N-CSR

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: April 30, 2016

Date of reporting period: April 30, 2016

Item 1. Reports to Stockholders.

APRIL 30, 2016

2016 ANNUAL REPORT

iShares, Inc.

^Ø  iShares Asia/Pacific Dividend ETF  |  DVYA  |  NYSE Arca

^Ø  iShares Emerging Markets Dividend ETF  |  DVYE  |  NYSE Arca

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares Asia/Pacific Dividend ETF	11
iShares Emerging Markets Dividend ETF	12
Financial Statements	15
Financial Highlights	18
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	30
Tax Information	31
Supplemental Information	32
Director and Officer Information	34

Management’s Discussion of Fund Performance

iSHARES^®, INC.

GLOBAL EQUITY MARKET OVERVIEW

Global equity markets declined for the 12 months ended April 30, 2016 (the “reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -5.66% for the reporting period.

Stocks declined as economic growth around the world slowed, including some of the stronger developed economies, such as the U.S. and the U.K. In response, many of the world’s central banks took more aggressive actions to stimulate economic activity. For example, the European Central Bank initiated quantitative easing at the beginning of the reporting period and expanded those measures in late 2015 and early 2016. Meanwhile, the Bank of Japan supplemented its own quantitative easing program by introducing negative interest rates in early 2016.

In the U.S., the Federal Reserve Bank (the “Fed”) postponed plans to raise its short-term interest rate target until December 2015, when it ended a seven-year period of near-zero interest rates by increasing the federal funds target rate from a range of 0%-0.25% to a range of 0.25%-0.50%. It was the Fed’s first interest rate hike since June 2006. Subsequently, the Fed lowered its projections for raising the federal funds rate in 2016.

Other factors contributed to heightened volatility in the global equity markets during the reporting period. Geopolitical turmoil in the Middle East continued to cast a shadow over global equity markets. Energy and commodity prices were volatile, falling sharply early in the reporting period amid slowing demand from China (the world’s largest consumer of commodities), and then rebounding somewhat late in the reporting period as the U.S. dollar weakened and China’s economy appeared to stabilize.

Regionally, U.S. stocks held up the best, posting relatively flat returns for the reporting period. This performance reflected an inconsistent and uncertain economic environment as the U.S. economy’s quarterly growth rate slowed throughout the reporting period. Although employment growth remained robust, sending the unemployment rate down to an eight-year low, other segments of the economy struggled. For example, industrial production contracted during the reporting period, while consumer spending remained muted despite falling energy prices that contributed to lower fuel costs for consumers.

Equity markets in the Asia/Pacific region fell by approximately 8% amid slowing economic growth in the region’s major economies, including China and Japan. The New Zealand stock market fared the best for the reporting period, while markets in Hong Kong and Singapore underperformed.

European equity markets declined by approximately 10% for the reporting period. Year-over-year economic growth in the Eurozone was relatively stable at 1.6% during the reporting period despite significant economic stimulus. Ireland, Denmark, and Belgium were among the only European equity markets to post positive returns for the reporting period, while markets in Spain, Norway, and Italy declined the most.

Emerging markets stocks were down by about 18% for the reporting period. Emerging economies dependent on commodity exports were adversely affected by declining demand and lower commodity prices, with some falling into recession. The best-performing emerging markets included Hungary, Turkey, and Indonesia, while markets in Greece, China, and Poland fell the most.

Currency fluctuations had a slightly positive impact on global equity market performance as the U.S. dollar depreciated modestly against many foreign currencies during the reporting period. The U.S. Dollar Index, which measures the dollar against a basket of six major foreign currencies, declined by 2% for the reporting period.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® ASIA/PACIFIC DIVIDEND ETF

Performance as of April 30, 2016

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(8.74)%		(9.22)%		(8.72)%		(8.74)%		(9.22)%		(8.72)%
Since Inception		1.09%		0.89%		1.35%		4.65%		3.79%		5.79%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 2/23/12. The first day of secondary market trading was 2/24/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period  a		Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	1,100.30	$	2.56	$	1,000.00	$	1,022.40	$	2.46		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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 10 for more information.

6 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® ASIA/PACIFIC DIVIDEND ETF

The iShares Asia/Pacific Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying equities in Asia/Pacific developed markets, as represented by the Dow Jones Asia/Pacific Select Dividend 30 Index^TM (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 April 30, 2016, the total return for the Fund was -8.74%, net of fees, while the total return for the Index was -8.72%.

As represented by the Index, Asia/Pacific high dividend stocks declined for the reporting period and trailed broader global equity markets. The Index declined sharply in volatile markets until mid-January 2016, before rallying through the end of the reporting period to recover some of its earlier losses.

Looking at the countries with large representation in the Index, Australia, which made up a little more than 50% of the Index at the end of the reporting period, saw its stock market underperform other countries’ high dividend stocks. Australian dividend stocks fell out of favor as the nation’s economy adjusted to the negative impact of lower commodities prices on its key mining industry. Australian and Hong Kong stocks suffered from their economies’ exposure to China’s slowing economic growth and worries about global growth. Japanese and Singaporean stocks also declined. In contrast, New Zealand stocks performed well, reaching record highs during the reporting period, as the country enjoyed comparatively healthy economic growth and its central bank made a surprise interest rate cut in early 2016.

One negative factor for Index performance during the reporting period was a stronger U.S. dollar, which reduced returns on foreign investments for U.S. investors. Currency markets were volatile, but the U.S. dollar generally gained against the Australian, New Zealand, and Singapore dollars. The Hong Kong dollar is pegged to the U.S. dollar, but can fluctuate in a narrow band. In early 2016, the Hong Kong dollar reached its lowest level relative to the U.S. dollar in nearly 10 years. However, the Japanese yen strengthened against the U.S. dollar during the reporting period.

ALLOCATION BY SECTOR

As of 4/30/16

Sector Percentage of
Total  Investments*

Financials	33.41	%
Industrials	16.70
Telecommunication Services	16.00
Consumer Discretionary	12.96
Energy	12.21
Information Technology	3.31
Utilities	3.19
Materials	2.22
TOTAL	100.00	%

ALLOCATION BY COUNTRY

As of 4/30/16

Country Percentage of
Total  Investments*

Australia	51.76	%
Hong Kong	22.63
New Zealand	12.11
Singapore	8.10
Japan	5.40
TOTAL	100.00	%

* Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® EMERGING MARKETS DIVIDEND ETF

Performance as of April 30, 2016

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(22.45)%		(21.87)%		(22.59)%		(22.45)%		(21.87)%		(22.59)%
Since Inception		(6.85)%		(6.87)%		(7.05)%		(25.69)%		(25.76)%		(26.35)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 2/23/12. The first day of secondary market trading was 2/24/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period  a		Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	1,039.30	$	2.48	$	1,000.00	$	1,022.40	$	2.46		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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 10 for more information.

8 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® EMERGING MARKETS DIVIDEND ETF

The iShares Emerging Markets Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying equities in emerging markets, as represented by the Dow Jones Emerging Markets Select Dividend Index^TM (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 April 30, 2016, the total return for the Fund was -22.45%, net of fees, while the total return for the Index was -22.59%.

As represented by the Index, emerging markets high dividend stocks declined for the reporting period and trailed broader global equity markets. The Index declined sharply in volatile markets until mid-January 2016, before staging a modest rally through the end of the reporting period.

High dividend emerging markets equities generally declined as a result of disappointing growth in many developing economies, as well as worries about excessive debt burdens, poor commodities prices, and volatile currency values. Concerns about the timing and magnitude of Fed short-term interest rate increases further contributed to volatility during the reporting period. Higher U.S. interest rates are typically associated with a stronger U.S. dollar, which has negative implications for commodities, currencies, and risk markets. Emerging markets stocks generally declined before the Fed’s December 2015 interest rate hike and in the immediate aftermath, but they rallied thereafter when investors concluded that no further rate increases were imminent.

Taiwanese dividend paying stocks, which represented more than 20% of the Index at the end of the reporting period, declined amid negative economic growth in the second and third quarters of 2015. Chinese equities, another large Index component, posted negative total returns as the country’s economy grew at a successively slower pace during the reporting period. Meanwhile, Brazil, which represented more than 10% of the Index at the end of the reporting period, experienced poor economic growth, high inflation, and political uncertainty relating to impeachment proceedings against its president.

Another factor that negatively affected Index performance during the reporting period was a stronger U.S. dollar, which reduced returns on foreign investments for U.S. investors. The U.S. dollar gained against the Taiwan dollar, Chinese yuan, and Brazilian real for the reporting period.

ALLOCATION BY SECTOR

As of 4/30/16

Sector Percentage of
Total  Investments*

Financials	23.46	%
Materials	16.83
Telecommunication Services	13.98
Utilities	11.07
Consumer Discretionary	10.82
Information Technology	9.51
Energy	6.88
Industrials	5.69
Consumer Staples	1.76
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 4/30/16

Country Percentage of
Total  Investments*

Taiwan	22.88	%
China	20.39
Brazil	12.41
South Africa	10.02
Thailand	8.66
Russia	5.48
Turkey	4.12
Malaysia	4.04
Czech Republic	2.77
Poland	2.56
TOTAL	93.33	%

* 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 November 1, 2015 and held through April 30, 2016, 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 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® ASIA/PACIFIC DIVIDEND ETF

April 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.75%
AUSTRALIA — 51.63%
ALS Ltd.		423,774	$	1,513,527
Amcor Ltd./Australia		105,768		1,243,040
AusNet Services		1,529,398		1,791,591
Australia & New Zealand Banking Group Ltd.		123,656		2,290,314
Bendigo & Adelaide Bank Ltd.		339,664		2,415,881
Commonwealth Bank of Australia		30,628		1,727,087
Mineral Resources Ltd.		227,396		1,285,911
Monadelphous Group Ltd.a		433,056		2,518,309
National Australia Bank Ltd.		115,856		2,404,018
Suncorp Group Ltd.		176,618		1,684,826
Sydney Airport		238,030		1,237,055
Telstra Corp. Ltd.		446,290		1,825,543
Westpac Banking Corp.		77,948		1,847,041
Woodside Petroleum Ltd.		87,412		1,890,519
WorleyParsons Ltd.		630,578		3,363,768
				29,038,430
HONG KONG — 22.57%
Giordano International Ltd.		6,240,000		2,823,493
Hang Seng Bank Ltd.		75,400		1,370,520
Kerry Properties Ltd.		572,000		1,559,558
New World Development Co. Ltd.		2,028,000		2,023,503
PCCW Ltd.		2,418,000		1,639,597
Sino Land Co. Ltd.		904,000		1,424,081
VTech Holdings Ltd.a		179,400		1,854,777
				12,695,529
JAPAN — 5.39%
Mitsui & Co. Ltd.		114,400		1,434,344
TonenGeneral Sekiyu KK		163,000		1,595,037
				3,029,381
NEW ZEALAND — 12.08%
Sky Network Television Ltd.		776,776		2,895,046
SKYCITY Entertainment Group Ltd.		454,948		1,555,618
Spark New Zealand Ltd.		904,384		2,346,168
				6,796,832
SINGAPORE — 8.08%
Singapore Post Ltd.		1,183,000		1,381,876
Singapore Telecommunications Ltd.		501,800		1,441,128
StarHub Ltd.		699,482		1,722,618
				4,545,622
TOTAL COMMON STOCKS
(Cost: $58,203,063)				56,105,794

Security	Shares		Value
SHORT-TERM INVESTMENTS — 3.20%
MONEY MARKET FUNDS — 3.20%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.50%b,c,d		1,694,254	$	1,694,254
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%b,c,d		92,443		92,443
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%b,c		11,526		11,526
				1,798,223
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,798,223)				1,798,223
TOTAL INVESTMENTS IN SECURITIES — 102.95%
(Cost: $60,001,286)				57,904,017
Other Assets, Less Liabilities — (2.95)%				(1,660,961	)
NET ASSETS — 100.00%			$	56,243,056

^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.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 11

Schedule of Investments

iSHARES^® EMERGING MARKETS DIVIDEND ETF

April 30, 2016

Security	Shares		Value
COMMON STOCKS — 94.61%
BRAZIL — 7.59%
AES Tiete Energia SA		207,000	$	847,004
Banco do Brasil SA		495,000		3,171,569
CCR SA		252,000		1,181,569
Multiplus SA		261,000		2,870,334
Tractebel Energia SA		72,000		795,989
Transmissora Alianca de Energia Eletrica SA Units		477,000		2,703,756
				11,570,221
CHILE — 0.80%
Itau CorpBanca		133,853,490		1,217,025
				1,217,025
CHINA — 20.26%
Agile Property Holdings Ltd.a		2,700,000		1,538,443
Agricultural Bank of China Ltd. Class H		5,220,000		1,890,914
ANTA Sports Products Ltd.		360,000		920,745
Bank of China Ltd. Class H		3,870,000		1,581,486
Belle International Holdings Ltd.		2,520,000		1,546,331
China Construction Bank Corp. Class H		2,700,000		1,736,838
China Oilfield Services Ltd. Class H		2,728,000		2,373,795
China Resources Cement Holdings Ltd.a		5,940,000		1,960,295
China Shanshui Cement Group Ltd.a,b		1,012,000		126,585
China Shenhua Energy Co. Ltd. Class H		1,125,000		1,902,748
Datang International Power Generation Co. Ltd. Class H		6,120,000		1,743,567
Evergrande Real Estate Group Ltd.a		2,970,000		2,205,332
Great Wall Motor Co. Ltd. Class H		1,845,000		1,398,520
Guangzhou R&F Properties Co. Ltd. Class H		576,000		806,394
Huadian Power International Corp. Ltd. Class H		2,880,000		1,481,359
Huaneng Power International Inc. Class H		1,980,000		1,421,724
Industrial & Commercial Bank of China Ltd. Class H		3,240,000		1,758,418
PetroChina Co. Ltd. Class H		1,260,000		927,474

Security	Shares		Value
Shenzhen Investment Ltd.		3,060,000	$	1,238,643
Shougang Fushan Resources Group Ltd.a		6,840,000		1,031,661
Zhejiang Expressway Co. Ltd. Class H		1,260,000		1,289,692
				30,880,964
COLOMBIA — 1.85%
Ecopetrol SA		5,682,618		2,818,996
				2,818,996
CZECH REPUBLIC — 2.75%
CEZ AS		144,360		2,820,562
Komercni Banka AS		6,660		1,370,352
				4,190,914
GREECE — 1.66%
OPAP SA		334,218		2,526,456
				2,526,456
INDIA — 0.37%
Reliance Industries Ltd. GDRc		19,080		564,768
				564,768
MALAYSIA — 4.01%
Berjaya Sports Toto Bhd		1,407,713		1,095,469
British American Tobacco Malaysia Bhd		86,600		1,017,076
Malayan Banking Bhd		675,000		1,543,005
Public Bank Bhda		126,000		603,149
Sime Darby Bhda		369,000		727,326
Telekom Malaysia Bhda		666,000		1,133,726
				6,119,751
PHILIPPINES — 1.95%
Globe Telecom Inc.		27,000		1,263,407
Philippine Long Distance Telephone Co.		46,800		1,713,796
				2,977,203
POLAND — 2.54%
KGHM Polska Miedz SA		63,000		1,226,420
Orange Polska SA		514,530		837,839
Powszechny Zaklad Ubezpieczen SA		200,250		1,809,684
				3,873,943
RUSSIA — 5.44%
E.ON Russia JSC		65,160,000		2,656,467
MMC Norilsk Nickel PJSC		22,230		3,215,802
Mobile TeleSystems PJSC		613,800		2,416,957
				8,289,226

12 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® EMERGING MARKETS DIVIDEND ETF

April 30, 2016

Security	Shares		Value
SOUTH AFRICA — 9.96%
African Bank Investments Ltd.a,b		2,216,313	$	1,563
Barloworld Ltd.		223,560		1,297,777
Coronation Fund Managers Ltd.		382,050		1,994,476
Exxaro Resources Ltd.a		155,460		983,907
Foschini Group Ltd. (The)		132,120		1,422,218
MTN Group Ltd.		201,420		2,117,213
Nampak Ltd.		1,263,240		2,170,021
PPC Ltd.		1,169,442		1,237,003
RMB Holdings Ltd.		266,940		1,093,492
Tiger Brands Ltd.		29,070		721,894
Truworths International Ltd.		178,519		1,338,318
Woolworths Holdings Ltd./South Africa		123,390		797,120
				15,175,002
TAIWAN — 22.73%
Asia Cement Corp.		1,620,000		1,444,052
Asustek Computer Inc.		125,000		1,098,735
China Steel Corp.		1,170,388		821,917
Chunghwa Telecom Co. Ltd.		270,000		912,473
Far EasTone Telecommunications Co. Ltd.		450,000		1,015,719
Farglory Land Development Co. Ltd.		1,890,263		2,265,174
Gigabyte Technology Co. Ltd.		1,260,000		1,347,782
Highwealth Construction Corp.		1,350,500		2,030,796
Huaku Development Co. Ltd.		937,000		1,655,939
IEI Integration Corp.		810,000		882,755
Inventec Corp.		1,800,475		1,191,831
Lite-On Technology Corp.		810,915		988,093
MediaTek Inc.		220,000		1,568,846
Merry Electronics Co. Ltd.		888,000		1,657,446
Novatek Microelectronics Corp.		316,000		1,107,122
Oriental Union Chemical Corp.		1,170,000		750,907
Radiant Opto-Electronics Corp.		720,000		1,039,159
Ruentex Development Co. Ltd.		990,143		1,117,453
Ruentex Industries Ltd.		990,000		1,384,336
Synnex Technology International Corp.		1,710,000		1,699,237
Taiwan Cement Corp.		1,620,000		1,652,497
Taiwan Mobile Co. Ltd.		305,000		1,007,116
TSRC Corp.		1,260,925		1,110,293
U-Ming Marine Transport Corp.		1,620,000		1,310,948
Wan Hai Lines Ltd.		3,196,000		1,758,875
Wistron NeWeb Corp.		180,509		470,119

Security	Shares		Value
WPG Holdings Ltd.		1,260,000	$	1,347,782
				34,637,402
THAILAND — 8.61%
Advanced Info Service PCL NVDR		306,000		1,366,619
Charoen Pokphand Foods PCL NVDR		1,350,000		919,840
Intouch Holdings PCL NVDRa		999,000		1,508,653
Jasmine International PCL NVDR		29,502,000		3,682,471
Land & Houses PCL NVDRa		6,237,000		1,508,808
PTT Global Chemical PCL NVDR		639,000		1,143,358
Sansiri PCL NVDRa		31,383,066		1,383,622
Siam Cement PCL (The) NVDR		54,000		754,423
Thai Oil PCL NVDR		450,000		850,272
				13,118,066
TURKEY — 4.09%
Eregli Demir ve Celik Fabrikalari TAS		1,929,420		3,224,561
Tofas Turk Otomobil Fabrikasi AS		137,520		1,089,608
Turk Telekomunikasyon AS		358,740		867,868
Turk Traktor ve Ziraat Makineleri AS		35,640		1,057,351
				6,239,388
TOTAL COMMON STOCKS
(Cost: $160,026,832)				144,199,325
PREFERRED STOCKS — 4.74%
BRAZIL — 4.74%
Cia. Energetica de Minas Gerais		1,152,063		2,286,899
Telefonica Brasil SA		108,000		1,325,745
Vale SA		792,000		3,612,519
				7,225,163
TOTAL PREFERRED STOCKS
(Cost: $9,601,433)				7,225,163
SHORT-TERM INVESTMENTS — 4.04%
MONEY MARKET FUNDS — 4.04%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.50%d,e,f		5,668,825		5,668,825
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%d,e,f		309,305		309,305

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Continued)

iSHARES^® EMERGING MARKETS DIVIDEND ETF

April 30, 2016

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%d,e		171,562	$	171,562
				6,149,692
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,149,692)				6,149,692
TOTAL INVESTMENTS IN SECURITIES — 103.39%
(Cost: $175,777,957)				157,574,180
Other Assets, Less Liabilities — (3.39)%				(5,163,722	)
NET ASSETS — 100.00%			$	152,410,458

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  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.

14 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^®, INC.

April 30, 2016

	iShares Asia/Pacific Dividend ETF			iShares Emerging Markets Dividend ETF
ASSETS
Investments, at cost:
Unaffiliated	$	58,203,063		$	169,628,265
Affiliated (Note 2)		1,798,223			6,149,692
Total cost of investments	$	60,001,286		$	175,777,957
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	56,105,794		$	151,424,488
Affiliated (Note 2)		1,798,223			6,149,692
Total fair value of investments		57,904,017			157,574,180
Foreign currency, at valueb		67,805			339,488
Receivables:
Dividends and interest		79,755			535,361
Total Assets		58,051,577			158,449,029
LIABILITIES
Payables:
Investment securities purchased		—			249
Collateral for securities on loan (Note 1)		1,786,697			5,978,130
Investment advisory fees (Note 2)		21,824			60,192
Total Liabilities		1,808,521			6,038,571
NET ASSETS	$	56,243,056		$	152,410,458
Net assets consist of:
Paid-in capital	$	67,221,907		$	256,382,018
Distributions in excess of net investment income		—			(208,999	)
Accumulated net realized loss		(8,884,420	)		(85,573,189	)
Net unrealized depreciation		(2,094,431	)		(18,189,372	)
NET ASSETS	$	56,243,056		$	152,410,458
Shares outstandingc		1,300,000			4,500,000
Net asset value per share	$	43.26		$	33.87

^a  Securities on loan with values of $1,699,411 and $5,440,976, respectively. See Note 1.

^b  Cost of foreign currency: $67,318 and $334,146, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 15

Statements of Operations

iSHARES^®, INC.

Year ended April 30, 2016

	iShares Asia/Pacific Dividend ETF			iShares Emerging Markets Dividend ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	2,192,292		$	9,488,058
Dividends — affiliated (Note 2)		25			321
Securities lending income — affiliated — net (Note 2)		68,776			374,306
		2,261,093			9,862,685
Less: Other foreign taxes (Note 1)		—			(11,796	)
Total investment income		2,261,093			9,850,889
EXPENSES
Investment advisory fees (Note 2)		200,717			1,155,404
Total expenses		200,717			1,155,404
Less investment advisory fees waived (Note 2)		—			(322,833	)
Net expenses		200,717			832,571
Net investment income		2,060,376			9,018,318
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,411,630	)		(53,205,104	)
In-kind redemptions — unaffiliated		(462,509	)		(28,723	)
Foreign currency transactions		(11,646	)		(296,364	)
Net realized loss		(8,885,785	)		(53,530,191	)
Net change in unrealized appreciation/depreciation on:
Investments		1,423,348			(11,828,634	)
Translation of assets and liabilities in foreign currencies		2,230			18,388
Net change in unrealized appreciation/depreciation		1,425,578			(11,810,246	)
Net realized and unrealized loss		(7,460,207	)		(65,340,437	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,399,831	)	$	(56,322,119	)

^a  Net of foreign withholding tax of $61,007 and $1,195,450, respectively.

See notes to financial statements.

16 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Asia/Pacific Dividend ETF						iShares Emerging Markets Dividend ETF
	Year ended April 30, 2016			Year ended April 30, 2015			Year ended April 30, 2016			Year ended April 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,060,376		$	2,331,019		$	9,018,318		$	10,349,648
Net realized gain (loss)		(8,885,785	)		934,422			(53,530,191	)		(21,770,300	)
Net change in unrealized appreciation/depreciation		1,425,578			(7,561,520	)		(11,810,246	)		(860,850	)
Net decrease in net assets resulting from operations		(5,399,831	)		(4,296,079	)		(56,322,119	)		(12,281,502	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,016,323	)		(2,543,745	)		(8,803,104	)		(10,133,285	)
Return of capital		(57,564	)		—			(296,548	)		—
Total distributions to shareholders		(2,073,887	)		(2,543,745	)		(9,099,652	)		(10,133,285	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		24,565,368			13,283,521			48,465,162			132,233,021
Cost of shares redeemed		(15,968,208	)		—			(42,194,813	)		(77,094,234	)
Net increase in net assets from capital share transactions		8,597,160			13,283,521			6,270,349			55,138,787
INCREASE (DECREASE) IN NET ASSETS		1,123,442			6,443,697			(59,151,422	)		32,724,000
NET ASSETS
Beginning of year		55,119,614			48,675,917			211,561,880			178,837,880
End of year	$	56,243,056		$	55,119,614		$	152,410,458		$	211,561,880
Distributions in excess of net investment income included in net assets at end of year	$	—		$	(32,407	)	$	(208,999	)	$	(163,667	)
SHARES ISSUED AND REDEEMED
Shares sold		600,000			250,000			1,100,000			2,700,000
Shares redeemed		(400,000	)		—			(1,200,000	)		(1,800,000	)
Net increase (decrease) in shares outstanding		200,000			250,000			(100,000	)		900,000

See notes to financial statements.

FINANCIAL STATEMENTS 17

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Asia/Pacific Dividend ETF
	Year ended Apr. 30, 2016			Year ended Apr. 30, 2015			Year ended Apr. 30, 2014			Year ended Apr. 30, 2013			Period from Feb. 23, 2012a to Apr. 30, 2012
Net asset value, beginning of period	$	50.11		$	57.27		$	61.76		$	52.74		$	51.62
Income from investment operations:
Net investment incomeb		2.13			2.38			2.61			2.71			0.55
Net realized and unrealized gain (loss)c		(6.69	)		(6.85	)		(4.04	)		8.86			1.14
Total from investment operations		(4.56	)		(4.47	)		(1.43	)		11.57			1.69
Less distributions from:
Net investment income		(2.23	)		(2.69	)		(3.06	)		(2.55	)		(0.54	)
Net realized gain		—			—			—			—			(0.01	)
Return of capital		(0.06	)		—			—			—			(0.02	)
Total distributions		(2.29	)		(2.69	)		(3.06	)		(2.55	)		(0.57	)
Net asset value, end of period	$	43.26		$	50.11		$	57.27		$	61.76		$	52.74
Total return		(8.74	)%		(8.04	)%		(1.78	)%		22.87	%		3.32	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	56,243		$	55,120		$	48,676		$	43,229		$	13,186
Ratio of expenses to average net assetse		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of net investment income to average net assetse		5.03	%		4.47	%		4.77	%		4.99	%		5.76	%
Portfolio turnover ratef		32	%		40	%		33	%		32	%		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 as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

18 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Emerging Markets Dividend ETF
	Year ended Apr. 30, 2016			Year ended Apr. 30, 2015			Year ended Apr. 30, 2014			Year ended Apr. 30, 2013			Period from Feb. 23, 2012a to Apr. 30, 2012
Net asset value, beginning of period	$	45.99		$	48.33		$	53.80		$	53.23		$	54.61
Income from investment operations:
Net investment incomeb		1.83			2.00			1.96			2.02			0.74
Net realized and unrealized gain (loss)c		(12.13	)		(2.45	)		(5.18	)		0.56			(1.98	)
Total from investment operations		(10.30	)		(0.45	)		(3.22	)		2.58			(1.24	)
Less distributions from:
Net investment income		(1.76	)		(1.89	)		(2.25	)		(2.01	)		(0.14	)
Return of capital		(0.06	)		—			—			—			—
Total distributions		(1.82	)		(1.89	)		(2.25	)		(2.01	)		(0.14	)
Net asset value, end of period	$	33.87		$	45.99		$	48.33		$	53.80		$	53.23
Total return		(22.45	)%		(0.91	)%		(5.86	)%		5.09	%		(2.27	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	152,410		$	211,562		$	178,838		$	131,806		$	15,970
Ratio of expenses to average net assetse		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feese		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetse		5.31	%		4.42	%		4.01	%		3.80	%		7.51	%
Portfolio turnover ratef		67	%		59	%		44	%		41	%		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  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 April 30, 2016, April 30, 2015, April 30, 2014 and April 30, 2013 were 55%, 43%, 39% and 41%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 19

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
Asia/Pacific Dividend	Non-diversified
Emerging Markets Dividend	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.

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

20 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 21

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 April 30, 2016. 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
Asia/Pacific Dividend
Investments:
Assets:
Common Stocks	$	56,105,794	$	—	$	—	$	56,105,794
Money Market Funds		1,798,223		—		—		1,798,223
Total	$	57,904,017	$	—	$	—	$	57,904,017
Emerging Markets Dividend
Investments:
Assets:
Common Stocks	$	144,071,177	$	—	$	128,148	$	144,199,325
Preferred Stocks		7,225,163		—		—		7,225,163
Money Market Funds		6,149,692		—		—		6,149,692
Total	$	157,446,032	$	—	$	128,148	$	157,574,180

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 April 30, 2016 are reflected in tax reclaims 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

22 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2016, 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 April 30, 2016, 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 April 30, 2016 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.

On July 23, 2014, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. When implemented in October 2016, the change may affect the Funds with regard to the reinvestment of cash collateral received for securities on loan. Each Fund continues to evaluate its reinvestment strategy in light of the new regulations.

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

NOTES TO FINANCIAL STATEMENTS 23

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 April 30, 2016:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Asia/Pacific Dividend
Morgan Stanley & Co. LLC	$	1,474,217	$	1,474,217	$	—
UBS Securities LLC		225,194		225,194		—
	$	1,699,411	$	1,699,411	$	—
Emerging Markets Dividend
Citigroup Global Markets Inc.	$	24,699	$	24,699	$	—
Deutsche Bank AG		4,426		4,426		—
Goldman Sachs & Co.		2,154,181		2,154,181		—
JPMorgan Clearing Corp.		813,168		813,168		—
Macquarie Capital (USA) Inc.		64,132		64,132		—
Merrill Lynch, Pierce, Fenner & Smith		1,290,581		1,290,581		—
Morgan Stanley & Co. International PLC		665,237		665,237		—
Morgan Stanley & Co. LLC		424,552		424,552		—
	$	5,440,976	$	5,440,976	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund 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 Asia/Pacific Dividend ETF, BFA is entitled to an annual investment advisory fee of 0.49% based on the average daily net assets of the Fund.

For its investment advisory services to the iShares Emerging Markets Dividend ETF, BFA is entitled to an annual investment advisory fee of 0.68% 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”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through August 31, 2017 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any. BFA has also contractually agreed to waive any additional portion of its investment advisory fees for the Fund through August 31, 2017 necessary to limit total annual operating expenses after fee waiver to 0.49% of average daily net assets.

24 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

The SEC 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.

For the year ended April 30, 2016, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Asia/Pacific Dividend	$	16,382
Emerging Markets Dividend		92,748

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 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.

For the year ended April 30, 2016, the purchases and sales transactions executed by the iShares Emerging Markets Dividend ETF pursuant to Rule 17a-7 under the 1940 Act were $54,828 and $173,513, respectively.

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 “Dividends – 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 Emerging Markets Dividend ETF, 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 the Fund’s underlying index.

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

NOTES TO FINANCIAL STATEMENTS 25

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 April 30, 2016 were as follows:

iShares ETF	Purchases		Sales
Asia/Pacific Dividend	$	13,424,844	$	14,721,674
Emerging Markets Dividend		118,438,302		113,682,053

In-kind transactions (see Note 4) for the year ended April 30, 2016 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Asia/Pacific Dividend	$	23,987,454	$	14,105,523
Emerging Markets Dividend		22,320,277		20,066,169

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

26 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares Emerging Markets Dividend 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

NOTES TO FINANCIAL STATEMENTS 27

Notes to Financial Statements (Continued)

iSHARES^®, INC.

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 April 30, 2016, attributable to 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
Asia/Pacific Dividend	$	(1,271,208	)	$	(11,646	)	$	1,282,854
Emerging Markets Dividend		(1,853,653	)		(260,546	)		2,114,199

The tax character of distributions paid during the years ended April 30, 2016 and April 30, 2015 was as follows:

iShares ETF	2016		2015
Asia/Pacific Dividend
Ordinary income	$	2,016,323	$	2,543,745
Return of capital		57,564		—
	$	2,073,887	$	2,543,745
Emerging Markets Dividend
Ordinary income	$	8,803,104	$	10,133,285
Return of capital		296,548		—
	$	9,099,652	$	10,133,285

As of April 30, 2016, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Capital Loss Carryforwards			Net Unrealized Gains (Losses) a			Qualified Late-Year Losses b			Total
Asia/Pacific Dividend	$	(3,928,193	)	$	(4,801,440	)	$	(2,249,218	)	$	(10,978,851	)
Emerging Markets Dividend		(36,696,384	)		(24,427,026	)		(42,848,150	)		(103,971,560	)

^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.

28 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^®, INC.

As of April 30, 2016, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Asia/Pacific Dividend	$	3,928,193
Emerging Markets Dividend		36,696,384

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 April 30, 2016, 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)
Asia/Pacific Dividend	$	62,708,295	$	2,307,314	$	(7,111,592	)	$	(4,804,278	)
Emerging Markets Dividend		182,015,611		6,600,676		(31,042,107	)		(24,441,431	)

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2016, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 29

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 Asia/Pacific Dividend ETF and iShares Emerging Markets Dividend ETF (the “Funds”) at April 30, 2016, 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 April 30, 2016 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

June 21, 2016

30 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Tax Information (Unaudited)

iSHARES^®, INC.

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2016:

iShares ETF	Qualified Dividend Income
Asia/Pacific Dividend	$	1,633,979
Emerging Markets Dividend		3,600,245

For the fiscal year ended April 30, 2016, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Asia/Pacific Dividend	$	2,253,299	$	60,976
Emerging Markets Dividend		10,683,508		1,205,893

TAX INFORMATION 31

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
Asia/Pacific Dividend	$	2.287442	$	—	$	—	$	2.287442		100	%		—	%		—	%		100	%
Emerging Markets Dividend		1.652683		—		0.168300		1.820983		91			—			9			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.

32 2016 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 Asia/Pacific Dividend ETF

Period Covered: February 23, 2012 through March 31, 2016

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0%		1		0.10	%
Greater than 2.5% and Less than 3.0%		1		0.10
Greater than 2.0% and Less than 2.5%		1		0.10
Greater than 1.5% and Less than 2.0%		17		1.65
Greater than 1.0% and Less than 1.5%		69		6.69
Greater than 0.5% and Less than 1.0%		210		20.34
Between 0.5% and –0.5%		594		57.55
Less than –0.5% and Greater than –1.0%		97		9.40
Less than –1.0% and Greater than –1.5%		24		2.33
Less than –1.5% and Greater than –2.0%		9		0.87
Less than –2.0% and Greater than –2.5%		7		0.68
Less than –2.5%		2		0.19
		1,032		100.00	%

iShares Emerging Markets Dividend ETF

Period Covered: February 23, 2012 through March 31, 2016

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5%		3		0.29	%
Greater than 2.0% and Less than 2.5%		2		0.19
Greater than 1.5% and Less than 2.0%		14		1.36
Greater than 1.0% and Less than 1.5%		80		7.75
Greater than 0.5% and Less than 1.0%		237		22.97
Between 0.5% and –0.5%		549		53.19
Less than –0.5% and Greater than –1.0%		99		9.59
Less than –1.0% and Greater than –1.5%		36		3.49
Less than –1.5% and Greater than –2.0%		7		0.68
Less than –2.0% and Greater than –2.5%		4		0.39
Less than –2.5% and Greater than –3.0%		1		0.10
		1,032		100.00	%

SUPPLEMENTAL INFORMATION 33

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 (the “BlackRock-advised Funds”) 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 328 funds (as of April 30, 2016) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito, Mark Wiedman and Benjamin Archibald, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. 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 During the Past 5 Years
Robert S. Kapitoa (59)	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).
Mark Wiedmanb (45)	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.

34 2016 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors^c

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director During the Past 5 Years
Cecilia H. Herbert (67)	Director (since 2005); Independent Board Chair (since 2016); Nominating and Governance Committee Chair (since 2016).	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 media company (since 2011).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Director of Forward Funds (23 portfolios) (since 2009); Director of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (60)	Director (since 2015); Risk Committee Chair (since 2016).	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).
Charles A. Hurty (72)	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).
John E. Kerrigan (60)	Director (since 2005); Securities Lending Committee Chair (since 2016).	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); Fixed Income Plus Committee Chair (since 2016).	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).

DIRECTOR AND OFFICER INFORMATION 35

Director and Officer Information (Continued)

iSHARES^®, INC.

Independent Directors^c (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director During the Past 5 Years
Madhav V. Rajan (51)	Director (since 2011); Equity Plus Committee Chair and 15(c) Committee Chair (since 2016).	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).

^c Robert H. Silver served as an Independent Director until March 31, 2016.

36 2016 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 (45)	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 (56)	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 (48)	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 (47)	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 (53)	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 37

Notes:

38 2016 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 S&P Dow Jones Indices, LLC, 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.

©2016 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-407-0416

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 April 30, 2016, 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 and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2). Robert H. Silver resigned from the Board of Trustees effective March 31, 2016.

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 two series of the Registrant for which the fiscal year-end is April 30, 2016 (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 $30,400 for the fiscal year ended April 30, 2015 and $31,600 for the fiscal year ended April 30, 2016.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended April 30, 2015 and April 30, 2016 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 $7,464 for the fiscal year ended April 30, 2015 and $7,562 for the fiscal year ended April 30, 2016.

(d) All Other Fees – There were no other fees billed for the fiscal years ended April 30, 2015 and April 30, 2016 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 April 30, 2016 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 $2,993,339 for the fiscal year ended April 30, 2015 and $5,388,576 for the fiscal year ended April 30, 2016.

(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 Charles A. Hurty, John E. Kerrigan and Madhav V. Rajan. Robert H. Silver resigned from the Board of Trustees effective March 31, 2016.

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: June 29, 2016

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

By:	/s/ Manish Mehta
	Manish Mehta, President (Principal Executive Officer)

Date: June 29, 2016

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

Date: June 29, 2016

EX-99.CODEETHICS

N-CSR Exhibit for Item 12(a)(1): CODE OF ETHICS

CODE OF ETHICS FOR CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS

As Adopted by the Directors/Trustees

The BlackRock Funds and iShares Funds (each, a “Fund”)¹ are committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics (the “Code”), applicable to each Fund’s Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, “Senior Officers”), sets forth policies to guide you in the performance of your duties and is for the purpose of promoting:

a) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

b) full, fair, accurate, timely and understandable disclosure in reports and documents that each Fund files with, or submits to, the Securities and Exchange Commission (the “SEC”) and in other public communications made by the Fund;

c) compliance with applicable laws and governmental rules and regulations;

d) the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

e) accountability for adherence to this Code.

Each Senior Officer must comply with applicable law. Each Senior Officer also has a responsibility to conduct himself or herself in an honest and ethical manner. Each Senior Officer has leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as officers or employees of a Fund’s investment advisor (the “Advisor”) and/or affiliates of the Fund’s investment advisor (collectively, “BlackRock”) and as officers or directors/trustees of other registered investment companies and unregistered investment funds advised by BlackRock. This Code also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, each Fund or BlackRock governs the Senior Officers’ conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:

a) the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder by the SEC (the “1940 Act”);

b) the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the SEC (the “Advisers Act”);

¹  This Joint Code of Ethics for Chief Executive and Senior Financial Officers has been adopted by the Board of Directors/Trustees for each Fund. Solely for the sake of clarity and simplicity, this Joint Code of Ethics has been drafted as if there is a single Fund, a single Governance Committee and a single Board of Directors/Trustees. The terms “Directors/Trustees,” “Independent Directors/Trustees” and “Governance Committee” mean the Directors/Trustees, the Independent Directors/Trustees and the Governance Committee or Nominating and Governance Committee of each Fund, respectively, unless the context otherwise requires. The Directors/Trustees, the Independent Directors/Trustees and the Governance Committee of each Fund, however, shall act separately and in the best interests of its respective Fund.

c) the Code of Ethics adopted by the Fund pursuant to Rule 17j-1(c) under the 1940 Act (the “Fund’s 1940 Act Code of Ethics”);

d) one or more codes of ethics adopted by BlackRock that have been reviewed and approved by the Independent Directors/Trustees (“BlackRock’s 1940 Act Code of Ethics” and, together with the Fund’s 1940 Act Code of Ethics, the “1940 Act Codes of Ethics”);

e) the policies and procedures adopted by the Fund to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 12b-1(h), Rule 17e-1 and Rule 17a-7 under the 1940 Act (collectively, the “Fund Policies”); and

f) BlackRock’s general policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the “BlackRock Policies”).

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Fund Policies and the BlackRock Policies are referred to herein collectively as the “Additional Conflict Rules.”

This Code is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code, unless and until the Independent Directors/Trustees shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

I. Senior Officers Should Act Honestly and Candidly

Each Senior Officer has a responsibility to each Fund to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity. Each Senior Officer must:

a) engage in and promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

b) act responsibly in producing and produce, full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds;

c) act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

d) comply with the laws, rules and regulations that govern the conduct of each Fund’s operations and report any suspected violations thereof in accordance with the section below entitled “Compliance With Code of Ethics”;

e) adhere to a high standard of business ethics; and

f) promptly report suspected material violations of this Code, including violations of securities laws or other laws, rules and regulations applicable to the Funds, to BlackRock’s General Counsel (the “General Counsel”) and the Audit Committee.

Each Senior Officer must act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or BlackRock’s policies, and place the interests of the Funds before the Senior Officer’s own personal interests.

II. Conflicts Of Interest

A conflict of interest for the purpose of this Code occurs when a Senior Officer’s private interests interfere in any way, or even appear to interfere, with the interests of a Fund.

Senior Officers are expected to use objective and unbiased standards when making decisions that affect a Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of each Fund also are or may be officers of BlackRock and other funds advised or serviced by BlackRock (as a result of which it is incumbent upon each Senior Officer to be familiar with and to seek to comply with the Additional Conflict Rules).

Each Senior Officer is required to conduct the business of a Fund in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to a Fund where a Senior Officer is receiving a personal benefit, he or she should act in accordance with the letter and spirit of this Code.

If a Senior Officer is in doubt as to the application or interpretation of this Code to himself or herself as a Senior Officer of a Fund, he or she should make full disclosure of all relevant facts and circumstances to the General Counsel and obtain the prior approval of the General Counsel prior to taking action.

Some conflict of interest situations that should always be approved by the General Counsel, if material, include the following:

a) the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Fund has current or prospective business dealings (other than BlackRock), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

b) any ownership interest in, or any consulting or employment relationship with, any of a Fund’s service providers, other than BlackRock; or

c) a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer’s employment by BlackRock, such as compensation or equity ownership.

III. Disclosures

It is the policy of each Fund to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that a Fund files with, or submits to, the SEC and in all other public communications made by the Fund. Each Senior Officer is required to promote compliance with this policy and to abide by each Fund’s standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

a) familiarize himself or herself with the disclosure requirements applicable to each Fund as well as the business and financial operations of the Fund;

b) not knowingly misrepresent, or cause others to misrepresent, facts about each Fund to others, including to the Directors/Trustees, the Fund’s independent auditors, the Fund’s counsel, counsel to the Independent Directors/Trustees, governmental regulators or self-regulatory organizations;

c) to the extent appropriate with his area of expertise, consult with other officers and employees of each Fund and its advisers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in public communications made by the Fund; and

d) use reasonable efforts to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Compliance with Code of Ethics

If a Senior Officer knows of or suspects a violation of this Code or other laws, regulations, policies or procedures applicable to each Fund, he or she must report that information on a timely basis to the General Counsel or report it anonymously by following the “whistle blower” policies adopted by the Fund from time to time. No one will be subject to retaliation because of a good faith report of a suspected violation.

Each Fund will follow these procedures in investigating and enforcing this Code, and in reporting on this Code:

a) the General Counsel will take all appropriate action to investigate any actual or potential violations reported to him/her;

b) violations and potential violations will be reported to the Independent Directors/Trustees after such investigation;

c) if the Independent Directors/Trustees determine that a violation has occurred, they will take all appropriate disciplinary or preventive action; and

d) appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

Senior Officers must make this Code known to persons who might know of potential conflicts of interest, including any “whistleblower” policies that a Fund may adopt from time to time.

V. Accountability and Certification

Each Senior Officer must:

a) upon receipt of this Code, sign and submit to the Chief Compliance Officer (“CCO”) an acknowledgement stating that he or she has received, read and understands this Code on the certification attached hereto as Appendix I.

b) annually thereafter affirm to the CCO that he or she has complied with the requirements of this Code and reported any violations of this Code on the certification attached hereto as Appendix I.

VI. Waivers of Code of Ethics

Except as otherwise provided in this Code, the General Counsel is responsible for applying this Code to specific situations in which questions are presented to the General Counsel and has the authority to interpret this Code in any particular situation. The General Counsel shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code.

The General Counsel is authorized to consult, as appropriate, with the Chairman of the Board and with counsel to each Fund, BlackRock or the Independent Directors/Trustees, and is encouraged to do so.

The Independent Directors/Trustees are responsible for granting waivers of this Code, as appropriate. Any changes to or waivers of this Code will, to the extent required, be disclosed on Form N-CSR as provided by SEC rules.

VII. Recordkeeping

Each Fund will maintain and preserve for a period of not less than six years from the date an action is taken, the first two years in an easily accessible place, a copy of the information or materials supplied to the Independent Directors/Trustees:

a) that provided the basis for any amendment or waiver to this Code; and

b) relating to any violation of this Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Independent Directors/Trustees.

VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Independent Directors/Trustees and their counsel, each Fund and its counsel, BlackRock and its counsel and any other advisors, consultants or counsel retained by the Directors/Trustees, the Independent Directors/Trustees or any committee of the Directors/Trustees.

IX. Amendments

This Code may not be amended except in written form, which is specifically approved by a majority vote of the Directors/Trustees, including a majority of the Independent Directors/Trustees.

X. No Rights Created

This Code is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of each Fund’s business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

	BlackRock Funds	iShares Funds
Dated:	November 2007	June 17, 2003
		December 1, 2009
Revised:		June 15-16, 2010

July 2011

July 1, 2015

APPENDIX I

FORM of CERTIFICATION FORM

This is to certify that I have read and understand the Code of Ethics for Chief Executive and Senior Financial Officers of the Funds for which I serve as a Senior Officer and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the requirements of such Code of Ethics.

Please sign your name here:

Please print your name here:

Please date here:

Please sign two copies of this Certification Form, return one copy to the appropriate address specified below and retain the other copy, together with a copy of the Code of Ethics, for your records.

Addresses:

BlackRock Fund Officers and iShares Officers

Mr. Charles Park

Chief Compliance Officer, iShares, Inc.

c/o BlackRock

400 Howard Street

San Francisco, CA 94105

EX-99.CERT

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

I, Manish Mehta, certify that:

1. I have reviewed this report on Form N-CSR for the following two series of iShares, Inc.: iShares Asia/Pacific Dividend ETF and iShares Emerging Markets Dividend ETF;

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

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

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

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

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

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

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

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

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

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

Date:	June 29, 2016	/s/ Manish Mehta	President (Principal Executive Officer)
		Manish Mehta [Signature]	[Title]

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

I, Jack Gee, certify that:

1. I have reviewed this report on Form N-CSR for the following two series of iShares, Inc.: iShares Asia/Pacific Dividend ETF and iShares Emerging Markets Dividend ETF;

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

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

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

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

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

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

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

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

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

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

Date:	June 29, 2016	/s/ Jack Gee	Treasurer and Chief Financial Officer (Principal Financial Officer)
		Jack Gee [Signature]	[Title]

EX-99.906 CERT

Ex.99.906 CERT

N-CSR Exhibit for Item 12(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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

1. The Registrant’s periodic report on Form N-CSR for the period ended April 30, 2016 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

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

Date:	June 29, 2016	/s/ Manish Mehta	President (Principal Executive Officer)
		Manish Mehta [Signature]	[Title]
Date:	June 29, 2016	/s/ Jack Gee	Treasurer and Chief Financial Officer (Principal Financial Officer)
		Jack Gee [Signature]	[Title]