaceuticals Inc.a		570		58,659
Altera Corp.		2,070		100,498
Altria Group Inc.		12,540		671,893
Amazon.com Inc.a		2,550		1,307,869
Ameren Corp.		1,860		74,939
American Airlines Group Inc.		1,560		60,809
American Capital Agency Corp.		2,280		43,616
American Electric Power Co. Inc.		3,180		172,642
American Express Co.		5,880		451,114
American International Group Inc.		8,580		517,717
American Tower Corp.		2,700		248,913
American Water Works Co. Inc.		1,410		73,235
Ameriprise Financial Inc.		1,320		148,724
AmerisourceBergen Corp.		1,620		162,065
AMETEK Inc.		2,010		108,178
Amgen Inc.		4,860		737,651
Amphenol Corp. Class A		2,040		106,814
Anadarko Petroleum Corp.		3,240		231,919
Analog Devices Inc.		2,073		115,798
Annaly Capital Management Inc.		6,180		62,171
ANSYS Inc.a		750		66,450
Anthem Inc.		1,800		253,890
Aon PLC		1,920		179,405
Apache Corp.		2,370		107,219
Apple Inc.		37,410		4,218,352
Applied Materials Inc.		8,160		131,254
Arch Capital Group Ltd.a		990		67,597
Archer-Daniels-Midland Co.		4,200		188,958
Arrow Electronics Inc.a		810		45,295
Assurant Inc.		600		44,610
AT&T Inc.		37,740		1,252,968
Autodesk Inc.a		1,620		75,735

Security	Shares		Value
Autoliv Inc.b		660	$	67,419
Automatic Data Processing Inc.		3,060		236,599
AutoZone Inc.a		210		150,358
Avago Technologies Ltd.		1,740		219,188
AvalonBay Communities Inc.		810		133,699
Avery Dennison Corp.		960		55,757
Avnet Inc.		1,050		44,520
Axis Capital Holdings Ltd.b		720		40,320
Baker Hughes Inc.		2,790		156,240
Ball Corp.		1,260		83,047
Bank of America Corp.		67,260		1,099,028
Bank of New York Mellon Corp. (The)		7,350		292,530
Baxalta Inc.a		3,536		124,290
Baxter International Inc.		3,120		119,964
BB&T Corp.		4,350		160,602
Becton Dickinson and Co.		1,238		174,583
Bed Bath & Beyond Inc.a		1,500		93,165
Berkshire Hathaway Inc. Class Ba		7,350		985,194
Best Buy Co. Inc.		2,250		82,665
Biogen Inc.a		1,530		454,869
BioMarin Pharmaceutical Inc.a		1,170		151,211
BlackRock Inc.c		810		245,001
Boeing Co. (The)		4,320		564,538
BorgWarner Inc.		1,470		64,151
Boston Properties Inc.		1,140		129,253
Boston Scientific Corp.a		9,780		163,717
Bristol-Myers Squibb Co.		10,650		633,355
Broadcom Corp. Class A		3,450		178,261
Brown-Forman Corp. Class B		990		97,119
Bunge Ltd.		1,050		76,073
CA Inc.		2,310		63,040
Cabot Oil & Gas Corp.		3,060		72,430
Calpine Corp.a		2,820		44,951
Cameron International Corp.a		1,620		108,151
Campbell Soup Co.		1,350		64,787
Capital One Financial Corp.		3,510		272,902
Cardinal Health Inc.		2,160		177,703
CarMax Inc.a		1,530		93,330
Carnival Corp.		2,370		116,675
Caterpillar Inc.		3,810		291,236
CBRE Group Inc. Class Aa		2,670		85,493
CBS Corp. Class B NVS		3,240		146,578
CDK Global Inc.		1,140		56,476

36 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
Celanese Corp. Series A		1,170	$	70,949
Celgene Corp.a		5,250		619,920
CenterPoint Energy Inc.		2,820		52,508
CenturyLink Inc.		3,630		98,155
Cerner Corp.a		2,040		125,990
CF Industries Holdings Inc.		1,800		103,284
CH Robinson Worldwide Inc.		1,140		76,870
Charles Schwab Corp. (The)		8,160		247,901
Charter Communications Inc. Class Aa,b		570		103,518
Cheniere Energy Inc.a		1,680		104,412
Chesapeake Energy Corp.b		4,020		31,396
Chevron Corp.		11,670		945,153
Chipotle Mexican Grill Inc.a		240		170,402
Chubb Corp. (The)		1,410		170,342
Church & Dwight Co. Inc.		930		80,240
Cigna Corp.		1,740		244,975
Cimarex Energy Co.		660		72,937
Cincinnati Financial Corp.		840		43,957
Cintas Corp.		1,050		89,240
Cisco Systems Inc.		32,280		835,406
CIT Group Inc.		1,230		53,431
Citigroup Inc.		19,290		1,031,629
Citrix Systems Inc.a		1,290		87,862
Clorox Co. (The)		690		76,707
CME Group Inc./IL		2,070		195,491
CMS Energy Corp.		2,070		67,855
Coach Inc.		1,800		54,450
Coca-Cola Co. (The)		26,730		1,051,024
Coca-Cola Enterprises Inc.		1,890		97,316
Cognizant Technology Solutions Corp. Class Aa		4,020		253,019
Colgate-Palmolive Co.		5,310		333,521
Columbia Pipeline Group Inc.		2,190		55,538
Comcast Corp. Class A		13,920		784,114
Comcast Corp. Class A Special NVS		2,100		120,204
Comerica Inc.		1,230		54,120
Communications Sales & Leasing Inc./CSL Capital LLCa		822		16,522
Computer Sciences Corp.		1,080		66,949
ConAgra Foods Inc.		2,940		122,539
Concho Resources Inc.a		810		87,610
ConocoPhillips		7,530		370,099

Security	Shares		Value
CONSOL Energy Inc.		1,800	$	27,414
Consolidated Edison Inc.		1,740		109,463
Constellation Brands Inc. Class A		1,140		145,920
Continental Resources Inc./OKa,b		938		30,110
Core Laboratories NV		330		38,174
Corning Inc.		9,000		154,890
Costco Wholesale Corp.		2,820		394,941
CR Bard Inc.		540		104,647
Crown Castle International Corp.		2,100		175,119
Crown Holdings Inc.a		1,260		62,458
CSX Corp.		6,840		187,279
Cummins Inc.		1,230		149,752
CVS Health Corp.		7,380		755,712
Danaher Corp.		3,930		341,989
Darden Restaurants Inc.		1,050		71,411
DaVita HealthCare Partners Inc.a		1,200		90,768
Deere & Co.		2,130		174,191
Delphi Automotive PLC		1,830		138,202
DENTSPLY International Inc.		1,110		58,175
Devon Energy Corp.		2,400		102,384
Dick’s Sporting Goods Inc.		750		37,598
Digital Realty Trust Inc.b		1,050		66,486
Discover Financial Services		3,180		170,861
Discovery Communications Inc. Class Aa,b		1,020		27,132
Discovery Communications Inc. Class C NVSa		2,280		57,821
DISH Network Corp. Class Aa		1,530		90,683
Dollar General Corp.		2,070		154,194
Dollar Tree Inc.a		1,734		132,235
Dominion Resources Inc./VA		3,570		249,007
Dover Corp.		1,350		83,633
Dow Chemical Co. (The)		7,290		319,010
DR Horton Inc.		2,370		71,977
Dr. Pepper Snapple Group Inc.		1,560		119,699
DTE Energy Co.		1,170		91,330
Duke Energy Corp.		4,170		295,695
Duke Realty Corp.		3,720		67,183
Dun & Bradstreet Corp. (The)		420		44,507
Eastman Chemical Co.		1,140		82,604
Eaton Corp. PLC		2,940		167,756
Eaton Vance Corp. NVS		1,200		41,604
eBay Inc.a		7,170		194,379
Ecolab Inc.		1,890		206,275

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
Edgewell Personal Care Co.		420	$	36,985
Edison International		2,370		138,598
Edwards Lifesciences Corp.a		810		114,113
EI du Pont de Nemours & Co.		5,850		301,275
Electronic Arts Inc.a		2,190		144,868
Eli Lilly & Co.		6,180		508,923
EMC Corp./MA		12,690		315,600
Emerson Electric Co.		4,230		201,856
Energen Corp.		630		32,760
Ensco PLC Class A		1,560		28,252
Entergy Corp.		1,350		88,196
EOG Resources Inc.		3,600		281,916
EQT Corp.		1,110		86,380
Equifax Inc.		1,020		99,858
Equinix Inc.		367		99,006
Equity Residential		2,220		158,175
Essex Property Trust Inc.		480		103,018
Estee Lauder Companies Inc. (The) Class A		1,500		119,655
Everest Re Group Ltd.		270		47,469
Eversource Energy		2,070		97,787
Exelon Corp.		5,790		178,100
Expedia Inc.		810		93,142
Expeditors International of Washington Inc.		1,560		76,393
Express Scripts Holding Co.a		4,740		396,264
Exxon Mobil Corp.		26,910		2,024,708
F5 Networks Inc.a		570		69,204
Facebook Inc. Class Aa		13,560		1,212,671
Fastenal Co.b		2,070		79,778
Federal Realty Investment Trust		750		96,810
FedEx Corp.		1,860		280,135
Fidelity National Information Services Inc.		1,890		130,523
Fifth Third Bancorp		5,340		106,373
First Republic Bank/CA		1,200		72,372
FirstEnergy Corp.		2,970		94,921
Fiserv Inc.a		1,920		163,718
FleetCor Technologies Inc.a		510		76,072
Flextronics International Ltd.a		5,190		54,547
FLIR Systems Inc.		1,320		37,792
Flowserve Corp.		1,350		60,926
Fluor Corp.		1,290		58,850
FMC Corp.		1,110		46,964

Security	Shares		Value
FMC Technologies Inc.a		1,590	$	55,300
FNF Group		1,920		69,907
Ford Motor Co.		21,690		300,840
Franklin Resources Inc.		2,940		119,305
Freeport-McMoRan Inc.		6,480		68,947
Frontier Communications Corp.		7,890		40,002
Gap Inc. (The)		1,830		60,042
Garmin Ltd.		810		30,464
General Dynamics Corp.		1,980		281,219
General Electric Co.		63,210		1,568,872
General Growth Properties Inc.		3,510		89,084
General Mills Inc.		3,660		207,742
General Motors Co.		9,185		270,406
Genuine Parts Co.		990		82,655
Gilead Sciences Inc.		9,540		1,002,368
Goldman Sachs Group Inc. (The)		2,460		463,956
Google Inc. Class Aa		1,860		1,204,945
Google Inc. Class Ca		1,980		1,224,135
H&R Block Inc.		2,370		80,627
Halliburton Co.		5,850		230,197
Hanesbrands Inc.		2,640		79,490
Harley-Davidson Inc.		1,230		68,942
Harman International Industries Inc.		510		49,847
Harris Corp.		900		69,138
Hartford Financial Services Group Inc. (The)		2,790		128,200
Hasbro Inc.		750		55,943
HCA Holdings Inc.a		2,100		181,902
HCP Inc.		3,120		115,627
Health Care REIT Inc.		2,040		129,234
Helmerich & Payne Inc.		990		58,420
Henry Schein Inc.a		690		94,399
Hershey Co. (The)		1,110		99,367
Hertz Global Holdings Inc.a		3,489		64,302
Hess Corp.		1,800		107,010
Hewlett-Packard Co.		11,730		329,144
HollyFrontier Corp.		1,320		61,855
Hologic Inc.a		2,070		80,337
Home Depot Inc. (The)		8,460		985,252
Honeywell International Inc.		4,560		452,671
Hormel Foods Corp.		1,260		76,986
Hospira Inc.a		1,200		107,964
Host Hotels & Resorts Inc.		6,000		106,380
Humana Inc.		960		175,478

38 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
IHS Inc. Class Aa		540	$	62,651
Illinois Tool Works Inc.		2,580		218,087
Illumina Inc.a		990		195,634
Incyte Corp.a		1,110		128,971
Ingersoll-Rand PLC		2,190		121,085
Intel Corp.		29,850		851,919
Intercontinental Exchange Inc.		750		171,307
International Business Machines Corp.		6,000		887,340
International Flavors & Fragrances Inc.		690		75,590
International Paper Co.		2,640		113,890
Interpublic Group of Companies Inc. (The)		3,330		62,870
Intuit Inc.		1,890		162,067
Intuitive Surgical Inc.a		218		111,387
Invesco Ltd.		3,150		107,446
Iron Mountain Inc.		1,219		34,546
Isis Pharmaceuticals Inc.a,b		870		43,657
Jacobs Engineering Group Inc.a		1,200		48,492
JB Hunt Transport Services Inc.		780		56,768
JM Smucker Co. (The)		660		77,695
Johnson & Johnson		17,820		1,674,724
Johnson Controls Inc.		3,990		164,149
JPMorgan Chase & Co.		23,790		1,524,939
Juniper Networks Inc.		3,000		77,130
Kansas City Southern		810		75,119
Kellogg Co.		1,590		105,385
Keurig Green Mountain Inc.		840		47,544
KeyCorp		5,790		79,555
Kimberly-Clark Corp.		2,250		239,692
Kimco Realty Corp.		2,250		51,863
Kinder Morgan Inc./DE		11,490		372,391
KLA-Tencor Corp.		1,260		63,139
Kohl’s Corp.		1,440		73,483
Kraft Heinz Co. (The)		3,570		259,396
Kroger Co. (The)		6,720		231,840
L Brands Inc.		1,590		133,401
L-3 Communications Holdings Inc.		750		79,103
Laboratory Corp. of America Holdingsa		660		77,755
Lam Research Corp.		1,200		87,324
Las Vegas Sands Corp.		2,730		126,208
Legg Mason Inc.		1,140		50,536

Security	Shares		Value
Leggett & Platt Inc.		1,140	$	50,639
Leucadia National Corp.		2,340		50,216
Level 3 Communications Inc.a		2,160		96,617
Liberty Global PLC Series Aa		1,860		89,503
Liberty Global PLC Series C NVSa		3,570		160,186
Liberty Interactive Corp. QVC Group Series Aa		3,600		97,344
Liberty Media Corp. Class Aa		780		29,055
Liberty Media Corp. Class Ca		1,144		41,436
Liberty Property Trust		930		28,588
Lincoln National Corp.		2,010		102,088
Linear Technology Corp.		1,500		60,420
LinkedIn Corp. Class Aa		750		135,450
LKQ Corp.a		2,580		77,374
Lockheed Martin Corp.		1,800		362,124
Loews Corp.		2,100		76,545
Lowe’s Companies Inc.		6,600		456,522
lululemon athletica Inc.a		772		49,416
LyondellBasell Industries NV Class A		2,580		220,280
M&T Bank Corp.		720		85,133
Macerich Co. (The)		1,140		86,845
Macy’s Inc.		2,460		144,181
Mallinckrodt PLCa		810		69,854
ManpowerGroup Inc.		600		52,140
Marathon Oil Corp.		4,050		70,025
Marathon Petroleum Corp.		3,600		170,316
Marriott International Inc./MD Class A		1,710		120,829
Marsh & McLennan Companies Inc.		3,000		161,190
Martin Marietta Materials Inc.		420		70,476
Marvell Technology Group Ltd.		3,600		40,572
Masco Corp.		2,760		72,395
MasterCard Inc. Class A		6,570		606,871
Mattel Inc.		2,100		49,203
Maxim Integrated Products Inc.		2,250		75,758
McCormick & Co. Inc./MD		1,020		80,866
McDonald’s Corp.		5,850		555,867
McGraw Hill Financial Inc.		1,770		171,672
McKesson Corp.		1,530		302,297
MDU Resources Group Inc.		1,890		33,850
Mead Johnson Nutrition Co.		1,350		105,759
Medivation Inc.a		660		58,120
Merck & Co. Inc.		18,120		975,762

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
MetLife Inc.		5,910	$	296,091
MGM Resorts Internationala		3,150		64,355
Microchip Technology Inc.b		1,560		66,300
Micron Technology Inc.a		6,630		108,798
Microsoft Corp.		50,010		2,176,435
Mohawk Industries Inc.a		450		88,637
Molson Coors Brewing Co. Class B		1,140		77,623
Mondelez International Inc. Class A		10,770		456,217
Monsanto Co.		3,240		316,386
Monster Beverage Corp.a		990		137,075
Moody’s Corp.		1,410		144,257
Morgan Stanley		9,630		331,753
Mosaic Co. (The)		2,010		82,068
Motorola Solutions Inc.		1,560		101,119
Murphy Oil Corp.		1,170		36,270
Nabors Industries Ltd.		2,790		32,197
NASDAQ OMX Group Inc. (The)		1,050		53,750
National Oilwell Varco Inc.		2,730		115,561
Navient Corp.		3,360		42,974
NetApp Inc.		2,400		76,704
Netflix Inc.a		2,520		289,876
New York Community Bancorp Inc.		3,360		59,338
Newell Rubbermaid Inc.		1,950		82,154
Newmont Mining Corp.		3,180		54,283
News Corp. Class Aa		2,553		34,797
NextEra Energy Inc.		2,898		285,192
NIKE Inc. Class B		4,680		522,990
Noble Energy Inc.		2,850		95,218
Nordstrom Inc.		1,050		76,524
Norfolk Southern Corp.		2,100		163,611
Northern Trust Corp.		1,500		104,760
Northrop Grumman Corp.		1,380		225,961
NRG Energy Inc.		2,550		50,796
Nucor Corp.		2,100		90,909
NVIDIA Corp.		3,240		72,835
O’Reilly Automotive Inc.a		780		187,255
Occidental Petroleum Corp.		4,860		354,829
Omnicom Group Inc.		1,710		114,536
ONEOK Inc.		1,472		53,007
Oracle Corp.		22,530		835,638
PACCAR Inc.		2,370		139,759
Palo Alto Networks Inc.a		510		83,752
Parker-Hannifin Corp.		1,080		116,273
PartnerRe Ltd.		360		49,828

Security	Shares		Value
Patterson Companies Inc.		840	$	38,497
Paychex Inc.		2,280		101,825
PayPal Holdings Inc.a		7,170		250,950
People’s United Financial Inc.		2,580		39,990
Pepco Holdings Inc.		2,040		46,879
PepsiCo Inc.		9,450		878,188
Perrigo Co. PLC		960		175,651
Pfizer Inc.		38,790		1,249,814
PG&E Corp.		3,270		162,127
Philip Morris International Inc.		9,540		761,292
Phillips 66		3,540		279,908
Pinnacle West Capital Corp.		930		55,363
Pioneer Natural Resources Co.		990		121,829
Plum Creek Timber Co. Inc.		1,140		43,879
PNC Financial Services Group Inc. (The)c		3,270		297,962
PPG Industries Inc.		2,010		191,533
PPL Corp.		4,638		143,732
Praxair Inc.		1,710		180,832
Precision Castparts Corp.		930		214,132
Priceline Group Inc. (The)a		330		412,051
Principal Financial Group Inc.		2,010		101,203
Procter & Gamble Co. (The)		17,430		1,231,778
Progressive Corp. (The)		3,270		97,969
Prologis Inc.		3,660		139,080
Prudential Financial Inc.		2,850		229,995
Public Service Enterprise Group Inc.		3,900		156,975
Public Storage		990		199,257
PulteGroup Inc.		2,700		55,863
Puma Biotechnology Inc.a,b		180		16,546
PVH Corp.		600		71,388
Qorvo Inc.a		1,033		57,342
QUALCOMM Inc.		10,260		580,511
Quanta Services Inc.a,b		1,890		45,814
Quest Diagnostics Inc.		1,080		73,224
Rackspace Hosting Inc.a		780		23,720
Ralph Lauren Corp.		390		43,364
Range Resources Corp.		1,080		41,710
Raytheon Co.		2,130		218,453
Realty Income Corp.		1,440		64,354
Red Hat Inc.a		1,350		97,483
Regency Centers Corp.		990		58,717
Regeneron Pharmaceuticals Inc.a		510		261,885
Regions Financial Corp.		9,180		88,036

40 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
RenaissanceRe Holdings Ltd.		390	$	39,761
Republic Services Inc.		2,040		83,599
Reynolds American Inc.		2,823		236,426
Rite Aid Corp.a		7,020		57,915
Robert Half International Inc.		1,260		64,298
Rockwell Automation Inc.		1,020		114,067
Rockwell Collins Inc.		1,080		88,398
Roper Technologies Inc.		810		131,293
Ross Stores Inc.		3,000		145,860
Royal Caribbean Cruises Ltd.		1,110		97,858
salesforce.com inc.a		4,020		278,827
SanDisk Corp.		1,440		78,566
SBA Communications Corp. Class Aa		1,020		120,564
SCANA Corp.		990		52,361
Schlumberger Ltd.		8,160		631,339
Scripps Networks Interactive Inc. Class A		660		35,039
Seagate Technology PLC		2,370		121,818
SEI Investments Co.		1,620		81,940
Sempra Energy		1,530		145,120
ServiceNow Inc.a		1,110		78,766
Sherwin-Williams Co. (The)		630		161,160
Sigma-Aldrich Corp.		840		117,104
Signet Jewelers Ltd.		660		91,080
Simon Property Group Inc.		2,013		360,971
Sirius XM Holdings Inc.a		27,240		103,921
Skyworks Solutions Inc.		1,260		110,061
SL Green Realty Corp.		630		65,211
Southern Co. (The)		5,160		223,996
Southwestern Energy Co.a		2,340		38,002
Spectra Energy Corp.		4,380		127,327
Splunk Inc.a		840		52,055
Sprint Corp.a,b		7,416		37,525
St. Jude Medical Inc.		2,070		146,577
Stanley Black & Decker Inc.		1,140		115,733
Staples Inc.		4,530		64,371
Starbucks Corp.		9,720		531,781
Starwood Hotels & Resorts Worldwide Inc.		1,320		94,340
State Street Corp.		2,880		207,130
Stericycle Inc.a		660		93,152
Stryker Corp.		1,920		189,408
SunEdison Inc.a,b		1,740		18,096
SunTrust Banks Inc.		3,510		141,699

Security	Shares		Value
Symantec Corp.		4,710	$	96,508
Synopsys Inc.a		1,680		78,842
Sysco Corp.		3,480		138,748
T Rowe Price Group Inc.		1,740		125,071
T-Mobile U.S. Inc.a		2,130		84,369
Target Corp.		3,720		289,081
TD Ameritrade Holding Corp.		1,830		61,232
TE Connectivity Ltd.		2,640		156,526
Teradata Corp.a,b		1,290		37,707
Tesla Motors Inc.a,b		600		149,436
Tesoro Corp.		780		71,768
Texas Instruments Inc.		6,030		288,475
Textron Inc.		2,190		84,972
Thermo Fisher Scientific Inc.		2,460		308,410
Tiffany & Co.		840		69,090
Time Warner Cable Inc.		1,830		340,417
Time Warner Inc.		5,550		394,605
TJX Companies Inc. (The)		4,650		326,988
Toll Brothers Inc.a		1,860		68,764
Torchmark Corp.		941		55,011
Total System Services Inc.		1,590		72,870
Tractor Supply Co.		1,020		87,016
TransDigm Group Inc.a		450		103,423
Travelers Companies Inc. (The)		2,040		203,082
Trimble Navigation Ltd.a		1,800		34,020
TripAdvisor Inc.a,b		810		56,619
Twenty-First Century Fox Inc. Class A		9,660		264,587
Twenty-First Century Fox Inc. Class B		1,800		49,788
Twitter Inc.a		3,390		94,208
Tyson Foods Inc. Class A		2,310		97,667
U.S. Bancorp		11,250		476,437
UDR Inc.		2,370		76,551
Ulta Salon Cosmetics & Fragrance Inc.a		480		75,883
Under Armour Inc. Class Aa		1,350		128,965
Union Pacific Corp.		5,700		488,718
United Parcel Service Inc. Class B		4,410		430,636
United Rentals Inc.a		750		51,998
United Technologies Corp.		5,220		478,204
UnitedHealth Group Inc.		6,090		704,613
Universal Health Services Inc. Class B		600		82,284
Unum Group		1,650		55,341

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Continued)

iSHARES^® MSCI WORLD ETF

August 31, 2015

Security	Shares		Value
Urban Outfitters Inc.a		870	$	26,848
Valero Energy Corp.		3,390		201,163
Varian Medical Systems Inc.a		780		63,375
Ventas Inc.		2,018		111,030
VEREIT Inc.		5,820		47,375
VeriSign Inc.a,b		1,200		82,728
Verisk Analytics Inc. Class Aa		1,110		81,119
Verizon Communications Inc.		25,890		1,191,199
Vertex Pharmaceuticals Inc.a		1,650		210,408
VF Corp.		2,520		182,524
Viacom Inc. Class B NVS		2,400		97,848
Visa Inc. Class Ab		12,600		898,380
VMware Inc. Class Aa		570		45,116
Vornado Realty Trust		1,260		109,859
Vulcan Materials Co.		930		87,067
Wal-Mart Stores Inc.		9,930		642,769
Walgreens Boots Alliance Inc.		5,670		490,738
Walt Disney Co. (The)		10,380		1,057,514
Waste Management Inc.		2,730		136,664
Waters Corp.a		570		69,187
WEC Energy Group Inc.		2,432		115,885
Wells Fargo & Co.		31,140		1,660,696
Western Digital Corp.		1,470		120,481
Western Union Co. (The)		4,050		74,682
WestRock Co.		2,288		135,793
Weyerhaeuser Co.		4,200		117,348
Whirlpool Corp.		570		95,817
WhiteWave Foods Co. (The)a		1,530		70,594
Whiting Petroleum Corp.a		1,560		30,155
Whole Foods Market Inc.		2,340		76,658
Williams Companies Inc. (The)		4,500		216,900
Willis Group Holdings PLC		1,020		43,952
WR Berkley Corp.		660		35,825
WW Grainger Inc.		450		100,548
Wyndham Worldwide Corp.		1,170		89,482
Wynn Resorts Ltd.		618		46,381
Xcel Energy Inc.		3,060		103,214
Xerox Corp.		8,490		86,343
Xilinx Inc.		1,950		81,686
XL Group PLC		1,890		70,478
Xylem Inc./NY		1,560		50,622
Yahoo! Inc.a		5,910		190,538
Yum! Brands Inc.		2,880		229,738
Zillow Group Inc. Class Aa,b		360		9,137
Zillow Group Inc. Class Ca,b		768		18,939

Security	Shares		Value
Zimmer Biomet Holdings Inc.		1,292	$	133,800
Zoetis Inc.		3,600		161,532
				118,022,352
TOTAL COMMON STOCKS
(Cost: $220,952,276)				205,540,755
PREFERRED STOCKS — 0.19%
GERMANY — 0.19%
Henkel AG & Co. KGaA		1,170		122,315
Porsche Automobil Holding SE		990		68,898
Volkswagen AG		1,080		205,119
				396,332
TOTAL PREFERRED STOCKS
(Cost: $509,815)				396,332
SHORT-TERM INVESTMENTS — 2.10%
MONEY MARKET FUNDS — 2.10%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		3,900,885		3,900,885
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		224,008		224,008
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		209,080		209,080
				4,333,973
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,333,973)				4,333,973
TOTAL INVESTMENTS IN SECURITIES — 101.66%
(Cost: $225,796,064)				210,271,060
Other Assets, Less Liabilities — (1.66)%				(3,428,570	)
NET ASSETS — 100.00%			$	206,842,490

NVS — Non-Voting Shares

SDR — Swedish Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

42 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^® , INC.

August 31, 2015

	iShares MSCI All Country World Minimum Volatility ETF			iShares MSCI Emerging Markets Horizon ETF			iShares MSCI Frontier 100 ETF
ASSETS
Investments, at cost:
Unaffiliated	$	2,016,993,249		$	1,194,495		$	586,812,221
Affiliated (Note 2)		60,625,681			10,146			2,041,402
Total cost of investments	$	2,077,618,930		$	1,204,641		$	588,853,623
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	2,103,566,991		$	937,696		$	502,091,053
Affiliated (Note 2)		60,625,681			10,146			2,041,402
Total fair value of investments		2,164,192,672			947,842			504,132,455
Foreign currency, at valueb		1,887,887			1,581			2,163,272
Receivables:
Investment securities sold		2,175,865			—			102,796
Dividends and interest		6,674,626			1,360			483,755
Total Assets		2,174,931,050			950,783			506,882,278
LIABILITIES
Payables:
Investment securities purchased		2,521,553			—			—
Deposit for capital contribution		—			—			325,713
Collateral for securities on loan (Note 1)		56,232,918			9,885			—
Deferred foreign capital gains taxes (Note 1)		172,408			—			3,199,586
Investment advisory fees (Note 2)		372,197			410			364,478
Total Liabilities		59,299,076			10,295			3,889,777
NET ASSETS	$	2,115,631,974		$	940,488		$	502,992,501
Net assets consist of:
Paid-in capital	$	2,050,453,070		$	1,291,183		$	635,112,547
Undistributed (distributions in excess of) net investment income		10,644,923			939			(615,861	)
Accumulated net realized loss		(31,953,427	)		(94,826	)		(45,228,543	)
Net unrealized appreciation (depreciation)		86,487,408			(256,808	)		(86,275,642	)
NET ASSETS	$	2,115,631,974		$	940,488		$	502,992,501
Shares outstandingc		31,300,000			50,000			19,200,000
Net asset value per share	$	67.59		$	18.81		$	26.20

^a  Securities on loan with values of $52,986,424, $9,214 and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $1,928,675, $1,588 and $2,163,338, respectively.

^c  $0.001 par value, number of shares authorized: 500 million, 25 million and 500 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 43

Statements of Assets and Liabilities (Continued)

iSHARES^®, INC.

August 31, 2015

	iShares MSCI World ETF
ASSETS
Investments, at cost:
Unaffiliated	$	220,897,772
Affiliated (Note 2)		4,898,292
Total cost of investments	$	225,796,064
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	205,394,124
Affiliated (Note 2)		4,876,936
Total fair value of investments		210,271,060
Foreign currency, at valueb		216,186
Cash		122,112
Receivables:
Investment securities sold		724,277
Dividends and interest		595,284
Total Assets		211,928,919
LIABILITIES
Payables:
Investment securities purchased		915,902
Collateral for securities on loan (Note 1)		4,124,893
Investment advisory fees (Note 2)		45,634
Total Liabilities		5,086,429
NET ASSETS	$	206,842,490
Net assets consist of:
Paid-in capital	$	222,222,809
Undistributed net investment income		1,111,968
Accumulated net realized loss		(960,226	)
Net unrealized depreciation		(15,532,061	)
NET ASSETS	$	206,842,490
Shares outstandingc		3,000,000
Net asset value per share	$	68.95

^a  Securities on loan with a value of $3,893,841. See Note 1.

^b  Cost of foreign currency: $218,004.

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

See notes to financial statements.

44 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

iSHARES^® , INC.

Year ended August 31, 2015

	iShares MSCI All Country World Minimum Volatility ETF			iShares MSCI Emerging Markets Horizon ETFa			iShares MSCI Frontier 100 ETF
NET INVESTMENT INCOME
Dividends — unaffiliatedb	$	47,221,175		$	46,784		$	19,910,524
Interest — unaffiliated		—			—			6,557
Interest — affiliated (Note 2)		300			—			188
Securities lending income — affiliated — net (Note 2)		938,111			7			—
		48,159,586			46,791			19,917,269
Less: Other foreign taxes (Note 1)		(170,651	)		—			—
Total investment income		47,988,935			46,791			19,917,269
EXPENSES
Investment advisory fees (Note 2)		6,025,786			8,951			4,883,454
Commitment fees (Note 7)		—			—			2,649
Interest expense (Note 7)		—			—			451
Total expenses		6,025,786			8,951			4,886,554
Less investment advisory fees waived (Note 2)		(2,346,015	)		—			—
Net expenses		3,679,771			8,951			4,886,554
Net investment income		44,309,164			37,840			15,030,715
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedc		(12,037,412	)		(95,360	)		(11,604,654	)
In-kind redemptions — unaffiliated		55,814,025			(50,181	)		7,082,860
Foreign currency transactions		(479,786	)		(1,317	)		(1,187,247	)
Net realized gain (loss)		43,296,827			(146,858	)		(5,709,041	)
Net change in unrealized appreciation/depreciation on:
Investmentsd		(88,791,842	)		(256,799	)		(166,711,130	)
Translation of assets and liabilities in foreign currencies		(62,589	)		(9	)		2,442
Net change in unrealized appreciation/depreciation		(88,854,431	)		(256,808	)		(166,708,688	)
Net realized and unrealized loss		(45,557,604	)		(403,666	)		(172,417,729	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,248,440	)	$	(365,826	)	$	(157,387,014	)

^a  For the period from October 14, 2014 (commencement of operations) to August 31, 2015.

^b  Net of foreign withholding tax of $2,834,170, $4,092 and $2,330,990, respectively.

^c  Net of foreign capital gains taxes of $  —, $  — and $1,289,799, respectively.

^d  Net of deferred foreign capital gains taxes of $  —, $  — and $1,552,356, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Operations (Continued)

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI World ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	5,306,668
Dividends — affiliated (Note 2)		13,739
Interest — affiliated (Note 2)		18
Securities lending income — affiliated — net (Note 2)		17,292
Total investment income		5,337,717
EXPENSES
Investment advisory fees (Note 2)		513,995
Total expenses		513,995
Net investment income		4,823,722
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(461,775	)
Investments — affiliated (Note 2)		(2,611	)
In-kind redemptions — unaffiliated		13,618,959
In-kind redemptions — affiliated (Note 2)		58,874
Foreign currency transactions		(42,806	)
Net realized gain		13,170,641
Net change in unrealized appreciation/depreciation on:
Investments		(28,755,094	)
Translation of assets and liabilities in foreign currencies		(4,429	)
Net change in unrealized appreciation/depreciation		(28,759,523	)
Net realized and unrealized loss		(15,588,882	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,765,160	)

^a  Net of foreign withholding tax of $254,097.

See notes to financial statements.

46 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® , INC.

	iShares MSCI All Country World Minimum Volatility ETF						iShares MSCI Emerging Markets Horizon ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Period from October 14, 2014a to August 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	44,309,164		$	30,124,824		$	37,840
Net realized gain (loss)		43,296,827			15,721,199			(146,858	)
Net change in unrealized appreciation/depreciation		(88,854,431	)		127,042,867			(256,808	)
Net increase (decrease) in net assets resulting from operations		(1,248,440	)		172,888,890			(365,826	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(39,259,118	)		(29,115,840	)		(35,584	)
Total distributions to shareholders		(39,259,118	)		(29,115,840	)		(35,584	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,101,077,585			261,249,242			2,439,470
Cost of shares redeemed		(227,950,517	)		(129,769,428	)		(1,097,572	)
Net increase in net assets from capital share transactions		873,127,068			131,479,814			1,341,898
INCREASE IN NET ASSETS		832,619,510			275,252,864			940,488
NET ASSETS
Beginning of period		1,283,012,464			1,007,759,600			—
End of period	$	2,115,631,974		$	1,283,012,464		$	940,488
Undistributed net investment income included in net assets at end of period	$	10,644,923		$	5,984,087		$	939
SHARES ISSUED AND REDEEMED
Shares sold		15,700,000			4,000,000			100,000
Shares redeemed		(3,200,000	)		(2,000,000	)		(50,000	)
Net increase in shares outstanding		12,500,000			2,000,000			50,000

^a  Commencement of operations.

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Frontier 100 ETF						iShares MSCI World ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	15,030,715		$	17,022,836		$	4,823,722		$	3,214,395
Net realized gain (loss)		(5,709,041	)		20,048,604			13,170,641			3,038,160
Net change in unrealized appreciation/depreciation		(166,708,688	)		81,912,759			(28,759,523	)		13,581,244
Net increase (decrease) in net assets resulting from operations		(157,387,014	)		118,984,199			(10,765,160	)		19,833,799
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(14,489,117	)		(15,334,501	)		(4,706,418	)		(2,735,328	)
From net realized gain		(47,428,840	)		—			—			—
Total distributions to shareholders		(61,917,957	)		(15,334,501	)		(4,706,418	)		(2,735,328	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		114,382,787			581,098,884			147,539,726			148,427,324
Cost of shares redeemed		(191,434,078	)		(165,483,378	)		(93,954,071	)		(21,501,639	)
Net increase (decrease) in net assets from capital share transactions		(77,051,291	)		415,615,506			53,585,655			126,925,685
INCREASE (DECREASE) IN NET ASSETS		(296,356,262	)		519,265,204			38,114,077			144,024,156
NET ASSETS
Beginning of year		799,348,763			280,083,559			168,728,413			24,704,257
End of year	$	502,992,501		$	799,348,763		$	206,842,490		$	168,728,413
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(615,861	)	$	(169,855	)	$	1,111,968		$	568,421
SHARES ISSUED AND REDEEMED
Shares sold		3,750,000			16,150,000			2,000,000			2,200,000
Shares redeemed		(5,700,000	)		(4,300,000	)		(1,300,000	)		(300,000	)
Net increase (decrease) in shares outstanding		(1,950,000	)		11,850,000			700,000			1,900,000

See notes to financial statements.

48 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® , INC.

(For a share outstanding throughout each period)

	iShares MSCI All Country World Minimum Volatility ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Oct. 18, 2011a to Aug. 31, 2012
Net asset value, beginning of period	$	68.25		$	59.99		$	55.65		$	50.02
Income from investment operations:
Net investment incomeb		1.70			1.72			1.68			1.49
Net realized and unrealized gain (loss)c		(0.89	)		8.18			4.20			4.67
Total from investment operations		0.81			9.90			5.88			6.16
Less distributions from:
Net investment income		(1.47	)		(1.64	)		(1.54	)		(0.53	)
Total distributions		(1.47	)		(1.64	)		(1.54	)		(0.53	)
Net asset value, end of period	$	67.59		$	68.25		$	59.99		$	55.65
Total return		1.15	%		16.70	%		10.69	%		12.41	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,115,632		$	1,283,012		$	1,007,760		$	578,776
Ratio of expenses to average net assetse		0.20	%		0.20	%		0.20	%		0.23	%
Ratio of expenses to average net assets prior to waived feese		0.33	%		0.33	%		0.34	%		0.34	%
Ratio of net investment income to average net assetse		2.41	%		2.67	%		2.83	%		3.17	%
Portfolio turnover ratef		22	%		24	%		13	%		22	%

^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 years ended August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 22%, 23%, 13% and 22%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 49

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout the period)

iShares MSCI Emerging Markets Horizon ETF
	Period from Oct. 14, 2014a to Aug. 31, 2015
Net asset value, beginning of period	$	24.39
Income from investment operations:
Net investment incomeb		0.42
Net realized and unrealized lossc		(5.37	)
Total from investment operations		(4.95	)
Less distributions from:
Net investment income		(0.63	)
Total distributions		(0.63	)
Net asset value, end of period	$	18.81
Total return		(20.64	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	940
Ratio of expenses to average net assetse		0.50	%
Ratio of net investment income to average net assetse		2.11	%
Portfolio turnover ratef		28	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the period.

^c  The amount 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 rate excludes portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rate for the period ended August 31, 2015 was 9%. See Note 4.

See notes to financial statements.

50 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Frontier 100 ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Period from Sep. 12, 2012a to Aug. 31, 2013
Net asset value, beginning of period	$	37.79		$	30.12		$	25.25
Income from investment operations:
Net investment incomeb		0.77			1.09			0.67
Net realized and unrealized gain (loss)c		(8.78	)		7.47			4.51
Total from investment operations		(8.01	)		8.56			5.18
Less distributions from:
Net investment income		(0.76	)		(0.89	)		(0.28	)
Net realized gain		(2.82	)		—			—
Return of capital		—			—			(0.03	)
Total distributions		(3.58	)		(0.89	)		(0.31	)
Net asset value, end of period	$	26.20		$	37.79		$	30.12
Total return		(21.70	)%		28.56	%		20.54	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	502,993		$	799,349		$	280,084
Ratio of expenses to average net assetse		0.79	%		0.79	%		0.79	%
Ratio of net investment income to average net assetse		2.43	%		3.07	%		2.32	%
Portfolio turnover ratef		47	%		61	%		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 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 years ended August 31, 2015, August 31, 2014 and the period ended August 31, 2013 were 45%, 42% and 10%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 51

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI World ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 10, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	73.36		$	61.76		$	53.45		$	50.32
Income from investment operations:
Net investment incomeb		1.64			1.81			1.40			0.98
Net realized and unrealized gain (loss)c		(4.49	)		11.16			8.03			2.89
Total from investment operations		(2.85	)		12.97			9.43			3.87
Less distributions from:
Net investment income		(1.56	)		(1.37	)		(1.12	)		(0.74	)
Total distributions		(1.56	)		(1.37	)		(1.12	)		(0.74	)
Net asset value, end of period	$	68.95		$	73.36		$	61.76		$	53.45
Total return		(3.97	)%		21.07	%		17.84	%		7.76	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	206,842		$	168,728		$	24,704		$	10,689
Ratio of expenses to average net assetse		0.24	%		0.24	%		0.24	%		0.24	%
Ratio of net investment income to average net assetse		2.25	%		2.57	%		2.34	%		2.91	%
Portfolio turnover ratef		5	%		5	%		5	%		3	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

52 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

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
MSCI All Country World Minimum Volatility	Diversified
MSCI Emerging Markets Horizona	Non-diversified
MSCI Frontier 100	Non-diversified
MSCI World	Diversified

^a  The Fund commenced operations on October 14, 2014.

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”).

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

NOTES TO FINANCIAL STATEMENTS 53

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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

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

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

54 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of August 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1		Level 2		Level 3		Total
MSCI All Country World Minimum Volatility
Investments:
Assets:
Common Stocks	$	2,099,773,895	$	—	$	2,395,370	$	2,102,169,265
Preferred Stocks		1,397,726		—		—		1,397,726
Money Market Funds		60,625,681		—		—		60,625,681
Total	$	2,161,797,302	$	—	$	2,395,370	$	2,164,192,672
MSCI Emerging Markets Horizon
Investments:
Assets:
Common Stocks	$	930,230	$	—	$	—	$	930,230
Preferred Stocks		7,466		—		—		7,466
Money Market Funds		10,146		—		—		10,146
Total	$	947,842	$	—	$	—	$	947,842
MSCI Frontier 100
Investments:
Assets:
Common Stocks	$	501,839,111	$	80	$	—	$	501,839,191
Convertible Bonds		—		251,862		—		251,862
Money Market Funds		2,041,402		—		—		2,041,402
Total	$	503,880,513	$	251,942	$	—	$	504,132,455
MSCI World
Investments:
Assets:
Common Stocks	$	205,540,755	$	—	$	—	$	205,540,755
Preferred Stocks		396,332		—		—		396,332
Money Market Funds		4,333,973		—		—		4,333,973
Total	$	210,271,060	$	—	$	—	$	210,271,060

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of August 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

NOTES TO FINANCIAL STATEMENTS 55

Notes to Financial Statements (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 August 31, 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 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. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by 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 August 31, 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 securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of August 31, 2015 and the total 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.

56 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (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 securities lending agreements which are subject to offset under an MSLA as of August 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI All Country World Minimum Volatility	$	52,986,424	$	52,986,424	$	—
MSCI Emerging Markets Horizon		9,214		9,214		—
MSCI World		3,893,841		3,893,841		—

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the iShares MSCI All Country World Minimum Volatility ETF, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net asset of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.350	%	First $30 billion
	0.320		Over $30 billion, up to and including $60 billion
	0.280		Over $60 billion, up to and including $90 billion
	0.252		Over $90 billion

In addition, the iShares MSCI All Country World Minimum Volatility ETF indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expense. BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2015 in an amount equal to the acquired fund

NOTES TO FINANCIAL STATEMENTS 57

Notes to Financial Statements (Continued)

iSHARES^®, INC.

fees and expenses attributable to the Fund’s investments in other iShares funds, if any. Effective September 12, 2014, BFA has contractually agreed to waive an additional portion of its investment advisory fees for the Fund through December 31, 2015 in order to limit total annual operating expenses after fee waiver to 0.20% of average daily net assets.

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
MSCI Emerging Markets Horizon		0.50	%
MSCI Frontier 100		0.79
MSCI World		0.24

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 65% 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 calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the year ended August 31, 2015, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI All Country World Minimum Volatility	$	256,370
MSCI Emerging Markets Horizon		2
MSCI World		5,895

58 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 year ended August 31, 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 Funds, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the year ended August 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Year		Shares Purchased		Shares Sold			Shares Held at End of Year		Value at End of Year		Dividend Income		Net Realized Gain (Loss)
MSCI World
BlackRock Inc.		690		594		(474	)		810	$	245,001	$	7,464	$	26,086
PNC Financial Services Group Inc. (The)		2,507		2,180		(1,417	)		3,270		297,962		6,275		30,177
										$	542,963	$	13,739	$	56,263

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 year ended August 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI All Country World Minimum Volatility	$	711,656,206	$	400,250,819
MSCI Emerging Markets Horizon		979,437		499,788
MSCI Frontier 100		293,155,519		394,018,083
MSCI World		11,995,154		10,983,574

NOTES TO FINANCIAL STATEMENTS 59

Notes to Financial Statements (Continued)

iSHARES^®, INC.

In-kind transactions (see Note 4) for the year ended August 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI All Country World Minimum Volatility	$	788,360,480	$	221,134,191
MSCI Emerging Markets Horizon		1,599,734		739,347
MSCI Frontier 100		5,925,817		30,178,197
MSCI World		145,177,204		91,861,484

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.

5. PRINCIPAL RISKS

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 equity 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.

60 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 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 MSCI All Country World Minimum Volatility 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.

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.

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.

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Continued)

iSHARES^®, INC.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of August 31, 2015, attributable to the use of equalization, the characterization of corporate actions, passive foreign investment companies, foreign currency transactions and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
MSCI All Country World Minimum Volatility	$	54,985,657		$	(389,210	)	$	(54,596,447	)
MSCI Emerging Markets Horizon		(50,715	)		(1,317	)		52,032
MSCI Frontier 100		5,928,137			(987,604	)		(4,940,533	)
MSCI World		13,204,277			426,243			(13,630,520	)

The tax character of distributions paid during the years ended August 31, 2015 and August 31, 2014 was as follows:

iShares ETF	2015		2014
MSCI All Country World Minimum Volatility
Ordinary income	$	39,259,118	$	29,115,840
MSCI Emerging Markets Horizon
Ordinary income	$	35,584	$	N/A
MSCI Frontier 100
Ordinary income	$	33,889,106	$	15,334,501
Long-term capital gain	$	28,028,851	$	—
	$	61,917,957	$	15,334,501
MSCI World
Ordinary income	$	4,706,418	$	2,735,328

As of August 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses)  a			Qualified Late-Year Losses  b			Total
MSCI All Country World Minimum Volatility	$	10,686,979	$	(12,815,217	)	$	73,030,125		$	(5,722,983	)	$	65,178,904
MSCI Emerging Markets Horizon		939		—			(259,480	)		(92,154	)		(350,695	)
MSCI Frontier 100		—		—			(113,256,315	)		(18,863,731	)		(132,120,046	)
MSCI World		1,163,511		(404,019	)		(16,005,395	)		(134,416	)		(15,380,319	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^b  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

62 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

As of August 31, 2015, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI All Country World Minimum Volatility	$	12,815,217
MSCI World		404,019

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of August 31, 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)
MSCI All Country World Minimum Volatility	$	2,091,076,213	$	196,090,473	$	(122,974,014	)	$	73,116,459
MSCI Emerging Markets Horizon		1,207,313		16,270		(275,741	)		(259,471	)
MSCI Frontier 100		615,834,296		29,428,784		(141,130,625	)		(111,701,841	)
MSCI World		226,269,398		7,476,357		(23,474,695	)		(15,998,338	)

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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. LINE OF CREDIT

The iShares MSCI Frontier 100 ETF, along with certain other iShares funds, is a party to a $150 million credit agreement with State Street Bank and Trust Company, which expires on October 28, 2015. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

On September 17, 2015, the Board amended the terms of the credit agreement as follows: (i) increased the maximum borrowing amount to $250 million; (ii) increased the commitment fee to 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed; and (iii) extended the expiration date to October 28, 2016. These changes are expected to be effective on or around October 28, 2015.

For the year ended August 31, 2015, the iShares MSCI Frontier 100 ETF’s maximum amount borrowed, the average borrowings and the weighted average interest rate under the credit agreement were $2,000,000, $38,356 and 1.16%, respectively.

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Continued)

iSHARES^®, INC.

8. 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.

64 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

iShares, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares MSCI All Country World Minimum Volatility ETF, iShares MSCI Emerging Markets Horizon ETF, iShares MSCI Frontier 100 ETF and iShares MSCI World ETF (the “Funds”) at August 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

October 22, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 65

Tax Information (Unaudited)

iSHARES^®, INC.

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the following maximum amounts are hereby designated as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2015:

iShares ETF	Qualified Dividend Income
MSCI All Country World Minimum Volatility	$	38,542,020
MSCI Emerging Markets Horizon		28,737
MSCI Frontier 100		8,465,590
MSCI World		5,216,975

In February 2016, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.

For corporate shareholders, the percentage of income dividends paid during the fiscal year ended August 31, 2015 that qualified for the dividends-received deduction were as follows:

iShares ETF	Dividends- Received Deduction
MSCI All Country World Minimum Volatility		46.65	%
MSCI World		42.86

For the fiscal year ended August 31, 2015, the following Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to Section 853 of the Code:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Emerging Markets Horizon	$	50,715	$	4,092
MSCI Frontier 100		22,241,514		3,620,398

Under Section 852(b)(3)(C) of the Code, the iShares MSCI Frontier 100 ETF hereby designates $28,028,851 as 20% rate long-term capital gain dividends for the fiscal year ended August 31, 2015.

Under Section 871(k)(2)(C) of the Code, the iShares MSCI Frontier 100 ETF hereby designates $19,399,989 as short-term capital gain dividends for the fiscal year ended August 31, 2015.

66 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^® , INC.

I. iShares MSCI All Country World Minimum Volatility ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 67

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception,

68 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 69

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

II. iShares MSCI Frontier 100 ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group, and in the 5^th Lipper quintile. The Board further noted that the Fund’s pricing reflects the additional complexity associated with investing in frontier markets, as compared to several of the competitor funds as determined by Lipper, which invest primarily in emerging markets.

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Board Review and Approval of Investment Advisory

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iSHARES^®, INC.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its

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iSHARES^®, INC.

affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services

72 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

III. iShares MSCI World ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the

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iSHARES^®, INC.

limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

74 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the

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iSHARES^®, INC.

Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

76 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

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 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 these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
MSCI All Country World Minimum Volatility	$	1.460958	$	—	$	0.007174	$	1.468132		100	%		—	%		0	%a		100	%
MSCI Emerging Markets Horizon		0.625926		—		—		0.625926		100			—			—			100
MSCI Frontier 100		0.758197		2.823146		—		3.581343		21			79			—			100
MSCI World		1.558559		—		0.004904		1.563463		100			—			0	a		100

^a  Rounds to less than 1%.

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for five calendar years (or from the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.

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Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares MSCI All Country World Minimum Volatility ETF

Period Covered: October 18, 2011 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		3		0.32	%
Greater than 2.5% and Less than 3.0%		1		0.11
Greater than 2.0% and Less than 2.5%		6		0.65
Greater than 1.5% and Less than 2.0%		4		0.43
Greater than 1.0% and Less than 1.5%		18		1.94
Greater than 0.5% and Less than 1.0%		110		11.82
Between 0.5% and –0.5%		772		83.00
Less than –0.5% and Greater than –1.0%		14		1.51
Less than –1.0% and Greater than –1.5%		2		0.22
		930		100.00	%

iShares MSCI Emerging Markets Horizon ETF

Period Covered: October 14, 2014 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5% and Less than 2.0%		3		1.68	%
Greater than 1.0% and Less than 1.5%		44		24.58
Greater than 0.5% and Less than 1.0%		75		41.90
Between 0.5% and –0.5%		46		25.69
Less than –0.5% and Greater than –1.0%		3		1.68
Less than –1.0% and Greater than –1.5%		5		2.79
Less than –1.5% and Greater than –2.0%		3		1.68
		179		100.00	%

78 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Frontier 100 ETF

Period Covered: September 12, 2012 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0% and Less than 3.5%		22		3.13	%
Greater than 2.5% and Less than 3.0%		45		6.40
Greater than 2.0% and Less than 2.5%		77		10.95
Greater than 1.5% and Less than 2.0%		167		23.76
Greater than 1.0% and Less than 1.5%		149		21.19
Greater than 0.5% and Less than 1.0%		80		11.38
Between 0.5% and –0.5%		58		8.25
Less than –0.5% and Greater than –1.0%		46		6.54
Less than –1.0% and Greater than –1.5%		38		5.41
Less than –1.5% and Greater than –2.0%		12		1.71
Less than –2.0% and Greater than –2.5%		7		1.00
Less than –2.5% and Greater than –3.0%		2		0.28
		703		100.00	%

iShares MSCI World ETF

Period Covered: January 10, 2012 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5% and Less than 3.0%		3		0.34	%
Greater than 2.0% and Less than 2.5%		37		4.24
Greater than 1.5% and Less than 2.0%		48		5.50
Greater than 1.0% and Less than 1.5%		79		9.05
Greater than 0.5% and Less than 1.0%		232		26.58
Between 0.5% and –0.5%		474		54.29
		873		100.00	%

Regulation under the Alternative Investment Fund Managers Directive (“AIFMD” or, the “Directive”)

The Directive imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside the EU, such as BFA. Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

BFA has registered the iShares MSCI Frontier 100 ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden and Luxembourg.

Report on Remuneration

BFA is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or

SUPPLEMENTAL INFORMATION 79

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

regulatory practice develops, BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to both (a) the staff of BFA; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programs which support that philosophy. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Compensation decisions for employees are made based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Bonus pools are reviewed by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Operational Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions.

Functions such as Finance, Operational Risk, Legal & Compliance, and Human Resources each have their own organizational structures which are independent of the business units. Functional bonus pools are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent compensation committee. No individual is involved in setting his or her own remuneration.

Members of staff and senior management of BFA typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of BFA and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of BFA. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Frontier 100 ETF in respect of BFA’s financial year ending December 31, 2014 was USD 90.8 thousand. This figure is comprised of fixed remuneration of USD 36.7 thousand and variable remuneration of USD 54.1 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Frontier 100 ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 12.6 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 2.3 thousand.

80 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information

iSHARES^® , INC.

The Board of Directors has responsibility for the overall management and operations of the Company, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees a total of 319 funds (as of August 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert S. Kapitoa (58)	Director (since 2009).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Director (since 2013).	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Trustee of iShares U.S. ETF Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

DIRECTOR AND OFFICER INFORMATION 81

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert H. Silver (60)	Director (since 2007); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Trustee of iShares U.S. ETF Trust (since 2011); Independent Chairman of iShares Trust and iShares U.S. ETF Trust (since 2012).
Jane D. Carlin (59)	Director (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Director (since 2005); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (71)	Director (since 2005); Audit Committee Chair (since 2006).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

82 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (60)	Director (since 2005); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
John E. Martinez (54)	Director (since 2003); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (51)	Director (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Director, Cavium, Inc. (since 2013).

DIRECTOR AND OFFICER INFORMATION 83

Director and Officer Information (Continued)

iSHARES^®, INC.

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (55)	Treasurer and Chief Financial Officer (since 2008).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (47)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (52)	Executive Vice President (since 2007).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

84 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 85

Notes:

86 2015 iSHARES 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company 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-AR-811-0815

AUGUST 31, 2015

2015 ANNUAL REPORT

iShares, Inc.

^Ø   iShares MSCI Global Agriculture Producers ETF  |  VEGI  |  NYSE Arca

^Ø   iShares MSCI Global Energy Producers ETF  |  FILL  |  NYSE Arca

^Ø   iShares MSCI Global Gold Miners ETF  |  RING  |  NYSE Arca

^Ø   iShares MSCI Global Metals & Mining Producers ETF  |  PICK  |  NYSE Arca

^Ø   iShares MSCI Global Silver Miners ETF  |  SLVP  |  NYSE Arca

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	16
Shareholder Expenses	16
Schedules of Investments	17
iShares MSCI Global Agriculture Producers ETF	17
iShares MSCI Global Energy Producers ETF	20
iShares MSCI Global Gold Miners ETF	24
iShares MSCI Global Metals & Mining Producers ETF	25
iShares MSCI Global Silver Miners ETF	29
Financial Statements	30
Financial Highlights	37
Notes to Financial Statements	42
Report of Independent Registered Public Accounting Firm	53
Tax Information	54
Board Review and Approval of Investment Advisory Contract	55
Supplemental Information	59
Director and Officer Information	63

Management’s Discussion of Fund Performance

iSHARES^®, INC.

GLOBAL MARKET OVERVIEW

Global equity markets delivered a negative return for the 12 months ended August 31, 2015 (the “reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -6.29% for the reporting period.

The reporting period was characterized by a continued divergence in economic growth and central bank policy between the U.S. and the rest of the world. Despite a slowdown in early 2015, the U.S. economy remained one of the strongest economies among developed countries, which motivated the U.S. Federal Reserve Bank (the “Fed”) to scale back its economic stimulus measures. The Fed ended a two-year quantitative easing program in October 2014 and signaled its intent to raise its short-term interest rate target sometime in 2015. In contrast, weaker economic growth in most other regions of the globe led many of the world’s central banks to take more aggressive actions to stimulate economic activity.

This divergence contributed to a notably stronger U.S. dollar. For the reporting period, the euro, Japanese yen, British pound and Australian dollar declined by 15%, 14%, 7%, and 24% against the U.S. dollar, respectively. Weaker foreign currencies decrease the value of foreign investments measured in U.S. dollars, thereby decreasing returns for U.S. investors, while increasing foreign currencies relative to the U.S. dollar have the opposite effect. Currency performance had a meaningful impact on non-U.S. equity returns for U.S. investors. For example, the MSCI ACWI returned 0.59% in local currency terms for the reporting period.

A number of other factors influenced global markets during the reporting period. Energy prices fell sharply amid growing supply — primarily from increased production in the U.S. — and declining global demand. Lower energy prices contributed to historically low and declining inflation rates in most of the world. Consumer prices were nearly unchanged in the U.S., the European Union, and Japan, while prices in China and India rose at a relatively slow rate. Low inflation and tepid demand kept the Fed’s zero interest rate policy intact, while central banks throughout the world took aggressive measures to stimulate demand.

Global markets advanced for most of the reporting period, then declined sharply in the last few months of the reporting period. The volatility began in China, as slowing economic growth led to a steep drop in China’s equity markets. Plummeting commodity prices amid already subdued inflation also raised concerns about global demand. Currency devaluations in Asia, including China, Vietnam, Pakistan, and Kazakhstan, led to speculation that Asian countries were weakening their currencies to compete for demand. These global events led to further uncertainty about the timing of an expected interest rate hike from the Fed.

On a regional basis, U.S. stocks advanced by less than 1% for the reporting period as declining interest rates, ongoing economic growth, and low inflation provided a favorable environment for U.S. equity market performance. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters. Economic activity improved over the last several months of the reporting period, boosted by an increase in consumer spending.

European stocks declined by about 8% in U.S. dollar terms for the reporting period, though they advanced more than 3% when measured in local currencies. The European Central Bank initiated quantitative easing measures in early 2015, and signs of economic improvement emerged in the latter half of the reporting period. A tentative agreement on Greece’s debt repayment helped alleviate ongoing concerns about Europe’s sovereign debt levels.

Stock markets in the Asia/Pacific region (excluding Japan) declined by approximately 19% in U.S. dollar terms, which equated to an 8% decline when measured in local currencies. China’s economic slowdown weighed heavily on the region, as China is the largest trading partner of many countries in the region. On the bright side, Japanese stocks performed relatively well, as ongoing economic stimulus and reform measures led to a 4% gain in U.S. dollar terms (22% when measured in Japanese yen).

Emerging markets stocks fell by approximately 23% in U.S. dollar terms for the reporting period, though the decline was about 10% when measured in local currencies. Many of the largest emerging economies — including China, Russia, and Brazil — experienced slowing economic growth during the reporting period. Latin American stocks posted some of the biggest declines, as the region struggled with slow growth and declining commodity prices.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(10.11)%		(10.80)%		(10.35)%		(10.11)%		(10.80)%		(10.35)%
Since Inception		0.75%		0.67%		0.84%		2.70%		2.43%		3.03%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	884.80	$	1.81	$	1,000.00	$	1,023.30	$	1.94		0.38%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

6 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -10.11%, net of fees, while the total return for the Index was -10.35%.

As represented by the Index, global agricultural stocks declined for the reporting period and trailed the MSCI All Country World Index, a broad measure of global equity market performance. One factor behind the Index’s overall decline was the depreciation of many world currencies relative to the U.S. dollar. The U.S. comprised nearly half of the Index on average during the reporting period; the top country weights in the remainder of the Index included Canada, Switzerland, and Japan. For the reporting period, the Canadian dollar, the Japanese yen, and the Swiss franc depreciated by 18%, 14%, and 5% against the U.S. dollar, respectively.

Beyond the currency effects, global agricultural stocks faced declining prices for agricultural commodities because of weaker demand and increased supply. Slowing growth in China and other emerging economies led to reduced demand for many commodities, including agricultural products. At the same time, favorable weather and improved crop yields over the last several years led to higher agricultural product inventories. As a result, many agricultural commodity prices, from wheat to cotton to soybeans, fell during the reporting period.

From a country perspective, agricultural stocks in the U.S., the largest country weight in the Index, detracted the most from the Index’s performance for the reporting period. Canada, Malaysia, and Indonesia were also major detractors from the Index’s return in U.S. dollar terms. In contrast, agricultural stocks in Japan, Germany, and the Netherlands contributed to the Index’s performance.

ALLOCATION BY SECTOR As of 8/31/15

Sector/Investment Type Percentage of
Total  Investments*

Materials	52.11	%
Food, Beverage & Tobacco	28.83
Capital Goods	17.68
Investment Companies	1.38
TOTAL	100.00	%

TEN LARGEST COUNTRIES As of 8/31/15

Country Percentage of
Total  Investments*

United States	48.60	%
Canada	10.37
Switzerland	9.24
Japan	7.16
Norway	4.34
Germany	2.57
Italy	2.12
Malaysia	1.91
Singapore	1.84
China	1.59
TOTAL	89.74	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(35.63)%		(35.09)%		(35.82)%		(35.63)%		(35.09)%		(35.82)%
Since Inception		(6.78)%		(6.61)%		(6.86)%		(22.25)%		(21.73)%		(22.48)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	829.50	$	1.80	$	1,000.00	$	1,023.20	$	1.99		0.39%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

8 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -35.63%, net of fees, while the total return for the Index was -35.82%.

As represented by the Index, global energy stocks declined significantly for the reporting period. One factor behind the Index’s overall decline was the depreciation of many world currencies relative to the U.S. dollar. For the reporting period, the Canadian dollar, the euro, and the British pound depreciated by 18%, 15%, and 7% against the U.S. dollar, respectively. Countries using these currencies comprised approximately 35% of the Index on average during the reporting period.

Beyond the currency effects, global energy stocks faced a growing supply-and-demand imbalance in the oil and gas markets. Excess supply materialized because of a boom in U.S. shale oil and gas production, driving U.S. oil production to its highest level in more than 40 years. Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) chose to maintain its existing production levels. On the demand side, slowing growth in China, the world’s largest consumer of commodities, and other emerging economies led to reduced global demand for energy. The end result was a decline of approximately 50% in the price of oil for the reporting period, while the price of natural gas fell by approximately 33%.

From a country perspective, energy stocks in the U.S., which comprised about 52% of the Index on average during the reporting period, detracted the most from the Index’s performance in U.S. dollar terms. Canada, the U.K., and Brazil were also major detractors from the Index’s return in U.S. dollar terms. Among the few positive contributors to the Index’s performance were Poland, Finland, and Turkey.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Integrated Oil & Gas	62.22	%
Oil & Gas Exploration & Production	28.58
Oil & Gas Refining & Marketing	8.03
Coal & Consumable Fuels	1.17
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 8/31/15

Country Percentage of
Total  Investments*

United States	52.04	%
United Kingdom	17.50
Canada	8.20
France	5.32
China	2.78
Russia	2.51
Italy	2.30
Japan	1.36
Australia	1.26
India	1.18
TOTAL	94.45	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 9

Management’s Discussion of Fund Performance

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(50.16)%		(49.72)%		(50.10)%		(50.16)%		(49.72)%		(50.10)%
Since Inception		(33.56)%		(33.47)%		(33.49)%		(76.90)%		(76.78)%		(76.81)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	640.00	$	1.61	$	1,000.00	$	1,023.20	$	1.99		0.39%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

10 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -50.16%, net of fees, while the total return for the Index was -50.10%.

As represented by the Index, global gold mining stocks declined significantly for the reporting period. One factor behind the Index’s overall decline was the depreciation of many world currencies relative to the U.S. dollar. For the reporting period, the British pound, the Canadian dollar, the South African rand, and the Australian dollar depreciated by 7%, 18%, 20%, and 24% against the U.S. dollar, respectively. Together, these four countries comprised approximately 82% of the Index on average during the reporting period.

Beyond the currency effects, global gold mining stocks faced a decline in the price of gold, which fell by approximately 12% for the reporting period. The price of gold is down substantially from its most recent peak in 2011, ending the reporting period near its lowest level in more than five years amid a lack of demand for gold as a hedge against inflation and financial market turmoil. The decline in gold over the past four years has curtailed exploration as the price of gold has fallen below the production costs for many mining operations. At the same time, increasing debt loads are forcing many gold producers to cut costs and take other steps to shore up their balance sheets.

From a country perspective, gold mining stocks in Canada, which comprised approximately 57% of the Index on average during the reporting period, detracted the most from the Index’s performance in U.S. dollar terms. The U.S., Australia, and South Africa were also major detractors from the Index’s return. Hong Kong was the only positive contributor to the Index’s performance for the reporting period.

ALLOCATION BY COUNTRY

As of 8/31/15

Country Percentage of
Total  Investments*

Canada	55.83	%
South Africa	12.71
United States	11.22
United Kingdom	7.58
Australia	5.43
Peru	2.70
Hong Kong	1.88
Turkey	1.56
China	1.09
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Goldcorp Inc. (Canada)	13.51	%
Newmont Mining Corp.	9.92
Barrick Gold Corp. (Canada)	8.69
Newcrest Mining Ltd. (Australia)	5.43
Randgold Resources Ltd. (United Kingdom)	4.88
AngloGold Ashanti Ltd. (South Africa)	4.66
Agnico Eagle Mines Ltd. (Canada)	4.61
Gold Fields Ltd. (South Africa)	4.39
Kinross Gold Corp. (Canada)	3.86
Eldorado Gold Corp. (Canada)	3.85
TOTAL	63.80	%

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 11

Management’s Discussion of Fund Performance

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(41.94)%		(41.72)%		(41.85)%		(41.94)%		(41.72)%		(41.85)%
Since Inception		(17.43)%		(17.24)%		(17.43)%		(49.67)%		(49.24)%		(49.66)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	720.90	$	1.69	$	1,000.00	$	1,023.20	$	1.99		0.39%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

12 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -41.94%, net of fees, while the total return for the Index was -41.85%.

As represented by the Index, global metals and mining stocks declined significantly for the reporting period. One factor behind the Index’s overall decline was the depreciation of many world currencies relative to the U.S. dollar. For the reporting period, the British pound, the Japanese yen, the Canadian dollar, the Australian dollar, and the Brazilian real depreciated by 7%, 14%, 18%, 24%, and 38% against the U.S. dollar, respectively. Together, these five countries comprised approximately 62% of the Index on average during the reporting period.

Beyond the currency effects, global metals and mining stocks faced a decline in global demand for commodities that led to sharply lower prices for precious metals. Although economic growth in Europe and Japan remained sluggish, the most significant impact came from China, the world’s largest consumer of commodities. Slowing economic growth in China dampened the country’s demand for commodities, and the resulting commodity price declines weighed on global metals and mining stocks. Copper, nickel, aluminum, gold, and iron ore were among the metals that experienced price declines for the reporting period.

From a country perspective, metals and mining stocks in the U.K., which comprised approximately 27% of the Index on average during the reporting period, detracted the most from the Index’s performance in U.S. dollar terms. The U.S., Australia, and Brazil were also major detractors from the Index’s return. Although no country within the Index contributed positively to performance, small Index components such as Hong Kong and the Netherlands detracted the least from the Index’s return for the reporting period.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Diversified Metals & Mining	59.90	%
Steel	32.99
Aluminum	4.95
Precious Metals & Minerals	2.16
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 8/31/15

Country Percentage of
Total  Investments*

United Kingdom	26.35	%
Australia	18.23
United States	13.40
Japan	10.53
South Korea	4.16
Canada	3.65
Brazil	3.34
Russia	2.53
Germany	2.30
Taiwan	2.15
TOTAL	86.64	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 13

Management’s Discussion of Fund Performance

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(50.51)%		(50.71)%		(50.84)%		(50.51)%		(50.71)%		(50.84)%
Since Inception		(31.17)%		(31.08)%		(31.24)%		(73.78)%		(73.66)%		(73.86)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	660.30	$	1.63	$	1,000.00	$	1,023.20	$	1.99		0.39%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

14 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

The iShares MSCI Global Silver Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver mining, as represented by the MSCI ACWI Select Silver Miners Investable Market 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -50.51%, net of fees, while the total return for the Index was -50.84%.

As represented by the Index, global silver mining stocks declined significantly for the reporting period. One factor behind the Index’s overall decline was the depreciation of many world currencies relative to the U.S. dollar. For the reporting period, the British pound, the Canadian dollar, and the Mexican peso depreciated by 7%, 18%, and 22% against the U.S. dollar, respectively. Together, these three countries comprised approximately 78% of the Index on average during the reporting period.

Beyond the currency effects, global silver mining stocks faced a decline in the price of silver, which fell by approximately 26% for the reporting period. The price of silver is down substantially from its most recent peak in 2011, ending the reporting period near its lowest level in six years. Demand for silver as a store of value against inflation and financial market turmoil waned during the reporting period. In addition, demand for industrial uses of silver also fell amid slowing economic growth in China, which is the world’s largest consumer of commodities and accounts for approximately one-third of global industrial demand for silver.

From a country perspective, silver mining stocks in Canada, which comprised approximately 59% of the Index on average during the reporting period, detracted the most from the Index’s performance in U.S. dollar terms. The U.S., the U.K., and Mexico were also major detractors from the Index’s return. Although no country within the Index contributed positively to performance, small Index components such as Hong Kong and China detracted the least from the Index’s return for the reporting period.

ALLOCATION BY COUNTRY

As of 8/31/15

Country Percentage of
Total  Investments*

Canada	58.34	%
United Kingdom	12.48
United States	11.29
Mexico	7.43
Hong Kong	5.08
Peru	4.04
China	1.18
Australia	0.16
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Silver Wheaton Corp. (Canada)	21.12	%
Fresnillo PLC (United Kingdom)	9.70
Industrias Penoles SAB de CV (Mexico)	7.43
Tahoe Resources Inc. (Canada)	4.92
Pan American Silver Corp. (Canada)	4.67
Hecla Mining Co.	4.45
G-Resources Group Ltd. (Hong Kong)	4.30
Cia. de Minas Buenaventura SA ADR (Peru)	4.04
Silver Standard Resources Inc. (Canada)	3.83
Coeur Mining Inc.	3.47
TOTAL	67.93	%

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 15

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 advisory fees. Without such a 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 March 1, 2015 and held through August 31, 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 corresponding to 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.

16 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments 

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 97.71%
AUSTRALIA — 0.95%
Australian Agricultural Co. Ltd.a,b		30,843	$	29,082
GrainCorp Ltd. Class A		14,444		83,457
Nufarm Ltd./Australia		13,570		68,786
Select Harvests Ltd.		5,727		49,006
Tassal Group Ltd.		12,328		32,862
				263,193
BRAZIL — 0.18%
Sao Martinho SA		3,400		28,416
SLC Agricola SA		4,600		20,321
Tereos Internacional SAa		29,900		2,052
				50,789
CANADA — 10.32%
Ag Growth International Inc.		1,127		32,120
Agrium Inc.		10,741		1,102,840
Clearwater Seafoods Inc.		1,587		13,240
Potash Corp. of Saskatchewan Inc.		65,481		1,686,117
Rogers Sugar Inc.		5,497		17,931
				2,852,248
CHINA — 1.59%
Century Sunshine Group Holdings Ltd.		186,875		14,950
China Agri-Industries Holdings Ltd.a		184,200		69,876
China BlueChemical Ltd. Class H		138,000		39,174
China Huishan Dairy Holdings Co. Ltd.b		506,000		185,423
China Modern Dairy Holdings Ltd.b		149,000		38,836
First Tractor Co. Ltd. Class Hb		46,000		26,413
Hubei Sanonda Co. Ltd. Class B		15,000		11,478
Leyou Technologies Holdings Ltd.a,b		115,000		10,387
Sinofert Holdings Ltd.		184,000		28,253
YuanShengTai Dairy Farm Ltd.a		207,000		14,156
				438,946
FINLAND — 0.04%
HKScan OYJ Class A		2,369		11,069
				11,069
FRANCE — 0.25%
Naturex		458		35,338
Vilmorin & Cie SA		437		33,723
				69,061
GERMANY — 2.56%
K+S AG Registered		15,157		566,142
KWS Saat SE		138		45,090
Suedzucker AGb		6,601		96,153
				707,385

Security	Shares		Value
HONG KONG — 0.87%
WH Group Ltd.a,b,c		460,000	$	241,573
				241,573
INDONESIA — 0.74%
Astra Agro Lestari Tbk PT		32,200		39,247
Charoen Pokphand Indonesia Tbk PT		586,500		78,061
Eagle High Plantations Tbk PT		878,600		16,134
Japfa Comfeed Indonesia Tbk PTa		397,900		10,422
Malindo Feedmill Tbk PT		71,300		5,861
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		243,800		18,741
PT Bisi International Tbk		108,100		7,809
Salim Ivomas Pratama Tbk PT		193,200		6,463
Sampoerna Agro PT		52,900		5,008
Sawit Sumbermas Sarana Tbk PT		142,600		16,391
				204,137
IRELAND — 0.21%
Origin Enterprises PLC		6,440		57,605
				57,605
ISRAEL — 1.07%
Israel Chemicals Ltd.		39,606		222,480
Israel Corp. Ltd. (The)		241		72,834
				295,314
ITALY — 2.11%
CNH Industrial NV		73,899		582,939
				582,939
JAPAN — 7.13%
Hokuto Corp.		2,300		41,754
Kubota Corp.		92,000		1,441,284
Kumiai Chemical Industry Co. Ltd.b		4,600		36,516
Maruha Nichiro Corp.		2,300		34,580
Mitsui Sugar Co. Ltd.		2,000		8,268
NH Foods Ltd.		14,000		323,473
Nihon Nohyaku Co. Ltd.		4,600		35,947
Nippon Beet Sugar Manufacturing Co. Ltd.		7,000		11,033
Sakata Seed Corp.		2,300		37,256
				1,970,111
MALAYSIA — 1.90%
Boustead Plantations Bhd		46,000		14,238
Felda Global Ventures Holdings Bhd		103,500		30,065
Genting Plantations Bhd		16,100		37,835
IOI Corp. Bhd		227,700		216,857
Kuala Lumpur Kepong Bhd		32,200		159,620
QL Resources Bhd		42,850		39,381
TDM Bhd		48,200		6,197

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

August 31, 2015

Security	Shares		Value
TSH Resources Bhd		48,300	$	20,125
				524,318
MEXICO — 0.24%
Industrias Bachoco SAB de CV Series B		13,800		65,217
				65,217
NETHERLANDS — 0.72%
OCI NVa		6,726		198,059
				198,059
NORWAY — 4.32%
Austevoll Seafood ASA		7,222		42,201
Bakkafrost P/F		3,174		95,385
Leroy Seafood Group ASA		1,702		56,629
Marine Harvest ASA		26,634		316,986
Salmar ASA		4,094		61,517
Yara International ASA		14,099		620,928
				1,193,646
POLAND — 0.47%
Grupa Azoty SAa		3,542		84,497
Kernel Holding SA		4,163		46,037
				130,534
RUSSIA — 0.74%
Acron JSC		669		27,795
Uralkali PJSCa		29,440		90,014
Uralkali PJSC GDRa,d		5,704		88,184
				205,993
SINGAPORE — 1.83%
Bumitama Agri Ltd.		31,900		16,965
First Resources Ltd.b		46,000		49,741
Golden Agri-Resources Ltd.		563,500		125,862
Indofood Agri Resources Ltd.b		46,000		15,656
Japfa Ltd.a,b		29,900		6,466
Wilmar International Ltd.		144,600		292,214
				506,904
SOUTH AFRICA — 0.55%
Astral Foods Ltd.		3,105		41,656
Illovo Sugar Ltd.		18,078		20,253
Oceana Group Ltd.		2,346		17,121
Tongaat Hulett Ltd.		8,510		73,768
				152,798
SOUTH KOREA — 0.34%
Dongwon Industries Co. Ltd.		92		26,913
Farmscoa		966		15,355

Security	Shares		Value
Harim Co. Ltd.a		2,150	$	7,353
Namhae Chemical Corp.		1,794		15,851
Nong Woo Bio Co. Ltd.		667		12,604
Silla Co. Ltd.		549		8,401
TS Corp./Korea		322		6,997
				93,474
SPAIN — 0.00%
Pescanova SAa		414		—
				—
SWEDEN — 0.07%
Scandi Standard AB		3,381		19,126
				19,126
SWITZERLAND — 9.19%
Syngenta AG Registered		7,337		2,541,642
				2,541,642
TAIWAN — 0.32%
Taiwan Fertilizer Co. Ltd.		69,000		87,268
				87,268
THAILAND — 0.56%
Charoen Pokphand Foods PCL NVDR		231,100		122,497
GFPT PCL NVDR		44,800		10,874
Kaset Thai International Sugar Corp. PCL		64,400		13,654
Khon Kaen Sugar Industry PCL NVDR		92,140		9,151
				156,176
TURKEY — 0.07%
Gubre Fabrikalari TAS		8,947		19,056
				19,056
UNITED STATES — 48.37%
AGCO Corp.		6,256		306,794
Alico Inc.		322		13,547
American Vanguard Corp.		2,461		32,879
Archer-Daniels-Midland Co.		49,151		2,211,304
Bunge Ltd.		11,293		818,178
Cal-Maine Foods Inc.		2,323		123,398
CF Industries Holdings Inc.		18,745		1,075,588
Darling Ingredients Inc.a		12,811		164,493
Deere & Co.		25,139		2,055,867
FMC Corp.		10,442		441,801
Fresh Del Monte Produce Inc.		2,852		112,911
Ingredion Inc.		5,497		474,611
Intrepid Potash Inc.a		4,853		38,387
Lindsay Corp.		943		71,885
Monsanto Co.		37,651		3,676,620

18 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

August 31, 2015

Security	Shares		Value
Mosaic Co. (The)		25,990	$	1,061,172
Sanderson Farms Inc.		1,679		115,918
Scotts Miracle-Gro Co. (The) Class A		3,657		227,429
Titan International Inc.		4,163		38,216
Toro Co. (The)		4,324		308,301
				13,369,299
TOTAL COMMON STOCKS (Cost: $31,278,554)				27,007,880
INVESTMENT COMPANIES — 1.37%
INDIA — 1.37%
iShares India 50 ETFe		13,844		379,602
				379,602
TOTAL INVESTMENT COMPANIES (Cost: $384,865)				379,602
PREFERRED STOCKS — 0.45%
CHILE — 0.45%
Sociedad Quimica y Minera de Chile SA Series B		7,843		123,146
				123,146
TOTAL PREFERRED STOCKS (Cost: $212,375)				123,146
RIGHTS — 0.00%
SOUTH AFRICA — 0.00%
Oceana Group Ltd.a		357		584
				584
TOTAL RIGHTS (Cost: $0)				584
SHORT-TERM INVESTMENTS — 2.43%
MONEY MARKET FUNDS — 2.43%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%e,f,g		623,653		623,653
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%e,f,g		35,813		35,813

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%e,f		10,644	$	10,644
				670,110
TOTAL SHORT-TERM INVESTMENTS
(Cost: $670,110)				670,110
TOTAL INVESTMENTS IN SECURITIES — 101.96%
(Cost: $32,545,904)				28,181,322
Other Assets, Less Liabilities — (1.96)%				(541,348	)
NET ASSETS — 100.00%			$	27,639,974

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^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.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.43%
AUSTRALIA — 1.25%
AWE Ltd.a,b		6,566	$	4,329
Beach Energy Ltd.		15,471		7,349
Drillsearch Energy Ltd.a,b		5,684		2,518
Karoon Gas Australia Ltd.a,b		3,668		5,006
Santos Ltd.		13,706		49,847
Senex Energy Ltd.a,b		8,989		956
Whitehaven Coal Ltd.a,b		9,520		7,863
Woodside Petroleum Ltd.		10,080		230,537
				308,405
AUSTRIA — 0.22%
OMV AG		2,086		53,385
				53,385
BRAZIL — 0.48%
Petroleo Brasileiro SAa		39,200		114,299
QGEP Participacoes SA		2,800		4,812
				119,111
CANADA — 8.13%
Advantage Oil & Gas Ltd.a		2,422		13,343
ARC Resources Ltd.		4,443		66,052
Bankers Petroleum Ltd.a		2,954		5,218
Baytex Energy Corp.		2,690		15,386
Bellatrix Exploration Ltd.a,b		3,192		5,974
Birchcliff Energy Ltd.a		1,470		7,601
BlackPearl Resources Inc.a		3,514		2,324
Bonavista Energy Corp.		2,184		6,714
Bonterra Energy Corp.		392		6,443
Boulder Energy Ltd.a		672		2,808
Cameco Corp.		5,026		69,922
Canadian Natural Resources Ltd.		14,630		326,027
Canadian Oil Sands Ltd.		6,174		35,731
Cardinal Energy Ltd.		747		6,007
Cenovus Energy Inc.		10,766		154,309
Crescent Point Energy Corp.		6,104		77,441
Crew Energy Inc.a		2,478		8,325
Denison Mines Corp.a,b		3,766		1,812
Encana Corp.		10,808		79,852
Enerplus Corp.		2,940		18,517
Freehold Royalties Ltd.		715		5,868
Husky Energy Inc.		4,620		81,358
Imperial Oil Ltd.		4,102		143,208
Kelt Exploration Ltd.a		1,771		8,386
MEG Energy Corp.a		2,156		19,154

Security	Shares		Value
NuVista Energy Ltd.a		2,044	$	8,741
Painted Pony Petroleum Ltd.a		1,358		7,053
Paramount Resources Ltd. Class Aa,b		952		10,075
Parex Resources Inc.a		1,400		9,544
Pengrowth Energy Corp.		7,869		11,415
Peyto Exploration & Development Corp.		1,960		45,932
PrairieSky Royalty Ltd.		1,862		38,569
Raging River Exploration Inc.a		2,702		17,079
Suncor Energy Inc.		19,082		534,382
Surge Energy Inc.		3,808		8,643
TORC Oil & Gas Ltd.		1,092		5,113
Tourmaline Oil Corp.a,b		2,450		61,319
TransGlobe Energy Corp.		812		2,759
Vermilion Energy Inc.		1,652		56,594
Whitecap Resources Inc.		3,094		26,394
				2,011,392
CHINA — 2.76%
China Coal Energy Co. Ltd. Class Hb		56,000		26,157
China Shenhua Energy Co. Ltd. Class H		42,000		72,836
CNOOC Ltd.		238,000		295,118
Inner Mongolia Yitai Coal Co. Ltd. Class B		100		85
Kunlun Energy Co. Ltd.		56,000		39,597
MIE Holdings Corp.a,b		28,000		3,288
PetroChina Co. Ltd. Class H		280,000		232,669
Yanzhou Coal Mining Co. Ltd. Class Hb		28,000		13,223
				682,973
COLOMBIA — 0.15%
Ecopetrol SA		73,332		37,810
				37,810
FINLAND — 0.17%
Neste OYJ		1,610		41,276
				41,276
FRANCE — 5.28%
Etablissements Maurel et Proma,b		1,036		5,449
MPI		2,492		7,623
Total SA		28,252		1,291,738
				1,304,810
GREECE — 0.01%
Motor Oil Hellas Corinth Refineries SAa		176		1,834
				1,834

20 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

August 31, 2015

Security	Shares		Value
HUNGARY — 0.12%
MOL Hungarian Oil & Gas PLC		602	$	29,818
				29,818
INDIA — 1.17%
Reliance Industries Ltd. GDRc		11,116		290,128
				290,128
INDONESIA — 0.10%
Adaro Energy Tbk PT		267,400		11,324
Sugih Energy Tbk PTa		432,600		12,131
				23,455
ISRAEL — 0.07%
Naphtha Israel Petroleum Corp. Ltd.a		855		4,887
Oil Refineries Ltd.a		20,371		7,404
Paz Oil Co. Ltd.		28		4,057
				16,348
ITALY — 2.28%
Eni SpA		33,096		542,540
ERG SpA		756		10,783
Saras SpAa		4,074		10,344
				563,667
JAPAN — 1.35%
Cosmo Oil Co. Ltd.a		14,000		21,835
Idemitsu Kosan Co. Ltd.		1,400		24,006
INPEX Corp.		12,600		127,055
Japan Petroleum Exploration Co. Ltd.		100		2,946
JX Holdings Inc.		33,600		130,008
Nippon Coke & Engineering Co. Ltd.		5,600		4,852
Showa Shell Sekiyu KK		2,800		23,960
				334,662
NORWAY — 0.97%
Det Norske Oljeselskap ASAa,b		1,526		8,804
DNO ASAa,b		11,074		12,579
Statoil ASA		14,854		219,477
				240,860
POLAND — 0.42%
Grupa Lotos SAa		1,568		12,427
Lubelski Wegiel Bogdanka SA		448		5,552
Polski Koncern Naftowy Orlen SA		4,382		85,755
				103,734
PORTUGAL — 0.22%
Galp Energia SGPS SA		5,208		54,837
				54,837

Security	Shares		Value
RUSSIA — 2.27%
Lukoil PJSC ADR (London)		3,455	$	130,322
Lukoil PJSC		3,279		124,191
NOVATEK OAO GDRd		1,169		111,990
Rosneft OAO		9,280		33,819
Rosneft OAO GDRd		4,376		16,489
Surgutneftegas OAO		44,800		22,914
Surgutneftegas OAO ADR		4,480		23,386
Tatneft PAO Class S		20,440		97,666
				560,777
SINGAPORE — 0.00%
Rex International Holding Ltd.a,b		11,200		786
				786
SOUTH AFRICA — 0.05%
Exxaro Resources Ltd.		2,478		12,670
				12,670
SOUTH KOREA — 0.42%
S-Oil Corp.		714		36,221
SK Innovation Co. Ltd.a		812		68,585
				104,806
SPAIN — 0.81%
Repsol SA		13,944		199,287
				199,287
SWEDEN — 0.16%
Lundin Petroleum ABa,b		3,108		40,511
				40,511
THAILAND — 0.42%
Bangchak Petroleum PCL (The) NVDR		7,000		6,835
Banpu PCL NVDR		21,000		12,069
Esso Thailand PCL NVDRa		44,800		6,249
IRPC PCL NVDR		208,600		22,114
PTT Exploration & Production PCL NVDR		16,831		37,329
Thai Oil PCL NVDR		14,000		20,114
				104,710
TURKEY — 0.17%
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim ASa		1,778		1,337
Tupras Turkiye Petrol Rafinerileri ASa		1,596		41,175
				42,512
UNITED KINGDOM — 17.36%
Amerisur Resources PLCa,b		18,256		7,370
BG Group PLC		44,758		684,661

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

August 31, 2015

Security	Shares		Value
BP PLC		239,400	$	1,327,351
Cairn Energy PLCa		7,742		18,051
EnQuest PLCa		12,362		6,417
Faroe Petroleum PLCa		2,296		2,569
Gulf Keystone Petroleum Ltd.a		13,067		6,130
Ophir Energy PLCa		7,714		11,490
Premier Oil PLCa		7,686		12,448
Royal Dutch Shell PLC Class A		51,310		1,337,606
Royal Dutch Shell PLC Class B		31,698		831,945
SOCO International PLC		3,038		7,195
Tullow Oil PLCa		12,068		41,427
				4,294,660
UNITED STATES — 51.62%
Abraxas Petroleum Corp.a		2,744		5,351
Anadarko Petroleum Corp.		6,734		482,020
Antero Resources Corp.a		868		22,429
Apache Corp.		5,124		231,810
Bill Barrett Corp.a		658		3,599
Bonanza Creek Energy Inc.a		574		4,391
Cabot Oil & Gas Corp.		5,572		131,889
California Resources Corp.		4,116		15,970
Callon Petroleum Co.a		1,386		12,710
Carrizo Oil & Gas Inc.a		644		23,461
Chesapeake Energy Corp.		7,154		55,873
Chevron Corp.		24,584		1,991,058
Cimarex Energy Co.		1,302		143,884
Clayton Williams Energy Inc.a		84		4,274
Cobalt International Energy Inc.a		3,780		30,278
Concho Resources Inc.a		1,610		174,138
ConocoPhillips		16,226		797,508
CONSOL Energy Inc.		3,178		48,401
Continental Resources Inc./OKa		1,288		41,345
CVR Energy Inc.		224		9,007
Delek U.S. Holdings Inc.		714		21,963
Denbury Resources Inc.		5,096		22,117
Devon Energy Corp.		5,194		221,576
Diamondback Energy Inc.a		827		56,476
Energen Corp.		994		51,688
EOG Resources Inc.		7,238		566,808
EQT Corp.		2,030		157,975
Exxon Mobil Corp.		54,810		4,123,904
Gulfport Energy Corp.a		1,386		49,660
Hess Corp.		3,472		206,410
HollyFrontier Corp.		2,506		117,431
Kosmos Energy Ltd.a		1,358		9,506

Security	Shares		Value
Laredo Petroleum Inc.a		1,757	$	17,904
LinnCo LLC		1,541		4,700
Marathon Oil Corp.		9,128		157,823
Marathon Petroleum Corp.		7,112		336,469
Matador Resources Co.a		910		20,848
Memorial Resource Development Corp.a		1,008		19,565
Murphy Oil Corp.		2,394		74,214
Newfield Exploration Co.a		2,044		68,086
Noble Energy Inc.		5,692		190,170
Northern Oil and Gas Inc.a		1,190		7,176
Oasis Petroleum Inc.a		1,666		18,592
Occidental Petroleum Corp.		10,080		735,941
Parsley Energy Inc. Class Aa		630		10,836
PBF Energy Inc.		1,078		32,254
PDC Energy Inc.a		532		29,888
Penn Virginia Corp.a		924		1,136
Pioneer Natural Resources Co.		2,002		246,366
QEP Resources Inc.		2,268		31,843
Range Resources Corp.		2,338		90,293
Rex Energy Corp.a		462		1,594
RSP Permian Inc.a		616		14,747
Sanchez Energy Corp.a		705		4,540
SM Energy Co.		966		35,452
Southwestern Energy Co.a		5,096		82,759
Stone Energy Corp.a		756		4,286
Synergy Resources Corp.a		756		8,119
Tesoro Corp.		1,638		150,712
Triangle Petroleum Corp.a		1,414		5,713
Ultra Petroleum Corp.a		2,002		17,057
Valero Energy Corp.		6,692		397,103
W&T Offshore Inc.		840		2,999
Western Refining Inc.		1,064		45,773
Whiting Petroleum Corp.a		2,718		52,539
WPX Energy Inc.a		2,492		18,216
				12,770,623
TOTAL COMMON STOCKS
(Cost: $30,905,529)				24,349,847
PREFERRED STOCKS — 0.76%
BRAZIL — 0.54%
Petroleo Brasileiro SA		53,200		134,232
				134,232

22 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

August 31, 2015

Security	Shares		Value
RUSSIA — 0.22%
Surgutneftegas OAO		89,600	$	53,986
				53,986
TOTAL PREFERRED STOCKS
(Cost: $268,718)				188,218
WARRANTS — 0.00%
UNITED STATES — 0.00%
Magnum Hunter Resources Corp.
(Expires 04/15/16)a		50		—
				—
TOTAL WARRANTS
(Cost: $0)				—
SHORT-TERM INVESTMENTS — 0.98%
MONEY MARKET FUNDS — 0.98%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%e,f,g		211,341		211,341
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%e,f,g		12,136		12,136
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%e,f		18,962		18,962
				242,439
TOTAL SHORT-TERM INVESTMENTS
(Cost: $242,439)				242,439
TOTAL INVESTMENTS IN SECURITIES — 100.17%
(Cost: $31,416,686)				24,780,504
Other Assets, Less Liabilities — (0.17)%				(41,085	)
NET ASSETS — 100.00%			$	24,739,419

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^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.

SCHEDULES OF INVESTMENTS 23

Schedule of Investments

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.95%
AUSTRALIA — 5.43%
Newcrest Mining Ltd.a		314,160	$	2,494,505
				2,494,505
CANADA — 55.80%
Agnico Eagle Mines Ltd.		87,450		2,117,729
Alacer Gold Corp.a		374,220		807,224
Alamos Gold Inc. Class Aa		297,660		1,212,565
Barrick Gold Corp.		579,645		3,986,285
Centerra Gold Inc.		205,590		1,027,564
China Gold International Resources Corp. Ltd.a		478,335		679,484
Eldorado Gold Corp.		598,950		1,769,165
Goldcorp Inc.		452,100		6,201,296
IAMGOLD Corp.a,b		519,420		862,772
Kinross Gold Corp.a		1,003,530		1,772,488
Lake Shore Gold Corp.a		838,530		699,563
New Gold Inc.a		545,490		1,242,266
Primero Mining Corp.a,b		261,360		748,427
SEMAFO Inc.a		380,655		932,683
Yamana Gold Inc.		843,645		1,566,180
				25,625,691
CHINA — 1.09%
China Precious Metal Resources Holdings Co. Ltd.a,b		13,341,000		499,208
				499,208
HONG KONG — 1.88%
G-Resources Group Ltd.		32,547,000		865,115
				865,115
PERU — 2.70%
Cia. de Minas Buenaventura SA ADR		196,020		1,238,846
				1,238,846
SOUTH AFRICA — 12.70%
AngloGold Ashanti Ltd.a		265,485		2,137,410
Gold Fields Ltd.		627,330		2,014,285
Harmony Gold Mining Co. Ltd.a		746,790		635,075
Sibanye Gold Ltd.		912,285		1,045,422
				5,832,192
TURKEY — 1.56%
Koza Altin Isletmeleri AS		85,470		716,409
				716,409

Security	Shares		Value
UNITED KINGDOM — 7.58%
Acacia Mining PLC		28,050	$	103,236
Centamin PLC		1,228,920		1,134,993
Randgold Resources Ltd.		36,795		2,240,426
				3,478,655
UNITED STATES — 11.21%
McEwen Mining Inc.		655,545		598,185
Newmont Mining Corp.		266,640		4,551,545
				5,149,730
TOTAL COMMON STOCKS
(Cost: $76,703,730)				45,900,351
SHORT-TERM INVESTMENTS — 3.43%
MONEY MARKET FUNDS — 3.43%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		1,462,811		1,462,811
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		84,002		84,002
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		29,679		29,679
				1,576,492
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,576,492)				1,576,492
TOTAL INVESTMENTS IN SECURITIES — 103.38%
(Cost: $78,280,222)				47,476,843
Other Assets, Less Liabilities — (3.38)%				(1,550,692	)
NET ASSETS — 100.00%			$	45,926,151

ADR  —  American Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

24 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 97.40%
AUSTRALIA — 18.11%
Alumina Ltd.		346,450	$	321,757
Arrium Ltd.		442,780		34,530
BHP Billiton Ltd.		434,980		7,764,983
BlueScope Steel Ltd.		78,808		240,804
CuDeco Ltd.a,b		14,986		11,740
Fortescue Metals Group Ltd.a		211,384		286,234
Iluka Resources Ltd.		56,680		298,562
Independence Group NL		32,630		76,570
Jacana Minerals Ltd.a,b		6,808		—
Metals X Ltd.a		35,100		28,492
OZ Minerals Ltd.		41,990		111,931
Rio Tinto Ltd.		59,150		2,108,880
Sandfire Resources NL		18,850		80,984
Sims Metal Management Ltd.a		24,830		202,085
Sirius Resources NLa,b		36,010		69,440
South32 Ltd.b		734,370		791,360
Syrah Resources Ltd.a,b		24,310		51,014
Western Areas Ltd.		28,340		55,453
				12,534,819
AUSTRIA — 0.81%
Voestalpine AG		15,287		558,408
				558,408
BELGIUM — 0.36%
Bekaert SA		5,460		158,271
Nyrstar NVa,b		37,468		94,083
				252,354
BRAZIL — 1.38%
Cia. Siderurgica Nacional SA		85,400		82,065
Paranapanema SAb		26,200		15,538
Vale SA		174,100		856,578
				954,181
CANADA — 3.63%
Canam Group Inc.		5,200		53,036
Capstone Mining Corp.b		51,221		23,869
Dominion Diamond Corp.		11,440		134,477
Dundee Precious Metals Inc.b		17,030		29,311
First Quantum Minerals Ltd.		93,211		480,592
HudBay Minerals Inc.		31,720		157,110
Imperial Metals Corp.a,b		5,982		39,430
Ivanhoe Mines Ltd. Class Ab		64,090		38,536
Labrador Iron Ore Royalty Corp.		8,840		96,805
Lucara Diamond Corp.		39,448		50,403

Security	Shares		Value
Lundin Mining Corp.b		87,490	$	293,935
Major Drilling Group International Inc.		11,727		35,608
Nevsun Resources Ltd.		26,699		79,264
Sherritt International Corp.		38,350		34,877
Teck Resources Ltd. Class B		76,180		541,076
Thompson Creek Metals Co. Inc.a,b		28,730		15,331
Turquoise Hill Resources Ltd.b		138,450		409,991
				2,513,651
CHILE — 0.04%
CAP SA		10,706		26,079
				26,079
CHINA — 1.04%
Aluminum Corp. of China Ltd. Class Ha,b		520,000		173,780
China Metal Recycling Holdings Ltd.b		132,000		—
China Rare Earth Holdings Ltd.a,b		261,200		22,581
China Vanadium Titano-Magnetite Mining Co. Ltd.b		390,000		17,110
CITIC Dameng Holdings Ltd.a,b		130,000		10,903
Honbridge Holdings Ltd.a,b		520,000		68,438
Inner Mongolia Eerduosi Resourses Co. Ltd. Class B		62,774		50,470
Jiangxi Copper Co. Ltd. Class H		180,000		227,379
MMG Ltd.a,b		160,000		33,032
North Mining Shares Co. Ltd.a,b		1,440,000		20,067
Shougang Concord International Enterprises Co. Ltd.a,b		798,000		32,435
Shougang Fushan Resources Group Ltd.a		260,000		32,877
Tiangong International Co. Ltd.		164,000		14,813
Xinjiang Xinxin Mining Industry Co. Ltd. Class Hb		130,000		14,761
				718,646
EGYPT — 0.00%
Ezz Steelb		967		1,137
				1,137
FINLAND — 0.25%
Outokumpu OYJa,b		39,524		169,972
				169,972
FRANCE — 1.90%
APERAM SAb		6,313		213,166
ArcelorMittal		136,110		1,058,275
Erameta,b		780		44,137
				1,315,578

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

August 31, 2015

Security	Shares		Value
GERMANY — 2.28%
Aurubis AG		4,940	$	327,688
Salzgitter AGa		5,466		170,112
ThyssenKrupp AG		49,920		1,080,951
				1,578,751
GREECE — 0.06%
Mytilineos Holdings SAb		8,031		40,854
				40,854
INDIA — 0.39%
Tata Steel Ltd. GDRc		76,050		266,935
				266,935
INDONESIA — 0.26%
Aneka Tambang Persero Tbk PTb		832,000		29,608
Hanson International Tbk PTb		2,106,000		107,923
Krakatau Steel Persero Tbk PTb		771,600		17,574
Timah Persero Tbk PT		526,067		22,653
				177,758
JAPAN — 10.46%
Asahi Holdings Inc.		4,900		72,781
Dowa Holdings Co. Ltd.		26,000		226,777
Hitachi Metals Ltd.		24,000		304,592
JFE Holdings Inc.		68,300		1,060,979
Kobe Steel Ltd.		520,000		699,426
Maruichi Steel Tube Ltd.		4,600		117,292
Mitsubishi Materials Corp.		145,000		466,642
Mitsui Mining & Smelting Co. Ltd.		67,000		137,666
Neturen Co. Ltd.		1,600		11,289
Nippon Denko Co. Ltd.		65,000		131,411
Nippon Light Metal Holdings Co. Ltd.		130,000		200,602
Nippon Steel & Sumitomo Metal Corp.		1,170,400		2,411,593
Nippon Yakin Kogyo Co. Ltd.a,b		78,000		119,718
Nisshin Steel Co. Ltd.		13,000		122,507
OSAKA Titanium Technologies Co. Ltd.		1,800		47,085
Sumitomo Metal Mining Co. Ltd.		48,000		610,373
Toho Titanium Co. Ltd.a,b		6,200		81,654
Tokyo Steel Manufacturing Co. Ltd.		15,000		97,165
TOPY Industries Ltd.		44,000		96,943
UACJ Corp.		43,386		80,553
Yamato Kogyo Co. Ltd.		6,500		146,536
				7,243,584
MALAYSIA — 0.04%
Press Metal Bhd		65,000		26,619
				26,619

Security	Shares		Value
MEXICO — 2.12%
Grupo Mexico SAB de CV Series B		520,000	$	1,315,495
Grupo Simec SAB de CV Series Ba,b		13,000		35,684
Industrias CH SAB de CV Series Ba,b		18,900		64,134
Minera Frisco SAB de CV Series A1a,b		91,000		50,652
				1,465,965
NORWAY — 0.90%
Norsk Hydro ASA		182,910		625,154
				625,154
PERU — 0.88%
Southern Copper Corp.a		22,750		606,515
				606,515
PHILIPPINES — 0.08%
Atlas Consolidated Mining & Development Corp.b		130,000		12,711
Nickel Asia Corp.		247,000		42,540
				55,251
POLAND — 0.63%
Jastrzebska Spolka Weglowa SAa,b		8,061		26,153
KGHM Polska Miedz SA		19,630		408,611
				434,764
RUSSIA — 2.51%
Alrosa PAO		247,000		242,780
Mechel ADRb		21,190		24,156
MMC Norilsk Nickel PJSC		7,410		1,160,589
Severstal PAO		28,600		311,634
				1,739,159
SINGAPORE — 0.04%
Midas Holdings Ltd.a		160,800		29,645
				29,645
SOUTH AFRICA — 1.16%
African Rainbow Minerals Ltd.		14,950		80,068
Anglo American Platinum Ltd.b		7,109		171,606
ArcelorMittal South Africa Ltd.b		28,860		21,671
Assore Ltd.		4,810		31,143
Impala Platinum Holdings Ltd.b		73,193		273,255
Kumba Iron Ore Ltd.		8,840		60,207
Northam Platinum Ltd.b		48,695		138,439
Royal Bafokeng Platinum Ltd.b		11,440		28,453
				804,842
SOUTH KOREA — 4.13%
Dongkuk Steel Mill Co. Ltd.a,b		8,650		43,515
Hyundai BNG Steel Co. Ltd.		1,431		12,583

26 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

August 31, 2015

Security	Shares		Value
Hyundai Steel Co.		11,089	$	495,970
KISCO Corp.		656		26,761
KISWIRE Ltd.		871		34,317
Korea Zinc Co. Ltd.		1,170		507,470
Poongsan Corp.		3,135		65,072
Poongsan Holdings Corp.		735		25,665
POSCO		9,416		1,512,611
POSCO Chemtech Co. Ltd.		3,250		32,974
SeAH Besteel Corp.		2,025		54,616
SeAH Holdings Corp.		130		21,873
SeAH Steel Corp.		417		24,327
				2,857,754
SPAIN — 0.42%
Acerinox SA		20,410		235,440
Tubacex SA		15,210		39,028
Tubos Reunidos SAa		15,472		19,764
				294,232
SWEDEN — 1.20%
Boliden AB		37,310		615,146
SSAB AB Class Aa,b		30,581		128,159
SSAB AB Class Bb		24,960		91,042
				834,347
SWITZERLAND — 0.10%
Schmolz + Bickenbach AG Registeredb		82,161		67,119
				67,119
TAIWAN — 2.14%
China Metal Products		130,011		91,506
China Steel Corp.		1,690,612		1,013,245
Chun Yuan Steel		41,040		11,630
Chung Hung Steel Corp.b		69,000		8,801
Feng Hsin Iron & Steel Co.		130,000		137,847
Gloria Material Technology Corp.		130,201		62,828
TA Chen Stainless Pipe		32,582		14,621
Ton Yi Industrial Corp.		70,000		31,949
Tung Ho Steel Enterprise Corp.		75,000		40,109
Yieh Phui Enterprise Co. Ltd.		267,440		65,923
				1,478,459
THAILAND — 0.06%
STP & I PCL NVDRa		111,160		43,106
				43,106
TURKEY — 0.53%
Borusan Mannesmann Boru Sanayi ve Ticaret AS		6,169		12,546
Eregli Demir ve Celik Fabrikalari TAS		190,973		259,791

Security	Shares		Value
Izmir Demir Celik Sanayi ASb		13,856	$	8,758
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class A		14,191		7,751
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D		112,343		49,013
Koza Anadolu Metal Madencilik Isletmeleri ASb		25,357		20,383
Park Elektrik Uretim Madencilik Sanayi ve Ticaret ASb		7,670		9,749
				367,991
UNITED KINGDOM — 26.18%
African Minerals Ltd.a,b		69,505		1
Anglo American PLC		189,020		2,154,182
Antofagasta PLC		54,080		506,536
BHP Billiton PLC		285,350		4,967,990
Evraz PLCb		49,533		60,145
Ferrexpo PLC		24,311		23,089
Gem Diamonds Ltd.		15,600		31,191
Glencore PLC		1,503,970		3,430,336
KAZ Minerals PLCa,b		36,401		97,637
Lonmin PLCa,b		77,870		42,037
Petra Diamonds Ltd.a,b		58,630		112,716
Rio Tinto PLC		172,380		6,331,077
Vedanta Ltd. ADR		44,470		271,267
Vedanta Resources PLCa		10,920		91,952
				18,120,156
UNITED STATES — 13.31%
AK Steel Holding Corp.a,b		24,570		75,921
Alcoa Inc.		177,580		1,678,131
Allegheny Technologies Inc.		14,610		282,119
Carpenter Technology Corp.		7,187		280,293
Century Aluminum Co.b		7,280		40,768
Cliffs Natural Resources Inc.a		18,980		75,351
Commercial Metals Co.		16,510		259,207
Compass Minerals International Inc.		4,810		389,610
Freeport-McMoRan Inc.		140,400		1,493,856
Globe Specialty Metals Inc.		9,100		125,034
Haynes International Inc.		1,977		75,561
Horsehead Holding Corp.a,b		7,540		61,677
Kaiser Aluminum Corp.		2,730		228,173
Materion Corp.		2,627		81,332
Nucor Corp.		43,420		1,879,652
Reliance Steel & Aluminum Co.		10,790		627,115
Schnitzer Steel Industries Inc. Class A		3,640		63,008

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

August 31, 2015

Security	Shares		Value
Steel Dynamics Inc.		32,890	$	640,697
Stillwater Mining Co.a,b		16,180		154,519
SunCoke Energy Inc.		9,360		107,453
TimkenSteel Corp.		4,940		88,278
U.S. Steel Corp.		19,787		324,111
Worthington Industries Inc.		7,020		179,642
				9,211,508
TOTAL COMMON STOCKS
(Cost: $104,076,918)				67,415,293
PREFERRED STOCKS — 1.94%
BRAZIL — 1.94%
Bradespar SA		26,000		66,887
Cia. Ferro Ligas da Bahia-Ferbasa		15,700		31,036
Gerdau SA		110,900		159,853
Metalurgica Gerdau SA		39,000		32,230
Usinas Siderurgicas de Minas Gerais SA Class A		52,000		42,545
Vale SA		260,000		1,010,090
				1,342,641
TOTAL PREFERRED STOCKS
(Cost: $2,236,763)				1,342,641
SHORT-TERM INVESTMENTS — 3.77%
MONEY MARKET FUNDS — 3.77%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%d,e,f		2,379,387		2,379,387
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%d,e,f		136,636		136,636
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%d,e		95,593		95,593
				2,611,616
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,611,616)				2,611,616
TOTAL INVESTMENTS IN SECURITIES — 103.11%
(Cost: $108,925,297)				71,369,550
Other Assets, Less Liabilities — (3.11)%				(2,150,948	)
NET ASSETS — 100.00%			$	69,218,602

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

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

^b  Non-income earning security.

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

28 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments 

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 97.65%
AUSTRALIA — 0.15%
Alcyone Resources Ltd.a		26,593,384	$	18,853
				18,853
CANADA — 56.98%
Alexco Resource Corp.a		364,640		112,366
Americas Silver Corp.a,b		1,296,970		146,220
Dalradian Resources Inc.a		310,790		196,215
Endeavour Silver Corp.a,b		131,980		220,215
Excellon Resources Inc.a		476,580		141,487
First Majestic Silver Corp.a,b		113,840		388,451
Fortuna Silver Mines Inc.a,b		128,900		310,019
GoGold Resources Inc.a,b		234,740		236,416
Great Panther Silver Ltd.a,b		349,540		139,238
MAG Silver Corp.a,b		55,160		401,314
Mandalay Resources Corp.		393,140		245,251
Minco Silver Corp.a		405,120		140,064
Pan American Silver Corp.		81,525		559,431
Silver Standard Resources Inc.a		72,160		459,373
Silver Wheaton Corp.		208,930		2,532,913
Silvercorp Metals Inc.b		252,900		176,773
Tahoe Resources Inc.		71,365		590,015
				6,995,761
CHINA — 1.15%
China Silver Group Ltd.b		580,000		141,444
				141,444
HONG KONG — 4.96%
G-Resources Group Ltd.		19,380,000		515,130
Loco Hong Kong Holdings Ltd.a,b		1,200,000		94,451
				609,581
MEXICO — 7.26%
Industrias Penoles SAB de CV		62,732		891,333
				891,333
PERU — 3.94%
Cia. de Minas Buenaventura SA ADR		76,560		483,859
				483,859
UNITED KINGDOM — 12.18%
Arian Silver Corp.a,b		328,900		108,757
Fresnillo PLC		121,880		1,163,136
Hochschild Mining PLCa		215,040		224,071
				1,495,964

Security	Shares		Value
UNITED STATES — 11.03%
Coeur Mining Inc.a		123,980	$	416,573
Golden Minerals Co.a		461,400		156,876
Hecla Mining Co.		258,880		533,293
McEwen Mining Inc.		270,760		247,068
				1,353,810
TOTAL COMMON STOCKS (Cost: $18,266,954)				11,990,605
SHORT-TERM INVESTMENTS — 8.09%
MONEY MARKET FUNDS — 8.09%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		933,788		933,788
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		53,623		53,623
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		5,674		5,674
				993,085
TOTAL SHORT-TERM INVESTMENTS
(Cost: $993,085)				993,085
TOTAL INVESTMENTS IN SECURITIES — 105.74%
(Cost: $19,260,039)				12,983,690
Other Assets, Less Liabilities — (5.74)%				(704,984	)
NET ASSETS — 100.00%			$	12,278,706

ADR  —  American Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

^e  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 29

Statements of Assets and Liabilities

iSHARES^® , INC.

August 31, 2015

	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF
ASSETS
Investments, at cost:
Unaffiliated	$	31,490,929		$	31,174,247		$	76,703,730
Affiliated (Note 2)		1,054,975			242,439			1,576,492
Total cost of investments	$	32,545,904		$	31,416,686		$	78,280,222
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	27,131,610		$	24,538,065		$	45,900,351
Affiliated (Note 2)		1,049,712			242,439			1,576,492
Total fair value of investments		28,181,322			24,780,504			47,476,843
Foreign currency, at valueb		29,340			21,364			47,357
Receivables:
Investment securities sold		89,725			2,229			2,927,609
Dividends and interest		75,463			167,256			28,715
Total Assets		28,375,850			24,971,353			50,480,524
LIABILITIES
Payables:
Investment securities purchased		66,442			—			2,966,405
Collateral for securities on loan (Note 1)		659,466			223,477			1,546,813
Securities related to in-kind transactions (Note 4)		—			—			25,274
Investment advisory fees (Note 2)		9,968			8,457			15,881
Total Liabilities		735,876			231,934			4,554,373
NET ASSETS	$	27,639,974		$	24,739,419		$	45,926,151
Net assets consist of:
Paid-in capital	$	33,288,826		$	31,807,310		$	101,308,470
Undistributed net investment income		96,640			182,749			114,183
Undistributed net realized loss		(1,377,396	)		(613,781	)		(24,692,716	)
Net unrealized depreciation		(4,368,096	)		(6,636,859	)		(30,803,786	)
NET ASSETS	$	27,639,974		$	24,739,419		$	45,926,151
Shares outstandingc		1,150,000			1,400,000			8,250,000
Net asset value per share	$	24.03		$	17.67		$	5.57

^a  Securities on loan with values of $615,377, $212,631 and $1,395,165, respectively. See Note 1.

^b  Cost of foreign currency: $30,012, $21,949 and $48,015, respectively.

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

See notes to financial statements.

30 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Continued)

iSHARES^®, INC.

August 31, 2015

	iShares MSCI Global Metals & Mining Producers ETF			iShares MSCI Global Silver Miners ETF
ASSETS
Investments, at cost:
Unaffiliated	$	106,313,681		$	18,266,954
Affiliated (Note 2)		2,611,616			993,085
Total cost of investments	$	108,925,297		$	19,260,039
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	68,757,934		$	11,990,605
Affiliated (Note 2)		2,611,616			993,085
Total fair value of investments		71,369,550			12,983,690
Foreign currency, at valueb		339,257			12,867
Cash		60,399			—
Receivables:
Investment securities sold		13			639,041
Due from custodian (Note 4)		316,285			—
Dividends and interest		335,283			17,082
Capital shares sold		1,061			—
Total Assets		72,421,848			13,652,680
LIABILITIES
Payables:
Investment securities purchased		604,877			382,322
Collateral for securities on loan (Note 1)		2,516,023			987,411
Due to custodian		60,399			—
Foreign taxes (Note 1)		539			—
Investment advisory fees (Note 2)		21,408			4,241
Total Liabilities		3,203,246			1,373,974
NET ASSETS	$	69,218,602		$	12,278,706
Net assets consist of:
Paid-in capital	$	125,147,041		$	23,149,913
Undistributed (distributions in excess of) net investment income		255,560			(46,962	)
Undistributed net realized loss		(18,621,320	)		(4,547,349	)
Net unrealized depreciation		(37,562,679	)		(6,276,896	)
NET ASSETS	$	69,218,602		$	12,278,706
Shares outstandingc		6,500,000			2,000,000
Net asset value per share	$	10.65		$	6.14

^a  Securities on loan with values of $2,345,760 and $895,647, respectively. See Note 1.

^b  Cost of foreign currency: $339,681 and $13,049, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Operations

iSHARES^® , INC.

Year ended August 31, 2015

	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	858,369		$	763,973		$	678,853
Dividends — affiliated (Note 2)		2,081			—			—
Interest — affiliated (Note 2)		3			2			3
Securities lending income — affiliated — net (Note 2)		15,809			1,373			23,047
Total investment income		876,262			765,348			701,903
EXPENSES
Investment advisory fees (Note 2)		151,493			82,566			216,127
Total expenses		151,493			82,566			216,127
Less investment advisory fees waived (Note 2)		(3,225	)		—			—
Net expenses		148,268			82,566			216,127
Net investment income		727,994			682,782			485,776
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(698,754	)		(494,955	)		(12,893,120	)
Investments — affiliated (Note 2)		1,895			—			—
In-kind redemptions — unaffiliated		902,471			220,912			673,906
In-kind redemptions — affiliated (Note 2)		35,289			—			—
Foreign currency transactions		(14,315	)		(9,692	)		(3,452	)
Net realized gain (loss)		226,586			(283,735	)		(12,222,666	)
Net change in unrealized appreciation/depreciation on:
Investments		(4,639,308	)		(7,285,409	)		(26,921,794	)
Translation of assets and liabilities in foreign currencies		(2,995	)		(606	)		(769	)
Net change in unrealized appreciation/depreciation		(4,642,303	)		(7,286,015	)		(26,922,563	)
Net realized and unrealized loss		(4,415,717	)		(7,569,750	)		(39,145,229	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,687,723	)	$	(6,886,968	)	$	(38,659,453	)

^a  Net of foreign withholding tax of $71,918, $44,685 and $85,439, respectively.

See notes to financial statements.

32 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Continued)

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI Global Metals & Mining Producers ETF			iShares MSCI Global Silver Miners ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	8,010,428		$	117,975
Interest — affiliated (Note 2)		16			1
Securities lending income — affiliated — net (Note 2)		84,006			10,881
		8,094,450			128,857
Less: Other foreign taxes (Note 1)		(559	)		—
Total investment income		8,093,891			128,857
EXPENSES
Investment advisory fees (Note 2)		566,461			52,280
Total expenses		566,461			52,280
Net investment income		7,527,430			76,577
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(13,439,479	)		(2,833,317	)
In-kind redemptions — unaffiliated		(4,760,190	)		171,367
Foreign currency transactions		(116,760	)		(1,979	)
Net realized loss		(18,316,429	)		(2,663,929	)
Net change in unrealized appreciation/depreciation on:
Investments		(46,805,436	)		(6,306,655	)
Translation of assets and liabilities in foreign currencies		(3,484	)		(507	)
Net change in unrealized appreciation/depreciation		(46,808,920	)		(6,307,162	)
Net realized and unrealized loss		(65,125,349	)		(8,971,091	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(57,597,919	)	$	(8,894,514	)

^a  Net of foreign withholding tax of $231,544 and $12,786, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 33

Statements of Changes in Net Assets

iSHARES^® , INC.

	iShares MSCI Global Agriculture Producers ETF						iShares MSCI Global Energy Producers ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	727,994		$	903,316		$	682,782		$	143,021
Net realized gain (loss)		226,586			(54,954	)		(283,735	)		(96,577	)
Net change in unrealized appreciation/depreciation		(4,642,303	)		3,654,533			(7,286,015	)		849,565
Net increase (decrease) in net assets resulting from operations		(3,687,723	)		4,502,895			(6,886,968	)		896,009
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(764,487	)		(869,161	)		(528,102	)		(128,943	)
Total distributions to shareholders		(764,487	)		(869,161	)		(528,102	)		(128,943	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,262,653			12,206,285			27,723,504			2,840,186
Cost of shares redeemed		(15,565,180	)		(5,161,272	)		(3,987,605	)		—
Net increase (decrease) in net assets from capital share transactions		(14,302,527	)		7,045,013			23,735,899			2,840,186
INCREASE (DECREASE) IN NET ASSETS		(18,754,737	)		10,678,747			16,320,829			3,607,252
NET ASSETS
Beginning of year		46,394,711			35,715,964			8,418,590			4,811,338
End of year	$	27,639,974		$	46,394,711		$	24,739,419		$	8,418,590
Undistributed net investment income included in net assets at end of year	$	96,640		$	146,167		$	182,749		$	36,482
SHARES ISSUED AND REDEEMED
Shares sold		50,000			450,000			1,300,000			100,000
Shares redeemed		(600,000	)		(200,000	)		(200,000	)		—
Net increase (decrease) in shares outstanding		(550,000	)		250,000			1,100,000			100,000

See notes to financial statements.

34 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Global Gold Miners ETF						iShares MSCI Global Metals & Mining Producers ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	485,776		$	419,898		$	7,527,430		$	4,351,654
Net realized gain (loss)		(12,222,666	)		(9,562,667	)		(18,316,429	)		5,287,882
Net change in unrealized appreciation/depreciation		(26,922,563	)		11,792,558			(46,808,920	)		24,025,906
Net increase (decrease) in net assets resulting from operations		(38,659,453	)		2,649,789			(57,597,919	)		33,665,442
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(425,675	)		(410,920	)		(7,833,689	)		(4,935,233	)
Total distributions to shareholders		(425,675	)		(410,920	)		(7,833,689	)		(4,935,233	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		19,671,874			33,392,792			98,298,863			51,854,849
Cost of shares redeemed		(5,637,066	)		(2,940,209	)		(147,347,875	)		(119,693,896	)
Net increase (decrease) in net assets from capital share transactions		14,034,808			30,452,583			(49,049,012	)		(67,839,047	)
INCREASE (DECREASE) IN NET ASSETS		(25,050,320	)		32,691,452			(114,480,620	)		(39,108,838	)
NET ASSETS
Beginning of year		70,976,471			38,285,019			183,699,222			222,808,060
End of year	$	45,926,151		$	70,976,471		$	69,218,602		$	183,699,222
Undistributed net investment income included in net assets at end of year	$	114,183		$	57,467		$	255,560		$	517,663
SHARES ISSUED AND REDEEMED
Shares sold		2,700,000			3,300,000			6,750,000			2,650,000
Shares redeemed		(750,000	)		(300,000	)		(9,350,000	)		(5,850,000	)
Net increase (decrease) in shares outstanding		1,950,000			3,000,000			(2,600,000	)		(3,200,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 35

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Global Silver Miners ETF
	Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	76,577		$	55,868
Net realized loss		(2,663,929	)		(1,309,004	)
Net change in unrealized appreciation/depreciation		(6,307,162	)		1,092,563
Net decrease in net assets resulting from operations		(8,894,514	)		(160,573	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(294,253	)		(104,622	)
Total distributions to shareholders		(294,253	)		(104,622	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		8,449,898			7,281,618
Cost of shares redeemed		(957,750	)		—
Net increase in net assets from capital share transactions		7,492,148			7,281,618
INCREASE (DECREASE) IN NET ASSETS		(1,696,619	)		7,016,423
NET ASSETS
Beginning of year		13,975,325			6,958,902
End of year	$	12,278,706		$	13,975,325
Distributions in excess of net investment income included in net assets at end of year	$	(46,962	)	$	(42,879	)
SHARES ISSUED AND REDEEMED
Shares sold		1,000,000			600,000
Shares redeemed		(100,000	)		—
Net increase in shares outstanding		900,000			600,000

See notes to financial statements.

36 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights 

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Global Agriculture Producers  ETF

	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	27.29		$	24.63		$	24.91		$	24.88
Income from investment operations:
Net investment incomeb		0.50			0.58			0.50			0.28
Net realized and unrealized gain (loss)c		(3.21	)		2.63			(0.46	)		(0.05	)
Total from investment operations		(2.71	)		3.21			0.04			0.23
Less distributions from:
Net investment income		(0.55	)		(0.55	)		(0.32	)		(0.20	)
Total distributions		(0.55	)		(0.55	)		(0.32	)		(0.20	)
Net asset value, end of period	$	24.03		$	27.29		$	24.63		$	24.91
Total return		(10.11	)%		13.05	%		0.10	%		0.97	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	27,640		$	46,395		$	35,716		$	9,965
Ratio of expenses to average net assetse		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of expenses to average net assets prior to waived feese		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		1.87	%		2.17	%		1.87	%		1.93	%
Portfolio turnover ratef		10	%		14	%		6	%		6	%

^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 years ended August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 10%, 13%, 6% and 6%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 37

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Global Energy Producers  ETF

	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	28.06		$	24.06		$	23.51		$	24.79
Income from investment operations:
Net investment incomeb		0.68			0.68			0.63			0.43
Net realized and unrealized gain (loss)c		(10.61	)		3.96			0.55			(1.39	)
Total from investment operations		(9.93	)		4.64			1.18			(0.96	)
Less distributions from:
Net investment income		(0.46	)		(0.64	)		(0.63	)		(0.32	)
Total distributions		(0.46	)		(0.64	)		(0.63	)		(0.32	)
Net asset value, end of period	$	17.67		$	28.06		$	24.06		$	23.51
Total return		(35.63	)%		19.44	%		5.10	%		(3.77	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	24,739		$	8,419		$	4,811		$	4,701
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		3.23	%		2.57	%		2.61	%		3.16	%
Portfolio turnover ratef		4	%		8	%		6	%		5	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the years ended August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 4%, 8%, 6% and 5%, respectively. See Note 4.

See notes to financial statements.

38 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Gold Miners ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	11.27		$	11.60		$	20.05		$	25.00
Income from investment operations:
Net investment incomeb		0.07			0.08			0.21			0.15
Net realized and unrealized gain (loss)c		(5.71	)		(0.33	)		(8.47	)		(5.02	)
Total from investment operations		(5.64	)		(0.25	)		(8.26	)		(4.87	)
Less distributions from:
Net investment income		(0.06	)		(0.08	)		(0.19	)		(0.08	)
Total distributions		(0.06	)		(0.08	)		(0.19	)		(0.08	)
Net asset value, end of period	$	5.57		$	11.27		$	11.60		$	20.05
Total return		(50.16	)%		(2.01	)%		(41.28	)%		(19.45	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	45,926		$	70,976		$	38,285		$	32,084
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		0.88	%		0.81	%		1.37	%		1.25	%
Portfolio turnover ratef		20	%		22	%		19	%		11	%

^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 39

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Global Metals & Mining Producers  ETF

	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	20.19		$	18.11		$	19.00		$	24.76
Income from investment operations:
Net investment incomeb		0.81			0.50			0.50			0.37
Net realized and unrealized gain (loss)c		(8.96	)		2.23			(1.00	)		(6.00	)
Total from investment operations		(8.15	)		2.73			(0.50	)		(5.63	)
Less distributions from:
Net investment income		(1.39	)		(0.65	)		(0.39	)		(0.13	)
Total distributions		(1.39	)		(0.65	)		(0.39	)		(0.13	)
Net asset value, end of period	$	10.65		$	20.19		$	18.11		$	19.00
Total return		(41.94	)%		15.32	%		(2.68	)%		(22.76	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	69,219		$	183,699		$	222,808		$	123,524
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of expenses to average net assets prior to waived feese		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		5.18	%		2.53	%		2.51	%		2.98	%
Portfolio turnover ratef		17	%		18	%		11	%		1	%

^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 years ended August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 10%, 15%, 7% and 1%, respectively. See Note 4.

See notes to financial statements.

40 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Silver Miners ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	12.70		$	13.92		$	20.94		$	24.87
Income from investment operations:
Net investment incomeb		0.05			0.08			0.16			0.11
Net realized and unrealized (loss)c		(6.42	)		(1.15	)		(6.90	)		(3.90	)
Total from investment operations		(6.37	)		(1.07	)		(6.74	)		(3.79	)
Less distributions from:
Net investment income		(0.19	)		(0.15	)		(0.28	)		(0.14	)
Total distributions		(0.19	)		(0.15	)		(0.28	)		(0.14	)
Net asset value, end of period	$	6.14		$	12.70		$	13.92		$	20.94
Total return		(50.51	)%		(7.48	)%		(32.49	)%		(15.18	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	12,279		$	13,975		$	6,959		$	2,094
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		0.57	%		0.63	%		1.03	%		0.86	%
Portfolio turnover ratef		31	%		22	%		13	%		9	%

^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 41

Notes to Financial Statements

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
MSCI Global Agriculture Producers	Non-diversified
MSCI Global Energy Producers	Non-diversified
MSCI Global Gold Miners	Non-diversified
MSCI Global Metals & Mining Producers	Non-diversified
MSCI Global Silver Miners	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”).

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

42 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or 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 43

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of August 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1		Level 2		Level 3		Total
MSCI Global Agriculture Producers
Investments:
Assets:
Common Stocks	$	26,996,402	$	—	$	11,478	$	27,007,880
Investment Companies		379,602		—		—		379,602
Preferred Stocks		123,146		—		—		123,146
Rights		584		—		—		584
Money Market Funds		670,110		—		—		670,110
Total	$	28,169,844	$	—	$	11,478	$	28,181,322
MSCI Global Energy Producers
Investments:
Assets:
Common Stocks	$	24,349,847	$	—	$	—	$	24,349,847
Preferred Stocks		188,218		—		—		188,218
Warrants		—		0a		—		0	a
Money Market Funds		242,439		—		—		242,439
Total	$	24,780,504	$	0a	$	—	$	24,780,504
MSCI Global Gold Miners
Investments:
Assets:
Common Stocks	$	45,900,351	$	—	$	—	$	45,900,351
Money Market Funds		1,576,492		—		—		1,576,492
Total	$	47,476,843	$	—	$	—	$	47,476,843
MSCI Global Metals & Mining Producers
Investments:
Assets:
Common Stocks	$	67,403,552	$	11,740	$	1	$	67,415,293
Preferred Stocks		1,342,641		—		—		1,342,641
Money Market Funds		2,611,616		—		—		2,611,616
Total	$	71,357,809	$	11,740	$	1	$	71,369,550
MSCI Global Silver Miners
Investments:
Assets:
Common Stocks	$	11,971,752	$	18,853	$	—	$	11,990,605
Money Market Funds		993,085		—		—		993,085
Total	$	12,964,837	$	18,853	$	—	$	12,983,690

^a  Rounds to less than $1.

44 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of August 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

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 August 31, 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 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. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by 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

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 August 31, 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 securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of August 31, 2015 and the total 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.

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 securities lending agreements which are subject to offset under an MSLA as of August 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
MSCI Global Agriculture Producers	$	615,377	$	615,377	$	—
MSCI Global Energy Producers		212,631		212,631		—
MSCI Global Gold Miners		1,395,165		1,395,165		—
MSCI Global Metals & Mining Producers		2,345,760		2,345,760		—
MSCI Global Silver Miners		895,647		895,647		—

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39% based on the average daily net assets of each Fund.

46 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

In addition, each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for each Fund through December 31, 2015 in an amount equal to the acquired fund fees and expenses attributable to each Fund’s investments in other iShares funds, if any.

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 65% 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 calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the year ended August 31, 2015, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Global Agriculture Producers	$	4,754
MSCI Global Energy Producers		405
MSCI Global Gold Miners		6,754
MSCI Global Metals & Mining Producers		24,415
MSCI Global Silver Miners		3,320

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.

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Continued)

iSHARES^®, INC.

Cross trades for the year ended August 31, 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.

The iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, in order to improve their portfolio liquidity and their ability to track their underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the year ended August 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Year		Shares Purchased		Shares Sold			Shares Held at End of Year		Value at End of Year		Dividend Income		Net Realized Gain (Loss)
MSCI Global Agriculture Producers
iShares India 50 ETF		12,183		6,858		(5,197	)		13,844	$	379,602	$	2,081	$	37,184

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 year ended August 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	3,724,756	$	4,546,385
MSCI Global Energy Producers		1,512,408		889,146
MSCI Global Gold Miners		11,268,097		11,033,591
MSCI Global Metals & Mining Producers		23,643,772		31,477,940
MSCI Global Silver Miners		4,177,758		4,656,034

In-kind transactions (see Note 4) for the year ended August 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Agriculture Producers	$	1,175,785	$	14,683,364
MSCI Global Energy Producers		26,955,610		3,862,158
MSCI Global Gold Miners		19,528,299		5,599,085
MSCI Global Metals & Mining Producers		84,109,493		125,497,904
MSCI Global Silver Miners		8,422,867		955,883

48 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (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. PRINCIPAL RISKS

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 direct or indirect investment in equity 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 49

Notes to Financial Statements (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.

Each Fund invests all or substantially all of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions affecting those market sectors may have a significant impact on its investment performance.

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 MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF and iShares MSCI Global Metals & Mining Producers 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.

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.

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.

50 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of August 31, 2015, attributable to passive foreign investment companies, distributions paid in excess of taxable income, foreign currency transactions and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
MSCI Global Agriculture Producers	$	660,549		$	(13,034	)	$	(647,515	)
MSCI Global Energy Producers		190,987			(8,413	)		(182,574	)
MSCI Global Gold Miners		(1,393,370	)		(3,385	)		1,396,755
MSCI Global Metals & Mining Producers		(7,903,432	)		44,156			7,859,276
MSCI Global Silver Miners		43,079			213,593			(256,672	)

The tax character of distributions paid during the years ended August 31, 2015 and August 31, 2014 was as follows:

iShares ETF	2015		2014
MSCI Global Agriculture Producers
Ordinary income	$	764,487	$	869,161
MSCI Global Energy Producers
Ordinary income	$	528,102	$	128,943
MSCI Global Gold Miners
Ordinary income	$	425,675	$	410,920
MSCI Global Metals & Mining Producers
Ordinary income	$	7,833,689	$	4,935,233
MSCI Global Silver Miners
Ordinary income	$	294,253	$	104,622

As of August 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses) a			Qualified Late-Year Losses  b			Total
MSCI Global Agriculture Producers	$	96,640	$	(558,434	)	$	(4,502,967	)	$	(684,091	)	$	(5,648,852	)
MSCI Global Energy Producers		184,145		(127,882	)		(6,779,941	)		(344,213	)		(7,067,891	)
MSCI Global Gold Miners		114,196		(4,476,366	)		(41,035,338	)		(9,984,811	)		(55,382,319	)
MSCI Global Metals & Mining Producers		296,715		(4,586,250	)		(43,632,013	)		(8,006,891	)		(55,928,439	)
MSCI Global Silver Miners		—		(613,283	)		(8,025,768	)		(2,232,156	)		(10,871,207	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^b  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year

NOTES TO FINANCIAL STATEMENTS 51

Notes to Financial Statements (Continued)

iSHARES^®, INC.

As of August 31, 2015, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI Global Agriculture Producers	$	558,434
MSCI Global Energy Producers		127,882
MSCI Global Gold Miners		4,476,366
MSCI Global Metals & Mining Producers		4,586,250
MSCI Global Silver Miners		613,283

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of August 31, 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)
MSCI Global Agriculture Producers	$	32,680,775	$	1,397,034	$	(5,896,487	)	$	(4,499,453	)
MSCI Global Energy Producers		31,559,768		128,929		(6,908,193	)		(6,779,264	)
MSCI Global Gold Miners		88,511,761		52,725		(41,087,643	)		(41,034,918	)
MSCI Global Metals & Mining Producers		114,994,631		541,836		(44,166,917	)		(43,625,081	)
MSCI Global Silver Miners		21,008,911		14,742		(8,039,963	)		(8,025,221	)

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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.

52 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

iShares, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF and iShares MSCI Global Silver Miners ETF (the “Funds”) at August 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

October 22, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 53

Tax Information (Unaudited)

iSHARES^®, INC.

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the following maximum amounts are hereby designated as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2015:

iShares ETF	Qualified Dividend Income
MSCI Global Agriculture Producers	$	878,303
MSCI Global Energy Producers		783,783
MSCI Global Gold Miners		641,375
MSCI Global Metals & Mining Producers		6,705,723
MSCI Global Silver Miners		120,473

In February 2016, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.

For corporate shareholders, the percentage of income dividends paid during the fiscal year ended August 31, 2015 that qualified for the dividends-received deduction were as follows:

iShares ETF	Dividends- Received Deduction
MSCI Global Agriculture Producers		48.90	%
MSCI Global Energy Producers		47.19
MSCI Global Gold Miners		6.16
MSCI Global Metals & Mining Producers		5.92
MSCI Global Silver Miners		31.88

For the fiscal year ended August 31, 2015, the following Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to Section 853 of the Code:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Global Gold Miners	$	729,082	$	85,439
MSCI Global Metals & Mining Producers		7,780,636		232,073
MSCI Global Silver Miners		108,084		12,786

54 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^® , INC.

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 55

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c)

56 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds did not provide for any breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Funds may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 57

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

58 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

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 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 these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
MSCI Global Agriculture Producers	$	0.550039	$	—	$	—	$	0.550039		100	%		—	%		—	%		100	%
MSCI Global Energy Producers		0.459020		—		—		0.459020		100			—			—			100
MSCI Global Gold Miners		0.060671		—		—		0.060671		100			—			—			100
MSCI Global Metals & Mining Producers		1.390803		—		—		1.390803		100			—			—			100

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for five calendar years (or from the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.

SUPPLEMENTAL INFORMATION 59

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares MSCI Global Agricultural Producers ETF

Period Covered: January 31, 2012 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5% and Less than 2.0%		2		0.23	%
Greater than 1.0% and Less than 1.5%		17		1.98
Greater than 0.5% and Less than 1.0%		337		39.23
Between 0.5% and –0.5%		477		55.53
Less than –0.5% and Greater than –1.0%		25		2.91
Less than –1.0% and Greater than –1.5%		1		0.12
		859		100.00	%

iShares MSCI Global Energy Producers ETF

Period Covered: January 31, 2012 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0% and Less than 2.5%		1		0.12	%
Greater than 1.5% and Less than 2.0%		6		0.70
Greater than 1.0% and Less than 1.5%		29		3.38
Greater than 0.5% and Less than 1.0%		109		12.69
Between 0.5% and –0.5%		644		74.96
Less than –0.5% and Greater than –1.0%		60		6.98
Less than –1.0% and Greater than –1.5%		9		1.05
Less than –1.5% and Greater than –2.0%		1		0.12
		859		100.00	%

60 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Global Gold Miners ETF

Period Covered: January 31, 2012 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5%		4		0.47	%
Greater than 2.0% and Less than 2.5%		3		0.35
Greater than 1.5% and Less than 2.0%		5		0.58
Greater than 1.0% and Less than 1.5%		27		3.14
Greater than 0.5% and Less than 1.0%		187		21.77
Between 0.5% and –0.5%		599		69.73
Less than –0.5% and Greater than –1.0%		27		3.14
Less than –1.0% and Greater than –1.5%		5		0.58
Less than –1.5% and Greater than –2.0%		1		0.12
Less than –2.0%		1		0.12
		859		100.00	%

iShares MSCI Global Metals & Mining Producers ETF

Period Covered: January 31, 2012 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.5%		5		0.58	%
Greater than 4.0% and Less than 4.5%		1		0.12
Greater than 3.5% and Less than 4.0%		1		0.12
Greater than 3.0% and Less than 3.5%		1		0.12
Greater than 2.5% and Less than 3.0%		6		0.70
Greater than 2.0% and Less than 2.5%		8		0.93
Greater than 1.5% and Less than 2.0%		39		4.54
Greater than 1.0% and Less than 1.5%		153		17.81
Greater than 0.5% and Less than 1.0%		238		27.71
Between 0.5% and –0.5%		345		40.15
Less than –0.5% and Greater than –1.0%		46		5.36
Less than –1.0% and Greater than –1.5%		14		1.63
Less than –1.5% and Greater than –2.0%		2		0.23
		859		100.00	%

SUPPLEMENTAL INFORMATION 61

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI Global Silver Miners ETF

Period Covered: January 31, 2012 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0% and Less than 3.5%		1		0.12	%
Greater than 2.5% and Less than 3.0%		3		0.35
Greater than 2.0% and Less than 2.5%		6		0.70
Greater than 1.5% and Less than 2.0%		18		2.10
Greater than 1.0% and Less than 1.5%		67		7.80
Greater than 0.5% and Less than 1.0%		206		23.98
Between 0.5% and –0.5%		407		47.37
Less than –0.5% and Greater than –1.0%		76		8.85
Less than –1.0% and Greater than –1.5%		37		4.31
Less than –1.5% and Greater than –2.0%		27		3.14
Less than –2.0% and Greater than –2.5%		8		0.93
Less than –2.5% and Greater than –3.0%		3		0.35
		859		100.00	%

62 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information

iSHARES^® , INC.

The Board of Directors has responsibility for the overall management and operations of the Company, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees a total of 319 funds (as of August 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert S. Kapitoa (58)	Director (since 2009).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Director (since 2013).	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Trustee of iShares U.S. ETF Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

DIRECTOR AND OFFICER INFORMATION 63

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert H. Silver (60)	Director (since 2007); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Trustee of iShares U.S. ETF Trust (since 2011); Independent Chairman of iShares Trust and iShares U.S. ETF Trust (since 2012).
Jane D. Carlin (59)	Director (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Director (since 2005); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (71)	Director (since 2005); Audit Committee Chair (since 2006).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

64 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (60)	Director (since 2005); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
John E. Martinez (54)	Director (since 2003); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (51)	Director (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Director, Cavium, Inc. (since 2013).

DIRECTOR AND OFFICER INFORMATION 65

Director and Officer Information (Continued)

iSHARES^®, INC.

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (55)	Treasurer and Chief Financial Officer (since 2008).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (47)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (52)	Executive Vice President (since 2007).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

66 2015 iSHARES 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company 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-AR-812-0815

AUGUST 31, 2015

  2015 ANNUAL REPORT

iShares, Inc.

^Ø   iShares MSCI Australia ETF  |  EWA  |  NYSE Arca

^Ø   iShares MSCI Canada ETF  |  EWC  |  NYSE Arca

^Ø   iShares MSCI Japan ETF  |  EWJ  |  NYSE Arca

^Ø   iShares MSCI Mexico Capped ETF  |  EWW  |  NYSE Arca

^Ø   iShares MSCI South Korea Capped ETF  |  EWY  |  NYSE Arca

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	16
Shareholder Expenses	16
Schedules of Investments	17
iShares MSCI Australia ETF	17
iShares MSCI Canada ETF	20
iShares MSCI Japan ETF	23
iShares MSCI Mexico Capped ETF	29
iShares MSCI South Korea Capped ETF	32
Financial Statements	35
Financial Highlights	42
Notes to Financial Statements	47
Report of Independent Registered Public Accounting Firm	60
Tax Information	61
Board Review and Approval of Investment Advisory Contract	62
Supplemental Information	69
Director and Officer Information	75

Management’s Discussion of Fund Performance

iSHARES^®, INC.

GLOBAL MARKET OVERVIEW

Global equity markets delivered a negative return for the 12 months ended August 31, 2015 (the “reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -6.29% for the reporting period.

The reporting period was characterized by a continued divergence in economic growth and central bank policy between the U.S. and the rest of the world. Despite a slowdown in early 2015, the U.S. economy remained one of the strongest economies among developed countries, which motivated the U.S. Federal Reserve Bank (the “Fed”) to scale back its economic stimulus measures. The Fed ended a two-year quantitative easing program in October 2014 and signaled its intent to raise its short-term interest rate target sometime in 2015. In contrast, weaker economic growth in most other regions of the globe led many of the world’s central banks to take more aggressive actions to stimulate economic activity.

This divergence contributed to a notably stronger U.S. dollar. For the reporting period, the euro, Japanese yen, British pound and Australian dollar declined by 15%, 14%, 7%, and 24% against the U.S. dollar, respectively. Weaker foreign currencies decrease the value of foreign investments measured in U.S. dollars, thereby decreasing returns for U.S. investors, while increasing foreign currencies relative to the U.S. dollar have the opposite effect. Currency performance had a meaningful impact on non-U.S. equity returns for U.S. investors. For example, the MSCI ACWI returned 0.59% in local currency terms for the reporting period.

A number of other factors influenced global markets during the reporting period. Energy prices fell sharply amid growing supply —primarily from increased production in the U.S. — and declining global demand. Lower energy prices contributed to historically low and declining inflation rates in most of the world. Consumer prices were nearly unchanged in the U.S., the European Union, and Japan, while prices in China and India rose at a relatively slow rate. Low inflation and tepid demand kept the Fed’s zero interest rate policy intact, while central banks throughout the world took aggressive measures to stimulate demand.

Global markets advanced for most of the reporting period, then declined sharply in the last few months of the reporting period. The volatility began in China, as slowing economic growth led to a steep drop in China’s equity markets. Plummeting commodity prices amid already subdued inflation also raised concerns about global demand. Currency devaluations in Asia, including China, Vietnam, Pakistan, and Kazakhstan, led to speculation that Asian countries were weakening their currencies to compete for demand. These global events led to further uncertainty about the timing of an expected interest rate hike from the Fed.

On a regional basis, U.S. stocks advanced by less than 1% for the reporting period as declining interest rates, ongoing economic growth, and low inflation provided a favorable environment for U.S. equity market performance. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters. Economic activity improved over the last several months of the reporting period, boosted by an increase in consumer spending.

European stocks declined by about 8% in U.S. dollar terms for the reporting period, though they advanced more than 3% when measured in local currencies. The European Central Bank initiated quantitative easing measures in early 2015, and signs of economic improvement emerged in the latter half of the reporting period. A tentative agreement on Greece’s debt repayment helped alleviate ongoing concerns about Europe’s sovereign debt levels.

Stock markets in the Asia/Pacific region (excluding Japan) declined by approximately 19% in U.S. dollar terms, which equated to an 8% decline when measured in local currencies. China’s economic slowdown weighed heavily on the region, as China is the largest trading partner of many countries in the region. On the bright side, Japanese stocks performed relatively well, as ongoing economic stimulus and reform measures led to a 4% gain in U.S. dollar terms (22% when measured in Japanese yen).

Emerging markets stocks fell by approximately 23% in U.S. dollar terms for the reporting period, though the decline was about 10% when measured in local currencies. Many of the largest emerging economies — including China, Russia, and Brazil — experienced slowing economic growth during the reporting period. Latin American stocks posted some of the biggest declines, as the region struggled with slow growth and declining commodity prices.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® MSCI AUSTRALIA ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(27.31)%		(27.42)%		(27.01)%		(27.31)%		(27.42)%		(27.01)%
5 Years		2.73%		2.55%		3.14%		14.42%		13.40%		16.71%
10 Years		5.18%		5.04%		5.24%		65.66%		63.47%		66.65%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	807.00	$	2.14	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

6 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI AUSTRALIA ETF

The iShares MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed of Australian equities, as represented by the MSCI Australia 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -27.31%, net of fees, while the total return for the Index was -27.01%.

As represented by the Index, Australian stocks delivered a negative return for the reporting period and significantly underperformed broad international equity indexes. The Australian dollar depreciated by about 24% relative to the U.S. dollar, which meaningfully detracted from the Index’s performance. In addition, like most global equity markets, Australia declined near the end of the reporting period, sparked by a sharp correction in China’s equity market.

Australia’s economy grew more slowly in 2015’s second quarter than in the first. The rate was the slowest in more than two years as exports declined amid an economic slowdown in China, a key export market for Australia. The Australian economy, which relies heavily on resources exports, has been hindered by slackening demand from China, which in turn has contributed to lower metals and oil prices, as well as a weaker currency and falling revenues. The country’s largest exports are iron ore and coal, and data for the second quarter of 2015 indicated a significant decline in mining production. On the positive side, household spending rose, as did government expenditures.

In U.S. dollar terms, every sector of the Index declined for the reporting period. Financials, which represented more than half of the Index on average during the reporting period, significantly hindered the Index’s performance. Within the financials sector, banks were the largest drag on performance. The materials sector was also a significant detractor from the Index’s return, largely due to the metals and mining industry. The utilities and information technology sectors detracted the least from the Index’s return for the reporting period.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total  Investments*

Financials	53.32	%
Materials	15.14
Consumer Staples	7.89
Health Care	6.07
Industrials	6.04
Energy	4.35
Telecommunication Services	2.46
Consumer Discretionary	2.21
Utilities	2.10
Information Technology	0.42
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total  Investments*

Commonwealth Bank of Australia	11.45	%
Westpac Banking Corp.	8.72
National Australia Bank Ltd.	7.32
BHP Billiton Ltd.	7.26
Australia & New Zealand Banking Group Ltd.	6.94
Wesfarmers Ltd.	4.10
CSL Ltd.	3.86
Woolworths Ltd.	3.00
Telstra Corp. Ltd.	2.22
Woodside Petroleum Ltd.	2.15
TOTAL	57.02	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® MSCI CANADA ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(25.48)%		(24.59)%		(25.31)%		(25.48)%		(24.59)%		(25.31)%
5 Years		0.47%		0.69%		0.69%		2.37%		3.48%		3.49%
10 Years		3.55%		3.58%		3.78%		41.72%		42.20%		44.97%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	862.90	$	2.21	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

8 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI CANADA ETF

The iShares MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of Canadian equities, as represented by the MSCI Canada 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -25.48%, net of fees, while the total return for the Index was -25.31%.

As represented by the Index, Canadian stocks delivered a negative return for the reporting period and significantly underperformed broad international equity indexes. The Canadian dollar depreciated by about 18% relative to the U.S. dollar over the reporting period, which meaningfully detracted from the Index’s performance. In addition, like most global equity markets, Canada declined late in the reporting period, sparked by a sharp correction in China’s equity market.

In 2015’s second quarter, Canada’s economy contracted for the second consecutive quarter, putting the country in recession for the first time since the 2008–09 financial crisis. Economic weakness has been concentrated in the energy sector amid a significant decline in oil prices. Oil-exporting provinces have been the hardest hit by reduced demand for energy. The Bank of Canada has twice cut interest rates in 2015 to help support the economy.

In terms of sector performance, energy and financials, which together represented more than 60% of the Index on average during the reporting period, detracted the most from the Index’s performance in U.S. dollar terms. While energy stocks declined across the board, banks were the main drag in the financials sector. The materials sector was also a large detractor from the Index’s return, due largely to the mining and metals industry. In contrast, the healthcare sector contributed positively to the Index’s performance for the reporting period, led by the pharmaceuticals industry. To a lesser extent, the consumer staples sector helped the Index’s return, largely due to the food and staples retailing industry.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total Investments*

Financials	39.05	%
Energy	20.87
Materials	8.73
Industrials	7.28
Health Care	6.89
Consumer Discretionary	6.49
Consumer Staples	4.72
Information Technology	2.36
Telecommunication Services	2.28
Utilities	1.33
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total Investments*

Royal Bank of Canada	7.37	%
Valeant Pharmaceuticals International Inc.	6.89
Toronto-Dominion Bank (The)	6.75
Bank of Nova Scotia (The)	4.93
Canadian National Railway Co.	4.08
Suncor Energy Inc.	3.74
Enbridge Inc.	3.23
Bank of Montreal	3.21
Manulife Financial Corp.	2.93
Canadian Imperial Bank of Commerce/Canada	2.68
TOTAL	45.81	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 9

Management’s Discussion of Fund Performance

iSHARES^® MSCI JAPAN ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		3.84%		3.84%		4.17%		3.84%		3.84%		4.17%
5 Years		6.84%		6.86%		7.35%		39.18%		39.37%		42.60%
10 Years		2.37%		2.18%		2.86%		26.33%		24.05%		32.59%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	990.40	$	2.36	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

10 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI JAPAN ETF

The iShares MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities, as represented by the MSCI Japan 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 12-month reporting period ended August 31, 2015, the total return for the Fund was 3.84%, net of fees, while the total return for the Index was 4.17%.

As represented by the Index, Japanese stocks posted a positive return for the reporting period and significantly outperformed broader international equity indexes, most of which declined.

However, the Japanese yen depreciated by 14% relative to the U.S. dollar, which meaningfully detracted from the Index’s performance. In addition, like most global equity markets, Japan declined late in the reporting period, sparked by a sharp correction in China’s equity market. Japan’s economy shrank in 2015’s second quarter, the first quarterly contraction since the third quarter of 2014. Several areas of the economy have shown signs of weakness, including automobile registrations and industrial production. In addition, slowing growth in China has muted expectations for exports, despite a weaker Japanese yen, which tends to make the country’s exports less expensive. Nonetheless, the Japanese economy grew modestly overall for the 12 months ended June 30, 2015, thanks in part to the Bank of Japan’s aggressive economic stimulus measures. These efforts provided a favorable environment for equity market performance in Japan.

In U.S. dollar terms, most sectors helped the Index’s return for the reporting period. The financials and healthcare sectors were the strongest contributors to the Index’s performance. Banks and insurers provided the largest contribution to the financials sector’s return, while the pharmaceuticals industry boosted performance in healthcare. Conversely, the industrials sector detracted the most from the Index’s performance for the reporting period, particularly the capital goods industry. The energy and materials sectors also hindered the Index’s return, largely due to lower commodity prices.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total Investments*

Consumer Discretionary	21.55	%
Financials	19.56
Industrials	18.58
Information Technology	10.47
Health Care	7.96
Consumer Staples	7.30
Telecommunication Services	5.57
Materials	5.39
Utilities	2.70
Energy	0.92
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total Investments*

Toyota Motor Corp.	5.71	%
Mitsubishi UFJ Financial Group Inc.	2.97
SoftBank Group Corp.	1.97
Sumitomo Mitsui Financial Group Inc.	1.86
Honda Motor Co. Ltd.	1.82
Mizuho Financial Group Inc.	1.67
KDDI Corp.	1.54
Japan Tobacco Inc.	1.38
Takeda Pharmaceutical Co. Ltd.	1.35
Sony Corp.	1.15
TOTAL	21.42	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 11

Management’s Discussion of Fund Performance

iSHARES^® MSCI MEXICO CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(25.10)%		(25.17)%		(24.87)%		(25.10)%		(25.17)%		(24.87)%
5 Years		3.26%		3.35%		2.94%		17.39%		17.93%		15.60%
10 Years		7.79%		7.75%		7.31%		111.76%		110.91%		102.50%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through November 30, 2007 reflects the performance of the MSCI Mexico Index. Index performance beginning on December 1, 2007 through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico Investable Market Index 25/50.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	881.70	$	2.23	$	1,000.00	$	1,022.80	$	2.40		0.47%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

12 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI MEXICO CAPPED ETF

The iShares MSCI Mexico Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico Investable Market Index 25/50 (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 12-month reporting period ended August 31, 2015, the total return for the Fund was -25.10%, net of fees, while the total return for the Index was -24.87%.

As represented by the Index, Mexican stocks delivered a negative return for the reporting period and significantly underperformed broad international equity indexes. The Mexican peso fell about 22% relative to the U.S. dollar over the reporting period, which meaningfully detracted from the Index’s performance. In addition, like most global equity markets, Mexico declined near the end of the reporting period, sparked by a sharp correction in China’s equity market.

Mexico has benefited from reforms instituted by the government to help make major industries such as oil and telecommunication services more competitive. The reforms have led to lower electricity and telecommunications prices, which has helped keep inflation low, but they have yet to contribute much to economic growth. The country’s economic growth rate was steady but modest during the reporting period, while the Mexican peso fell to record lows against the U.S. dollar late in the reporting period, sparking worries of a peso crisis similar to the one in 1994.

In U.S. dollar terms, every sector of the Index declined for the reporting period, with the financials sector having the most significant negative impact on the Index’s performance. Within the sector, banks detracted the most as they have been pressured by the peso’s depreciation against the U.S. dollar and the prospects of higher interest rates, which can make financing more difficult. The materials sector was also a large detractor from the Index’s return, weighed down by declines in the construction materials and metals and mining industries. The healthcare and consumer discretionary sectors detracted the least from the Index’s return.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total Investments*

Consumer Staples	26.89	%
Financials	19.91
Telecommunication Services	15.84
Materials	13.31
Industrials	12.69
Consumer Discretionary	10.88
Health Care	0.48
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total Investments*

America Movil SAB de CV	15.56	%
Fomento Economico Mexicano SAB de CV	8.31
Grupo Televisa SAB	7.53
Wal-Mart de Mexico SAB de CV	6.17
Grupo Financiero Banorte SAB de CV	5.88
Cemex SAB de CV CPO	4.77
Grupo Mexico SAB de CV Series B	4.68
Alfa SAB de CV	3.27
Fibra Uno Administracion SA de CV	2.93
Grupo Financiero Inbursa SAB de CV Series O	2.87
TOTAL	61.97	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 13

Management’s Discussion of Fund Performance

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

Performance as of August 31, 2015

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(26.58)%		(27.07)%		(26.13)%		(26.58)%		(27.07)%		(26.13)%
5 Years		1.14%		0.98%		1.83%		5.81%		5.01%		9.47%
10 Years		4.34%		4.37%		4.93%		52.96%		53.43%		61.85%

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through February 11, 2013 reflects the performance of the MSCI Korea Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Korea 25/50 Index.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Beginning Account Value (3/1/15)		Ending Account Value (8/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	846.20	$	2.89	$	1,000.00	$	1,022.10	$	3.16		0.62%

^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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

14 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

The iShares MSCI South Korea Capped ETF (the “Fund”) seeks to track the investment results of an index composed of South Korean equities, as represented by the MSCI Korea 25/50 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 12-month reporting period ended August 31, 2015, the total return for the Fund was -26.58%, net of fees, while the total return for the Index was -26.13%.

As represented by the Index, South Korean stocks delivered a negative return for the reporting period and significantly underperformed broad international equity indexes. The South Korean won depreciated by about 14% relative to the U.S. dollar, which meaningfully detracted from the Index’s performance. In addition, like most global equity markets, South Korea declined near the end of the reporting period, sparked by a sharp correction in China’s equity market.

South Korea’s economic growth slowed during the reporting period, driven primarily by a decline in exports, which account for about half the country’s economy. Exports have dropped in each of the first seven months of 2015, partly due to the South Korean won’s strength compared to the Japanese yen and the euro. Other challenges for the South Korean economy included the recent devaluation of the Chinese yuan, which reduced Chinese tourist visits, and an outbreak of Middle East Respiratory Syndrome that restrained domestic consumption.

In terms of sector performance, information technology, which represented more than one-third of the Index on average during the reporting period, significantly hindered the Index’s return in U.S. dollar terms. Within the sector, the technology hardware and equipment industry struggled amid the decline in exports. The consumer discretionary sector was also a large detractor from the Index’s return, due largely to the autos and components industry. Conversely, the consumer staples and healthcare sectors modestly helped the Index’s performance for the reporting period. Within consumer staples, the household and personal products industry supported the Index’s return, while the pharmaceuticals industry boosted performance in healthcare.

ALLOCATION BY SECTOR

As of 8/31/15

Sector Percentage of
Total Investments*

Information Technology	32.91	%
Consumer Discretionary	17.27
Financials	14.77
Industrials	11.08
Consumer Staples	8.94
Materials	8.22
Utilities	2.34
Energy	2.02
Health Care	1.40
Telecommunication Services	1.05
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 8/31/15

Security Percentage of
Total Investments*

Samsung Electronics Co. Ltd.	19.59	%
Hyundai Motor Co.	3.92
SK Hynix Inc.	3.56
Shinhan Financial Group Co. Ltd.	2.89
Hyundai Mobis Co. Ltd.	2.42
NAVER Corp.	2.38
KB Financial Group Inc.	2.37
Samsung Electronics Co. Ltd. (Preferred)	2.25
POSCO	2.22
Kia Motors Corp.	2.21
TOTAL	43.81	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 15

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 advisory fees. Without such a 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 March 1, 2015 and held through August 31, 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 corresponding to 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.

16 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI AUSTRALIA ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.79%
AIRLINES — 0.16%
Qantas Airways Ltd.a		843,882	$	2,010,187
				2,010,187
BANKS — 34.87%
Australia & New Zealand Banking Group Ltd.		4,251,119		84,176,277
Bank of Queensland Ltd.		569,774		5,117,935
Bendigo & Adelaide Bank Ltd.		697,102		5,421,488
Commonwealth Bank of Australia		2,610,182		138,934,650
National Australia Bank Ltd.		4,019,267		88,817,629
Westpac Banking Corp.		4,795,496		105,732,729
				428,200,708
BEVERAGES — 0.77%
Coca-Cola Amatil Ltd.		880,188		5,241,677
Treasury Wine Estates Ltd.		1,000,938		4,229,304
				9,470,981
BIOTECHNOLOGY — 3.81%
CSL Ltd.		718,977		46,827,851
				46,827,851
CAPITAL MARKETS — 2.16%
Macquarie Group Ltd.		461,115		24,822,080
Platinum Asset Management Ltd.		360,373		1,729,643
				26,551,723
CHEMICALS — 1.04%
Incitec Pivot Ltd.		2,575,315		6,408,450
Orica Ltd.		569,611		6,404,674
				12,813,124
COMMERCIAL SERVICES & SUPPLIES — 1.37%
Brambles Ltd.		2,408,296		16,800,433
				16,800,433
CONSTRUCTION & ENGINEERING — 0.21%
CIMIC Group Ltd.		156,071		2,590,235
				2,590,235
CONSTRUCTION MATERIALS — 1.09%
Boral Ltd.		1,180,888		4,721,754
James Hardie Industries PLC		691,310		8,611,129
				13,332,883
CONTAINERS & PACKAGING — 1.45%
Amcor Ltd./Australia		1,832,663		17,825,932
				17,825,932

Security	Shares		Value
DIVERSIFIED FINANCIAL SERVICES — 0.68%
ASX Ltd.		297,541	$	8,319,539
				8,319,539
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.43%
Telstra Corp. Ltd.		6,576,498		26,902,090
TPG Telecom Ltd.		441,793		2,941,033
				29,843,123
ELECTRIC UTILITIES — 0.20%
AusNet Services		2,664,211		2,464,874
				2,464,874
ENERGY EQUIPMENT & SERVICES — 0.14%
WorleyParsons Ltd.		319,312		1,700,085
				1,700,085
FOOD & STAPLES RETAILING — 7.02%
Wesfarmers Ltd.		1,727,127		49,785,992
Woolworths Ltd.		1,946,636		36,433,777
				86,219,769
GAS UTILITIES — 0.87%
APA Group		1,712,615		10,648,167
				10,648,167
HEALTH CARE EQUIPMENT & SUPPLIES — 0.43%
Cochlear Ltd.		87,728		5,313,298
				5,313,298
HEALTH CARE PROVIDERS & SERVICES — 1.75%
Healthscope Ltd.		1,730,342		3,263,090
Ramsay Health Care Ltd.		217,406		9,626,957
Sonic Healthcare Ltd.		586,929		8,621,659
				21,511,706
HOTELS, RESTAURANTS & LEISURE — 1.77%
Aristocrat Leisure Ltd.		828,021		4,954,494
Crown Resorts Ltd.		559,744		4,539,740
Flight Centre Travel Group Ltd.b		85,216		2,235,917
Tabcorp Holdings Ltd.		1,274,732		4,184,229
Tatts Group Ltd.		2,244,879		5,856,744
				21,771,124
INSURANCE — 6.25%
AMP Ltd.		4,545,838		19,175,489
Insurance Australia Group Ltd.		3,598,905		12,935,817
Medibank Pvt Ltd.a		4,232,719		6,991,830
QBE Insurance Group Ltd.		2,104,278		19,692,124
Suncorp Group Ltd.		1,977,415		17,986,224
				76,781,484

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Continued)

iSHARES^® MSCI AUSTRALIA ETF

August 31, 2015

Security	Shares		Value
IT SERVICES — 0.42%
Computershare Ltd.		726,617	$	5,099,837
				5,099,837
MEDIA — 0.19%
REA Group Ltd.		80,970		2,371,346
				2,371,346
METALS & MINING — 11.38%
Alumina Ltd.		3,881,652		3,604,985
BHP Billiton Ltd.		4,936,145		88,116,888
Fortescue Metals Group Ltd.b		2,392,798		3,240,074
Iluka Resources Ltd.		643,507		3,389,671
Newcrest Mining Ltd.a		1,178,075		9,354,196
Rio Tinto Ltd.		652,168		23,251,803
South32 Ltd.a		8,182,263		8,817,238
				139,774,855
MULTI-UTILITIES — 1.01%
AGL Energy Ltd.		1,036,959		12,416,716
				12,416,716
MULTILINE RETAIL — 0.22%
Harvey Norman Holdings Ltd.		853,436		2,625,888
				2,625,888
OIL, GAS & CONSUMABLE FUELS — 4.16%
Caltex Australia Ltd.		414,970		9,378,870
Origin Energy Ltd.		1,705,325		9,986,257
Santos Ltd.		1,542,045		5,608,283
Woodside Petroleum Ltd.		1,139,664		26,064,939
				51,038,349
PROFESSIONAL SERVICES — 0.36%
Seek Ltd.		502,353		4,394,806
				4,394,806
REAL ESTATE INVESTMENT TRUSTS (REITS) — 8.03%
Dexus Property Group		1,475,727		7,710,615
Federation Centres		5,171,550		10,375,826
Goodman Group		2,694,298		11,651,745
GPT Group (The)		2,731,772		8,695,735
Mirvac Group		5,683,007		7,050,692
Scentre Group		8,183,077		22,103,301
Stockland		3,629,798		10,061,778
Westfield Corp.		3,034,184		20,973,072
				98,622,764
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.68%
Lend Lease Group		847,517		8,375,808
				8,375,808

Security	Shares		Value
ROAD & RAIL — 1.67%
Asciano Ltd.		1,499,098	$	9,023,047
Aurizon Holdings Ltd.		3,261,419		11,468,426
				20,491,473
TRANSPORTATION INFRASTRUCTURE — 2.20%
Sydney Airport		1,669,024		6,803,712
Transurban Group		2,942,394		20,192,575
				26,996,287
TOTAL COMMON STOCKS
(Cost: $1,644,489,387)				1,213,205,355
SHORT-TERM INVESTMENTS — 0.48%
MONEY MARKET FUNDS — 0.48%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		5,512,337		5,512,337
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		316,546		316,546
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		111,757		111,757
				5,940,640
TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,940,640)				5,940,640
TOTAL INVESTMENTS IN SECURITIES — 99.27%
(Cost: $1,650,430,027)				1,219,145,995
Other Assets, Less Liabilities — 0.73%				8,917,185
NET ASSETS — 100.00%			$	1,228,063,180

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

18 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI AUSTRALIA ETF

August 31, 2015

Open futures contracts as of August 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
ASX SPI 200 Index		161		Sep. 2015		Sydney Futures	$	14,744,154	$	(307,229)

See notes to financial statements.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments

iSHARES^® MSCI CANADA ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.71%
AEROSPACE & DEFENSE — 0.44%
Bombardier Inc. Class Ba		3,438,232	$	3,333,574
CAE Inc.		474,082		5,148,805
				8,482,379
AUTO COMPONENTS — 1.85%
Magna International Inc. Class A		730,847		35,660,719
				35,660,719
BANKS — 25.86%
Bank of Montreal		1,158,140		61,802,285
Bank of Nova Scotia (The)		2,095,885		94,862,228
Canadian Imperial Bank of Commerce/Canada		710,167		51,609,205
National Bank of Canada		591,176		19,239,324
Royal Bank of Canada		2,573,026		141,830,685
Toronto-Dominion Bank (The)		3,297,744		130,075,615
				499,419,342
CAPITAL MARKETS — 0.79%
CI Financial Corp.		428,358		10,125,411
IGM Financial Inc.		180,608		5,110,779
				15,236,190
CHEMICALS — 3.61%
Agrium Inc.		241,948		24,842,177
Methanex Corp.		163,014		6,596,523
Potash Corp. of Saskatchewan Inc.		1,484,383		38,222,444
				69,661,144
CONSTRUCTION & ENGINEERING — 0.42%
SNC-Lavalin Group Inc.		271,529		8,061,177
				8,061,177
DIVERSIFIED FINANCIAL SERVICES — 0.48%
Onex Corp.		154,217		9,284,315
				9,284,315
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.14%
BCE Inc.		257,621		10,300,967
TELUS Corp.		365,271		11,816,057
				22,117,024
ELECTRIC UTILITIES — 0.68%
Fortis Inc./Canada		492,940		13,222,870
				13,222,870
FOOD & STAPLES RETAILING — 4.17%
Alimentation Couche-Tard Inc. Class B		745,333		31,230,601

Security	Shares		Value
Empire Co. Ltd. Class A		99,945	$	6,622,436
George Weston Ltd.		91,337		7,484,073
Jean Coutu Group PJC Inc. (The) Class A		147,593		2,244,124
Loblaw Companies Ltd.		404,223		21,333,739
Metro Inc.		444,387		11,603,160
				80,518,133
FOOD PRODUCTS — 0.53%
Saputo Inc.		454,249		10,344,791
				10,344,791
HOTELS, RESTAURANTS & LEISURE — 0.71%
Restaurant Brands International Inc.		360,055		13,660,711
				13,660,711
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.13%
TransAlta Corp.		493,281		2,439,526
				2,439,526
INSURANCE — 8.74%
Fairfax Financial Holdings Ltd.		38,312		17,615,745
Great-West Lifeco Inc.		535,086		13,524,947
Industrial Alliance Insurance & Financial Services Inc.		180,639		5,704,961
Intact Financial Corp.		234,794		16,067,639
Manulife Financial Corp.		3,508,797		56,383,375
Power Corp. of Canada		665,208		14,399,091
Power Financial Corp.		447,707		10,882,258
Sun Life Financial Inc.		1,090,196		34,266,815
				168,844,831
IT SERVICES — 0.76%
CGI Group Inc. Class Aa,b		400,635		14,634,243
				14,634,243
MEDIA — 1.98%
Shaw Communications Inc. Class B		711,450		14,132,750
Thomson Reuters Corp.		628,712		24,184,502
				38,317,252
METALS & MINING — 4.85%
Agnico Eagle Mines Ltd.		383,934		9,297,522
Barrick Gold Corp.		2,074,271		14,264,998
Eldorado Gold Corp.		1,275,302		3,766,957
First Quantum Minerals Ltd.		1,227,308		6,327,947
Franco-Nevada Corp.		278,194		11,918,120
Goldcorp Inc.		1,475,446		20,238,173

20 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI CANADA ETF

August 31, 2015

Security	Shares		Value
Kinross Gold Corp.b		2,037,015	$	3,597,884
Silver Wheaton Corp.		719,131		8,718,213
Teck Resources Ltd. Class B		1,010,903		7,180,033
Turquoise Hill Resources Ltd.b		1,790,425		5,301,973
Yamana Gold Inc.		1,674,713		3,109,012
				93,720,832
MULTI-UTILITIES — 0.52%
Atco Ltd./Canada Class I		136,282		4,066,438
Canadian Utilities Ltd. Class A		219,474		5,999,451
				10,065,889
MULTILINE RETAIL — 1.27%
Canadian Tire Corp. Ltd. Class A		131,460		12,271,576
Dollarama Inc.		219,018		12,365,751
				24,637,327
OIL, GAS & CONSUMABLE FUELS — 20.81%
AltaGas Ltd.		239,180		6,502,173
ARC Resources Ltd.		603,409		8,970,635
Baytex Energy Corp.		365,360		2,089,733
Cameco Corp.		705,110		9,809,535
Canadian Natural Resources Ltd.		1,947,204		43,393,159
Canadian Oil Sands Ltd.		862,402		4,990,977
Cenovus Energy Inc.		1,474,636		21,135,895
Crescent Point Energy Corp.		884,558		11,222,352
Enbridge Inc.		1,523,815		62,269,689
Encana Corp.		1,495,777		11,051,100
Enerplus Corp.		368,312		2,319,770
Husky Energy Inc.		614,593		10,822,934
Imperial Oil Ltd.		529,487		18,485,285
Inter Pipeline Ltd.		594,831		12,607,467
Keyera Corp.		300,721		9,126,730
MEG Energy Corp.b		278,916		2,477,856
Paramount Resources Ltd. Class Aa,b		113,228		1,198,234
Pembina Pipeline Corp.		605,291		16,605,127
Peyto Exploration & Development Corp.		267,880		6,277,714
PrairieSky Royalty Ltd.		252,456		5,229,378
Suncor Energy Inc.		2,572,100		72,030,399
Tourmaline Oil Corp.a,b		318,374		7,968,323
TransCanada Corp.		1,261,482		43,518,996
Veresen Inc.		512,205		5,231,767
Vermilion Energy Inc.		193,902		6,642,655
				401,977,883

Security	Shares		Value
PAPER & FOREST PRODUCTS — 0.24%
West Fraser Timber Co. Ltd.		123,143	$	4,741,538
				4,741,538
PHARMACEUTICALS — 6.87%
Valeant Pharmaceuticals International Inc.b		578,667		132,647,612
				132,647,612
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.46%
H&R REIT		241,601		3,749,764
RioCan REIT		276,837		5,058,179
				8,807,943
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.61%
Brookfield Asset Management Inc. Class A		1,536,771		47,829,904
First Capital Realty Inc.		197,550		2,582,033
				50,411,937
ROAD & RAIL — 6.13%
Canadian National Railway Co.		1,429,069		78,633,703
Canadian Pacific Railway Ltd.		277,422		39,844,096
				118,477,799
SOFTWARE — 1.25%
Constellation Software Inc./Canada		33,932		14,338,151
Open Text Corp.		217,804		9,768,030
				24,106,181
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.35%
BlackBerry Ltd.a,b		893,905		6,705,127
				6,705,127
TEXTILES, APPAREL & LUXURY GOODS — 0.66%
Gildan Activewear Inc.		409,410		12,708,480
				12,708,480
TRADING COMPANIES & DISTRIBUTORS — 0.27%
Finning International Inc.		307,414		5,154,759
				5,154,759
WIRELESS TELECOMMUNICATION SERVICES — 1.13%
Rogers Communications Inc. Class B		644,387		21,750,786
				21,750,786
TOTAL COMMON STOCKS
(Cost: $2,704,084,804)				1,925,818,740

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Continued)

iSHARES^® MSCI CANADA ETF

August 31, 2015

Security	Shares		Value
SHORT-TERM INVESTMENTS — 1.12%
MONEY MARKET FUNDS — 1.12%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		20,353,731	$	20,353,731
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		1,168,811		1,168,811
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		163,293		163,293
				21,685,835
TOTAL SHORT-TERM INVESTMENTS
(Cost: $21,685,835)				21,685,835
TOTAL INVESTMENTS IN SECURITIES — 100.83%
(Cost: $2,725,770,639)				1,947,504,575
Other Assets, Less Liabilities — (0.83)%				(16,050,483	)
NET ASSETS — 100.00%			$	1,931,454,092

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

Open futures contracts as of August 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
S&P/TSX 60 Index		43		Sep. 2015		Montreal	$	5,262,127	$	(140,053)

See notes to financial statements.

22 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI JAPAN ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.72%
AIR FREIGHT & LOGISTICS — 0.27%
Yamato Holdings Co. Ltd.		2,626,000	$	51,280,513
				51,280,513
AIRLINES — 0.27%
ANA Holdings Inc.		7,878,000		23,136,363
Japan Airlines Co. Ltd.		787,800		28,050,972
				51,187,335
AUTO COMPONENTS — 3.16%
Aisin Seiki Co. Ltd.		1,313,200		47,463,102
Bridgestone Corp.		4,464,200		149,838,128
Denso Corp.		3,413,800		152,935,761
Koito Manufacturing Co. Ltd.		787,800		27,043,347
NGK Spark Plug Co. Ltd.		1,050,400		25,847,199
NHK Spring Co. Ltd.		1,050,400		10,175,926
NOK Corp.		787,800		19,502,414
Stanley Electric Co. Ltd.		852,600		16,624,944
Sumitomo Electric Industries Ltd.		5,252,000		72,245,608
Sumitomo Rubber Industries Ltd.		1,313,000		18,613,970
Toyoda Gosei Co. Ltd.		525,200		10,301,608
Toyota Industries Corp.		1,050,400		52,266,468
Yokohama Rubber Co. Ltd. (The)		77,000		1,513,504
				604,371,979
AUTOMOBILES — 10.50%
Daihatsu Motor Co. Ltd.		1,050,400		12,854,258
Fuji Heavy Industries Ltd.		3,939,000		138,808,429
Honda Motor Co. Ltd.		11,029,200		348,027,073
Isuzu Motors Ltd.		3,939,000		44,904,307
Mazda Motor Corp.		3,676,400		63,419,682
Mitsubishi Motors Corp.		4,464,200		34,296,078
Nissan Motor Co. Ltd.		16,806,400		152,136,162
Suzuki Motor Corp.		2,626,000		89,483,575
Toyota Motor Corp.		18,382,000		1,090,921,682
Yamaha Motor Co. Ltd.		1,838,200		35,539,898
				2,010,391,144
BANKS — 9.50%
Aozora Bank Ltd.		7,878,000		28,863,572
Bank of Kyoto Ltd. (The)		2,626,000		28,538,532
Bank of Yokohama Ltd. (The)		7,878,000		48,261,973
Chiba Bank Ltd. (The)		5,252,000		38,354,747

Security	Shares		Value
Chugoku Bank Ltd. (The)		525,200	$	7,796,632
Fukuoka Financial Group Inc.		5,258,000		26,163,090
Gunma Bank Ltd. (The)		2,626,000		17,573,842
Hachijuni Bank Ltd. (The)		2,626,000		18,158,914
Hiroshima Bank Ltd. (The)		2,626,000		14,865,173
Hokuhoku Financial Group Inc.		7,878,000		17,812,204
Iyo Bank Ltd. (The)		2,100,800		23,576,251
Joyo Bank Ltd. (The)		5,252,000		28,126,814
Mitsubishi UFJ Financial Group Inc.		85,870,280		566,941,544
Mizuho Financial Group Inc.		155,459,280		319,038,849
Resona Holdings Inc.		14,705,600		74,483,618
Seven Bank Ltd.		4,201,600		17,959,556
Shinsei Bank Ltd.		10,504,000		22,709,477
Shizuoka Bank Ltd. (The)		3,382,000		35,721,913
Sumitomo Mitsui Financial Group Inc.		8,665,800		354,969,932
Sumitomo Mitsui Trust Holdings Inc.		23,634,320		97,747,421
Suruga Bank Ltd.		1,575,600		30,241,743
Yamaguchi Financial Group Inc.		138,000		1,705,855
				1,819,611,652
BEVERAGES — 1.05%
Asahi Group Holdings Ltd.		2,626,000		86,731,568
Kirin Holdings Co. Ltd.		5,514,600		81,091,036
Suntory Beverage & Food Ltd.		787,800		33,349,127
				201,171,731
BUILDING PRODUCTS — 1.14%
Asahi Glass Co. Ltd.		7,878,000		46,870,801
Daikin Industries Ltd.		1,575,600		94,105,647
LIXIL Group Corp.		1,838,200		37,951,697
TOTO Ltd.		2,626,000		38,744,795
				217,672,940
CAPITAL MARKETS — 1.28%
Daiwa Securities Group Inc.		10,504,000		72,999,701
Nomura Holdings Inc.		24,159,200		152,728,169
SBI Holdings Inc./Japan		1,575,610		19,190,497
				244,918,367
CHEMICALS — 3.62%
Air Water Inc.		143,000		2,288,047
Asahi Kasei Corp.		7,878,000		62,953,791
Daicel Corp.		2,626,000		34,714,296
Hitachi Chemical Co. Ltd.		787,800		12,130,501

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN ETF

August 31, 2015

Security	Shares		Value
JSR Corp.		1,313,000	$	20,672,559
Kaneka Corp.		2,626,000		21,300,970
Kansai Paint Co. Ltd.		398,000		6,220,341
Kuraray Co. Ltd.		2,363,400		27,985,964
Mitsubishi Chemical Holdings Corp.		9,191,000		52,384,567
Mitsubishi Gas Chemical Co. Inc.		2,626,000		12,828,254
Mitsui Chemicals Inc.		5,252,000		17,812,205
Nippon Paint Holdings Co. Ltd.		961,400		19,801,579
Nitto Denko Corp.		1,050,400		70,832,766
Shin-Etsu Chemical Co. Ltd.		2,888,600		159,059,519
Sumitomo Chemical Co. Ltd.		10,504,000		52,353,146
Taiyo Nippon Sanso Corp.		876,800		10,751,535
Teijin Ltd.		5,252,000		16,728,737
Toray Industries Inc.		10,504,000		92,918,166
				693,736,943
COMMERCIAL SERVICES & SUPPLIES — 0.89%
Dai Nippon Printing Co. Ltd.		2,626,000		27,054,182
Park24 Co. Ltd.		787,800		15,471,915
Secom Co. Ltd.		1,313,000		84,109,576
Toppan Printing Co. Ltd.		5,252,000		43,642,068
				170,277,741
CONSTRUCTION & ENGINEERING — 1.01%
JGC Corp.		860,000		12,582,250
Kajima Corp.		5,252,000		29,556,991
Obayashi Corp.		5,252,000		45,505,632
Shimizu Corp.		5,252,000		51,443,033
Taisei Corp.		7,878,000		53,436,614
				192,524,520
CONSTRUCTION MATERIALS — 0.14%
Taiheiyo Cement Corp.		7,878,000		26,718,307
				26,718,307
CONSUMER FINANCE — 0.27%
Acom Co. Ltd.a		2,626,000		11,896,472
AEON Financial Service Co. Ltd.		787,870		17,917,809
Credit Saison Co. Ltd.		1,050,400		21,062,607
				50,876,888
CONTAINERS & PACKAGING — 0.09%
Toyo Seikan Group Holdings Ltd.		1,050,400		17,257,469
				17,257,469

Security	Shares		Value
DIVERSIFIED CONSUMER SERVICES — 0.07%
Benesse Holdings Inc.		525,200	$	13,955,060
				13,955,060
DIVERSIFIED FINANCIAL SERVICES — 1.03%
Japan Exchange Group Inc.		1,838,200		57,337,096
Mitsubishi UFJ Lease & Finance Co. Ltd.		3,939,000		19,047,357
ORIX Corp.		8,928,400		120,386,233
				196,770,686
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.99%
Nippon Telegraph & Telephone Corp.		4,989,400		190,604,673
				190,604,673
ELECTRIC UTILITIES — 1.75%
Chubu Electric Power Co. Inc.		4,464,200		69,199,981
Chugoku Electric Power Co. Inc. (The)		2,100,800		30,753,139
Hokuriku Electric Power Co.		1,050,400		15,185,880
Kansai Electric Power Co. Inc. (The)a		4,726,800		59,033,806
Kyushu Electric Power Co. Inc.a		2,888,600		34,467,266
Shikoku Electric Power Co. Inc.		1,050,400		16,442,702
Tohoku Electric Power Co. Inc.		3,151,200		43,295,358
Tokyo Electric Power Co. Inc.a,b		9,716,200		66,546,569
				334,924,701
ELECTRICAL EQUIPMENT — 1.41%
Fuji Electric Co. Ltd.		2,626,000		10,444,626
Mabuchi Motor Co. Ltd.		525,200		24,573,041
Mitsubishi Electric Corp.		13,130,000		131,207,905
Nidec Corp.		1,313,000		102,994,414
				269,219,986
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.71%
Alps Electric Co. Ltd.		1,050,400		32,980,749
Citizen Holdings Co. Ltd.		1,838,200		13,894,386
Hamamatsu Photonics KK		1,050,400		26,046,557
Hirose Electric Co. Ltd.		262,660		30,040,579
Hitachi High-Technologies Corp.		525,200		11,827,130
Hitachi Ltd.		34,138,000		192,064,104
IBIDEN Co. Ltd.		787,800		11,148,880
Keyence Corp.		287,626		133,838,595
Kyocera Corp.		2,100,800		103,232,776
Murata Manufacturing Co. Ltd.		1,313,000		190,148,533
Nippon Electric Glass Co. Ltd.		2,626,500		11,616,982

24 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN ETF

August 31, 2015

Security	Shares		Value
Omron Corp.		1,313,000	$	49,406,115
Shimadzu Corp.		430,000		6,333,705
TDK Corp.		787,800		49,081,074
Yaskawa Electric Corp.		1,838,200		21,084,276
Yokogawa Electric Corp.		1,575,600		18,540,295
				901,284,736
FOOD & STAPLES RETAILING — 1.79%
Aeon Co. Ltd.		4,201,600		63,135,814
FamilyMart Co. Ltd.		525,200		24,356,348
Lawson Inc.		525,200		37,531,311
Seven & I Holdings Co. Ltd.		4,989,480		217,802,114
				342,825,587
FOOD PRODUCTS — 1.61%
Ajinomoto Co. Inc.		3,508,000		77,333,185
Calbee Inc.		525,200		20,130,825
Kikkoman Corp.		736,000		23,716,467
MEIJI Holdings Co. Ltd.		525,228		85,598,490
NH Foods Ltd.		467,000		10,790,114
Nisshin Seifun Group Inc.		1,413,875		19,344,017
Nissin Foods Holdings Co. Ltd.		525,200		24,963,089
Toyo Suisan Kaisha Ltd.		415,000		15,581,549
Yakult Honsha Co. Ltd.		525,200		29,383,637
Yamazaki Baking Co. Ltd.		82,000		1,383,752
				308,225,125
GAS UTILITIES — 0.81%
Osaka Gas Co. Ltd.		13,130,000		53,371,605
Toho Gas Co. Ltd.		2,626,000		15,840,294
Tokyo Gas Co. Ltd.		15,756,000		86,239,673
				155,451,572
HEALTH CARE EQUIPMENT & SUPPLIES — 1.52%
Hoya Corp.		2,888,600		113,210,428
Olympus Corp.		1,575,900		57,608,095
Sysmex Corp.		1,050,400		63,794,562
Terumo Corp.		2,101,800		57,494,467
				292,107,552
HEALTH CARE PROVIDERS & SERVICES — 0.41%
Alfresa Holdings Corp.		1,050,400		19,190,375
Medipal Holdings Corp.		1,050,400		18,210,921
Miraca Holdings Inc.		525,200		22,579,461
Suzuken Co. Ltd./Aichi Japan		525,240		18,073,613
				78,054,370
HEALTH CARE TECHNOLOGY — 0.16%
M3 Inc.		1,313,000		30,467,104
				30,467,104

Security	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 0.44%
McDonald’s Holdings Co. Japan Ltd.b		525,200	$	11,571,432
Oriental Land Co. Ltd./Japan		1,313,000		72,494,806
				84,066,238
HOUSEHOLD DURABLES — 3.04%
Casio Computer Co. Ltd.b		1,575,600		30,345,756
Iida Group Holdings Co. Ltd.		1,050,480		18,619,722
Nikon Corp.		2,363,400		30,326,253
Panasonic Corp.		14,968,215		165,201,861
Rinnai Corp.		262,600		19,697,438
Sekisui Chemical Co. Ltd.		2,633,000		29,092,602
Sekisui House Ltd.		3,676,400		54,985,972
Sharp Corp./Japana,b		10,504,000		15,341,899
Sony Corp.a		8,403,200		219,259,136
				582,870,639
HOUSEHOLD PRODUCTS — 0.25%
Unicharm Corp.		2,363,400		47,800,416
				47,800,416
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.13%
Electric Power Development Co. Ltd.		787,800		24,703,057
				24,703,057
INDUSTRIAL CONGLOMERATES — 0.61%
Keihan Electric Railway Co. Ltd.		2,626,000		16,945,431
Seibu Holdings Inc.		787,800		17,305,142
Toshiba Corp.		26,260,000		83,210,298
				117,460,871
INSURANCE — 3.05%
Dai-ichi Life Insurance Co. Ltd. (The)		7,352,800		134,211,277
MS&AD Insurance Group Holdings Inc.		3,442,440		108,683,215
Sompo Japan Nipponkoa Holdings Inc.		2,228,050		73,964,972
Sony Financial Holdings Inc.		1,313,000		24,638,050
T&D Holdings Inc.		3,939,000		53,127,825
Tokio Marine Holdings Inc.		4,726,800		190,187,538
				584,812,877
INTERNET & CATALOG RETAIL — 0.47%
Rakuten Inc.		6,302,400		90,179,161
				90,179,161

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN ETF

August 31, 2015

Security	Shares		Value
INTERNET SOFTWARE & SERVICES — 0.34%
Kakaku.com Inc.		1,050,400	$	16,711,402
Mixi Inc.b		262,600		9,036,118
Yahoo Japan Corp.		9,716,200		39,366,705
				65,114,225
IT SERVICES — 0.81%
Fujitsu Ltd.		13,130,000		65,235,574
ITOCHU Techno-Solutions Corp.		525,200		11,571,432
Nomura Research Institute Ltd.		787,800		32,016,462
NTT Data Corp.		787,800		37,964,699
Otsuka Corp.		176,900		9,342,410
				156,130,577
LEISURE PRODUCTS — 0.78%
Bandai Namco Holdings Inc.		1,313,098		30,426,036
Sankyo Co. Ltd.		262,600		10,108,751
Sega Sammy Holdings Inc.		1,313,000		13,857,549
Shimano Inc.		525,200		70,772,092
Yamaha Corp.		1,050,400		24,078,980
				149,243,408
MACHINERY — 5.04%
Amada Holdings Co. Ltd.		2,626,000		23,034,518
FANUC Corp.		1,313,000		213,605,603
Hino Motors Ltd.		2,100,800		23,160,200
Hitachi Construction Machinery Co. Ltd.		787,800		11,441,416
IHI Corp.		7,878,000		24,443,025
JTEKT Corp.		1,575,600		22,219,750
Kawasaki Heavy Industries Ltd.		10,504,000		39,784,924
Komatsu Ltd.		6,302,400		104,766,966
Kubota Corp.		7,878,000		123,417,775
Kurita Water Industries Ltd.		787,800		16,421,032
Makita Corp.		787,800		44,660,527
Minebea Co. Ltd.		2,626,000		31,485,563
Mitsubishi Heavy Industries Ltd.		21,008,000		100,441,764
Nabtesco Corp.		787,800		15,738,448
NGK Insulators Ltd.		1,310,000		29,543,508
NSK Ltd.		3,151,200		38,848,808
SMC Corp./Japan		315,900		76,808,132
Sumitomo Heavy Industries Ltd.		2,626,000		11,441,416
THK Co. Ltd.		788,400		13,720,639
				964,984,014
MARINE — 0.26%
Mitsui OSK Lines Ltd.		7,878,000		22,232,751

Security	Shares		Value
Nippon Yusen KK		10,504,000	$	27,650,089
				49,882,840
MEDIA — 0.54%
Dentsu Inc.		1,313,000		67,391,674
Hakuhodo DY Holdings Inc.		1,838,200		18,414,612
Toho Co. Ltd./Tokyo		787,800		17,786,201
				103,592,487
METALS & MINING — 1.40%
Hitachi Metals Ltd.		471,000		5,977,621
JFE Holdings Inc.		3,413,850		53,031,090
Kobe Steel Ltd.		23,634,000		31,788,934
Maruichi Steel Tube Ltd.		262,600		6,695,829
Mitsubishi Materials Corp.		7,878,000		25,353,138
Nippon Steel & Sumitomo Metal Corp.		52,520,705		108,218,179
Sumitomo Metal Mining Co. Ltd.		2,914,000		37,054,701
				268,119,492
MULTILINE RETAIL — 0.90%
Don Quijote Holdings Co. Ltd.		787,800		30,618,790
Isetan Mitsukoshi Holdings Ltd.		2,363,460		37,874,649
J Front Retailing Co. Ltd.		1,575,600		25,600,168
Marui Group Co. Ltd.		1,575,600		19,086,362
Ryohin Keikaku Co. Ltd.		161,000		35,817,634
Takashimaya Co. Ltd.		2,626,000		22,752,816
				171,750,419
OIL, GAS & CONSUMABLE FUELS — 0.91%
Idemitsu Kosan Co. Ltd.		787,800		13,508,672
INPEX Corp.		6,565,000		66,199,860
JX Holdings Inc.		14,968,295		57,916,685
Showa Shell Sekiyu KK		1,313,000		11,235,557
TonenGeneral Sekiyu KK		2,626,000		26,219,912
				175,080,686
PAPER & FOREST PRODUCTS — 0.13%
Oji Holdings Corp.		5,252,000		24,356,348
				24,356,348
PERSONAL PRODUCTS — 1.21%
Kao Corp.		3,413,800		156,400,690
Kose Corp.		262,600		26,024,888
Shiseido Co. Ltd.		2,363,400		49,623,891
				232,049,469
PHARMACEUTICALS — 5.85%
Astellas Pharma Inc.		14,180,450		210,626,810
Chugai Pharmaceutical Co. Ltd.		1,575,600		58,962,297
Daiichi Sankyo Co. Ltd.		4,201,669		81,044,694

26 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN ETF

August 31, 2015

Security	Shares		Value
Eisai Co. Ltd.		1,838,200	$	125,504,533
Hisamitsu Pharmaceutical Co. Inc.		262,600		9,111,961
Kyowa Hakko Kirin Co. Ltd.		2,626,000		44,183,802
Mitsubishi Tanabe Pharma Corp.		1,313,000		23,532,913
Ono Pharmaceutical Co. Ltd.		525,200		67,088,303
Otsuka Holdings Co. Ltd.		2,626,000		89,613,591
Santen Pharmaceutical Co. Ltd.		2,626,000		41,063,415
Shionogi & Co. Ltd.		2,100,800		82,516,879
Sumitomo Dainippon Pharma Co. Ltd.		1,050,400		11,233,390
Taisho Pharmaceutical Holdings Co. Ltd.		262,600		17,032,108
Takeda Pharmaceutical Co. Ltd.		5,252,000		258,385,312
				1,119,900,008
PROFESSIONAL SERVICES — 0.13%
Recruit Holdings Co. Ltd.		787,800		24,248,001
				24,248,001
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.83%
Japan Prime Realty Investment Corp.		5,252		17,053,777
Japan Real Estate Investment Corp.		7,878		33,154,103
Japan Retail Fund Investment Corp.		15,766		29,090,049
Nippon Building Fund Inc.		10,504		44,205,471
Nippon Prologis REIT Inc.		7,902		14,377,943
United Urban Investment Corp.		15,756		20,776,572
				158,657,915
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.55%
Aeon Mall Co. Ltd.		787,800		13,294,145
Daito Trust Construction Co. Ltd.		525,200		57,510,451
Daiwa House Industry Co. Ltd.		3,939,000		96,894,492
Hulic Co. Ltd.		2,100,800		19,346,394
Mitsubishi Estate Co. Ltd.		8,184,000		176,193,885
Mitsui Fudosan Co. Ltd.		5,958,000		165,192,722
Nomura Real Estate Holdings Inc.		787,800		14,808,833
NTT Urban Development Corp.		787,800		7,365,412
Sumitomo Realty & Development Co. Ltd.		2,626,000		88,865,998
Tokyo Tatemono Co. Ltd.		1,270,500		15,977,572

Security	Shares		Value
Tokyu Fudosan Holdings Corp.		3,413,800	$	23,493,908
				678,943,812
ROAD & RAIL — 4.07%
Central Japan Railway Co.		1,050,400		172,357,998
East Japan Railway Co.		2,363,400		218,524,545
Hankyu Hanshin Holdings Inc.		7,878,000		47,325,857
Keikyu Corp.		2,630,000		21,159,797
Keio Corp.		5,252,000		39,438,215
Keisei Electric Railway Co. Ltd.		656,000		7,004,695
Kintetsu Group Holdings Co. Ltd.		10,771,000		38,485,316
Nagoya Railroad Co. Ltd.		5,252,000		20,932,591
Nippon Express Co. Ltd.		5,252,000		25,483,154
Odakyu Electric Railway Co. Ltd.		2,866,000		26,203,969
Tobu Railway Co. Ltd.		7,878,000		35,169,353
Tokyu Corp.		7,878,000		55,971,927
West Japan Railway Co.		1,050,400		70,971,450
				779,028,867
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.51%
Rohm Co. Ltd.		787,800		42,840,302
Tokyo Electron Ltd.		1,050,452		55,285,579
				98,125,881
SOFTWARE — 1.27%
COLOPL Inc.b		262,600		4,743,420
GungHo Online Entertainment Inc.b		2,888,600		8,700,243
Konami Corp.		787,800		17,318,143
Nexon Co. Ltd.		787,800		10,986,360
Nintendo Co. Ltd.		787,800		162,585,122
Oracle Corp. Japan		262,600		10,986,360
Trend Micro Inc./Japan		787,800		28,050,972
				243,370,620
SPECIALTY RETAIL — 1.42%
ABC-Mart Inc.		262,600		15,948,640
Fast Retailing Co. Ltd.		334,500		135,983,352
Nitori Holdings Co. Ltd.		525,200		41,821,842
Sanrio Co. Ltd.b		263,400		8,705,013
Shimamura Co. Ltd.		262,600		24,291,340
USS Co. Ltd.		1,575,600		28,005,466
Yamada Denki Co. Ltd.b		4,698,100		18,104,656
				272,860,309

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Continued)

iSHARES^® MSCI JAPAN ETF

August 31, 2015

Security	Shares		Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.80%
Brother Industries Ltd.		1,575,600	$	21,543,666
Canon Inc.		7,090,250		216,887,872
FUJIFILM Holdings Corp.		3,151,200		129,730,056
Konica Minolta Inc.		3,413,800		37,522,644
NEC Corp.		17,087,000		54,002,731
Ricoh Co. Ltd.		4,726,800		46,240,223
Seiko Epson Corp.		1,838,200		29,836,526
				535,763,718
TEXTILES, APPAREL & LUXURY GOODS — 0.16%
ASICS Corp.		1,050,400		30,770,475
				30,770,475
TOBACCO — 1.37%
Japan Tobacco Inc.		7,352,800		262,688,844
				262,688,844
TRADING COMPANIES & DISTRIBUTORS — 3.25%
ITOCHU Corp.		10,504,000		126,158,947
Marubeni Corp.		10,766,600		59,099,248
Mitsubishi Corp.		9,453,600		175,911,771
Mitsui & Co. Ltd.		11,554,400		150,502,293
Sumitomo Corp.		7,615,400		80,907,930
Toyota Tsusho Corp.		1,313,000		30,272,080
				622,852,269
TRANSPORTATION INFRASTRUCTURE — 0.19%
Japan Airport Terminal Co. Ltd.b		262,600		11,766,457
Kamigumi Co. Ltd.		2,626,000		22,016,058
Mitsubishi Logistics Corp.		242,000		2,921,533
				36,704,048
WIRELESS TELECOMMUNICATION SERVICES — 4.56%
KDDI Corp.		11,817,000		294,291,422
NTT DOCOMO Inc.		9,716,200		203,528,273

Security	Shares		Value
SoftBank Group Corp.		6,435,500	$	375,078,900
				872,898,595
TOTAL COMMON STOCKS (Cost: $20,030,843,197)				19,094,899,267
SHORT-TERM INVESTMENTS — 0.45%
MONEY MARKET FUNDS — 0.45%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		81,008,864		81,008,864
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		4,651,927		4,651,927
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		380,471		380,471
				86,041,262
TOTAL SHORT-TERM INVESTMENTS
(Cost: $86,041,262)				86,041,262
TOTAL INVESTMENTS IN SECURITIES — 100.17%
(Cost: $20,116,884,459)				19,180,940,529
Other Assets, Less Liabilities — (0.17)%				(33,138,156	)
NET ASSETS — 100.00%			$	19,147,802,373

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

Open futures contracts as of August 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
TOPIX Index		377		Sep. 2015		Tokyo Stock	$	47,706,358	$	(2,857,797)

See notes to financial statements.

28 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® MSCI MEXICO CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.62%
AIRLINES — 0.89%
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa,b		4,054,000	$	5,353,792
Grupo Aeromexico SAB de CVa,b		3,632,336		5,422,528
				10,776,320
BANKS — 11.22%
Banregio Grupo Financiero SAB de CVb		1,828,200		9,572,447
Grupo Financiero Banorte SAB de CV		14,749,278		70,678,751
Grupo Financiero Inbursa SAB de CV Series O		16,386,592		34,521,217
Grupo Financiero Santander Mexico SAB de CV Series B		13,232,550		20,597,986
				135,370,401
BEVERAGES — 11.13%
Arca Continental SAB de CV		2,980,929		16,974,241
Coca-Cola Femsa SAB de CV Series L		1,972,958		14,168,143
Fomento Economico Mexicano SAB de CV		11,231,010		99,961,343
Organizacion Cultiba SAB de CVb		2,714,100		3,207,426
				134,311,153
BUILDING PRODUCTS — 0.00%
Corp GEO SAB de CVa,b		15,588,128		9
Urbi Desarrollos Urbanos SAB de CVa,b		29,674,089		18
				27
CAPITAL MARKETS — 0.38%
Grupo Financiero Interacciones SA de CV Series Ob		815,200		4,627,402
				4,627,402
CHEMICALS — 1.62%
Mexichem SAB de CV		7,651,374		19,570,737
				19,570,737
CONSTRUCTION & ENGINEERING — 1.81%
Empresas ICA SAB de CVa,b		7,419,688		2,927,195
Promotora y Operadora de Infraestructura SAB de CVa		1,797,500		18,870,537
				21,797,732

Security	Shares		Value
CONSTRUCTION MATERIALS — 4.75%
Cemex SAB de CV CPOa		73,234,704	$	57,304,628
				57,304,628
CONSUMER FINANCE — 1.41%
Credito Real SAB de CV SOFOM ER		2,078,274		4,050,033
Gentera SAB de CVb		8,134,306		12,972,231
				17,022,264
DIVERSIFIED FINANCIAL SERVICES — 0.45%
Bolsa Mexicana de Valores SAB de CVb		3,578,587		5,402,003
				5,402,003
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.28%
Axtel SAB de CV CPOa,b		8,302,777		3,359,705
				3,359,705
FOOD & STAPLES RETAILING — 7.59%
Controladora Comercial Mexicana SAB de CV BC Units		3,608,055		10,284,462
Grupo Comercial Chedraui SA de CVb		2,883,000		7,171,420
Wal-Mart de Mexico SAB de CV		31,033,433		74,217,620
				91,673,502
FOOD PRODUCTS — 6.03%
Gruma SAB de CV Series B		1,422,800		19,088,244
Grupo Bimbo SAB de CVa		11,673,704		29,970,392
Grupo Herdez SAB de CVb		2,220,444		5,422,753
Grupo Lala SAB de CV		4,852,400		10,945,372
Industrias Bachoco SAB de CV Series B		1,553,400		7,341,157
				72,767,918
HOTELS, RESTAURANTS & LEISURE — 1.30%
Alsea SAB de CVb		3,888,466		11,962,015
Hoteles City Express SAB de CVa		2,947,800		3,775,222
				15,737,237
HOUSEHOLD DURABLES — 0.26%
Consorcio ARA SAB de CVa		9,019,319		3,117,524
				3,117,524
HOUSEHOLD PRODUCTS — 2.03%
Kimberly-Clark de Mexico SAB de CV Series A		10,950,554		24,504,964
				24,504,964

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Continued)

iSHARES^® MSCI MEXICO CAPPED ETF

August 31, 2015

Security	Shares		Value
INDUSTRIAL CONGLOMERATES — 4.83%
Alfa SAB de CV		19,744,851	$	39,289,665
Grupo Carso SAB de CV Series A1		4,200,433		19,049,639
				58,339,304
INSURANCE — 0.29%
Qualitas Controladora SAB de CVa,b		2,431,100		3,448,163
				3,448,163
MACHINERY — 0.27%
Grupo Rotoplas SAB de CVa		2,106,900		3,206,807
				3,206,807
MEDIA — 7.70%
Grupo Televisa SAB		14,830,897		90,549,785
TV Azteca SAB de CV CPOb		17,035,139		2,446,644
				92,996,429
METALS & MINING — 6.89%
Grupo Mexico SAB de CV Series B		22,222,386		56,218,134
Grupo Simec SAB de CV Series Ba,b		1,234,154		3,387,672
Industrias CH SAB de CV Series Ba,b		1,451,483		4,925,354
Industrias Penoles SAB de CV		1,039,993		14,776,825
Minera Frisco SAB de CV Series A1a,b		6,907,903		3,845,043
				83,153,028
MULTILINE RETAIL — 1.57%
El Puerto de Liverpool SAB de CV Series C1		1,391,795		16,578,784
Grupo Famsa SAB de CV Series Aa,b		3,897,021		2,322,420
				18,901,204
PHARMACEUTICALS — 0.48%
Genomma Lab Internacional SAB de CV Series Ba		7,168,693		5,797,328
				5,797,328
REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.49%
Concentradora Fibra Hotelera Mexicana SA de CVb		4,391,100		4,179,134
Fibra Shop Portafolios Inmobiliarios SAPI de CVb		3,928,495		3,743,542

Security	Shares		Value
Fibra Uno Administracion SA de CV		16,477,900	$	35,243,852
Mexico Real Estate Management SA de CV		6,518,300		8,841,270
PLA Administradora Industrial S. de RL de CV		4,900,000		9,145,888
Prologis Property Mexico SA de CV		3,282,400		5,093,784
				66,247,470
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.60%
Corp Inmobiliaria Vesta SAB de CVb		4,686,849		7,250,930
				7,250,930
TRANSPORTATION INFRASTRUCTURE — 4.85%
Grupo Aeroportuario del Centro Norte SAB de CV		1,765,592		9,234,109
Grupo Aeroportuario del Pacifico SAB de CV Series B		2,275,049		19,032,859
Grupo Aeroportuario del Sureste SAB de CV Series B		1,497,765		21,761,330
OHL Mexico SAB de CVa		6,382,600		8,474,632
				58,502,930
WIRELESS TELECOMMUNICATION SERVICES — 15.50%
America Movil SAB de CV		205,588,018		187,087,547
				187,087,547
TOTAL COMMON STOCKS (Cost: $1,654,526,830)				1,202,274,657
SHORT-TERM INVESTMENTS — 3.71%
MONEY MARKET FUNDS — 3.71%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		41,442,142		41,442,142
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		2,379,811		2,379,811
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		982,115		982,115
				44,804,068
TOTAL SHORT-TERM INVESTMENTS
(Cost: $44,804,068)				44,804,068

30 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI MEXICO CAPPED ETF

August 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 103.33%
(Cost: $1,699,330,898)	$	1,247,078,725
Other Assets, Less Liabilities — (3.33)%		(40,136,422	)
NET ASSETS — 100.00%	$	1,206,942,303

CPO  —  Certificates of Participation (Ordinary)

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

^e  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 31

Schedule of Investments

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

August 31, 2015

Security	Shares		Value
COMMON STOCKS — 96.12%
AEROSPACE & DEFENSE — 0.72%
Korea Aerospace Industries Ltd.		290,877	$	22,699,595
				22,699,595
AIR FREIGHT & LOGISTICS — 0.51%
Hyundai Glovis Co. Ltd.		110,034		16,001,562
				16,001,562
AIRLINES — 0.23%
Korean Air Lines Co. Ltd.a		260,628		7,337,909
				7,337,909
AUTO COMPONENTS — 3.49%
Hankook Tire Co. Ltd.		504,596		15,763,959
Hanon Systemsb		270,078		8,300,431
Hyundai Mobis Co. Ltd.		436,580		76,223,860
Hyundai Wia Corp.		112,941		9,978,723
				110,266,973
AUTOMOBILES — 6.12%
Hyundai Motor Co.		982,065		123,718,187
Kia Motors Corp.		1,690,041		69,587,822
				193,306,009
BANKS — 8.62%
BNK Financial Group Inc.		1,466,121		17,230,253
DGB Financial Group Inc.		1,169,267		10,281,443
Hana Financial Group Inc.		1,903,657		43,778,880
Industrial Bank of Koreab		1,698,780		18,959,117
KB Financial Group Inc.		2,475,421		74,927,138
Shinhan Financial Group Co. Ltd.		2,725,854		91,149,885
Woori Bank		2,098,661		16,182,446
				272,509,162
BUILDING PRODUCTS — 0.42%
KCC Corp.		39,936		13,252,911
				13,252,911
CAPITAL MARKETS — 1.83%
Daewoo Securities Co. Ltd.		1,233,655		12,933,690
Korea Investment Holdings Co. Ltd.		265,665		15,678,222
Mirae Asset Securities Co. Ltd.		183,568		6,060,732
NH Investment & Securities Co. Ltd.		1,017,291		8,351,634
Samsung Securities Co. Ltd.		390,406		14,919,764
				57,944,042

Security	Shares		Value
CHEMICALS — 4.21%
Hanwha Chemical Corp.b		738,898	$	11,338,828
Hanwha Corp.		315,029		11,226,779
Hyosung Corp.		154,238		16,692,001
Kumho Petrochemical Co. Ltd.b		106,152		4,918,309
LG Chem Ltd.		298,642		59,084,530
Lotte Chemical Corp.		103,085		21,527,791
OCI Co. Ltd.b		121,331		8,381,097
				133,169,335
COMMERCIAL SERVICES & SUPPLIES — 0.84%
KEPCO Plant Service & Engineering Co. Ltd.		148,302		15,798,818
S-1 Corp.		134,994		10,717,342
				26,516,160
CONSTRUCTION & ENGINEERING — 1.79%
Daelim Industrial Co. Ltd.b		195,992		11,152,198
Daewoo Engineering & Construction Co. Ltd.a,b		857,568		4,618,650
GS Engineering & Construction Corp.a,b		369,158		7,600,082
Hyundai Development Co. Engineering & Constructionb		379,658		19,227,659
Hyundai Engineering & Construction Co. Ltd.		499,104		14,009,938
				56,608,527
CONSUMER FINANCE — 0.25%
Samsung Card Co. Ltd.		256,135		7,850,259
				7,850,259
DISTRIBUTORS — 1.09%
Samsung C&T Corp.		849,106		34,531,387
				34,531,387
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.62%
KT Corp.a		242,029		5,903,645
LG Uplus Corp.		1,466,302		13,637,136
				19,540,781
ELECTRIC UTILITIES — 2.12%
Korea Electric Power Corp.		1,647,771		66,872,127
				66,872,127
ELECTRICAL EQUIPMENT — 0.32%
Doosan Heavy Industries & Construction Co. Ltd.		368,959		5,739,882
LS Industrial Systems Co. Ltd.		120,758		4,410,692
				10,150,574

32 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

August 31, 2015

Security	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.65%
LG Display Co. Ltd.		1,527,147	$	29,761,774
LG Innotek Co. Ltd.b		96,547		7,501,729
Samsung Electro-Mechanics Co. Ltd.b		400,597		20,559,068
Samsung SDI Co. Ltd.		363,668		25,981,776
				83,804,347
FOOD & STAPLES RETAILING — 1.05%
BGF retail Co. Ltd.		19,910		3,391,981
Dongsuh Cos. Inc.		86,751		3,285,939
E-Mart Co. Ltd.		137,628		26,588,880
				33,266,800
FOOD PRODUCTS — 1.43%
CJ CheilJedang Corp.b		53,160		17,663,817
Lotte Confectionery Co. Ltd.		5,176		8,524,919
Orion Corp./Republic of Korea		24,062		18,981,058
				45,169,794
GAS UTILITIES — 0.22%
Korea Gas Corp.		207,250		7,052,896
				7,052,896
HOTELS, RESTAURANTS & LEISURE — 1.09%
Kangwon Land Inc.		773,744		27,835,813
Paradise Co. Ltd.a,b		348,995		6,727,614
				34,563,427
HOUSEHOLD DURABLES — 2.09%
Coway Co. Ltd.		355,717		25,383,652
Hanssem Co. Ltd.		52,963		14,262,283
LG Electronics Inc.		702,429		26,428,316
				66,074,251
HOUSEHOLD PRODUCTS — 1.30%
LG Household & Health Care Ltd.b		60,832		41,249,008
				41,249,008
INDUSTRIAL CONGLOMERATES — 4.17%
Cheil Industries Inc.a,b		135,857		20,446,033
CJ Corp.		96,574		23,474,974
Doosan Corp.		60,431		5,262,645
LG Corp.		621,659		30,590,195
SK Holdings Co. Ltd.		227,499		51,933,824
				131,707,671
INSURANCE — 4.04%
Dongbu Insurance Co. Ltd.		292,574		13,159,955

Security	Shares		Value
Hanwha Life Insurance Co. Ltd.		1,530,346	$	10,286,409
Hyundai Marine & Fire Insurance Co. Ltd.		441,764		10,458,163
Samsung Fire & Marine Insurance Co. Ltd.		222,429		50,682,406
Samsung Life Insurance Co. Ltd.		518,383		43,083,533
				127,670,466
INTERNET SOFTWARE & SERVICES — 3.01%
Daum Kakao Corp.b		175,131		19,974,781
NAVER Corp.		179,465		75,184,872
				95,159,653
IT SERVICES — 1.23%
Samsung SDS Co. Ltd.		178,702		38,754,651
				38,754,651
MACHINERY — 1.32%
Daewoo Shipbuilding & Marine Engineering Co. Ltd.b		754,991		4,295,996
Doosan Infracore Co. Ltd.a,b		1,015,878		5,737,531
Hyundai Heavy Industries Co. Ltd.a,b		278,421		21,539,228
Samsung Heavy Industries Co. Ltd.b		1,053,672		10,022,245
				41,595,000
MARINE — 0.15%
Hyundai Merchant Marine Co. Ltd.a,b		670,299		4,817,198
				4,817,198
MEDIA — 0.27%
Cheil Worldwide Inc.a,b		580,409		8,538,674
				8,538,674
METALS & MINING — 3.74%
Hyundai Steel Co.		530,027		23,706,133
Korea Zinc Co. Ltd.		56,248		24,396,723
POSCO		435,673		69,987,630
				118,090,486
MULTILINE RETAIL — 1.29%
Hyundai Department Store Co. Ltd.		104,981		13,358,394
Lotte Shopping Co. Ltd.		75,042		16,972,086
Shinsegae Co. Ltd.		49,039		10,386,193
				40,716,673
OIL, GAS & CONSUMABLE FUELS — 2.01%
GS Holdings Corp.		351,345		13,798,330

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Continued)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

August 31, 2015

Security	Shares		Value
S-Oil Corp.		306,902	$	15,568,903
SK Innovation Co. Ltd.a		406,256		34,314,077
				63,681,310
PERSONAL PRODUCTS — 2.94%
AmorePacific Corp.		206,699		66,147,175
AmorePacific Group		184,178		26,783,865
				92,931,040
PHARMACEUTICALS — 1.40%
Celltrion Inc.a,b		419,105		25,158,702
Hanmi Pharm Co. Ltd.a,b		10,659		3,920,241
Hanmi Science Co. Ltd.a		26,403		3,571,744
Yuhan Corp.		54,666		11,485,522
				44,136,209
ROAD & RAIL — 0.24%
CJ Korea Express Co. Ltd.a,b		50,757		7,638,762
				7,638,762
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.56%
SK Hynix Inc.		3,714,660		112,436,971
				112,436,971
SOFTWARE — 0.60%
NCsoft Corp.		103,020		19,031,807
				19,031,807
SPECIALTY RETAIL — 0.71%
Hotel Shilla Co. Ltd.b		221,587		22,575,551
				22,575,551
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 19.56%
Samsung Electronics Co. Ltd.		671,430		618,209,486
				618,209,486
TOBACCO — 2.09%
KT&G Corp.		705,564		65,918,260
				65,918,260
TRADING COMPANIES & DISTRIBUTORS — 0.35%
Daewoo International Corp.		338,820		6,245,002
SK Networks Co. Ltd.		880,497		4,891,030
				11,136,032
WIRELESS TELECOMMUNICATION SERVICES — 0.43%
SK Telecom Co. Ltd.		66,462		13,711,036
				13,711,036
TOTAL COMMON STOCKS
(Cost: $2,011,298,868)				3,038,194,772

Security	Shares		Value
PREFERRED STOCKS — 3.71%
AUTOMOBILES — 1.09%
Hyundai Motor Co.b		163,466	$	13,406,216
Hyundai Motor Co. Series 2		249,771		21,117,819
				34,524,035
CHEMICALS — 0.26%
LG Chem Ltd.		56,196		8,219,749
				8,219,749
PERSONAL PRODUCTS — 0.12%
AmorePacific Corp.		23,896		3,687,186
				3,687,186
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.24%
Samsung Electronics Co. Ltd.		96,425		70,927,711
				70,927,711
TOTAL PREFERRED STOCKS
(Cost: $106,470,398)				117,358,681
SHORT-TERM INVESTMENTS — 6.41%
MONEY MARKET FUNDS — 6.41%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%c,d,e		189,155,862		189,155,862
BlackRock Cash Funds: Prime, SL Agency Shares
0.18%c,d,e		10,862,260		10,862,260
BlackRock Cash Funds: Treasury, SL Agency Shares
0.03%c,d		2,602,779		2,602,779
				202,620,901
TOTAL SHORT-TERM INVESTMENTS
(Cost: $202,620,901)				202,620,901
TOTAL INVESTMENTS IN SECURITIES — 106.24%
(Cost: $2,320,390,167)				3,358,174,354
Other Assets, Less Liabilities — (6.24)%				(197,220,045	)
NET ASSETS — 100.00%			$	3,160,954,309

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

34 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^® , INC.

August 31, 2015

	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF
ASSETS
Investments, at cost:
Unaffiliated	$	1,644,489,387		$	2,704,084,804		$	20,030,843,197
Affiliated (Note 2)		5,940,640			21,685,835			86,041,262
Total cost of investments	$	1,650,430,027		$	2,725,770,639		$	20,116,884,459
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,213,205,355		$	1,925,818,740		$	19,094,899,267
Affiliated (Note 2)		5,940,640			21,685,835			86,041,262
Total fair value of investments		1,219,145,995			1,947,504,575			19,180,940,529
Foreign currency, at valueb		3,659,533			6,320,941			33,851,587
Foreign currency pledged to broker, at valueb		956,683			553,141			6,058,853
Receivables:
Investment securities sold		1,675,488			4,035,069			95,369,867
Due from custodian (Note 4)		1,829,619			—			—
Dividends and interest		10,774,466			2,920,029			18,774,384
Capital shares sold		180,153			—			9,146,132
Total Assets		1,238,221,937			1,961,333,755			19,344,141,352
LIABILITIES
Payables:
Investment securities purchased		3,441,924			6,933,510			95,225,618
Collateral for securities on loan (Note 1)		5,828,883			21,522,542			85,660,791
Capital shares redeemed		—			467,090			4,608,607
Futures variation margin		307,229			140,053			2,857,797
Securities related to in-kind transactions (Note 4)		37,250			—			—
Investment advisory fees (Note 2)		543,471			816,468			7,986,166
Total Liabilities		10,158,757			29,879,663			196,338,979
NET ASSETS	$	1,228,063,180		$	1,931,454,092		$	19,147,802,373
Net assets consist of:
Paid-in capital	$	1,895,793,902		$	3,125,812,051		$	21,136,782,806
Undistributed (distributions in excess of) net investment income		6,449,210			415,638			(21,895,543	)
Accumulated net realized loss		(242,251,289	)		(416,223,279	)		(1,029,172,144	)
Net unrealized depreciation		(431,928,643	)		(778,550,318	)		(937,912,746	)
NET ASSETS	$	1,228,063,180		$	1,931,454,092		$	19,147,802,373
Shares outstandingc		65,800,000			80,400,000			1,575,600,000
Net asset value per share	$	18.66		$	24.02		$	12.15

^a  Securities on loan with values of $5,481,119, $20,765,824 and $81,205,932, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker, if any: $4,696,624, $6,985,879 and $39,258,033, respectively.

^c  $0.001 par value, number of shares authorized: 627.8 million, 340.2 million and 2.5246 billion, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 35

Statements of Assets and Liabilities (Continued)

iSHARES^®, INC.

August 31, 2015

	iShares MSCI Mexico Capped ETF			iShares MSCI South Korea Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	1,654,526,830		$	2,117,769,266
Affiliated (Note 2)		44,804,068			202,620,901
Total cost of investments	$	1,699,330,898		$	2,320,390,167
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,202,274,657		$	3,155,553,453
Affiliated (Note 2)		44,804,068			202,620,901
Total fair value of investments		1,247,078,725			3,358,174,354
Foreign currency, at valueb		2,577,864			—
Receivables:
Investment securities sold		67,751,418			64,224,549
Due from custodian (Note 4)		45,713,557			—
Dividends and interest		504,704			1,285,619
Capital shares sold		94,727			—
Total Assets		1,363,720,995			3,423,684,522
LIABILITIES
Payables:
Investment securities purchased		112,424,996			40,484,182
Collateral for securities on loan (Note 1)		43,821,953			200,018,122
Capital shares redeemed		22,760			20,377,635
Investment advisory fees (Note 2)		508,983			1,850,274
Total Liabilities		156,778,692			262,730,213
NET ASSETS	$	1,206,942,303		$	3,160,954,309
Net assets consist of:
Paid-in capital	$	1,889,595,830		$	3,393,474,644
Undistributed (distributions in excess of) net investment income		597,098			(78,505,763	)
Accumulated net realized loss		(230,829,837	)		(1,191,742,880	)
Net unrealized appreciation (depreciation)		(452,420,788	)		1,037,728,308
NET ASSETS	$	1,206,942,303		$	3,160,954,309
Shares outstandingc		22,900,000			65,650,000
Net asset value per share	$	52.70		$	48.15

^a  Securities on loan with values of $40,305,767 and $188,300,983, respectively. See Note 1.

^b  Cost of foreign currency: $2,610,353 and $  —, respectively.

^c  $0.001 par value, number of shares authorized: 255 million and 200 million, respectively.

See notes to financial statements.

36 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

iSHARES^® , INC.

Year ended August 31, 2015

	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	97,219,669		$	63,881,721		$	274,161,987
Interest — unaffiliated		4,087			—			—
Interest — affiliated (Note 2)		70			77			862
Securities lending income — affiliated — net (Note 2)		89,427			61,410			2,880,407
Total investment income		97,313,253			63,943,208			277,043,256
EXPENSES
Investment advisory fees (Note 2)		7,960,415			12,771,622			78,965,332
Total expenses		7,960,415			12,771,622			78,965,332
Net investment income		89,352,838			51,171,586			198,077,924
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(58,424,950	)		(113,825,352	)		(132,736,642	)
In-kind redemptions — unaffiliated		22,599,887			113,934,459			562,342,727
Futures contracts		(1,608,460	)		395,420			23,318,919
Foreign currency transactions		(4,969,706	)		(690,125	)		(18,933,104	)
Net realized gain (loss)		(42,403,229	)		(185,598	)		433,991,900
Net change in unrealized appreciation/depreciation on:
Investments		(585,753,661	)		(887,129,770	)		(334,714,877	)
Futures contracts		(760,041	)		(1,033,143	)		(3,764,376	)
Translation of assets and liabilities in foreign currencies		(354,000	)		(14,788	)		1,557,609
Net change in unrealized appreciation/depreciation		(586,867,702	)		(888,177,701	)		(336,921,644	)
Net realized and unrealized gain (loss)		(629,270,931	)		(888,363,299	)		97,070,256
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(539,918,093	)	$	(837,191,713	)	$	295,148,180

^a  Net of foreign withholding tax of $1,393,004, $11,416,573 and $30,373,104, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 37

Statements of Operations (Continued)

iSHARES^®, INC.

Year ended August 31, 2015

	iShares MSCI Mexico Capped ETF			iShares MSCI South Korea Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	32,463,169		$	53,016,785
Interest — unaffiliated		—			970
Interest — affiliated (Note 2)		51			755
Securities lending income — affiliated — net (Note 2)		785,455			6,746,452
		33,248,675			59,764,962
Less: Other foreign taxes (Note 1)		—			(4,442	)
Total investment income		33,248,675			59,760,520
EXPENSES
Investment advisory fees (Note 2)		10,089,636			25,858,763
Total expenses		10,089,636			25,858,763
Net investment income		23,159,039			33,901,757
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(78,777,968	)		(284,081,583	)
In-kind redemptions — unaffiliated		(138,503,730	)		—
Foreign currency transactions		(757,154	)		(390,021	)
Net realized loss		(218,038,852	)		(284,471,604	)
Net change in unrealized appreciation/depreciation on:
Investments		(502,057,890	)		(1,094,073,908	)
Translation of assets and liabilities in foreign currencies		(170,639	)		(47,207	)
Net change in unrealized appreciation/depreciation		(502,228,529	)		(1,094,121,115	)
Net realized and unrealized loss		(720,267,381	)		(1,378,592,719	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(697,108,342	)	$	(1,344,690,962	)

^a  Net of foreign withholding tax of $512,052 and $10,159,915, respectively.

See notes to financial statements.

38 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® , INC.

	iShares MSCI Australia ETF						iShares MSCI Canada ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	89,352,838		$	82,908,446		$	51,171,586		$	66,432,321
Net realized gain (loss)		(42,403,229	)		35,472,872			(185,598	)		6,264,667
Net change in unrealized appreciation/depreciation		(586,867,702	)		210,426,381			(888,177,701	)		621,918,423
Net increase (decrease) in net assets resulting from operations		(539,918,093	)		328,807,699			(837,191,713	)		694,615,411
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(88,722,742	)		(76,457,082	)		(56,091,045	)		(71,105,660	)
Total distributions to shareholders		(88,722,742	)		(76,457,082	)		(56,091,045	)		(71,105,660	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		286,641,003			364,472,393			422,191,995			537,013,459
Cost of shares redeemed		(477,049,572	)		(486,559,346	)		(1,384,361,375	)		(801,840,234	)
Net decrease in net assets from capital share transactions		(190,408,569	)		(122,086,953	)		(962,169,380	)		(264,826,775	)
INCREASE (DECREASE) IN NET ASSETS		(819,049,404	)		130,263,664			(1,855,452,138	)		358,682,976
NET ASSETS
Beginning of year		2,047,112,584			1,916,848,920			3,786,906,230			3,428,223,254
End of year	$	1,228,063,180		$	2,047,112,584		$	1,931,454,092		$	3,786,906,230
Undistributed net investment income included in net assets at end of year	$	6,449,210		$	4,863,922		$	415,638		$	3,649,118
SHARES ISSUED AND REDEEMED
Shares sold		12,800,000			13,800,000			14,300,000			17,400,000
Shares redeemed		(22,400,000	)		(19,600,000	)		(48,900,000	)		(27,800,000	)
Net decrease in shares outstanding		(9,600,000	)		(5,800,000	)		(34,600,000	)		(10,400,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 39

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Japan ETF						iShares MSCI Mexico Capped ETF
	Year ended August 31, 2015			Year ended August 31, 2014			Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	198,077,924		$	177,693,682		$	23,159,039		$	43,179,073
Net realized gain (loss)		433,991,900			136,968,307			(218,038,852	)		(49,805,879	)
Net change in unrealized appreciation/depreciation		(336,921,644	)		665,594,417			(502,228,529	)		416,649,115
Net increase (decrease) in net assets resulting from operations		295,148,180			980,256,406			(697,108,342	)		410,022,309
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(187,336,932	)		(199,951,249	)		(30,297,965	)		(41,504,491	)
Total distributions to shareholders		(187,336,932	)		(199,951,249	)		(30,297,965	)		(41,504,491	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		8,592,356,336			5,400,567,672			862,520,515			2,034,431,562
Cost of shares redeemed		(4,281,553,914	)		(1,913,626,119	)		(2,203,323,997	)		(1,344,849,484	)
Net increase (decrease) in net assets from capital share transactions		4,310,802,422			3,486,941,553			(1,340,803,482	)		689,582,078
INCREASE (DECREASE) IN NET ASSETS		4,418,613,670			4,267,246,710			(2,068,209,789	)		1,058,099,896
NET ASSETS
Beginning of year		14,729,188,703			10,461,941,993			3,275,152,092			2,217,052,196
End of year	$	19,147,802,373		$	14,729,188,703		$	1,206,942,303		$	3,275,152,092
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(21,895,543	)	$	(28,649,511	)	$	597,098		$	5,791,200
SHARES ISSUED AND REDEEMED
Shares sold		697,200,000			457,800,000			14,400,000			31,000,000
Shares redeemed		(366,600,000	)		(166,800,000	)		(37,300,000	)		(21,000,000	)
Net increase (decrease) in shares outstanding		330,600,000			291,000,000			(22,900,000	)		10,000,000

See notes to financial statements.

40 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI South Korea Capped ETF
	Year ended August 31, 2015			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	33,901,757		$	16,661,091
Net realized loss		(284,471,604	)		(39,478,146	)
Net change in unrealized appreciation/depreciation		(1,094,121,115	)		623,922,673
Net increase (decrease) in net assets resulting from operations		(1,344,690,962	)		601,105,618
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(50,182,957	)		(61,830,398	)
Total distributions to shareholders		(50,182,957	)		(61,830,398	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		649,650,453			1,151,119,199
Cost of shares redeemed		(985,441,132	)		(175,291,957	)
Net increase (decrease) in net assets from capital share transactions		(335,790,679	)		975,827,242
INCREASE (DECREASE) IN NET ASSETS		(1,730,664,598	)		1,515,102,462
NET ASSETS
Beginning of year		4,891,618,907			3,376,516,445
End of year	$	3,160,954,309		$	4,891,618,907
Distributions in excess of net investment income included in net assets at end of year	$	(78,505,763	)	$	(61,970,456	)
SHARES ISSUED AND REDEEMED
Shares sold		10,650,000			18,000,000
Shares redeemed		(18,650,000	)		(2,900,000	)
Net increase (decrease) in shares outstanding		(8,000,000	)		15,100,000

See notes to financial statements.

FINANCIAL STATEMENTS 41

Financial Highlights

iSHARES^® , INC.

(For a share outstanding throughout each period)

	iShares MSCI Australia ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	27.15		$	23.61		$	23.39		$	24.18		$	20.92
Income from investment operations:
Net investment incomea		1.23			1.10			1.02			1.04			0.99
Net realized and unrealized gain (loss)b		(8.49	)		3.43			0.64			(0.72	)		3.33
Total from investment operations		(7.26	)		4.53			1.66			0.32			4.32
Less distributions from:
Net investment income		(1.23	)		(0.99	)		(1.44	)		(1.11	)		(1.06	)
Total distributions		(1.23	)		(0.99	)		(1.44	)		(1.11	)		(1.06	)
Net asset value, end of year	$	18.66		$	27.15		$	23.61		$	23.39		$	24.18
Total return		(27.31	)%		19.76	%		7.06	%		1.84	%		20.54	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	1,228,063		$	2,047,113		$	1,916,849		$	2,493,699		$	3,090,425
Ratio of expenses to average net assets		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		5.37	%		4.28	%		4.05	%		4.61	%		3.95	%
Portfolio turnover ratec		9	%		6	%		6	%		9	%		9	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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.

42 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Canada ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	32.93		$	27.34		$	27.52		$	29.89		$	26.10
Income from investment operations:
Net investment incomea		0.54			0.59			0.60			0.53			0.53
Net realized and unrealized gain (loss)b		(8.85	)		5.62			(0.10	)		(2.33	)		3.78
Total from investment operations		(8.31	)		6.21			0.50			(1.80	)		4.31
Less distributions from:
Net investment income		(0.60	)		(0.62	)		(0.68	)		(0.57	)		(0.52	)
Total distributions		(0.60	)		(0.62	)		(0.68	)		(0.57	)		(0.52	)
Net asset value, end of year	$	24.02		$	32.93		$	27.34		$	27.52		$	29.89
Total return		(25.48	)%		23.00	%		1.84	%		(5.87	)%		16.50	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	1,931,454		$	3,786,906		$	3,428,223		$	4,254,544		$	5,092,547
Ratio of expenses to average net assets		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		1.92	%		1.97	%		2.12	%		1.94	%		1.70	%
Portfolio turnover ratec		5	%		6	%		7	%		5	%		8	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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 43

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Japan ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	11.83		$	10.97		$	9.02		$	9.80		$	9.43
Income from investment operations:
Net investment incomea		0.15			0.15			0.13			0.18			0.16
Net realized and unrealized gain (loss)b		0.30			0.88			1.97			(0.77	)		0.37
Total from investment operations		0.45			1.03			2.10			(0.59	)		0.53
Less distributions from:
Net investment income		(0.13	)		(0.17	)		(0.15	)		(0.19	)		(0.16	)
Total distributions		(0.13	)		(0.17	)		(0.15	)		(0.19	)		(0.16	)
Net asset value, end of year	$	12.15		$	11.83		$	10.97		$	9.02		$	9.80
Total return		3.84	%		9.39	%		23.46	%		(5.96	)%		5.54	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	19,147,802		$	14,729,189		$	10,461,942		$	4,629,034		$	7,194,509
Ratio of expenses to average net assets		0.48	%		0.48	%		0.50	%		0.53	%		0.51	%
Ratio of net investment income to average net assets		1.20	%		1.31	%		1.18	%		1.95	%		1.53	%
Portfolio turnover ratec		2	%		2	%		4	%		3	%		4	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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.

44 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Mexico Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	71.51		$	61.93		$	60.96		$	58.39		$	48.17
Income from investment operations:
Net investment incomea		0.68			1.06			0.75			0.73			0.80
Net realized and unrealized gain (loss)b		(18.56	)		9.61			0.85			2.76			10.15
Total from investment operations		(17.88	)		10.67			1.60			3.49			10.95
Less distributions from:
Net investment income		(0.93	)		(1.09	)		(0.63	)		(0.92	)		(0.73	)
Total distributions		(0.93	)		(1.09	)		(0.63	)		(0.92	)		(0.73	)
Net asset value, end of year	$	52.70		$	71.51		$	61.93		$	60.96		$	58.39
Total return		(25.10	)%		17.42	%		2.53	%		6.13	%		22.67	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	1,206,942		$	3,275,152		$	2,217,052		$	1,182,700		$	1,243,731
Ratio of expenses to average net assets		0.48	%		0.48	%		0.50	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		1.10	%		1.61	%		1.09	%		1.26	%		1.35	%
Portfolio turnover ratec		13	%		19	%		32	%		10	%		5	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  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 45

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI South Korea Capped ETF
	Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011
Net asset value, beginning of year	$	66.42		$	57.67		$	55.97		$	56.74		$	47.76
Income from investment operations:
Net investment incomea		0.46			0.25			0.23			0.23			0.29
Net realized and unrealized gain (loss)b		(18.07	)		9.40			1.83			(0.63	)		9.19
Total from investment operations		(17.61	)		9.65			2.06			(0.40	)		9.48
Less distributions from:
Net investment income		(0.66	)		(0.90	)		(0.36	)		(0.37	)		(0.43	)
Return of capital		—			—			—			—			(0.07	)
Total distributions		(0.66	)		(0.90	)		(0.36	)		(0.37	)		(0.50	)
Net asset value, end of year	$	48.15		$	66.42		$	57.67		$	55.97		$	56.74
Total return		(26.58	)%		16.83	%		3.65	%		(0.62	)%		19.76	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	3,160,954		$	4,891,619		$	3,376,516		$	2,669,551		$	4,071,225
Ratio of expenses to average net assets		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%
Ratio of net investment income to average net assets		0.81	%		0.39	%		0.40	%		0.42	%		0.49	%
Portfolio turnover ratec		24	%		13	%		13	%		12	%		18	%

^a  Based on average shares outstanding throughout each period.

^b  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.

^c  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the years ended August 31, 2015, August 31, 2014, August 31, 2013, August 31, 2012, and August 31, 2011 were 10%, 10%, 11%, 8%, and 6%, respectively. See Note 4.

See notes to financial statements.

46 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

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
MSCI Australia	Non-diversified
MSCI Canada	Diversified
MSCI Japan	Diversified
MSCI Mexico Capped	Non-diversified
MSCI South Korea Capped	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”).

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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

• Futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded.

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.

48 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of August 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1			Level 2		Level 3		Total
MSCI Australia
Investments:
Assets:
Common Stocks	$	1,213,205,355		$	—	$	—	$	1,213,205,355
Money Market Funds		5,940,640			—		—		5,940,640
Total	$	1,219,145,995		$	—	$	—	$	1,219,145,995
Derivative Financial Instruments:a
Liabilities:
Futures Contracts	$	(307,229	)	$	—	$	—	$	(307,229	)
Total	$	(307,229	)	$	—	$	—	$	(307,229	)
MSCI Canada
Investments:
Assets:
Common Stocks	$	1,925,818,740		$	—	$	—	$	1,925,818,740
Money Market Funds		21,685,835			—		—		21,685,835
Total	$	1,947,504,575		$	—	$	—	$	1,947,504,575
Derivative Financial Instruments:a
Liabilities:
Futures Contracts	$	(140,053	)	$	—	$	—	$	(140,053	)
Total	$	(140,053	)	$	—	$	—	$	(140,053	)
MSCI Japan
Investments:
Assets:
Common Stocks	$	19,094,899,267		$	—	$	—	$	19,094,899,267
Money Market Funds		86,041,262			—		—		86,041,262
Total	$	19,180,940,529		$	—	$	—	$	19,180,940,529
Derivative Financial Instruments:a
Liabilities:
Futures Contracts	$	(2,857,797	)	$	—	$	—	$	(2,857,797	)
Total	$	(2,857,797	)	$	—	$	—	$	(2,857,797	)
MSCI Mexico Capped
Investments:
Assets:
Common Stocks	$	1,202,274,630		$	—	$	27	$	1,202,274,657
Money Market Funds		44,804,068			—		—		44,804,068
Total	$	1,247,078,698		$	—	$	27	$	1,247,078,725

NOTES TO FINANCIAL STATEMENTS 49

Notes to Financial Statements (Continued)

iSHARES^®, INC.

iShares ETF	Level 1		Level 2		Level 3		Total
MSCI South Korea Capped
Investments:
Assets:
Common Stocks	$	3,003,663,385	$	34,531,387	$	—	$	3,038,194,772
Preferred Stocks		117,358,681		—		—		117,358,681
Money Market Funds		202,620,901		—		—		202,620,901
Total	$	3,323,642,967	$	34,531,387	$	—	$	3,358,174,354

^a Shown at the unrealized appreciation (depreciation) on the contracts.

The iShares MSCI South Korea Capped ETF had transfers from Level 1 to Level 2 during the year ended August 31, 2015 in the amount of $70,385,702, resulting from a temporary suspension of trading.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of August 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

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 August 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

50 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 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. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by 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 August 31, 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 securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of August 31, 2015 and the total 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.

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.

NOTES TO FINANCIAL STATEMENTS 51

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of August 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
MSCI Australia	$	5,481,119	$	5,481,119	$	—
MSCI Canada		20,765,824		20,765,824		—
MSCI Japan		81,205,932		81,205,932		—
MSCI Mexico Capped		40,305,767		40,305,767		—
MSCI South Korea Capped		188,300,983		188,300,983		—

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Canada, iShares MSCI Japan and iShares MSCI Mexico Capped ETFs, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.59	%	First $7 billion
	0.54		Over $7 billion, up to and including $11 billion
	0.49		Over $11 billion, up to and including $24 billion
	0.44		Over $24 billion, up to and including $48 billion
	0.40		Over $48 billion, up to and including $72 billion
	0.36		Over $72 billion

For its investment advisory services to the iShares MSCI South Korea Capped ETF, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.74	%	First $2 billion
	0.69		Over $2 billion, up to and including $4 billion
	0.64		Over $4 billion, up to and including $8 billion
	0.57		Over $8 billion, up to and including $16 billion
	0.51		Over $16 billion, up to and including $32 billion
	0.45		Over $32 billion

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

52 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 65% 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 calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the year ended August 31, 2015, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Australia	$	23,418
MSCI Canada		27,587
MSCI Japan		817,744
MSCI Mexico Capped		258,986
MSCI South Korea Capped		1,852,064

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 year ended August 31, 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.

NOTES TO FINANCIAL STATEMENTS 53

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 year ended August 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI Australia	$	144,805,225	$	157,690,225
MSCI Canada		171,095,220		144,978,881
MSCI Japan		485,566,867		352,915,955
MSCI Mexico Capped		281,880,821		276,258,621
MSCI South Korea Capped		1,017,176,031		1,365,896,360

In-kind transactions (see Note 4) for the year ended August 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Australia	$	280,664,374	$	467,324,355
MSCI Canada		418,445,991		1,370,826,562
MSCI Japan		8,348,092,364		4,174,371,529
MSCI Mexico Capped		842,247,513		2,195,287,492

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 statement of assets and liabilities.

5. FUTURES CONTRACTS

Each Fund may purchase or sell futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into

54 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held as of August 31, 2015 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Liabilities
	iShares MSCI Australia ETF		iShares MSCI Canada ETF		iShares MSCI Japan ETF
Equity contracts:
Variation margin/Net assets consist of – net unrealized depreciationa	$	307,229	$	140,053	$	2,857,797

^a  Represents cumulative depreciation of futures contracts as reported in the schedules of investments.

The following table shows the realized and unrealized gains (losses) on futures contracts held during the year ended August 31, 2015 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF
Equity contracts:
Futures contracts	$	(1,608,460	)	$	395,420		$	23,318,919
	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF
Equity contracts:
Futures contracts	$	(760,041	)	$	(1,033,143	)	$	(3,764,376	)

The following table shows the average quarter-end balances of open futures contracts for the year ended August 31, 2015:

	iShares MSCI Australia ETF		iShares MSCI Canada ETF		iShares MSCI Japan ETF
Average value of contracts purchased	$	18,315,106	$	9,794,047	$	82,790,244

NOTES TO FINANCIAL STATEMENTS 55

Notes to Financial Statements (Continued)

iSHARES^®, INC.

6. PRINCIPAL RISKS

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 equity and financial derivative 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 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.

Each Fund invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

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.

56 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

7. 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of August 31, 2015, attributable to passive foreign investment companies, the expiration of capital loss carryforwards, foreign currency transactions and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
MSCI Australia	$	(21,778,637	)	$	955,192		$	20,823,445
MSCI Canada		67,534,983			1,685,979			(69,220,962	)
MSCI Japan		449,885,441			(3,987,024	)		(445,898,417	)
MSCI Mexico Capped		(211,195,280	)		1,944,824			209,250,456
MSCI South Korea Capped		—			(254,107	)		254,107

The tax character of distributions paid during the years ended August 31, 2015 and August 31, 2014 was as follows:

iShares ETF	2015		2014
MSCI Australia
Ordinary income	$	88,722,742	$	76,457,082
MSCI Canada
Ordinary income	$	56,091,045	$	71,105,660
MSCI Japan
Ordinary income	$	187,336,932	$	199,951,249
MSCI Mexico Capped
Ordinary income	$	30,297,965	$	41,504,491
MSCI South Korea Capped
Ordinary income	$	50,182,957	$	61,830,398

NOTES TO FINANCIAL STATEMENTS 57

Notes to Financial Statements (Continued)

iSHARES^®, INC.

As of August 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses)  a			Qualified Late-Year Losses b			Total
MSCI Australia	$	7,242,413	$	(172,721,025	)	$	(478,171,441	)	$	(24,080,669	)	$	(667,730,722	)
MSCI Canada		1,882,603		(290,684,245	)		(807,480,587	)		(98,075,730	)		(1,194,357,959	)
MSCI Japan		28,632,728		(797,344,560	)		(1,177,383,944	)		(42,884,657	)		(1,988,980,433	)
MSCI Mexico Capped		1,525,684		(140,104,655	)		(516,594,236	)		(27,480,320	)		(682,653,527	)
MSCI South Korea Capped		13,149,685		(397,308,550	)		428,856,235			(277,217,705	)		(232,520,335	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^b  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of August 31, 2015, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Australia	$	112,709,424	$	529,868	$	24,006,125	$	23,348,244	$	12,127,364	$	172,721,025
MSCI Canada		173,857,295		5,107,471		27,886,883		68,928,677		14,903,919		290,684,245
MSCI Japan		323,800,260		44,443,527		116,295,478		173,577,101		139,228,194		797,344,560
MSCI Mexico Capped		104,624,381		853,150		8,973,988		2,789,471		22,863,665		140,104,655
MSCI South Korea Capped		31,222,228		—		60,990,953		226,591,665		78,503,704		397,308,550

^a  Must be utilized prior to losses subject to expiration.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

58 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

As of August 31, 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)
MSCI Australia	$	1,696,672,825	$	26,578,818	$	(504,105,648	)	$	(477,526,830	)
MSCI Canada		2,754,700,908		169,213,479		(976,409,812	)		(807,196,333	)
MSCI Japan		20,356,355,657		1,078,635,405		(2,254,050,533	)		(1,175,415,128	)
MSCI Mexico Capped		1,763,504,346		12,590,645		(529,016,266	)		(516,425,621	)
MSCI South Korea Capped		2,929,262,240		1,170,148,673		(741,236,559	)		428,912,114

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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.

8. 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 59

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

iShares, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico Capped ETF and iShares MSCI South Korea Capped ETF (the “Funds”) at August 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

October 22, 2015

60 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Tax Information (Unaudited)

iSHARES^®, INC.

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the following maximum amounts are hereby designated as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2015:

iShares ETF	Qualified Dividend Income
MSCI Australia	$	90,118,118
MSCI Canada		74,699,282
MSCI Japan		292,019,346
MSCI Mexico Capped		29,390,604
MSCI South Korea Capped		63,311,438

In February 2016, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.

For the fiscal year ended August 31, 2015, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to Section 853 of the Code:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Australia	$	98,612,673	$	1,392,798
MSCI Canada		75,298,294		11,410,760
MSCI Japan		304,535,091		30,371,496
MSCI Mexico Capped		32,975,221		510,956
MSCI South Korea Capped		63,176,700		10,164,357

TAX INFORMATION 61

Board Review and Approval of Investment Advisory

Contract

iSHARES^®, INC.

I. iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF and iShares MSCI Mexico Capped ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives

62 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® , INC.

and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception,

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 63

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® , INC.

breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds already provided for breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

64 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® , INC.

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

II. iShares MSCI South Korea Capped ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group. The Board further noted management’s assertion that the Fund’s pricing reflects its greater size and liquidity, as compared to the competitor funds as determined by Lipper.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 65

Board Review and Approval of Investment Advisory

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iSHARES^® , INC.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its

66 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

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iSHARES^® , INC.

affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund or that track the same index or a similar index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 67

Board Review and Approval of Investment Advisory

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iSHARES^® , INC.

other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

68 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

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 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 these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
MSCI Australia	$	1.226843	$	—	$	—	$	1.226843		100	%		—	%		—	%		100	%
MSCI Canada		0.529444		—		0.067752		0.597196		89			—			11			100
MSCI Japan		0.132010		—		—		0.132010		100			—			—			100
MSCI Mexico Capped		0.859823		—		0.068023		0.927846		93			—			7			100
MSCI South Korea Capped		0.477105		—		0.186252		0.663357		72			—			28			100

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for five calendar years (or from the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.

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Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares MSCI Australia ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.0%		1		0.07	%
Greater than 3.5% and Less than 4.0%		1		0.07
Greater than 3.0% and Less than 3.5%		3		0.22
Greater than 2.5% and Less than 3.0%		5		0.36
Greater than 2.0% and Less than 2.5%		11		0.80
Greater than 1.5% and Less than 2.0%		35		2.53
Greater than 1.0% and Less than 1.5%		68		4.92
Greater than 0.5% and Less than 1.0%		255		18.45
Between 0.5% and –0.5%		711		51.45
Less than –0.5% and Greater than –1.0%		153		11.07
Less than –1.0% and Greater than –1.5%		75		5.43
Less than –1.5% and Greater than –2.0%		28		2.03
Less than –2.0% and Greater than –2.5%		20		1.45
Less than –2.5% and Greater than –3.0%		6		0.43
Less than –3.0% and Greater than –3.5%		4		0.29
Less than –3.5% and Greater than –4.0%		3		0.22
Less than –4.0% and Greater than –4.5%		2		0.14
Less than –4.5%		1		0.07
		1,382		100.00	%

iShares MSCI Canada ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5%		1		0.07	%
Greater than 2.0% and Less than 2.5%		1		0.07
Greater than 1.5% and Less than 2.0%		1		0.07
Greater than 1.0% and Less than 1.5%		6		0.43
Greater than 0.5% and Less than 1.0%		54		3.91
Between 0.5% and –0.5%		1,255		90.82
Less than –0.5% and Greater than –1.0%		57		4.13
Less than –1.0% and Greater than –1.5%		6		0.43
Less than –1.5%		1		0.07
		1,382		100.00	%

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Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSC Japan ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.5%		3		0.22	%
Greater than 4.0% and Less than 4.5%		2		0.14
Greater than 3.5% and Less than 4.0%		3		0.22
Greater than 3.0% and Less than 3.5%		2		0.14
Greater than 2.5% and Less than 3.0%		5		0.36
Greater than 2.0% and Less than 2.5%		11		0.80
Greater than 1.5% and Less than 2.0%		45		3.26
Greater than 1.0% and Less than 1.5%		118		8.54
Greater than 0.5% and Less than 1.0%		279		20.19
Between 0.5% and –0.5%		611		44.21
Less than –0.5% and Greater than –1.0%		155		11.22
Less than –1.0% and Greater than –1.5%		70		5.07
Less than –1.5% and Greater than –2.0%		43		3.11
Less than –2.0% and Greater than –2.5%		19		1.37
Less than –2.5% and Greater than –3.0%		9		0.65
Less than –3.0% and Greater than –3.5%		4		0.29
Less than –3.5% and Greater than –4.0%		2		0.14
Less than –4.0%		1		0.07
		1,382		100.00	%

iShares MSCI Mexico Capped ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5%		1		0.07	%
Greater than 2.0% and Less than 2.5%		2		0.14
Greater than 1.5% and Less than 2.0%		2		0.14
Greater than 1.0% and Less than 1.5%		18		1.30
Greater than 0.5% and Less than 1.0%		89		6.45
Between 0.5% and –0.5%		1,111		80.40
Less than –0.5% and Greater than –1.0%		125		9.05
Less than –1.0% and Greater than –1.5%		27		1.95
Less than –1.5% and Greater than –2.0%		3		0.22
Less than –2.0% and Greater than –2.5%		2		0.14
Less than –2.5% and Greater than –3.0%		1		0.07
Less than –3.0% and Greater than –3.5%		1		0.07
		1,382		100.00	%

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Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

iShares MSCI South Korea Capped ETF

Period Covered: January 1, 2010 through June 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 5.0% and Less than 5.5%		1		0.07	%
Greater than 4.5% and Less than 5.0%		1		0.07
Greater than 4.0% and Less than 4.5%		2		0.14
Greater than 3.5% and Less than 4.0%		1		0.07
Greater than 3.0% and Less than 3.5%		1		0.07
Greater than 2.5% and Less than 3.0%		9		0.65
Greater than 2.0% and Less than 2.5%		11		0.80
Greater than 1.5% and Less than 2.0%		38		2.75
Greater than 1.0% and Less than 1.5%		65		4.70
Greater than 0.5% and Less than 1.0%		214		15.49
Between 0.5% and –0.5%		631		45.67
Less than –0.5% and Greater than –1.0%		218		15.78
Less than –1.0% and Greater than –1.5%		82		5.94
Less than –1.5% and Greater than –2.0%		48		3.47
Less than –2.0% and Greater than –2.5%		21		1.52
Less than –2.5% and Greater than –3.0%		16		1.16
Less than –3.0% and Greater than –3.5%		4		0.29
Less than –3.5% and Greater than –4.0%		5		0.36
Less than –4.0% and Greater than –4.5%		5		0.36
Less than –4.5% and Greater than –5.0%		4		0.29
Less than –5.0% and Greater than –5.5%		2		0.14
Less than –5.5% and Greater than –6.0%		1		0.07
Less than –6.0%		2		0.14
		1,382		100.00	%

Regulation under the Alternative Investment Fund Managers Directive (“AIFMD” or, the “Directive”)

The Directive imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside the EU, such as BFA. Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

BFA has registered the iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico Capped ETF and iShares MSCI South Korea Capped ETF (each a “Fund”, collectively the “Funds”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden and Luxembourg.

Report on Remuneration

BFA is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops, BlackRock may consider it appropriate to make changes to the way in which quantitative

72 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to both (a) the staff of BFA; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programs which support that philosophy. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Compensation decisions for employees are made based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Bonus pools are reviewed by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Operational Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions.

Functions such as Finance, Operational Risk, Legal & Compliance, and Human Resources each have their own organizational structures which are independent of the business units. Functional bonus pools are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent compensation committee. No individual is involved in setting his or her own remuneration.

Members of staff and senior management of BFA typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of BFA and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of BFA. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Canada ETF in respect of BFA’s financial year ending December 31, 2014 was USD 464.6 thousand. This figure is comprised of fixed remuneration of USD 187.7 thousand and variable remuneration of USD 276.9 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Canada ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 64.3 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 11.9 thousand.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Japan ETF in respect of BFA’s financial year ending December 31, 2014 was USD 2.48 million. This figure is comprised of fixed remuneration of USD 1.00 million and variable remuneration of USD 1.48 million. There were a total of 499 beneficiaries of the remuneration described above.

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Supplemental Information (Unaudited) (Continued)

iSHARES^®, INC.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Japan ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was 0.34 million, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.06 million.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI Mexico Capped ETF in respect of BFA’s financial year ending December 31, 2014 was USD 392.6 thousand. This figure is comprised of fixed remuneration of USD 158.6 thousand and variable remuneration of USD 234.0 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI Mexico Capped ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 54.3 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 10.1 thousand.

The amount of the total remuneration awarded by BFA to its staff which has been attributed to the iShares MSCI South Korea Capped ETF in respect of BFA’s financial year ending December 31, 2014 was USD 715.6 thousand. This figure is comprised of fixed remuneration of USD 289.1 thousand and variable remuneration of USD 426.5 thousand. There were a total of 499 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by BFA, which has been attributed to the iShares MSCI South Korea Capped ETF in respect of BFA’s financial year ending December 31, 2014, to its senior management was USD 99.1 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 18.4 thousand.

74 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information

iSHARES^® , INC.

The Board of Directors has responsibility for the overall management and operations of the Company, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees a total of 319 funds (as of August 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert S. Kapitoa (58)	Director (since 2009).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Director (since 2013).	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Trustee of iShares U.S. ETF Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

DIRECTOR AND OFFICER INFORMATION 75

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert H. Silver (60)	Director (since 2007); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Trustee of iShares U.S. ETF Trust (since 2011); Independent Chairman of iShares Trust and iShares U.S. ETF Trust (since 2012).
Jane D. Carlin (59)	Director (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Director (since 2005); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (71)	Director (since 2005); Audit Committee Chair (since 2006).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

76 2015 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (60)	Director (since 2005); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
John E. Martinez (54)	Director (since 2003); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (51)	Director (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Director, Cavium, Inc. (since 2013).

DIRECTOR AND OFFICER INFORMATION 77

Director and Officer Information (Continued)

iSHARES^®, INC.

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (55)	Treasurer and Chief Financial Officer (since 2008).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (47)	Chief Compliance Officer (since 2006).	Chief Compliance Officer, BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (52)	Executive Vice President (since 2007).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

78 2015 iSHARES 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company 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.

Certain financial information required by regulations or listing exchange rules in jurisdictions outside the U.S. in which iShares Funds are cross-listed may be publicly filed in those jurisdictions. This information is available upon request by calling 1-800-474-2737.

©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-AR-815-0815

Item 2. Code of Ethics.

iShares, Inc. (the “Registrant”) adopted a new code of ethics on July 1, 2015 that applies to persons appointed by the Registrant’s Board of Directors as the President and/or Chief Financial Officer, and any persons performing similar functions. For the fiscal year ended August 31, 2015, there were no amendments to any provision of the former and new codes of ethics, nor were there any waivers granted from any provision of the former and new codes of ethics. A copy of the new code of ethics is filed with this Form N-CSR under
Item 12(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Directors has determined that the Registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the Registrant’s audit committee are Charles A. Hurty, John E. Kerrigan, Robert H. Silver and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the fourty-six series of the Registrant for which the fiscal year-end is August 31, 2015 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $771,700 for the fiscal year ended August 31, 2014 and $712,460 for the fiscal year ended August 31, 2015.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended August 31, 2014 and August 31, 2015 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for the review of the Funds’ tax returns and excise tax calculations, were $183,850 for the fiscal year ended August 31, 2014 and $171,672 for the fiscal year ended August 31, 2015.

(d) All Other Fees – There were no other fees billed for the fiscal years ended August 31, 2014 and August 31, 2015 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The Registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the Registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the Registrant or to any entity controlling, controlled by or under common control with the Registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant.

(2) There were no services described in (b) through (d) above (including services required by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended August 31, 2015 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the Funds, and rendered to the Registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the Registrant for the last two fiscal years were $3,442,905 for the fiscal year ended August 31, 2014 and $4,167,972 for the fiscal year ended August 31, 2015.

(h) The Registrant’s audit committee has considered whether the provision of non-audit services rendered to the Registrant’s investment adviser and any Adviser Affiliate that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, are compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services do not compromise the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Jane D. Carlin, Cecilia H. Herbert, Charles A. Hurty, John E. Kerrigan, Robert H. Silver, John E. Martinez and Madhav V. Rajan.

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) Code of Ethics for Senior Officers that is the subject of Item 2 is attached.

(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:	October 27, 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:	October 27, 2015
By:	/s/ Jack Gee
Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:	October 27, 2015