UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of Registrant as specified in charter)

c/o: State Street Bank and Trust Company

1 Iron Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

351 West Camden Street, Baltimore, MD 21201

(Name and address of agent for service)

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

Date of fiscal year end: August 31, 2017

Date of reporting period: February 28, 2017

Item 1. Reports to Stockholders.

FEBRUARY 28, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

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

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

^Ø  iShares MSCI France ETF  |  EWQ  |  NYSE Arca

^Ø  iShares MSCI Netherlands ETF  |  EWN  |  NYSE Arca

^Ø  iShares MSCI Sweden Capped ETF  |  EWD  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares MSCI Austria Capped ETF	11
iShares MSCI Belgium Capped ETF	13
iShares MSCI France ETF	15
iShares MSCI Netherlands ETF	18
iShares MSCI Sweden Capped ETF	21
Financial Statements	23
Financial Highlights	30
Notes to Financial Statements	35
Supplemental Information	45

Fund Performance Overview

iSHARES^® MSCI AUSTRIA CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Austria Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria Investable Market Index 25/50 (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 12.64%, net of fees, while the total return for the Index was 12.98%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		25.92%		25.88%		26.47%		25.92%		25.88%		26.47%
5 Years		3.32%		3.18%		3.43%		17.74%		16.95%		18.34%
10 Years		(4.35)%		(4.37)%		(4.88)%		(35.88)%		(36.07)%		(39.37)%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,126.40	$	2.58	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	30.16	%
Materials	21.06
Real Estate	15.56
Energy	15.43
Industrials	12.75
Information Technology	2.05
Utilities	1.53
Consumer Discretionary	1.46
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Erste Group Bank AG	20.38	%
OMV AG	13.02
Voestalpine AG	11.05
Wienerberger AG	4.66
BUWOG AG	4.61
Andritz AG	4.47
Raiffeisen Bank International AG	4.47
CA Immobilien Anlagen AG	3.88
IMMOFINANZ AG	3.70
Lenzing AG	3.43
TOTAL	73.67	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI BELGIUM CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Belgium Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium Investable Market Index 25/50 (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was -0.36%, net of fees, while the total return for the Index was -0.26%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		10.56%		11.06%		10.65%		10.56%		11.06%		10.65%
5 Years		11.60%		11.60%		12.33%		73.07%		73.10%		78.88%
10 Years		(0.25)%		(0.27)%		0.05%		(2.47)%		(2.67)%		0.53%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	996.40	$	2.43	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Consumer Staples	26.94	%
Financials	22.90
Materials	11.93
Health Care	11.57
Real Estate	6.48
Consumer Discretionary	5.30
Information Technology	4.84
Telecommunication Services	3.93
Industrials	3.02
Energy	1.61
Utilities	1.48
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Anheuser-Busch InBev SA/NV	22.67	%
KBC Group NV	8.37
Solvay SA	5.22
UCB SA	4.93
Groupe Bruxelles Lambert SA	4.12
Ageas	4.07
Umicore SA	3.24
Proximus SADP	2.90
Ackermans & van Haaren NV	2.37
Galapagos NV	2.21
TOTAL	60.10	%

* Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI FRANCE ETF

Performance as of February 28, 2017

The iShares MSCI France ETF (the “Fund”) seeks to track the investment results of an index composed of French equities, as represented by the MSCI France Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 5.12%, net of fees, while the total return for the Index was 5.25%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		12.25%		12.92%		12.15%		12.25%		12.92%		12.15%
5 Years		5.30%		5.33%		5.26%		29.44%		29.63%		29.19%
10 Years		(0.17)%		(0.18)%		(0.12)%		(1.66)%		(1.78)%		(1.19)%

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 (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,051.20	$	2.49	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Industrials	19.51	%
Consumer Discretionary	18.14
Financials	14.04
Consumer Staples	10.32
Health Care	10.30
Energy	9.09
Materials	5.43
Information Technology	3.97
Real Estate	3.33
Telecommunication Services	3.07
Utilities	2.80
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Total SA	9.09	%
Sanofi	8.02
BNP Paribas SA	4.97
LVMH Moet Hennessy Louis Vuitton SE	4.49
L’Oreal SA	3.76
AXA SA	3.67
Airbus SE	3.41
Air Liquide SA	3.37
Danone SA	3.14
Schneider Electric SE	3.05
TOTAL	46.97	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI NETHERLANDS ETF

Performance as of February 28, 2017

The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands Investable Market Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 4.27%, net of fees, while the total return for the Index was 4.62%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		14.56%		15.19%		15.22%		14.56%		15.19%		15.22%
5 Years		8.64%		8.71%		8.87%		51.36%		51.82%		52.95%
10 Years		2.39%		2.37%		2.85%		26.61%		26.44%		32.39%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,042.70	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Consumer Staples	29.15	%
Industrials	19.53
Information Technology	18.45
Financials	18.16
Materials	7.09
Consumer Discretionary	2.64
Telecommunication Services	2.13
Energy	1.63
Real Estate	1.22
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Unilever NV CVA	16.26	%
ING Groep NV	11.22
ASML Holding NV	9.52
NXP Semiconductors NV	6.37
Koninklijke Philips NV	5.84
Koninklijke Ahold Delhaize NV	4.80
Heineken NV	4.19
RELX NV	3.89
Akzo Nobel NV	3.71
Wolters Kluwer NV	2.72
TOTAL	68.52	%

* Excludes money market funds.

8 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SWEDEN CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Sweden Capped ETF (the “Fund”) (formerly the iShares MSCI Sweden ETF) seeks to track the investment results of an index composed of Swedish equities, as represented by the MSCI Sweden 25/50 Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 6.61%, net of fees, while the total return for the Index was 6.93%.

	Average Annual Total Returns						Cumulative Total Returns
	1 Year		5 Years		10 Years		1 Year		5 Years		10 Years
Fund NAV		14.75%		4.38%		3.26%		14.75%		23.89%		37.76%
Fund Market		14.77		4.43		3.24		14.77		24.18		37.58
Index a		14.02		3.90		3.01		14.02		21.05		34.48
MSCI Sweden Index		13.94		3.88		3.00		13.94		20.97		34.39
MSCI Sweden 25/50 Index b		n/a		n/a		n/a		n/a		n/a		n/a

^a  Index performance through November 30, 2016 reflects the performance of the MSCI Sweden Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Sweden 25/50 Index, which, effective as of December 1, 2016, replaced the MSCI Sweden Index as the underlying index of the Fund.

^b  The inception date for the MSCI Sweden 25/50 Index was July 20, 2016.

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 (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,066.10	$	2.51	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	33.92	%
Industrials	30.82
Consumer Discretionary	9.87
Information Technology	7.74
Consumer Staples	7.31
Telecommunication Services	5.42
Materials	2.51
Energy	1.27
Health Care	1.14
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Nordea Bank AB	9.56	%
Hennes & Mauritz AB Class B	6.69
Swedbank AB Class A	5.95
Atlas Copco AB Class A	5.84
Svenska Handelsbanken AB Class A	5.64
Volvo AB Class B	5.37
Telefonaktiebolaget LM Ericsson Class B	4.64
Svenska Cellulosa AB SCA Class B	4.57
Skandinaviska Enskilda Banken AB Class A	4.53
Assa Abloy AB	4.52
TOTAL	57.31	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment 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 September 1, 2016 and held through February 28, 2017, 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 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI AUSTRIA CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.47%
AEROSPACE & DEFENSE — 0.83%
FACC AGa		119,063	$	885,741
				885,741
AIR FREIGHT & LOGISTICS — 3.35%
Oesterreichische Post AG		97,925		3,571,691
				3,571,691
BANKS — 24.71%
Erste Group Bank AG		740,929		21,619,562
Raiffeisen Bank International AGa		212,702		4,737,319
				26,356,881
CHEMICALS — 3.42%
Lenzing AG		23,086		3,642,880
				3,642,880
CONSTRUCTION & ENGINEERING — 1.28%
Porr AG		33,388		1,367,148
				1,367,148
CONSTRUCTION MATERIALS — 6.54%
RHI AG		85,120		2,032,830
Wienerberger AG		249,896		4,939,034
				6,971,864
ELECTRIC UTILITIES — 1.52%
EVN AG		130,726		1,625,240
				1,625,240
ELECTRICAL EQUIPMENT — 1.56%
Zumtobel Group AG		99,965		1,660,793
				1,660,793
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.04%
Austria Technologie & Systemtechnik AGb		108,088		1,150,840
Kapsch TrafficCom AG		24,963		1,026,146
				2,176,986
ENERGY EQUIPMENT & SERVICES — 2.40%
Schoeller-Bleckmann Oilfield Equipment AG		34,631		2,561,203
				2,561,203
HOTELS, RESTAURANTS & LEISURE — 1.45%
DO & CO AGb		22,762		1,545,785
				1,545,785
INSURANCE — 5.29%
UNIQA Insurance Group AG		373,065		2,833,998

Security	Shares		Value
Vienna Insurance Group AG Wiener Versicherung Gruppe		116,292	$	2,804,464
				5,638,462
MACHINERY — 5.66%
Andritz AG		90,413		4,737,352
Semperit AG Holding		42,171		1,301,757
				6,039,109
METALS & MINING — 10.99%
Voestalpine AG		277,792		11,726,095
				11,726,095
OIL, GAS & CONSUMABLE FUELS — 12.95%
OMV AG		360,481		13,812,677
				13,812,677
REAL ESTATE MANAGEMENT & DEVELOPMENT — 15.48%
BUWOG AG		195,473		4,895,715
CA Immobilien Anlagen AG		209,488		4,118,136
Conwert Immobilien Invest SEb		93,432		1,628,206
IMMOEAST AG Escrowa		998,769		11
IMMOFINANZ AGb		2,149,548		3,924,100
IMMOFINANZ AG Escrowa		897,599		9
S IMMO AG		157,872		1,941,761
				16,507,938
TOTAL COMMON STOCKS
(Cost: $116,694,313)				106,090,493
SHORT-TERM INVESTMENTS — 4.46%
MONEY MARKET FUNDS — 4.46%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		4,620,552		4,622,400
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		134,507		134,507
				4,756,907
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,755,949)				4,756,907

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRIA CAPPED ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 103.93%
(Cost: $121,450,262)f	$	110,847,400
Other Assets, Less Liabilities — (3.93)%		(4,186,481	)
NET ASSETS — 100.00%	$	106,660,919

^a  Non-income earning security.

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

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $126,463,527. Net unrealized depreciation was $15,616,127, of which $3,530,354 represented gross unrealized appreciation on securities and $19,146,481 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	106,090,473	$	—	$	20	$	106,090,493
Money market funds		4,756,907		—		—		4,756,907
Total	$	110,847,380	$	—	$	20	$	110,847,400

See notes to financial statements.

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI BELGIUM CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.79%
AIR FREIGHT & LOGISTICS — 1.93%
bpost SA		64,391	$	1,604,493
				1,604,493
BANKS — 8.35%
KBC Group NV		113,224		6,946,804
				6,946,804
BEVERAGES — 22.62%
Anheuser-Busch InBev SA/NV		171,566		18,823,096
				18,823,096
BIOTECHNOLOGY — 3.28%
Ablynx NVa,b		71,864		897,643
Galapagos NVa,b		25,892		1,833,456
				2,731,099
CAPITAL MARKETS — 1.16%
Gimv NV		17,832		964,467
				964,467
CHEMICALS — 9.65%
Solvay SA		37,092		4,333,565
Tessenderlo Chemie NVa		27,467		1,008,391
Umicore SA		50,894		2,688,585
				8,030,541
COMMUNICATIONS EQUIPMENT — 0.92%
EVS Broadcast Equipment SA		20,249		764,377
				764,377
CONSTRUCTION & ENGINEERING — 1.09%
Cie. d’Entreprises CFE		8,191		905,190
				905,190
DISTRIBUTORS — 1.27%
D’ieteren SA/NV		23,550		1,053,645
				1,053,645
DIVERSIFIED FINANCIAL SERVICES — 9.28%
Ackermans & van Haaren NV		14,192		1,967,995
Groupe Bruxelles Lambert SA		40,226		3,419,959
KBC Ancoraa		28,263		1,189,878
Sofina SA		8,401		1,142,643
				7,720,475
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.90%
Proximus SADP		81,742		2,410,773
				2,410,773
ELECTRIC UTILITIES — 1.48%
Elia System Operator SA/NV		23,859		1,227,191
				1,227,191

Security	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.16%
Barco NV		10,753	$	967,337
				967,337
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.46%
Aedifica SA		12,804		980,687
Befimmo SA		18,194		1,007,633
Cofinimmo SA		13,605		1,515,059
Intervest Offices & Warehouses NV		25,799		646,971
Warehouses De Pauw CVA		13,157		1,227,359
				5,377,709
FOOD & STAPLES RETAILING — 2.20%
Colruyt SA		38,945		1,832,023
				1,832,023
FOOD PRODUCTS — 0.40%
Greenyard NVb		18,997		332,063
				332,063
HEALTH CARE EQUIPMENT & SUPPLIES — 1.54%
Biocartis NVa,b,c		29,467		342,862
Ion Beam Applications		20,476		934,171
				1,277,033
HEALTH CARE PROVIDERS & SERVICES — 0.88%
Fagrona,b		67,583		734,654
				734,654
HEALTH CARE TECHNOLOGY — 0.92%
AGFA-Gevaert NVa		187,457		767,884
				767,884
INSURANCE — 4.06%
Ageas		88,717		3,378,661
				3,378,661
IT SERVICES — 1.10%
Econocom Group SA/NV		60,874		912,701
				912,701
MEDIA — 3.31%
Kinepolis Group NV		18,045		926,517
Telenet Group Holding NVa		32,301		1,830,791
				2,757,308
METALS & MINING — 2.26%
Bekaert SA		28,093		1,247,052
Nyrstar NVa,b		102,210		629,928
				1,876,980

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BELGIUM CAPPED ETF

February 28, 2017

Security	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 1.60%
Euronav NV		100,269	$	823,386
Exmar NVb		65,033		511,370
				1,334,756
PERSONAL PRODUCTS — 1.66%
Ontex Group NV		44,776		1,377,887
				1,377,887
PHARMACEUTICALS — 4.93%
UCB SA		57,387		4,098,427
				4,098,427
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.65%
Melexis NV		16,474		1,373,638
				1,373,638
TEXTILES, APPAREL & LUXURY GOODS — 0.71%
Sioen Industries NV		10,498		291,373
Van de Velde NV		4,990		300,433
				591,806
WIRELESS TELECOMMUNICATION SERVICES — 1.02%
Orange Belgium SAa		37,473		852,720
				852,720
TOTAL COMMON STOCKS
(Cost: $94,513,609)				83,025,738

Security	Shares		Value
SHORT-TERM INVESTMENTS — 5.74%
MONEY MARKET FUNDS — 5.74%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		4,753,789	$	4,755,691
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		18,875		18,875
				4,774,566
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,773,450)				4,774,566
TOTAL INVESTMENTS IN SECURITIES — 105.53%
(Cost: $99,287,059)g				87,800,304
Other Assets, Less Liabilities — (5.53)%				(4,598,637	)
NET ASSETS — 100.00%			$	83,201,667

^a  Non-income earning security.

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

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

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $101,844,757. Net unrealized depreciation was $14,044,453, of which $1,544,224 represented gross unrealized appreciation on securities and $15,588,677 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	83,025,738	$	—	$	—	$	83,025,738
Money market funds		4,774,566		—		—		4,774,566
Total	$	87,800,304	$	—	$	—	$	87,800,304

See notes to financial statements.

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI FRANCE ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.91%
AEROSPACE & DEFENSE — 6.72%
Airbus SE		150,307	$	11,071,527
Dassault Aviation SA		592		672,433
Safran SA		81,157		5,791,705
Thales SA		27,500		2,717,599
Zodiac Aerospace		52,690		1,552,278
				21,805,542
AIR FREIGHT & LOGISTICS — 0.27%
Bollore SA		226,890		882,160
				882,160
AUTO COMPONENTS — 2.82%
Cie. Generale des Etablissements Michelin Class B		47,370		5,338,064
Valeo SA		61,967		3,819,734
				9,157,798
AUTOMOBILES — 2.11%
Peugeot SAa		126,222		2,408,858
Renault SA		49,848		4,433,991
				6,842,849
BANKS — 9.19%
BNP Paribas SA		274,854		16,101,258
Credit Agricole SA		291,471		3,529,226
Natixis SA		244,321		1,337,279
Societe Generale SA		199,054		8,864,584
				29,832,347
BEVERAGES — 2.10%
Pernod Ricard SA		55,107		6,318,267
Remy Cointreau SA		5,664		504,657
				6,822,924
BUILDING PRODUCTS — 1.92%
Cie. de Saint-Gobain		129,619		6,229,670
				6,229,670
CHEMICALS — 3.89%
Air Liquide SA		100,883		10,923,503
Arkema SA		17,619		1,713,058
				12,636,561
COMMERCIAL SERVICES & SUPPLIES — 0.67%
Edenred		54,725		1,242,101
Societe BIC SA		7,458		925,228
				2,167,329
CONSTRUCTION & ENGINEERING — 3.91%
Bouygues SA		53,906		2,083,292

Security	Shares		Value
Eiffage SA		15,263	$	1,093,449
Vinci SA		131,573		9,508,441
				12,685,182
CONSTRUCTION MATERIALS — 0.23%
Imerys SA		9,280		751,600
				751,600
DIVERSIFIED FINANCIAL SERVICES — 0.45%
Eurazeo SA		10,294		637,709
Wendel SA		7,345		815,211
				1,452,920
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.06%
Iliad SA		6,881		1,429,082
Orange SA		517,636		7,846,320
SFR Group SAa		22,908		669,406
				9,944,808
ELECTRIC UTILITIES — 0.21%
Electricite de France SA		70,575		693,685
				693,685
ELECTRICAL EQUIPMENT — 4.26%
Legrand SA		69,366		3,922,756
Schneider Electric SE		145,870		9,903,042
				13,825,798
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.40%
Ingenico Group SA		14,395		1,295,276
				1,295,276
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.33%
Fonciere des Regions		8,682		716,913
Gecina SA		10,672		1,361,942
ICADE		9,603		686,739
Klepierre		57,170		2,130,158
Unibail-Rodamco SE		25,782		5,899,718
				10,795,470
FOOD & STAPLES RETAILING — 1.32%
Carrefour SA		147,194		3,525,444
Casino Guichard Perrachon SA		14,347		760,960
				4,286,404
FOOD PRODUCTS — 3.14%
Danone SA		153,174		10,182,433
				10,182,433
HEALTH CARE EQUIPMENT & SUPPLIES — 1.90%
Essilor International SA		53,756		6,177,649
				6,177,649

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRANCE ETF

February 28, 2017

Security	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 1.35%
Accor SA		44,434	$	1,758,780
Sodexo SA		23,952		2,635,491
				4,394,271
HOUSEHOLD DURABLES — 0.24%
SEB SA		5,856		773,779
				773,779
INSURANCE — 4.40%
AXA SA		503,192		11,907,585
CNP Assurances		44,531		827,366
SCOR SE		42,336		1,533,581
				14,268,532
IT SERVICES — 1.96%
Atos SE		23,110		2,738,070
Capgemini SA		42,290		3,625,995
				6,364,065
LIFE SCIENCES TOOLS & SERVICES — 0.37%
Eurofins Scientific SE		2,832		1,213,644
				1,213,644
MACHINERY — 0.33%
Alstom SAa		39,759		1,082,603
				1,082,603
MEDIA — 3.79%
Eutelsat Communications SA		45,273		892,627
JCDecaux SA		19,207		615,342
Lagardere SCA		30,606		772,071
Publicis Groupe SA		49,823		3,368,694
SES SA		94,267		1,929,738
Vivendi SA		267,081		4,726,693
				12,305,165
METALS & MINING — 1.30%
ArcelorMittala		477,084		4,212,750
				4,212,750
MULTI-UTILITIES — 2.58%
Engie SA		411,066		5,040,657
Suez		86,690		1,303,913
Veolia Environnement SA		124,433		2,042,837
				8,387,407
OIL, GAS & CONSUMABLE FUELS — 9.08%
Total SA		589,790		29,486,743
				29,486,743
PERSONAL PRODUCTS — 3.76%
L’Oreal SA		65,359		12,192,029
				12,192,029

Security	Shares		Value
PHARMACEUTICALS — 8.01%
Sanofi		301,025	$	26,014,956
				26,014,956
PROFESSIONAL SERVICES — 0.41%
Bureau Veritas SA		68,785		1,316,368
				1,316,368
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.78%
STMicroelectronics NV		165,227		2,528,211
				2,528,211
SOFTWARE — 0.83%
Dassault Systemes SE		33,366		2,702,712
				2,702,712
TEXTILES, APPAREL & LUXURY GOODS — 7.81%
Christian Dior SE		14,139		3,003,318
Hermes International		6,850		2,998,141
Kering		19,654		4,798,177
LVMH Moet Hennessy Louis Vuitton SE		72,342		14,563,135
				25,362,771
TRADING COMPANIES & DISTRIBUTORS — 0.39%
Rexel SA		78,355		1,270,964
				1,270,964
TRANSPORTATION INFRASTRUCTURE — 0.62%
Aeroports de Paris		7,699		875,362
Groupe Eurotunnel SE Registered		121,173		1,133,074
				2,008,436
TOTAL COMMON STOCKS
(Cost: $376,439,811)				324,353,811
SHORT-TERM INVESTMENTS — 0.01%
MONEY MARKET FUNDS — 0.01%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%b,c		44,856		44,856
				44,856
TOTAL SHORT-TERM INVESTMENTS
(Cost: $44,856)				44,856

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRANCE ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 99.92%
(Cost: $376,484,667)d	$	324,398,667
Other Assets, Less Liabilities — 0.08%		257,696
NET ASSETS — 100.00%	$	324,656,363

^a  Non-income earning security.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $391,256,009. Net unrealized depreciation was $66,857,342, of which $9,387,810 represented gross unrealized appreciation on securities and $76,245,152 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	324,353,811	$	—	$	—	$	324,353,811
Money market funds		44,856		—		—		44,856
Total	$	324,398,667	$	—	$	—	$	324,398,667

See notes to financial statements.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited)

iSHARES^® MSCI NETHERLANDS ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.77%
AIR FREIGHT & LOGISTICS — 0.41%
PostNL NVa		166,727	$	729,562
				729,562
BANKS — 12.61%
ABN AMRO Group NVb		111,066		2,549,204
ING Groep NV		1,455,583		20,130,331
				22,679,535
BEVERAGES — 7.85%
Coca-Cola European Partners PLC		86,549		3,022,954
Heineken Holding NV		41,549		3,165,111
Heineken NV		90,813		7,517,185
Refresco Group NVb		27,874		407,112
				14,112,362
CAPITAL MARKETS — 0.32%
BinckBank NV		31,143		175,258
Flow Tradersb		11,320		393,036
				568,294
CHEMICALS — 6.97%
Akzo Nobel NV		99,077		6,665,227
Corbion NV		23,222		599,619
Koninklijke DSM NV		71,434		4,706,157
OCI NVa,c		28,601		570,447
				12,541,450
CONSTRUCTION & ENGINEERING — 1.23%
Arcadis NVc		27,138		369,112
Boskalis Westminster		37,128		1,357,156
Koninklijke BAM Groep NV		93,842		491,602
				2,217,870
DIVERSIFIED FINANCIAL SERVICES — 0.00%
SNS REAAL NVa,c		68,952		1
				1
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.12%
Koninklijke KPN NV		1,348,426		3,818,511
				3,818,511
ELECTRICAL EQUIPMENT — 0.83%
Kendrion NV		5,507		160,338
Philips Lighting NVa,b,c		18,825		522,890
SIF Holding NVa		3,829		92,359
TKH Group NV		17,524		716,908
				1,492,495

Security	Shares		Value
ENERGY EQUIPMENT & SERVICES — 0.86%
Fugro NV CVAa,c		29,279	$	467,767
SBM Offshore NV		69,729		1,075,475
				1,543,242
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.21%
Eurocommercial Properties NV		22,070		783,752
NSI NV		68,184		276,550
VastNed Retail NV		9,433		336,790
Wereldhave NV		17,911		784,699
				2,181,791
FOOD & STAPLES RETAILING — 4.79%
Koninklijke Ahold Delhaize NV		404,412		8,620,347
				8,620,347
FOOD PRODUCTS — 0.23%
Wessanen		30,210		403,672
				403,672
HOTELS, RESTAURANTS & LEISURE — 0.12%
Basic-Fit NVa,b		12,661		216,603
				216,603
HOUSEHOLD DURABLES — 0.21%
TomTom NVa,c		42,974		373,852
				373,852
INDUSTRIAL CONGLOMERATES — 5.82%
Koninklijke Philips NV		345,406		10,473,155
				10,473,155
INSURANCE — 5.19%
Aegon NV		682,217		3,637,667
ASR Nederland NVa		30,006		803,486
Delta Lloyd NV		179,028		1,019,660
NN Group NV		124,470		3,878,578
				9,339,391
IT SERVICES — 0.62%
InterXion Holding NVa		28,413		1,105,266
				1,105,266
LEISURE PRODUCTS — 0.13%
Accell Group		10,343		241,076
				241,076
MACHINERY — 0.80%
Aalberts Industries NV		41,581		1,438,630
				1,438,630
MEDIA — 2.17%
Altice NV Class Aa,c		145,858		3,085,050

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI NETHERLANDS ETF

February 28, 2017

Security	Shares		Value
Altice NV Class Ba		38,325	$	811,021
				3,896,071
METALS & MINING — 0.10%
AMG Advanced Metallurgical Group NV		8,471		181,466
				181,466
OIL, GAS & CONSUMABLE FUELS — 0.77%
Koninklijke Vopak NV		28,303		1,200,434
VTTI Energy Partners LP		9,741		178,260
				1,378,694
PERSONAL PRODUCTS — 16.22%
Unilever NV CVA		615,373		29,173,538
				29,173,538
PROFESSIONAL SERVICES — 8.36%
Brunel International NV		10,434		166,640
Intertrust NVb		16,990		306,008
Randstad Holding NV		46,418		2,708,368
RELX NV		392,517		6,977,891
Wolters Kluwer NV		118,855		4,883,208
				15,042,115
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 16.74%
ASM International NV		20,495		1,044,907
ASML Holding NV		140,480		17,084,413
BE Semiconductor Industries NV		14,244		546,171
NXP Semiconductors NVa		111,101		11,422,294
				30,097,785
SOFTWARE — 1.06%
Gemalto NV		31,623		1,908,963
				1,908,963
TRADING COMPANIES & DISTRIBUTORS — 2.03%
AerCap Holdings NVa		59,700		2,704,410
IMCD Group NV		19,874		945,669
				3,650,079
TOTAL COMMON STOCKS
(Cost: $182,091,848)				179,425,816

Security	Shares		Value
SHORT-TERM INVESTMENTS — 2.74%
MONEY MARKET FUNDS — 2.74%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		4,872,148	$	4,874,097
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		47,566		47,566
				4,921,663
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,920,292)				4,921,663
TOTAL INVESTMENTS IN SECURITIES — 102.51%
(Cost: $187,012,140)g				184,347,479
Other Assets, Less Liabilities — (2.51)%				(4,511,057	)
NET ASSETS — 100.00%			$	179,836,422

^a  Non-income earning security.

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

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

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $191,516,244. Net unrealized depreciation was $7,168,765, of which $8,991,660 represented gross unrealized appreciation on securities and $16,160,425 represented gross unrealized depreciation on securities.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI NETHERLANDS ETF

February 28, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	179,425,815	$	—	$	1	$	179,425,816
Money market funds		4,921,663		—		—		4,921,663
Total	$	184,347,478	$	—	$	1	$	184,347,479

See notes to financial statements.

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI SWEDEN CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.78%
BANKS — 25.62%
Nordea Bank AB		2,390,399	$	28,080,967
Skandinaviska Enskilda Banken AB Class A		1,159,496		13,299,202
Svenska Handelsbanken AB Class A		1,187,813		16,565,087
Swedbank AB Class A		705,239		17,454,298
				75,399,554
BUILDING PRODUCTS — 4.51%
Assa Abloy AB		680,676		13,271,529
				13,271,529
COMMERCIAL SERVICES & SUPPLIES — 1.52%
Securitas AB Class B		291,529		4,460,535
				4,460,535
COMMUNICATIONS EQUIPMENT — 4.63%
Telefonaktiebolaget LM Ericsson Class B		2,089,667		13,631,416
				13,631,416
CONSTRUCTION & ENGINEERING — 2.42%
Skanska AB Class B		298,199		7,125,321
				7,125,321
DIVERSIFIED FINANCIAL SERVICES — 8.22%
Industrivarden AB Class C		165,029		3,274,469
Investor AB Class B		332,142		13,202,702
Kinnevik AB Class B		211,639		5,736,137
L E Lundbergforetagen AB Class B		30,389		1,975,601
				24,188,909
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.06%
Telia Co. AB		2,236,361		9,008,764
				9,008,764
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.09%
Hexagon AB Class B		224,437		9,085,883
				9,085,883
FOOD & STAPLES RETAILING — 0.93%
ICA Gruppen ABa		84,087		2,737,467
				2,737,467
HEALTH CARE EQUIPMENT & SUPPLIES — 1.14%
Getinge AB Class B		197,354		3,357,072
				3,357,072

Security	Shares		Value
HOUSEHOLD DURABLES — 3.17%
Electrolux AB Class B		217,892	$	5,791,905
Husqvarna AB Class B		412,995		3,546,999
				9,338,904
HOUSEHOLD PRODUCTS — 4.56%
Svenska Cellulosa AB SCA Class B		435,467		13,412,746
				13,412,746
MACHINERY — 22.30%
Alfa Laval AB		273,674		4,965,255
Atlas Copco AB Class A		522,519		17,149,936
Atlas Copco AB Class B		295,431		8,758,371
Sandvik AB		902,346		12,303,466
SKF AB Class B		351,428		6,707,617
Volvo AB Class B		1,203,258		15,751,741
				65,636,386
METALS & MINING — 2.51%
Boliden AB		241,157		7,379,639
				7,379,639
OIL, GAS & CONSUMABLE FUELS — 1.27%
Lundin Petroleum ABb		181,504		3,728,326
				3,728,326
SPECIALTY RETAIL — 6.68%
Hennes & Mauritz AB Class B		741,869		19,654,123
				19,654,123
TOBACCO — 1.80%
Swedish Match AB		170,008		5,308,119
				5,308,119
WIRELESS TELECOMMUNICATION SERVICES — 2.35%
Millicom International Cellular SA SDR		66,285		3,624,745
Tele2 AB Class B		367,019		3,290,691
				6,915,436
TOTAL COMMON STOCKS
(Cost: $341,897,341)				293,640,130
SHORT-TERM INVESTMENTS — 0.98%
MONEY MARKET FUNDS — 0.98%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		2,762,798		2,763,903

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SWEDEN CAPPED ETF

February 28, 2017

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		126,955	$	126,955
				2,890,858
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,890,858)				2,890,858
TOTAL INVESTMENTS IN SECURITIES — 100.76%
(Cost: $344,788,199)f				296,530,988
Other Assets, Less Liabilities — (0.76)%				(2,240,132	)
NET ASSETS — 100.00%			$	294,290,856

SDR  —  Swedish Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $348,488,621. Net unrealized depreciation was $51,957,633, of which $10,595,643 represented gross unrealized appreciation on securities and $62,553,276 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	293,640,130	$	—	$	—	$	293,640,130
Money market funds		2,890,858		—		—		2,890,858
Total	$	296,530,988	$	—	$	—	$	296,530,988

See notes to financial statements.

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Austria Capped ETF			iShares MSCI Belgium Capped ETF			iShares MSCI France ETF
ASSETS
Investments, at cost:
Unaffiliated	$	116,694,313		$	94,513,609		$	376,439,811
Affiliated (Note 2)		4,755,949			4,773,450			44,856
Total cost of investments	$	121,450,262		$	99,287,059		$	376,484,667
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	106,090,493		$	83,025,738		$	324,353,811
Affiliated (Note 2)		4,756,907			4,774,566			44,856
Total fair value of investments		110,847,400			87,800,304			324,398,667
Foreign currency, at valueb		60,336			22,484			213,842
Receivables:
Investment securities sold		6,429,269			244,052			439,869
Dividends and interest		5,288			4,930			30
Tax reclaims		413,480			87,512			—
Total Assets		117,755,773			88,159,282			325,052,408
LIABILITIES
Payables:
Investment securities purchased		6,438,417			173,040			274,628
Collateral for securities on loan (Note 1)		4,621,498			4,753,972			—
Investment advisory fees (Note 2)		34,939			30,603			121,417
Total Liabilities		11,094,854			4,957,615			396,045
NET ASSETS	$	106,660,919		$	83,201,667		$	324,656,363
Net assets consist of:
Paid-in capital	$	196,929,021		$	148,629,410		$	440,598,861
Distributions in excess of net investment income		(206,878	)		(100,834	)		(70,592	)
Accumulated net realized loss		(79,404,925	)		(53,834,563	)		(63,783,748	)
Net unrealized depreciation		(10,656,299	)		(11,492,346	)		(52,088,158	)
NET ASSETS	$	106,660,919		$	83,201,667		$	324,656,363
Shares outstandingc		6,100,000			4,640,000			13,000,000
Net asset value per share	$	17.49		$	17.93		$	24.97

^a  Securities on loan with values of $4,408,751, $4,557,534 and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $59,930, $22,551 and $215,751, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 23

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Netherlands ETF			iShares MSCI Sweden Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	182,091,848		$	341,897,341
Affiliated (Note 2)		4,920,292			2,890,858
Total cost of investments	$	187,012,140		$	344,788,199
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	179,425,816		$	293,640,130
Affiliated (Note 2)		4,921,663			2,890,858
Total fair value of investments		184,347,479			296,530,988
Foreign currency, at valueb		48,570			101,052
Receivables:
Investment securities sold		1,957,487			4,623,277
Dividends and interest		180,042			1,460
Capital shares sold		11,517			—
Tax reclaims		—			178,739
Foreign withholding tax claims (Note 7)		—			10,069,350
Total Assets		186,545,095			311,504,866
LIABILITIES
Payables:
Investment securities purchased		1,771,220			4,520,480
Collateral for securities on loan (Note 1)		4,872,437			2,763,903
IRS compliance fee for foreign withholding tax claims (Note 7)		—			8,773,929
Professional fees (Note 7)		—			1,046,935
Investment advisory fees (Note 2)		65,016			108,763
Total Liabilities		6,708,673			17,214,010
NET ASSETS	$	179,836,422		$	294,290,856
Net assets consist of:
Paid-in capital	$	231,624,312		$	400,843,836
Undistributed net investment income		61,606			336,767
Accumulated net realized loss		(49,184,371	)		(58,075,147	)
Net unrealized depreciation		(2,665,125	)		(48,814,600	)
NET ASSETS	$	179,836,422		$	294,290,856
Shares outstandingc		7,050,000			9,675,000
Net asset value per share	$	25.51		$	30.42

^a  Securities on loan with values of $4,628,979 and $2,652,693, respectively. See Note 1.

^b  Cost of foreign currency: $48,391 and $99,131, respectively.

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

See notes to financial statements.

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Austria Capped ETF			iShares MSCI Belgium Capped ETF			iShares MSCI France ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	226,714		$	837,540		$	1,449,036
Dividends — affiliated (Note 2)		83			95			193
Securities lending income — affiliated — net (Note 2)		20,000			39,599			60,008
Total investment income		246,797			877,234			1,509,237
EXPENSES
Investment advisory fees (Note 2)		185,706			241,907			728,801
Total expenses		185,706			241,907			728,801
Net investment income		61,091			635,327			780,436
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,406,486	)		(849,377	)		(3,588,042	)
Investments — affiliated (Note 2)		(56	)		603			86
In-kind redemptions — unaffiliated		330,717			(1,414,191	)		(2,371,499	)
Foreign currency transactions		(5,844	)		(20,457	)		(15,810	)
Realized gain distributions from affiliated funds		2			1			1
Net realized loss		(3,081,667	)		(2,283,421	)		(5,975,264	)
Net change in unrealized appreciation/depreciation on:
Investments		11,258,833			1,301,450			19,692,990
Translation of assets and liabilities in foreign currencies		(14,525	)		(2,839	)		(3,727	)
Net change in unrealized appreciation/depreciation		11,244,308			1,298,611			19,689,263
Net realized and unrealized gain (loss)		8,162,641			(984,810	)		13,713,999
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,223,732		$	(349,483	)	$	14,494,435

^a  Net of foreign withholding tax of $29,644, $146,895 and $132,676, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 25

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Netherlands ETF			iShares MSCI Sweden Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	503,542		$	880,689
Dividends — affiliated (Note 2)		200			181
Securities lending income — affiliated — net (Note 2)		12,432			2,022
Total investment income		516,174			882,892
EXPENSES
Investment advisory fees (Note 2)		420,632			690,171
Total expenses		420,632			690,171
Net investment income		95,542			192,721
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,105,563	)		(7,408,675	)
Investments — affiliated (Note 2)		289			160
In-kind redemptions — unaffiliated		739,169			525,479
Foreign currency transactions		(13,081	)		(9,412	)
Realized gain distributions from affiliated funds		3			4
Net realized loss		(1,379,183	)		(6,892,444	)
Net change in unrealized appreciation/depreciation on:
Investments		8,369,808			24,551,147
Translation of assets and liabilities in foreign currencies		7,086			(455,294	)
Net change in unrealized appreciation/depreciation		8,376,894			24,095,853
Net realized and unrealized gain		6,997,711			17,203,409
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,093,253		$	17,396,130

^a  Net of foreign withholding tax of $82,133 and $13,431, respectively.

See notes to financial statements.

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Austria Capped ETF						iShares MSCI Belgium Capped ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	61,091		$	1,511,969		$	635,327		$	3,586,837
Net realized gain (loss)		(3,081,667	)		(3,384,444	)		(2,283,421	)		1,193,969
Net change in unrealized appreciation/depreciation		11,244,308			1,994,024			1,298,611			(1,399,047	)
Net increase (decrease) in net assets resulting from operations		8,223,732			121,549			(349,483	)		3,381,759
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(252,554	)		(1,345,976	)		(786,324	)		(3,766,140	)
Total distributions to shareholders		(252,554	)		(1,345,976	)		(786,324	)		(3,766,140	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		41,137,003			48,261,666			11,594,603			307,240,550
Cost of shares redeemed		(3,227,706	)		(42,386,794	)		(59,459,705	)		(328,312,366	)
Net increase (decrease) in net assets from capital share transactions		37,909,297			5,874,872			(47,865,102	)		(21,071,816	)
INCREASE (DECREASE) IN NET ASSETS		45,880,475			4,650,445			(49,000,909	)		(21,456,197	)
NET ASSETS
Beginning of period		60,780,444			56,129,999			132,202,576			153,658,773
End of period	$	106,660,919		$	60,780,444		$	83,201,667		$	132,202,576
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(206,878	)	$	(15,415	)	$	(100,834	)	$	50,163
SHARES ISSUED AND REDEEMED
Shares sold		2,400,000			3,100,000			640,000			17,280,000
Shares redeemed		(200,000	)		(2,800,000	)		(3,280,000	)		(19,040,000	)
Net increase (decrease) in shares outstanding		2,200,000			300,000			(2,640,000	)		(1,760,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI France ETF						iShares MSCI Netherlands ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	780,436		$	10,101,361		$	95,542		$	5,525,960
Net realized loss		(5,975,264	)		(5,468,375	)		(1,379,183	)		(9,005,653	)
Net change in unrealized appreciation/depreciation		19,689,263			(10,982,251	)		8,376,894			10,379,782
Net increase (decrease) in net assets resulting from operations		14,494,435			(6,349,265	)		7,093,253			6,900,089
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,032,276	)		(10,111,706	)		(2,132,969	)		(4,368,474	)
Total distributions to shareholders		(1,032,276	)		(10,111,706	)		(2,132,969	)		(4,368,474	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		39,378,685			117,552,844			3,826,312			108,170,576
Cost of shares redeemed		(57,238,136	)		(122,177,212	)		(13,537,091	)		(102,397,515	)
Net increase (decrease) in net assets from capital share transactions		(17,859,451	)		(4,624,368	)		(9,710,779	)		5,773,061
INCREASE (DECREASE) IN NET ASSETS		(4,397,292	)		(21,085,339	)		(4,750,495	)		8,304,676
NET ASSETS
Beginning of period		329,053,655			350,138,994			184,586,917			176,282,241
End of period	$	324,656,363		$	329,053,655		$	179,836,422		$	184,586,917
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(70,592	)	$	181,248		$	61,606		$	2,099,033
SHARES ISSUED AND REDEEMED
Shares sold		1,600,000			4,800,000			150,000			4,550,000
Shares redeemed		(2,400,000	)		(5,000,000	)		(550,000	)		(4,300,000	)
Net increase (decrease) in shares outstanding		(800,000	)		(200,000	)		(400,000	)		250,000

See notes to financial statements.

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Sweden Capped ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	192,721		$	11,883,219
Net realized loss		(6,892,444	)		(9,199,802	)
Net change in unrealized appreciation/depreciation		24,095,853			(13,928,238	)
Net increase (decrease) in net assets resulting from operations		17,396,130			(11,244,821	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(46,579	)		(12,154,414	)
Total distributions to shareholders		(46,579	)		(12,154,414	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		32,807,408			49,435,762
Cost of shares redeemed		(40,574,851	)		(72,714,714	)
Net decrease in net assets from capital share transactions		(7,767,443	)		(23,278,952	)
INCREASE (DECREASE) IN NET ASSETS		9,582,108			(46,678,187	)
NET ASSETS
Beginning of period		284,708,748			331,386,935
End of period	$	294,290,856		$	284,708,748
Undistributed net investment income included in net assets at end of period	$	336,767		$	190,625
SHARES ISSUED AND REDEEMED
Shares sold		1,125,000			1,650,000
Shares redeemed		(1,425,000	)		(2,625,000	)
Net decrease in shares outstanding		(300,000	)		(975,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 29

Financial Highlights 

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Austria Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	15.58		$	15.59		$	17.55		$	17.87		$	14.53		$	18.76
Income from investment operations:
Net investment incomea		0.01			0.38			0.25			0.52			0.32			0.35
Net realized and unrealized gain (loss)b		1.96			(0.06	)		(1.96	)		(0.18	)		3.36			(4.09	)
Total from investment operations		1.97			0.32			(1.71	)		0.34			3.68			(3.74	)
Less distributions from:
Net investment income		(0.06	)		(0.33	)		(0.25	)		(0.66	)		(0.34	)		(0.49	)
Total distributions		(0.06	)		(0.33	)		(0.25	)		(0.66	)		(0.34	)		(0.49	)
Net asset value, end of period	$	17.49		$	15.58		$	15.59		$	17.55		$	17.87		$	14.53
Total return		12.64	%c		2.11	%		(9.76	)%		1.56	%		25.49	%		(19.81	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	106,661		$	60,780		$	56,130		$	63,170		$	82,223		$	53,757
Ratio of expenses to average net assetsd		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%		0.52	%
Ratio of net investment income to average net assetsd		0.16	%		2.47	%		1.54	%		2.64	%		1.82	%		2.32	%
Portfolio turnover ratee		13	%c		15	%		18	%		30	%		26	%		13	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  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.

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Belgium Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	18.16		$	17.00		$	17.02		$	14.36		$	11.97		$	12.60
Income from investment operations:
Net investment incomea		0.11			0.34			0.34			0.32			0.42			0.38
Net realized and unrealized gain (loss)b		(0.18	)		1.05			(0.00	)c		2.95			2.36			(0.33	)
Total from investment operations		(0.07	)		1.39			0.34			3.27			2.78			0.05
Less distributions from:
Net investment income		(0.16	)		(0.23	)		(0.36	)		(0.61	)		(0.39	)		(0.67	)
Return of capital		—			—			—			—			—			(0.01	)
Total distributions		(0.16	)		(0.23	)		(0.36	)		(0.61	)		(0.39	)		(0.68	)
Net asset value, end of period	$	17.93		$	18.16		$	17.00		$	17.02		$	14.36		$	11.97
Total return		(0.36	)%d		8.20	%		1.95	%		23.05	%		23.43	%		1.11	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	83,202		$	132,203		$	153,659		$	164,765		$	71,216		$	25,386
Ratio of expenses to average net assetse		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%		0.53	%
Ratio of net investment income to average net assetse		1.29	%		1.92	%		2.01	%		1.90	%		3.01	%		3.35	%
Portfolio turnover ratef		4	%d		19	%		7	%		13	%		24	%		19	%

^a  Based on average shares outstanding throughout each period.

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

^c  Rounds to less than $0.01.

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 31

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI France ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	23.84		$	25.01		$	27.64		$	24.85		$	20.70		$	22.60
Income from investment operations:
Net investment incomea		0.06			0.67			0.74			0.66			0.69			0.59
Net realized and unrealized gain (loss)b		1.16			(1.14	)		(2.69	)		2.86			4.14			(1.80	)
Total from investment operations		1.22			(0.47	)		(1.95	)		3.52			4.83			(1.21	)
Less distributions from:
Net investment income		(0.09	)		(0.70	)		(0.68	)		(0.73	)		(0.68	)		(0.69	)
Return of capital		—			—			—			—			—			(0.00	)c
Total distributions		(0.09	)		(0.70	)		(0.68	)		(0.73	)		(0.68	)		(0.69	)
Net asset value, end of period	$	24.97		$	23.84		$	25.01		$	27.64		$	24.85		$	20.70
Total return		5.12	%d		(1.87	)%		(7.17	)%		14.07	%		23.56	%		(5.05	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	324,656		$	329,054		$	350,139		$	281,923		$	526,839		$	401,626
Ratio of expenses to average net assetse		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%		0.53	%
Ratio of net investment income to average net assetse		0.53	%		2.77	%		2.85	%		2.36	%		2.94	%		2.91	%
Portfolio turnover ratef		2	%d		6	%		6	%		6	%		5	%		6	%

^a  Based on average shares outstanding throughout each period.

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

^c  Rounds to less than $0.01.

^d  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.

32 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Netherlands ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	24.78		$	24.48		$	24.64		$	22.52		$	18.23		$	18.45
Income from investment operations:
Net investment incomea		0.01			0.71			0.50			0.45			0.44			0.39
Net realized and unrealized gain (loss)b		1.03			0.08			(0.27	)		2.22			4.19			(0.08	)
Total from investment operations		1.04			0.79			0.23			2.67			4.63			0.31
Less distributions from:
Net investment income		(0.31	)		(0.49	)		(0.39	)		(0.55	)		(0.34	)		(0.53	)
Total distributions		(0.31	)		(0.49	)		(0.39	)		(0.55	)		(0.34	)		(0.53	)
Net asset value, end of period	$	25.51		$	24.78		$	24.48		$	24.64		$	22.52		$	18.23
Total return		4.27	%c		3.32	%		0.87	%		11.80	%		25.57	%		1.96	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	179,836		$	184,587		$	176,282		$	165,092		$	253,390		$	78,397
Ratio of expenses to average net assetsd		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%		0.53	%
Ratio of net investment income to average net assetsd		0.11	%		2.97	%		2.01	%		1.78	%		2.09	%		2.21	%
Portfolio turnover ratee		4	%c		24	%		6	%		7	%		11	%		10	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 33

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Sweden Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	28.54		$	30.26		$	34.11		$	31.97		$	27.32		$	26.82
Income from investment operations:
Net investment incomea		0.02			1.05			1.30	b		1.04			0.97			0.83
Net realized and unrealized gain (loss)c		1.86			(1.63	)		(3.75	)		2.33			4.70			0.58
Total from investment operations		1.88			(0.58	)		(2.45	)		3.37			5.67			1.41
Less distributions from:
Net investment income		(0.00	)d		(1.14	)		(1.40	)		(1.23	)		(1.02	)		(0.86	)
Return of capital		—			—			—			—			—			(0.05	)
Total distributions		—			(1.14	)		(1.40	)		(1.23	)		(1.02	)		(0.91	)
Net asset value, end of period	$	30.42		$	28.54		$	30.26		$	34.11		$	31.97		$	27.32
Total return		6.61	%e		(1.91	)%		(7.46	)%b		10.49	%		21.02	%		5.57	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	294,291		$	284,709		$	331,387		$	404,256		$	434,006		$	370,832
Ratio of expenses to average net assetsf		0.49	%		0.48	%		0.92	%		0.48	%		0.51	%		0.53	%
Ratio of expenses to average net assets excluding professional fees for foreign withholding tax claimsf (Note 7)		n/a			n/a			0.48	%		n/a			n/a			n/a
Ratio of net investment income to average net assetsf		0.14	%		3.65	%		3.97	%b		2.97	%		3.13	%		3.17	%
Portfolio turnover rateg		5	%e		7	%		4	%		7	%		7	%		7	%

^a  Based on average shares outstanding throughout each period.

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

• Net investment income per share by $0.42

• Total return by 1.14%

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

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

^d  Rounds to less than $0.01.

^e Not annualized.

^f  Annualized for periods of less than one year.

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

See notes to financial statements.

34 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Austria Capped	Non-diversified
MSCI Belgium Capped	Non-diversified
MSCI France	Non-diversified
MSCI Netherlands	Non-diversified
MSCI Sweden Cappeda	Non-diversified

^a Formerly the iShares MSCI Sweden ETF.

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Directors of the Company (the “Board”).

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

NOTES TO FINANCIAL STATEMENTS 35

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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 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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

36 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. 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 February 28, 2017 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 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 February 28, 2017, 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 an approved 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

NOTES TO FINANCIAL STATEMENTS 37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 but does not receive interest income on securities received as collateral. 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.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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 February 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. 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 February 28, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

38 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Austria Capped
Barclays Capital Inc.	$	52,223	$	52,223	$	—
Citigroup Global Markets Inc.		45,954		45,954		—
Goldman Sachs & Co.		162,850		162,850		—
Merrill Lynch, Pierce, Fenner & Smith		1,519,466		1,519,466		—
Morgan Stanley & Co. LLC		1,487,742		1,487,742		—
UBS AG		904,317		904,317		—
UBS Securities LLC		236,199		236,199		—
	$	4,408,751	$	4,408,751	$	—
MSCI Belgium Capped
Citigroup Global Markets Inc.	$	517,022	$	517,022	$	—
Deutsche Bank Securities Inc.		407,827		407,827		—
Goldman Sachs & Co.		479,295		479,295		—
JPMorgan Securities LLC		974,971		974,971		—
Morgan Stanley & Co. LLC		2,050,244		2,050,244		—
UBS AG		128,175		128,175		—
	$	4,557,534	$	4,557,534	$	—
MSCI Netherlands
Credit Suisse Securities (USA) LLC	$	2,979,274	$	2,979,274	$	—
HSBC Bank PLC		256,178		256,178		—
Merrill Lynch, Pierce, Fenner & Smith		1,036,330		1,036,330		—
State Street Bank & Trust Company		1,853		1,853		—
UBS AG		355,344		355,344		—
	$	4,628,979	$	4,628,979	$	—
MSCI Sweden Capped
Morgan Stanley & Co. LLC	$	2,652,693	$	2,652,693	$	—

^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 the 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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

The U.S. Securities and Exchange Commission (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 six months ended February 28, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Austria Capped	$	4,854
MSCI Belgium Capped		8,683
MSCI France		10,672
MSCI Netherlands		3,093
MSCI Sweden Capped		531

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.

40 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Austria Capped	$	—	$	352,852
MSCI Belgium Capped		2,805,359		170,454
MSCI France		1,249,694		1,520,057
MSCI Netherlands		493,789		3,882,793
MSCI Sweden Capped		5,275,834		5,404,741

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.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2017 were as follows:

iShares ETF	Purchases		Sales
MSCI Austria Capped	$	10,002,168	$	10,040,327
MSCI Belgium Capped		3,883,909		4,053,597
MSCI France		7,309,599		7,515,480
MSCI Netherlands		6,518,737		8,421,064
MSCI Sweden Capped		14,771,479		15,053,027

In-kind transactions (see Note 4) for the six months ended February 28, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Austria Capped	$	40,874,862	$	3,204,268
MSCI Belgium Capped		11,446,571		59,219,742
MSCI France		38,715,264		56,743,941
MSCI Netherlands		3,814,796		13,514,591
MSCI Sweden Capped		32,695,240		40,475,192

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.

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund 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 a 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.

Investing in the securities of non-U.S. issuers 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 a 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 economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. Responses to the financial problems by European governments, central banks and others, including austerity

42 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

When a fund concentrates its investments in issuers located in a single country, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

CREDIT RISK

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

6. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

As of August 31, 2016, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Austria Capped	$	32,264,922	$	7,102,366	$	16,657,011	$	13,826,937	$	69,851,236
MSCI Belgium Capped		12,888,603		5,953,120		10,826,174		19,023,517		48,691,414
MSCI France		26,988,853		3,408,374		7,008,530		2,858,814		40,264,571
MSCI Netherlands		10,460,395		5,819,153		22,256,170		2,329,005		40,864,723
MSCI Sweden Capped		14,620,306		13,686,746		8,483,510		5,244,977		42,035,539

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

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Sweden Capped ETF has filed claims to recover taxes withheld by Sweden on dividend income on the basis that Sweden had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded a receivable for all recoverable taxes withheld by Sweden based upon favorable determinations issued by the Swedish Tax Authority. The Fund continues to evaluate developments in Sweden for potential impacts to the receivables recorded. Swedish tax claims receivable are disclosed in the statement of assets and liabilities. Professional fees associated with the filing of tax claims in Sweden resulting in the recovery of foreign withholding taxes were approved by the Board as appropriate expenses of the Fund.

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

8. SUBSEQUENT EVENTS

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

44 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total per Share
MSCI Austria Capped	$	0.019598	$	—	$	0.036525	$	0.056123		35	%		—	%		65	%		100	%
MSCI Belgium Capped		0.155967		—		0.002566		0.158533		98			—			2			100
MSCI France		0.067131		—		0.020350		0.087481		77			—			23			100

SUPPLEMENTAL INFORMATION 45

Notes:

46 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-802-0217

FEBRUARY 28, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares MSCI Eurozone ETF  |  EZU  |  BATS

^Ø  iShares MSCI Germany ETF  |  EWG  |  NYSE Arca

^Ø  iShares MSCI Italy Capped ETF  |  EWI  |  NYSE Arca

^Ø  iShares MSCI Spain Capped ETF  |  EWP  |  NYSE Arca

^Ø  iShares MSCI Switzerland Capped ETF  |  EWL  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares MSCI Eurozone ETF	11
iShares MSCI Germany ETF	15
iShares MSCI Italy Capped ETF	18
iShares MSCI Spain Capped ETF	20
iShares MSCI Switzerland Capped ETF	22
Financial Statements	24
Financial Highlights	31
Notes to Financial Statements	36
Supplemental Information	47

Fund Performance Overview

iSHARES^® MSCI EUROZONE ETF

Performance as of February 28, 2017

The iShares MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 4.54%, net of fees, while the total return for the Index was 4.74%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		14.11%		14.45%		14.20%		14.11%		14.45%		14.20%
5 Years		5.18%		5.20%		5.28%		28.72%		28.83%		29.33%
10 Years		(0.67)%		(0.71)%		(0.58)%		(6.50)%		(6.89)%		(5.61)%

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 (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,045.40	$	2.49	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	19.13	%
Industrials	15.26
Consumer Discretionary	13.94
Consumer Staples	10.92
Materials	8.60
Health Care	8.04
Information Technology	7.68
Energy	5.55
Telecommunication Services	4.57
Utilities	4.50
Real Estate	1.81
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total  Investments*

France	32.27	%
Germany	30.33
Netherlands	10.81
Spain	10.16
Italy	6.68
Belgium	3.79
Finland	3.12
Ireland	1.50
Austria	0.67
Portugal	0.47
TOTAL	99.80	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI GERMANY ETF

Performance as of February 28, 2017

The iShares MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of German equities, as represented by the MSCI Germany Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 5.50%, net of fees, while the total return for the Index was 5.71%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		20.03%		20.61%		20.18%		20.03%		20.61%		20.18%
5 Years		5.97%		5.99%		6.12%		33.60%		33.74%		34.57%
10 Years		2.40%		2.34%		2.52%		26.81%		25.99%		28.24%

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 (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,055.00	$	2.50	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Consumer Discretionary	19.08	%
Materials	14.58
Financials	14.38
Industrials	14.21
Health Care	13.80
Information Technology	9.96
Telecommunication Services	5.11
Consumer Staples	4.11
Real Estate	2.42
Utilities	2.35
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Siemens AG Registered	8.49	%
SAP SE	7.81
Bayer AG Registered	7.76
BASF SE	7.30
Allianz SE Registered	6.78
Daimler AG Registered	5.97
Deutsche Telekom AG Registered	4.83
Deutsche Post AG Registered	2.84
Fresenius SE & Co. KGaA	2.78
adidas AG	2.69
TOTAL	57.25	%

* Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI ITALY CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Italy Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Italian equities, as represented by the MSCI Italy 25/50 Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 5.84%, net of fees, while the total return for the Index was 6.03%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		7.99%		8.82%		8.15%		7.99%		8.82%		8.15%
5 Years		0.18%		0.18%		0.16%		0.93%		0.89%		0.78%
10 Years		(6.72)%		(6.76)%		(6.71)%		(50.11)%		(50.31)%		(50.07)%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,058.40	$	2.50	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	32.24	%
Energy	22.69
Utilities	14.79
Industrials	13.69
Consumer Discretionary	12.07
Telecommunication Services	4.52
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Eni SpA	13.99	%
Enel SpA	11.50
Intesa Sanpaolo SpA	10.27
UniCredit SpA	8.62
Snam SpA	4.37
Atlantia SpA	4.35
Fiat Chrysler Automobiles NV	4.30
CNH Industrial NV	4.25
Assicurazioni Generali SpA	4.18
Luxottica Group SpA	4.07
TOTAL	69.90	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI SPAIN CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Spain Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Spanish equities, as represented by the MSCI Spain 25/50 Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 6.22%, net of fees, while the total return for the Index was 6.43%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		13.74%		14.29%		14.17%		13.74%		14.29%		14.17%
5 Years		1.59%		1.57%		1.98%		8.23%		8.12%		10.30%
10 Years		(1.97)%		(2.01)%		(2.09)%		(18.05)%		(18.38)%		(19.02)%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,062.20	$	2.51	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	40.97	%
Industrials	15.01
Utilities	11.66
Telecommunication Services	10.14
Consumer Discretionary	7.36
Energy	6.32
Information Technology	4.52
Health Care	2.36
Consumer Staples	1.66
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Banco Santander SA	18.33	%
Telefonica SA	10.14
Banco Bilbao Vizcaya Argentaria SA	9.24
Industria de Diseno Textil SA	7.36
Iberdrola SA	4.72
Repsol SA	4.69
Amadeus IT Holding SA Class A	4.52
CaixaBank SA	3.95
Abertis Infraestructuras SA	3.23
Aena SA	3.22
TOTAL	69.40	%

* Excludes money market funds.

8 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SWITZERLAND CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Switzerland Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Swiss equities, as represented by the MSCI Switzerland 25/50 Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 3.21%, net of fees, while the total return for the Index was 3.50%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		12.17%		12.63%		12.54%		12.17%		12.63%		12.54%
5 Years		7.55%		7.56%		7.79%		43.92%		43.97%		45.53%
10 Years		4.43%		4.35%		4.15%		54.28%		53.08%		50.17%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,032.10	$	2.47	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Health Care	31.63	%
Consumer Staples	20.99
Financials	18.39
Industrials	10.80
Materials	10.13
Consumer Discretionary	6.04
Telecommunication Services	1.23
Real Estate	0.79
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Nestle SA Registered	18.50	%
Novartis AG Registered	13.48
Roche Holding AG	13.23
UBS Group AG	4.45
ABB Ltd. Registered	4.06
Zurich Insurance Group AG	3.88
Syngenta AG Registered	3.83
Cie. Financiere Richemont SA Class A Registered	3.62
Swiss Re AG	2.82
Actelion Ltd. Registered	2.59
TOTAL	70.46	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment 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 September 1, 2016 and held through February 28, 2017, 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 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EUROZONE ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 97.77%
AUSTRIA — 0.66%
Andritz AG		146,220	$	7,661,460
Erste Group Bank AG		601,390		17,547,954
IMMOEAST AG Escrowa		105,078		1
IMMOFINANZ AG Escrowa		68,575		1
OMV AG		297,643		11,404,892
Raiffeisen Bank International AGa		234,744		5,228,240
Voestalpine AG		228,005		9,624,497
				51,467,045
BELGIUM — 3.78%
Ageas		390,592		14,875,142
Anheuser-Busch InBev SA/NV		1,521,667		166,947,318
Colruyt SA		135,297		6,364,546
Groupe Bruxelles Lambert SA		161,618		13,740,539
KBC Group NV		501,313		30,757,817
Proximus SADP		304,518		8,980,985
Solvay SA		148,519		17,351,899
Telenet Group Holding NVa		105,984		6,007,075
UCB SA		252,396		18,025,451
Umicore SA		191,227		10,101,978
				293,152,750
FINLAND — 3.11%
Elisa OYJ		284,999		9,530,372
Fortum OYJ		886,634		13,651,568
Kone OYJ Class B		672,590		30,202,971
Metso OYJ		226,812		6,721,780
Neste OYJ		257,269		8,988,537
Nokia OYJ		11,655,142		59,917,433
Nokian Renkaat OYJ		231,357		9,128,036
Orion OYJ Class B		205,765		10,175,778
Sampo OYJ Class A		892,571		40,792,656
Stora Enso OYJ Class R		1,102,756		11,881,934
UPM-Kymmene OYJ		1,067,255		25,437,079
Wartsila OYJ Abp		295,491		15,237,872
				241,666,016
FRANCE — 32.17%
Accor SA		342,605		13,560,938
Aeroports de Paris		60,283		6,854,068
Air Liquide SA		777,263		84,161,205
Airbus SE		1,156,764		85,206,570
Alstom SAa		307,292		8,367,291
ArcelorMittala		3,669,875		32,405,749
Arkema SA		134,654		13,092,124

Security	Shares		Value
Atos SE		177,947	$	21,083,141
AXA SA		3,877,568		91,759,155
BNP Paribas SA		2,116,685		123,997,803
Bollore SA		1,724,948		6,706,689
Bouygues SA		412,746		15,951,295
Bureau Veritas SA		535,186		10,242,081
Capgemini SA		326,530		27,997,069
Carrefour SA		1,132,781		27,131,239
Casino Guichard Perrachon SA		112,198		5,950,945
Christian Dior SE		108,985		23,149,909
Cie. de Saint-Gobain		998,708		47,999,298
Cie. Generale des Etablissements Michelin Class B		364,756		41,103,886
CNP Assurances		338,533		6,289,794
Credit Agricole SA		2,248,947		27,230,983
Danone SA		1,178,595		78,348,574
Dassault Aviation SA		4,494		5,104,583
Dassault Systemes SE		257,101		20,825,692
Edenred		418,431		9,497,184
Eiffage SA		115,763		8,293,317
Electricite de France SA		523,355		5,144,082
Engie SA		3,162,875		38,784,447
Essilor International SA		414,467		47,630,621
Eurazeo SA		81,829		5,069,272
Eurofins Scientific SE		21,762		9,326,030
Eutelsat Communications SA		347,625		6,853,963
Fonciere des Regions		66,343		5,478,249
Gecina SA		81,527		10,404,333
Groupe Eurotunnel SE Registered		938,678		8,777,464
Hermes International		52,883		23,146,090
ICADE		72,612		5,192,700
Iliad SA		52,798		10,965,360
Imerys SA		71,698		5,806,919
Ingenico Group SA		109,984		9,896,466
JCDecaux SA		151,161		4,842,803
Kering		151,630		37,017,784
Klepierre		441,772		16,460,453
L’Oreal SA		503,654		93,951,320
Lagardere SCA		239,030		6,029,800
Legrand SA		535,098		30,260,630
LVMH Moet Hennessy Louis Vuitton SE		557,589		112,247,990
Natixis SA		1,879,117		10,285,257

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EUROZONE ETF

February 28, 2017

Security	Shares		Value
Orange SA		3,988,207	$	60,453,191
Pernod Ricard SA		424,322		48,650,438
Peugeot SAa		968,668		18,486,345
Publicis Groupe SA		382,769		25,880,249
Remy Cointreau SA		44,274		3,944,769
Renault SA		384,228		34,177,171
Rexel SA		606,830		9,843,139
Safran SA		625,366		44,628,749
Sanofi		2,318,242		200,345,368
Schneider Electric SE		1,123,841		76,297,011
SCOR SE		324,453		11,752,995
SEB SA		44,678		5,903,496
SES SA		725,862		14,859,111
SFR Group SAa		178,202		5,207,329
Societe BIC SA		58,219		7,222,564
Societe Generale SA		1,532,568		68,250,711
Sodexo SA		185,453		20,405,805
STMicroelectronics NV		1,273,294		19,483,230
Suez		658,763		9,908,521
Thales SA		212,214		20,971,367
Total SA		4,534,971		226,727,347
Unibail-Rodamco SE		198,827		45,497,758
Valeo SA		477,394		29,427,244
Veolia Environnement SA		953,911		15,660,517
Vinci SA		1,011,550		73,102,107
Vivendi SA		2,057,087		36,405,505
Wendel SA		57,602		6,393,163
Zodiac Aerospace		406,896		11,987,393
				2,497,755,208
GERMANY — 28.48%
adidas AG		375,802		63,253,422
Allianz SE Registered		912,065		159,136,099
Axel Springer SE		86,313		4,527,111
BASF SE		1,833,693		171,271,565
Bayer AG Registered		1,650,886		182,089,206
Bayerische Motoren Werke AG		659,925		59,163,301
Beiersdorf AG		200,493		18,347,335
Brenntag AG		309,466		17,796,742
Commerzbank AG		2,121,559		16,233,706
Continental AG		219,550		44,675,764
Covestro AGb		141,532		10,688,351
Daimler AG Registered		1,922,245		140,202,507
Deutsche Bank AG Registereda		2,751,776		54,387,086
Deutsche Boerse AGa		385,639		33,151,198
Deutsche Lufthansa AG Registeredc		491,512		7,223,141

Security	Shares		Value
Deutsche Post AG Registered		1,937,508	$	66,653,513
Deutsche Telekom AG Registered		6,535,381		113,264,715
Deutsche Wohnen AG Bearer		703,462		24,237,643
E.ON SE		3,997,589		31,119,658
Evonik Industries AG		324,473		10,450,433
Fraport AG Frankfurt Airport Services Worldwide		83,586		5,250,060
Fresenius Medical Care AG & Co. KGaA		428,895		35,798,674
Fresenius SE & Co. KGaA		818,906		65,280,110
GEA Group AG		365,899		14,284,668
Hannover Rueck SE		120,344		13,631,744
HeidelbergCement AG		296,475		27,789,176
Henkel AG & Co. KGaA		206,942		22,374,473
HOCHTIEF AG		39,396		6,028,155
HUGO BOSS AG		133,935		9,247,909
Infineon Technologies AG		2,262,975		40,397,901
Innogy SEa,b		276,879		9,973,773
K+S AG Registeredc		382,609		8,972,785
Lanxess AG		183,547		12,501,873
Linde AG		370,767		60,416,369
MAN SE		70,136		7,220,873
Merck KGaA		258,136		28,293,559
METRO AG		355,882		11,066,857
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		321,097		60,869,658
Osram Licht AG		178,065		10,614,785
ProSiebenSat.1 Media SE Registered		465,447		18,722,475
QIAGEN NV		427,658		12,224,149
RTL Group SAa		77,200		5,957,215
RWE AGa		979,399		14,002,743
SAP SE		1,962,396		183,397,013
Siemens AG Registered		1,526,932		199,245,182
Symrise AG		245,505		15,315,888
Telefonica Deutschland Holding AG		1,474,369		6,492,257
ThyssenKrupp AG		733,862		18,399,421
United Internet AG Registeredd		246,089		10,166,892
Volkswagen AG		65,062		9,872,460
Vonovia SE		930,171		32,508,463
Zalando SEa,b,c		173,778		6,970,782
				2,211,160,838

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EUROZONE ETF

February 28, 2017

Security	Shares		Value
IRELAND — 1.50%
Bank of Irelanda		54,916,483	$	13,071,352
CRH PLC		1,656,741		56,096,828
Irish Bank Resolution Corp. Ltd.a		446,666		5
Kerry Group PLC Class A		321,434		24,762,790
Paddy Power Betfair PLC		161,570		17,752,153
Ryanair Holdings PLCa		42,432		644,762
Ryanair Holdings PLC ADRa		45,231		3,697,634
				116,025,524
ITALY — 6.50%
Assicurazioni Generali SpA		2,338,366		33,593,785
Atlantia SpA		828,339		19,452,264
CNH Industrial NV		2,038,851		18,978,390
Enel SpA		15,258,910		65,699,598
Eni SpA		5,083,651		78,435,399
EXOR NV		218,448		10,382,854
Ferrari NV		245,780		16,061,697
Fiat Chrysler Automobiles NVa,c		1,803,657		19,798,124
Intesa Sanpaolo SpA		25,302,510		59,150,177
Leonardo SpAa		787,352		10,851,223
Luxottica Group SpA		337,883		17,865,554
Mediobanca SpA		1,136,417		9,135,165
Poste Italiane SpAb		1,045,241		6,730,678
Prysmian SpA		394,644		10,068,561
Saipem SpAa		12,111,759		5,548,237
Snam SpA		4,892,026		19,545,481
Telecom Italia SpA/Milanoa,c		22,525,542		18,322,731
Tenaris SA		940,827		15,525,693
Terna Rete Elettrica Nazionale SpA		3,026,299		14,059,237
UniCredit SpAc		3,766,319		50,626,440
UnipolSai SpA		2,246,682		4,774,648
				504,605,936
NETHERLANDS — 10.77%
ABN AMRO Group NVb		564,084		12,946,945
Aegon NV		3,533,133		18,839,111
AerCap Holdings NVa		310,788		14,078,696
Akzo Nobel NV		500,759		33,687,660
Altice NV Class Aa,c		738,394		15,617,809
Altice NV Class Ba		218,272		4,619,002
ASML Holding NV		744,317		90,519,782
Boskalis Westminster		180,978		6,615,368
Gemalto NV		161,557		9,752,598
Heineken Holding NV		201,432		15,344,644
Heineken NV		459,188		38,009,990
ING Groep NV		7,742,398		107,075,332

Security	Shares		Value
Koninklijke Ahold Delhaize NV		2,557,891	$	54,523,374
Koninklijke DSM NV		362,211		23,862,893
Koninklijke KPN NV		6,809,038		19,282,029
Koninklijke Philips NV		1,894,878		57,455,141
Koninklijke Vopak NV		141,417		5,998,015
NN Group NV		629,391		19,612,290
NXP Semiconductors NVa		587,472		60,397,996
Randstad Holding NV		237,649		13,866,192
RELX NV		1,987,705		35,336,020
Unilever NV CVA		3,253,106		154,222,904
Wolters Kluwer NV		604,043		24,817,363
				836,481,154
PORTUGAL — 0.47%
EDP – Energias de Portugal SA		4,744,646		14,716,606
Galp Energia SGPS SA		928,738		13,707,720
Jeronimo Martins SGPS SA		514,853		8,304,716
				36,729,042
SPAIN — 10.13%
Abertis Infraestructuras SA		1,286,283		18,916,570
ACS Actividades de Construccion y Servicios SA		384,493		12,103,656
Aena SAb		134,936		19,356,702
Amadeus IT Holding SA Class A		877,317		40,929,863
Banco Bilbao Vizcaya Argentaria SA		13,113,297		86,085,413
Banco de Sabadell SA		10,568,677		15,587,622
Banco Popular Espanol SAc		6,658,618		5,922,149
Banco Santander SA		29,120,560		159,482,818
Bankia SA		9,239,138		9,159,734
Bankinter SA		1,356,042		10,488,530
CaixaBank SA		7,169,691		25,125,855
Distribuidora Internacional de Alimentacion SA		1,240,619		6,909,114
Enagas SA		428,279		10,555,794
Endesa SA		634,657		13,551,796
Ferrovial SA		975,500		18,559,718
Gas Natural SDG SA		700,631		13,680,011
Grifols SA		597,982		13,118,155
Iberdrola SA		11,044,218		73,629,059
Industria de Diseno Textil SA		2,179,167		70,208,464
International Consolidated Airlines Group SA		1,717,337		11,463,658
Mapfre SA		2,182,693		6,774,761
Red Electrica Corp. SA		825,969		14,959,963
Repsol SA		2,253,799		33,528,412
Telefonica SA		9,074,438		93,040,451

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EUROZONE ETF

February 28, 2017

Security	Shares		Value
Zardoya Otis SA		389,688	$	3,122,181
				786,260,449
UNITED KINGDOM — 0.20%
Coca-Cola European Partners PLC		434,113		15,162,551
				15,162,551
TOTAL COMMON STOCKS
(Cost: $8,696,866,396)				7,590,466,513
PREFERRED STOCKS — 1.91%
GERMANY — 1.76%
Bayerische Motoren Werke AG		110,771		8,285,273
Fuchs Petrolub SE		139,349		6,472,237
Henkel AG & Co. KGaA		355,880		44,584,834
Porsche Automobil Holding SE		306,327		16,974,983
Schaeffler AG		329,665		5,212,494
Volkswagen AG		370,195		54,953,672
				136,483,493
ITALY — 0.15%
Intesa Sanpaolo SpA		1,913,867		4,270,717
Telecom Italia SpA/Milano		11,888,391		7,945,907
				12,216,624
TOTAL PREFERRED STOCKS
(Cost: $203,383,757)				148,700,117
SHORT-TERM INVESTMENTS — 0.93%
MONEY MARKET FUNDS — 0.93%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%e,f,g		67,232,870		67,259,763

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%e,f		4,690,498	$	4,690,498
				71,950,261
TOTAL SHORT-TERM INVESTMENTS
(Cost: $71,932,608)				71,950,261
TOTAL INVESTMENTS IN SECURITIES — 100.61%
(Cost: $8,972,182,761)h				7,811,116,891
Other Assets, Less Liabilities — (0.61)%				(47,392,789	)
NET ASSETS — 100.00%			$	7,763,724,102

ADR  —  American Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated money market fund.

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

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

^h  The cost of investments for federal income tax purposes was $9,137,311,095. Net unrealized depreciation was $1,326,194,204, of which $248,344,448 represented gross unrealized appreciation on securities and $1,574,538,652 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	7,590,466,506	$	—	$	7	$	7,590,466,513
Preferred stocks		148,700,117		—		—		148,700,117
Money market funds		71,950,261		—		—		71,950,261
Total	$	7,811,116,884	$	—	$	7	$	7,811,116,891

See notes to financial statements.

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GERMANY ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 93.71%
AIR FREIGHT & LOGISTICS — 2.82%
Deutsche Post AG Registered		3,398,985	$	116,930,765
				116,930,765
AIRLINES — 0.29%
Deutsche Lufthansa AG Registereda		821,307		12,069,728
				12,069,728
AUTO COMPONENTS — 1.89%
Continental AG		385,438		78,431,961
				78,431,961
AUTOMOBILES — 8.87%
Bayerische Motoren Werke AG		1,160,382		104,030,047
Daimler AG Registered		3,373,978		246,087,348
Volkswagen AG		113,612		17,239,401
				367,356,796
BANKS — 0.69%
Commerzbank AG		3,730,810		28,547,344
				28,547,344
CAPITAL MARKETS — 3.71%
Deutsche Bank AG Registeredb		4,832,655		95,514,323
Deutsche Boerse AGb		675,072		58,032,112
				153,546,435
CHEMICALS — 12.27%
BASF SE		3,218,000		300,569,341
Covestro AGc		248,083		18,734,974
Evonik Industries AG		570,879		18,386,530
K+S AG Registereda		669,935		15,711,034
Lanxess AG		320,334		21,818,798
Linde AG		650,753		106,040,001
Symrise AG		431,926		26,945,807
				508,206,485
CONSTRUCTION & ENGINEERING — 0.25%
HOCHTIEF AG		67,592		10,342,548
				10,342,548
CONSTRUCTION MATERIALS — 1.18%
HeidelbergCement AG		521,226		48,855,522
				48,855,522
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.08%
Deutsche Telekom AG Registered		11,471,741		198,816,790
Telefonica Deutschland Holding AG		2,603,038		11,462,254
				210,279,044

Security	Shares		Value
ELECTRICAL EQUIPMENT — 0.45%
Osram Licht AG		311,443	$	18,565,694
				18,565,694
FOOD & STAPLES RETAILING — 0.47%
METRO AG		623,940		19,402,653
				19,402,653
HEALTH CARE PROVIDERS & SERVICES — 4.29%
Fresenius Medical Care AG & Co. KGaA		753,520		62,894,220
Fresenius SE & Co. KGaA		1,437,142		114,563,562
				177,457,782
HOUSEHOLD PRODUCTS — 0.95%
Henkel AG & Co. KGaA		363,940		39,349,025
				39,349,025
INDUSTRIAL CONGLOMERATES — 8.45%
Siemens AG Registered		2,680,153		349,725,837
				349,725,837
INSURANCE — 9.91%
Allianz SE Registered		1,601,356		279,402,835
Hannover Rueck SE		211,260		23,930,085
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		564,425		106,996,817
				410,329,737
INTERNET & DIRECT MARKETING RETAIL — 0.29%
Zalando SEb,c		302,883		12,149,590
				12,149,590
INTERNET SOFTWARE & SERVICES — 0.43%
United Internet AG Registeredd		430,546		17,787,527
				17,787,527
LIFE SCIENCES TOOLS & SERVICES — 0.53%
QIAGEN NV		766,136		21,899,183
				21,899,183
MACHINERY — 0.91%
GEA Group AG		639,112		24,950,881
MAN SE		123,333		12,697,786
				37,648,667
MEDIA — 1.24%
Axel Springer SE		151,000		7,919,940
ProSiebenSat.1 Media SE Registered		816,451		32,841,512
RTL Group SAb		135,403		10,448,508
				51,209,960

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

February 28, 2017

Security	Shares		Value
METALS & MINING — 0.78%
ThyssenKrupp AG		1,289,220	$	32,323,381
				32,323,381
MULTI-UTILITIES — 2.33%
E.ON SE		7,011,962		54,585,367
Innogy SEb,c		486,152		17,512,233
RWE AGb		1,713,041		24,491,829
				96,589,429
PERSONAL PRODUCTS — 0.78%
Beiersdorf AG		353,254		32,326,663
				32,326,663
PHARMACEUTICALS — 8.92%
Bayer AG Registered		2,897,640		319,603,514
Merck KGaA		452,853		49,635,940
				369,239,454
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.41%
Deutsche Wohnen AG Bearer		1,241,798		42,785,903
Vonovia SE		1,632,747		57,062,728
				99,848,631
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.71%
Infineon Technologies AG		3,967,992		70,835,316
				70,835,316
SOFTWARE — 7.77%
SAP SE		3,443,606		321,824,471
				321,824,471
TEXTILES, APPAREL & LUXURY GOODS — 3.07%
adidas AG		659,658		111,030,878
HUGO BOSS AG		234,098		16,163,938
				127,194,816
TRADING COMPANIES & DISTRIBUTORS — 0.75%
Brenntag AG		541,059		31,115,170
				31,115,170
TRANSPORTATION INFRASTRUCTURE — 0.22%
Fraport AG Frankfurt Airport Services Worldwide		145,500		9,138,896
				9,138,896
TOTAL COMMON STOCKS
(Cost: $4,375,422,565)				3,880,528,510
PREFERRED STOCKS — 5.78%
AUTO COMPONENTS — 0.22%
Schaeffler AG		581,062		9,187,454
				9,187,454

Security	Shares		Value
AUTOMOBILES — 3.40%
Bayerische Motoren Werke AG		191,823	$	14,347,671
Porsche Automobil Holding SE		536,317		29,719,783
Volkswagen AG		650,343		96,540,299
				140,607,753
CHEMICALS — 0.27%
Fuchs Petrolub SE		243,366		11,303,436
				11,303,436
HOUSEHOLD PRODUCTS — 1.89%
Henkel AG & Co. KGaA		624,405		78,225,787
				78,225,787
TOTAL PREFERRED STOCKS
(Cost: $313,692,106)				239,324,430
SHORT-TERM INVESTMENTS — 0.44%
MONEY MARKET FUNDS — 0.44%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%e,f,g		17,681,595		17,688,668
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%e,f		543,968		543,968
				18,232,636
TOTAL SHORT-TERM INVESTMENTS
(Cost: $18,231,563)				18,232,636
TOTAL INVESTMENTS IN SECURITIES — 99.93%
(Cost: $4,707,346,234)h				4,138,085,576
Other Assets, Less Liabilities — 0.07%				2,705,074
NET ASSETS — 100.00%			$	4,140,790,650

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

^b  Non-income earning security.

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

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

^e  Affiliated money market fund.

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

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

^h  The cost of investments for federal income tax purposes was $4,768,091,811. Net unrealized depreciation was $630,006,235, of which $205,300,053 represented gross unrealized appreciation on securities and $835,306,288 represented gross unrealized depreciation on securities.

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

February 28, 2017

Schedule 1 — Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2017 were as follows:

Issue	Number of long (short) contracts		Expiration date		Exchange		Initial notional value		Current notional value		Unrealized appreciation (depreciation)
DAX Index		64		Mar. 2017		Eurex	$	19,139,980	$	20,141,793	$	1,001,813

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	3,880,528,510	$	—	$	—	$	3,880,528,510
Preferred stocks		239,324,430		—		—		239,324,430
Money market funds		18,232,636		—		—		18,232,636
Total	$	4,138,085,576	$	—	$	—	$	4,138,085,576
Derivative financial instrumentsa:
Assets:
Futures contracts	$	1,001,813	$	—	$	—	$	1,001,813
Total	$	1,001,813	$	—	$	—	$	1,001,813

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited)

iSHARES^® MSCI ITALY CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 97.77%
AEROSPACE & DEFENSE — 2.57%
Leonardo SpAa		987,584	$	13,610,803
				13,610,803
AUTOMOBILES — 7.98%
Ferrari NV		298,979		19,538,246
Fiat Chrysler Automobiles NVa,b		2,069,970		22,721,350
				42,259,596
BANKS — 21.21%
Intesa Sanpaolo SpA		23,224,231		54,291,743
Mediobanca SpA		1,548,084		12,444,379
UniCredit SpA		3,392,780		45,605,371
				112,341,493
DIVERSIFIED FINANCIAL SERVICES — 2.58%
EXOR NV		287,649		13,671,984
				13,671,984
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.25%
Telecom Italia SpA/Milanoa		21,145,606		17,200,263
				17,200,263
ELECTRIC UTILITIES — 14.77%
Enel SpA		14,118,534		60,789,533
Terna Rete Elettrica Nazionale SpA		3,750,762		17,424,865
				78,214,398
ELECTRICAL EQUIPMENT — 2.51%
Prysmian SpA		520,337		13,275,370
				13,275,370
ENERGY EQUIPMENT & SERVICES — 4.32%
Saipem SpAa		8,623,240		3,950,192
Tenaris SA		1,148,304		18,949,515
				22,899,707
INSURANCE — 7.59%
Assicurazioni Generali SpA		1,537,855		22,093,364
Poste Italiane SpAc		1,562,187		10,059,477
UnipolSai SpA		3,784,247		8,042,281
				40,195,122
MACHINERY — 4.25%
CNH Industrial NV		2,416,494		22,493,632
				22,493,632
OIL, GAS & CONSUMABLE FUELS — 18.33%
Eni SpA		4,794,721		73,977,512
Snam SpA		5,786,196		23,118,026
				97,095,538

Security	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 4.07%
Luxottica Group SpA		407,402	$	21,541,369
				21,541,369
TRANSPORTATION INFRASTRUCTURE — 4.34%
Atlantia SpA		979,875		23,010,853
				23,010,853
TOTAL COMMON STOCKS
(Cost: $650,205,824)				517,810,128
PREFERRED STOCKS — 2.07%
BANKS — 0.80%
Intesa Sanpaolo SpA		1,915,205		4,273,703
				4,273,703
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.27%
Telecom Italia SpA/Milano		10,053,320		6,719,391
				6,719,391
TOTAL PREFERRED STOCKS
(Cost: $14,502,432)				10,993,094
SHORT-TERM INVESTMENTS — 0.03%
MONEY MARKET FUNDS — 0.03%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		12		12
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		143,605		143,605
				143,617
TOTAL SHORT-TERM INVESTMENTS
(Cost: $143,617)				143,617
TOTAL INVESTMENTS IN SECURITIES — 99.87%
(Cost: $664,851,873)g				528,946,839
Other Assets, Less Liabilities — 0.13%				696,404
NET ASSETS — 100.00%			$	529,643,243

^a  Non-income earning security.

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

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

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $673,394,616. Net unrealized depreciation was $144,447,777, of which $18,314,108 represented gross unrealized appreciation on securities and $162,761,885 represented gross unrealized depreciation on securities.

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ITALY CAPPED ETF

February 28, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	517,810,128	$	—	$	—	$	517,810,128
Preferred stocks		10,993,094		—		—		10,993,094
Money market funds		143,617		—		—		143,617
Total	$	528,946,839	$	—	$	—	$	528,946,839

See notes to financial statements.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited)

iSHARES^® MSCI SPAIN CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.90%
AIRLINES — 2.10%
International Consolidated Airlines Group SA		2,350,216	$	15,688,285
				15,688,285
BANKS — 39.44%
Banco Bilbao Vizcaya Argentaria SA		10,507,316		68,977,820
Banco de Sabadell SA		13,564,827		20,006,609
Banco Popular Espanol SA		11,925,919		10,606,866
Banco Santander SA		24,977,480		136,792,661
Bankia SA		13,719,092		13,601,186
Bankinter SA		1,952,475		15,101,739
CaixaBank SA		8,405,582		29,456,979
				294,543,860
BIOTECHNOLOGY — 2.36%
Grifols SA		803,471		17,626,044
				17,626,044
CONSTRUCTION & ENGINEERING — 5.35%
ACS Actividades de Construccion y Servicios SA		529,958		16,682,825
Ferrovial SA		1,221,742		23,244,681
				39,927,506
DIVERSIFIED TELECOMMUNICATION SERVICES — 10.12%
Telefonica SA		7,375,214		75,618,263
				75,618,263
ELECTRIC UTILITIES — 9.21%
Endesa SA		831,543		17,755,892
Iberdrola SA		5,282,540		35,217,382
Red Electrica Corp. SA		873,821		15,826,659
				68,799,933
FOOD & STAPLES RETAILING — 1.66%
Distribuidora Internacional de Alimentacion SA		2,220,541		12,366,384
				12,366,384
GAS UTILITIES — 2.44%
Gas Natural SDG SA		933,491		18,226,667
				18,226,667
INSURANCE — 1.49%
Mapfre SA		3,587,192		11,134,121
				11,134,121
IT SERVICES — 4.52%
Amadeus IT Holding SA Class A		723,395		33,748,871
				33,748,871

Security	Shares		Value
MACHINERY — 1.11%
Zardoya Otis SA		1,033,926	$	8,283,818
				8,283,818
OIL, GAS & CONSUMABLE FUELS — 6.31%
Enagas SA		495,005		12,200,390
Repsol SA		2,350,001		34,959,551
				47,159,941
SPECIALTY RETAIL — 7.35%
Industria de Diseno Textil SA		1,704,684		54,921,558
				54,921,558
TRANSPORTATION INFRASTRUCTURE — 6.44%
Abertis Infraestructuras SA		1,639,922		24,117,320
Aena SAa		167,311		24,000,928
				48,118,248
TOTAL COMMON STOCKS
(Cost: $1,000,068,386)				746,163,499
SHORT-TERM INVESTMENTS — 0.09%
MONEY MARKET FUNDS — 0.09%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%b,c		661,660		661,660
				661,660
TOTAL SHORT-TERM INVESTMENTS
(Cost: $661,660)				661,660
TOTAL INVESTMENTS IN SECURITIES — 99.99%
(Cost: $1,000,730,046)d				746,825,159
Other Assets, Less Liabilities — 0.01%				49,290
NET ASSETS — 100.00%			$	746,874,449

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

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $1,009,817,496. Net unrealized depreciation was $262,992,337, of which $10,044,169 represented gross unrealized appreciation on securities and $273,036,506 represented gross unrealized depreciation on securities.

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SPAIN CAPPED ETF

February 28, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	746,163,499	$	—	$	—	$	746,163,499
Money market funds		661,660		—		—		661,660
Total	$	746,825,159	$	—	$	—	$	746,825,159

See notes to financial statements.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited)

iSHARES^® MSCI SWITZERLAND CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 98.79%
BIOTECHNOLOGY — 2.56%
Actelion Ltd. Registered		100,369	$	27,090,460
				27,090,460
BUILDING PRODUCTS — 1.66%
Geberit AG Registered		40,588		17,614,004
				17,614,004
CAPITAL MARKETS — 9.15%
Credit Suisse Group AG Registered		1,753,068		26,520,525
Julius Baer Group Ltd.		262,026		12,859,931
Partners Group Holding AG		21,066		11,054,155
UBS Group AG		3,013,425		46,550,187
				96,984,798
CHEMICALS — 7.47%
EMS-Chemie Holding AG Registered		12,083		6,895,436
Givaudan SA Registered		9,967		18,153,486
Sika AG Bearer		2,485		14,032,328
Syngenta AG Registered		92,730		40,047,656
				79,128,906
CONSTRUCTION MATERIALS — 2.54%
LafargeHolcim Ltd. Registered		470,856		26,870,458
				26,870,458
DIVERSIFIED FINANCIAL SERVICES — 0.44%
Pargesa Holding SA Bearer		70,053		4,634,292
				4,634,292
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.22%
Swisscom AG Registered		29,193		12,890,453
				12,890,453
ELECTRICAL EQUIPMENT — 4.01%
ABB Ltd. Registered		1,874,588		42,528,972
				42,528,972
FOOD PRODUCTS — 20.73%
Aryzta AG		130,047		4,217,811
Barry Callebaut AG Registered		4,003		5,192,368
Chocoladefabriken Lindt & Sprungli AG Participation Certificates		1,395		7,933,022
Chocoladefabriken Lindt & Sprungli AG Registered		133		8,645,099
Nestle SA Registered		2,612,535		193,699,859
				219,688,159

Security	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES — 0.85%
Sonova Holding AG Registered		68,584	$	9,033,132
				9,033,132
INSURANCE — 8.57%
Baloise Holding AG Registered		66,182		8,637,463
Swiss Life Holding AG Registered		38,138		12,034,158
Swiss Re AG		328,825		29,485,731
Zurich Insurance Group AG		146,897		40,675,559
				90,832,911
LIFE SCIENCES TOOLS & SERVICES — 1.19%
Lonza Group AG Registered		68,293		12,615,912
				12,615,912
MACHINERY — 1.52%
Schindler Holding AG Participation Certificates		51,266		9,941,442
Schindler Holding AG Registered		32,119		6,161,126
				16,102,568
MARINE — 0.93%
Kuehne + Nagel International AG Registered		68,601		9,795,739
				9,795,739
PHARMACEUTICALS — 26.65%
Galenica AG Registered		2,402		2,825,459
Novartis AG Registered		1,802,392		141,102,933
Roche Holding AG		566,712		138,473,640
				282,402,032
PROFESSIONAL SERVICES — 2.55%
Adecco Group AG Registered		188,236		13,570,961
SGS SA Registered		6,317		13,467,268
				27,038,229
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.78%
Swiss Prime Site AG Registered		95,352		8,302,656
				8,302,656
SPECIALTY RETAIL — 0.74%
Dufry AG Registereda,b		54,131		7,832,225
				7,832,225
TEXTILES, APPAREL & LUXURY GOODS — 5.23%
Cie. Financiere Richemont SA Class A Registered		513,459		37,940,951
Swatch Group AG (The) Bearera		35,806		11,938,313

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SWITZERLAND CAPPED ETF

February 28, 2017

Security	Shares		Value
Swatch Group AG (The) Registered		85,338	$	5,551,721
				55,430,985
TOTAL COMMON STOCKS
(Cost: $1,119,146,282)				1,046,816,891
SHORT-TERM INVESTMENTS — 1.25%
MONEY MARKET FUNDS — 1.25%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		12,796,412		12,801,531
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		468,263		468,263
				13,269,794
TOTAL SHORT-TERM INVESTMENTS
(Cost: $13,267,211)				13,269,794

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.04%
(Cost: $1,132,413,493)f	$	1,060,086,685
Other Assets, Less Liabilities — (0.04)%		(436,887	)
NET ASSETS — 100.00%	$	1,059,649,798

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

^b  Non-income earning security.

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $1,141,715,404. Net unrealized depreciation was $81,628,719, of which $54,629,573 represented gross unrealized appreciation on securities and $136,258,292 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	1,046,816,891	$	—	$	—	$	1,046,816,891
Money market funds		13,269,794		—		—		13,269,794
Total	$	1,060,086,685	$	—	$	—	$	1,060,086,685

See notes to financial statements.

SCHEDULES OF INVESTMENTS 23

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	8,900,250,153		$	4,689,114,671		$	664,708,256
Affiliated (Note 2)		71,932,608			18,231,563			143,617
Total cost of investments	$	8,972,182,761		$	4,707,346,234		$	664,851,873
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	7,739,166,630		$	4,119,852,940		$	528,803,222
Affiliated (Note 2)		71,950,261			18,232,636			143,617
Total fair value of investments		7,811,116,891			4,138,085,576			528,946,839
Foreign currency, at valueb		7,601,279			15,218,741			297,702
Foreign currency pledged to broker, at valueb		—			1,328,898			—
Receivables:
Investment securities sold		5,989,333			790,201			21,562,462
Dividends and interest		1,111,588			3,742			66,192
Futures variation margin		—			1,001,813			—
Tax reclaims		11,536,970			14,147,319			—
Foreign withholding tax claims (Note 8)		3,613,686			—			—
Total Assets		7,840,969,747			4,170,576,290			550,873,195
LIABILITIES
Payables:
Investment securities purchased		7,119,303			10,572,335			21,022,218
Collateral for securities on loan (Note 1)		67,242,053			17,687,591			12
Professional fees (Note 8)		36,137			—			—
Investment advisory fees (Note 2)		2,848,152			1,525,714			207,722
Total Liabilities		77,245,645			29,785,640			21,229,952
NET ASSETS	$	7,763,724,102		$	4,140,790,650		$	529,643,243
Net assets consist of:
Paid-in capital	$	9,568,868,697		$	4,911,101,355		$	913,346,149
Undistributed (distributions in excess of) net investment income		5,249,505			1,157,797			(2,002,334	)
Accumulated net realized loss		(648,398,834	)		(202,257,802	)		(245,797,797	)
Net unrealized depreciation		(1,161,995,266	)		(569,210,700	)		(135,902,775	)
NET ASSETS	$	7,763,724,102		$	4,140,790,650		$	529,643,243
Shares outstandingc		218,600,000			150,000,000			22,350,000	d
Net asset value per share	$	35.52		$	27.61		$	23.70	d

^a  Securities on loan with values of $63,964,077, $16,954,304 and $11, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker: $7,641,896, $16,649,526 and $295,194, respectively.

^c  $0.001 par value, number of shares authorized: 1 billion, 482.2 million and 295.4 million, respectively.

^d  Shares outstanding and net asset value per share reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Spain Capped ETF			iShares MSCI Switzerland Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	1,000,068,386		$	1,119,146,282
Affiliated (Note 2)		661,660			13,267,211
Total cost of investments	$	1,000,730,046		$	1,132,413,493
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	746,163,499		$	1,046,816,892
Affiliated (Note 2)		661,660			13,269,793
Total fair value of investments		746,825,159			1,060,086,685
Foreign currency, at valueb		591,374			738,508
Receivables:
Investment securities sold		3,929,231			4,952,514
Due from custodian (Note 4)		471,107			—
Dividends		118			68,449
Tax reclaims		95,211			11,876,095
Total Assets		751,912,200			1,077,722,251
LIABILITIES
Payables:
Investment securities purchased		4,769,633			4,885,178
Collateral for securities on loan (Note 1)		—			12,799,293
Investment advisory fees (Note 2)		268,118			387,982
Total Liabilities		5,037,751			18,072,453
NET ASSETS	$	746,874,449		$	1,059,649,798
Net assets consist of:
Paid-in capital	$	1,164,673,681		$	1,220,994,357
Undistributed (distributions in excess of) net investment income		2,448,897			(1,690,952	)
Accumulated net realized loss		(166,345,739	)		(86,589,979	)
Net unrealized depreciation		(253,902,390	)		(73,063,628	)
NET ASSETS	$	746,874,449		$	1,059,649,798
Shares outstandingc		27,225,000			34,000,000
Net asset value per share	$	27.43		$	31.17

^a  Securities on loan with values of $  — and $12,123,648, respectively. See Note 1.

^b  Cost of foreign currency: $588,568 and $744,493, respectively.

^c  $0.001 par value, number of shares authorized: 127.8 million and 318.625 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 25

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	42,836,418		$	11,539,512		$	4,217,072
Dividends — affiliated (Note 2)		5,544			1,956			683
Securities lending income — affiliated — net (Note 2)		792,248			16,077			91,513
Miscellaneous income		9,142			—			—
Total investment income		43,643,352			11,557,545			4,309,268
EXPENSES
Investment advisory fees (Note 2)		17,960,806			9,079,881			1,221,143
Professional fees (Note 8)		6,277			—			—
Total expenses		17,967,083			9,079,881			1,221,143
Net investment income		25,676,269			2,477,664			3,088,125
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(46,441,069	)		(9,196,794	)		(52,706,886	)
Investments — affiliated (Note 2)		57			(55	)		2,698
In-kind redemptions — unaffiliated		(122,018,094	)		431,479			2,923,629
Futures contracts		—			3,332,652			—
Foreign currency transactions		(747,272	)		(384,922	)		(296,028	)
Realized gain distributions from affiliated funds		117			97			26
Net realized loss		(169,206,261	)		(5,817,543	)		(50,076,561	)
Net change in unrealized appreciation/depreciation on:
Investments		464,391,060			217,920,473			81,210,789
Futures contracts		—			(1,025,220	)		—
Translation of assets and liabilities in foreign currencies		(646,382	)		(637,225	)		2,441
Net change in unrealized appreciation/depreciation		463,744,678			216,258,028			81,213,230
Net realized and unrealized gain		294,538,417			210,440,485			31,136,669
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	320,214,686		$	212,918,149		$	34,224,794

^a  Net of foreign withholding tax of $4,638,189, $1,738,106 and $718,475, respectively.

See notes to financial statements.

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Spain Capped ETF			iShares MSCI Switzerland Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	10,894,431		$	889,584
Dividends — affiliated (Note 2)		1,499			450
Securities lending income — affiliated — net (Note 2)		5			30,605
Total investment income		10,895,935			920,639
EXPENSES
Investment advisory fees (Note 2)		1,507,626			2,503,410
Total expenses		1,507,626			2,503,410
Net investment income (loss)		9,388,309			(1,582,771	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(25,802,199	)		(2,478,029	)
Investments — affiliated (Note 2)		—			(345	)
In-kind redemptions — unaffiliated		(8,555,811	)		6,391,602
Foreign currency transactions		(17,266	)		(28,859	)
Realized gain distributions from affiliated funds		1			—
Net realized gain (loss)		(34,375,275	)		3,884,369
Net change in unrealized appreciation/depreciation on:
Investments		63,229,148			30,200,397
Translation of assets and liabilities in foreign currencies		7,415			(228,664	)
Net change in unrealized appreciation/depreciation		63,236,563			29,971,733
Net realized and unrealized gain		28,861,288			33,856,102
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	38,249,597		$	32,273,331

^a  Net of foreign withholding tax of $889,556 and $166,186, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Eurozone ETF						iShares MSCI Germany ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	25,676,269		$	313,780,162		$	2,477,664		$	96,825,243
Net realized loss		(169,206,261	)		(353,696,400	)		(5,817,543	)		(202,576,200	)
Net change in unrealized appreciation/depreciation		463,744,678			(558,972,719	)		216,258,028			36,790,914
Net increase (decrease) in net assets resulting from operations		320,214,686			(598,888,957	)		212,918,149			(68,960,043	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(46,336,128	)		(293,025,178	)		(1,319,867	)		(97,625,093	)
Total distributions to shareholders		(46,336,128	)		(293,025,178	)		(1,319,867	)		(97,625,093	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		572,866,753			5,702,626,726			494,687,753			800,372,366
Cost of shares redeemed		(1,376,612,057	)		(6,651,737,571	)		(162,397,341	)		(3,643,941,594	)
Net increase (decrease) in net assets from capital share transactions		(803,745,304	)		(949,110,845	)		332,290,412			(2,843,569,228	)
INCREASE (DECREASE) IN NET ASSETS		(529,866,746	)		(1,841,024,980	)		543,888,694			(3,010,154,364	)
NET ASSETS
Beginning of period		8,293,590,848			10,134,615,828			3,596,901,956			6,607,056,320
End of period	$	7,763,724,102		$	8,293,590,848		$	4,140,790,650		$	3,596,901,956
Undistributed net investment income included in net assets at end of period	$	5,249,505		$	25,909,364		$	1,157,797		$	—
SHARES ISSUED AND REDEEMED
Shares sold		16,600,000			161,500,000			18,900,000			32,400,000
Shares redeemed		(40,500,000	)		(200,200,000	)		(6,300,000	)		(145,800,000	)
Net increase (decrease) in shares outstanding		(23,900,000	)		(38,700,000	)		12,600,000			(113,400,000	)

See notes to financial statements.

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Italy Capped ETF						iShares MSCI Spain Capped ETF
	Six months ended February 28, 2017 (Unaudited)a			Year ended August 31, 2016a			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	3,088,125		$	22,596,515		$	9,388,309		$	38,911,804
Net realized loss		(50,076,561	)		(168,394,983	)		(34,375,275	)		(282,574,356	)
Net change in unrealized appreciation/depreciation		81,213,230			(101,942,406	)		63,236,563			22,989,683
Net increase (decrease) in net assets resulting from operations		34,224,794			(247,740,874	)		38,249,597			(220,672,869	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(5,090,459	)		(22,347,848	)		(14,719,946	)		(41,241,786	)
Return of capital		—			(780,522	)		—			—
Total distributions to shareholders		(5,090,459	)		(23,128,370	)		(14,719,946	)		(41,241,786	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		218,009,420			265,361,545			211,885,640			42,497,240
Cost of shares redeemed		(178,531,134	)		(610,898,923	)		(88,484,738	)		(846,729,289	)
Net increase (decrease) in net assets from capital share transactions		39,478,286			(345,537,378	)		123,400,902			(804,232,049	)
INCREASE (DECREASE) IN NET ASSETS		68,612,621			(616,406,622	)		146,930,553			(1,066,146,704	)
NET ASSETS
Beginning of period		461,030,622			1,077,437,244			599,943,896			1,666,090,600
End of period	$	529,643,243		$	461,030,622		$	746,874,449		$	599,943,896
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(2,002,334	)	$	—		$	2,448,897		$	7,780,534
SHARES ISSUED AND REDEEMED
Shares sold		11,550,000			8,925,000			7,875,000			1,500,000
Shares redeemed		(9,600,000	)		(25,050,000	)		(3,300,000	)		(30,975,000	)
Net increase (decrease) in shares outstanding		1,950,000			(16,125,000	)		4,575,000			(29,475,000	)

^a  Share transactions reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Switzerland Capped ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(1,582,771	)	$	30,735,996
Net realized gain (loss)		3,884,369			(11,354,929	)
Net change in unrealized appreciation/depreciation		29,971,733			(51,909,400	)
Net increase (decrease) in net assets resulting from operations		32,273,331			(32,528,333	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(618,800	)		(29,917,479	)
Total distributions to shareholders		(618,800	)		(29,917,479	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		26,257,346			179,880,379
Cost of shares redeemed		(89,997,053	)		(225,863,531	)
Net decrease in net assets from capital share transactions		(63,739,707	)		(45,983,152	)
DECREASE IN NET ASSETS		(32,085,176	)		(108,428,964	)
NET ASSETS
Beginning of period		1,091,734,974			1,200,163,938
End of period	$	1,059,649,798		$	1,091,734,974
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(1,690,952	)	$	510,619
SHARES ISSUED AND REDEEMED
Shares sold		875,000			5,875,000
Shares redeemed		(3,000,000	)		(7,375,000	)
Net decrease in shares outstanding		(2,125,000	)		(1,500,000	)

See notes to financial statements.

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Eurozone ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	34.20		$	36.04		$	39.98		$	34.64		$	29.09		$	31.55
Income from investment operations:
Net investment incomea		0.12			0.92	b		0.96			1.18			0.92			1.02
Net realized and unrealized gain (loss)c		1.42			(1.84	)		(3.95	)		5.10			5.55			(2.38	)
Total from investment operations		1.54			(0.92	)		(2.99	)		6.28			6.47			(1.36	)
Less distributions from:
Net investment income		(0.22	)		(0.92	)		(0.95	)		(0.94	)		(0.92	)		(1.10	)
Total distributions		(0.22	)		(0.92	)		(0.95	)		(0.94	)		(0.92	)		(1.10	)
Net asset value, end of period	$	35.52		$	34.20		$	36.04		$	39.98		$	34.64		$	29.09
Total return		4.54	%d		(2.53	)%b		(7.62	)%		18.02	%		22.43	%		(3.99	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	7,763,724		$	8,293,591		$	10,134,616		$	8,702,637		$	3,539,980		$	794,226
Ratio of expenses to average net assetse		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%		0.53	%
Ratio of expenses to average net assets excluding professional fees for foreign withholding tax claims (Note 8)e		0.49	%		0.48	%		n/a			n/a			n/a			n/a
Ratio of net investment income to average net assetse		0.70	%		2.69	%b		2.50	%		2.89	%		2.74	%		3.55	%
Portfolio turnover ratef		2	%d		4	%		5	%		7	%		5	%		7	%

^a  Based on average shares outstanding throughout each period.

^b  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees (See Note 8), which resulted in the following increases for the year ended August 31, 2016:

• Net investment income per share by $0.02.

• Total return by 0.08%.

• Ratio of net investment income to average net assets by 0.06%.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 31

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Germany ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	26.18		$	26.34		$	28.97		$	25.61		$	21.34		$	21.02
Income from investment operations:
Net investment incomea		0.02			0.49			0.58			0.59			0.46			0.56
Net realized and unrealized gain (loss)b		1.42			(0.04	)		(2.70	)		3.40			4.24			0.34
Total from investment operations		1.44			0.45			(2.12	)		3.99			4.70			0.90
Less distributions from:
Net investment income		(0.01	)		(0.61	)		(0.51	)		(0.63	)		(0.43	)		(0.58	)
Total distributions		(0.01	)		(0.61	)		(0.51	)		(0.63	)		(0.43	)		(0.58	)
Net asset value, end of period	$	27.61		$	26.18		$	26.34		$	28.97		$	25.61		$	21.34
Total return		5.50	%c		1.81	%		(7.50	)%		15.41	%		22.11	%		4.55	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	4,140,791		$	3,596,902		$	6,607,056		$	4,797,434		$	4,655,875		$	2,797,029
Ratio of expenses to average net assetsd		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%		0.53	%
Ratio of net investment income to average net assetsd		0.13	%		1.90	%		2.03	%		1.95	%		1.88	%		2.72	%
Portfolio turnover ratee		1	%c		3	%		3	%		6	%		4	%		4	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  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.

32 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Italy Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a			Year ended Aug. 31, 2012a
Net asset value, beginning of period	$	22.60		$	29.50		$	32.03		$	26.12		$	23.57		$	27.16
Income from investment operations:
Net investment incomeb		0.14			0.66			0.70			0.82			0.72			0.82
Net realized and unrealized gain (loss)c		1.18			(6.82	)		(2.49	)		5.77			2.45			(3.57	)
Total from investment operations		1.32			(6.16	)		(1.79	)		6.59			3.17			(2.75	)
Less distributions from:
Net investment income		(0.22	)		(0.72	)		(0.74	)		(0.68	)		(0.60	)		(0.84	)
Return of capital		—			(0.02	)		—			—			(0.02	)		(0.00	)d
Total distributions		(0.22	)		(0.74	)		(0.74	)		(0.68	)		(0.62	)		(0.84	)
Net asset value, end of period	$	23.70		$	22.60		$	29.50		$	32.03		$	26.12		$	23.57
Total return		5.84	%e		(20.97	)%		(5.66	)%		25.20	%		13.58	%		(9.98	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	529,643		$	461,031		$	1,077,437		$	1,556,860		$	717,122		$	196,212
Ratio of expenses to average net assetsf		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%		0.53	%
Ratio of net investment income to average net assetsf		1.24	%		2.54	%		2.34	%		2.49	%		2.78	%		3.41	%
Portfolio turnover rateg		12	%e		16	%		22	%		24	%		45	%		14	%

^a  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

^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  Rounds to less than $0.01.

^e  Not annualized.

^f  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 33

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Spain Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	26.49		$	31.96		$	40.61		$	30.44		$	26.28		$	35.89
Income from investment operations:
Net investment incomea		0.41			1.00			1.32			1.80			1.33			2.12
Net realized and unrealized gain (loss)b		1.21			(5.40	)		(8.35	)		9.53			4.07			(8.93	)
Total from investment operations		1.62			(4.40	)		(7.03	)		11.33			5.40			(6.81	)
Less distributions from:
Net investment income		(0.68	)		(1.07	)		(1.62	)		(1.16	)		(1.24	)		(2.80	)
Total distributions		(0.68	)		(1.07	)		(1.62	)		(1.16	)		(1.24	)		(2.80	)
Net asset value, end of period	$	27.43		$	26.49		$	31.96		$	40.61		$	30.44		$	26.28
Total return		6.22	%c		(13.82	)%		(17.63	)%		37.39	%		20.88	%		(19.36	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	746,874		$	599,944		$	1,666,091		$	2,473,038		$	417,778		$	195,093
Ratio of expenses to average net assetsd		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%		0.53	%
Ratio of net investment income to average net assetsd		3.06	%		3.53	%		3.70	%		4.48	%		4.45	%		7.60	%
Portfolio turnover ratee		9	%c		9	%		15	%		15	%		24	%		17	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

34 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Switzerland Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	30.22		$	31.90		$	33.64		$	29.36		$	23.85		$	24.67
Income from investment operations:
Net investment income (loss)a		(0.05	)		0.81			0.83			0.80			0.67			0.63
Net realized and unrealized gain (loss)b		1.02			(1.70	)		(1.77	)		4.27			5.44			(0.80	)
Total from investment operations		0.97			(0.89	)		(0.94	)		5.07			6.11			(0.17	)
Less distributions from:
Net investment income		(0.02	)		(0.79	)		(0.80	)		(0.79	)		(0.60	)		(0.65	)
Total distributions		(0.02	)		(0.79	)		(0.80	)		(0.79	)		(0.60	)		(0.65	)
Net asset value, end of period	$	31.17		$	30.22		$	31.90		$	33.64		$	29.36		$	23.85
Total return		3.21	%c		(2.76	)%		(2.92	)%		17.21	%		25.71	%		(0.53	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,059,650		$	1,091,735		$	1,200,164		$	1,072,157		$	902,860		$	554,570
Ratio of expenses to average net assetsd		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%		0.53	%
Ratio of net investment income (loss) to average net assetsd		(0.31	)%		2.68	%		2.49	%		2.41	%		2.38	%		2.73	%
Portfolio turnover ratee		4	%c		6	%		7	%		5	%		13	%		8	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Eurozone	Diversified
MSCI Germany	Non-diversified
MSCI Italy Capped	Non-diversified
MSCI Spain Capped	Non-diversified
MSCI Switzerland Capped	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its 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.

36 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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 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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

NOTES TO FINANCIAL STATEMENTS 37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

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 February 28, 2017 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 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 February 28, 2017, 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.

38 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 an approved 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 but does not receive interest income on securities received as collateral. 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.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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 February 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. 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 February 28, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Eurozone
Credit Suisse Securities (USA) LLC	$	16,108,887	$	16,108,887	$	—
Deutsche Bank Securities Inc.		97,924		97,924		—
Goldman Sachs & Co.		9,578,359		9,578,359		—
JPMorgan Securities LLC		27,689,989		27,689,989		—
Merrill Lynch, Pierce, Fenner & Smith		877,589		877,589		—
Morgan Stanley & Co. LLC		2,580,096		2,580,096		—
SG Americas Securities LLC		6,532,872		6,532,872		—
State Street Bank & Trust Company		498,361		498,361		—
	$	63,964,077	$	63,964,077	$	—
MSCI Germany
Credit Suisse Securities (USA) LLC	$	11,066,433	$	11,066,433	$	—
Morgan Stanley & Co. LLC		5,887,871		5,887,871		—
	$	16,954,304	$	16,954,304	$	—
MSCI Italy Capped
BNP Paribas New York Branch	$	11	$	11	$	—
MSCI Switzerland Capped
Goldman Sachs & Co.	$	11,900,970	$	11,900,970	$	—
State Street Bank & Trust Company		222,678		222,678		—
	$	12,123,648	$	12,123,648	$	—

^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 the 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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).

40 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

The U.S. Securities and Exchange Commission (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 six months ended February 28, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Eurozone	$	162,606
MSCI Germany		3,963
MSCI Italy Capped		22,473
MSCI Spain Capped		2
MSCI Switzerland Capped		8,131

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.

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Eurozone	$	12,073,642	$	6,164,031
MSCI Germany		6,128,238		4,639,527
MSCI Italy Capped		13,031,742		12,241,089
MSCI Spain Capped		5,655,142		10,372,123
MSCI Switzerland Capped		16,398,489		14,687,505

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.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2017 were as follows:

iShares ETF	Purchases		Sales
MSCI Eurozone	$	132,476,911	$	113,255,329
MSCI Germany		48,062,117		35,816,465
MSCI Italy Capped		61,342,289		79,992,512
MSCI Spain Capped		53,889,806		59,854,995
MSCI Switzerland Capped		38,181,997		42,813,254

In-kind transactions (see Note 4) for the six months ended February 28, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Eurozone	$	516,737,040	$	1,351,557,555
MSCI Germany		491,243,878		161,446,284
MSCI Italy Capped		207,775,445		172,368,332
MSCI Spain Capped		201,487,831		83,529,272
MSCI Switzerland Capped		25,449,322		87,111,616

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.

42 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

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

The Board authorized a one-for-two reverse stock split for the iShares MSCI Italy Capped ETF, effective after the close of trading on November 4, 2016. The impact of the stock split was to decrease the number of shares outstanding by a factor of two, while increasing the NAV per share by a factor of two, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the reverse stock split.

5. FUTURES CONTRACTS

Futures contracts are purchased or sold to gain or manage exposure to changes in the value of commodities (commodity risk), interest rates (interest rate risk), foreign currencies (foreign currency risk) and/or equities (market risk). A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the fund as unrealized appreciation or depreciation. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held by the iShares MSCI Germany ETF as of February 28, 2017 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
Equity contracts:
Variation margin / Net assets consist of – net unrealized depreciationa	$	1,001,813

^a Represents cumulative appreciation of futures contracts as reported in the schedule of investments.

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI Germany ETF during the six months ended February 28, 2017 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	3,332,652	$	(1,025,220	)

The following table shows the average quarter-end balances of open futures contracts for the iShares MSCI Germany ETF for the six months ended February 28, 2017:

Average value of contracts purchased $ 19,809,335

6. PRINCIPAL RISKS

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

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

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund 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 a 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.

Investing in the securities of non-U.S. issuers 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;

44 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

When a fund concentrates its investments in issuers located in a single country, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

CREDIT RISK

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

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of August 31, 2016, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Eurozone	$	94,683,428	$	26,644,200	$	68,035,542	$	30,230,739	$	219,593,909
MSCI Germany		41,405,856		27,790,050		28,490,949		32,215,954		129,902,809
MSCI Italy Capped		68,671,316		2,743,650		18,169,627		9,459,662		99,044,255
MSCI Spain Capped		51,684,017		5,946,927		15,120,672		8,619,903		81,371,519
MSCI Switzerland Capped		15,786,844		2,837,786		22,569,380		6,955,758		48,149,768

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Eurozone ETF has filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded a receivable for all recoverable taxes withheld by Finland based upon favorable determinations issued by the Finnish Tax Authority. The Fund continues to evaluate developments in Finland for potential impact to the receivables recorded. Finnish tax claims receivable are disclosed in the statement of assets and liabilities. Professional fees associated with the filing of tax claims in Finland resulting in the recovery of foreign withholding taxes were approved by the Board as appropriate expenses of the Fund.

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

9. SUBSEQUENT EVENTS

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

46 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Eurozone	$	0.207718	$	—	$	0.015159	$	0.222877		93	%		—	%		7	%		100	%
MSCI Spain Capped		0.630543		—		0.050936		0.681479		93			—			7			100
MSCI Switzerland Capped		—		—		0.018200		0.018200		—			—			100			100

SUPPLEMENTAL INFORMATION 47

Notes:

48 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 49

Notes:

50 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-807-0217

FEBRUARY 28, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

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

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

^Ø  iShares MSCI Malaysia ETF  |  EWM  |  NYSE Arca

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

^Ø  iShares MSCI Singapore Capped ETF  |  EWS  |  NYSE Arca

^Ø  iShares MSCI Taiwan Capped ETF  |  EWT  |  NYSE Arca

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

Table of Contents

Fund Performance Overviews	5
About Fund Performance	12
Shareholder Expenses	12
Schedules of Investments	13
iShares MSCI Hong Kong ETF	13
iShares MSCI Japan Small-Cap ETF	15
iShares MSCI Malaysia ETF	27
iShares MSCI Pacific ex Japan ETF	29
iShares MSCI Singapore Capped ETF	32
iShares MSCI Taiwan Capped ETF	34
iShares MSCI Thailand Capped ETF	37
Financial Statements	41
Financial Highlights	51
Notes to Financial Statements	58
Supplemental Information	71

Fund Performance Overview

iSHARES^® MSCI HONG KONG ETF

Performance as of February 28, 2017

The iShares MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 3.42%, net of fees, while the total return for the Index was 3.69%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		23.48%		23.24%		24.08%		23.48%		23.24%		24.08%
5 Years		6.48%		6.64%		7.08%		36.91%		37.91%		40.81%
10 Years		6.20%		6.34%		6.80%		82.57%		84.86%		93.07%

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,034.20	$	2.47	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information.

ALLOCATION BY SECTOR As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	32.00	%
Real Estate	27.38
Industrials	15.58
Utilities	11.63
Consumer Discretionary	9.59
Telecommunication Services	1.72
Consumer Staples	1.42
Information Technology	0.68
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/17

Security Percentage of
Total  Investments*

AIA Group Ltd.	17.17	%
CK Hutchison Holdings Ltd.	7.52
Hong Kong Exchanges & Clearing Ltd.	6.51
Sun Hung Kai Properties Ltd.	4.77
Cheung Kong Property Holdings Ltd.	4.13
CLP Holdings Ltd.	3.76
Hang Seng Bank Ltd.	3.54
Jardine Matheson Holdings Ltd.	3.50
Link REIT	3.47
Hong Kong & China Gas Co. Ltd.	3.31
TOTAL	57.68	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI JAPAN SMALL-CAP ETF

Performance as of February 28, 2017

The iShares MSCI Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Japanese equities, as represented by the MSCI Japan Small Cap Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 10.67%, net of fees, while the total return for the Index was 10.83%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		24.10%		24.21%		24.16%		24.10%		24.21%		24.16%
5 Years		10.14%		10.14%		10.52%		62.06%		62.04%		64.90%
Since Inception		5.56%		5.51%		5.91%		64.50%		63.74%		69.58%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,106.70	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information.

ALLOCATION BY SECTOR As of 2/28/17

Sector Percentage of
Total  Investments*

Industrials	23.84	%
Consumer Discretionary	17.44
Information Technology	11.88
Materials	10.80
Consumer Staples	10.73
Real Estate	9.92
Financials	8.36
Health Care	5.62
Utilities	0.71
Energy	0.70
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/17

Security Percentage of
Total  Investments*

Tosoh Corp.	0.80	%
Disco Corp.	0.69
Orix JREIT Inc.	0.58
Advance Residence Investment Corp.	0.54
Haseko Corp.	0.51
Pigeon Corp.	0.49
Sojitz Corp.	0.47
Nichirei Corp.	0.46
Activia Properties Inc.	0.45
Kewpie Corp.	0.45
TOTAL	5.44	%

* Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI MALAYSIA ETF

Performance as of February 28, 2017

The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was -6.82%, net of fees, while the total return for the Index was -6.70%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		0.07%		(0.50)%		0.38%		0.07%		(0.50)%		0.38%
5 Years		(4.33)%		(4.36)%		(4.04)%		(19.85)%		(19.98)%		(18.64)%
10 Years		3.26%		3.36%		3.65%		37.77%		39.17%		43.10%

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	931.80	$	2.35	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information.

ALLOCATION BY SECTOR As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	27.84	%
Industrials	15.38
Utilities	15.05
Telecommunication Services	10.45
Consumer Discretionary	9.82
Consumer Staples	8.82
Health Care	4.97
Materials	4.25
Energy	2.65
Real Estate	0.77
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/17

Security Percentage of
Total  Investments*

Public Bank Bhd	11.73	%
Tenaga Nasional Bhd	9.93
Malayan Banking Bhd	6.63
Sime Darby Bhd	4.51
Genting Bhd	4.50
IHH Healthcare Bhd	4.28
DiGi.Com Bhd	3.81
Petronas Chemicals Group Bhd	3.76
Genting Malaysia Bhd	3.37
CIMB Group Holdings Bhd	3.34
TOTAL	55.86	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI PACIFIC ex JAPAN ETF

Performance as of February 28, 2017

The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 8.55%, net of fees, while the total return for the Index was 8.80%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		28.37%		28.51%		29.00%		28.37%		28.51%		29.00%
5 Years		3.75%		3.99%		4.20%		20.23%		21.58%		22.83%
10 Years		4.29%		4.31%		4.56%		52.26%		52.43%		56.24%

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 12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,085.50	$	2.53	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	39.65	%
Real Estate	14.66
Materials	9.69
Industrials	9.41
Consumer Staples	5.42
Utilities	5.32
Consumer Discretionary	4.95
Health Care	4.14
Telecommunication Services	3.44
Energy	2.83
Information Technology	0.49
TOTAL	100.00	%

ALLOCATION BY COUNTRY

As of 2/28/17

Country Percentage of
Total  Investments*

Australia	60.42	%
Hong Kong	27.62
Singapore	10.48
New Zealand	1.48
TOTAL	100.00	%

* Excludes money market funds.

8 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SINGAPORE CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Singapore Capped ETF (the “Fund”) (formerly the iShares MSCI Singapore ETF) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore 25/50 Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 8.51%, net of fees, while the total return for the Index was 8.79%.

	Average Annual Total Returns						Cumulative Total Returns
	1 Year		5 Years		10 Years		1 Year		5 Years		10 Years
Fund NAV		19.16%		0.76%		3.39%		19.16%		3.87%		39.56%
Fund Market		19.46%		0.88%		3.42%		19.46%		4.47%		39.93%
Indexa		19.74%		1.17%		3.67%		19.74%		6.00%		43.40%
MSCI Singapore Index		19.66%		1.16%		3.66%		19.66%		5.93%		43.31%
MSCI Singapore 25/50 Indexb		n/a		n/a		n/a		n/a		n/a		n/a

^a  Index performance through November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Singapore 25/50 Index, which, effective as of December 1, 2016, replaced the MSCI Singapore Index as the underlying index of the Fund.

^b  The inception date for the MSCI Singapore 25/50 Index was July 20, 2016.

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 12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,085.10	$	2.53	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	36.19	%
Real Estate	19.59
Industrials	18.76
Telecommunication Services	12.79
Consumer Discretionary	7.86
Consumer Staples	4.81
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

DBS Group Holdings Ltd.	12.30	%
Singapore Telecommunications Ltd.	11.67
Oversea-Chinese Banking Corp. Ltd.	10.82
United Overseas Bank Ltd.	10.19
Keppel Corp. Ltd.	4.58
Global Logistic Properties Ltd.	3.84
CapitaLand Ltd.	3.56
Wilmar International Ltd.	3.33
Genting Singapore PLC	2.95
Ascendas REIT	2.91
TOTAL	66.15	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI TAIWAN CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Taiwan Capped ETF (the “Fund”) (formerly the iShares MSCI Taiwan ETF) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 25/50 Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 10.16%, net of fees, while the total return for the Index was 10.69%.

	Average Annual Total Returns						Cumulative Total Returns
	1 Year		5 Years		10 Years		1 Year		5 Years		10 Years
Fund NAV		29.88%		5.82%		4.36%		29.88%		32.70%		53.22%
Fund Market		29.12%		5.87%		4.61%		29.12%		32.98%		56.99%
Indexa		31.30%		6.47%		4.96%		31.30%		36.82%		62.26%
MSCI Taiwan Index		31.12%		6.44%		4.95%		31.12%		36.63%		62.04%
MSCI Taiwan 25/50 Indexb		n/a		n/a		n/a		n/a		n/a		n/a

^a  Index performance through November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Taiwan 25/50 Index, which, effective as of December 1, 2016, replaced the MSCI Taiwan Index as the underlying index of the Fund.

^b  The inception date for the MSCI Taiwan 25/50 Index was July 20, 2016.

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 12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,101.60	$	3.23	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information.

ALLOCATION BY SECTOR As of 2/28/17

Sector Percentage of
Total  Investments*

Information Technology	56.15	%
Financials	17.65
Materials	10.45
Telecommunication Services	4.49
Consumer Discretionary	4.42
Consumer Staples	2.82
Industrials	2.01
Energy	0.86
Real Estate	0.62
Health Care	0.53
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/17

Security Percentage of
Total  Investments*

Taiwan Semiconductor Manufacturing Co. Ltd.	22.56	%
Hon Hai Precision Industry Co. Ltd.	8.67
Largan Precision Co. Ltd.	2.92
Cathay Financial Holding Co. Ltd.	2.51
Formosa Plastics Corp.	2.50
Chunghwa Telecom Co. Ltd.	2.45
Nan Ya Plastics Corp.	2.31
MediaTek Inc.	2.14
Fubon Financial Holding Co. Ltd.	2.14
Delta Electronics Inc.	2.13
TOTAL	50.33	%

* Excludes money market funds.

10 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI THAILAND CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Thailand Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand Investable Market Index 25/50 (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 0.20%, net of fees, while the total return for the Index was 0.26%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		22.82%		21.69%		23.37%		22.82%		21.69%		23.37%
5 Years		3.41%		3.48%		3.57%		18.26%		18.64%		19.16%
Since Inception		7.52%		7.48%		7.85%		91.13%		90.38%		96.33%

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,002.00	$	3.08	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	21.70	%
Energy	17.52
Consumer Staples	11.53
Industrials	10.56
Materials	10.06
Telecommunication Services	6.20
Consumer Discretionary	6.20
Real Estate	5.44
Health Care	4.58
Utilities	3.38
Information Technology	2.83
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

PTT PCL NVDR	9.42	%
CP ALL PCL NVDR	7.03
Siam Commercial Bank PCL (The) NVDR	6.45
Kasikornbank PCL Foreign	5.30
Advanced Info Service PCL NVDR	4.14
Airports of Thailand PCL NVDR	3.95
Siam Cement PCL (The) Foreign	3.66
PTT Global Chemical PCL NVDR	3.50
PTT Exploration & Production PCL NVDR	3.06
Kasikornbank PCL NVDR	2.60
TOTAL	49.11	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

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 September 1, 2016 and held through February 28, 2017, 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.

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI HONG KONG ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.47%
AIRLINES — 0.39%
Cathay Pacific Airways Ltd.a		4,233,000	$	6,216,620
				6,216,620
BANKS — 7.93%
Bank of East Asia Ltd. (The)		4,363,010		18,042,322
BOC Hong Kong Holdings Ltd.		13,274,500		52,499,810
Hang Seng Bank Ltd.		2,743,300		56,262,309
				126,804,441
CAPITAL MARKETS — 6.47%
Hong Kong Exchanges & Clearing Ltd.a		4,172,400		103,578,313
				103,578,313
DIVERSIFIED FINANCIAL SERVICES — 0.35%
First Pacific Co. Ltd./Hong Kong		7,678,999		5,638,722
				5,638,722
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.71%
HKT Trust & HKT Ltd.		13,580,500		18,124,945
PCCW Ltd.		15,231,169		9,281,017
				27,405,962
ELECTRIC UTILITIES — 8.28%
Cheung Kong Infrastructure Holdings Ltd.		2,377,000		19,582,625
CLP Holdings Ltd.		5,890,700		59,912,884
HK Electric Investments & HK Electric Investments Ltd.b		9,509,500		8,305,936
Power Assets Holdings Ltd.		4,976,500		44,652,555
				132,454,000
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.45%
Link REIT		8,004,500		55,219,805
				55,219,805
FOOD PRODUCTS — 1.41%
WH Group Ltd.b		28,905,500		22,603,222
				22,603,222
GAS UTILITIES — 3.29%
Hong Kong & China Gas Co. Ltd.a		27,370,912		52,679,428
				52,679,428
HOTELS, RESTAURANTS & LEISURE — 7.22%
Galaxy Entertainment Group Ltd.		8,427,000		40,384,724
Melco Crown Entertainment Ltd. ADR		682,559		11,173,491

Security	Shares		Value
MGM China Holdings Ltd.		3,407,888	$	6,207,774
Sands China Ltd.a		8,685,200		36,251,503
Shangri-La Asia Ltd.		4,494,000		5,719,936
SJM Holdings Ltd.		7,103,000		5,828,844
Wynn Macau Ltd.		5,591,200		9,968,787
				115,535,059
HOUSEHOLD DURABLES — 1.11%
Techtronic Industries Co. Ltd.		4,935,147		17,674,457
				17,674,457
INDUSTRIAL CONGLOMERATES — 13.36%
CK Hutchison Holdings Ltd.		9,691,767		119,735,451
Jardine Matheson Holdings Ltd.		896,800		55,763,024
Jardine Strategic Holdings Ltd.		756,000		28,198,800
NWS Holdings Ltd.		5,498,000		10,015,101
				213,712,376
INSURANCE — 17.08%
AIA Group Ltd.		43,249,000		273,285,296
				273,285,296
REAL ESTATE MANAGEMENT & DEVELOPMENT — 23.78%
Cheung Kong Property Holdings Ltd.		9,656,267		65,681,698
Hang Lung Group Ltd.		3,175,000		13,190,906
Hang Lung Properties Ltd.		8,067,000		20,368,981
Henderson Land Development Co. Ltd.		3,914,966		22,746,036
Hongkong Land Holdings Ltd.		4,220,000		28,822,600
Hysan Development Co. Ltd.		2,250,000		10,492,821
Kerry Properties Ltd.		2,329,500		7,142,346
New World Development Co. Ltd.		20,220,066		26,465,339
Sino Land Co. Ltd.		11,056,000		19,256,436
Sun Hung Kai Properties Ltd.		5,193,000		75,930,344
Swire Pacific Ltd. Class A		1,948,500		20,031,086
Swire Properties Ltd.		4,197,000		12,624,874
Wharf Holdings Ltd. (The)		4,894,150		38,806,682
Wheelock & Co. Ltd.		2,919,357		18,973,592
				380,533,741
ROAD & RAIL — 1.75%
MTR Corp. Ltd.		5,294,583		27,999,231
				27,999,231
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.68%
ASM Pacific Technology Ltd.		874,100		10,872,129
				10,872,129

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI HONG KONG ETF

February 28, 2017

Security	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 1.21%
Li & Fung Ltd.a		21,132,000	$	9,419,284
Yue Yuen Industrial Holdings Ltd.		2,662,000		9,910,763
				19,330,047
TOTAL COMMON STOCKS
(Cost: $1,710,921,091)				1,591,542,849
SHORT-TERM INVESTMENTS — 4.98%
MONEY MARKET FUNDS — 4.98%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		78,707,415		78,738,898
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		1,006,851		1,006,851
				79,745,749
TOTAL SHORT-TERM INVESTMENTS (Cost: $79,719,495)				79,745,749

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.45% (Cost: $1,790,640,586)f	$	1,671,288,598
Other Assets, Less Liabilities — (4.45)%		(71,229,389	)
NET ASSETS — 100.00%	$	1,600,059,209

ADR — American Depositary Receipts

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

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

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $1,807,343,011. Net unrealized depreciation was $136,054,413, of which $47,024,636 represented gross unrealized appreciation on securities and $183,079,049 represented gross unrealized depreciation on securities.

Schedule 1 — Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2017 were as follows:

Issue	Number of long (short) contracts		Expiration date		Exchange		Initial notional value		Current notional value		Unrealized appreciation (depreciation)
Hang Seng Index		45		Mar. 2017		Hong Kong Futures	$	6,982,171	$	6,881,784	$	(100,387	)

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	1,591,542,849		$	—	$	—	$	1,591,542,849
Money market funds		79,745,749			—		—		79,745,749
Total	$	1,671,288,598		$	—	$	—	$	1,671,288,598
Derivative financial instrumentsa:
Liabilities:
Futures contracts	$	(100,387	)	$	—	$	—	$	(100,387	)
Total	$	(100,387	)	$	—	$	—	$	(100,387	)

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

See notes to financial statements.

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.53%
AEROSPACE & DEFENSE — 0.03%
Jamco Corp.a		2,100	$	46,210
				46,210
AIR FREIGHT & LOGISTICS — 0.23%
Kintetsu World Express Inc.		8,400		129,283
Konoike Transport Co. Ltd.		6,300		80,295
Mitsui-Soko Holdings Co. Ltd.		21,000		63,628
Yusen Logistics Co. Ltd.		4,200		46,810
				320,016
AUTO COMPONENTS — 4.08%
Aisan Industry Co. Ltd.		8,400		72,600
Akebono Brake Industry Co. Ltd.b		21,000		57,622
Calsonic Kansei Corp.		29,000		332,806
Daido Metal Co. Ltd.		6,300		57,716
Daikyonishikawa Corp.		8,400		112,390
Eagle Industry Co. Ltd.		4,200		60,775
Exedy Corp.		6,300		180,748
FCC Co. Ltd.		6,300		126,918
Futaba Industrial Co. Ltd.		12,600		88,516
G-Tekt Corp.		4,200		78,456
Kasai Kogyo Co. Ltd.		6,300		82,378
Keihin Corp.		8,400		141,145
KYB Corp.		42,000		227,108
Mitsuba Corp.		6,300		119,936
Musashi Seimitsu Industry Co. Ltd.		4,200		112,053
NHK Spring Co. Ltd.		44,100		506,095
Nifco Inc./Japan		8,400		431,693
Nippon Seiki Co. Ltd.		8,000		167,386
Nissin Kogyo Co. Ltd.		8,400		149,929
Pacific Industrial Co. Ltd.		8,400		104,883
Piolax Inc.		2,100		144,523
Press Kogyo Co. Ltd.		21,000		106,985
Riken Corp.		2,100		83,429
Sanden Holdings Corp.		21,000		73,012
Showa Corp.		10,500		87,371
Sumitomo Riko Co. Ltd.		8,400		87,765
Tachi-S Co. Ltd.		6,300		116,276
Taiho Kogyo Co. Ltd.		4,200		59,536
Takata Corp.a,b		6,300		31,082
Tokai Rika Co. Ltd.		10,500		212,656
Topre Corp.		6,300		166,052
Toyo Tire & Rubber Co. Ltd.		21,000		341,788
Toyota Boshoku Corp.		12,600		281,426

Security	Shares		Value
TPR Co. Ltd.		4,200	$	143,585
TS Tech Co. Ltd.		10,500		275,627
Unipres Corp.		8,400		180,635
Yorozu Corp.		4,200		67,006
				5,669,907
AUTOMOBILES — 0.12%
Nissan Shatai Co. Ltd.		16,800		160,815
				160,815
BANKS — 5.79%
77 Bank Ltd. (The)		63,000		297,868
Aichi Bank Ltd. (The)		2,100		132,136
Akita Bank Ltd. (The)		42,000		134,388
Aomori Bank Ltd. (The)		42,000		145,650
Awa Bank Ltd. (The)		42,000		296,179
Bank of Iwate Ltd. (The)		4,200		179,434
Bank of Nagoya Ltd. (The)		2,100		79,300
Bank of Okinawa Ltd. (The)		4,200		160,665
Bank of Saga Ltd. (The)		21,000		59,123
Bank of the Ryukyus Ltd.		8,400		123,352
Chiba Kogyo Bank Ltd. (The)		10,500		59,686
Chukyo Bank Ltd. (The)		2,100		44,446
Daishi Bank Ltd. (The)		63,000		286,044
Ehime Bank Ltd. (The)		6,300		78,099
Eighteenth Bank Ltd. (The)		42,000		137,391
Gunma Bank Ltd. (The)		69,300		403,840
Hokkoku Bank Ltd. (The)		63,000		259,579
Hokuetsu Bank Ltd. (The)		4,200		101,692
Hokuhoku Financial Group Inc.		25,200		443,706
Hyakugo Bank Ltd. (The)		42,000		177,182
Hyakujushi Bank Ltd. (The)		42,000		150,905
Iyo Bank Ltd. (The)		50,400		372,983
Jimoto Holdings Inc.		33,600		58,560
Juroku Bank Ltd. (The)		63,000		224,105
Kansai Urban Banking Corp.		6,300		86,376
Keiyo Bank Ltd. (The)		42,000		194,450
Kiyo Bank Ltd. (The)		12,600		210,253
Mie Bank Ltd. (The)		2,100		45,478
Minato Bank Ltd. (The)		4,200		86,827
Miyazaki Bank Ltd. (The)		21,000		69,446
Musashino Bank Ltd. (The)		6,300		203,834
Nanto Bank Ltd. (The)		4,200		170,425
Nishi-Nippon Financial Holdings Inc.b		23,100		251,264
North Pacific Bank Ltd.		60,900		253,648
Ogaki Kyoritsu Bank Ltd. (The)		63,000		207,213

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Oita Bank Ltd. (The)		21,000	$	83,711
San-in Godo Bank Ltd. (The)		29,400		264,346
Senshu Ikeda Holdings Inc.		48,300		219,300
Shiga Bank Ltd. (The)		42,000		232,364
Shikoku Bank Ltd. (The)		42,000		115,619
Tochigi Bank Ltd. (The)		21,000		106,609
Toho Bank Ltd. (The)		42,000		160,290
Tokyo TY Financial Group Inc.		6,330		216,403
TOMONY Holdings Inc.		27,300		155,184
Towa Bank Ltd. (The)		63,000		67,006
Tsukuba Bank Ltd.		16,800		51,653
Yamagata Bank Ltd. (The)		21,000		90,092
Yamanashi Chuo Bank Ltd. (The)		21,000		99,853
				8,047,957
BEVERAGES — 1.21%
Coca-Cola East Japan Co. Ltd.		12,666		280,976
Coca-Cola West Co. Ltd.		12,600		375,010
Ito EN Ltd.		10,500		360,370
Sapporo Holdings Ltd.		12,600		317,914
Takara Holdings Inc.		33,600		345,955
				1,680,225
BIOTECHNOLOGY — 0.49%
Japan Tissue Engineering Co. Ltd.b		4,200		50,452
NanoCarrier Co. Ltd.a,b		8,400		60,737
OncoTherapy Science Inc.b		29,400		72,787
PeptiDream Inc.a,b		6,300		300,121
SanBio Co. Ltd.b		4,200		45,835
Takara Bio Inc.		10,500		147,808
				677,740
BUILDING PRODUCTS — 1.70%
Aica Kogyo Co. Ltd.		10,500		269,527
Bunka Shutter Co. Ltd.		10,500		77,048
Central Glass Co. Ltd.		42,000		192,573
Nichias Corp.		21,000		197,828
Nichiha Corp.		6,300		177,370
Nippon Sheet Glass Co. Ltd.a,b		18,900		142,571
Nitto Boseki Co. Ltd.		42,000		185,065
Noritz Corp.		6,300		116,726
Okabe Co. Ltd.		8,400		76,203
Sankyo Tateyama Inc.		6,300		94,147
Sanwa Holdings Corp.		42,000		397,908
Sekisui Jushi Corp.		6,300		104,113
Takara Standard Co. Ltd.		10,500		173,240
Takasago Thermal Engineering Co. Ltd.		10,500		157,193
				2,361,512

Security	Shares		Value
CAPITAL MARKETS — 0.88%
Ichiyoshi Securities Co. Ltd.		8,400	$	66,218
Jafco Co. Ltd.		6,300		216,222
kabu.com Securities Co. Ltd.		29,400		100,904
Kyokuto Securities Co. Ltd.		4,200		62,727
Marusan Securities Co. Ltd.		10,500		90,468
Matsui Securities Co. Ltd.		21,000		173,053
Monex Group Inc.		37,800		99,665
Okasan Securities Group Inc.		21,000		139,643
SPARX Group Co. Ltd.		18,900		37,501
Tokai Tokyo Financial Holdings Inc.		39,900		231,800
				1,218,201
CHEMICALS — 6.69%
Achilles Corp.		4,200		67,907
ADEKA Corp.		16,800		236,042
Chugoku Marine Paints Ltd.		16,800		127,031
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		21,000		132,511
Denka Co. Ltd.		84,000		439,201
DIC Corp.		16,800		615,632
Fujimi Inc.		4,200		93,396
Fujimori Kogyo Co. Ltd.		4,200		117,308
Ihara Chemical Industry Co. Ltd.		4,200		41,480
Ishihara Sangyo Kaisha Ltd.b		8,400		83,035
JSP Corp.		2,100		48,913
Konishi Co. Ltd.		6,300		74,721
Kumiai Chemical Industry Co. Ltd.		8,400		52,704
Kureha Corp.		2,100		88,966
Lintec Corp.		10,500		224,105
Nihon Nohyaku Co. Ltd.		10,500		65,411
Nihon Parkerizing Co. Ltd.		18,900		229,229
Nippon Kayaku Co. Ltd.		27,000		371,873
Nippon Shokubai Co. Ltd.		4,800		318,756
Nippon Soda Co. Ltd.		21,000		122,939
NOF Corp.		30,000		327,390
Okamoto Industries Inc.		21,000		191,822
Osaka Soda Co. Ltd.		21,000		93,846
Sakai Chemical Industry Co. Ltd.		21,000		78,643
Sakata INX Corp.		8,400		118,096
Sanyo Chemical Industries Ltd.		2,100		87,746
Shin-Etsu Polymer Co. Ltd.		8,400		61,263
Showa Denko KK		27,300		482,877
Stella Chemifa Corp.		2,100		61,469
Sumitomo Bakelite Co. Ltd.		42,000		251,133
Sumitomo Seika Chemicals Co. Ltd.		2,100		89,717

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Taiyo Holdings Co. Ltd.		4,200	$	181,124
Takasago International Corp.		2,100		67,194
Tenma Corp.		4,200		79,131
Toagosei Co. Ltd.		21,000		238,182
Tokai Carbon Co. Ltd.		42,000		170,800
Tokuyama Corp.b		63,000		302,936
Tokyo Ohka Kogyo Co. Ltd.		8,400		274,782
Tosoh Corp.		126,000		1,100,255
Toyo Ink SC Holdings Co. Ltd.		42,000		209,841
Toyobo Co. Ltd.		168,000		292,801
Ube Industries Ltd.		231,000		580,158
W-Scope Corp.a		6,300		105,070
Zeon Corp.		27,000		297,788
				9,295,224
COMMERCIAL SERVICES & SUPPLIES — 1.66%
Aeon Delight Co. Ltd.		4,200		130,259
Bell System24 Holdings Inc.		6,300		52,479
Daiseki Co. Ltd.		8,460		180,867
Duskin Co. Ltd.		8,400		184,990
Itoki Corp.		8,400		54,431
Kokuyo Co. Ltd.		16,800		222,228
Kyodo Printing Co. Ltd.		21,000		72,449
Matsuda Sangyo Co. Ltd.		4,260		58,521
Mitsubishi Pencil Co. Ltd.		4,200		211,717
Nippon Kanzai Co. Ltd.		4,200		68,883
Nippon Parking Development Co. Ltd.		39,900		53,849
Nissha Printing Co. Ltd.a		6,300		179,904
Okamura Corp.		14,700		134,275
Oyo Corp.		4,200		54,056
Pilot Corp.		6,300		251,414
Prestige International Inc.		8,400		69,446
Relia Inc.		8,400		83,786
Sato Holdings Corp.		6,300		138,574
Toppan Forms Co. Ltd.		10,500		100,322
				2,302,450
COMMUNICATIONS EQUIPMENT — 0.28%
Denki Kogyo Co. Ltd.		21,000		104,920
Hitachi Kokusai Electric Inc.		10,500		241,279
Icom Inc.		2,100		46,154
				392,353
CONSTRUCTION & ENGINEERING — 4.66%
Chiyoda Corp.		30,000		193,055
Chudenko Corp.		6,300		134,069
COMSYS Holdings Corp.		21,000		373,884

Security	Shares		Value
Daiho Corp.		21,000	$	97,225
Fudo Tetra Corp.		37,800		67,907
Hazama Ando Corp.		35,700		259,729
Hibiya Engineering Ltd.		4,200		63,027
Kandenko Co. Ltd.		21,000		174,930
Kinden Corp.		25,200		340,775
Kumagai Gumi Co. Ltd.		84,000		231,237
Kyowa Exeo Corp.		18,900		263,183
Kyudenko Corp.		8,400		213,144
Maeda Corp.		21,000		187,130
Maeda Road Construction Co. Ltd.		21,000		376,512
Mirait Holdings Corp.		12,600		125,679
Nippo Corp.		10,000		190,374
Nippon Densetsu Kogyo Co. Ltd.		6,300		109,857
Nippon Koei Co. Ltd.		4,200		104,245
Nippon Road Co. Ltd. (The)		21,000		90,843
Nishimatsu Construction Co. Ltd.		63,000		328,838
Okumura Corp.		42,000		266,524
OSJB Holdings Corp.		27,300		62,464
Penta-Ocean Construction Co. Ltd.		56,700		269,095
Raito Kogyo Co. Ltd.		8,400		87,014
Sanki Engineering Co. Ltd.		8,400		73,425
Shinnihon Corp.		6,300		53,661
SHO-BOND Holdings Co. Ltd.		4,200		182,437
Sumitomo Densetsu Co. Ltd.		4,200		48,275
Sumitomo Mitsui Construction Co. Ltd.		168,000		186,191
Taikisha Ltd.		6,300		161,603
Takamatsu Construction Group Co. Ltd.		2,100		51,484
Tekken Corp.		21,000		62,126
Toa Corp./Tokyo		4,200		74,627
Toda Corp.		42,000		256,388
Tokyu Construction Co. Ltd.		16,840		124,473
Toshiba Plant Systems & Services Corp.		8,400		118,472
Totetsu Kogyo Co. Ltd.		6,300		172,583
Toyo Construction Co. Ltd.		14,700		54,788
Toyo Engineering Corp.		42,000		101,729
Yahagi Construction Co. Ltd.		6,300		57,209
Yokogawa Bridge Holdings Corp.		6,300		78,944
				6,469,155
CONSTRUCTION MATERIALS — 0.25%
Sumitomo Osaka Cement Co. Ltd.		84,000		350,610
				350,610

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
CONSUMER FINANCE — 0.65%
Aiful Corp.b		65,100	$	200,737
Hitachi Capital Corp.		10,500		272,530
J Trust Co. Ltd.		14,700		172,903
Jaccs Co. Ltd.		21,000		93,283
Orient Corp.a,b		88,200		163,968
				903,421
CONTAINERS & PACKAGING — 0.46%
FP Corp.		4,200		191,071
Fuji Seal International Inc.		8,400		169,374
Pack Corp. (The)		2,100		57,716
Rengo Co. Ltd.		37,800		220,276
				638,437
DISTRIBUTORS — 0.34%
Canon Marketing Japan Inc.		10,500		210,310
Doshisha Co. Ltd.		4,200		77,892
PALTAC Corp.		6,300		179,059
				467,261
DIVERSIFIED CONSUMER SERVICES — 0.06%
Meiko Network Japan Co. Ltd.		8,400		90,168
				90,168
DIVERSIFIED FINANCIAL SERVICES — 0.94%
Financial Products Group Co. Ltd.a		14,700		144,261
Fuyo General Lease Co. Ltd.		4,200		201,582
IBJ Leasing Co. Ltd.		4,200		94,860
Japan Securities Finance Co. Ltd.		16,800		96,249
Ricoh Leasing Co. Ltd.		4,200		138,517
Tokyo Century Corp.		8,480		287,631
Zenkoku Hosho Co. Ltd.		10,500		343,008
				1,306,108
ELECTRIC UTILITIES — 0.56%
Hokkaido Electric Power Co. Inc.		37,800		275,007
Okinawa Electric Power Co. Inc. (The)		6,300		146,006
Shikoku Electric Power Co. Inc.b		35,700		359,920
				780,933
ELECTRICAL EQUIPMENT — 1.64%
Chiyoda Integre Co. Ltd.		2,100		46,754
Cosel Co. Ltd.		4,200		53,568
Daihen Corp.		21,000		139,643
Denyo Co. Ltd.		4,200		64,641
Fujikura Ltd.		56,700		422,647
Furukawa Electric Co. Ltd.		14,700		539,335
Futaba Corp.		6,300		114,361

Security	Shares		Value
GS Yuasa Corp.		63,000	$	289,985
Idec Corp./Japan		6,300		68,414
Nissin Electric Co. Ltd.		10,500		123,971
Nitto Kogyo Corp.		6,300		88,741
Toyo Tanso Co. Ltd.		2,100		35,568
Ushio Inc.		23,100		296,480
				2,284,108
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.99%
Ai Holdings Corp.		8,400		177,332
Amano Corp.		12,600		254,962
Anritsu Corp.		29,400		227,296
Azbil Corp.		12,600		406,542
Canon Electronics Inc.		4,200		66,894
Citizen Watch Co. Ltd.		56,700		370,449
Daiwabo Holdings Co. Ltd.		42,000		113,742
Dexerials Corp.b		10,500		119,373
Elematec Corp.		2,100		36,619
Enplas Corp.		2,100		62,783
HORIBA Ltd.		8,400		467,730
Hosiden Corp.		12,600		111,152
Ibiden Co. Ltd.		23,100		375,554
Iriso Electronics Co. Ltd.		2,100		125,566
Japan Aviation Electronics Industry Ltd.		10,000		138,624
Japan Cash Machine Co. Ltd.		4,200		56,158
Japan Display Inc.a,b		73,500		182,625
Kaga Electronics Co. Ltd.		4,200		75,790
Koa Corp.		6,300		82,040
Macnica Fuji Electronics Holdings Inc.		6,300		89,304
Maruwa Co. Ltd./Aichi		2,100		68,602
Nichicon Corp.		10,500		101,448
Nippon Ceramic Co. Ltd.		4,200		89,342
Nippon Signal Co. Ltd.		10,500		100,040
Nohmi Bosai Ltd.		4,200		56,420
Oki Electric Industry Co. Ltd.		16,800		239,946
Optex Group Co. Ltd.		2,100		56,139
Ryosan Co. Ltd.		6,300		201,582
Ryoyo Electro Corp.		4,200		59,574
SIIX Corp.		4,200		160,290
SMK Corp.		21,000		82,585
Taiyo Yuden Co. Ltd.		21,000		281,164
Topcon Corp.		21,000		369,379
Toyo Corp./Chuo-ku		6,300		56,252

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
UKC Holdings Corp.		4,200	$	82,022
				5,545,320
ENERGY EQUIPMENT & SERVICES — 0.17%
Modec Inc.		4,200		90,768
Shinko Plantech Co. Ltd.		10,500		87,089
Toyo Kanetsu KK		21,000		58,748
				236,605
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 8.27%
Activia Properties Inc.		126		625,017
Advance Residence Investment Corp.		273		740,542
AEON REIT Investment Corp.		210		233,490
Comforia Residential REIT Inc.		105		244,751
Daiwa Office Investment Corp.		63		335,031
Frontier Real Estate Investment Corp.		105		480,493
Fukuoka REIT Corp.		147		232,683
Global One Real Estate Investment Corp.		42		156,348
GLP J-REIT		525		602,494
Hankyu REIT Inc.		105		145,368
Heiwa Real Estate REIT Inc.		168		129,583
Hoshino Resorts REIT Inc.		42		224,105
Hulic Reit Inc.		189		314,029
Ichigo Office REIT Investment		252		169,149
Industrial & Infrastructure Fund Investment Corp.		63		295,616
Invesco Office J-Reit Inc.		168		155,860
Invincible Investment Corp.		609		262,629
Japan Excellent Inc.		252		328,162
Japan Hotel REIT Investment Corp.		777		559,737
Japan Logistics Fund Inc.		189		409,470
Japan Rental Housing Investments Inc.		336		250,757
Kenedix Office Investment Corp.		84		501,515
Kenedix Residential Investment Corp.		63		177,370
Kenedix Retail REIT Corp.		84		199,630
LaSalle Logiport REIT		231		220,295
MCUBS MidCity Investment Corp.		42		127,631
Mitsui Fudosan Logistics Park Inc.		42		124,816
Mori Hills REIT Investment Corp.		294		405,454
MORI TRUST Sogo REIT Inc.		210		345,542
Nippon Accommodations Fund Inc.		105		456,562

Security	Shares		Value
NIPPON REIT Investment Corp.		84	$	218,850
Orix JREIT Inc.		504		796,868
Premier Investment Corp.		273		314,517
Sekisui House Reit Inc.		168		229,736
Sekisui House SI Residential Investment Corp.		210		236,493
TOKYU REIT Inc.		189		240,378
				11,490,971
FOOD & STAPLES RETAILING — 3.00%
Ain Holdings Inc.		4,200		302,936
Arcs Co. Ltd.		8,400		190,245
Axial Retailing Inc.		2,100		84,743
Belc Co. Ltd.		2,100		85,213
Cawachi Ltd.		4,200		112,803
Cocokara fine Inc.		4,200		178,120
Cosmos Pharmaceutical Corp.		2,100		402,038
Create SD Holdings Co. Ltd.		6,300		145,499
Daikokutenbussan Co. Ltd.		2,100		95,348
Heiwado Co. Ltd.		6,300		151,750
Kato Sangyo Co. Ltd.		4,200		111,677
Kobe Bussan Co. Ltd.		2,100		71,417
Kusuri no Aoki Holdings Co. Ltd.		2,400		106,073
Life Corp.		2,100		62,126
Matsumotokiyoshi Holdings Co. Ltd.		8,400		398,659
Ministop Co. Ltd.		4,200		82,360
Mitsubishi Shokuhin Co. Ltd.		2,100		65,599
Qol Co. Ltd.		4,200		58,598
San-A Co. Ltd.		4,200		193,324
Sogo Medical Co. Ltd.		2,100		73,763
Sugi Holdings Co. Ltd.		8,400		388,899
United Super Markets Holdings Inc.		10,500		95,160
Valor Holdings Co. Ltd.		8,400		209,240
Welcia Holdings Co. Ltd.		8,400		235,367
Yaoko Co. Ltd.		4,200		171,551
Yokohama Reito Co. Ltd.		10,500		99,759
				4,172,267
FOOD PRODUCTS — 4.90%
Ariake Japan Co. Ltd.		4,200		237,994
DyDo Group Holdings Inc.		2,100		106,797
Ezaki Glico Co. Ltd.		8,400		405,416
Fuji Oil Holdings Inc.		12,600		285,143
Fujicco Co. Ltd.		4,200		91,331
Fujiya Co. Ltd.		42,000		85,963
Hokuto Corp.		4,200		81,571
House Foods Group Inc.		12,600		269,377

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Itoham Yonekyu Holdings Inc.b		29,400	$	293,777
J-Oil Mills Inc.		2,100		78,737
Kagome Co. Ltd.		16,800		433,195
Kameda Seika Co. Ltd.		2,100		94,222
Kenko Mayonnaise Co. Ltd.		2,100		51,240
Kewpie Corp.		23,100		617,115
KEY Coffee Inc.		4,200		82,360
Kotobuki Spirits Co. Ltd.		4,200		100,678
Marudai Food Co. Ltd.		21,000		92,157
Maruha Nichiro Corp.		8,400		252,634
MEGMILK SNOW BRAND Co. Ltd.		8,400		229,736
Mitsui Sugar Co. Ltd.		4,200		101,917
Morinaga & Co. Ltd./Japan		8,400		379,890
Morinaga Milk Industry Co. Ltd.		42,000		325,835
Nichirei Corp.		27,300		638,549
Nippon Beet Sugar Manufacturing Co. Ltd.		4,200		94,522
Nippon Flour Mills Co. Ltd.		10,500		159,727
Nippon Suisan Kaisha Ltd.		58,800		298,507
Nisshin OilliO Group Ltd. (The)		21,000		109,800
Prima Meat Packers Ltd.		21,000		85,025
Riken Vitamin Co. Ltd.		2,100		81,646
Rock Field Co. Ltd.		6,300		97,300
Rokko Butter Co. Ltd.		4,200		92,045
S Foods Inc.a		2,100		59,686
Sakata Seed Corp.		6,300		178,214
Showa Sangyo Co. Ltd.		21,000		114,680
Warabeya Nichiyo Holdings Co. Ltd.		4,200		94,447
				6,801,233
GAS UTILITIES — 0.10%
K&O Energy Group Inc.		4,200		67,044
Shizuoka Gas Co. Ltd.		10,500		66,818
				133,862
HEALTH CARE EQUIPMENT & SUPPLIES — 1.67%
Asahi Intecc Co. Ltd.		10,500		415,739
Eiken Chemical Co. Ltd.		4,200		114,868
Fukuda Denshi Co. Ltd.		2,100		123,314
Hogy Medical Co. Ltd.		2,100		124,628
JEOL Ltd.		21,000		99,102
Mani Inc.		4,200		97,300
Menicon Co. Ltd.		2,100		67,382
Nagaileben Co. Ltd.		4,200		90,205
Nakanishi Inc.		4,200		167,985
Nihon Kohden Corp.		16,800		369,229
Nikkiso Co. Ltd.		12,600		138,517

Security	Shares		Value
Nipro Corp.		27,300	$	354,533
Paramount Bed Holdings Co. Ltd.		4,200		158,976
				2,321,778
HEALTH CARE PROVIDERS & SERVICES — 0.74%
AS ONE Corp.		2,100		94,222
BML Inc.		4,200		92,007
Japan Lifeline Co. Ltd.		4,200		75,903
NichiiGakkan Co. Ltd.		8,400		65,692
Ship Healthcare Holdings Inc.		8,400		237,619
Toho Holdings Co. Ltd.		10,500		227,765
Tokai Corp./Gifu		2,100		75,734
Tsukui Corp.		12,600		77,480
Vital KSK Holdings Inc.		8,400		77,930
				1,024,352
HOTELS, RESTAURANTS & LEISURE — 3.08%
Atom Corp.		18,900		123,314
BRONCO BILLY Co. Ltd.		2,100		53,586
Colowide Co. Ltd.a		12,600		208,339
Create Restaurants Holdings Inc.a		10,500		91,594
Doutor Nichires Holdings Co. Ltd.		6,300		121,963
Fuji Kyuko Co. Ltd.a		8,000		72,932
Fujita Kanko Inc.a		21,000		67,194
Hiday Hidaka Corp.		2,616		55,063
Hiramatsu Inc.		6,300		38,402
HIS Co. Ltd.a		8,400		223,580
Ichibanya Co. Ltd.		2,100		69,352
Kappa Create Co. Ltd.		6,300		72,412
Kisoji Co. Ltd.		4,200		92,382
KNT-CT Holdings Co. Ltd.b		21,000		25,526
Komeda Holdings Co. Ltd.		6,300		104,395
Koshidaka Holdings Co. Ltd.		2,100		43,995
Kura Corp.		2,100		87,277
Kyoritsu Maintenance Co. Ltd.		2,140		134,653
MOS Food Services Inc.		6,300		188,913
Ohsho Food Service Corp.		2,100		78,456
Plenus Co. Ltd.		4,200		91,444
Resorttrust Inc.		16,800		309,318
Ringer Hut Co. Ltd.a		4,200		84,912
Round One Corp.		14,700		110,757
Royal Holdings Co. Ltd.		6,300		114,361
Saizeriya Co. Ltd.		6,300		149,159
Skylark Co. Ltd.		21,000		311,758
St. Marc Holdings Co. Ltd.		4,200		129,508
Tokyo Dome Corp.		18,900		189,870
Tokyotokeiba Co. Ltd.		42,000		99,853

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Toridoll Holdings Corp.		4,200	$	87,502
Tosho Co. Ltd.		2,100		91,876
WATAMI Co. Ltd.a		4,200		48,687
Yoshinoya Holdings Co. Ltd.a		12,600		185,365
Zensho Holdings Co. Ltd.		18,900		321,630
				4,279,328
HOUSEHOLD DURABLES — 2.11%
Alpine Electronics Inc.		8,400		122,376
Chofu Seisakusho Co. Ltd.		4,200		102,668
Clarion Co. Ltd.		21,000		80,895
Foster Electric Co. Ltd.		4,200		72,036
France Bed Holdings Co. Ltd.		6,300		53,549
Fujitsu General Ltd.		10,000		196,273
Haseko Corp.		58,800		698,968
JVC Kenwood Corp.		27,300		69,540
Misawa Homes Co. Ltd.		6,300		59,743
PanaHome Corp.		21,000		196,139
Pioneer Corp.b		67,200		136,941
Pressance Corp.		8,400		102,705
Sangetsu Corp.		10,500		181,686
Starts Corp. Inc.		6,300		135,983
Sumitomo Forestry Co. Ltd.		27,300		398,941
Tamron Co. Ltd.		4,200		79,244
Token Corp.		2,120		152,911
Zojirushi Corp.a		6,300		84,462
				2,925,060
HOUSEHOLD PRODUCTS — 0.56%
Earth Chemical Co. Ltd.		2,100		100,228
Pigeon Corp.		23,100		682,357
				782,585
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.05%
eRex Co. Ltd.		2,100		65,317
				65,317
INDUSTRIAL CONGLOMERATES — 0.32%
Katakura Industries Co. Ltd.		4,200		57,584
Nisshinbo Holdings Inc.		25,200		258,115
TOKAI Holdings Corp.a		16,800		124,027
				439,726
INSURANCE — 0.06%
Anicom Holdings Inc.a		4,200		83,035
				83,035
INTERNET & DIRECT MARKETING RETAIL — 0.18%
ASKUL Corp.		4,200		120,874

Security	Shares		Value
Belluna Co. Ltd.		10,500	$	79,488
Senshukai Co. Ltd.		6,300		44,934
				245,296
INTERNET SOFTWARE & SERVICES — 0.88%
COOKPAD Inc.a		10,500		90,092
CROOZ Inc.		2,100		51,184
Dip Corp.		6,300		132,098
F@N Communications Inc.		12,600		88,628
GMO Internet Inc.		14,700		191,822
Gree Inc.		23,100		145,969
Gurunavi Inc.		6,300		125,454
Infomart Corp.a		16,800		89,492
Internet Initiative Japan Inc.		6,300		114,924
Istyle Inc.a		6,300		53,887
SMS Co. Ltd.		4,200		93,358
UNITED Inc./Japan		2,100		40,992
				1,217,900
IT SERVICES — 1.92%
Digital Garage Inc.		8,400		159,614
DTS Corp.		4,200		97,187
GMO Payment Gateway Inc.a		4,274		244,862
Hearts United Group Co. Ltd.		4,200		54,806
Ines Corp.		6,300		62,783
Information Services International- Dentsu Ltd.		2,100		42,588
Itochu Techno-Solutions Corp.		10,500		285,762
Kanematsu Electronics Ltd.		4,200		102,067
NEC Networks & System Integration Corp.		4,200		80,295
NET One Systems Co. Ltd.		16,800		129,133
Nihon Unisys Ltd.		12,600		168,811
NS Solutions Corp.		8,400		170,650
SCSK Corp.		10,556		390,596
TIS Inc.		16,848		410,490
TKC Corp.		4,200		122,939
Transcosmos Inc.		6,300		148,427
				2,671,010
LEISURE PRODUCTS — 0.63%
Fields Corp.		2,100		23,405
Heiwa Corp.		10,516		285,728
Mars Engineering Corp.		2,100		44,539
Mizuno Corp.		21,000		112,616
Tomy Co. Ltd.		14,700		155,560
Universal Entertainment Corp.b		4,200		155,034
Yonex Co. Ltd.		2,100		91,688
				868,570

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
LIFE SCIENCES TOOLS & SERVICES — 0.10%
EPS Holdings Inc.		6,300	$	87,446
Linical Co. Ltd.		4,200		57,359
				144,805
MACHINERY — 6.89%
Aichi Corp.		6,300		49,326
Aida Engineering Ltd.		10,500		94,034
Anest Iwata Corp.		8,400		82,059
Asahi Diamond Industrial Co. Ltd.		10,500		86,245
Bando Chemical Industries Ltd.		10,500		99,383
CKD Corp.		10,500		136,171
Daifuku Co. Ltd.		18,900		443,255
Daiwa Industries Ltd.		6,300		59,630
DMG Mori Co. Ltd.		23,100		367,089
Ebara Corp.		18,900		559,137
Fuji Machine Manufacturing Co. Ltd.		14,700		196,683
Fujitec Co. Ltd.		10,500		120,968
Fukushima Industries Corp.		2,100		72,168
Furukawa Co. Ltd.		63,000		130,634
Glory Ltd.		12,600		433,570
Harmonic Drive Systems Inc.a		6,300		196,796
Hirata Corp.a		2,100		143,022
Hitachi Koki Co. Ltd.		10,500		81,365
Hitachi Zosen Corp.		33,600		197,002
Iseki & Co. Ltd.		42,000		96,849
Japan Steel Works Ltd. (The)		12,600		226,020
Kato Works Co. Ltd.		2,100		53,905
Kitz Corp.		16,800		115,168
Komori Corp.		10,500		140,582
Kyokuto Kaihatsu Kogyo Co. Ltd.		6,300		104,845
Makino Milling Machine Co. Ltd.		21,000		196,139
Max Co. Ltd.		4,000		54,556
Meidensha Corp.		42,000		144,899
METAWATER Co. Ltd.		2,100		52,967
Mitsui Engineering & Shipbuilding Co. Ltd.		147,000		243,062
Miura Co. Ltd.		18,900		292,238
Morita Holdings Corp.		6,300		87,277
Nachi-Fujikoshi Corp.		42,000		227,859
Namura Shipbuilding Co. Ltd.		10,500		70,573
Nippon Sharyo Ltd.a,b		21,000		56,683
Nippon Thompson Co. Ltd.		12,600		60,700
Nitta Corp.		4,200		113,742
Nitto Kohki Co. Ltd.		2,100		48,387
Noritake Co. Ltd./Nagoya Japan		2,100		55,069

Security	Shares		Value
NTN Corp.		84,000	$	419,681
Obara Group Inc.		2,100		93,565
Oiles Corp.		4,296		79,980
OKUMA Corp.		21,000		229,548
OSG Corp.a		16,800		354,664
Ryobi Ltd.		21,000		91,969
Shibuya Corp.		4,200		107,135
Shima Seiki Manufacturing Ltd.		4,200		141,708
Shinmaywa Industries Ltd.		21,000		217,161
Sintokogio Ltd.		8,400		77,480
Sodick Co. Ltd.		8,400		87,240
Star Micronics Co. Ltd.		8,400		122,601
Tadano Ltd.		21,000		271,404
Takeuchi Manufacturing Co. Ltd.		8,400		168,773
Takuma Co. Ltd.		16,800		155,259
Teikoku Sen-I Co. Ltd.		4,200		64,979
Tocalo Co. Ltd.		4,200		98,801
Toshiba Machine Co. Ltd.		21,000		90,280
Tsubaki Nakashima Co. Ltd.		4,200		71,961
Tsubakimoto Chain Co.		21,000		180,748
Tsugami Corp.		21,000		130,822
Tsukishima Kikai Co. Ltd.		6,300		70,779
Tsurumi Manufacturing Co. Ltd.		4,200		57,809
Union Tool Co.		2,100		69,353
YAMABIKO Corp.		6,300		79,563
Yushin Precision Equipment Co. Ltd.		2,100		54,018
				9,577,338
MARINE — 0.47%
Iino Kaiun Kaisha Ltd.		18,900		89,192
Kawasaki Kisen Kaisha Ltd.a		189,000		511,838
NS United Kaiun Kaisha Ltd.		21,000		46,923
				647,953
MEDIA — 1.91%
Adways Inc.a		6,300		28,830
Asatsu-DK Inc.		6,300		166,784
Avex Group Holdings Inc.		6,300		92,514
CyberAgent Inc.		21,000		586,540
D.A. Consortium Holdings Inc.b		6,300		71,061
Daiichikosho Co. Ltd.		8,400		349,859
Kadokawa Dwangob		10,508		156,843
Next Co. Ltd.a		10,500		69,165
Septeni Holdings Co. Ltd.a		21,000		67,569
Shochiku Co. Ltd.		21,000		243,062
SKY Perfect JSAT Holdings Inc.		31,500		140,488
Toei Co. Ltd.		21,000		188,068

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Tokyo Broadcasting System Holdings Inc.		8,400	$	152,707
TV Asahi Holdings Corp.		4,200		85,963
USEN Corp.		23,180		95,301
Vector Inc.b		6,300		73,200
Zenrin Co. Ltd.		4,200		85,062
				2,653,016
METALS & MINING — 2.64%
Aichi Steel Corp.		2,100		92,345
Asahi Holdings Inc.		6,300		109,462
Daido Steel Co. Ltd.		63,000		310,819
Dowa Holdings Co. Ltd.		42,000		341,976
Godo Steel Ltd.		2,100		35,324
Kyoei Steel Ltd.		4,200		79,206
Mitsubishi Steel Manufacturing Co. Ltd.		42,000		96,099
Mitsui Mining & Smelting Co. Ltd.		126,000		417,804
Nakayama Steel Works Ltd.b		4,200		29,655
Neturen Co. Ltd.		6,300		50,846
Nippon Denko Co. Ltd.		23,100		66,068
Nippon Light Metal Holdings Co. Ltd.		100,800		248,655
Nisshin Steel Co. Ltd.a		18,900		269,771
Nittetsu Mining Co. Ltd.		2,100		108,674
Osaka Steel Co. Ltd.		2,100		39,697
OSAKA Titanium Technologies Co. Ltd.a,b		4,200		67,982
Pacific Metals Co. Ltd.b		21,000		76,766
Sanyo Special Steel Co. Ltd.		21,000		114,680
Toho Titanium Co. Ltd.a		6,300		53,155
Toho Zinc Co. Ltd.		21,000		108,674
Tokyo Rope Manufacturing Co. Ltd.		4,200		66,894
Tokyo Steel Manufacturing Co. Ltd.		21,000		182,437
Topy Industries Ltd.		4,200		118,434
Toyo Kohan Co. Ltd.		10,500		43,545
UACJ Corp.		63,140		174,378
Yamato Kogyo Co. Ltd.		8,400		239,496
Yodogawa Steel Works Ltd.		4,200		125,379
				3,668,221
MULTILINE RETAIL — 0.90%
Fuji Co. Ltd./Ehime		4,200		90,017
H2O Retailing Corp.		16,835		286,188
Izumi Co. Ltd.		8,400		376,887
Kintetsu Department Store Co. Ltd.b		21,000		65,505
Matsuya Co. Ltd.a		6,300		57,659
Parco Co. Ltd.		4,200		43,808

Security	Shares		Value
Seria Co. Ltd.		4,200	$	331,841
				1,251,905
OIL, GAS & CONSUMABLE FUELS — 0.53%
Cosmo Energy Holdings Co. Ltd.		12,600		217,010
ITOCHU Enex Co. Ltd.		10,500		88,779
Japan Petroleum Exploration Co. Ltd.		6,300		152,594
Nippon Gas Co. Ltd.		6,300		187,505
San-Ai Oil Co. Ltd.		10,500		89,717
				735,605
PAPER & FOREST PRODUCTS — 0.70%
Daiken Corp.		4,200		80,558
Daio Paper Corp.a		14,700		182,888
Hokuetsu Kishu Paper Co. Ltd.		27,300		188,368
Mitsubishi Paper Mills Ltd.b		8,400		58,335
Nippon Paper Industries Co. Ltd.		21,000		383,456
Tokushu Tokai Paper Co. Ltd.		2,100		81,365
				974,970
PERSONAL PRODUCTS — 1.01%
Ci:z Holdings Co. Ltd.		6,300		185,534
Euglena Co. Ltd.a,b		12,600		136,377
Fancl Corp.		8,400		124,403
Kobayashi Pharmaceutical Co. Ltd.		10,500		488,001
Mandom Corp.		4,200		198,579
Milbon Co. Ltd.		2,100		103,794
Noevir Holdings Co. Ltd.		4,200		167,610
				1,404,298
PHARMACEUTICALS — 2.59%
ASKA Pharmaceutical Co. Ltd.		4,200		64,641
JCR Pharmaceuticals Co. Ltd.		4,200		102,968
Kaken Pharmaceutical Co. Ltd.		6,300		340,099
Kissei Pharmaceutical Co. Ltd.		6,300		160,477
KYORIN Holdings Inc.		8,400		178,008
Mochida Pharmaceutical Co. Ltd.		2,100		158,976
Nichi-Iko Pharmaceutical Co. Ltd.		8,450		128,013
Nippon Shinyaku Co. Ltd.		10,500		568,709
Rohto Pharmaceutical Co. Ltd.		21,000		401,662
Sawai Pharmaceutical Co. Ltd.		6,300		341,789
Seikagaku Corp.		8,400		133,863
Sosei Group Corp.a,b		3,300		386,379
Torii Pharmaceutical Co. Ltd.		2,100		55,219
Towa Pharmaceutical Co. Ltd.		2,100		100,416
Tsumura & Co.		12,600		375,010
ZERIA Pharmaceutical Co. Ltd.		6,300		98,595
				3,594,824

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
PROFESSIONAL SERVICES — 1.46%
Benefit One Inc.		4,200	$	119,936
en-japan Inc.		4,200		81,909
Funai Soken Holdings Inc.		4,200		76,842
JAC Recruitment Co. Ltd.		4,200		59,761
Meitec Corp.		6,300		247,191
Nihon M&A Center Inc.		12,600		387,961
Nomura Co. Ltd.		8,400		139,268
Outsourcing Inc.a		2,100		71,042
Tanseisha Co. Ltd.		8,400		63,365
TechnoPro Holdings Inc.		6,300		221,571
Temp Holdings Co. Ltd.		29,400		500,051
Yumeshin Holdings Co. Ltd.a		8,400		60,512
				2,029,409
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.60%
Ardepro Co. Ltd.		31,500		43,920
Daibiru Corp.		10,500		96,005
Daikyo Inc.		63,000		132,323
Goldcrest Co. Ltd.		4,200		76,992
Heiwa Real Estate Co. Ltd.		8,400		118,847
Ichigo Inc.		44,100		139,925
Kenedix Inc.		52,500		207,400
Leopalace21 Corp.		50,400		265,773
NTT Urban Development Corp.		25,200		232,664
Open House Co. Ltd.		6,300		150,173
Relo Group Inc.		2,100		305,564
Sumitomo Real Estate Sales Co. Ltd.		4,200		107,360
Takara Leben Co. Ltd.		16,800		89,342
TOC Co. Ltd.		12,600		103,719
Tosei Corp.		6,300		43,076
Unizo Holdings Co. Ltd.		4,200		110,513
				2,223,596
ROAD & RAIL — 2.04%
Fukuyama Transporting Co. Ltd.a		21,000		127,443
Hitachi Transport System Ltd.		10,500		216,222
Nankai Electric Railway Co. Ltd.		105,000		518,032
Nikkon Holdings Co. Ltd.		12,600		279,512
Nishi-Nippon Railroad Co. Ltd.		63,000		278,161
Sankyu Inc.		63,000		404,853
Seino Holdings Co. Ltd.		29,400		340,024
Senko Co. Ltd.		21,000		137,766
Sotetsu Holdings Inc.		84,000		420,432
Trancom Co. Ltd.		2,100		111,677
				2,834,122

Security	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.81%
Advantest Corp.		33,600	$	592,809
Disco Corp.		6,300		951,039
Japan Material Co. Ltd.		4,200		60,437
Lasertec Corp.		4,200		105,521
Megachips Corp.a		2,100		49,194
Micronics Japan Co. Ltd.a		6,300		52,310
Sanken Electric Co. Ltd.b		21,000		92,908
SCREEN Holdings Co. Ltd.		8,400		569,084
Shindengen Electric Manufacturing Co. Ltd.		21,000		88,779
Shinko Electric Industries Co. Ltd.		14,700		105,108
Sumco Corp.		39,900		589,130
Tokyo Seimitsu Co. Ltd.		8,400		274,407
ULVAC Inc.		8,400		372,382
				3,903,108
SOFTWARE — 1.32%
Broadleaf Co. Ltd.		12,600		76,579
Capcom Co. Ltd.		10,500		214,439
COLOPL Inc.a		10,500		97,788
Fuji Soft Inc.		4,200		107,097
GungHo Online Entertainment Inc.a		79,800		185,440
Justsystems Corp.		6,300		65,204
Koei Tecmo Holdings Co. Ltd.		8,440		168,521
Marvelous Inc.a		6,300		52,704
Miroku Jyoho Service Co. Ltd.		4,200		64,116
NSD Co. Ltd.		8,400		126,730
OBIC Business Consultants Co. Ltd.		2,100		102,480
Square Enix Holdings Co. Ltd.		18,900		576,874
				1,837,972
SPECIALTY RETAIL — 2.87%
Adastria Co. Ltd.		4,200		109,200
Alpen Co. Ltd.		4,200		74,852
AOKI Holdings Inc.		8,400		103,756
Aoyama Trading Co. Ltd.		10,500		395,093
Arcland Sakamoto Co. Ltd.		4,200		55,182
Asahi Co. Ltd.a		4,200		48,875
Autobacs Seven Co. Ltd.		12,600		200,343
BIC Camera Inc.		18,900		183,958
Chiyoda Co. Ltd.		4,200		104,282
DCM Holdings Co. Ltd.		21,000		187,505
EDION Corp.		14,700		134,538
Geo Holdings Corp.		6,300		76,353
IDOM Inc.		12,600		82,435

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Jin Co. Ltd.		2,100	$	112,616
Joshin Denki Co. Ltd.		7,000		69,884
Joyful Honda Co. Ltd.		6,300		199,330
K’s Holdings Corp.		16,800		300,008
Kohnan Shoji Co. Ltd.		6,300		120,611
Komeri Co. Ltd.		6,300		156,198
Laox Co. Ltd.b		6,300		36,037
Nishimatsuya Chain Co. Ltd.		10,500		118,153
Nojima Corp.		4,200		54,393
PAL GROUP Holdings Co. Ltd.		2,100		51,353
PC Depot Corp.a		7,540		37,537
Sac’s Bar Holdings Inc.		4,200		46,322
Sanrio Co. Ltd.		10,500		208,808
Shimachu Co. Ltd.		10,500		267,556
T-Gaia Corp.		4,200		72,074
United Arrows Ltd.		4,200		132,699
VT Holdings Co. Ltd.		14,700		69,108
Xebio Holdings Co. Ltd.		4,200		69,634
Yellow Hat Ltd.		4,200		107,285
				3,985,978
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.62%
Eizo Corp.		4,200		123,127
Elecom Co. Ltd.		4,200		78,305
Hitachi Maxell Ltd.		8,400		164,719
MCJ Co. Ltd.		6,300		69,709
Melco Holdings Inc.		2,100		62,220
Riso Kagaku Corp.		4,200		75,865
Roland DG Corp.		2,100		64,942
Toshiba TEC Corp.b		21,000		112,053
Wacom Co. Ltd.		29,400		110,889
				861,829
TEXTILES, APPAREL & LUXURY GOODS — 1.09%
Descente Ltd.		8,400		98,351
Fujibo Holdings Inc.		2,100		61,094
Gunze Ltd.		42,000		155,034
Japan Wool Textile Co. Ltd. (The)		14,700		117,195
Kurabo Industries Ltd.		42,000		90,468
Onward Holdings Co. Ltd.		21,000		156,160
Seiko Holdings Corp.		21,000		90,280
Seiren Co. Ltd.		10,500		139,831
TSI Holdings Co. Ltd.		14,700		102,612
Tsutsumi Jewelry Co. Ltd.		2,100		39,059
Unitika Ltd.b		126,000		108,111
Wacoal Holdings Corp.		21,000		264,835

Security	Shares		Value
Yondoshi Holdings Inc.		4,200	$	95,723
				1,518,753
TRADING COMPANIES & DISTRIBUTORS — 2.49%
Hanwa Co. Ltd.		42,000		302,561
Inaba Denki Sangyo Co. Ltd.		6,300		222,134
Inabata & Co. Ltd.		8,400		110,363
Iwatani Corp.		42,000		246,628
Japan Pulp & Paper Co. Ltd.		21,000		70,385
Kamei Corp.		4,200		48,612
Kanamoto Co. Ltd.		6,300		160,590
Kanematsu Corp.		84,000		146,400
Kuroda Electric Co. Ltd.		6,300		131,479
MonotaRO Co. Ltd.		12,600		358,118
Nagase & Co. Ltd.		21,000		306,502
Nippon Steel & Sumikin Bussan Corp.		2,244		97,073
Nishio Rent All Co. Ltd.		4,200		122,188
Sojitz Corp.		252,000		655,423
Trusco Nakayama Corp.		8,400		190,321
Wakita & Co. Ltd.		8,400		77,329
Yamazen Corp.		10,500		98,163
Yuasa Trading Co. Ltd.		4,200		121,437
				3,465,706
TRANSPORTATION INFRASTRUCTURE — 0.14%
Nissin Corp.		21,000		70,948
Sumitomo Warehouse Co. Ltd. (The)		21,000		121,625
				192,573
TOTAL COMMON STOCKS (Cost: $135,919,930)				138,273,007
SHORT-TERM INVESTMENTS — 4.50%
MONEY MARKET FUNDS — 4.50%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		6,221,381		6,223,869
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		27,929		27,929
				6,251,798
TOTAL SHORT-TERM INVESTMENTS (Cost: $6,250,029)				6,251,798

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.03% (Cost: $142,169,959)f	$	144,524,805
Other Assets, Less Liabilities — (4.03)%		(5,598,867	)
NET ASSETS — 100.00%	$	138,925,938

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

^b  Non-income earning security.

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $144,961,640. Net unrealized depreciation was $436,835, of which $10,912,245 represented gross unrealized appreciation on securities and $11,349,080 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	138,273,007	$	—	$	—	$	138,273,007
Money market funds		6,251,798		—		—		6,251,798
Total	$	144,524,805	$	—	$	—	$	144,524,805

See notes to financial statements.

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI MALAYSIA ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.44%
AIRLINES — 0.88%
AirAsia Bhd		3,736,900	$	2,272,439
				2,272,439
AUTOMOBILES — 0.56%
UMW Holdings Bhda		1,161,200		1,448,885
				1,448,885
BANKS — 27.70%
Alliance Financial Group Bhd		2,498,600		2,144,069
AMMB Holdings Bhd		4,478,237		4,669,873
CIMB Group Holdings Bhd		7,685,992		8,603,464
Hong Leong Bank Bhd		1,610,340		4,925,319
Hong Leong Financial Group Bhd		568,800		1,929,308
Malayan Banking Bhda		8,834,093		17,111,081
Public Bank Bhd		6,729,080		30,250,549
RHB Bank Bhd		1,985,902		2,164,812
RHB Bank Bhd Newb		1,621,200		4
				71,798,479
CHEMICALS — 3.74%
Petronas Chemicals Group Bhd		5,942,900		9,704,060
				9,704,060
CONSTRUCTION & ENGINEERING — 5.03%
Dialog Group Bhd		7,950,454		3,008,280
Gamuda Bhd		4,200,000		4,644,594
IJM Corp. Bhd		7,136,180		5,384,280
				13,037,154
CONSTRUCTION MATERIALS — 0.48%
Lafarge Malaysia Bhd		841,560		1,250,968
				1,250,968
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.49%
Telekom Malaysia Bhd		2,791,600		3,873,031
				3,873,031
ELECTRIC UTILITIES — 9.88%
Tenaga Nasional Bhd		8,397,612		25,608,934
				25,608,934
ENERGY EQUIPMENT & SERVICES — 1.59%
Sapurakencana Petroleum Bhdb		9,644,600		4,127,194
				4,127,194
FOOD PRODUCTS — 7.29%
Felda Global Ventures Holdings Bhda		3,161,700		1,338,738
Genting Plantations Bhd		592,000		1,530,667
IOI Corp. Bhd		5,600,230		5,902,945
Kuala Lumpur Kepong Bhd		1,057,300		5,748,473

Security	Shares		Value
PPB Group Bhd		1,174,166	$	4,374,033
				18,894,856
GAS UTILITIES — 2.98%
Petronas Gas Bhd		1,714,900		7,732,499
				7,732,499
HEALTH CARE EQUIPMENT & SUPPLIES — 0.69%
Hartalega Holdings Bhd		1,625,800		1,779,592
				1,779,592
HEALTH CARE PROVIDERS & SERVICES — 4.26%
IHH Healthcare Bhd		8,153,300		11,036,336
				11,036,336
HOTELS, RESTAURANTS & LEISURE — 8.26%
Berjaya Sports Toto Bhd		1,672,317		1,099,812
Genting Bhd		5,571,500		11,607,292
Genting Malaysia Bhd		7,351,900		8,693,125
				21,400,229
INDUSTRIAL CONGLOMERATES — 5.69%
HAP Seng Consolidated Bhd		1,541,200		3,137,939
Sime Darby Bhd		5,757,655		11,619,051
				14,756,990
MARINE — 1.78%
MISC Bhd		2,763,320		4,617,981
				4,617,981
MEDIA — 0.96%
Astro Malaysia Holdings Bhd		3,869,900		2,484,057
				2,484,057
MULTI-UTILITIES — 2.11%
YTL Corp. Bhd		10,798,212		3,769,646
YTL Power International Bhd		5,044,300		1,692,794
				5,462,440
OIL, GAS & CONSUMABLE FUELS — 1.05%
Petronas Dagangan Bhd		492,000		2,714,865
				2,714,865
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.70%
IOI Properties Group Bhd		3,828,600		1,819,447
				1,819,447
TOBACCO — 1.49%
British American Tobacco Malaysia Bhd		353,500		3,861,430
				3,861,430
TRANSPORTATION INFRASTRUCTURE — 1.92%
Malaysia Airports Holdings Bhd		1,848,800		2,698,249
Westports Holdings Bhd		2,533,200		2,287,867
				4,986,116

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MALAYSIA ETF

February 28, 2017

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 8.91%
Axiata Group Bhda		6,659,600	$	6,644,601
DiGi.Com Bhd		8,663,600		9,834,357
Maxis Bhd		4,649,200		6,607,309
				23,086,267
TOTAL COMMON STOCKS
(Cost: $147,606,024)				257,754,249
RIGHTS — 0.06%
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.06%
IOI Properties Group Bhdb		963,725		158,450
				158,450
TOTAL RIGHTS
(Cost: $0)				158,450
SHORT-TERM INVESTMENTS — 4.80%
MONEY MARKET FUNDS — 4.80%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		12,392,225		12,397,182
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		56,031		56,031
				12,453,213
TOTAL SHORT-TERM INVESTMENTS
(Cost: $12,449,354)				12,453,213

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.30%
(Cost:  $160,055,378)f	$	270,365,912
Other Assets, Less Liabilities — (4.30)%		(11,156,665	)
NET ASSETS — 100.00%	$	259,209,247

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

^b  Non-income earning security.

^c Affiliated money market fund.

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

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

^f The cost of investments for federal income tax purposes was $185,076,545. Net unrealized appreciation was $85,289,367, of which $111,991,478 represented gross unrealized appreciation on securities and $26,702,111 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	257,754,245	$	—	$	4	$	257,754,249
Rights		—		158,450		—		158,450
Money market funds		12,453,213		—		—		12,453,213
Total	$	270,207,458	$	158,450	$	4	$	270,365,912

See notes to financial statements.

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI PACIFIC ex JAPAN ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.36%
AUSTRALIA — 60.04%
AGL Energy Ltd.		1,044,674	$	19,373,124
Alumina Ltd.		3,797,484		5,386,838
Amcor Ltd./Australia		1,798,004		19,422,652
AMP Ltd.		4,589,738		17,220,639
APA Group		1,728,779		11,244,791
Aristocrat Leisure Ltd.		840,729		10,730,147
ASX Ltd.		300,813		11,848,477
Aurizon Holdings Ltd.		3,186,691		12,544,446
AusNet Services		2,732,354		3,403,248
Australia & New Zealand Banking Group Ltd.		4,550,716		108,113,461
Bank of Queensland Ltd.		595,080		5,421,697
Bendigo & Adelaide Bank Ltd.		721,264		6,776,525
BHP Billiton Ltd.		4,991,062		95,934,437
Boral Ltd.		1,829,122		8,241,037
Brambles Ltd.		2,466,599		17,655,897
Caltex Australia Ltd.		405,594		8,775,203
Challenger Ltd./Australia		886,450		7,796,898
CIMIC Group Ltd.		152,040		4,411,653
Coca-Cola Amatil Ltd.		890,119		7,014,771
Cochlear Ltd.		89,138		8,947,080
Commonwealth Bank of Australia		2,683,667		169,853,909
Computershare Ltd.		721,282		7,492,073
Crown Resorts Ltd.		569,994		5,548,116
CSL Ltd.		708,540		64,205,520
Dexus Property Group		1,502,155		10,902,555
Domino’s Pizza Enterprises Ltd.		96,476		4,131,579
DUET Group		3,808,151		8,051,715
Flight Centre Travel Group Ltd.a		85,851		1,903,628
Fortescue Metals Group Ltd.		2,416,222		12,316,631
Goodman Group		2,775,023		16,108,500
GPT Group (The)		2,791,360		10,580,455
Harvey Norman Holdings Ltd.		871,619		3,451,242
Healthscope Ltd.		2,686,221		4,646,927
Incitec Pivot Ltd.		2,619,666		7,391,857
Insurance Australia Group Ltd.		3,679,089		16,972,003
James Hardie Industries PLC		685,010		10,270,062
LendLease Group		859,818		10,068,111
Macquarie Group Ltd.		475,446		31,674,613
Medibank Pvt Ltd.		4,277,526		9,274,347
Mirvac Group		5,750,086		9,505,049
National Australia Bank Ltd.		4,128,918		101,552,836
Newcrest Mining Ltd.		1,191,903		20,288,974

Security	Shares		Value
Oil Search Ltd.		2,133,229	$	11,448,128
Orica Ltd.		582,159		8,186,474
Origin Energy Ltd.		2,725,563		13,746,800
Qantas Airways Ltd.		706,331		2,036,484
QBE Insurance Group Ltd.		2,128,915		20,149,206
Ramsay Health Care Ltd.		219,580		11,780,543
REA Group Ltd.		82,190		3,572,231
Rio Tinto Ltd.		658,951		31,406,267
Santos Ltd.		2,842,851		8,305,758
Scentre Group		8,267,444		27,714,006
Seek Ltd.		513,674		6,196,580
Sonic Healthcare Ltd.		614,004		10,159,095
South32 Ltd.		8,271,354		15,834,980
Stockland		3,733,870		13,550,108
Suncorp Group Ltd.		1,999,621		20,401,409
Sydney Airport		1,707,973		7,957,840
Tabcorp Holdings Ltd.		1,288,586		4,220,506
Tatts Group Ltd.		2,277,714		7,109,954
Telstra Corp. Ltd.		6,506,347		24,111,588
TPG Telecom Ltd.		527,347		2,530,012
Transurban Group		3,170,149		26,884,177
Treasury Wine Estates Ltd.		1,147,330		10,506,103
Vicinity Centres		5,220,688		11,600,244
Vocus Group Ltd.		825,654		2,780,441
Wesfarmers Ltd.		1,757,275		57,718,167
Westfield Corp.		3,064,558		20,734,429
Westpac Banking Corp.		5,209,486		134,979,040
Woodside Petroleum Ltd.		1,178,198		28,389,571
Woolworths Ltd.		2,001,555		39,641,944
				1,510,105,808
HONG KONG — 27.44%
AIA Group Ltd.		18,792,214		118,745,769
ASM Pacific Technology Ltd.		386,000		4,801,100
Bank of East Asia Ltd. (The)		1,891,920		7,823,642
BOC Hong Kong Holdings Ltd.a		5,693,500		22,517,433
Cathay Pacific Airways Ltd.a		1,868,000		2,743,361
Cheung Kong Infrastructure Holdings Ltd.		1,032,208		8,503,720
Cheung Kong Property Holdings Ltd.		4,149,732		28,226,378
CK Hutchison Holdings Ltd.		4,200,232		51,891,123
CLP Holdings Ltd.		2,605,500		26,499,910
First Pacific Co. Ltd./Hong Kong		3,474,500		2,551,340
Galaxy Entertainment Group Ltd.		3,678,000		17,626,085
Hang Lung Group Ltd.		1,351,000		5,612,886

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI PACIFIC ex JAPAN ETF

February 28, 2017

Security	Shares		Value
Hang Lung Properties Ltd.		3,569,736	$	9,013,498
Hang Seng Bank Ltd.		1,177,300		24,145,233
Henderson Land Development Co. Ltd.		1,692,820		9,835,320
HK Electric Investments & HK Electric Investments Ltd.b		4,149,500		3,624,321
HKT Trust & HKT Ltd.		5,883,338		7,852,080
Hong Kong & China Gas Co. Ltd.		11,891,852		22,887,654
Hong Kong Exchanges & Clearing Ltd.a		1,807,700		44,875,495
Hongkong Land Holdings Ltd.		1,814,300		12,391,669
Hysan Development Co. Ltd.		977,830		4,560,087
Jardine Matheson Holdings Ltd.		389,000		24,188,020
Jardine Strategic Holdings Ltd.		327,400		12,212,020
Kerry Properties Ltd.		1,028,500		3,153,425
Li & Fung Ltd.a		9,017,200		4,019,287
Link REIT		3,482,586		24,024,951
Melco Crown Entertainment Ltd. ADR		294,834		4,826,433
MGM China Holdings Ltd.		1,466,800		2,671,908
MTR Corp. Ltd.		2,316,286		12,249,166
New World Development Co. Ltd.		8,685,921		11,368,699
NWS Holdings Ltd.		2,435,000		4,435,571
PCCW Ltd.		6,562,867		3,999,042
Power Assets Holdings Ltd.		2,107,000		18,905,442
Sands China Ltd.		3,760,000		15,694,014
Shangri-La Asia Ltd.		2,007,000		2,554,498
Sino Land Co. Ltd.		4,870,800		8,483,561
SJM Holdings Ltd.		3,088,000		2,534,066
Sun Hung Kai Properties Ltd.		2,256,000		32,986,493
Swire Pacific Ltd. Class A		843,000		8,666,259
Swire Properties Ltd.		1,804,400		5,427,763
Techtronic Industries Co. Ltd.		2,123,207		7,603,934
WH Group Ltd.b		12,537,000		9,803,553
Wharf Holdings Ltd. (The)		2,134,600		16,925,665
Wheelock & Co. Ltd.		1,263,000		8,208,536
Wynn Macau Ltd.		2,393,200		4,266,937
Yue Yuen Industrial Holdings Ltd.		1,158,000		4,311,293
				690,248,640
NEW ZEALAND — 1.47%
Auckland International Airport Ltd.		1,480,139		7,857,546
Contact Energy Ltd.		1,124,515		3,977,063
Fletcher Building Ltd.		1,077,494		7,528,013
Mercury NZ Ltd.		1,088,240		2,479,269

Security	Shares		Value
Meridian Energy Ltd.		1,990,142	$	3,886,299
Ryman Healthcare Ltd.		584,501		3,749,706
Spark New Zealand Ltd.		2,866,003		7,441,482
				36,919,378
SINGAPORE — 10.41%
Ascendas REIT		3,781,225		6,759,188
CapitaLand Commercial Trust		3,259,700		3,636,003
CapitaLand Ltd.		4,012,200		10,442,536
CapitaLand Mall Trust		3,876,900		5,461,008
City Developments Ltd.a		636,900		4,312,640
ComfortDelGro Corp. Ltd.		3,375,500		5,961,521
DBS Group Holdings Ltd.		2,776,500		37,184,116
Genting Singapore PLC		9,454,200		6,692,401
Global Logistic Properties Ltd.		4,166,800		7,925,128
Golden Agri-Resources Ltd.		11,076,487		3,009,592
Hutchison Port Holdings Trusta		8,199,300		3,115,734
Jardine Cycle & Carriage Ltd.		154,400		4,715,187
Keppel Corp. Ltd.		2,277,500		11,089,897
Oversea-Chinese Banking Corp. Ltd.a		4,910,724		33,216,867
SATS Ltd.		1,061,500		3,795,002
SembCorp Industries Ltd.a		1,524,840		3,488,962
Singapore Airlines Ltd.a		849,200		6,041,643
Singapore Exchange Ltd.		1,267,400		6,796,682
Singapore Press Holdings Ltd.a		2,198,217		5,501,240
Singapore Technologies Engineering Ltd.		2,449,500		6,445,361
Singapore Telecommunications Ltd.		12,502,828		35,223,011
StarHub Ltd.a		945,800		1,947,663
Suntec REITa		3,780,800		4,676,833
United Overseas Bank Ltd.		2,026,600		31,155,054
UOL Group Ltd.		752,700		3,546,740
Wilmar International Ltd.		3,009,000		7,831,511
Yangzijiang Shipbuilding Holdings Ltd.a		2,970,200		1,964,488
				261,936,008
TOTAL COMMON STOCKS
(Cost: $2,563,487,113)				2,499,209,834
SHORT-TERM INVESTMENTS — 0.87%
MONEY MARKET FUNDS — 0.87%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		20,818,637		20,826,964

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI PACIFIC ex JAPAN ETF

February 28, 2017

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		1,025,696	$	1,025,696
				21,852,660
TOTAL SHORT-TERM INVESTMENTS
(Cost: $21,844,796)				21,852,660
TOTAL INVESTMENTS IN SECURITIES — 100.23%
(Cost: $2,585,331,909)f				2,521,062,494
Other Assets, Less Liabilities — (0.23)%				(5,801,328	)
NET ASSETS — 100.00%			$	2,515,261,166

ADR — American Depositary Receipts

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

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

^c  Affiliated money market fund.

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

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

^f The cost of investments for federal income tax purposes was $2,668,867,496. Net unrealized depreciation was $147,805,002, of which $205,776,998 represented gross unrealized appreciation on securities and $353,582,000 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,499,209,834	$	—	$	—	$	2,499,209,834
Money market funds		21,852,660		—		—		21,852,660
Total	$	2,521,062,494	$	—	$	—	$	2,521,062,494

See notes to financial statements.

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited)

iSHARES^® MSCI SINGAPORE CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.55%
AEROSPACE & DEFENSE — 2.79%
Singapore Technologies Engineering Ltd.		5,770,200	$	15,183,108
				15,183,108
AIRLINES — 2.62%
Singapore Airlines Ltd.a		2,010,667		14,304,913
				14,304,913
BANKS — 33.15%
DBS Group Holdings Ltd.		4,984,200		66,750,611
Oversea-Chinese Banking Corp. Ltd.a		8,679,150		58,707,060
United Overseas Bank Ltd.		3,597,200		55,299,989
				180,757,660
CAPITAL MARKETS — 2.88%
Singapore Exchange Ltd.		2,926,700		15,695,005
				15,695,005
DISTRIBUTORS — 2.34%
Jardine Cycle & Carriage Ltd.		417,144		12,739,066
				12,739,066
DIVERSIFIED TELECOMMUNICATION SERVICES — 11.62%
Singapore Telecommunications Ltd.		22,495,468		63,374,312
				63,374,312
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 8.43%
Ascendas REIT		8,851,581		15,822,783
CapitaLand Commercial Trust		4,841,100		5,399,961
CapitaLand Mall Trust		9,388,800		13,225,080
Suntec REITa		9,291,000		11,492,925
				45,940,749
FOOD PRODUCTS — 4.79%
Golden Agri-Resources Ltd.		29,537,628		8,025,668
Wilmar International Ltd.		6,943,800		18,072,598
				26,098,266
HOTELS, RESTAURANTS & LEISURE — 2.93%
Genting Singapore PLC		22,593,000		15,993,043
				15,993,043
INDUSTRIAL CONGLOMERATES — 6.24%
Keppel Corp. Ltd.		5,102,900		24,847,699
SembCorp Industries Ltd.a		4,010,400		9,176,132
				34,023,831

Security	Shares		Value
MACHINERY — 1.10%
Yangzijiang Shipbuilding Holdings Ltd.a		9,097,200	$	6,016,882
				6,016,882
MEDIA — 2.56%
Singapore Press Holdings Ltd.a		5,573,400		13,947,946
				13,947,946
REAL ESTATE MANAGEMENT & DEVELOPMENT — 11.07%
CapitaLand Ltd.		7,432,800		19,345,316
City Developments Ltd.a		1,613,700		10,926,845
Global Logistic Properties Ltd.		10,954,100		20,834,369
UOL Group Ltd.		1,968,800		9,277,031
				60,383,561
ROAD & RAIL — 2.61%
ComfortDelGro Corp. Ltd.		8,069,100		14,250,958
				14,250,958
TRANSPORTATION INFRASTRUCTURE — 3.31%
Hutchison Port Holdings Trusta		21,712,600		8,250,788
SATS Ltd.		2,738,400		9,790,140
				18,040,928
WIRELESS TELECOMMUNICATION SERVICES — 1.11%
StarHub Ltd.a		2,934,000		6,041,915
				6,041,915
TOTAL COMMON STOCKS
(Cost: $600,002,243)				542,792,143
SHORT-TERM INVESTMENTS — 5.86%
MONEY MARKET FUNDS — 5.86%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%b,c,d		31,927,172		31,939,943
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%b,c		24,281		24,281
				31,964,224
TOTAL SHORT-TERM INVESTMENTS
(Cost: $31,951,929)				31,964,224

32 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SINGAPORE CAPPED ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 105.41%
(Cost:  $631,954,172)e	$	574,756,367
Other Assets, Less Liabilities — (5.41)%		(29,507,694	)
NET ASSETS — 100.00%	$	545,248,673

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

^b  Affiliated money market fund.

^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.

^e  The cost of investments for federal income tax purposes was $646,461,948. Net unrealized depreciation was $71,705,581, of which $12,161,422 represented gross unrealized appreciation on securities and $83,867,003 represented gross unrealized depreciation on securities.

Schedule 1 — Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2017 were as follows:

Issue	Number of long (short) contracts		Expiration date		Exchange		Initial notional value		Current notional value		Unrealized appreciation (depreciation)
MSCI Singapore Index		190		Mar. 2017		Singapore Exchange	$	4,701,033	$	4,678,167	$	(22,867	)

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	542,792,143		$	—	$	—	$	542,792,143
Money market funds		31,964,224			—		—		31,964,224
Total	$	574,756,367		$	—	$	—	$	574,756,367
Derivative financial instrumentsa:
Liabilities:
Futures contracts	$	(22,867	)	$	—	$	—	$	(22,867	)
Total	$	(22,867	)	$	—	$	—	$	(22,867	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited)

iSHARES^® MSCI TAIWAN CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.91%
AIRLINES — 0.48%
China Airlines Ltd.		20,108,761	$	6,610,525
EVA Airways Corp.		15,538,193		7,712,580
				14,323,105
AUTO COMPONENTS — 0.85%
Cheng Shin Rubber Industry Co. Ltd.a		11,882,670		25,255,532
				25,255,532
AUTOMOBILES — 0.20%
Yulon Motor Co. Ltd.		6,398,362		5,956,130
				5,956,130
BANKS — 10.46%
Chang Hwa Commercial Bank Ltd.		31,990,570		19,106,774
China Development Financial Holding Corp.		84,088,508		22,169,249
CTBC Financial Holding Co. Ltd.		101,454,325		60,594,882
E.Sun Financial Holding Co. Ltd.		47,528,115		28,850,858
First Financial Holding Co. Ltd.		58,496,090		34,556,741
Hua Nan Financial Holdings Co. Ltd.		46,614,711		25,641,239
Mega Financial Holding Co. Ltd.		63,980,271		49,770,647
SinoPac Financial Holdings Co. Ltd.		62,152,118		18,914,587
Taishin Financial Holding Co. Ltd.		54,840,210		21,687,261
Taiwan Business Bank		26,506,784		7,255,750
Taiwan Cooperative Financial Holding Co. Ltd.a		48,442,286		23,098,914
				311,646,902
BIOTECHNOLOGY — 0.53%
OBI Pharma Inc.a,b		914,000		10,397,351
TaiMed Biologics Inc.a,b		914,000		5,458,981
				15,856,332
CAPITAL MARKETS — 0.83%
Yuanta Financial Holding Co. Ltd.		58,496,248		24,751,452
				24,751,452
CHEMICALS — 7.14%
Formosa Chemicals & Fibre Corp.		19,194,610		60,726,027

Security	Shares		Value
Formosa Plastics Corp.		24,678,518	$	74,380,548
Nan Ya Plastics Corp.		28,334,938		68,800,312
Taiwan Fertilizer Co. Ltd.		6,398,000		8,850,391
				212,757,278
CONSTRUCTION MATERIALS — 1.35%
Asia Cement Corp.		14,624,136		14,470,153
Taiwan Cement Corp.		21,022,504		25,761,950
				40,232,103
DIVERSIFIED FINANCIAL SERVICES — 2.66%
Chailease Holding Co. Ltd.a		7,312,937		15,685,796
Fubon Financial Holding Co. Ltd.		39,302,515		63,641,841
				79,327,637
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.60%
Asia Pacific Telecom Co. Ltd.b		13,710,000		4,596,254
Chunghwa Telecom Co. Ltd.		21,936,648		72,828,229
				77,424,483
ELECTRICAL EQUIPMENT — 0.36%
Teco Electric and Machinery Co. Ltd.		11,882,092		10,712,775
Ya Hsin Industrial Co. Ltd.b		6,845,461		2
				10,712,777
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 16.22%
AU Optronics Corp.a		53,926,830		21,413,814
Delta Electronics Inc.		11,414,180		63,528,725
Hon Hai Precision Industry Co. Ltd.		88,658,003		258,267,817
Innolux Corp.a		55,754,873		22,684,131
Largan Precision Co. Ltd.		586,794		87,092,312
Pacific Electric Wire & Cable Co. Ltd.b		197		—
Synnex Technology International Corp.		10,054,364		11,044,796
WPG Holdings Ltd.		10,054,744		12,763,358
Zhen Ding Technology Holding Ltd.		2,742,072		6,827,624
				483,622,577
FOOD & STAPLES RETAILING — 0.90%
President Chain Store Corp.		3,656,215		26,835,370
				26,835,370
FOOD PRODUCTS — 1.92%
Standard Foods Corp.a		2,742,439		6,873,169
Uni-President Enterprises Corp.		28,334,189		50,353,857
				57,227,026

34 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TAIWAN CAPPED ETF

February 28, 2017

Security	Shares		Value
HOUSEHOLD DURABLES — 0.30%
Nien Made Enterprise Co. Ltd.		914,000	$	8,939,639
				8,939,639
INDUSTRIAL CONGLOMERATES — 0.58%
Far Eastern New Century Corp.		19,194,843		17,180,926
				17,180,926
INSURANCE — 3.68%
Cathay Financial Holding Co. Ltd.		47,528,483		74,641,539
China Life Insurance Co. Ltd./Taiwan		21,022,193		20,629,782
Shin Kong Financial Holding Co. Ltd.b		53,926,205		14,550,694
				109,822,015
LEISURE PRODUCTS — 0.58%
Giant Manufacturing Co. Ltd.a		1,828,590		11,308,350
Merida Industry Co. Ltd.a		1,177,100		6,015,093
				17,323,443
MACHINERY — 0.39%
Hiwin Technologies Corp.a		1,828,532		11,665,086
				11,665,086
MARINE — 0.20%
Evergreen Marine Corp. Taiwan Ltd.b		12,796,673		6,060,234
				6,060,234
METALS & MINING — 1.96%
China Steel Corp.		69,464,977		58,333,081
				58,333,081
OIL, GAS & CONSUMABLE FUELS — 0.85%
Formosa Petrochemical Corp.		7,312,950		25,468,636
				25,468,636
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.62%
Highwealth Construction Corp.a		6,398,790		10,392,684
Ruentex Development Co. Ltd.a,b		6,398,773		8,049,622
				18,442,306
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 30.17%
Advanced Semiconductor Engineering Inc.a		37,474,448		46,532,791
MediaTek Inc.a		8,757,175		63,847,127
Nanya Technology Corp.a		5,484,000		8,121,536
Novatek Microelectronics Corp.a		3,276,544		12,264,311
Phison Electronics Corp.		914,698		8,023,536
Powertech Technology Inc.		4,570,036		13,268,254

Security	Shares		Value
Realtek Semiconductor Corp.		2,742,063	$	10,219,090
Siliconware Precision Industries Co. Ltd.		13,710,834		21,599,244
Taiwan Semiconductor Manufacturing Co. Ltd.		109,247,882		672,053,955
United Microelectronics Corp.		74,034,501		30,723,709
Vanguard International Semiconductor Corp.		6,398,000		12,640,441
				899,293,994
SPECIALTY RETAIL — 0.60%
Hotai Motor Co. Ltd.		1,575,000		18,019,187
				18,019,187
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 9.71%
Acer Inc.a		20,108,737		9,653,974
Advantech Co. Ltd.a		1,828,444		15,562,618
Asustek Computer Inc.		4,282,857		38,683,510
Casetek Holdings Ltd.a		1,828,000		6,187,837
Catcher Technology Co. Ltd.a		4,033,743		33,741,988
Chicony Electronics Co. Ltd.		3,656,826		8,617,319
Compal Electronics Inc.		27,420,554		17,180,519
Foxconn Technology Co. Ltd.		5,537,499		16,527,696
HTC Corp.a,b		4,570,884		11,738,335
Inventec Corp.		18,280,868		13,566,286
Lite-On Technology Corp.		13,763,071		23,070,228
Micro-Star International Co. Ltd.		4,570,000		10,575,846
Pegatron Corp.		11,882,037		31,209,998
Quanta Computer Inc.		16,452,240		34,110,947
Transcend Information Inc.		1,828,905		5,137,257
Wistron Corp.		16,452,308		13,789,019
				289,353,377
TEXTILES, APPAREL & LUXURY GOODS — 1.88%
Eclat Textile Co. Ltd.a		1,279,080		12,864,280
Feng TAY Enterprise Co. Ltd.a		1,938,476		8,202,252
Formosa Taffeta Co. Ltd.		6,398,515		6,497,752
Pou Chen Corp.		14,624,103		19,848,816
Ruentex Industries Ltd.a		4,570,262		8,672,393
				56,085,493
WIRELESS TELECOMMUNICATION SERVICES — 1.89%
Far EasTone Telecommunications Co. Ltd.		10,054,259		24,216,484
Taiwan Mobile Co. Ltd.		9,140,609		32,131,293
				56,347,777
TOTAL COMMON STOCKS
(Cost: $1,481,256,307)				2,978,263,898

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TAIWAN CAPPED ETF

February 28, 2017

Security	Shares		Value
SHORT-TERM INVESTMENTS — 4.81%
MONEY MARKET FUNDS — 4.81%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		138,800,604	$	138,856,124
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		4,414,737		4,414,737
				143,270,861
TOTAL SHORT-TERM INVESTMENTS
(Cost: $143,228,195)				143,270,861
TOTAL INVESTMENTS IN SECURITIES — 104.72%
(Cost: $1,624,484,502)f				3,121,534,759
Other Assets, Less Liabilities — (4.72)%				(140,680,890	)
NET ASSETS — 100.00%			$	2,980,853,869

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

^b Non-income earning security.

^c Affiliated money market fund.

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

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

^f The cost of investments for federal income tax purposes was $1,829,853,746. Net unrealized appreciation was $1,291,681,013, of which $1,518,390,333 represented gross unrealized appreciation on securities and $226,709,320 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,978,263,896	$	—	$	2	$	2,978,263,898
Money market funds		143,270,861		—		—		143,270,861
Total	$	3,121,534,757	$	—	$	2	$	3,121,534,759

See notes to financial statements.

36 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.66%
AIRLINES — 0.60%
Bangkok Airways PCLa		2,105,900	$	1,188,530
Thai Airways International PCL NVDRa,b		2,188,166		1,209,884
				2,398,414
AUTO COMPONENTS — 0.30%
Sri Trang Agro-Industry PCL NVDR		2,094,171		1,199,909
				1,199,909
BANKS — 19.68%
Bangkok Bank PCL Foreign		828,500		4,580,954
Kasikornbank PCL Foreign		3,894,400		21,254,049
Kasikornbank PCL NVDR		1,902,300		10,436,477
Kiatnakin Bank PCL NVDR		1,242,373		2,340,205
Krung Thai Bank PCL NVDR		11,662,200		6,548,513
LH Financial Group PCL NVDR		11,448,719		573,986
Siam Commercial Bank PCL (The) NVDR		5,865,600		25,878,512
Thanachart Capital PCL NVDR		1,969,500		2,736,553
Tisco Financial Group PCL NVDR		936,110		1,837,061
TMB Bank PCL NVDR		43,796,200		3,061,487
				79,247,797
BUILDING PRODUCTS — 0.37%
Dynasty Ceramic PCL NVDR		7,659,440		969,896
Vanachai Group PCL NVDR		1,312,900		537,866
				1,507,762
CAPITAL MARKETS — 0.07%
AIRA Capital Co. Ltd.a,b		3,857,940		278,524
				278,524
CHEMICALS — 4.96%
Eastern Polymer Group PCL		2,813,700		1,031,796
Indorama Ventures PCL NVDR		4,822,010		4,904,137
PTT Global Chemical PCL NVDR		6,878,207		14,039,972
				19,975,905
CONSTRUCTION & ENGINEERING — 1.16%
CH Karnchang PCL NVDRa		1,416,500		1,105,832
Italian-Thai Development PCL NVDRa,b		5,675,448		809,722
Sino-Thai Engineering & Construction PCL NVDRa		2,491,828		1,820,390
Unique Engineering & Construction PCL		1,776,000		936,196
				4,672,140

Security	Shares		Value
CONSTRUCTION MATERIALS — 4.96%
Siam Cement PCL (The) Foreign		995,100	$	14,710,335
Siam Cement PCL (The) NVDR		355,800		5,259,710
				19,970,045
CONSUMER FINANCE — 1.75%
Group Lease PCLa		1,271,500		2,149,189
Krungthai Card PCL NVDR		344,500		1,287,970
Muangthai Leasing PCLa		1,773,000		1,600,020
Srisawad Power 1979 PCL NVDRa		1,569,183		1,989,267
				7,026,446
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.06%
Jasmine International PCL NVDR		5,968,768		1,504,782
Thaicom PCL NVDRa		1,472,000		809,683
True Corp. PCL NVDRa		33,417,418		5,983,552
				8,298,017
ELECTRICAL EQUIPMENT — 0.31%
Gunkul Engineering PCL NVDRa		8,502,974		1,242,359
				1,242,359
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.82%
Cal-Comp Electronics Thailand PCL NVDR		6,899,412		569,260
Delta Electronics Thailand PCL NVDR		1,665,744		4,414,242
Hana Microelectronics PCL NVDR		1,880,100		2,289,159
KCE Electronics PCL NVDR		956,600		2,692,583
Samart Corp. PCL NVDRa		1,636,237		651,579
SVI PCL NVDR		4,549,715		736,442
				11,353,265
FOOD & STAPLES RETAILING — 7.01%
CP ALL PCL NVDR		16,417,800		28,220,997
				28,220,997
FOOD PRODUCTS — 4.08%
Charoen Pokphand Foods PCL NVDR		9,043,600		7,254,467
GFPT PCL NVDR		1,687,500		744,510
Ichitan Group PCL NVDRa		1,532,600		447,853
Khon Kaen Sugar Industry PCL NVDR		5,175,978		949,027
Malee Group PCL		186,000		546,189
Taokaenoi Food & Marketing PCLa		918,500		736,789
Thai Union Group PCL NVDR		6,360,400		3,699,020
Thai Vegetable Oil PCL NVDR		1,322,953		1,459,188
Thaifoods Group PCL NVDRb		3,397,600		593,756
				16,430,799

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2017

Security	Shares		Value
GAS UTILITIES — 0.07%
Scan Inter PCLa		1,212,500	$	279,630
				279,630
HEALTH CARE PROVIDERS & SERVICES — 4.38%
Bangkok Chain Hospital PCL NVDR		4,081,025		1,519,913
Bangkok Dusit Medical Services PCL NVDR		12,922,800		7,441,471
Bumrungrad Hospital PCL NVDRa		1,191,476		6,007,643
Chularat Hospital PCL NVDRa		16,564,100		1,214,825
Vibhavadi Medical Center PCL NVDR		17,543,500		1,467,592
				17,651,444
HOTELS, RESTAURANTS & LEISURE — 1.89%
Erawan Group PCL (The) NVDR		4,063,200		540,123
Minor International PCL NVDRa		7,206,810		7,071,471
				7,611,594
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 2.79%
CK Power PCL NVDRa		6,115,560		567,659
Electricity Generating PCL NVDR		439,400		2,605,773
Glow Energy PCL NVDR		1,705,900		3,812,012
Inter Far East Energy Corp.a		3,184,500		282,819
SPCG PCL NVDR		1,517,200		977,983
Superblock PCLb		36,647,350		1,396,370
surGlobal Power Synergy Co. Ltd. NVDRa		1,252,100		1,228,587
Thai Solar Energy PCL		2,445,200		381,783
				11,252,986
INDUSTRIAL CONGLOMERATES — 1.31%
Berli Jucker PCL NVDR		3,991,300		5,259,910
				5,259,910
INSURANCE — 0.13%
Thai Reinsurance PCL NVDRa		9,202,540		537,829
				537,829
MARINE — 0.33%
Precious Shipping PCL NVDRa,b		1,837,800		558,098
Thoresen Thai Agencies PCL NVDRa		2,756,489		769,958
				1,328,056
MEDIA — 1.28%
BEC World PCL NVDR		3,270,400		1,470,980
Major Cineplex Group PCL NVDRa		1,464,000		1,426,022
Plan B Media PCLa		1,771,800		319,788

Security	Shares		Value
RS PCL NVDRa		1,530,900	$	405,690
VGI Global Media PCL NVDRa		5,763,940		842,162
Workpoint Entertainment PCL		421,400		676,065
				5,140,707
METALS & MINING — 0.11%
STP & I PCL NVDRa		1,642,010		442,191
				442,191
MULTILINE RETAIL — 0.73%
Robinson Department Store PCL NVDR		1,665,000		2,933,563
				2,933,563
OIL, GAS & CONSUMABLE FUELS — 17.46%
Bangchak Petroleum PCL (The) NVDR		1,151,200		1,137,826
Banpu PCL NVDR		6,482,900		3,640,253
Energy Absolute PCL NVDRa		3,728,800		2,670,639
Energy Earth PCL NVDR		4,156,100		538,184
Esso Thailand PCL NVDRa,b		4,048,600		1,310,658
IRPC PCL NVDR		32,960,800		4,683,662
PTT Exploration & Production PCL NVDR		4,605,684		12,271,092
PTT PCL NVDR		3,323,700		37,802,321
Siamgas & Petrochemicals PCL NVDRa		1,238,800		468,469
Thai Oil PCL NVDR		2,691,700		5,802,823
				70,325,927
PERSONAL PRODUCTS — 0.40%
Beauty Community PCLa		5,508,000		1,625,314
				1,625,314
PHARMACEUTICALS — 0.18%
Mega Lifesciences PCL NVDR		1,017,700		736,186
				736,186
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.42%
Amata Corp. PCL NVDR		1,747,100		805,842
Ananda Development PCL NVDR		5,046,800		737,382
AP Thailand PCL NVDR		3,131,886		641,532
Bangkok Land PCL NVDRa		33,804,700		1,762,603
Central Pattana PCL NVDRa		4,492,900		7,079,386
Golden Land Property Development PCL NVDR		1,565,400		334,109
LPN Development PCL NVDRa		1,910,147		634,791
Platinum Group PCL (The) NVDR		2,823,200		570,213
Quality Houses PCL NVDRa		14,353,931		1,077,403
Sansiri PCL NVDR		18,662,637		1,037,244

38 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2017

Security	Shares		Value
SC Asset Corp. PCL NVDR		4,926,904	$	525,077
Siam Future Development PCL NVDR		2,932,428		550,269
Singha Estate PCLb		5,428,200		687,360
Supalai PCL NVDRa		2,006,900		1,431,631
TICON Industrial Connection PCL NVDRa		1,527,891		678,469
U City PCL NVDRb		912,880,400		784,587
Univentures PCL NVDR		2,253,700		568,179
WHA Corp. PCL NVDRa,b		21,507,240		1,910,084
				21,816,161
ROAD & RAIL — 1.14%
BTS Group Holdings PCL NVDR		19,488,900		4,578,332
				4,578,332
SPECIALTY RETAIL — 1.82%
Com7 PCL NVDR		1,199,100		401,927
Home Product Center PCL NVDR		13,147,671		3,710,148
PTG Energy PCLa		1,673,500		1,294,481
Siam Global House PCL NVDRa		3,662,184		1,940,966
				7,347,522
TEXTILES, APPAREL & LUXURY GOODS — 0.16%
MC Group PCL NVDRa		1,207,500		633,059
				633,059
TRANSPORTATION INFRASTRUCTURE — 5.31%
Airports of Thailand PCL NVDRa		14,297,100		15,871,786
Bangkok Aviation Fuel Services PCL NVDR		537,600		581,410
Bangkok Expressway & Metro PCL		22,922,153		4,629,676
Namyong Terminal PCL NVDR		730,800		307,767
				21,390,639
WATER UTILITIES — 0.50%
Eastern Water Resources Development and Management PCL NVDRa		1,656,200		545,653
TTW PCL NVDRa		4,670,266		1,471,772
				2,017,425
WIRELESS TELECOMMUNICATION SERVICES — 4.12%
Advanced Info Service PCL NVDR		3,471,419		16,608,471
				16,608,471
TOTAL COMMON STOCKS
(Cost: $440,814,996)				401,339,325

Security	Shares		Value
SHORT-TERM INVESTMENTS — 8.31%
MONEY MARKET FUNDS — 8.31%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		32,886,859	$	32,900,013
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		539,618		539,618
				33,439,631
TOTAL SHORT-TERM INVESTMENTS
(Cost: $33,426,727)				33,439,631
TOTAL INVESTMENTS IN SECURITIES — 107.97%
(Cost: $474,241,723)f				434,778,956
Other Assets, Less Liabilities — (7.97)%				(32,083,612	)
NET ASSETS — 100.00%			$	402,695,344

NVDR — Non-Voting Depositary Receipts

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

^b Non-income earning security.

^c Affiliated money market fund.

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

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

^f The cost of investments for federal income tax purposes was $487,049,896. Net unrealized depreciation was $52,270,940, of which $13,043,978 represented gross unrealized appreciation on securities and $65,314,918 represented gross unrealized depreciation on securities.

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	401,056,506	$	282,819	$	—	$	401,339,325
Money market funds		33,439,631		—		—		33,439,631
Total	$	434,496,137	$	282,819	$	—	$	434,778,956

See notes to financial statements.

40 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF
ASSETS
Investments, at cost:
Unaffiliated	$	1,710,921,091		$	135,919,930		$	147,606,024
Affiliated (Note 2)		79,719,495			6,250,029			12,449,354
Total cost of investments	$	1,790,640,586		$	142,169,959		$	160,055,378
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,591,542,849		$	138,273,007		$	257,912,699
Affiliated (Note 2)		79,745,749			6,251,798			12,453,213
Total fair value of investments		1,671,288,598			144,524,805			270,365,912
Foreign currency, at valueb		6,146,776			143,842			595,376
Foreign currency pledged to broker, at valueb		438,695			—			—
Receivables:
Investment securities sold		34,845,572			—			821,567
Dividends and interest		109,291			529,964			309,935
Total Assets		1,712,828,932			145,198,611			272,092,790
LIABILITIES
Payables:
Investment securities purchased		33,365,102			—			394,122
Collateral for securities on loan (Note 1)		78,712,765			6,221,666			12,392,815
Futures variation margin		100,387			—			—
Investment advisory fees (Note 2)		591,469			51,007			96,606
Total Liabilities		112,769,723			6,272,673			12,883,543
NET ASSETS	$	1,600,059,209		$	138,925,938		$	259,209,247
Net assets consist of:
Paid-in capital	$	2,213,592,387		$	134,920,069		$	185,753,402
Undistributed (distributions in excess of) net investment income		4,184,422			(1,832,222	)		(8,992,187	)
Undistributed net realized gain (accumulated net realized loss)		(498,262,371	)		3,469,363			(27,862,612	)
Net unrealized appreciation (depreciation)		(119,455,229	)		2,368,728			110,310,644
NET ASSETS	$	1,600,059,209		$	138,925,938		$	259,209,247
Shares outstandingc		74,175,000			2,100,000			8,775,000	d
Net asset value per share	$	21.57		$	66.16		$	29.54	d

^a  Securities on loan with values of $74,763,184, $5,930,570 and $11,791,830, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker: $6,587,897, $142,753 and $595,638, respectively.

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

^d  Shares outstanding and net asset value per share reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

FINANCIAL STATEMENTS 41

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Pacific ex Japan ETF			iShares MSCI Singapore Capped ETF			iShares MSCI Taiwan Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	2,563,487,113		$	600,002,243		$	1,481,256,307
Affiliated (Note 2)		21,844,796			31,951,929			143,228,195
Total cost of investments	$	2,585,331,909		$	631,954,172		$	1,624,484,502
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	2,499,209,834		$	542,792,143		$	2,978,263,898
Affiliated (Note 2)		21,852,660			31,964,224			143,270,861
Total fair value of investments		2,521,062,494			574,756,367			3,121,534,759
Foreign currency, at valueb		7,155,081			1,881,547			—
Foreign currency pledged to broker, at valueb		—			161,701			—
Receivables:
Investment securities sold		13,287,615			2,211,938			36,551,263
Dividends and interest		10,041,790			470,285			202,717
Total Assets		2,551,546,980			579,481,838			3,158,288,739
LIABILITIES
Payables:
Investment securities purchased		14,553,076			2,080,224			14,356,529
Collateral for securities on loan (Note 1)		20,813,351			31,926,627			138,807,260
Capital shares redeemed		—			—			22,829,203
Futures variation margin		—			22,867			—
Foreign taxes (Note 1)		—			—			39,342
Investment advisory fees (Note 2)		919,387			203,447			1,402,536
Total Liabilities		36,285,814			34,233,165			177,434,870
NET ASSETS	$	2,515,261,166		$	545,248,673		$	2,980,853,869
Net assets consist of:
Paid-in capital	$	3,148,252,216		$	886,071,258		$	2,741,261,675
Distributions in excess of net investment income		(4,123,735	)		(10,417,505	)		(11,970,714	)
Accumulated net realized loss		(564,692,176	)		(273,192,840	)		(1,245,487,304	)
Net unrealized appreciation (depreciation)		(64,175,139	)		(57,212,240	)		1,497,050,212
NET ASSETS	$	2,515,261,166		$	545,248,673		$	2,980,853,869
Shares outstandingc		57,900,000			24,450,000	d		91,400,000	d
Net asset value per share	$	43.44		$	22.30	d	$	32.61	d

^a  Securities on loan with values of $19,750,453, $30,280,214 and $131,728,084, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker: $7,107,505, $2,034,697 and $  —, respectively.

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

^d  Shares outstanding and net asset value per share reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

42 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Thailand Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	440,814,996
Affiliated (Note 2)		33,426,727
Total cost of investments	$	474,241,723
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	401,339,325
Affiliated (Note 2)		33,439,631
Total fair value of investments		434,778,956
Foreign currency, at valueb		3,334
Receivables:
Investment securities sold		982,710
Dividends and interest		1,003,732
Total Assets		436,768,732
LIABILITIES
Payables:
Investment securities purchased		997,057
Collateral for securities on loan (Note 1)		32,886,631
Investment advisory fees (Note 2)		189,700
Total Liabilities		34,073,388
NET ASSETS	$	402,695,344
Net assets consist of:
Paid-in capital	$	485,729,367
Undistributed net investment income		708,128
Accumulated net realized loss		(44,280,402	)
Net unrealized depreciation		(39,461,749	)
NET ASSETS	$	402,695,344
Shares outstandingc		5,350,000
Net asset value per share	$	75.27

^a  Securities on loan with a value of $30,062,798. See Note 1.

^b  Cost of foreign currency: $3,340.

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

See notes to financial statements.

FINANCIAL STATEMENTS 43

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	20,410,696		$	1,420,484		$	3,949,646
Dividends — affiliated (Note 2)		2,292			103			343
Securities lending income — affiliated — net (Note 2)		256,492			95,246			172,219
Total investment income		20,669,480			1,515,833			4,122,208
EXPENSES
Investment advisory fees (Note 2)		4,417,884			351,700			688,653
Total expenses		4,417,884			351,700			688,653
Net investment income		16,251,596			1,164,133			3,433,555
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(21,204,564	)		(174,867	)		(3,563,478	)
Investments — affiliated (Note 2)		(120	)		434			508
In-kind redemptions — unaffiliated		23,194,665			9,109,024			—
Futures contracts		368,827			—			—
Foreign currency transactions		(4,703	)		(124,317	)		(190,646	)
Realized gain distributions from affiliated funds		8			1			5
Net realized gain (loss)		2,354,113			8,810,275			(3,753,611	)
Net change in unrealized appreciation/depreciation on:
Investments		13,142,449			7,681,948			(23,634,366	)
Futures contracts		(144,296	)		—			—
Translation of assets and liabilities in foreign currencies		(1,544	)		14,748			15,401
Net change in unrealized appreciation/depreciation		12,996,609			7,696,696			(23,618,965	)
Net realized and unrealized gain (loss)		15,350,722			16,506,971			(27,372,576	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	31,602,318		$	17,671,104		$	(23,939,021	)

^a  Net of foreign withholding tax of $  —, $154,779 and $  —, respectively.

See notes to financial statements.

44 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Pacific ex Japan ETF			iShares MSCI Singapore Capped ETF			iShares MSCI Taiwan Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	39,168,130		$	4,314,707		$	9,624,957
Dividends — affiliated (Note 2)		4,160			664			17,772
Interest — unaffiliated		—			—			1,016
Securities lending income — affiliated — net (Note 2)b		151,977			155,313			1,070,410
		39,324,267			4,470,684			10,714,155
Less: Other foreign taxes (Note 1)		—			—			(1,079,143	)
Total investment income		39,324,267			4,470,684			9,635,012
EXPENSES
Investment advisory fees (Note 2)		5,620,068			1,351,545			8,719,064
Total expenses		5,620,068			1,351,545			8,719,064
Net investment income		33,704,199			3,119,139			915,948
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(31,925,069	)		(36,868,536	)		15,535,011
Investments — affiliated (Note 2)		5,750			1,021			6,198
In-kind redemptions — unaffiliated		32,637,023			3,192,865			—
Futures contracts		—			43,807			211,776
Foreign currency transactions		(441,602	)		(165,553	)		5,122
Realized gain distributions from affiliated funds		30			4			1,930
Net realized gain (loss)		276,132			(33,796,392	)		15,760,037
Net change in unrealized appreciation/depreciation on:
Investments		155,152,865			73,821,821			256,079,339
Futures contracts		—			109,506			370,603
Translation of assets and liabilities in foreign currencies		268,217			98,879			77,025
Net change in unrealized appreciation/depreciation		155,421,082			74,030,206			256,526,967
Net realized and unrealized gain		155,697,214			40,233,814			272,287,004
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	189,401,413		$	43,352,953		$	273,202,952

^a  Net of foreign withholding tax of $256,916, $130,903 and $2,537,205, respectively.

^b  Net of securities lending income tax paid of $  —, $  — and $256,852, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Thailand Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	2,452,528
Dividends — affiliated (Note 2)		1,301
Securities lending income — affiliated — net (Note 2)		798,438
Total investment income		3,252,267
EXPENSES
Investment advisory fees (Note 2)		1,176,442
Total expenses		1,176,442
Net investment income		2,075,825
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,191,190	)
Investments — affiliated (Note 2)		478
In-kind redemptions — unaffiliated		11,088,061
Foreign currency transactions		(17,555	)
Realized gain distributions from affiliated funds		68
Net realized gain		7,879,862
Net change in unrealized appreciation/depreciation on:
Investments		(15,565,341	)
Translation of assets and liabilities in foreign currencies		1,022
Net change in unrealized appreciation/depreciation		(15,564,319	)
Net realized and unrealized loss		(7,684,457	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,608,632	)

^a  Net of foreign withholding tax of $255,427.

See notes to financial statements.

46 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Hong Kong ETF						iShares MSCI Japan Small-Cap ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	16,251,596		$	55,962,839		$	1,164,133		$	2,594,375
Net realized gain (loss)		2,354,113			(112,618,836	)		8,810,275			1,760,658
Net change in unrealized appreciation/depreciation		12,996,609			206,987,041			7,696,696			10,466,590
Net increase in net assets resulting from operations		31,602,318			150,331,044			17,671,104			14,821,623
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(17,789,499	)		(57,946,909	)		(3,375,025	)		(3,054,464	)
Total distributions to shareholders		(17,789,499	)		(57,946,909	)		(3,375,025	)		(3,054,464	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		428,584,600			22,375,546			61,641,731			45,471,321
Cost of shares redeemed		(438,914,024	)		(1,240,407,729	)		(101,565,278	)		(51,689,221	)
Net decrease in net assets from capital share transactions		(10,329,424	)		(1,218,032,183	)		(39,923,547	)		(6,217,900	)
INCREASE (DECREASE) IN NET ASSETS		3,483,395			(1,125,648,048	)		(25,627,468	)		5,549,259
NET ASSETS
Beginning of period		1,596,575,814			2,722,223,862			164,553,406			159,004,147
End of period	$	1,600,059,209		$	1,596,575,814		$	138,925,938		$	164,553,406
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	4,184,422		$	5,722,325		$	(1,832,222	)	$	378,670
SHARES ISSUED AND REDEEMED
Shares sold		19,650,000			1,125,000			1,000,000			800,000
Shares redeemed		(21,225,000	)		(65,550,000	)		(1,600,000	)		(900,000	)
Net decrease in shares outstanding		(1,575,000	)		(64,425,000	)		(600,000	)		(100,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Malaysia ETF						iShares MSCI Pacific ex Japan ETF
	Six months ended February 28, 2017 (Unaudited)a			Year ended August 31, 2016a			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	3,433,555		$	8,018,748		$	33,704,199		$	79,688,773
Net realized gain (loss)		(3,753,611	)		2,274,635			276,132			(45,760,650	)
Net change in unrealized appreciation/depreciation		(23,618,965	)		8,119,136			155,421,082			190,272,573
Net increase (decrease) in net assets resulting from operations		(23,939,021	)		18,412,519			189,401,413			224,200,696
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(11,115,140	)		(12,913,175	)		(49,743,243	)		(80,779,861	)
From net realized gain		—			(61,020,000	)		—			—
Total distributions to shareholders		(11,115,140	)		(73,933,175	)		(49,743,243	)		(80,779,861	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		4,659,354			235,390,658			188,667,499			430,991,170
Cost of shares redeemed		(45,851,132	)		(107,993,581	)		(171,026,588	)		(200,654,534	)
Net increase (decrease) in net assets from capital share transactions		(41,191,778	)		127,397,077			17,640,911			230,336,636
INCREASE (DECREASE) IN NET ASSETS		(76,245,939	)		71,876,421			157,299,081			373,757,471
NET ASSETS
Beginning of period		335,455,186			263,578,765			2,357,962,085			1,984,204,614
End of period	$	259,209,247		$	335,455,186		$	2,515,261,166		$	2,357,962,085
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(8,992,187	)	$	(1,310,602	)	$	(4,123,735	)	$	11,915,309
SHARES ISSUED AND REDEEMED
Shares sold		1,950,000			6,506,250			4,500,000			10,800,000
Shares redeemed		(3,300,000	)		(2,850,000	)		(4,200,000	)		(5,400,000	)
Net increase (decrease) in shares outstanding		(1,350,000	)		3,656,250			300,000			5,400,000

^a  Share transactions reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

48 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Singapore Capped ETF						iShares MSCI Taiwan Capped ETF
	Six months ended February 28, 2017 (Unaudited)a			Year ended August 31, 2016a			Six months ended February 28, 2017 (Unaudited)a			Year ended August 31, 2016a
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	3,119,139		$	21,958,456		$	915,948		$	65,261,790
Net realized gain (loss)		(33,796,392	)		(29,896,748	)		15,760,037			(131,209,842	)
Net change in unrealized appreciation/depreciation		74,030,206			14,050,396			256,526,967			327,822,256
Net increase in net assets resulting from operations		43,352,953			6,112,104			273,202,952			261,874,204
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(17,484,614	)		(16,842,459	)		(64,888,894	)		(85,498,003	)
Total distributions to shareholders		(17,484,614	)		(16,842,459	)		(64,888,894	)		(85,498,003	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		9,576,066			117,265,015			174,647,019			512,970,562
Cost of shares redeemed		(52,614,170	)		(154,043,146	)		(58,996,321	)		(1,308,867,457	)
Net increase (decrease) in net assets from capital share transactions		(43,038,104	)		(36,778,131	)		115,650,698			(795,896,895	)
INCREASE (DECREASE) IN NET ASSETS		(17,169,765	)		(47,508,486	)		323,964,756			(619,520,694	)
NET ASSETS
Beginning of period		562,418,438			609,926,924			2,656,889,113			3,276,409,807
End of period	$	545,248,673		$	562,418,438		$	2,980,853,869		$	2,656,889,113
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(10,417,505	)	$	3,947,970		$	(11,970,714	)	$	52,002,232
SHARES ISSUED AND REDEEMED
Shares sold		650,000			5,350,000			5,600,000			17,900,000
Shares redeemed		(2,700,000	)		(7,550,000	)		(1,900,000	)		50,800,000
Net increase (decrease) in shares outstanding		(2,050,000	)		2,200,000			3,700,000			32,900,000

^a  Share transactions reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Thailand Capped ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,075,825		$	8,989,630
Net realized gain (loss)		7,879,862			(27,016,412	)
Net change in unrealized appreciation/depreciation		(15,564,319	)		81,712,344
Net increase (decrease) in net assets resulting from operations		(5,608,632	)		63,685,562
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,783,973	)		(7,604,719	)
Total distributions to shareholders		(3,783,973	)		(7,604,719	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		94,983,739			240,640,360
Cost of shares redeemed		(130,970,878	)		(85,949,624	)
Net increase (decrease) in net assets from capital share transactions		(35,987,139	)		154,690,736
INCREASE (DECREASE) IN NET ASSETS		(45,379,744	)		210,771,579
NET ASSETS
Beginning of period		448,075,088			237,303,509
End of period	$	402,695,344		$	448,075,088
Undistributed net investment income included in net assets at end of period	$	708,128		$	2,416,276
SHARES ISSUED AND REDEEMED
Shares sold		1,300,000			3,550,000
Shares redeemed		(1,850,000	)		(1,300,000	)
Net increase (decrease) in shares outstanding		(550,000	)		2,250,000

See notes to financial statements.

50 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Hong Kong ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	21.08		$	19.42		$	21.89		$	18.91		$	16.94		$	17.59
Income from investment operations:
Net investment incomea		0.19			0.54			0.52			0.66			0.48			0.54
Net realized and unrealized gain (loss)b		0.51			1.72			(2.50	)		3.04			2.05			(0.65	)
Total from investment operations		0.70			2.26			(1.98	)		3.70			2.53			(0.11	)
Less distributions from:
Net investment income		(0.21	)		(0.60	)		(0.49	)		(0.72	)		(0.56	)		(0.54	)
Total distributions		(0.21	)		(0.60	)		(0.49	)		(0.72	)		(0.56	)		(0.54	)
Net asset value, end of period	$	21.57		$	21.08		$	19.42		$	21.89		$	18.91		$	16.94
Total return		3.42	%c		11.94	%		(9.29	)%		19.87	%		15.04	%		(0.33	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,600,059		$	1,596,576		$	2,722,224		$	3,221,312		$	2,124,856		$	1,865,974
Ratio of expenses to average net assetsd		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%		0.53	%
Ratio of net investment income to average net assetsd		1.81	%		2.73	%		2.36	%		3.24	%		2.47	%		3.26	%
Portfolio turnover ratee		5	%c		9	%		7	%		6	%		12	%		11	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 51

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Japan Small-Cap ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	60.95		$	56.79		$	56.61		$	49.44		$	42.82		$	46.49
Income from investment operations:
Net investment incomea		0.51			0.84			0.70			0.70			0.65			0.82
Net realized and unrealized gain (loss)b		5.91			4.29			0.71			7.61			6.97			(3.25	)
Total from investment operations		6.42			5.13			1.41			8.31			7.62			(2.43	)
Less distributions from:
Net investment income		(1.21	)		(0.97	)		(1.23	)		(1.14	)		(1.00	)		(1.24	)
Total distributions		(1.21	)		(0.97	)		(1.23	)		(1.14	)		(1.00	)		(1.24	)
Net asset value, end of period	$	66.16		$	60.95		$	56.79		$	56.61		$	49.44		$	42.82
Total return		10.67	%c		9.10	%		2.63	%		16.94	%		18.07	%		(5.18	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	138,926		$	164,553		$	159,004		$	169,837		$	88,988		$	42,817
Ratio of expenses to average net assetsd		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%		0.53	%
Ratio of net investment income to average net assetsd		1.63	%		1.44	%		1.26	%		1.31	%		1.36	%		1.84	%
Portfolio turnover ratee		4	%c		12	%		10	%		14	%		17	%		7	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

52 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Malaysia ETF
	Six months ended Feb. 28, 2017 (Unaudited)a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a			Year ended Aug. 31, 2012a
Net asset value, beginning of period	$	33.13		$	40.75		$	64.53		$	58.40		$	58.09		$	55.69
Income from investment operations:
Net investment incomeb		0.37			1.00			1.44			2.16			1.64			1.52
Net realized and unrealized gain (loss)c		(2.70	)		2.79			(23.47	)		6.06			0.15			3.03
Total from investment operations		(2.33	)		3.79			(22.03	)		8.22			1.79			4.55
Less distributions from:
Net investment income		(1.26	)		(1.81	)		(1.57	)		(2.09	)		(1.48	)		(2.07	)
Net realized gain		—			(9.60	)		(0.18	)		—			—			—
Return of capital		—			—			—			—			—			(0.08	)
Total distributions		(1.26	)		(11.41	)		(1.75	)		(2.09	)		(1.48	)		(2.15	)
Net asset value, end of period	$	29.54		$	33.13		$	40.75		$	64.53		$	58.40		$	58.09
Total return		(6.82	)%d		12.58	%		(34.62	)%		14.17	%		3.02	%		8.61	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	259,209		$	335,455		$	263,579		$	786,461		$	809,138		$	936,692
Ratio of expenses to average net assetse		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%		0.53	%
Ratio of net investment income to average net assetse		2.45	%		2.86	%		2.61	%		3.48	%		2.71	%		2.73	%
Portfolio turnover ratef		4	%d		72	%		24	%		16	%		17	%		24	%

^a  Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

^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 include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2017 and the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and August 31, 2012 were 3%, 17%, 5%, 10%, 8% and 14%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 53

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Pacific ex Japan ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	40.94		$	38.01		$	51.21		$	44.56		$	43.21		$	44.47
Income from investment operations:
Net investment incomea		0.60			1.54			1.97			1.88			1.69			1.73
Net realized and unrealized gain (loss)b		2.81			2.98			(13.09	)		6.51			1.71			(1.14	)
Total from investment operations		3.41			4.52			(11.12	)		8.39			3.40			0.59
Less distributions from:
Net investment income		(0.91	)		(1.59	)		(2.08	)		(1.74	)		(2.05	)		(1.85	)
Total distributions		(0.91	)		(1.59	)		(2.08	)		(1.74	)		(2.05	)		(1.85	)
Net asset value, end of period	$	43.44		$	40.94		$	38.01		$	51.21		$	44.56		$	43.21
Total return		8.55	%c		12.20	%		(22.19	)%		19.25	%		7.87	%		1.82	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,515,261		$	2,357,962		$	1,984,205		$	3,472,048		$	3,008,067		$	3,188,582
Ratio of expenses to average net assetsd		0.49	%		0.49	%		0.49	%		0.49	%		0.50	%		0.50	%
Ratio of net investment income to average net assetsd		2.92	%		4.00	%		4.31	%		3.90	%		3.59	%		4.16	%
Portfolio turnover ratee		2	%c		6	%		7	%		8	%		8	%		7	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

54 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Singapore Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a			Year ended Aug. 31, 2012a
Net asset value, beginning of period	$	21.22		$	21.25		$	27.93		$	24.98		$	26.19		$	26.10
Income from investment operations:
Net investment incomeb		0.12			0.84			0.82			0.80			0.88			0.82
Net realized and unrealized gain (loss)c		1.62			(0.24	)		(6.64	)		3.05			(0.92	)		0.22
Total from investment operations		1.74			0.60			(5.82	)		3.85			(0.04	)		1.04
Less distributions from:
Net investment income		(0.66	)		(0.63	)		(0.86	)		(0.90	)		(1.17	)		(0.95	)
Total distributions		(0.66	)		(0.63	)		(0.86	)		(0.90	)		(1.17	)		(0.95	)
Net asset value, end of period	$	22.30		$	21.22		$	21.25		$	27.93		$	24.98		$	26.19
Total return		8.51	%d		2.87	%		(21.27	)%		15.65	%		(0.38	)%		4.67	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	545,249		$	562,418		$	609,927		$	984,455		$	1,135,477		$	1,512,687
Ratio of expenses to average net assetse		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%		0.53	%
Ratio of net investment income to average net assetse		1.13	%		3.96	%		3.15	%		2.99	%		3.23	%		3.32	%
Portfolio turnover ratef		9	%d		7	%		10	%		4	%		10	%		3	%

^a  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 55

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Taiwan Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a			Year ended Aug. 31, 2012a
Net asset value, beginning of period	$	30.30		$	27.17		$	32.89		$	27.21		$	25.16		$	27.56
Income from investment operations:
Net investment incomeb		0.01			0.68			0.74			0.58			0.48			0.56
Net realized and unrealized gain (loss)c		3.00			3.25			(5.88	)		5.62			2.11			(2.01	)
Total from investment operations		3.01			3.93			(5.14	)		6.20			2.59			(1.45	)
Less distributions from:
Net investment income		(0.70	)		(0.80	)		(0.58	)		(0.52	)		(0.54	)		(0.95	)
Total distributions		(0.70	)		(0.80	)		(0.58	)		(0.52	)		(0.54	)		(0.95	)
Net asset value, end of period	$	32.61		$	30.30		$	27.17		$	32.89		$	27.21		$	25.16
Total return		10.16	%d		15.02	%		(15.79	)%		23.24	%		10.30	%		(4.80	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,980,854		$	2,656,889		$	3,276,410		$	3,298,664		$	2,641,997		$	2,247,128
Ratio of expenses to average net assetse		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assetse		0.07	%		2.51	%		2.36	%		1.98	%		1.80	%		2.25	%
Portfolio turnover ratef		9	%d		27	%		14	%		11	%		21	%		22	%

^a  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

^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 include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2017 and the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and August 31, 2012 were 7%, 9%, 4%, 4%, 6% and 7%, respectively. See Note 4.

See notes to financial statements.

56 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Thailand Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	75.94		$	65.01		$	83.41		$	67.73		$	70.53		$	66.27
Income from investment operations:
Net investment incomea		0.40			2.05			1.66			1.67			1.84			1.76
Net realized and unrealized gain (loss)b		(0.31	)		10.54			(17.98	)		15.84			(2.75	)		4.37
Total from investment operations		0.09			12.59			(16.32	)		17.51			(0.91	)		6.13
Less distributions from:
Net investment income		(0.76	)		(1.66	)		(2.08	)		(1.83	)		(1.89	)		(1.87	)
Total distributions		(0.76	)		(1.66	)		(2.08	)		(1.83	)		(1.89	)		(1.87	)
Net asset value, end of period	$	75.27		$	75.94		$	65.01		$	83.41		$	67.73		$	70.53
Total return		0.20	%c		19.87	%		(19.92	)%		26.18	%		(1.65	)%		9.57	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	402,695		$	448,075		$	237,304		$	571,370		$	541,873		$	595,968
Ratio of expenses to average net assetsd		0.62	%		0.63	%		0.62	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assetsd		1.10	%		3.08	%		2.09	%		2.24	%		2.22	%		2.66	%
Portfolio turnover ratee		3	%c		16	%		13	%		9	%		24	%		12	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 57

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Hong Kong	Non-diversified
MSCI Japan Small-Cap	Diversified
MSCI Malaysia	Non-diversified
MSCI Pacific ex Japan	Diversified
MSCI Singapore Cappeda	Non-diversified
MSCI Taiwan Cappedb	Non-diversified
MSCI Thailand Capped	Non-diversified

^a Formerly the iShares MSCI Singapore ETF.

^b  Formerly the iShares MSCI Taiwan ETF.

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its 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

58 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

to policies and procedures developed by the Global Valuation Committee and approved by the Board of Directors of the Company (the “Board”).

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

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

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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 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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

NOTES TO FINANCIAL STATEMENTS 59

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

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 February 28, 2017 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 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 February 28, 2017, if any, are disclosed in the Funds’ statements of assets and liabilities.

60 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved 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 but does not receive interest income on securities received as collateral. 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.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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 February 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. 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 February 28, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 February 28, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Hong Kong
Goldman Sachs & Co.	$	2,056,051	$	2,056,051	$	—
Merrill Lynch, Pierce, Fenner & Smith		1,896,120		1,896,120		—
Morgan Stanley & Co. LLC		70,445,098		70,445,098		—
State Street Bank & Trust Company		365,915		365,915		—
	$	74,763,184	$	74,763,184	$	—
MSCI Japan Small-Cap
Barclays Capital Inc.	$	348,764	$	348,764	$	—
Citigroup Global Markets Inc.		290,975		290,975		—
Credit Suisse Securities (USA) LLC		1,069,186		1,069,186		—
Deutsche Bank Securities Inc.		326,176		326,176		—
Goldman Sachs & Co.		152,331		152,331		—
Jefferies LLC		40,047		40,047		—
JPMorgan Securities LLC		751,093		751,093		—
Merrill Lynch, Pierce, Fenner & Smith		583,099		583,099		—
Morgan Stanley & Co. LLC		1,191,106		1,191,106		—
SG Americas Securities LLC		511,838		511,838		—
State Street Bank & Trust Company		71,943		71,943		—
UBS AG		507,964		507,964		—
UBS Securities LLC		86,048		86,048		—
	$	5,930,570	$	5,930,570	$	—
MSCI Malaysia
Morgan Stanley & Co. International PLC	$	11,791,830	$	11,791,830	$	—
MSCI Pacific ex Japan
Goldman Sachs & Co.	$	2,473,595	$	2,473,595	$	—
Jefferies LLC		399,446		399,446		—
JPMorgan Securities LLC		28,085		28,085		—
Merrill Lynch, Pierce, Fenner & Smith		730,161		730,161		—
Morgan Stanley & Co. LLC		10,464,430		10,464,430		—
State Street Bank & Trust Company		4,099,788		4,099,788		—
UBS Securities LLC		1,554,948		1,554,948		—
	$	19,750,453	$	19,750,453	$	—
MSCI Singapore Capped
Goldman Sachs & Co.	$	8,194,645	$	8,194,645		—
JPMorgan Securities LLC		11,567		11,567		—
Morgan Stanley & Co. LLC		18,437,407		18,437,407		—
State Street Bank & Trust Company		3,636,595		3,636,595		—
	$	30,280,214	$	30,280,214		—

62 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Taiwan Capped
Citigroup Global Markets Ltd.	$	28,132,431	$	28,132,431	$	—
Credit Suisse Securities (Europe) Ltd.		22,260,677		22,260,677		—
Deutsche Bank AG		3,830,618		3,830,618		—
JPMorgan Securities PLC		8,840,578		8,840,578		—
Morgan Stanley & Co. International PLC		68,663,780		68,663,780		—
	$	131,728,084	$	131,728,084	$	—
MSCI Thailand Capped
Citigroup Global Markets Inc.	$	418,722	$	418,722		—
Credit Suisse Securities (USA) LLC		3,168,548		3,168,548		—
Deutsche Bank Securities Inc.		494,048		494,048		—
Goldman Sachs & Co.		5,897,491		5,897,491		—
JPMorgan Securities LLC		184,355		184,355		—
Merrill Lynch, Pierce, Fenner & Smith		809,271		809,271		—
Morgan Stanley & Co. LLC		12,885,579		12,885,579		—
UBS AG		2,069,772		2,069,772		—
UBS Securities LLC		4,135,012		4,135,012		—
	$	30,062,798	$	30,062,798	$	—

^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 the 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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).

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

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

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

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

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.74	%	First $2 billion
	0.69		Over $2 billion, up to and including $4 billion
	0.64		Over $4 billion, up to and including $8 billion
	0.57		Over $8 billion, up to and including $16 billion
	0.51		Over $16 billion, up to and including $24 billion
	0.48		Over $24 billion, up to and including $32 billion
	0.45		Over $32 billion

The U.S. Securities and Exchange Commission (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.

64 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Hong Kong	$	66,499
MSCI Japan Small-Cap		20,193
MSCI Malaysia		35,822
MSCI Pacific ex Japan		36,013
MSCI Singapore Capped		37,049
MSCI Taiwan Capped		283,590
MSCI Thailand Capped		166,973

For the six months ended February 28, 2017, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Taiwan Capped ETF in the amount of $43,007, related to the foreign tax on the securities lending income. Such reimbursement is included in “Securities lending income – affiliated – net” in the Fund’s statement of operations.

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

Cross 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 six months ended February 28, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Hong Kong	$	57,634	$	13,478,809
MSCI Japan Small-Cap		1,459,666		2,787,153
MSCI Pacific ex Japan		1,316,889		7,791,730
MSCI Singapore Capped		9,691,888		20,290,111
MSCI Taiwan Capped		25,559,208		2,750,889

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.

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

NOTES TO FINANCIAL STATEMENTS 65

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2017 were as follows:

iShares ETF	Purchases		Sales
MSCI Hong Kong	$	83,221,212	$	82,951,085
MSCI Japan Small-Cap		5,150,055		8,176,807
MSCI Malaysia		11,553,001		60,795,391
MSCI Pacific ex Japan		56,484,630		70,082,620
MSCI Singapore Capped		48,577,445		60,198,987
MSCI Taiwan Capped		350,789,400		248,629,935
MSCI Thailand Capped		13,917,328		11,015,342

In-kind transactions (see Note 4) for the six months ended February 28, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Hong Kong	$	412,204,889	$	423,833,605
MSCI Japan Small-Cap		60,797,639		100,262,765
MSCI Pacific ex Japan		187,152,300		168,849,024
MSCI Singapore Capped		9,243,681		50,998,458
MSCI Thailand Capped		90,934,000		130,443,122

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.

The Board authorized a one-for-four reverse stock split for the iShares MSCI Malaysia ETF (“EWM”) and a one-for-two reverse stock split for each of the iShares MSCI Singapore Capped ETF (“EWS”) and iShares MSCI Taiwan Capped ETF (“EWT”), effective after the close of trading on November 4, 2016. The impact of the stock splits was to decrease the number of shares outstanding by a factor of four for EWM and a factor of two for EWS and EWT, while increasing the NAV per share by factors of four, two and two, respectively, resulting in no effect on the net assets of the Funds. The financial statements for the Funds have been adjusted to reflect the reverse stock splits.

66 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

5. FUTURES CONTRACTS

Futures contracts are purchased or sold to gain or manage exposure to changes in the value of commodities (commodity risk), interest rates (interest rate risk), foreign currencies (foreign currency risk) and/or equities (market risk). A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the fund as unrealized appreciation or depreciation. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held as of February 28, 2017 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Liabilities
	iShares MSCI HongKong ETF		iShares MSCI Singapore Capped ETF
Equity contracts:
Variation margin /Net assets consist of – net unrealized appreciation (depreciation)a	$	100,387	$	22,867

^a  Represents cumulative depreciation of futures contracts as reported in the schedules of investments.

The following table shows the realized and unrealized gains (losses) on futures contracts held during the six months ended February 28, 2017 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares MSCI Hong Kong ETF			iShares MSCI Singapore Capped ETF		iShares MSCI Taiwan Capped ETF
Equity contracts:
Futures contracts	$	368,827		$	43,807	$	211,776
	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI Hong Kong ETF			iShares MSCI Singapore Capped ETF		iShares MSCI Taiwan Capped ETF
Equity contracts:
Futures contracts	$	(144,296	)	$	109,506	$	370,603

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2017:

	iShares MSCI Hong Kong ETF		iShares MSCI Singapore Capped ETF		iShares MSCI Taiwan Capped ETF
Average value of contracts purchased	$	7,161,479	$	4,233,503	$	21,463,517

6. PRINCIPAL RISKS

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

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

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund 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 a 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.

Investing in the securities of non-U.S. issuers 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 a 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.

When a fund concentrates its investments in issuers located in a single country, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

68 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

CREDIT RISK

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

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

As of August 31, 2016, the Funds’ fiscal year-end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Hong Kong	$	222,203,643	$	29,235,556	$	114,836,904	$	34,565,959	$	400,842,062
MSCI Japan Small-Cap		3,140,817		131,718		541,322		203,697		4,017,554
MSCI Pacific ex Japan		264,867,220		66,207,828		104,799,503		36,600,987		472,475,538
MSCI Singapore Capped		53,847,762		15,680,510		132,420,824		11,588,528		213,537,624
MSCI Taiwan Capped		211,790,962		343,375,145		363,052,013		19,669,958		937,888,078
MSCI Thailand Capped		12,695,752		555,444		2,321,428		1,304,910		16,877,534

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

NOTES TO FINANCIAL STATEMENTS 69

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

8. SUBSEQUENT EVENTS

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

70 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Japan Small-Cap	$	1.205366	$	—	$	—	$	1.205366		100	%		—	%		—	%		100	%
MSCI Malaysia		1.255948		—		—		1.255948		100			—			—			100
MSCI Pacific ex Japan		0.883786		—		0.022284		0.906070		98			—			2			100
MSCI Singapore Capped		0.287344		—		0.374952		0.662296		43			—			57			100
MSCI Thailand Capped		0.764439		—		—		0.764439		100			—			—			100

SUPPLEMENTAL INFORMATION 71

Notes:

72 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 73

Notes:

74 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-803-0217

FEBRUARY 28, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

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

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

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

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

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

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

^Ø  iShares MSCI Turkey ETF  |  TUR  |  NYSE Arca

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

Table of Contents

Fund Performance Overviews	5
About Fund Performance	13
Shareholder Expenses	13
Schedules of Investments	14
iShares MSCI Brazil Capped ETF	14
iShares MSCI Chile Capped ETF	17
iShares MSCI Colombia Capped ETF	19
iShares MSCI Israel Capped ETF	21
iShares MSCI Russia Capped ETF	24
iShares MSCI South Africa ETF	26
iShares MSCI Turkey ETF	28
iShares MSCI USA Equal Weighted ETF	31
Financial Statements	41
Financial Highlights	51
Notes to Financial Statements	59
Supplemental Information	70

Fund Performance Overview

iSHARES^® MSCI BRAZIL CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Brazil Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 16.36%, net of fees, while the total return for the Index was 16.87%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		90.39%		87.95%		92.10%		90.39%		87.95%		92.10%
5 Years		(8.44)%		(8.84)%		(7.94)%		(35.65)%		(37.04)%		(33.87)%
10 Years		1.41%		1.17%		2.02%		15.01%		12.33%		22.16%

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

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period  a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	1,163.60	$	3.33	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	37.72	%
Consumer Staples	14.22
Energy	12.68
Materials	9.43
Utilities	6.95
Industrials	5.58
Consumer Discretionary	4.77
Telecommunication Services	2.76
Information Technology	2.62
Health Care	1.79
Real Estate	1.48
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Itau Unibanco Holding SA (Preferred)	12.06	%
Banco Bradesco SA (Preferred)	8.53
Ambev SA	7.74
Petroleo Brasileiro SA (Preferred)	5.49
Petroleo Brasileiro SA	4.39
Itausa-Investimentos Itau SA (Preferred)	3.62
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros	3.23
Vale SA (Preferred)	3.03
Banco do Brasil SA	2.63
Cielo SA	2.62
TOTAL	53.34	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI CHILE CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Chile Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile Investable Market Index 25/50 (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 10.27%, net of fees, while the total return for the Index was 10.37%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		23.92%		23.81%		24.05%		23.92%		23.81%		24.05%
5 Years		(8.27)%		(8.43)%		(8.04)%		(35.05)%		(35.60)%		(34.23)%
Since Inception		(0.57)%		(0.63)%		(0.04)%		(5.20)%		(5.71)%		(0.40)%

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,102.70	$	3.23	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Utilities	26.82	%
Financials	17.18
Consumer Staples	13.58
Materials	10.96
Consumer Discretionary	10.16
Energy	7.87
Industrials	5.68
Telecommunication Services	3.18
Real Estate	2.96
Information Technology	1.61
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Enel Americas SA	9.29	%
SACI Falabella	8.21
Empresas COPEC SA	7.87
Cencosud SA	6.87
Banco Santander Chile	5.90
LATAM Airlines Group SA	4.48
Empresas CMPC SA	4.44
Sociedad Quimica y Minera de Chile SA Series B (Preferred)	4.42
Banco de Chile	4.12
Banco de Credito e Inversiones	3.70
TOTAL	59.30	%

* Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI COLOMBIA CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Colombia Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Colombian equities, as represented by the MSCI All Colombia Capped Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 0.31%, net of fees, while the total return for the Index was 0.07%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		21.12%		19.81%		20.36%		21.12%		19.81%		20.36%
Since Inception		(14.53)%		(14.43)%		(14.28)%		(44.08)%		(43.84)%		(43.46)%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,003.10	$	3.03	$	1,000.00	$	1,021.80	$	3.06		0.61%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total Investments*

Financials	41.14	%
Materials	20.43
Utilities	12.58
Energy	9.33
Consumer Staples	9.13
Industrials	4.94
Telecommunication Services	2.45
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total Investments*

Bancolombia SA (Preferred)	12.71	%
Grupo de Inversiones Suramericana SA	8.63
Grupo Argos SA/Colombia	5.57
Cementos Argos SA	4.99
Interconexion Electrica SA ESP	4.94
Bancolombia SA	4.82
Almacenes Exito SA	4.59
Grupo Nutresa SA	4.54
Banco Davivienda SA (Preferred)	4.46
Ecopetrol SA	4.40
TOTAL	59.65	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI ISRAEL CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Israel Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped Investable Market Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 3.13%, net of fees, while the total return for the Index was 2.90%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		11.81%		12.05%		11.72%		11.81%		12.05%		11.72%
5 Years		6.70%		6.69%		6.90%		38.32%		38.24%		39.60%
Since Inception		2.44%		2.43%		2.88%		24.03%		23.93%		28.85%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,031.30	$	3.12	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total Investments*

Information Technology	28.09	%
Health Care	23.75
Financials	17.96
Real Estate	8.48
Industrials	5.23
Telecommunication Services	4.96
Materials	4.72
Energy	3.66
Consumer Staples	1.66
Consumer Discretionary	1.18
Utilities	0.31
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total Investments*

Teva Pharmaceutical Industries Ltd. ADR	21.98	%
Check Point Software Technologies Ltd.	10.41
Mobileye NV	6.21
Bank Hapoalim BM	5.59
Bank Leumi le-Israel BM	4.62
Nice Ltd.	3.68
Bezeq The Israeli Telecommunication Corp. Ltd.	3.23
Elbit Systems Ltd.	2.52
Israel Discount Bank Ltd. Class A	2.17
Mizrahi Tefahot Bank Ltd.	2.14
TOTAL	62.55	%

* Excludes money market funds.

8 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI RUSSIA CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Russia Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 15.38%, net of fees, while the total return for the Index was 15.93%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		43.55%		43.29%		44.98%		43.55%		43.29%		44.98%
5 Years		(6.41)%		(6.47)%		(5.69)%		(28.20)%		(28.44)%		(25.40)%
Since Inception		(4.22)%		(4.30)%		(3.58)%		(23.82)%		(24.22)%		(20.54)%

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

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,153.80	$	3.31	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Energy	50.49	%
Financials	22.18
Materials	12.49
Telecommunication Services	6.29
Consumer Staples	4.71
Utilities	3.84
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Lukoil PJSC	10.41	%
Gazprom PJSC	10.23
Sberbank of Russia PJSC ADR	7.73
Sberbank of Russia PJSC	7.23
Gazprom PJSC ADR	4.81
Magnit PJSC GDR	4.71
Novatek PJSC GDR	4.64
MMC Norilsk Nickel PJSC	4.60
Tatneft PJSC Class S	4.46
Transneft PJSC (Preferred)	4.08
TOTAL	62.90	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI SOUTH AFRICA ETF

Performance as of February 28, 2017

The iShares MSCI South Africa ETF (the “Fund”) seeks to track the investment results of an index composed of South African equities, as represented by the MSCI South Africa Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 6.00%, net of fees, while the total return for the Index was 6.21%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		27.12%		27.79%		27.79%		27.12%		27.79%		27.79%
5 Years		(1.99)%		(1.80)%		(1.38)%		(9.54)%		(8.68)%		(6.70)%
10 Years		2.82%		2.66%		3.60%		32.01%		30.00%		42.39%

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 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,060.00	$	3.17	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Consumer Discretionary	35.04	%
Financials	24.71
Materials	11.52
Consumer Staples	8.72
Telecommunication Services	7.19
Real Estate	6.70
Health Care	4.33
Industrials	1.29
Energy	0.50
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Naspers Ltd. Class N	23.93	%
Steinhoff International Holdings NV Class H	5.41
Sasol Ltd.	5.38
MTN Group Ltd.	5.29
Standard Bank Group Ltd.	4.83
FirstRand Ltd.	4.36
Remgro Ltd.	3.08
Aspen Pharmacare Holdings Ltd.	2.69
Sanlam Ltd.	2.48
Bid Corp. Ltd.	2.30
TOTAL	59.75	%

* Excludes money market funds.

10 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI TURKEY ETF

Performance as of February 28, 2017

The iShares MSCI Turkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey Investable Market Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was -7.03%, net of fees, while the total return for the Index was -7.01%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(4.62)%		(4.12)%		(4.52)%		(4.62)%		(4.12)%		(4.52)%
5 Years		(5.61)%		(5.55)%		(5.29)%		(25.08)%		(24.83)%		(23.79)%
Since Inception		(1.89)%		(1.98)%		(1.54)%		(15.64)%		(16.35)%		(12.97)%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	929.70	$	2.97	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	40.24	%
Industrials	12.39
Consumer Staples	11.92
Materials	9.32
Consumer Discretionary	7.99
Telecommunication Services	7.12
Energy	5.64
Real Estate	3.96
Utilities	1.20
Health Care	0.22
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Turkiye Garanti Bankasi AS	10.52	%
Akbank TAS	10.10
BIM Birlesik Magazalar AS	5.89
Tupras Turkiye Petrol Rafinerileri AS	5.63
Turkcell Iletisim Hizmetleri AS	5.53
Turkiye Is Bankasi Class C	5.27
KOC Holding AS	4.97
Haci Omer Sabanci Holding AS	4.89
Eregli Demir ve Celik Fabrikalari TAS	4.40
Turkiye Halk Bankasi AS	3.72
TOTAL	60.92	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

Fund Performance Overview

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

Performance as of February 28, 2017

The iShares MSCI USA Equal Weighted ETF (the “Fund”) seeks to track the investment results of an index composed of equal weighted U.S. equities, as represented by the MSCI USA Equal Weighted Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 9.57%, net of fees, while the total return for the Index was 9.68%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		27.80%		27.86%		28.05%		27.80%		27.86%		28.05%
5 Years		13.40%		13.39%		13.57%		87.54%		87.47%		88.93%
Since Inception		12.90%		12.90%		13.08%		128.79%		128.78%		131.24%

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

Index performance through August 31, 2015 reflects the performance of the MSCI USA Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Equal Weighted Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,095.70	$	0.78	$	1,000.00	$	1,024.10	$	0.75		0.15%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Consumer Discretionary	16.05	%
Information Technology	15.05
Financials	13.25
Industrials	12.32
Health Care	11.38
Energy	6.96
Consumer Staples	6.90
Real Estate	6.43
Utilities	5.29
Materials	5.12
Telecommunication Services	1.25
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Plains GP Holdings LP Class A	0.24	%
Regency Centers Corp.	0.24
Albemarle Corp.	0.18
Incyte Corp.	0.18
HP Inc.	0.17
Foot Locker Inc.	0.17
Alkermes PLC	0.17
Vertex Pharmaceuticals Inc.	0.17
ANSYS Inc.	0.17
OGE Energy Corp.	0.17
TOTAL	1.86	%

* Excludes money market funds.

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 September 1, 2016 and held through February 28, 2017, 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.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 13

Schedule of Investments (Unaudited)

iSHARES^® MSCI BRAZIL CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 58.61%
AEROSPACE & DEFENSE — 1.14%
Embraer SA		10,906,332	$	62,857,773
				62,857,773
BANKS — 6.48%
Banco Bradesco SA		13,131,370		137,729,541
Banco do Brasil SA		13,501,197		143,648,223
Banco Santander Brasil SA Units		6,850,700		75,663,790
				357,041,554
BEVERAGES — 7.66%
Ambev SA		73,554,660		421,798,500
				421,798,500
CAPITAL MARKETS — 4.22%
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		28,827,400		176,244,663
CETIP SA – Mercados Organizados		3,730,103		56,173,361
				232,418,024
CONTAINERS & PACKAGING — 0.83%
Klabin SA Units		9,181,620		45,745,776
				45,745,776
DIVERSIFIED CONSUMER SERVICES — 1.76%
Kroton Educacional SA		22,090,464		97,067,388
				97,067,388
ELECTRIC UTILITIES — 2.83%
Centrais Eletricas Brasileiras SAa		3,789,400		26,176,215
CPFL Energia SA		4,578,753		37,589,634
EDP – Energias do Brasil SA		6,873,100		30,333,547
Equatorial Energia SA		3,230,200		61,800,548
				155,899,944
FOOD & STAPLES RETAILING — 1.36%
Raia Drogasil SA		3,917,200		74,793,211
				74,793,211
FOOD PRODUCTS — 3.72%
BRF SA		9,674,050		126,313,054
JBS SA		12,730,222		47,876,438
M. Dias Branco SA		690,700		30,682,976
				204,872,468
HEALTH CARE PROVIDERS & SERVICES — 0.78%
Odontoprev SA		4,707,800		18,083,642
Qualicorp SA		3,899,600		24,706,241
				42,789,883

Security	Shares		Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.98%
AES Tiete Energia SA		3,551,800	$	18,346,971
Engie Brasil Energia SA		3,001,400		35,677,201
				54,024,172
INSURANCE — 2.66%
BB Seguridade Participacoes SA		11,049,500		101,651,138
Porto Seguro SA		2,284,500		21,222,131
Sul America SA		3,779,950		23,595,831
				146,469,100
IT SERVICES — 2.59%
Cielo SA		16,300,655		142,938,563
				142,938,563
MACHINERY — 0.96%
WEG SA		9,745,960		53,193,957
				53,193,957
METALS & MINING — 2.28%
Cia. Siderurgica Nacional SAa		13,276,254		51,124,887
Vale SA		7,064,600		74,302,061
				125,426,948
MULTILINE RETAIL — 1.97%
Lojas Americanas SA		4,443,860		19,141,023
Lojas Renner SA		10,871,200		89,282,919
				108,423,942
OIL, GAS & CONSUMABLE FUELS — 7.12%
Cosan SA Industria e Comercio		2,416,290		30,990,026
Petroleo Brasileiro SAa		46,614,044		239,138,586
Ultrapar Participacoes SA		5,809,400		122,126,249
				392,254,861
PAPER & FOREST PRODUCTS — 0.94%
Duratex SA		5,619,211		15,244,661
Fibria Celulose SA		4,294,126		36,688,483
				51,933,144
PERSONAL PRODUCTS — 0.47%
Natura Cosmeticos SA		3,135,900		25,825,059
				25,825,059
PHARMACEUTICALS — 0.99%
Hypermarcas SA		6,269,600		54,594,492
				54,594,492
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.47%
BR Malls Participacoes SAa		9,836,920		47,176,743
Multiplan Empreendimentos Imobiliarios SA		1,558,700		32,211,129

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRAZIL CAPPED ETF

February 28, 2017

Security	Shares		Value
Multiplan Empreendimentos Imobiliarios SA Newa		74,926	$	1,587,150
				80,975,022
ROAD & RAIL — 1.30%
Localiza Rent A Car SA		2,768,940		34,293,558
Rumo Logistica Operadora Multimodal SAa		13,480,200		37,177,793
				71,471,351
TRANSPORTATION INFRASTRUCTURE — 2.11%
CCR SA		20,044,900		116,558,097
				116,558,097
WATER UTILITIES — 1.17%
Cia. de Saneamento Basico do Estado de Sao Paulo		6,094,100		64,408,232
				64,408,232
WIRELESS TELECOMMUNICATION SERVICES — 0.82%
TIM Participacoes SA		14,344,390		45,002,008
				45,002,008
TOTAL COMMON STOCKS
(Cost: $2,231,368,572)				3,228,783,469
PREFERRED STOCKS — 40.34%
BANKS — 23.96%
Banco Bradesco SA		43,295,135		465,099,136
Itau Unibanco Holding SA		51,087,978		657,361,543
Itausa-Investimentos Itau SA		61,120,097		197,250,329
				1,319,711,008
CHEMICALS — 0.61%
Braskem SA Class A		3,240,736		33,678,237
				33,678,237
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.91%
Telefonica Brasil SA		7,135,174		105,295,994
				105,295,994
ELECTRIC UTILITIES — 1.90%
Centrais Eletricas Brasileiras SA Class B		4,860,151		38,431,281
Cia. Energetica de Minas Gerais		12,661,090		43,505,963
Cia. Paranaense de Energia Class B		2,072,900		22,454,751
				104,391,995
FOOD & STAPLES RETAILING — 0.87%
Cia. Brasileira de Distribuicao		2,599,364		48,001,756
				48,001,756

Security	Shares		Value
METALS & MINING — 4.13%
Gerdau SA		14,901,346	$	62,029,068
Vale SA		16,328,000		165,379,389
				227,408,457
MULTILINE RETAIL — 0.99%
Lojas Americanas SA		10,381,327		54,726,378
				54,726,378
OIL, GAS & CONSUMABLE FUELS — 5.43%
Petroleo Brasileiro SA		61,296,078		299,091,760
				299,091,760
PAPER & FOREST PRODUCTS — 0.54%
Suzano Papel e Celulose SA Class A		6,909,000		29,870,154
				29,870,154
TOTAL PREFERRED STOCKS
(Cost: $1,353,809,865)				2,222,175,739
RIGHTS — 0.02%
BANKS — 0.02%
Itausa – Investimentos Itau SAa		949,437		1,202,437
				1,202,437
TOTAL RIGHTS
(Cost: $0)				1,202,437
SHORT-TERM INVESTMENTS — 0.14%
MONEY MARKET FUNDS — 0.14%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%b,c		7,712,408		7,712,408
				7,712,408
TOTAL SHORT-TERM INVESTMENTS
(Cost: $7,712,408)				7,712,408
TOTAL INVESTMENTS IN SECURITIES — 99.11%
(Cost: $3,592,890,845)d				5,459,874,053
Other Assets, Less Liabilities — 0.89%				48,758,621
NET ASSETS — 100.00%			$	5,508,632,674

^a  Non-income earning security.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $4,170,157,051. Net unrealized appreciation was $1,289,717,002, of which $1,868,895,413 represented gross unrealized appreciation on securities and $579,178,411 represented gross unrealized depreciation on securities.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRAZIL CAPPED ETF

February 28, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	3,228,783,469	$	—	$	—	$	3,228,783,469
Preferred stocks		2,222,175,739		—		—		2,222,175,739
Rights		—		1,202,437		—		1,202,437
Money market funds		7,712,408		—		—		7,712,408
Total	$	5,458,671,616	$	1,202,437	$	—	$	5,459,874,053

See notes to financial statements.

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI CHILE CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 93.56%
AIRLINES — 4.47%
LATAM Airlines Group SAa		1,728,199	$	17,497,719
				17,497,719
BANKS — 16.11%
Banco de Chile		133,035,642		16,113,184
Banco de Credito e Inversiones		267,803		14,451,774
Banco Santander Chile		418,944,939		23,059,415
Itau CorpBanca		1,157,782,086		9,366,471
				62,990,844
BEVERAGES — 4.73%
Cia. Cervecerias Unidas SA		1,081,986		12,816,327
Vina Concha y Toro SA		3,379,013		5,704,415
				18,520,742
CONSTRUCTION & ENGINEERING — 0.75%
SalfaCorp SA		3,638,995		2,947,816
				2,947,816
DIVERSIFIED FINANCIAL SERVICES — 1.06%
Inversiones La Construccion SA		312,792		4,156,727
				4,156,727
ELECTRIC UTILITIES — 14.24%
Enel Americas SA		186,196,329		36,302,681
Enel Chile SA		119,044,282		12,201,448
Engie Energia Chile SA		4,125,964		7,180,698
				55,684,827
FOOD & STAPLES RETAILING — 6.87%
Cencosud SA		9,105,534		26,872,741
				26,872,741
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 8.62%
AES Gener SA		22,479,332		8,437,578
Colbun SA		58,150,188		11,554,138
Enel Generacion Chile SA		20,140,832		13,704,780
				33,696,496
IT SERVICES — 1.61%
SONDA SA		3,851,712		6,281,286
				6,281,286
MARINE — 0.45%
Cia. Sud Americana de Vapores SAa		52,121,615		1,750,517
				1,750,517

Security	Shares		Value
METALS & MINING — 2.10%
CAP SA		719,042	$	8,219,473
				8,219,473
MULTILINE RETAIL — 9.31%
Ripley Corp. SA		6,923,479		4,287,465
SACI Falabella		3,927,488		32,117,396
				36,404,861
OIL, GAS & CONSUMABLE FUELS — 7.86%
Empresas COPEC SA		2,931,439		30,749,676
				30,749,676
PAPER & FOREST PRODUCTS — 4.44%
Empresas CMPC SA		7,806,281		17,364,647
				17,364,647
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.96%
Parque Arauco SA		4,601,891		11,583,882
				11,583,882
TEXTILES, APPAREL & LUXURY GOODS — 0.85%
Forus SA		889,346		3,325,962
				3,325,962
WATER UTILITIES — 3.95%
Aguas Andinas SA Series A		19,474,233		10,495,925
Inversiones Aguas Metropolitanas SA		3,389,055		4,963,474
				15,459,399
WIRELESS TELECOMMUNICATION SERVICES — 3.18%
Empresa Nacional de Telecomunicaciones SAa		1,117,289		12,423,303
				12,423,303
TOTAL COMMON STOCKS
(Cost: $290,103,597)				365,930,918
PREFERRED STOCKS — 6.39%
BEVERAGES — 1.97%
Embotelladora Andina SA Class B		2,014,651		7,711,733
				7,711,733
CHEMICALS — 4.42%
Sociedad Quimica y Minera de Chile SA Series B		550,133		17,284,112
				17,284,112
TOTAL PREFERRED STOCKS
(Cost: $15,714,467)				24,995,845

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHILE CAPPED ETF

February 28, 2017

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.10%
MONEY MARKET FUNDS — 0.10%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%b,c		387,434	$	387,434
				387,434
TOTAL SHORT-TERM INVESTMENTS
(Cost: $387,434)				387,434
TOTAL INVESTMENTS IN SECURITIES — 100.05%
(Cost: $306,205,498)d				391,314,197
Other Assets, Less Liabilities — (0.05)%				(208,799	)
NET ASSETS — 100.00%			$	391,105,398

^a  Non-income earning security.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $350,414,852. Net unrealized appreciation was $40,899,345, of which $88,794,864 represented gross unrealized appreciation on securities and $47,895,519 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	365,930,918	$	—	$	—	$	365,930,918
Preferred stocks		24,995,845		—		—		24,995,845
Money market funds		387,434		—		—		387,434
Total	$	391,314,197	$	—	$	—	$	391,314,197

See notes to financial statements.

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI COLOMBIA CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 69.98%
BANKS — 5.82%
Banco de Bogota SA		4,472	$	88,756
Bancolombia SA		96,122		822,300
Grupo Aval Acciones y Valores SA		219,518		84,507
				995,563
CAPITAL MARKETS — 2.46%
Bolsa de Valores de Colombia		51,918,750		421,057
				421,057
CONSTRUCTION & ENGINEERING — 2.18%
Construcciones El Condor SA		447,772		164,715
Constructora Conconcreto SA		600,000		207,367
				372,082
CONSTRUCTION MATERIALS — 14.14%
Cementos Argos SA		212,914		852,428
Cemex Latam Holdings SAa		167,180		615,552
Grupo Argos SA/Colombia		140,556		950,395
				2,418,375
DIVERSIFIED FINANCIAL SERVICES — 9.97%
Corp. Financiera Colombiana SA		22,906		229,973
Grupo de Inversiones Suramericana SA		117,780		1,474,291
				1,704,264
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.44%
Empresa de Telecomunicaciones de Bogotaa		1,907,386		417,721
				417,721
ELECTRIC UTILITIES — 8.19%
Celsia SA ESP		112,554		170,621
Enel Americas SA		1,977,534		385,560
Interconexion Electrica SA ESP		220,090		843,502
				1,399,683
FOOD & STAPLES RETAILING — 4.58%
Almacenes Exito SA		147,342		783,511
				783,511
FOOD PRODUCTS — 4.54%
Grupo Nutresa SA		96,044		775,622
				775,622
GAS UTILITIES — 4.38%
Empresa de Energia de Bogota SA ESP		1,203,228		749,354
				749,354

Security	Shares		Value
METALS & MINING — 1.96%
Mineros SA		409,786	$	335,838
				335,838
OIL, GAS & CONSUMABLE FUELS — 9.32%
Canacol Energy Ltd.a,b		155,688		459,617
Ecopetrol SAa		1,664,234		751,720
Empresas COPEC SA		36,400		381,822
				1,593,159
TOTAL COMMON STOCKS
(Cost: $10,843,609)				11,966,229
PREFERRED STOCKS — 29.88%
AIRLINES — 2.76%
Avianca Holdings SA		490,984		471,268
				471,268
BANKS — 19.70%
Banco Davivienda SA		74,958		761,802
Bancolombia SA		232,284		2,169,950
Grupo Aval Acciones y Valores SA		1,124,370		436,690
				3,368,442
CONSTRUCTION MATERIALS — 4.29%
Cementos Argos SA		80,184		295,784
Grupo Argos SA/Colombia		68,406		438,663
				734,447
DIVERSIFIED FINANCIAL SERVICES — 3.13%
Grupo de Inversiones Suramericana SA		44,044		535,036
				535,036
TOTAL PREFERRED STOCKS
(Cost: $4,635,169)				5,109,193
SHORT-TERM INVESTMENTS — 2.51%
MONEY MARKET FUNDS — 2.51%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		398,379		398,538
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		30,700		30,700
				429,238
TOTAL SHORT-TERM INVESTMENTS
(Cost: $429,091)				429,238

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI COLOMBIA CAPPED ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 102.37%
(Cost: $15,907,869)f	$	17,504,660
Other Assets, Less Liabilities — (2.37)%		(405,507	)
NET ASSETS — 100.00%	$	17,099,153

^a Non-income earning security.

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

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $21,237,358. Net unrealized depreciation was $3,732,698, of which $1,714,211 represented gross unrealized appreciation on securities and $5,446,909 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	11,966,229	$	—	$	—	$	11,966,229
Preferred stocks		5,109,193		—		—		5,109,193
Money market funds		429,238		—		—		429,238
Total	$	17,504,660	$	—	$	—	$	17,504,660

See notes to financial statements.

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI ISRAEL CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.75%
AEROSPACE & DEFENSE — 2.52%
Elbit Systems Ltd.		23,587	$	2,789,386
				2,789,386
AIRLINES — 0.11%
El Al Israel Airlines		178,133		126,934
				126,934
BANKS — 15.12%
Bank Hapoalim BM		1,002,222		6,180,777
Bank Leumi le-Israel BMa		1,165,558		5,110,102
First International Bank of Israel Ltd.b		45,285		709,697
Israel Discount Bank Ltd. Class Aa		1,083,928		2,399,928
Mizrahi Tefahot Bank Ltd.		141,738		2,367,297
				16,767,801
BUILDING PRODUCTS — 0.72%
Caesarstone Ltd.a		23,969		800,565
				800,565
CHEMICALS — 4.71%
Frutarom Industries Ltd.		39,343		2,232,856
Israel Chemicals Ltd.		520,947		2,218,135
Israel Corp. Ltd. (The)a		4,268		771,342
				5,222,333
COMMUNICATIONS EQUIPMENT — 1.25%
Ituran Location and Control Ltd.		22,597		632,716
Radware Ltd.a,b		48,838		754,547
				1,387,263
CONSTRUCTION & ENGINEERING — 1.39%
Electra Ltd./Israel		2,692		519,350
Shapir Engineering and Industry Ltd.		155,064		400,407
Shikun & Binui Ltd.		271,888		618,345
				1,538,102
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.54%
B Communications Ltd.		17,811		352,277
Bezeq The Israeli Telecommunication Corp. Ltd.		1,998,630		3,568,688
				3,920,965
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.29%
Orbotech Ltd.a		47,343		1,427,391
				1,427,391

Security	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.60%
REIT 1 Ltd.		213,629	$	669,590
				669,590
FOOD & STAPLES RETAILING — 0.85%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		9,918		441,641
Shufersal Ltd.		112,301		505,930
				947,571
FOOD PRODUCTS — 0.81%
Strauss Group Ltd.		51,282		893,276
				893,276
HEALTH CARE EQUIPMENT & SUPPLIES — 0.13%
Mazor Robotics Ltd.a		12,248		142,388
				142,388
HOUSEHOLD DURABLES — 0.31%
SodaStream International Ltd.a		7,159		348,930
				348,930
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.31%
Kenon Holdings Ltd./Singaporea		29,658		338,432
				338,432
INSURANCE — 2.80%
Clal Insurance Enterprises Holdings Ltd.a		30,395		475,509
Harel Insurance Investments & Financial Services Ltd.		134,906		735,622
IDI Insurance Co. Ltd.		9,203		471,488
Menora Mivtachim Holdings Ltd.a		41,510		453,266
Migdal Insurance & Financial Holding Ltd.a,b		537,261		533,379
Phoenix Holdings Ltd. (The)a		105,651		434,177
				3,103,441
INTERNET SOFTWARE & SERVICES — 1.54%
Wix.com Ltd.a,b		27,350		1,703,905
				1,703,905
IT SERVICES — 0.52%
Formula Systems 1985 Ltd.		3,275		133,149
Matrix IT Ltd.		53,185		447,798
				580,947
MACHINERY — 0.47%
Kornit Digital Ltd.a		32,414		525,107
				525,107

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ISRAEL CAPPED ETF

February 28, 2017

Security	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 3.65%
Delek Group Ltd.b		4,780	$	1,140,671
Jerusalem Oil Explorationa		11,689		623,598
Naphtha Israel Petroleum Corp. Ltd.a		58,563		415,856
Oil Refineries Ltd.b		1,519,000		610,054
Paz Oil Co. Ltd.		7,766		1,256,111
				4,046,290
PHARMACEUTICALS — 23.57%
Neuroderm Ltd.a,b		22,583		522,796
Taro Pharmaceutical Industries Ltd.a,b		10,808		1,295,987
Teva Pharmaceutical Industries Ltd. ADR		694,285		24,313,861
				26,132,644
REAL ESTATE MANAGEMENT & DEVELOPMENT — 7.85%
Africa Israel Properties Ltd.a		21,406		426,312
Airport City Ltd.a		71,501		871,096
Alony Hetz Properties & Investments Ltd.		115,826		1,046,803
Amot Investments Ltd.		152,179		705,233
Azrieli Group Ltd.		43,642		2,171,131
Bayside Land Corp.		1,153		455,778
Big Shopping Centers Ltd.		1,985		143,192
Blue Square Real Estate Ltd.		3,283		147,001
Gazit-Globe Ltd.		110,180		1,147,109
Jerusalem Economy Ltd.a		59,632		140,713
Melisron Ltd.		20,653		1,028,576
Norstar Holdings Inc.		20,443		425,168
				8,708,112
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.76%
Tower Semiconductor Ltd.a		84,612		1,952,183
				1,952,183
SOFTWARE — 21.66%
Check Point Software Technologies Ltd.a,b		116,423		11,515,399
CyberArk Software Ltd.a		20,350		1,029,303
Mobileye NVa,b		150,859		6,867,102
Nice Ltd.		58,628		4,073,022
Sapiens International Corp. NV		37,532		533,034
				24,017,860

Security	Shares		Value
SPECIALTY RETAIL — 0.48%
Delek Automotive Systems Ltd.		54,828	$	532,722
				532,722
TEXTILES, APPAREL & LUXURY GOODS — 0.38%
Delta-Galil Industries Ltd.b		14,733		421,313
				421,313
WIRELESS TELECOMMUNICATION SERVICES — 1.41%
Cellcom Israel Ltd.a		69,356		764,949
Partner Communications Co. Ltd.a		126,953		800,714
				1,565,663
TOTAL COMMON STOCKS
(Cost: $114,133,740)				110,611,114
SHORT-TERM INVESTMENTS — 19.54%
MONEY MARKET FUNDS — 19.54%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		21,641,744		21,650,401
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		14,703		14,703
				21,665,104
TOTAL SHORT-TERM INVESTMENTS
(Cost: $21,661,296)				21,665,104
TOTAL INVESTMENTS IN SECURITIES — 119.29%
(Cost: $135,795,036)f				132,276,218
Other Assets, Less Liabilities — (19.29)%				(21,388,867	)
NET ASSETS — 100.00%			$	110,887,351

ADR  —  American Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $137,633,821. Net unrealized depreciation was $5,357,603, of which $11,537,588 represented gross unrealized appreciation on securities and $16,895,191 represented gross unrealized depreciation on securities.

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ISRAEL CAPPED ETF

February 28, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	110,611,114	$	—	$	—	$	110,611,114
Money market funds		21,665,104		—		—		21,665,104
Total	$	132,276,218	$	—	$	—	$	132,276,218

See notes to financial statements.

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited)

iSHARES^® MSCI RUSSIA CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 93.48%
BANKS — 19.42%
Sberbank of Russia PJSC		11,591,520	$	31,019,819
Sberbank of Russia PJSC ADR		3,038,965		33,155,108
VTB Bank PJSC		7,767,195,000		8,841,666
VTB Bank PJSC GDRa		4,644,755		10,399,607
				83,416,200
CAPITAL MARKETS — 2.74%
Moscow Exchange MICEX-RTS PJSC		5,528,800		11,743,304
				11,743,304
CHEMICALS — 1.70%
PhosAgro PJSC GDRa		528,246		7,289,795
				7,289,795
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.68%
Rostelecom PJSC		5,372,150		7,225,840
				7,225,840
ELECTRIC UTILITIES — 3.84%
Inter RAO UES PJSC		111,411,899		7,568,068
RusHydro PJSC		540,961,000		8,904,582
				16,472,650
FOOD & STAPLES RETAILING — 4.70%
Magnit PJSC GDRa		554,053		20,200,772
				20,200,772
METALS & MINING — 10.78%
Alrosa PJSC		9,319,700		14,752,354
MMC Norilsk Nickel PJSC		124,160		19,708,796
Severstal PJSC		828,015		11,838,654
				46,299,804
OIL, GAS & CONSUMABLE FUELS — 44.02%
Gazprom PJSC		19,420,287		43,877,910
Gazprom PJSC ADR		4,626,559		20,636,766
Lukoil PJSC		845,551		44,674,987
Lukoil PJSC ADR		239,564		12,696,892
Novatek PJSC GDRa		153,827		19,920,596
Rosneft Oil Co. PJSC		1,363,360		7,766,798
Rosneft Oil Co. PJSC GDRa		1,919,066		10,881,104
Surgutneftegas OJSC		12,449,000		6,201,466
Surgutneftegas OJSC ADR		650,464		3,278,339
Tatneft PJSC Class S		3,280,865		19,133,993
				189,068,851

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 4.60%
Mobile TeleSystems PJSC ADR		1,433,899	$	14,726,143
Sistema PJSC FC GDRa		565,172		5,035,682
				19,761,825
TOTAL COMMON STOCKS (Cost: $407,554,371)				401,479,041
PREFERRED STOCKS — 6.40%
OIL, GAS & CONSUMABLE FUELS — 6.40%
Surgutneftegas OJSC		18,308,400		9,988,180
Transneft PJSC		5,637		17,513,057
				27,501,237
TOTAL PREFERRED STOCKS (Cost: $24,779,290)				27,501,237
SHORT-TERM INVESTMENTS — 0.19%
MONEY MARKET FUNDS — 0.19%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%b,c		807,380		807,380
				807,380
TOTAL SHORT-TERM INVESTMENTS (Cost: $807,380)				807,380
TOTAL INVESTMENTS IN SECURITIES — 100.07%
(Cost: $433,141,041)d				429,787,658
Other Assets, Less Liabilities — (0.07)%				(313,559	)
NET ASSETS — 100.00%			$	429,474,099

ADR   —  American Depositary Receipts

GDR   —  Global Depositary Receipts

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

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $460,129,857. Net unrealized depreciation was $30,342,199, of which $36,955,254 represented gross unrealized appreciation on securities and $67,297,453 represented gross unrealized depreciation on securities.

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI RUSSIA CAPPED ETF

February 28, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	401,479,041	$	—	$	—	$	401,479,041
Preferred stocks		27,501,237		—		—		27,501,237
Money market funds		807,380		—		—		807,380
Total	$	429,787,658	$	—	$	—	$	429,787,658

See notes to financial statements.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited)

iSHARES^® MSCI SOUTH AFRICA ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.93%
BANKS — 8.53%
Barclays Africa Group Ltd.		583,128	$	6,774,182
Capitec Bank Holdings Ltd.a		55,678		3,086,127
Nedbank Group Ltd.		272,756		5,108,962
Standard Bank Group Ltd.		1,780,272		19,491,801
				34,461,072
CAPITAL MARKETS — 1.65%
Brait SEb		465,974		2,622,707
Coronation Fund Managers Ltd.		312,091		1,606,267
Investec Ltd.		348,687		2,457,870
				6,686,844
CHEMICALS — 5.37%
Sasol Ltd.		761,538		21,716,642
				21,716,642
DISTRIBUTORS — 0.65%
Imperial Holdings Ltd.		206,804		2,641,969
				2,641,969
DIVERSIFIED FINANCIAL SERVICES — 9.20%
FirstRand Ltd.		4,629,165		17,596,490
PSG Group Ltd.		126,937		2,440,044
Remgro Ltd.		727,978		12,427,942
RMB Holdings Ltd.		970,667		4,705,657
				37,170,133
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.47%
Telkom SA SOC Ltd.		362,064		1,886,996
				1,886,996
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.77%
Fortress Income Fund Ltd.		1,078,817		2,875,196
Fortress Income Fund Ltd. Class A		1,342,390		1,785,748
Growthpoint Properties Ltd.		2,914,034		5,899,359
Hyprop Investments Ltd.		341,887		3,279,031
Redefine Properties Ltd.		6,899,631		5,733,868
Resilient REIT Ltd.		408,049		3,743,569
				23,316,771
FOOD & STAPLES RETAILING — 6.40%
Bid Corp. Ltd.		461,431		9,276,950
Massmart Holdings Ltd.		148,991		1,706,676
Pick n Pay Stores Ltd.		504,034		2,676,236
Shoprite Holdings Ltd.		592,730		8,576,005
SPAR Group Ltd. (The)		265,279		3,620,207
				25,856,074

Security	Shares		Value
FOOD PRODUCTS — 2.32%
Pioneer Foods Group Ltd.		175,792	$	2,200,625
Tiger Brands Ltd.		224,651		7,179,214
				9,379,839
HEALTH CARE PROVIDERS & SERVICES — 1.64%
Life Healthcare Group Holdings Ltd.		1,344,191		3,443,719
Netcare Ltd.		1,307,783		3,179,472
				6,623,191
HOTELS, RESTAURANTS & LEISURE — 0.26%
Tsogo Sun Holdings Ltd.		506,397		1,071,254
				1,071,254
HOUSEHOLD DURABLES — 5.41%
Steinhoff International Holdings NV Class H		4,095,154		21,862,737
				21,862,737
INDUSTRIAL CONGLOMERATES — 1.29%
Bidvest Group Ltd. (The)		438,434		5,196,180
				5,196,180
INSURANCE — 5.31%
Discovery Ltd.		489,405		4,602,203
Liberty Holdings Ltd.		158,197		1,344,553
MMI Holdings Ltd./South Africa		1,407,738		2,647,581
Rand Merchant Investment Holdings Ltd.		920,114		2,827,873
Sanlam Ltd.		1,937,076		10,036,364
				21,458,574
MEDIA — 23.92%
Naspers Ltd. Class N		602,662		96,650,306
				96,650,306
METALS & MINING — 4.06%
Anglo American Platinum Ltd.b		74,089		1,719,114
AngloGold Ashanti Ltd.b		561,616		6,252,057
Gold Fields Ltd.		1,131,532		3,481,969
Impala Platinum Holdings Ltd.b		859,486		2,893,866
Sibanye Gold Ltd.		1,016,581		2,044,820
				16,391,826
MULTILINE RETAIL — 1.81%
Woolworths Holdings Ltd./South Africa		1,368,384		7,323,156
				7,323,156
OIL, GAS & CONSUMABLE FUELS — 0.50%
Exxaro Resources Ltd.		245,029		2,021,677
				2,021,677

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH AFRICA ETF

February 28, 2017

Security	Shares		Value
PAPER & FOREST PRODUCTS — 2.08%
Mondi Ltd.		162,915	$	3,743,184
Sappi Ltd.		744,494		4,656,502
				8,399,686
PHARMACEUTICALS — 2.69%
Aspen Pharmacare Holdings Ltd.		502,323		10,882,513
				10,882,513
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.92%
New Europe Property Investments PLC		330,791		3,735,308
				3,735,308
SPECIALTY RETAIL — 2.96%
Foschini Group Ltd. (The)		287,159		3,564,679
Mr. Price Group Ltd.		333,589		4,335,637
Truworths International Ltd.		608,282		4,054,283
				11,954,599
WIRELESS TELECOMMUNICATION SERVICES — 6.72%
MTN Group Ltd.		2,331,014		21,348,025
Vodacom Group Ltd.		511,745		5,799,385
				27,147,410
TOTAL COMMON STOCKS (Cost: $503,511,604)				403,834,757
SHORT-TERM INVESTMENTS — 0.78%
MONEY MARKET FUNDS — 0.78%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		3,068,022		3,069,249

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		61,845	$	61,845
				3,131,094
TOTAL SHORT-TERM INVESTMENTS (Cost: $3,130,167)				3,131,094
TOTAL INVESTMENTS IN SECURITIES — 100.71% (Cost: $506,641,771)f				406,965,851
Other Assets, Less Liabilities — (0.71)%				(2,861,306	)
NET ASSETS — 100.00%			$	404,104,545

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

^b  Non-income earning security.

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $527,124,814. Net unrealized depreciation was $120,158,963, of which $18,542,942 represented gross unrealized appreciation on securities and $138,701,905 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	403,834,757	$	—	$	—	$	403,834,757
Money market funds		3,131,094		—		—		3,131,094
Total	$	406,965,851	$	—	$	—	$	406,965,851

See notes to financial statements.

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited)

iSHARES^® MSCI TURKEY ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.92%
AIRLINES — 1.88%
Pegasus Hava Tasimaciligi ASa,b		287,329	$	1,200,768
Turk Hava Yollari AOa,b		4,417,648		6,649,123
				7,849,891
AUTO COMPONENTS — 0.31%
EGE Endustri VE Ticaret ASb		8,832		642,996
Goodyear Lastikleri TASb		650,248		657,848
				1,300,844
AUTOMOBILES — 3.15%
Ford Otomotiv Sanayi AS		562,028		5,673,576
Tofas Turk Otomobil Fabrikasi AS		1,000,814		7,498,656
				13,172,232
BANKS — 34.43%
Akbank TAS		17,615,387		42,198,069
Albaraka Turk Katilim Bankasi AS		2,167,678		734,988
Sekerbank TASa,b		1,852,729		607,770
Turkiye Garanti Bankasi AS		18,495,329		43,949,095
Turkiye Halk Bankasi AS		5,003,945		15,545,942
Turkiye Is Bankasi Class C		12,609,237		22,002,556
Turkiye Sinai Kalkinma Bankasi AS		6,583,379		2,685,908
Turkiye Vakiflar Bankasi Tao Class D		6,005,149		8,773,649
Yapi ve Kredi Bankasi ASa,b		6,960,280		7,386,999
				143,884,976
BEVERAGES — 3.58%
Anadolu Efes Biracilik ve Malt Sanayii AS		1,659,888		9,059,924
Coca-Cola Icecek AS		611,147		5,906,609
				14,966,533
BUILDING PRODUCTS — 0.53%
Trakya Cam Sanayii AS		2,613,138		2,225,879
				2,225,879
CAPITAL MARKETS — 0.19%
Verusa Holding ASb		196,620		785,916
				785,916
CHEMICALS — 2.42%
Gubre Fabrikalari TASb		664,236		904,545
Petkim Petrokimya Holding AS		5,403,925		6,435,372
Soda Sanayii AS		1,799,874		2,758,656
				10,098,573
CONSTRUCTION & ENGINEERING — 0.69%
Tekfen Holding ASb		1,331,363		2,895,703
				2,895,703

Security	Shares		Value
CONSTRUCTION MATERIALS — 1.19%
Adana Cimento Sanayii TAS Class A		423,889	$	792,251
Akcansa Cimento AS		384,245		1,534,819
Cimsa Cimento Sanayi VE Ticaret AS		431,467		2,041,011
Konya Cimento Sanayii ASb		7,729		620,860
				4,988,941
CONTAINERS & PACKAGING — 0.18%
Anadolu Cam Sanayii ASa		886,254		750,028
				750,028
DISTRIBUTORS — 0.27%
Dogus Otomotiv Servis ve Ticaret ASb		441,558		1,119,841
				1,119,841
DIVERSIFIED FINANCIAL SERVICES — 4.88%
Haci Omer Sabanci Holding AS		7,351,783		20,408,109
				20,408,109
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.60%
Turk Telekomunikasyon AS		4,202,871		6,673,431
				6,673,431
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.95%
Dogus Gayrimenkul Yatirim Ortakligi ASa,b		543,160		645,336
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		15,212,078		13,125,428
Is Gayrimenkul Yatirim Ortakligi ASb		3,412,088		1,457,916
Torunlar Gayrimenkul Yatirim Ortakligi AS		1,003,539		1,286,376
				16,515,056
FOOD & STAPLES RETAILING — 6.38%
BIM Birlesik Magazalar AS		1,701,731		24,581,184
Bizim Toptan Satis Magazalari ASb		159,232		513,567
Migros Ticaret ASa,b		285,839		1,552,274
				26,647,025
FOOD PRODUCTS — 1.65%
Pinar SUT Mamulleri Sanayii AS		143,539		638,241
Ulker Biskuvi Sanayi AS		1,232,102		6,273,273
				6,911,514
GAS UTILITIES — 0.53%
Aygaz AS		602,109		2,207,534
				2,207,534

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TURKEY ETF

February 28, 2017

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 0.22%
Selcuk Ecza Deposu Ticaret ve Sanayi AS		997,129	$	920,824
				920,824
HOTELS, RESTAURANTS & LEISURE — 0.40%
NET Holding ASa,b		2,202,353		1,681,695
				1,681,695
HOUSEHOLD DURABLES — 2.88%
Arcelik AS		1,893,571		10,899,152
Vestel Elektronik Sanayi ve Ticaret ASa,b		673,309		1,135,917
				12,035,069
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.67%
Aksa Enerji Uretim ASa,b		1,208,375		966,007
Zorlu Enerji Elektrik Uretim ASa,b		5,576,363		1,844,645
				2,810,652
INDUSTRIAL CONGLOMERATES — 7.36%
Alarko Holding ASb		629,066		799,425
Dogan Sirketler Grubu Holding ASa,b		8,327,431		1,629,859
Enka Insaat ve Sanayi AS		1		2
KOC Holding AS		5,076,674		20,753,964
Turkiye Sise ve Cam Fabrikalari AS		5,745,236		6,208,326
Yazicilar Holding ASb		321,119		1,364,110
				30,755,686
INSURANCE — 0.71%
Anadolu Anonim Turk Sigorta Sirketia		1,404,585		937,009
Anadolu Hayat Emeklilik AS		690,413		1,001,095
AvivaSA Emeklilik ve Hayat ASb		189,424		1,028,684
				2,966,788
MACHINERY — 0.61%
Otokar Otomotiv Ve Savunma Sanayi ASb		66,931		2,546,168
				2,546,168
MEDIA — 0.56%
Besiktas Futbol Yatirimlari Sanayi ve Ticaret ASa,b		963,184		1,502,818
Fenerbahce Futbol ASa,b		79,607		829,514
				2,332,332

Security	Shares		Value
METALS & MINING — 5.53%
Borusan Mannesmann Boru Sanayi ve Ticaret ASb		341,375	$	939,167
Eregli Demir ve Celik Fabrikalari TAS		11,209,914		18,355,632
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da		5,637,615		1,895,989
Koza Altin Isletmeleri ASa,b		367,271		1,906,416
				23,097,204
OIL, GAS & CONSUMABLE FUELS — 5.63%
Tupras Turkiye Petrol Rafinerileri AS		1,002,492		23,531,314
				23,531,314
PERSONAL PRODUCTS — 0.30%
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret ASb		1,375,284		1,266,250
				1,266,250
TEXTILES, APPAREL & LUXURY GOODS — 0.41%
Aksa Akrilik Kimya Sanayii AS		594,070		1,716,246
				1,716,246
TRANSPORTATION INFRASTRUCTURE — 1.31%
TAV Havalimanlari Holding AS		1,308,721		5,472,846
				5,472,846
WIRELESS TELECOMMUNICATION SERVICES — 5.52%
Turkcell Iletisim Hizmetleri ASa		7,046,018		23,074,951
				23,074,951
TOTAL COMMON STOCKS
(Cost: $633,491,678)				417,610,051
SHORT-TERM INVESTMENTS — 7.40%
MONEY MARKET FUNDS — 7.40%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		30,659,613		30,671,877
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		271,337		271,337
				30,943,214
TOTAL SHORT-TERM INVESTMENTS
(Cost: $30,931,643)				30,943,214

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TURKEY ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 107.32%
(Cost: $664,423,321)f	$	448,553,265
Other Assets, Less Liabilities — (7.32)%		(30,589,518	)
NET ASSETS — 100.00%	$	417,963,747

^a  Non-income earning security.

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

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $676,365,912. Net unrealized depreciation was $227,812,647, of which $1,022,458 represented gross unrealized appreciation on securities and $228,835,105 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	417,610,051	$	—	$	—	$	417,610,051
Money market funds		30,943,214		—		—		30,943,214
Total	$	448,553,265	$	—	$	—	$	448,553,265

See notes to financial statements.

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.83%
AEROSPACE & DEFENSE — 2.09%
Arconic Inc.		6,844	$	197,039
B/E Aerospace Inc.		3,336		212,170
Boeing Co. (The)		1,192		214,834
General Dynamics Corp.		1,101		208,981
Huntington Ingalls Industries Inc.		971		212,164
L3 Technologies Inc.		1,237		208,212
Lockheed Martin Corp.		785		209,265
Northrop Grumman Corp.		861		212,744
Raytheon Co.		1,357		209,182
Rockwell Collins Inc.		2,233		213,452
Textron Inc.		4,318		204,241
TransDigm Group Inc.		819		208,190
United Technologies Corp.		1,856		208,893
				2,719,367
AIR FREIGHT & LOGISTICS — 0.64%
CH Robinson Worldwide Inc.		2,627		211,132
Expeditors International of Washington Inc.		3,701		208,662
FedEx Corp.		1,078		208,033
United Parcel Service Inc. Class B		1,979		209,299
				837,126
AIRLINES — 0.64%
American Airlines Group Inc.		4,513		209,223
Delta Air Lines Inc.		4,105		204,963
Southwest Airlines Co.		3,609		208,600
United Continental Holdings Inc.a		2,772		205,377
				828,163
AUTO COMPONENTS — 0.80%
Autoliv Inc.		1,980		207,306
BorgWarner Inc.		4,888		206,225
Delphi Automotive PLC		2,746		209,053
Goodyear Tire & Rubber Co. (The)		5,815		203,816
Lear Corp.		1,462		207,589
				1,033,989
AUTOMOBILES — 0.62%
Ford Motor Co.		16,527		207,083
General Motors Co.		5,525		203,541
Harley-Davidson Inc.		3,633		204,829
Tesla Inc.a,b		765		191,242
				806,695
BANKS — 3.03%
Bank of America Corp.		8,433		208,126
BB&T Corp.		4,342		209,371

Security	Shares		Value
CIT Group Inc.		4,825	$	206,992
Citigroup Inc.		3,450		206,344
Citizens Financial Group Inc.		5,550		207,403
Comerica Inc.		2,903		206,926
Fifth Third Bancorp.		7,602		208,599
First Republic Bank/CA		2,184		204,925
Huntington Bancshares Inc./OH		14,733		208,325
JPMorgan Chase & Co.		2,296		208,064
KeyCorp		11,044		207,296
M&T Bank Corp.		1,245		207,878
People’s United Financial Inc.		10,860		208,512
PNC Financial Services Group Inc. (The)c		1,637		208,275
Regions Financial Corp.		13,646		208,374
Signature Bank/New York NYa		1,309		206,181
SunTrust Banks Inc.		3,497		208,037
U.S. Bancorp.		3,780		207,900
Wells Fargo & Co.		3,583		207,384
				3,944,912
BEVERAGES — 1.12%
Brown-Forman Corp. Class B		4,300		209,668
Coca-Cola Co. (The)		5,025		210,849
Constellation Brands Inc. Class A		1,305		207,247
Dr Pepper Snapple Group Inc.		2,218		207,250
Molson Coors Brewing Co. Class B		2,086		209,414
Monster Beverage Corp.a		4,758		197,171
PepsiCo Inc.		1,911		210,936
				1,452,535
BIOTECHNOLOGY — 2.15%
AbbVie Inc.		3,407		210,689
Alexion Pharmaceuticals Inc.a		1,598		209,738
Alkermes PLCa		3,923		221,649
Amgen Inc.		1,211		213,778
Biogen Inc.a		727		209,812
BioMarin Pharmaceutical Inc.a		2,328		218,669
Celgene Corp.a		1,753		216,513
Gilead Sciences Inc.		3,037		214,048
Incyte Corp.a		1,722		229,198
Regeneron Pharmaceuticals Inc.a		564		210,654
Seattle Genetics Inc.a,b		3,237		212,509
United Therapeutics Corp.a,b		1,422		210,058
Vertex Pharmaceuticals Inc.a		2,437		220,841
				2,798,156
BUILDING PRODUCTS — 0.64%
AO Smith Corp.		4,142		208,591
Fortune Brands Home & Security Inc.		3,674		212,467

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2017

Security	Shares		Value
Johnson Controls International PLC		4,957	$	207,897
Masco Corp.		6,176		208,625
				837,580
CAPITAL MARKETS — 3.64%
Affiliated Managers Group Inc.		1,234		207,226
Ameriprise Financial Inc.		1,599		210,268
Bank of New York Mellon Corp. (The)		4,420		208,359
BlackRock Inc.c		524		203,029
Charles Schwab Corp. (The)		5,037		203,545
CME Group Inc.		1,707		207,332
E*TRADE Financial Corp.a		5,596		193,118
Eaton Vance Corp. NVS		4,493		209,509
Franklin Resources Inc.		4,888		210,380
Goldman Sachs Group Inc. (The)		831		206,138
Intercontinental Exchange Inc.		3,619		206,753
Invesco Ltd.		6,268		201,767
Moody’s Corp.		1,841		205,032
Morgan Stanley		4,495		205,287
MSCI Inc.		2,202		208,287
Nasdaq Inc.		2,934		208,637
Northern Trust Corp.		2,390		208,766
Raymond James Financial Inc.		2,625		206,220
S&P Global Inc.		1,598		206,893
SEI Investments Co.		4,133		208,097
State Street Corp.		2,606		207,724
T Rowe Price Group Inc.		2,925		208,289
TD Ameritrade Holding Corp.		4,807		187,954
				4,728,610
CHEMICALS — 3.20%
Air Products & Chemicals Inc.		1,490		209,300
Albemarle Corp.		2,262		229,616
Ashland Global Holdings Inc.		1,697		204,760
Axalta Coating Systems Ltd.a		7,065		205,662
Celanese Corp. Series A		2,315		206,429
CF Industries Holdings Inc.		6,294		197,757
Dow Chemical Co. (The)		3,284		204,462
Eastman Chemical Co.		2,598		208,490
Ecolab Inc.		1,698		210,501
EI du Pont de Nemours & Co.		2,619		205,696
FMC Corp.		3,577		206,107
International Flavors & Fragrances Inc.		1,704		214,193
LyondellBasell Industries NV Class A		2,224		202,918
Monsanto Co.		1,877		213,659
Mosaic Co. (The)		6,311		196,840

Security	Shares		Value
PPG Industries Inc.		2,033	$	208,240
Praxair Inc.		1,775		210,710
Sherwin-Williams Co. (The)		668		206,105
Valspar Corp. (The)		1,879		208,982
WR Grace & Co.		2,922		206,994
				4,157,421
COMMERCIAL SERVICES & SUPPLIES — 0.80%
Cintas Corp.		1,760		207,698
Republic Services Inc.		3,389		209,949
Stericycle Inc.a		2,448		202,890
Waste Connections Inc.		2,411		210,697
Waste Management Inc.		2,863		209,915
				1,041,149
COMMUNICATIONS EQUIPMENT — 0.95%
Cisco Systems Inc.		6,133		209,626
F5 Networks Inc.a		1,443		206,739
Harris Corp.		1,893		208,041
Juniper Networks Inc.		7,327		205,156
Motorola Solutions Inc.		2,624		207,217
Palo Alto Networks Inc.a,b		1,346		204,457
				1,241,236
CONSTRUCTION & ENGINEERING — 0.32%
Fluor Corp.		3,694		204,611
Jacobs Engineering Group Inc.		3,681		207,645
				412,256
CONSTRUCTION MATERIALS — 0.32%
Martin Marietta Materials Inc.		955		206,232
Vulcan Materials Co.		1,740		209,862
				416,094
CONSUMER FINANCE — 0.96%
Ally Financial Inc.		9,027		203,017
American Express Co.		2,617		209,517
Capital One Financial Corp.		2,251		211,279
Discover Financial Services		2,937		208,938
Navient Corp.		13,479		207,712
Synchrony Financial		5,684		205,988
				1,246,451
CONTAINERS & PACKAGING — 1.13%
Avery Dennison Corp.		2,619		211,379
Ball Corp.		2,847		209,340
Crown Holdings Inc.a		3,930		210,609
International Paper Co.		4,036		212,697
Packaging Corp. of America		2,224		205,564
Sealed Air Corp.		4,381		203,629

32 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2017

Security	Shares		Value
WestRock Co.		3,930	$	211,120
				1,464,338
DISTRIBUTORS — 0.31%
Genuine Parts Co.		2,178		208,457
LKQ Corp.a		6,326		199,775
				408,232
DIVERSIFIED CONSUMER SERVICES — 0.16%
H&R Block Inc.		10,309		211,953
				211,953
DIVERSIFIED FINANCIAL SERVICES — 0.48%
Berkshire Hathaway Inc. Class Ba		1,233		211,361
Leucadia National Corp.		8,131		216,447
Voya Financial Inc.		4,896		201,862
				629,670
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.94%
AT&T Inc.		5,016		209,619
CenturyLink Inc.		8,420		204,269
Frontier Communications Corp.		62,403		182,841
Level 3 Communications Inc.a		3,606		206,443
Verizon Communications Inc.		4,209		208,893
Zayo Group Holdings Inc.a		6,624		208,788
				1,220,853
ELECTRIC UTILITIES — 2.65%
Alliant Energy Corp.		5,409		213,547
American Electric Power Co. Inc.		3,200		214,304
Duke Energy Corp.		2,617		216,033
Edison International		2,708		215,936
Entergy Corp.		2,836		217,408
Eversource Energy		3,629		212,877
Exelon Corp.		5,857		215,011
FirstEnergy Corp.		6,789		220,167
NextEra Energy Inc.		1,627		213,137
OGE Energy Corp.		5,981		220,280
PG&E Corp.		3,228		215,469
Pinnacle West Capital Corp.		2,622		215,502
PPL Corp.		5,775		212,982
Southern Co. (The)		4,267		216,849
Westar Energy Inc.		3,926		211,926
Xcel Energy Inc.		4,920		215,053
				3,446,481
ELECTRICAL EQUIPMENT — 0.95%
Acuity Brands Inc.		961		203,059
AMETEK Inc.		3,780		204,007
Eaton Corp. PLC		2,884		207,590

Security	Shares		Value
Emerson Electric Co.		3,382	$	203,258
Rockwell Automation Inc.		1,368		206,705
Sensata Technologies Holding NVa		4,990		204,840
				1,229,459
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.43%
Amphenol Corp. Class A		2,994		207,215
Arrow Electronics Inc.a		2,828		204,182
Avnet Inc.		4,494		207,083
CDW Corp./DE		3,489		205,502
Corning Inc.		7,537		208,096
Flex Ltd.a		12,473		205,680
FLIR Systems Inc.		5,700		209,247
TE Connectivity Ltd.		2,778		206,878
Trimble Inc.a		6,645		206,194
				1,860,077
ENERGY EQUIPMENT & SERVICES — 1.29%
Baker Hughes Inc.		3,452		208,087
Core Laboratories NV		1,853		212,020
Halliburton Co.		3,940		210,633
Helmerich & Payne Inc.		3,101		212,015
National Oilwell Varco Inc.		5,368		216,975
Schlumberger Ltd.		2,623		210,784
TechnipFMC PLCa		6,395		206,686
Weatherford International PLCa,b		36,550		206,873
				1,684,073
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.09%
Alexandria Real Estate Equities Inc.		1,765		210,582
American Tower Corp.		1,883		216,150
AvalonBay Communities Inc.		1,156		212,450
Boston Properties Inc.b		1,508		209,657
Brixmor Property Group Inc.		8,813		205,695
Camden Property Trust		2,528		213,995
Colony NorthStar Inc. Class A		14,649		215,047
Crown Castle International Corp.		2,308		215,867
Digital Realty Trust Inc.b		2,016		217,728
Duke Realty Corp.		8,263		211,863
Equinix Inc.		560		210,599
Equity Residential		3,376		212,924
Essex Property Trust Inc.		911		213,812
Extra Space Storage Inc.		2,682		212,388
Federal Realty Investment Trust		1,477		207,858
GGP Inc.		8,195		203,728
HCP Inc.		6,594		216,217

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2017

Security	Shares		Value
Host Hotels & Resorts Inc.		11,393	$	204,960
Iron Mountain Inc.		5,629		204,614
Kimco Realty Corp.		8,586		208,211
Liberty Property Trust		5,367		211,675
Macerich Co. (The)b		3,106		209,282
Mid-America Apartment Communities Inc.		2,083		213,987
National Retail Properties Inc.		4,670		211,271
Prologis Inc.		4,152		211,960
Public Storage		924		210,173
Realty Income Corp.		3,419		209,516
Regency Centers Corp.		4,364		307,007
SBA Communications Corp.a		1,872		216,721
Simon Property Group Inc.		1,132		208,741
SL Green Realty Corp.		1,863		209,923
UDR Inc.		5,870		214,255
Ventas Inc.		3,333		216,812
VEREIT Inc.		23,544		213,544
Vornado Realty Trust		1,903		209,083
Welltower Inc.		3,088		217,333
Weyerhaeuser Co.		6,192		208,794
				7,924,422
FOOD & STAPLES RETAILING — 1.28%
Costco Wholesale Corp.		1,184		209,781
CVS Health Corp.		2,608		210,152
Kroger Co. (The)		6,291		200,054
Rite Aid Corp.a		35,076		210,456
Sysco Corp.		3,963		208,929
Wal-Mart Stores Inc.		2,915		206,761
Walgreens Boots Alliance Inc.		2,423		209,299
Whole Foods Market Inc.		6,722		206,164
				1,661,596
FOOD PRODUCTS — 2.57%
Archer-Daniels-Midland Co.		4,659		218,833
Bunge Ltd.		2,631		215,347
Campbell Soup Co.		3,533		209,684
Conagra Brands Inc.		5,165		212,850
General Mills Inc.		3,450		208,277
Hershey Co. (The)		1,937		209,874
Hormel Foods Corp.		5,600		197,400
Ingredion Inc.		1,734		209,623
JM Smucker Co. (The)		1,485		210,469
Kellogg Co.		2,807		207,915
Kraft Heinz Co. (The)		2,240		204,982
McCormick & Co. Inc./MD		2,129		209,536

Security	Shares		Value
Mead Johnson Nutrition Co.		2,389	$	209,730
Mondelez International Inc. Class A		4,682		205,633
Tyson Foods Inc. Class A		3,307		206,886
WhiteWave Foods Co. (The)a		3,801		209,359
				3,346,398
GAS UTILITIES — 0.33%
Atmos Energy Corp.		2,707		211,931
UGI Corp.		4,379		211,199
				423,130
HEALTH CARE EQUIPMENT & SUPPLIES — 3.25%
Abbott Laboratories		4,644		209,351
Align Technology Inc.a		2,068		212,508
Baxter International Inc.		4,168		212,235
Becton Dickinson and Co.		1,149		210,324
Boston Scientific Corp.a		8,310		204,010
Cooper Companies Inc. (The)		1,072		213,478
CR Bard Inc.		859		210,661
Danaher Corp.		2,465		210,881
DENTSPLY SIRONA Inc.		3,353		212,983
DexCom Inc.a		2,661		207,984
Edwards Lifesciences Corp.a		2,267		213,189
Hologic Inc.a		5,192		210,691
IDEXX Laboratories Inc.a		1,470		213,062
Intuitive Surgical Inc.a		286		210,782
Medtronic PLC		2,625		212,389
ResMed Inc.		2,888		208,023
Stryker Corp.		1,642		211,095
Teleflex Inc.		1,136		217,180
Varian Medical Systems Inc.a,b		2,502		209,893
Zimmer Biomet Holdings Inc.		1,789		209,456
				4,220,175
HEALTH CARE PROVIDERS & SERVICES — 3.08%
Aetna Inc.		1,561		200,994
AmerisourceBergen Corp.		2,289		209,466
Anthem Inc.		1,281		211,135
Cardinal Health Inc.		2,578		209,772
Centene Corp.a		2,978		209,949
Cigna Corp.		1,417		210,991
DaVita Inc.a		3,026		210,035
Envision Healthcare Corp.a,b		2,935		205,450
Express Scripts Holding Co.a		2,956		208,841
HCA Holdings Inc.a		2,433		212,255
Henry Schein Inc.a		1,210		207,588
Humana Inc.		1,016		214,630

34 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2017

Security	Shares		Value
Laboratory Corp. of America Holdingsa		1,504	$	213,959
McKesson Corp.		1,403		210,632
MEDNAX Inc.a,b		2,974		211,719
Patterson Companies Inc.		4,688		213,070
Quest Diagnostics Inc.		2,186		213,004
UnitedHealth Group Inc.		1,302		215,325
Universal Health Services Inc. Class B		1,689		212,138
				4,000,953
HEALTH CARE TECHNOLOGY — 0.16%
Cerner Corp.a,b		3,776		207,831
				207,831
HOTELS, RESTAURANTS & LEISURE — 2.57%
Aramark		5,820		208,007
Carnival Corp.		3,770		210,932
Chipotle Mexican Grill Inc.a,b		489		204,764
Darden Restaurants Inc.		2,772		207,013
Domino’s Pizza Inc.		1,146		217,522
Hilton Worldwide Holdings Inc.		3,614		206,721
Las Vegas Sands Corp.		4,022		212,965
Marriott International Inc./MD Class A		2,384		207,384
McDonald’s Corp.		1,637		208,963
MGM Resorts Internationala		7,900		207,691
Norwegian Cruise Line Holdings Ltd.a		4,049		205,284
Royal Caribbean Cruises Ltd.		2,179		209,402
Starbucks Corp.		3,632		206,552
Wyndham Worldwide Corp.		2,484		206,768
Wynn Resorts Ltd.		2,207		212,203
Yum! Brands Inc.		3,163		206,607
				3,338,778
HOUSEHOLD DURABLES — 1.62%
DR Horton Inc.		6,744		215,808
Garmin Ltd.		3,861		199,266
Harman International Industries Inc.		1,880		209,846
Leggett & Platt Inc.		4,267		209,851
Lennar Corp. Class A		4,419		215,603
Mohawk Industries Inc.a		929		210,288
Newell Brands Inc.		4,424		216,909
PulteGroup Inc.		9,629		212,320
Toll Brothers Inc.a		6,162		210,371
Whirlpool Corp.		1,155		206,271
				2,106,533

Security	Shares		Value
HOUSEHOLD PRODUCTS — 0.96%
Church & Dwight Co. Inc.		4,207	$	209,677
Clorox Co. (The)		1,538		210,414
Colgate-Palmolive Co.		2,845		207,628
Kimberly-Clark Corp.		1,550		205,453
Procter & Gamble Co. (The)		2,286		208,186
Spectrum Brands Holdings Inc.		1,534		208,194
				1,249,552
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.32%
AES Corp./VA		18,020		207,590
Calpine Corp.a		17,732		207,642
				415,232
INDUSTRIAL CONGLOMERATES — 0.64%
3M Co.		1,123		209,271
General Electric Co.		6,892		205,451
Honeywell International Inc.		1,671		208,039
Roper Technologies Inc.		1,006		210,455
				833,216
INSURANCE — 4.63%
Aflac Inc.		2,938		212,564
Alleghany Corp.a		219		141,430
Allstate Corp. (The)		2,594		213,123
American International Group Inc.		3,275		209,338
Aon PLC		1,809		209,211
Arch Capital Group Ltd.a		2,220		209,945
Arthur J Gallagher & Co.		3,719		211,797
Assurant Inc.		2,124		210,276
Axis Capital Holdings Ltd.		3,046		211,088
Chubb Ltd.		1,517		209,604
Cincinnati Financial Corp.		2,867		209,176
Everest Re Group Ltd.		634		149,079
FNF Group		5,487		210,317
Hartford Financial Services Group Inc. (The)		4,294		209,934
Lincoln National Corp.		2,916		204,586
Loews Corp.		4,436		208,403
Markel Corp.a		215		210,642
Marsh & McLennan Companies Inc.		2,867		210,667
MetLife Inc.		3,909		204,988
Principal Financial Group Inc.		3,320		207,633
Progressive Corp. (The)		5,382		210,867
Prudential Financial Inc.		1,892		209,142
Reinsurance Group of America Inc.		1,265		164,526

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2017

Security	Shares		Value
RenaissanceRe Holdings Ltd.		759	$	112,059
Torchmark Corp.		2,698		209,176
Travelers Companies Inc. (The)		1,715		209,642
Unum Group		4,327		211,287
Willis Towers Watson PLC		1,646		211,396
WR Berkley Corp.		2,938		208,657
XL Group Ltd.		5,076		205,527
				6,016,080
INTERNET & DIRECT MARKETING RETAIL — 0.94%
Amazon.com Inc.a		244		206,190
Expedia Inc.		1,734		206,415
Liberty Interactive Corp. QVC Group Series Aa		10,179		192,180
Netflix Inc.a		1,453		206,515
Priceline Group Inc. (The)a		127		218,964
TripAdvisor Inc.a		4,590		190,347
				1,220,611
INTERNET SOFTWARE & SERVICES — 1.60%
Akamai Technologies Inc.a,b		3,318		207,707
Alphabet Inc. Class Aa		123		103,926
Alphabet Inc. Class Ca		128		105,371
CoStar Group Inc.a		995		202,164
eBay Inc.a		6,182		209,570
Facebook Inc. Class Aa		1,536		208,190
MercadoLibre Inc.		1,043		219,937
Twitter Inc.a,b		13,001		205,026
VeriSign Inc.a,b		2,543		209,721
Yahoo! Inc.a		4,547		207,616
Zillow Group Inc. Class Ca,b		5,812		197,259
				2,076,487
IT SERVICES — 3.38%
Accenture PLC Class A		1,711		209,597
Alliance Data Systems Corp.		872		211,879
Automatic Data Processing Inc.		2,081		213,552
Broadridge Financial Solutions Inc.		3,036		210,486
Cognizant Technology Solutions Corp. Class Aa		3,558		210,883
Computer Sciences Corp.		2,956		202,663
Fidelity National Information Services Inc.		2,524		207,649
First Data Corp. Class Aa,b		12,721		204,808
Fiserv Inc.a		1,837		211,990
FleetCor Technologies Inc.a		1,252		212,840
Gartner Inc.a		2,040		210,548

Security	Shares		Value
Global Payments Inc.		2,656	$	211,657
International Business Machines Corp.		1,154		207,512
MasterCard Inc. Class A		1,910		210,979
Paychex Inc.		3,507		215,400
PayPal Holdings Inc.a		4,922		206,724
Sabre Corp.		9,647		211,366
Total System Services Inc.		3,800		207,024
Vantiv Inc. Class Aa		3,200		209,216
Visa Inc. Class A		2,381		209,385
Western Union Co. (The)		10,458		205,395
				4,401,553
LEISURE PRODUCTS — 0.47%
Hasbro Inc.		2,115		204,880
Mattel Inc.		8,112		208,722
Polaris Industries Inc.b		2,359		201,010
				614,612
LIFE SCIENCES TOOLS & SERVICES — 0.97%
Agilent Technologies Inc.		4,071		208,842
Illumina Inc.a		1,288		215,611
Mettler-Toledo International Inc.a,b		441		210,013
Quintiles IMS Holdings Inc.a		2,703		209,185
Thermo Fisher Scientific Inc.		1,323		208,611
Waters Corp.a		1,352		209,547
				1,261,809
MACHINERY — 2.86%
AGCO Corp.		3,317		202,072
Caterpillar Inc.		2,129		205,789
Cummins Inc.		1,373		203,877
Deere & Co.		1,903		208,360
Dover Corp.		2,583		206,898
Flowserve Corp.		4,297		199,596
Fortive Corp.		3,624		208,924
Illinois Tool Works Inc.		1,606		212,008
Ingersoll-Rand PLC		2,565		203,558
Middleby Corp. (The)a		1,515		210,146
PACCAR Inc.		3,072		205,240
Parker-Hannifin Corp.		1,342		207,795
Pentair PLC		3,549		206,055
Snap-on Inc.		1,223		207,506
Stanley Black & Decker Inc.		1,642		208,780
WABCO Holdings Inc.a		1,850		207,718
Wabtec Corp./DE		2,607		208,873
Xylem Inc./NY		4,333		208,504
				3,721,699

36 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2017

Security	Shares		Value
MEDIA — 3.02%
CBS Corp. Class B NVS		3,114	$	205,275
Charter Communications Inc. Class Aa		642		207,404
Comcast Corp. Class A		5,510		206,184
Discovery Communications Inc. Class Aa,b		2,961		85,158
Discovery Communications Inc. Class C NVSa		4,294		120,532
DISH Network Corp. Class Aa		3,350		207,700
Interpublic Group of Companies Inc. (The)		8,468		204,079
Liberty Broadband Corp. Class Ca,b		2,423		208,233
Liberty Global PLC Series Aa		1,674		59,762
Liberty Global PLC Series C NVSa		4,145		145,448
Liberty Global PLC LiLAC Class Ca		7,928		194,949
Liberty Media Corp.-Liberty SiriusXM Class Aa		1,709		67,215
Liberty Media Corp.-Liberty SiriusXM Class Ca		3,660		142,484
News Corp. Class A		15,730		201,659
Omnicom Group Inc.		2,452		208,665
Scripps Networks Interactive Inc. Class A		2,535		204,752
Sirius XM Holdings Inc.b		40,594		206,623
TEGNA Inc.		8,463		216,907
Time Warner Inc.		2,170		213,116
Twenty-First Century Fox Inc. Class A		4,889		146,279
Twenty-First Century Fox Inc. Class B		2,021		59,316
Viacom Inc. Class B NVS		4,697		204,085
Walt Disney Co. (The)		1,898		208,951
				3,924,776
METALS & MINING — 0.47%
Freeport-McMoRan Inc.a		15,227		204,042
Newmont Mining Corp.		5,807		198,832
Nucor Corp.		3,306		206,856
				609,730
MORTGAGE REAL ESTATE INVESTMENT — 0.33%
AGNC Investment Corp.		10,720		210,434
Annaly Capital Management Inc.		19,180		212,898
				423,332

Security	Shares		Value
MULTI-UTILITIES — 1.82%
Ameren Corp.		3,873	$	211,814
CenterPoint Energy Inc.		7,868		214,954
CMS Energy Corp.		4,777		212,672
Consolidated Edison Inc.		2,787		214,711
Dominion Resources Inc./VA		2,775		215,451
DTE Energy Co.		2,101		212,999
NiSource Inc.		9,052		216,433
Public Service Enterprise Group Inc.		4,722		217,118
SCANA Corp.		3,077		213,390
Sempra Energy		1,951		215,176
WEC Energy Group Inc.		3,579		215,706
				2,360,424
MULTILINE RETAIL — 0.95%
Dollar General Corp.		2,702		197,300
Dollar Tree Inc.a		2,661		204,045
Kohl’s Corp.		5,003		213,228
Macy’s Inc.		6,460		214,601
Nordstrom Inc.		4,609		215,056
Target Corp.		3,171		186,360
				1,230,590
OIL, GAS & CONSUMABLE FUELS — 5.65%
Anadarko Petroleum Corp.		3,176		205,328
Antero Resources Corp.a		8,519		204,286
Apache Corp.		3,807		200,210
Cabot Oil & Gas Corp.		9,250		202,575
Cheniere Energy Inc.a		4,427		212,717
Chevron Corp.		1,894		213,075
Cimarex Energy Co.		1,629		204,798
Concho Resources Inc.a		1,587		210,198
ConocoPhillips		4,438		211,116
Continental Resources Inc./OKa,b		4,591		207,513
Devon Energy Corp.		4,777		207,131
Diamondback Energy Inc.a		2,049		206,662
Enbridge Inc. New		0		2
EOG Resources Inc.		2,144		207,947
EQT Corp.		3,452		206,740
Exxon Mobil Corp.		2,583		210,050
Hess Corp.		4,054		208,538
HollyFrontier Corp.		7,234		211,811
Kinder Morgan Inc./DE		9,719		207,112
Marathon Oil Corp.		13,265		212,240
Marathon Petroleum Corp.		4,197		208,171
Murphy Oil Corp.		7,533		213,109
Newfield Exploration Co.a		5,352		195,134

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2017

Security	Shares		Value
Noble Energy Inc.		5,701	$	207,573
Occidental Petroleum Corp.		3,172		207,925
ONEOK Inc.		3,906		211,119
Parsley Energy Inc. Class Aa		6,928		210,542
Phillips 66		2,668		208,611
Pioneer Natural Resources Co.		1,111		206,613
Plains GP Holdings LP Class A		9,667		317,754
Range Resources Corp.		6,986		192,953
Southwestern Energy Co.a		24,402		183,259
Targa Resources Corp.		3,663		206,959
Tesoro Corp.		2,376		202,411
Valero Energy Corp.		3,167		215,198
Williams Companies Inc. (The)		7,467		211,615
				7,348,995
PERSONAL PRODUCTS — 0.46%
Coty Inc. Class A		11,096		208,383
Edgewell Personal Care Co.a		2,559		188,957
Estee Lauder Companies Inc. (The) Class A		2,483		205,716
				603,056
PHARMACEUTICALS — 1.76%
Allergan PLC		849		207,852
Bristol-Myers Squibb Co.		3,777		214,194
Eli Lilly & Co.		2,578		213,484
Jazz Pharmaceuticals PLCa		1,549		205,428
Johnson & Johnson		1,749		213,745
Mallinckrodt PLCa		3,856		202,132
Merck & Co. Inc.		3,202		210,916
Mylan NVa		4,977		208,288
Perrigo Co. PLC		2,486		185,878
Pfizer Inc.		6,237		212,806
Zoetis Inc.		3,914		208,655
				2,283,378
PROFESSIONAL SERVICES — 1.12%
Dun & Bradstreet Corp. (The)		1,929		203,587
Equifax Inc.		1,625		213,054
IHS Markit Ltd.a		5,193		206,681
ManpowerGroup Inc.		2,142		207,860
Nielsen Holdings PLC		4,658		206,629
Robert Half International Inc.		4,333		209,024
Verisk Analytics Inc. Class Aa		2,542		210,782
				1,457,617
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.32%
CBRE Group Inc. Class Aa		5,874		209,232
Jones Lang LaSalle Inc.		1,808		207,378
				416,610

Security	Shares		Value
ROAD & RAIL — 0.96%
AMERCO		545	$	210,534
CSX Corp.		4,320		209,779
JB Hunt Transport Services Inc.		2,131		209,200
Kansas City Southern		2,384		211,294
Norfolk Southern Corp.		1,710		206,961
Union Pacific Corp.		1,920		207,245
				1,255,013
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.85%
Advanced Micro Devices Inc.a		14,640		211,694
Analog Devices Inc.		2,547		208,676
Applied Materials Inc.		5,726		207,396
Broadcom Ltd.		976		205,868
Intel Corp.		5,796		209,815
KLA-Tencor Corp.		2,316		208,718
Lam Research Corp.		1,763		208,986
Linear Technology Corp.		3,232		208,723
Marvell Technology Group Ltd.		12,841		200,320
Maxim Integrated Products Inc.		4,610		204,223
Microchip Technology Inc.		2,862		207,552
Micron Technology Inc.a		8,803		206,342
NVIDIA Corp.		1,888		191,594
Qorvo Inc.a		3,095		204,579
QUALCOMM Inc.		3,662		206,830
Skyworks Solutions Inc.		2,162		204,979
Texas Instruments Inc.		2,707		207,410
Xilinx Inc.		3,495		205,576
				3,709,281
SOFTWARE — 3.67%
Activision Blizzard Inc.		4,622		208,591
Adobe Systems Inc.a		1,750		207,095
ANSYS Inc.a		2,068		220,780
Autodesk Inc.a		2,420		208,846
CA Inc.		6,488		209,368
Cadence Design Systems Inc.a		6,774		209,316
CDK Global Inc.		3,148		209,122
Citrix Systems Inc.a		2,607		205,823
Dell Technologies Inc. Class Va		3,228		204,946
Electronic Arts Inc.a		2,392		206,908
Fortinet Inc.a		5,614		209,683
Intuit Inc.		1,750		219,520
Microsoft Corp.		3,256		208,319
Nuance Communications Inc.a		12,275		209,043
Oracle Corp.		4,918		209,458

38 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2017

Security	Shares		Value
Red Hat Inc.a		2,468	$	204,375
salesforce.com inc.a		2,547		207,198
ServiceNow Inc.a		2,247		195,309
Splunk Inc.a,b		3,218		198,647
Symantec Corp.		7,309		208,818
Synopsys Inc.a		2,934		209,605
VMware Inc. Class Aa,b		2,279		204,859
Workday Inc. Class Aa		2,370		196,544
				4,772,173
SPECIALTY RETAIL — 3.16%
Advance Auto Parts Inc.		1,309		205,002
AutoNation Inc.a,b		4,384		201,226
AutoZone Inc.a		284		209,180
Bed Bath & Beyond Inc.		5,082		205,313
Best Buy Co. Inc.		4,573		201,806
CarMax Inc.a		3,095		199,751
Dick’s Sporting Goods Inc.		4,244		207,744
Foot Locker Inc.		2,943		222,697
Gap Inc. (The)		8,406		208,637
Home Depot Inc. (The)		1,439		208,526
L Brands Inc.		3,598		189,327
Lowe’s Companies Inc.		2,720		202,286
O’Reilly Automotive Inc.a		780		211,934
Ross Stores Inc.		3,028		207,660
Signet Jewelers Ltd.		2,840		180,596
Staples Inc.		22,053		198,256
Tiffany & Co.		2,368		217,548
TJX Companies Inc. (The)		2,738		214,796
Tractor Supply Co.		2,891		205,001
Ulta Salon Cosmetics & Fragrance Inc.a		753		205,893
				4,103,179
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.14%
Apple Inc.		1,525		208,910
Hewlett Packard Enterprise Co.		8,438		192,555
HP Inc.		12,903		224,125
NetApp Inc.		5,137		214,881
Seagate Technology PLC		4,415		212,759
Western Digital Corp.		2,807		215,802
Xerox Corp.		28,023		208,491
				1,477,523
TEXTILES, APPAREL & LUXURY GOODS — 1.41%
Coach Inc.		5,411		206,105
Hanesbrands Inc.		9,828		196,658

Security	Shares		Value
lululemon athletica Inc.a,b		3,121	$	203,677
Michael Kors Holdings Ltd.a		5,514		201,261
NIKE Inc. Class B		3,589		205,147
PVH Corp.		2,288		209,581
Ralph Lauren Corp.		2,676		212,287
Under Armour Inc. Class Aa,b		4,987		102,832
Under Armour Inc. Class Ca		5,077		94,229
VF Corp.		3,907		204,922
				1,836,699
THRIFTS & MORTGAGE FINANCE — 0.16%
New York Community Bancorp. Inc.		13,619		208,098
				208,098
TOBACCO — 0.49%
Altria Group Inc.		2,841		212,848
Philip Morris International Inc.		2,000		218,700
Reynolds American Inc.		3,430		211,185
				642,733
TRADING COMPANIES & DISTRIBUTORS — 0.47%
Fastenal Co.		4,110		205,623
United Rentals Inc.a		1,632		208,945
WW Grainger Inc.		812		201,344
				615,912
TRANSPORTATION INFRASTRUCTURE — 0.16%
Macquarie Infrastructure Corp.		2,718		209,123
				209,123
WATER UTILITIES — 0.17%
American Water Works Co. Inc.		2,791		217,698
				217,698
WIRELESS TELECOMMUNICATION SERVICES — 0.31%
Sprint Corp.a		22,505		198,269
T-Mobile U.S. Inc.a		3,314		207,225
				405,494
TOTAL COMMON STOCKS
(Cost: $116,970,974)				129,808,977
SHORT-TERM INVESTMENTS — 3.36%
MONEY MARKET FUNDS — 3.36%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		4,185,346		4,187,020
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		183,368		183,368
				4,370,388
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,369,391)				4,370,388

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 103.19%
(Cost: $121,340,365)g	$	134,179,365
Other Assets, Less Liabilities — (3.19)%		(4,154,032	)
NET ASSETS — 100.00%	$	130,025,333

NVS  —  Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Schedule 1.

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $122,011,415. Net unrealized appreciation was $12,167,950, of which $14,520,512 represented gross unrealized appreciation on securities and $2,352,562 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the six months ended February 28, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
BlackRock Inc.		326		203		(5	)		524	$	203,029	$	879	$	(11	)
PNC Financial Services Group Inc. (The)		1,397		764		(524	)		1,637		208,275		1,538		5,211
										$	411,304	$	2,417	$	5,200

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	129,808,977	$	—	$	—	$	129,808,977
Money market funds		4,370,388		—		—		4,370,388
Total	$	134,179,365	$	—	$	—	$	134,179,365

See notes to financial statements.

40 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Brazil Capped ETF			iShares MSCI Chile Capped ETF			iShares MSCI Colombia Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	3,585,178,437		$	305,818,064		$	15,478,778
Affiliated (Note 2)		7,712,408			387,434			429,091
Total cost of investments	$	3,592,890,845		$	306,205,498		$	15,907,869
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	5,452,161,645		$	390,926,763		$	17,075,422
Affiliated (Note 2)		7,712,408			387,434			429,238
Total fair value of investments		5,459,874,053			391,314,197			17,504,660
Foreign currency, at valueb		12,119,116			—			10,187
Receivables:
Investment securities sold		42,215,755			6,205,157			136,583
Dividends		45,111,885			275			3,708
Capital shares sold		233,431,515			—			—
Total Assets		5,792,752,324			397,519,629			17,655,138
LIABILITIES
Payables:
Investment securities purchased		281,689,511			6,228,376			149,474
Collateral for securities on loan (Note 1)		—			—			398,313
Investment advisory fees (Note 2)		2,430,139			185,855			8,198
Total Liabilities		284,119,650			6,414,231			555,985
NET ASSETS	$	5,508,632,674		$	391,105,398		$	17,099,153
Net assets consist of:
Paid-in capital	$	6,398,825,116		$	521,148,273		$	27,988,429
Undistributed net investment income		19,945,914			979,227			25,052
Accumulated net realized loss		(2,778,321,276	)		(216,130,801	)		(12,511,048	)
Net unrealized appreciation		1,868,182,920			85,108,699			1,596,720
NET ASSETS	$	5,508,632,674		$	391,105,398		$	17,099,153
Shares outstandingc		143,000,000			9,650,000			1,300,000
Net asset value per share	$	38.52		$	40.53		$	13.15

^a  Securities on loan with values of $  —, $  — and $379,318, respectively. See Note 1.

^b  Cost of foreign currency: $12,287,802, $  — and $10,215, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 41

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Israel Capped ETF			iShares MSCI Russia Capped ETF			iShares MSCI South Africa ETF
ASSETS
Investments, at cost:
Unaffiliated	$	114,133,740		$	432,333,661		$	503,511,604
Affiliated (Note 2)		21,661,296			807,380			3,130,167
Total cost of investments	$	135,795,036		$	433,141,041		$	506,641,771
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	110,611,114		$	428,980,278		$	403,834,757
Affiliated (Note 2)		21,665,104			807,380			3,131,094
Total fair value of investments		132,276,218			429,787,658			406,965,851
Foreign currency, at valueb		92,177			—			424,616
Receivables:
Investment securities sold		4,260,567			10,917,981			1,009,254
Due from custodian (Note 4)		174,571			—			—
Dividends and interest		178,966			48,284			1,663
Other		37,998			—			—
Total Assets		137,020,497			440,753,923			408,401,384
LIABILITIES
Payables:
Investment securities purchased		4,416,409			11,065,963			1,036,328
Collateral for securities on loan (Note 1)		21,645,352			—			3,067,885
Foreign taxes (Note 1)		20,018			—			—
Investment advisory fees (Note 2)		51,367			213,861			192,626
Total Liabilities		26,133,146			11,279,824			4,296,839
NET ASSETS	$	110,887,351		$	429,474,099		$	404,104,545
Net assets consist of:
Paid-in capital	$	171,731,028		$	534,363,080		$	631,961,490
Distributions in excess of net investment income		(413,054	)		(248,693	)		(7,183,066	)
Accumulated net realized loss		(56,910,964	)		(101,288,829	)		(121,012,508	)
Net unrealized depreciation		(3,519,659	)		(3,351,459	)		(99,661,371	)
NET ASSETS	$	110,887,351		$	429,474,099		$	404,104,545
Shares outstandingc		2,200,000			13,650,000	d		7,300,000
Net asset value per share	$	50.40		$	31.46	d	$	55.36

^a  Securities on loan with values of $20,876,083, $  — and $2,867,575, respectively. See Note 1.

^b  Cost of foreign currency: $88,770, $  — and $410,067, respectively.

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

^d  Shares outstanding and net asset value per share reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

42 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF
ASSETS
Investments, at cost:
Unaffiliated	$	633,491,678		$	116,637,877
Affiliated (Note 2)		30,931,643			4,702,488
Total cost of investments	$	664,423,321		$	121,340,365
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	417,610,051		$	129,397,673
Affiliated (Note 2)		30,943,214			4,781,692
Total fair value of investments		448,553,265			134,179,365
Foreign currency, at valueb		138,138			—
Cash		—			2,421
Receivables:
Investment securities sold		—			4,910,911
Dividends and interest		133,060			178,289
Capital shares sold		—			43,159
Total Assets		448,824,463			139,314,145
LIABILITIES
Payables:
Investment securities purchased		—			5,089,530
Collateral for securities on loan (Note 1)		30,658,886			4,185,918
Capital shares redeemed		1,665			—
Investment advisory fees (Note 2)		200,165			13,364
Total Liabilities		30,860,716			9,288,812
NET ASSETS	$	417,963,747		$	130,025,333
Net assets consist of:
Paid-in capital	$	711,045,161		$	119,805,310
Undistributed (distributions in excess of) net investment income		(161,757	)		208,589
Accumulated net realized loss		(77,053,247	)		(2,827,566	)
Net unrealized appreciation (depreciation)		(215,866,410	)		12,839,000
NET ASSETS	$	417,963,747		$	130,025,333
Shares outstandingc		11,800,000			2,600,000
Net asset value per share	$	35.42		$	50.01

^a  Securities on loan with values of $26,548,858 and $4,053,665, respectively. See Note 1.

^b  Cost of foreign currency: $134,492 and $  —, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 43

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Brazil Capped ETF		iShares MSCI Chile Capped ETF			iShares MSCI Colombia Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	68,553,875	$	2,331,540		$	171,371
Dividends — affiliated (Note 2)		3,916		1,092			53
Securities lending income — affiliated — net (Note 2)		—		—			5,619
Total investment income		68,557,791		2,332,632			177,043
EXPENSES
Investment advisory fees (Note 2)		13,262,674		1,153,241			51,002
Commitment fees (Note 6)		—		—			46
Total expenses		13,262,674		1,153,241			51,048
Net investment income		55,295,117		1,179,391			125,995
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		1,899,272		(3,622,839	)		(171,332	)
Investments — affiliated (Note 2)		—		—			79
Foreign currency transactions		1,201,163		(2,926	)		(3,180	)
Realized gain distributions from affiliated funds		124		61			3
Net realized gain (loss)		3,100,559		(3,625,704	)		(174,430	)
Net change in unrealized appreciation/depreciation on:
Investments		629,305,070		36,595,928			100,794
Translation of assets and liabilities in foreign currencies		924,243		—			17
Net change in unrealized appreciation/depreciation		630,229,313		36,595,928			100,811
Net realized and unrealized gain (loss)		633,329,872		32,970,224			(73,619	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	688,624,989	$	34,149,615		$	52,376

^a  Net of foreign withholding tax of $9,006,164, $513,017 and $325, respectively.

^b  Net of foreign capital gains taxes of $  —, $2,698 and $  —, respectively.

See notes to financial statements.

44 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Israel Capped ETF			iShares MSCI Russia Capped ETF			iShares MSCI South Africa ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	728,235		$	3,345,787		$	4,529,563
Dividends — affiliated (Note 2)		103			1,650			286
Securities lending income — affiliated — net (Note 2)		117,673			—			13,803
Total investment income		846,011			3,347,437			4,543,652
EXPENSES
Investment advisory fees (Note 2)		294,367			1,231,260			1,225,805
Total expenses		294,367			1,231,260			1,225,805
Net investment income		551,644			2,116,177			3,317,847
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		(3,675,320	)		(16,752,221	)		(13,593,074	)
Investments — affiliated (Note 2)		1,242			—			437
In-kind redemptions — unaffiliated		—			700,967			6,014,084
Foreign currency transactions		2,935			39,895			9,214
Realized gain distributions from affiliated funds		1			103			14
Net realized loss		(3,671,142	)		(16,011,256	)		(7,569,325	)
Net change in unrealized appreciation/depreciation on:
Investmentsc		6,922,520			65,404,437			26,860,798
Translation of assets and liabilities in foreign currencies		1,605			5,391			47,758
Net change in unrealized appreciation/depreciation		6,924,125			65,409,828			26,908,556
Net realized and unrealized gain		3,252,983			49,398,572			19,339,231
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,804,627		$	51,514,749		$	22,657,078

^a  Net of foreign withholding tax of $174,610, $596,261 and $785,969, respectively.

^b  Net of foreign capital gains taxes of $22,767, $  — and $  —, respectively.

^c  Net of deferred foreign capital gains taxes of $4,205, $  — and $  —, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	279,211		$	860,143
Dividends — affiliated (Note 2)		415			2,628
Securities lending income — affiliated — net (Note 2)		971,129			10,966
Total investment income		1,250,755			873,737
EXPENSES
Investment advisory fees (Note 2)		1,076,672			66,391
Total expenses		1,076,672			66,391
Net investment income		174,083			807,346
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,119,088	)		(51,833	)
Investments — affiliated (Note 2)		1,420			5,306
In-kind redemptions — unaffiliated		2,789,437			—
Foreign currency transactions		(26,185	)		—
Realized gain distributions from affiliated funds		21			6
Net realized loss		(354,395	)		(46,521	)
Net change in unrealized appreciation/depreciation on:
Investments		(15,592,812	)		8,504,161
Translation of assets and liabilities in foreign currencies		5,734			—
Net change in unrealized appreciation/depreciation		(15,587,078	)		8,504,161
Net realized and unrealized gain (loss)		(15,941,473	)		8,457,640
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,767,390	)	$	9,264,986

^a  Net of foreign withholding tax of $49,273 and $249, respectively.

See notes to financial statements.

46 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Brazil Capped ETF						iShares MSCI Chile Capped ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	55,295,117		$	61,636,375		$	1,179,391		$	6,005,783
Net realized gain (loss)		3,100,559			(257,295,439	)		(3,625,704	)		(31,725,027	)
Net change in unrealized appreciation/depreciation		630,229,313			1,230,865,300			36,595,928			42,114,948
Net increase in net assets resulting from operations		688,624,989			1,035,206,236			34,149,615			16,395,704
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(49,289,352	)		(44,455,957	)		(155,088	)		(6,349,056	)
Return of capital		—			—			—			(332,847	)
Total distributions to shareholders		(49,289,352	)		(44,455,957	)		(155,088	)		(6,681,903	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		969,667,488			1,270,213,076			94,814,456			244,807,233
Cost of shares redeemed		—			(350,468,855	)		(64,947,817	)		(161,813,177	)
Net increase in net assets from capital share transactions		969,667,488			919,744,221			29,866,639			82,994,056
INCREASE IN NET ASSETS		1,609,003,125			1,910,494,500			63,861,166			92,707,857
NET ASSETS
Beginning of period		3,899,629,549			1,989,135,049			327,244,232			234,536,375
End of period	$	5,508,632,674		$	3,899,629,549		$	391,105,398		$	327,244,232
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	19,945,914		$	13,940,149		$	979,227		$	(45,076	)
SHARES ISSUED AND REDEEMED
Shares sold		26,650,000			50,800,000			2,450,000			7,000,000
Shares redeemed		—			(14,950,000	)		(1,700,000	)		(4,850,000	)
Net increase in shares outstanding		26,650,000			35,850,000			750,000			2,150,000

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Colombia Capped ETF						iShares MSCI Israel Capped ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	125,995		$	344,029		$	551,644		$	1,606,791
Net realized loss		(174,430	)		(5,180,842	)		(3,671,142	)		(18,092,057	)
Net change in unrealized appreciation/depreciation		100,811			7,790,295			6,924,125			16,513,428
Net increase in net assets resulting from operations		52,376			2,953,482			3,804,627			28,162
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(89,437	)		(224,626	)		(970,066	)		(2,029,827	)
Total distributions to shareholders		(89,437	)		(224,626	)		(970,066	)		(2,029,827	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			6,132,574			14,260,227			117,163,288
Cost of shares redeemed		—			(5,975,872	)		—			(147,653,928	)
Net increase (decrease) in net assets from capital share transactions		—			156,702			14,260,227			(30,490,640	)
INCREASE (DECREASE) IN NET ASSETS		(37,061	)		2,885,558			17,094,788			(32,492,305	)
NET ASSETS
Beginning of period		17,136,214			14,250,656			93,792,563			126,284,868
End of period	$	17,099,153		$	17,136,214		$	110,887,351		$	93,792,563
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	25,052		$	(11,506	)	$	(413,054	)	$	5,368
SHARES ISSUED AND REDEEMED
Shares sold		—			550,000			300,000			2,400,000
Shares redeemed		—			(450,000	)		—			(3,000,000	)
Net increase (decrease) in shares outstanding		—			100,000			300,000			(600,000	)

See notes to financial statements.

48 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Russia Capped ETF						iShares MSCI South Africa ETF
	Six months ended February 28, 2017 (Unaudited)a			Year ended August 31, 2016a			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,116,177		$	10,560,615		$	3,317,847		$	7,053,263
Net realized loss		(16,011,256	)		(29,630,473	)		(7,569,325	)		(46,182,845	)
Net change in unrealized appreciation/depreciation		65,409,828			57,964,293			26,908,556			2,637,086
Net increase (decrease) in net assets resulting from operations		51,514,749			38,894,435			22,657,078			(36,492,496	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(10,060,026	)		(7,677,207	)		(4,122,683	)		(15,854,819	)
Total distributions to shareholders		(10,060,026	)		(7,677,207	)		(4,122,683	)		(15,854,819	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		72,830,730			139,225,914			58,143,496			340,977,105
Cost of shares redeemed		(4,439,906	)		(61,726,895	)		(79,016,357	)		(255,533,050	)
Net increase (decrease) in net assets from capital share transactions		68,390,824			77,499,019			(20,872,861	)		85,444,055
INCREASE (DECREASE) IN NET ASSETS		109,845,547			108,716,247			(2,338,466	)		33,096,740
NET ASSETS
Beginning of period		319,628,552			210,912,305			406,443,011			373,346,271
End of period	$	429,474,099		$	319,628,552		$	404,104,545		$	406,443,011
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(248,693	)	$	7,695,156		$	(7,183,066	)	$	(6,378,230	)
SHARES ISSUED AND REDEEMED
Shares sold		2,350,000			5,375,000			1,100,000			6,500,000
Shares redeemed		(150,000	)		(2,350,000	)		(1,500,000	)		(5,300,000	)
Net increase (decrease) in shares outstanding		2,200,000			3,025,000			(400,000	)		1,200,000

^a  Share transactions reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Turkey ETF						iShares MSCI USA Equal Weighted ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	174,083		$	8,419,377		$	807,346		$	884,610
Net realized gain (loss)		(354,395	)		(56,753,736	)		(46,521	)		101,408
Net change in unrealized appreciation/depreciation		(15,587,078	)		45,103,244			8,504,161			4,112,797
Net increase (decrease) in net assets resulting from operations		(15,767,390	)		(3,231,115	)		9,264,986			5,098,815
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(509,798	)		(8,065,957	)		(762,526	)		(944,600	)
Total distributions to shareholders		(509,798	)		(8,065,957	)		(762,526	)		(944,600	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		93,814,766			189,059,577			47,849,488			39,301,537
Cost of shares redeemed		(27,798,332	)		(180,762,552	)		—			(14,414,232	)
Net increase in net assets from capital share transactions		66,016,434			8,297,025			47,849,488			24,887,305
INCREASE (DECREASE) IN NET ASSETS		49,739,246			(3,000,047	)		56,351,948			29,041,520
NET ASSETS
Beginning of period		368,224,501			371,224,548			73,673,385			44,631,865
End of period	$	417,963,747		$	368,224,501		$	130,025,333		$	73,673,385
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(161,757	)	$	173,958		$	208,589		$	163,769
SHARES ISSUED AND REDEEMED
Shares sold		2,900,000			4,600,000			1,000,000			900,000
Shares redeemed		(750,000	)		(4,650,000	)		—			(350,000	)
Net increase (decrease) in shares outstanding		2,150,000			(50,000	)		1,000,000			550,000

See notes to financial statements.

50 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Brazil Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	33.52		$	24.71		$	53.61		$	42.52		$	52.61		$	65.00
Income from investment operations:
Net investment incomea		0.45			0.63			1.00			1.56			1.59			1.73
Net realized and unrealized gain (loss)b		4.95			8.62			(28.87	)		11.08			(10.32	)		(12.64	)
Total from investment operations		5.40			9.25			(27.87	)		12.64			(8.73	)		(10.91	)
Less distributions from:
Net investment income		(0.40	)		(0.44	)		(1.03	)		(1.55	)		(1.36	)		(0.56	)
Return of capital		—			—			—			—			—			(0.92	)
Total distributions		(0.40	)		(0.44	)		(1.03	)		(1.55	)		(1.36	)		(1.48	)
Net asset value, end of period	$	38.52		$	33.52		$	24.71		$	53.61		$	42.52		$	52.61
Total return		16.36	%c		38.22	%		(52.49	)%		30.33	%		(16.85	)%		(16.79	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,508,633		$	3,899,630		$	1,989,135		$	5,449,685		$	4,983,630		$	7,370,617
Ratio of expenses to average net assetsd		0.62	%		0.63	%		0.62	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assetsd		2.60	%		2.41	%		2.73	%		3.37	%		3.02	%		2.92	%
Portfolio turnover ratee		5	%c		18	%		63	%		54	%		56	%		7	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31,2014, August 31, 2013 and August 31, 2012, were 5%, 4%, 48%, 11%, 20% and 6%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 51

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Chile Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	36.77		$	34.75		$	43.52		$	47.70		$	60.31		$	67.11
Income from investment operations:
Net investment incomea		0.12			0.78			0.66			0.69			0.68			0.97
Net realized and unrealized gain (loss)b		3.65			2.03			(8.81	)		(4.18	)		(12.58	)		(6.80	)
Total from investment operations		3.77			2.81			(8.15	)		(3.49	)		(11.90	)		(5.83	)
Less distributions from:
Net investment income		(0.01	)		(0.75	)		(0.62	)		(0.69	)		(0.68	)		(0.92	)
Return of capital		—			(0.04	)		—			—			(0.03	)		(0.05	)
Total distributions		(0.01	)		(0.79	)		(0.62	)		(0.69	)		(0.71	)		(0.97	)
Net asset value, end of period	$	40.53		$	36.77		$	34.75		$	43.52		$	47.70		$	60.31
Total return		10.27	%c		8.17	%		(18.85	)%		(7.40	)%		(19.87	)%		(8.68	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	391,105		$	327,244		$	234,536		$	352,499		$	364,890		$	548,797
Ratio of expenses to average net assetsd		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assetsd		0.64	%		2.20	%		1.64	%		1.49	%		1.12	%		1.55	%
Portfolio turnover ratee		20	%c		73	%		71	%		91	%		34	%		48	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and August 31, 2012 were 3%, 11%, 10%, 11%, 16% and 20%, respectively. See Note 4.

See notes to financial statements.

52 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Colombia Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Period from Jun. 18, 2013a to Aug. 31, 2013
Net asset value, beginning of period	$	13.18		$	11.88		$	28.22		$	25.98		$	25.28
Income from investment operations:
Net investment incomeb		0.10			0.25			0.46	c		0.67			0.03
Net realized and unrealized gain (loss)d		(0.06	)		1.23			(16.34	)		2.24			0.67
Total from investment operations		0.04			1.48			(15.88	)		2.91			0.70
Less distributions from:
Net investment income		(0.07	)		(0.18	)		(0.45	)		(0.63	)		—
Net realized gain		—			—			—			(0.03	)		—
Return of capital		—			—			(0.01	)		(0.01	)		—
Total distributions		(0.07	)		(0.18	)		(0.46	)		(0.67	)		–
Net asset value, end of period	$	13.15		$	13.18		$	11.88		$	28.22		$	25.98
Total return		0.31	%e		12.49	%		(56.73	)%		11.44	%		2.77	%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	17,099		$	17,136		$	14,251		$	25,396		$	18,188
Ratio of expenses to average net assetsf		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Ratio of net investment income to average net assetsf		1.51	%		2.16	%		2.60	%c		2.54	%		0.61	%
Portfolio turnover rateg		10	%e		68	%		86	%		34	%		2	%e

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

^c  Includes a distribution from Ecopetrol SA. Excluding such distribution, the net investment income would have been $0.33 per share and 1.87% of average net assets.

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

^e  Not annualized.

^f  Annualized for periods of less than one year.

^g  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014 and for the period ended August 31, 2013 were 10%, 32%, 49%, 33% and 2%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 53

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Israel Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	49.36		$	50.51		$	50.69		$	42.85		$	37.25		$	45.89
Income from investment operations:
Net investment incomea		0.28			0.71			1.23			0.87			0.95			1.12
Net realized and unrealized gain (loss)b		1.23			(0.87	)		(0.34	)		7.95			5.68			(8.66	)
Total from investment operations		1.51			(0.16	)		0.89			8.82			6.63			(7.54	)
Less distributions from:
Net investment income		(0.47	)		(0.99	)		(1.07	)		(0.98	)		(1.03	)		(1.07	)
Return of capital		—			—			—			—			—			(0.03	)
Total distributions		(0.47	)		(0.99	)		(1.07	)		(0.98	)		(1.03	)		(1.10	)
Net asset value, end of period	$	50.40		$	49.36		$	50.51		$	50.69		$	42.85		$	37.25
Total return		3.13	%c		(0.23	)%		1.80	%		20.67	%		17.82	%		(16.52	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	110,887		$	93,793		$	126,285		$	121,645		$	70,710		$	68,912
Ratio of expenses to average net assetsd		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assetsd		1.17	%		1.46	%		2.45	%		1.74	%		2.20	%		2.75	%
Portfolio turnover ratee		14	%c		46	%		14	%		15	%		14	%		20	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

54 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Russia Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a			Year ended Aug. 31, 2012a
Net asset value, beginning of period	$	27.92		$	25.03		$	36.68		$	39.68		$	42.31		$	50.26
Income from investment operations:
Net investment incomeb		0.17			1.06			0.94			1.26			1.24			1.00
Net realized and unrealized gain (loss)c		4.15			2.65			(11.27	)		(4.01	)		(2.71	)		(7.98	)
Total from investment operations		4.32			3.71			(10.33	)		(2.75	)		(1.47	)		(6.98	)
Less distributions from:
Net investment income		(0.78	)		(0.82	)		(1.32	)		(0.25	)		(1.16	)		(0.97	)
Total distributions		(0.78	)		(0.82	)		(1.32	)		(0.25	)		(1.16	)		(0.97	)
Net asset value, end of period	$	31.46		$	27.92		$	25.03		$	36.68		$	39.68		$	42.31
Total return		15.38	%d		15.62	%		(27.57	)%		(7.00	)%		(3.40	)%		(13.75	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	429,474		$	319,629		$	210,912		$	289,775		$	310,511		$	147,026
Ratio of expenses to average net assetse		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assetse		1.07	%		4.17	%		3.33	%		3.14	%		2.87	%		2.22	%
Portfolio turnover ratef		10	%d		23	%		19	%		15	%		14	%		16	%

^a  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 55

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI South Africa ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	52.78		$	57.44		$	70.77		$	58.88		$	64.65		$	69.06
Income from investment operations:
Net investment incomea		0.45			1.02			1.28			1.57			1.32			2.10
Net realized and unrealized gain (loss)b		2.68			(3.24	)		(13.24	)		11.86			(5.31	)		(4.41	)
Total from investment operations		3.13			(2.22	)		(11.96	)		13.43			(3.99	)		(2.31	)
Less distributions from:
Net investment income		(0.55	)		(2.44	)		(1.37	)		(1.54	)		(1.78	)		(2.10	)
Total distributions		(0.55	)		(2.44	)		(1.37	)		(1.54	)		(1.78	)		(2.10	)
Net asset value, end of period	$	55.36		$	52.78		$	57.44		$	70.77		$	58.88		$	64.65
Total return		6.00	%c		(3.64	)%		(17.07	)%		23.13	%		(6.35	)%		(3.17	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	404,105		$	406,443		$	373,346		$	587,396		$	547,569		$	471,922
Ratio of expenses to average net assetsd		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assetsd		1.69	%		1.96	%		1.94	%		2.40	%		2.08	%		3.26	%
Portfolio turnover ratee		2	%c		12	%		9	%		6	%		5	%		4	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  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.

56 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Turkey ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	38.16		$	38.27		$	55.72		$	49.00		$	56.13		$	47.73
Income from investment operations:
Net investment incomea		0.02			0.96			1.13	b		0.85			1.07			0.86
Net realized and unrealized gain (loss)c		(2.71	)		(0.17	)		(17.49	)		6.75			(7.08	)		8.70
Total from investment operations		(2.69	)		0.79			(16.36	)		7.60			(6.01	)		9.56
Less distributions from:
Net investment income		(0.05	)		(0.90	)		(1.09	)		(0.88	)		(1.12	)		(1.16	)
Total distributions		(0.05	)		(0.90	)		(1.09	)		(0.88	)		(1.12	)		(1.16	)
Net asset value, end of period	$	35.42		$	38.16		$	38.27		$	55.72		$	49.00		$	56.13
Total return		(7.03	)%d		1.98	%		(29.69	)%		15.52	%		(11.05	)%		20.37	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	417,964		$	368,225		$	371,225		$	515,367		$	436,076		$	561,284
Ratio of expenses to average net assetse		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assetse		0.10	%		2.45	%		2.31	%b		1.64	%		1.67	%		1.75	%
Portfolio turnover ratef		0	%d,g		6	%		6	%		8	%		9	%		9	%

^a  Based on average shares outstanding throughout each period.

^b  Includes a special distribution from Turkcell Iletisim Hizmetleri AS. Excluding such special distribution, the net investment income would have been $0.76 per share and 1.55% of average net assets.

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

^d  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.

^g  Rounds to less than 1%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 57

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI USA Equal Weighted ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	46.05		$	42.51		$	43.08		$	35.26		$	30.31		$	26.17
Income from investment operations:
Net investment incomea		0.43			0.77			0.80			0.71			0.69			0.59
Net realized and unrealized gain (loss)b		3.95			3.63			(0.57	)		8.01			4.96			3.94
Total from investment operations		4.38			4.40			0.23			8.72			5.65			4.53
Less distributions from:
Net investment income		(0.42	)		(0.86	)		(0.80	)		(0.90	)		(0.70	)		(0.39	)
Total distributions		(0.42	)		(0.86	)		(0.80	)		(0.90	)		(0.70	)		(0.39	)
Net asset value, end of period	$	50.01		$	46.05		$	42.51		$	43.08		$	35.26		$	30.31
Total return		9.57	%c		10.54	%		0.48	%		24.98	%		18.85	%		17.44	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	130,025		$	73,673		$	44,632		$	47,391		$	179,830		$	145,470
Ratio of expenses to average net assetsd		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Ratio of net investment income to average net assetsd		1.82	%		1.79	%		1.82	%		1.82	%		2.10	%		2.04	%
Portfolio turnover ratee		14	%c		28	%		39	%		6	%		5	%		6	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

58 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Brazil Capped		Non-diversified
MSCI Chile Capped		Non-diversified
MSCI Colombia Capped		Non-diversified
MSCI Israel Capped		Non-diversified

iShares ETF	Diversification Classification
MSCI Russia Capped		Non-diversified
MSCI South Africa		Non-diversified
MSCI Turkey		Non-diversified
MSCI USA Equal Weighted		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 each Fund in the preparation of its 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”).

NOTES TO FINANCIAL STATEMENTS 59

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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 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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

60 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. 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 February 28, 2017 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 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 February 28, 2017, 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 an approved 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

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 but does not receive interest income on securities received as collateral. 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.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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 February 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. 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 February 28, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount  b
MSCI Colombia Capped
Goldman Sachs & Co.	$	379,318	$	379,318	$	—
MSCI Israel Capped
Barclays Capital Inc.	$	440,679	$	440,679	$	—
Citigroup Global Markets Inc.		1,785,618		1,785,618		—
Credit Suisse Securities (USA) LLC		372,912		372,912		—
Deutsche Bank Securities Inc.		5,676,247		5,676,247		—

62 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount  b
Goldman Sachs & Co.	$	525,172	$	525,172	$	—
JPMorgan Securities LLC		8,652,187		8,652,187		—
Merrill Lynch, Pierce, Fenner & Smith		50,242		50,082		(160	)
Nomura Securities International Inc.		236,740		236,740		—
UBS AG		2,138,526		2,138,526		—
UBS Securities LLC		496,656		496,656		—
Wells Fargo Securities LLC		501,104		499,507		(1,597	)
	$	20,876,083	$	20,874,326	$	(1,757	)
MSCI South Africa
HSBC Bank PLC	$	2,867,575	$	2,867,575	$	—
MSCI Turkey
Barclays Capital Inc.	$	3,353,224	$	3,353,224	$	—
Citigroup Global Markets Inc.		411,056		411,056		—
Credit Suisse Securities (USA) LLC		8,536,372		8,536,372		—
Deutsche Bank Securities Inc.		5,645,390		5,645,390		—
Goldman Sachs & Co.		318,911		268,114		(50,797	)
JPMorgan Securities LLC		1,321,569		1,321,569		—
Merrill Lynch, Pierce, Fenner & Smith		348,828		348,828		—
Morgan Stanley & Co. LLC		1,937,758		1,937,758		—
UBS AG		942,423		942,423		—
UBS Securities LLC		3,733,327		3,733,327		—
	$	26,548,858	$	26,498,061	$	(50,797	)
MSCI USA Equal Weighted
Barclays Capital Inc.	$	51,021	$	51,021	$	—
BNP Paribas New York Branch		8,450		8,450		—
BNP Paribas Prime Brokerage International Ltd.		148,090		148,090		—
Citigroup Global Markets Inc.		636,339		636,339		—
Credit Suisse Securities (USA) LLC		150,031		150,031		—
Deutsche Bank Securities Inc.		759,582		759,582		—
Goldman Sachs & Co.		1,057,110		1,057,110		—
Merrill Lynch, Pierce, Fenner & Smith		492,671		492,671		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		236,861		236,861		—
National Financial Services LLC		1,034		1,034		—
Nomura Securities International Inc.		28,000		28,000		—
Scotia Capital (USA) Inc.		9,568		9,568		—
State Street Bank & Trust Company		470,702		470,702		—
UBS AG		4,206		4,206		—
	$	4,053,665	$	4,053,665	$	—

^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 the Fund’s statement of assets and liabilities.

^b  Additional collateral is delivered to the Funds on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.74	%	First $2 billion
	0.69		Over $2 billion, up to and including $4  billion
	0.64		Over $4 billion, up to and including $8 billion
	0.57		Over $8 billion, up to and including $16 billion
	0.51		Over $16 billion, up to and including $24 billion
	0.48		Over $24 billion, up to and including $32 billion
	0.45		Over $32 billion

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

iShares ETF	Investment Advisory Fee
MSCI Colombia Capped		0.61	%
MSCI USA Equal Weighted		0.15

The U.S. Securities and Exchange Commission (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

64 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 71.5% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.

Pursuant to a securities lending agreement, the iShares MSCI Brazil Capped, iShares MSCI Chile Capped, iShares MSCI Colombia Capped, iShares MSCI Israel Capped, iShares MSCI Russia Capped, iShares MSCI South Africa and iShares MSCI Turkey ETFs (the “Group 2 Funds”), retain 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, the Group 1 Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 75% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Colombia Capped	$	1,212
MSCI Israel Capped		25,599
MSCI South Africa		3,416
MSCI Turkey		201,488
MSCI USA Equal Weighted		4,505

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 six months ended February 28, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Israel Capped	$	4,571,537	$	1,184,008
MSCI Russia Capped		2,718,540		294,743
MSCI USA Equal Weighted		2,648,883		3,520,401

NOTES TO FINANCIAL STATEMENTS 65

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2017 were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil Capped	$	1,133,516,489	$	199,863,249
MSCI Chile Capped		106,999,016		75,889,791
MSCI Colombia Capped		1,714,046		1,696,429
MSCI Israel Capped		13,105,140		13,457,458
MSCI Russia Capped		48,577,904		38,190,317
MSCI South Africa		9,603,601		9,875,657
MSCI Turkey		1,711,059		1,897,920
MSCI USA Equal Weighted		13,316,557		12,556,106

In-kind transactions (see Note 4) for the six months ended February 28, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Israel Capped	$	14,218,380	$	—
MSCI Russia Capped		54,412,851		3,702,575
MSCI South Africa		58,019,373		78,927,904
MSCI Turkey		93,652,614		27,769,250
MSCI USA Equal Weighted		47,439,780		—

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

66 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

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

The Board authorized a one-for-two reverse stock split for the iShares MSCI Russia Capped ETF, effective after the close of trading on November 4, 2016. The impact of the stock split was to decrease the number of shares outstanding by a factor of two, while increasing the NAV per share by a factor of two, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the reverse stock split.

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 a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund 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 a 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.

Investing in the securities of non-U.S. issuers 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 a 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.

When a fund concentrates its investments in issuers located in a single country, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 a fund 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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

6. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

As of August 31, 2016, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Brazil Capped	$	1,852,610,863	$	—	$	198,226,310	$	—	$	2,050,837,173
MSCI Chile Capped		136,278,156		1,886,881		11,712,090		976,991		150,854,118
MSCI Colombia Capped		2,558,346		—		—		—		2,558,346

68 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF	Non- Expiring  a		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Israel Capped	$	19,023,801	$	784,479	$	10,801,191	$	7,130,249	$	37,739,720
MSCI Russia Capped		48,854,119		—		—		—		48,854,119
MSCI South Africa		50,591,544		15,339,464		14,856,365		6,137,142		86,924,515
MSCI Turkey		43,587,314		720,636		5,982,737		3,859,184		54,149,871
MSCI USA Equal Weighted		1,654,423		—		—		—		1,654,423

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. LINE OF CREDIT

The iShares MSCI Colombia Capped ETF, along with certain other iShares funds, are parties to a $250 million credit agreement with State Street Bank and Trust Company, which expires on October 25, 2017. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Fund did not borrow under the credit agreement during the six months ended February 28, 2017.

8. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 69

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-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Brazil Capped	$	0.273688	$	—	$	0.121734	$	0.395422		69	%		—	%		31	%		100	%
MSCI Colombia Capped		0.057753		—		0.011045		0.068798		84			—			16			100
MSCI Israel Capped		0.394059		—		0.079144		0.473203		83			—			17			100
MSCI Russia Capped		0.646460		—		0.133387		0.779847		83			—			17			100
MSCI South Africa		0.487220		—		0.062471		0.549691		89			—			11			100
MSCI Turkey ETF		0.047180		—		0.004056		0.051236		92			—			8			100
MSCI USA Equal Weighted		0.373305		—		0.042383		0.415688		90			—			10			100

70 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-804-0217

FEBRUARY 28, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares Edge MSCI Min Vol Global ETF  |  ACWV  |  NYSE Arca

^Ø  iShares MSCI Australia ETF  |  EWA  |  NYSE Arca

^Ø  iShares MSCI Canada ETF  |  EWC  |  NYSE Arca

^Ø  iShares MSCI Japan ETF  |  EWJ  |  NYSE Arca

^Ø  iShares MSCI Mexico Capped ETF  |  EWW  |  NYSE Arca

^Ø  iShares MSCI South Korea Capped ETF  |  EWY  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	11
Shareholder Expenses	11
Schedules of Investments	12
iShares Edge MSCI Min Vol Global ETF	12
iShares MSCI Australia ETF	19
iShares MSCI Canada ETF	22
iShares MSCI Japan ETF	25
iShares MSCI Mexico Capped ETF	32
iShares MSCI South Korea Capped ETF	35
Financial Statements	39
Financial Highlights	46
Notes to Financial Statements	52
Supplemental Information	65

Fund Performance Overview

iSHARES^® EDGE MSCI MIN VOL GLOBAL ETF

Performance as of February 28, 2017

The iShares Edge MSCI Min Vol Global ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 2.42%, net of fees, while the total return for the Index was 2.35%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		13.18%		12.81%		12.99%		13.18%		12.81%		12.99%
5 Years		9.98%		9.87%		9.68%		60.90%		60.13%		58.74%
Since Inception		10.71%		10.66%		10.43%		72.65%		72.19%		70.34%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,024.20	$	1.00	$	1,000.00	$	1,023.80	$	1.00		0.20%

^a Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Health Care	16.35	%
Consumer Staples	14.54
Financials	13.74
Information Technology	11.00
Industrials	8.96
Telecommunication Services	8.31
Utilities	8.29
Consumer Discretionary	8.19
Real Estate	6.07
Materials	2.63
Energy	1.92
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total  Investments*

United States	57.46	%
Japan	12.74
Switzerland	4.59
Taiwan	3.96
Canada	3.63
Hong Kong	3.38
China	2.82
United Kingdom	1.78
Singapore	0.99
Denmark	0.97
TOTAL	92.32	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI AUSTRALIA ETF

Performance as of February 28, 2017

The iShares MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed of Australian equities, as represented by the MSCI Australia Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 11.42%, net of fees, while the total return for the Index was 11.59%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		32.53%		32.12%		33.05%		32.53%		32.12%		33.05%
5 Years		3.14%		3.38%		3.53%		16.69%		18.10%		18.93%
10 Years		3.70%		3.62%		3.89%		43.86%		42.67%		46.54%

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 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,114.20	$	2.57	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	43.82	%
Materials	15.55
Real Estate	8.67
Consumer Staples	7.60
Health Care	6.61
Industrials	5.15
Energy	4.68
Utilities	2.79
Consumer Discretionary	2.69
Telecommunication Services	1.95
Information Technology	0.49
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Commonwealth Bank of Australia	11.22	%
Westpac Banking Corp.	8.92
Australia & New Zealand Banking Group Ltd.	7.16
National Australia Bank Ltd.	6.73
BHP Billiton Ltd.	6.35
CSL Ltd.	4.25
Wesfarmers Ltd.	3.82
Woolworths Ltd.	2.63
Macquarie Group Ltd.	2.10
Rio Tinto Ltd.	2.08
TOTAL	55.26	%

* Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI CANADA ETF

Performance as of February 28, 2017

The iShares MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of Canadian equities, as represented by the MSCI Canada Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 6.46%, net of fees, while the total return for the Index was 6.58%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		25.37%		25.66%		25.67%		25.37%		25.66%		25.67%
5 Years		0.38%		0.49%		0.56%		1.94%		2.47%		2.84%
10 Years		2.47%		2.43%		2.68%		27.60%		27.09%		30.23%

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 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,064.60	$	2.51	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	43.04	%
Energy	22.82
Materials	10.61
Industrials	7.15
Consumer Discretionary	4.80
Consumer Staples	4.15
Information Technology	2.42
Telecommunication Services	2.19
Utilities	1.79
Real Estate	0.68
Health Care	0.35
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Royal Bank of Canada	8.66	%
Toronto-Dominion Bank (The)	7.68
Bank of Nova Scotia (The)	5.60
Enbridge Inc.	4.84
Canadian National Railway Co.	4.27
Suncor Energy Inc.	4.15
Bank of Montreal	3.92
TransCanada Corp.	3.17
Manulife Financial Corp.	2.81
Canadian Imperial Bank of Commerce	2.78
TOTAL	47.88	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI JAPAN ETF

Performance as of February 28, 2017

The iShares MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities, as represented by the MSCI Japan Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 6.17%, net of fees, while the total return for the Index was 6.38%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		19.92%		19.76%		20.29%		19.92%		19.76%		20.29%
5 Years		6.77%		6.74%		7.19%		38.77%		38.57%		41.47%
10 Years		0.07%		0.09%		0.53%		0.75%		0.91%		5.48%

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 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,061.70	$	2.50	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Industrials	20.26	%
Consumer Discretionary	20.22
Financials	14.21
Information Technology	10.96
Health Care	7.53
Consumer Staples	7.41
Materials	6.51
Telecommunication Services	5.65
Real Estate	4.34
Utilities	1.98
Energy	0.93
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Toyota Motor Corp.	4.81	%
Mitsubishi UFJ Financial Group Inc.	2.74
SoftBank Group Corp.	2.04
Sumitomo Mitsui Financial Group Inc.	1.73
Honda Motor Co. Ltd.	1.66
KDDI Corp.	1.57
Mizuho Financial Group Inc.	1.47
Sony Corp.	1.25
FANUC Corp.	1.23
Keyence Corp.	1.22
TOTAL	19.72	%

* Excludes money market funds.

8 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI MEXICO CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI Mexico Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico Investable Market Index 25/50 (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was -7.76%, net of fees, while the total return for the Index was -7.63%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(3.27)%		(3.46)%		(2.93)%		(3.27)%		(3.46)%		(2.93)%
5 Years		(3.36)%		(3.37)%		(3.30)%		(15.70)%		(15.73)%		(15.46)%
10 Years		0.77%		0.78%		0.53%		7.96%		8.09%		5.43%

Index performance through November 30, 2007 reflects the performance of the MSCI Mexico Index. Index performance beginning on December 1, 2007 through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico Investable Market Index 25/50.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	922.40	$	2.34	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Consumer Staples	24.93	%
Materials	18.50
Financials	14.68
Telecommunication Services	13.28
Industrials	13.23
Consumer Discretionary	8.31
Real Estate	5.37
Utilities	0.99
Health Care	0.71
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

America Movil SAB de CV	12.35	%
Fomento Economico Mexicano SAB de CV	8.56
Grupo Financiero Banorte SAB de CV	7.11
Cemex SAB de CV CPO	6.80
Grupo Mexico SAB de CV Series B	6.63
Grupo Televisa SAB	5.02
Wal-Mart de Mexico SAB de CV	4.38
Grupo Bimbo SAB de CV	2.52
Fibra Uno Administracion SA de CV	2.41
Alfa SAB de CV	2.35
TOTAL	58.13	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

Performance as of February 28, 2017

The iShares MSCI South Korea Capped ETF (the “Fund”) seeks to track the investment results of an index composed of South Korean equities, as represented by the MSCI Korea 25/50 Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 5.19%, net of fees, while the total return for the Index was 5.41%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		28.71%		27.07%		29.37%		28.71%		27.07%		29.37%
5 Years		1.04%		0.92%		1.67%		5.32%		4.67%		8.61%
10 Years		3.06%		3.13%		3.59%		35.13%		36.12%		42.30%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,051.90	$	3.15	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Information Technology	34.08	%
Financials	14.44
Consumer Discretionary	14.21
Industrials	11.39
Materials	8.89
Consumer Staples	8.60
Energy	2.58
Health Care	2.53
Utilities	1.92
Telecommunication Services	1.36
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Samsung Electronics Co. Ltd.	22.14	%
SK Hynix Inc.	3.92
Hyundai Motor Co.	3.31
NAVER Corp.	3.13
POSCO	3.05
Shinhan Financial Group Co. Ltd.	2.88
KB Financial Group Inc.	2.71
Hyundai Mobis Co. Ltd.	2.52
LG Chem Ltd.	1.90
KT&G Corp.	1.76
TOTAL	47.32	%

* Excludes money market funds.

10 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 September 1, 2016 and held through February 28, 2017, 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 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.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 11

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.57%
BELGIUM — 0.30%
Colruyt SA		25,862	$	1,216,582
Proximus SADP		133,942		3,950,279
UCB SA		49,998		3,570,724
				8,737,585
CANADA — 3.61%
Agnico Eagle Mines Ltd.		272,902		11,507,854
BCE Inc.		219,634		9,608,210
Fairfax Financial Holdings Ltd.		13,124		5,925,593
First Capital Realty Inc.		158,096		2,497,164
Franco-Nevada Corp.		252,444		16,317,514
Goldcorp Inc.		632,268		10,048,882
Intact Financial Corp.		192,228		13,666,192
RioCan REIT		101,518		2,045,000
Rogers Communications Inc. Class B		77,586		3,266,409
Shaw Communications Inc. Class B		573,596		11,970,398
Silver Wheaton Corp.		106,536		2,080,929
TELUS Corp.		284,776		9,292,928
Thomson Reuters Corp.		201,106		8,527,398
				106,754,471
CHILE — 0.37%
Aguas Andinas SA Series A		4,215,120		2,271,801
Banco de Chile		36,600,520		4,433,030
Empresas COPEC SA		162,506		1,704,626
SACI Falabella		311,502		2,547,336
				10,956,793
CHINA — 2.81%
Agricultural Bank of China Ltd. Class H		6,176,000		2,848,338
ANTA Sports Products Ltd.a		772,000		2,337,149
Beijing Capital International Airport Co. Ltd. Class H		2,316,000		2,482,350
China Construction Bank Corp. Class H		10,808,000		8,897,078
China Huishan Dairy Holdings Co. Ltd.a		5,790,000		2,118,352
China Medical System Holdings Ltd.a		772,000		1,257,088
China Mobile Ltd.		2,020,000		22,275,441
China Unicom Hong Kong Ltd.		2,316,000		2,816,513
COSCO SHIPPING Ports Ltd.a		1,544,000		1,720,539

Security	Shares		Value
CSPC Pharmaceutical Group Ltd.		6,176,000	$	7,558,438
Fullshare Holdings Ltd.a		4,825,000		1,870,962
Guangdong Investment Ltd.		4,632,000		6,313,285
Hengan International Group Co. Ltd.a		579,000		4,945,307
Industrial & Commercial Bank of China Ltd. Class H		2,702,000		1,771,758
Jiangsu Expressway Co. Ltd. Class H		1,616,000		2,131,780
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		3,232,000		1,944,417
Shenzhou International Group Holdings Ltd.a		808,000		4,829,815
Zhejiang Expressway Co. Ltd. Class H		1,544,000		1,736,452
Zijin Mining Group Co. Ltd. Class H		8,492,000		3,205,375
				83,060,437
COLOMBIA — 0.04%
Corp. Financiera Colombiana SA		128,117		1,286,278
				1,286,278
CZECH REPUBLIC — 0.05%
Komercni Banka AS		41,302		1,489,582
				1,489,582
DENMARK — 0.97%
Chr Hansen Holding A/S		42,273		2,530,941
Coloplast A/S Class Ba		137,802		9,745,625
DONG Energy A/Sb,c		221,179		8,167,339
ISS A/S		105,764		4,133,793
William Demant Holding A/Sa,b		193,386		3,972,776
				28,550,474
FINLAND — 0.06%
Orion OYJ Class B		35,898		1,775,278
				1,775,278
GERMANY — 0.20%
MAN SE		57,900		5,961,112
				5,961,112
HONG KONG — 3.37%
Cheung Kong Infrastructure Holdings Ltd.a		808,000		6,656,610
CLP Holdings Ltd.		2,020,000		20,544,931
Hang Seng Bank Ltd.a		1,158,000		23,749,409

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2017

Security	Shares		Value
HK Electric Investments & HK Electric Investments Ltd.a,c		4,233,000	$	3,697,253
HKT Trust & HKT Ltd.		4,246,000		5,666,840
Hong Kong & China Gas Co. Ltd.a		3,829,046		7,369,574
Link REIT		1,212,000		8,361,097
MTR Corp. Ltd.		2,222,000		11,750,556
Power Assets Holdings Ltd.a		808,000		7,249,927
Yue Yuen Industrial Holdings Ltd.		1,212,000		4,512,338
				99,558,535
INDIA — 0.26%
Wipro Ltd. ADRa		799,406		7,818,191
				7,818,191
INDONESIA — 0.82%
Bank Central Asia Tbk PT		9,997,400		11,582,171
Hanjaya Mandala Sampoerna Tbk PT		9,074,000		2,633,202
Kalbe Farma Tbk PT		16,598,000		1,904,239
Telekomunikasi Indonesia Persero Tbk PT		19,722,000		5,693,589
Unilever Indonesia Tbk PT		767,600		2,427,529
				24,240,730
IRELAND — 0.89%
Accenture PLC Class A		27,424		3,359,440
Kerry Group PLC Class A		88,008		6,780,004
Medtronic PLC		142,434		11,524,335
Paddy Power Betfair PLC		15,054		1,654,025
Ryanair Holdings PLC ADRb		34,740		2,839,995
				26,157,799
ISRAEL — 0.71%
Azrieli Group Ltd.		69,376		3,451,362
Bank Hapoalim BM		581,316		3,585,019
Bank Leumi le-Israel BMb		859,622		3,768,801
Mizrahi Tefahot Bank Ltd.a		231,496		3,866,428
Nice Ltd.		52,496		3,647,017
Teva Pharmaceutical Industries Ltd. ADR		77,586		2,717,062
				21,035,689
ITALY — 0.49%
Snam SpA		3,640,366		14,544,629
				14,544,629
JAPAN — 12.69%
ABC-Mart Inc.		40,400		2,444,546

Security	Shares		Value
Ajinomoto Co. Inc.		154,400	$	3,138,094
ANA Holdings Inc.		1,930,000		5,792,501
Astellas Pharma Inc.		772,000		10,432,712
Benesse Holdings Inc.		121,200		3,742,647
Canon Inc.		656,200		19,242,903
Chugai Pharmaceutical Co. Ltd.		80,800		2,704,527
Daiichi Sankyo Co. Ltd.		231,600		5,300,190
Daiwa House REIT Investment Corp.		386		1,007,392
Eisai Co. Ltd.		80,800		4,550,394
FamilyMart UNY Holdings Co. Ltd.		79,000		4,843,724
FUJIFILM Holdings Corp.		80,800		3,135,663
Japan Airlines Co. Ltd.		202,000		6,624,105
Japan Prime Realty Investment Corp.		1,212		4,831,318
Japan Real Estate Investment Corp.		1,212		6,705,349
Japan Retail Fund Investment Corp.		3,860		7,796,934
Kajima Corp.		386,000		2,525,379
KDDI Corp.		38,600		1,013,946
Keikyu Corp.		808,000		8,926,022
Kintetsu Group Holdings Co. Ltd.		404,000		1,505,725
Konami Holdings Corp.		80,800		3,423,086
Kyowa Hakko Kirin Co. Ltd.		77,200		1,159,880
Lawson Inc.		77,200		5,347,455
LINE Corp.a,b		77,200		2,670,278
M3 Inc.		77,200		1,966,483
McDonald’s Holdings Co. Japan Ltd.a		121,200		3,466,416
MEIJI Holdings Co. Ltd.		38,600		3,098,074
Miraca Holdings Inc.		80,800		3,885,275
Mitsubishi Tanabe Pharma Corp.		363,600		7,506,958
Nagoya Railroad Co. Ltd.		1,158,000		5,330,205
NH Foods Ltd.		50,000		1,337,981
Nippon Building Fund Inc.		386		2,166,582
Nippon Prologis REIT Inc.		2,424		5,232,122
Nippon Telegraph & Telephone Corp.		386,000		16,390,812
Nissin Foods Holdings Co. Ltd.		80,800		4,542,450
Nitori Holdings Co. Ltd.		86,900		10,159,110
Nomura Real Estate Master Fund Inc.		4,246		6,386,931
Nomura Research Institute Ltd.		193,530		6,711,323

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2017

Security	Shares		Value
NTT Data Corp.		202,000	$	9,568,754
NTT DOCOMO Inc.		694,800		16,561,931
Obayashi Corp.		193,000		1,800,885
Oracle Corp. Japan		40,400		2,361,496
Oriental Land Co. Ltd./Japan		121,200		6,837,506
Otsuka Corp.		80,800		4,123,591
Otsuka Holdings Co. Ltd.		444,400		20,300,562
Park24 Co. Ltd.		159,800		4,506,136
Recruit Holdings Co. Ltd.		463,200		22,811,208
Sankyo Co. Ltd.		80,800		2,870,626
Santen Pharmaceutical Co. Ltd.		308,800		4,443,563
Secom Co. Ltd.		202,000		14,777,405
Shimadzu Corp.		77,200		1,263,379
Shionogi & Co. Ltd.		40,400		1,985,246
Suntory Beverage & Food Ltd.		202,000		8,503,553
Taisho Pharmaceutical Holdings Co. Ltd.		40,400		3,303,928
Takeda Pharmaceutical Co. Ltd.		347,400		16,214,174
Terumo Corp.		115,800		4,031,291
Tobu Railway Co. Ltd.		1,212,000		6,228,717
Toho Co. Ltd./Tokyo		121,200		3,444,751
TonenGeneral Sekiyu KK		161,000		1,935,425
Toyo Suisan Kaisha Ltd.		121,200		4,463,011
United Urban Investment Corp.		4,246		6,626,014
USS Co. Ltd.		121,200		2,084,183
Yamada Denki Co. Ltd.		270,200		1,383,783
Yamato Holdings Co. Ltd.		242,400		5,317,699
				374,794,309
MALAYSIA — 0.80%
Hong Leong Bank Bhd		965,000		2,951,509
IHH Healthcare Bhd		2,084,400		2,821,452
Malayan Banking Bhda		1,968,600		3,813,054
Maxis Bhda		2,624,800		3,730,290
Petronas Dagangan Bhd		308,800		1,703,964
Public Bank Bhd		1,312,460		5,900,158
Telekom Malaysia Bhda		1,852,800		2,570,551
				23,490,978
PHILIPPINES — 0.42%
Aboitiz Equity Ventures Inc.		1,594,180		2,331,824
Bank of the Philippine Islands		1,092,389		2,044,898
BDO Unibank Inc.		2,964,509		6,818,695
Jollibee Foods Corp.		330,800		1,329,393
				12,524,810

Security	Shares		Value
POLAND — 0.06%
Polski Koncern Naftowy ORLEN SA		81,868	$	1,899,335
				1,899,335
QATAR — 0.30%
Qatar National Bank SAQ		211,953		8,789,537
				8,789,537
SINGAPORE — 0.98%
SATS Ltd.		1,119,400		4,002,002
Singapore Airlines Ltd.a		849,200		6,041,643
Singapore Press Holdings Ltd.a		1,439,500		3,602,481
Singapore Telecommunications Ltd.		5,481,200		15,441,656
				29,087,782
SOUTH KOREA — 0.80%
CJ Korea Express Corp.a,b		11,580		1,766,571
Dongbu Insurance Co. Ltd.		42,074		2,273,466
Kangwon Land Inc.b		126,222		3,946,007
Kia Motors Corp.		47,092		1,592,986
KT&G Corp.		15,054		1,364,612
NAVER Corp.		2,316		1,589,402
S-1 Corp.		28,178		2,267,696
Samsung Fire & Marine Insurance Co. Ltd.		12,738		2,872,598
Samsung Life Insurance Co. Ltd.		15,054		1,424,522
SK Telecom Co. Ltd.		21,616		4,425,473
				23,523,333
SPAIN — 0.05%
Amadeus IT Holding SA Class A		31,652		1,476,675
				1,476,675
SWITZERLAND — 4.58%
Chocoladefabriken Lindt & Sprungli AG Registered		116		7,540,087
Chubb Ltd.		96,114		13,280,071
EMS-Chemie Holding AG Registered		5,790		3,304,194
Givaudan SA Registered		808		1,471,658
Kuehne + Nagel International AG Registered		79,516		11,354,324
Nestle SA Registered		390,632		28,962,431
Novartis AG Registered		197,632		15,471,915
Roche Holding AG		73,400		17,934,974
Schindler Holding AG Registered		31,266		5,997,502
Sonova Holding AG Registered		72,568		9,557,860

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2017

Security	Shares		Value
Swiss Prime Site AG Registered		60,462	$	5,264,653
Swisscom AG Registered		33,968		14,998,901
				135,138,570
TAIWAN — 3.95%
Asustek Computer Inc.		808,000		7,297,997
Chang Hwa Commercial Bank Ltd.		7,281,630		4,349,046
Chicony Electronics Co. Ltd.		816,504		1,924,094
Chunghwa Telecom Co. Ltd.		5,790,000		19,222,419
E.Sun Financial Holding Co. Ltd.		6,562,000		3,983,312
Far EasTone Telecommunications Co. Ltd.		2,424,000		5,838,397
First Financial Holding Co. Ltd.		14,282,328		8,437,328
Formosa Petrochemical Corp.		1,616,000		5,628,005
Hon Hai Precision Industry Co. Ltd.		2,693,400		7,846,088
Hua Nan Financial Holdings Co. Ltd.		11,194,487		6,157,724
Mega Financial Holding Co. Ltd.		8,080,000		6,285,482
Quanta Computer Inc.		808,000		1,675,252
Siliconware Precision Industries Co. Ltd.		3,474,000		5,472,736
Synnex Technology International Corp.		2,132,250		2,342,293
Taiwan Business Bank		6,562,322		1,796,316
Taiwan Cooperative Financial Holding Co. Ltd.		11,966,538		5,706,048
Taiwan Mobile Co. Ltd.		2,316,000		8,141,260
Taiwan Semiconductor Manufacturing Co. Ltd.		2,020,000		12,426,319
WPG Holdings Ltd.		1,616,000		2,051,329
				116,581,445
THAILAND — 0.72%
Advanced Info Service PCL NVDR		926,400		4,432,219
Bangkok Dusit Medical Services PCL NVDRa		5,777,800		3,327,091
BTS Group Holdings PCL NVDR		9,611,400		2,257,910
Bumrungrad Hospital PCL NVDRa		563,800		2,842,784
CP ALL PCL NVDR		887,800		1,526,063
KCE Electronics PCL NVDRa		424,600		1,195,140
Krung Thai Bank PCL NVDR		5,133,800		2,882,711
Siam Cement PCL (The) Foreign		193,000		2,853,075
				21,316,993

Security	Shares		Value
UNITED ARAB EMIRATES — 0.26%
Emirates Telecommunications Group Co. PJSC		1,031,778	$	4,944,668
National Bank of Abu Dhabi PJSC		906,328		2,591,271
				7,535,939
UNITED KINGDOM — 1.77%
AstraZeneca PLC		34,354		1,985,316
Compass Group PLC		427,688		7,972,581
Fresnillo PLC		239,320		4,425,454
GlaxoSmithKline PLC		466,674		9,570,418
Kingfisher PLC		1,199,688		4,914,600
Randgold Resources Ltd.		122,451		11,443,592
Reckitt Benckiser Group PLC		72,568		6,602,099
TUI AG		382,140		5,411,589
				52,325,649
UNITED STATES — 57.24%
Abbott Laboratories		272,130		12,267,620
Adobe Systems Inc.b		22,388		2,649,396
Advance Auto Parts Inc.		9,680		1,515,985
Aetna Inc.		64,076		8,250,426
AGNC Investment Corp.		489,448		9,607,864
Alleghany Corp.b		18,384		11,872,387
Allstate Corp. (The)		158,646		13,034,355
Altria Group Inc.		282,552		21,168,796
American Tower Corp.		21,616		2,481,301
American Water Works Co. Inc.		79,130		6,172,140
Annaly Capital Management Inc.		1,475,292		16,375,741
ANSYS Inc.b		130,082		13,887,554
Aon PLC		50,566		5,847,958
Aramark		95,728		3,421,319
Arch Capital Group Ltd.b		187,982		17,777,458
AT&T Inc.		842,638		35,213,842
Automatic Data Processing Inc.		416,494		42,740,614
AutoZone Inc.b		34,740		25,587,747
AvalonBay Communities Inc.		127,380		23,409,896
Axis Capital Holdings Ltd.		147,066		10,191,674
Baxter International Inc.		183,526		9,345,144
Becton Dickinson and Co.		128,538		23,528,881
Berkshire Hathaway Inc. Class Bb		120,956		20,734,278
Boston Scientific Corp.b		115,414		2,833,414
Broadridge Financial Solutions Inc.		90,324		6,262,163
Campbell Soup Co.		110,396		6,552,003

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2017

Security	Shares		Value
CH Robinson Worldwide Inc.		131,240	$	10,547,759
Charter Communications Inc. Class Ab		7,334		2,369,322
Chipotle Mexican Grill Inc.a,b		3,474		1,454,703
Church & Dwight Co. Inc.		380,210		18,949,666
Cigna Corp.		9,650		1,436,885
Cincinnati Financial Corp.		88,394		6,449,226
Cintas Corp.		98,012		11,566,396
Cisco Systems Inc.		161,734		5,528,068
Clorox Co. (The)		162,120		22,179,637
Coca-Cola Co. (The)		387,158		16,245,150
Colgate-Palmolive Co.		384,456		28,057,599
Comcast Corp. Class A		164,436		6,153,195
Consolidated Edison Inc.		424,986		32,740,921
Constellation Brands Inc. Class A		29,336		4,658,850
Cooper Companies Inc. (The)		8,106		1,614,229
Costco Wholesale Corp.		35,512		6,292,016
CR Bard Inc.		83,762		20,541,793
Crown Castle International Corp.		93,798		8,772,927
CVS Health Corp.		44,390		3,576,946
Danaher Corp.		60,988		5,217,523
Darden Restaurants Inc.		33,582		2,507,904
Dominion Resources Inc./VA		237,390		18,430,960
Dr Pepper Snapple Group Inc.		98,430		9,197,299
Duke Energy Corp.		279,464		23,069,753
eBay Inc.b		86,464		2,931,130
Ecolab Inc.		22,996		2,850,814
Eli Lilly & Co.		245,110		20,297,559
Equity Residential		111,554		7,035,711
Essex Property Trust Inc.		11,700		2,745,990
Everest Re Group Ltd.		63,632		14,962,428
Eversource Energy		66,392		3,894,555
Expeditors International of Washington Inc.		206,092		11,619,467
Exxon Mobil Corp.		292,974		23,824,646
F5 Networks Inc.b		14,282		2,046,182
Facebook Inc. Class Ab		35,898		4,865,615
Federal Realty Investment Trust		93,412		13,145,871
Fidelity National Information Services Inc.		101,132		8,320,130
FNF Group		105,378		4,039,139
Foot Locker Inc.		69,094		5,228,343
Gartner Inc.b		123,520		12,748,499
General Mills Inc.		535,382		32,321,011
Genuine Parts Co.		32,038		3,066,357

Security	Shares		Value
Henry Schein Inc.b		63,304	$	10,860,434
Hershey Co. (The)		34,354		3,722,256
Home Depot Inc. (The)		45,162		6,544,425
Hormel Foods Corp.		120,818		4,258,835
Humana Inc.		19,686		4,158,668
Intel Corp.		69,480		2,515,176
International Business Machines Corp.		67,550		12,146,841
Intuitive Surgical Inc.b		27,792		20,482,704
JB Hunt Transport Services Inc.		41,688		4,092,511
JM Smucker Co. (The)		59,830		8,479,706
Johnson & Johnson		355,120		43,399,215
Kellogg Co.		299,922		22,215,223
Kimberly-Clark Corp.		111,168		14,735,318
Laboratory Corp. of America Holdingsb		91,096		12,959,317
Linear Technology Corp.		21,230		1,371,033
Lowe’s Companies Inc.		54,812		4,076,368
Macerich Co. (The)		82,676		5,570,709
Markel Corp.b		20,458		20,043,316
Marsh & McLennan Companies Inc.		257,848		18,946,671
MasterCard Inc. Class A		38,514		4,254,256
McCormick & Co. Inc./MD		165,980		16,335,752
McDonald’s Corp.		257,076		32,815,751
Merck & Co. Inc.		346,628		22,832,386
Microsoft Corp.		34,354		2,197,969
Motorola Solutions Inc.		165,594		13,076,958
Newmont Mining Corp.		104,606		3,581,709
NextEra Energy Inc.		32,272		4,227,632
O’Reilly Automotive Inc.a,b		26,634		7,236,724
Occidental Petroleum Corp.		79,130		5,186,972
Oracle Corp.		50,566		2,153,606
Patterson Companies Inc.		79,130		3,596,459
Paychex Inc.		458,954		28,188,955
People’s United Financial Inc.		460,112		8,834,150
PepsiCo Inc.		253,988		28,035,195
Pfizer Inc.		546,190		18,636,003
PG&E Corp.		322,310		21,514,192
Procter & Gamble Co. (The)		394,106		35,891,233
Public Storage		79,460		18,073,972
Raytheon Co.		48,250		7,437,738
Realty Income Corp.a		91,482		5,606,017
RenaissanceRe Holdings Ltd.		57,768		8,528,868
Republic Services Inc.		355,892		22,047,509

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2017

Security	Shares		Value
Reynolds American Inc.		54,040	$	3,327,243
Ross Stores Inc.		52,110		3,573,704
SCANA Corp.		34,740		2,409,219
Sherwin-Williams Co. (The)		5,404		1,667,350
Simon Property Group Inc.		17,760		3,274,944
Southern Co. (The)		626,864		31,857,228
Starbucks Corp.		177,174		10,075,885
Stryker Corp.		110,782		14,242,134
Synopsys Inc.b		218,862		15,635,501
Sysco Corp.		58,286		3,072,838
Target Corp.		190,684		11,206,499
TJX Companies Inc. (The)		270,586		21,227,472
Travelers Companies Inc. (The)		99,202		12,126,452
UDR Inc.		230,652		8,418,798
United Parcel Service Inc. Class B		140,118		14,818,880
UnitedHealth Group Inc.		78,744		13,022,683
Varian Medical Systems Inc.a,b		140,118		11,754,499
Ventas Inc.		99,612		6,479,761
Verizon Communications Inc.		587,878		29,176,385
Visa Inc. Class A		247,040		21,724,698
VMware Inc. Class Aa,b		65,234		5,863,884
Wal-Mart Stores Inc.		241,250		17,111,863
Waste Management Inc.		363,226		26,631,730
Waters Corp.b		16,598		2,572,524
WEC Energy Group Inc.		289,500		17,448,165
Wells Fargo & Co.		83,762		4,848,145
Welltower Inc.		132,784		9,345,338
Westar Energy Inc.		41,688		2,250,318
WR Berkley Corp.		151,698		10,773,592
Xcel Energy Inc.		404,142		17,665,047
				1,690,703,641
TOTAL COMMON STOCKS
(Cost: $2,615,033,108)				2,941,116,579
PREFERRED STOCKS — 0.05%
COLOMBIA — 0.05%
Grupo Aval Acciones y Valores SA		3,814,838		1,481,630
				1,481,630
TOTAL PREFERRED STOCKS
(Cost: $1,530,835)				1,481,630

Security	Shares		Value
SHORT-TERM INVESTMENTS — 3.34%
MONEY MARKET FUNDS — 3.34%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		97,055,953	$	97,094,775
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		1,504,894		1,504,894
				98,599,669
TOTAL SHORT-TERM INVESTMENTS
(Cost: $98,567,783)				98,599,669
TOTAL INVESTMENTS IN SECURITIES — 102.96%				3,041,197,878
(Cost: $2,715,131,726)g
Other Assets, Less Liabilities — (2.96)%				(87,565,640	)
NET ASSETS — 100.00%			$	2,953,632,238

ADR  —  American Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

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

^b  Non-income earning security.

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

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $2,747,399,297. Net unrealized appreciation was $293,798,581, of which $368,825,587 represented gross unrealized appreciation on securities and $75,027,006 represented gross unrealized depreciation on securities.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,941,116,579	$	—	$	—	$	2,941,116,579
Preferred stocks		1,481,630		—		—		1,481,630
Money market funds		98,599,669		—		—		98,599,669
Total	$	3,041,197,878	$	—	$	—	$	3,041,197,878

See notes to financial statements.

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.08%
AIRLINES — 0.14%
Qantas Airways Ltd.		927,797	$	2,675,012
				2,675,012
BANKS — 34.52%
Australia & New Zealand Banking Group Ltd.		5,836,273		138,655,032
Bank of Queensland Ltd.		768,566		7,002,306
Bendigo & Adelaide Bank Ltd.		938,297		8,815,625
Commonwealth Bank of Australia		3,434,685		217,387,132
National Australia Bank Ltd.		5,299,182		130,336,074
Westpac Banking Corp.		6,671,788		172,867,637
				675,063,806
BEVERAGES — 1.15%
Coca-Cola Amatil Ltd.		1,139,262		8,978,195
Treasury Wine Estates Ltd.		1,474,918		13,505,827
				22,484,022
BIOTECHNOLOGY — 4.21%
CSL Ltd.		909,195		82,388,204
				82,388,204
CAPITAL MARKETS — 2.86%
ASX Ltd.		386,068		15,206,516
Macquarie Group Ltd.		610,906		40,699,073
				55,905,589
CHEMICALS — 1.02%
Incitec Pivot Ltd.		3,355,204		9,467,309
Orica Ltd.		749,667		10,542,016
				20,009,325
COMMERCIAL SERVICES & SUPPLIES — 1.16%
Brambles Ltd.		3,163,784		22,646,342
				22,646,342
CONSTRUCTION & ENGINEERING — 0.29%
CIMIC Group Ltd.		193,054		5,601,731
				5,601,731
CONSTRUCTION MATERIALS — 1.21%
Boral Ltd.		2,343,350		10,557,871
James Hardie Industries PLC		879,598		13,187,437
				23,745,308
CONTAINERS & PACKAGING — 1.28%
Amcor Ltd./Australia		2,310,031		24,953,743
				24,953,743

Security	Shares		Value
DIVERSIFIED FINANCIAL SERVICES — 1.65%
AMP Ltd.		5,898,624	$	22,131,563
Challenger Ltd./Australia		1,142,436		10,048,459
				32,180,022
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.93%
Telstra Corp. Ltd.		8,339,913		30,906,521
TPG Telecom Ltd.		680,514		3,264,850
Vocus Group Ltd.		1,052,992		3,546,016
				37,717,387
ELECTRIC UTILITIES — 0.22%
AusNet Services		3,529,983		4,396,724
				4,396,724
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.93%
Dexus Property Group		1,932,558		14,026,396
Goodman Group		3,567,210		20,707,000
GPT Group (The)		3,584,209		13,585,693
Mirvac Group		7,400,906		12,233,899
Scentre Group		10,619,293		35,597,840
Stockland		4,798,669		17,414,233
Vicinity Centres		6,706,798		14,902,346
Westfield Corp.		3,937,406		26,640,013
				155,107,420
FOOD & STAPLES RETAILING — 6.38%
Wesfarmers Ltd.		2,253,502		74,016,876
Woolworths Ltd.		2,566,912		50,839,163
				124,856,039
GAS UTILITIES — 0.74%
APA Group		2,221,606		14,450,370
				14,450,370
HEALTH CARE EQUIPMENT & SUPPLIES — 0.58%
Cochlear Ltd.		113,966		11,439,150
				11,439,150
HEALTH CARE PROVIDERS & SERVICES — 1.75%
Healthscope Ltd.		3,450,566		5,969,176
Ramsay Health Care Ltd.		282,349		15,148,121
Sonic Healthcare Ltd.		787,904		13,036,384
				34,153,681
HOTELS, RESTAURANTS & LEISURE — 2.21%
Aristocrat Leisure Ltd.		1,080,201		13,786,506
Crown Resorts Ltd.		724,164		7,048,752
Domino’s Pizza Enterprises Ltd.		123,692		5,297,102
Flight Centre Travel Group Ltd.a		111,405		2,470,253

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2017

Security	Shares		Value
Tabcorp Holdings Ltd.		1,653,783	$	5,416,637
Tatts Group Ltd.		2,928,178		9,140,397
				43,159,647
INSURANCE — 4.39%
Insurance Australia Group Ltd.		4,731,671		21,827,668
Medibank Pvt Ltd.		5,502,987		11,931,338
QBE Insurance Group Ltd.		2,734,918		25,884,747
Suncorp Group Ltd.		2,566,141		26,181,408
				85,825,161
IT SERVICES — 0.49%
Computershare Ltd.		923,521		9,592,762
				9,592,762
MEDIA — 0.23%
REA Group Ltd.		104,272		4,531,983
				4,531,983
METALS & MINING — 11.89%
Alumina Ltd.		4,868,618		6,906,271
BHP Billiton Ltd.		6,402,492		123,063,882
Fortescue Metals Group Ltd.		3,105,048		15,827,904
Newcrest Mining Ltd.		1,528,700		26,022,046
Rio Tinto Ltd.		846,155		40,328,598
South32 Ltd.		10,618,064		20,327,606
				232,476,307
MULTI-UTILITIES — 1.80%
AGL Energy Ltd.		1,342,416		24,894,648
DUET Group		4,864,097		10,284,341
				35,178,989
MULTILINE RETAIL — 0.23%
Harvey Norman Holdings Ltd.		1,115,110		4,415,364
				4,415,364
OIL, GAS & CONSUMABLE FUELS — 4.64%
Caltex Australia Ltd.		519,897		11,248,198
Oil Search Ltd.		2,735,504		14,680,280
Origin Energy Ltd.		3,495,537		17,630,284
Santos Ltd.		3,654,157		10,676,093
Woodside Petroleum Ltd.		1,511,596		36,423,048
				90,657,903
PROFESSIONAL SERVICES — 0.41%
Seek Ltd.		657,335		7,929,600
				7,929,600
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.66%
LendLease Group		1,105,128		12,940,589
				12,940,589

Security	Shares		Value
ROAD & RAIL — 0.82%
Aurizon Holdings Ltd.		4,091,587	$	16,106,579
				16,106,579
TRANSPORTATION INFRASTRUCTURE — 2.29%
Sydney Airport		2,202,356		10,261,284
Transurban Group		4,075,098		34,558,519
				44,819,803
TOTAL COMMON STOCKS
(Cost: $2,099,007,519)				1,937,408,562
SHORT-TERM INVESTMENTS — 0.11%
MONEY MARKET FUNDS — 0.11%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%b,c,d		1,923,436		1,924,205
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%b,c		192,875		192,875
				2,117,080
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,116,311)				2,117,080
TOTAL INVESTMENTS IN SECURITIES — 99.19%
(Cost: $2,101,123,830)e				1,939,525,642
Other Assets, Less Liabilities — 0.81%				15,805,750
NET ASSETS — 100.00%			$	1,955,331,392

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

^b  Affiliated money market fund.

^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.

^e  The cost of investments for federal income tax purposes was $2,172,109,489. Net unrealized depreciation was $232,583,847, of which $91,398,881 represented gross unrealized appreciation on securities and $323,982,728 represented gross unrealized depreciation on securities.

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2017

Schedule 1 — Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2017 were as follows:

Issue	Number of long (short) contracts		Expiration date		Exchange		Initial notional value		Current notional value		Unrealized appreciation (depreciation)
ASX SPI 200 Index		162		Mar. 2017		Sydney Futures	$	17,729,507	$	17,699,078	$	(30,429	)

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	1,937,408,562		$	—	$	—	$	1,937,408,562
Money market funds		2,117,080			—		—		2,117,080
Total	$	1,939,525,642		$	—	$	—	$	1,939,525,642
Derivative financial instrumentsa:
Liabilities:
Futures contracts	$	(30,429	)	$	—	$	—	$	(30,429	)
Total	$	(30,429	)	$	—	$	—	$	(30,429	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited)

iSHARES^® MSCI CANADA ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.67%
AEROSPACE & DEFENSE — 0.55%
Bombardier Inc. Class Ba		5,015,732	$	8,710,169
CAE Inc.		702,202		10,577,168
				19,287,337
AUTO COMPONENTS — 1.45%
Linamar Corp.		121,196		5,397,063
Magna International Inc. Class A		1,056,217		45,288,658
				50,685,721
BANKS — 29.68%
Bank of Montreal		1,791,826		136,357,086
Bank of Nova Scotia (The)		3,349,691		194,843,289
Canadian Imperial Bank of Commerce		1,099,262		96,783,527
National Bank of Canada		926,683		39,657,513
Royal Bank of Canada		4,133,356		301,095,690
Toronto-Dominion Bank (The)		5,164,750		266,962,728
				1,035,699,833
CAPITAL MARKETS — 4.24%
Brookfield Asset Management Inc. Class A		2,459,356		88,833,547
CI Financial Corp.		638,573		13,056,406
IGM Financial Inc.		245,677		7,551,444
Thomson Reuters Corp.		905,522		38,396,403
				147,837,800
CHEMICALS — 2.49%
Agrium Inc.		358,950		34,703,875
Methanex Corp.		236,339		12,078,815
Potash Corp. of Saskatchewan Inc.		2,302,016		40,045,641
				86,828,331
CONSTRUCTION & ENGINEERING — 0.47%
SNC-Lavalin Group Inc.		402,365		16,432,423
				16,432,423
CONTAINERS & PACKAGING — 0.46%
CCL Industries Inc. Class B		74,566		15,893,939
				15,893,939
DIVERSIFIED FINANCIAL SERVICES — 0.75%
Element Fleet Management Corp.		1,011,301		10,743,331
Onex Corp.		219,315		15,477,650
				26,220,981

Security	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.98%
BCE Inc.		396,627	$	17,351,028
TELUS Corp.		520,068		16,971,074
				34,322,102
ELECTRIC UTILITIES — 1.35%
Emera Inc.		119,040		4,093,980
Fortis Inc./Canada		1,093,082		34,770,316
Hydro One Ltd.b		458,060		8,162,041
				47,026,337
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.52%
H&R REIT		347,984		6,200,629
RioCan REIT		409,324		8,245,509
Smart REIT		153,189		3,866,592
				18,312,730
FOOD & STAPLES RETAILING — 3.46%
Alimentation Couche-Tard Inc. Class B		1,156,369		51,564,916
Empire Co. Ltd. Class A		406,673		5,136,955
George Weston Ltd.		134,368		11,291,599
Jean Coutu Group PJC Inc. (The) Class A		178,870		2,695,644
Loblaw Companies Ltd.		605,795		31,679,083
Metro Inc.		625,296		18,285,110
				120,653,307
FOOD PRODUCTS — 0.68%
Saputo Inc.		691,015		23,796,439
				23,796,439
HOTELS, RESTAURANTS & LEISURE — 0.95%
Restaurant Brands International Inc.		607,352		33,227,926
				33,227,926
INSURANCE — 8.23%
Fairfax Financial Holdings Ltd.		62,688		28,304,144
Great-West Lifeco Inc.		799,672		21,880,866
Industrial Alliance Insurance & Financial Services Inc.		270,577		11,262,720
Intact Financial Corp.		355,809		25,295,765
Manulife Financial Corp.		5,464,458		97,905,990
Power Corp. of Canada		1,010,539		23,576,319
Power Financial Corp.		669,605		17,416,960
Sun Life Financial Inc.		1,689,963		61,501,919
				287,144,683

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CANADA ETF

February 28, 2017

Security	Shares		Value
IT SERVICES — 0.78%
CGI Group Inc. Class Aa		592,156	$	27,299,668
				27,299,668
MEDIA — 0.68%
Shaw Communications Inc. Class B		1,134,163		23,668,893
				23,668,893
METALS & MINING — 7.44%
Agnico Eagle Mines Ltd.		612,427		25,825,096
Barrick Gold Corp.		3,213,931		59,476,348
Eldorado Gold Corp.a		1,799,413		5,515,963
First Quantum Minerals Ltd.		1,857,406		19,381,140
Franco-Nevada Corp.		486,367		31,437,864
Goldcorp Inc.		2,338,122		37,160,684
Kinross Gold Corp.a		3,278,180		11,583,587
Silver Wheaton Corp.		1,197,225		23,384,960
Teck Resources Ltd. Class B		1,547,037		31,011,992
Turquoise Hill Resources Ltd.a		2,595,975		8,173,367
Yamana Gold Inc.		2,388,291		6,617,862
				259,568,863
MULTI-UTILITIES — 0.44%
Atco Ltd./Canada Class I		190,889		6,540,483
Canadian Utilities Ltd. Class A		325,204		8,775,560
				15,316,043
MULTILINE RETAIL — 1.27%
Canadian Tire Corp. Ltd. Class A		183,984		21,156,528
Dollarama Inc.		301,891		23,313,384
				44,469,912
OIL, GAS & CONSUMABLE FUELS — 22.74%
AltaGas Ltd.		432,040		10,112,303
ARC Resources Ltd.		938,803		14,034,731
Cameco Corp.		1,039,976		11,542,638
Canadian Natural Resources Ltd.		3,059,369		87,984,722
Cenovus Energy Inc.		2,270,508		28,800,283
Crescent Point Energy Corp.		1,449,828		15,993,044
Enbridge Inc.		3,984,580		168,173,976
Encana Corp.		2,650,462		29,457,360
Husky Energy Inc.a		923,929		11,021,993
Imperial Oil Ltd.		805,338		25,228,188
Inter Pipeline Ltd.		970,124		20,399,376
Keyera Corp.		492,417		14,540,699
Pembina Pipeline Corp.		1,079,002		34,966,036
Peyto Exploration & Development Corp.		425,396		8,729,860
PrairieSky Royalty Ltd.		541,247		12,692,915

Security	Shares		Value
Seven Generations Energy Ltd. Class Aa		638,306	$	11,860,554
Suncor Energy Inc.		4,622,234		144,308,487
Tourmaline Oil Corp.a		605,086		13,431,635
TransCanada Corp.		2,393,566		110,348,552
Veresen Inc.		807,084		8,238,722
Vermilion Energy Inc.		310,059		11,824,591
				793,690,665
PAPER & FOREST PRODUCTS — 0.20%
West Fraser Timber Co. Ltd.		163,595		6,809,613
				6,809,613
PHARMACEUTICALS — 0.35%
Valeant Pharmaceuticals International Inc.a,c		860,603		12,274,371
				12,274,371
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.15%
First Capital Realty Inc.		327,694		5,176,004
				5,176,004
ROAD & RAIL — 5.87%
Canadian National Railway Co.		2,129,238		148,481,575
Canadian Pacific Railway Ltd.		382,749		56,476,754
				204,958,329
SOFTWARE — 1.37%
Constellation Software Inc./Canada		51,694		24,335,542
Open Text Corp.		708,479		23,418,937
				47,754,479
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.26%
BlackBerry Ltd.a		1,295,125		9,025,636
				9,025,636
TEXTILES, APPAREL & LUXURY GOODS — 0.43%
Gildan Activewear Inc.		585,722		14,881,306
				14,881,306
TRADING COMPANIES & DISTRIBUTORS — 0.23%
Finning International Inc.		432,480		8,052,366
				8,052,366
WIRELESS TELECOMMUNICATION SERVICES — 1.20%
Rogers Communications Inc. Class B		993,576		41,830,041
				41,830,041
TOTAL COMMON STOCKS
(Cost: $3,900,998,631)				3,478,146,078

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CANADA ETF

February 28, 2017

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.41%
MONEY MARKET FUNDS — 0.41%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		13,048,006	$	13,053,225
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		1,178,287		1,178,287
				14,231,512
TOTAL SHORT-TERM INVESTMENTS
(Cost: $14,227,080)				14,231,512

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.08%
(Cost: $3,915,225,711)g	$	3,492,377,590
Other Assets, Less Liabilities — (0.08)%		(2,777,368	)
NET ASSETS — 100.00%	$	3,489,600,222

^a  Non-income earning security.

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

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

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $3,961,342,689. Net unrealized depreciation was $468,965,099, of which $222,504,767 represented gross unrealized appreciation on securities and $691,469,866 represented gross unrealized depreciation on securities.

Schedule 1 — Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2017 were as follows:

Issue	Number of long (short) contracts		Expiration date		Exchange		Initial notional value		Current notional value		Unrealized appreciation (depreciation)
S&P/TSX 60 Index		77		Mar. 2017		Montreal	$	10,428,800	$	10,535,649	$	106,849

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	3,478,146,078	$	—	$	—	$	3,478,146,078
Money market funds		14,231,512		—		—		14,231,512
Total	$	3,492,377,590	$	—	$	—	$	3,492,377,590
Derivative financial instrumentsa:
Assets:
Futures contracts	$	106,849	$	—	$	—	$	106,849
Total	$	106,849	$	—	$	—	$	106,849

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

See notes to financial statements.

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI JAPAN ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.65%
AIR FREIGHT & LOGISTICS — 0.26%
Yamato Holdings Co. Ltd.		1,903,500	$	41,758,419
				41,758,419
AIRLINES — 0.24%
ANA Holdings Inc.		6,345,000		19,043,223
Japan Airlines Co. Ltd.		634,500		20,806,904
				39,850,127
AUTO COMPONENTS — 3.27%
Aisin Seiki Co. Ltd.		1,057,500		52,740,314
Bridgestone Corp.		3,434,800		137,563,917
Denso Corp.		2,538,000		113,238,557
Koito Manufacturing Co. Ltd.		634,500		32,835,099
NGK Spark Plug Co. Ltd.		846,000		19,228,476
NOK Corp.		423,000		9,693,632
Stanley Electric Co. Ltd.		846,000		23,931,626
Sumitomo Electric Industries Ltd.		4,018,500		65,708,949
Sumitomo Rubber Industries Ltd.		846,000		14,018,716
Toyoda Gosei Co. Ltd.		423,000		10,827,832
Toyota Industries Corp.		846,000		41,436,117
Yokohama Rubber Co. Ltd. (The)		634,500		12,669,017
				533,892,252
AUTOMOBILES — 9.27%
Fuji Heavy Industries Ltd.		3,172,500		119,289,516
Honda Motor Co. Ltd.		8,671,500		270,410,363
Isuzu Motors Ltd.		3,172,500		42,631,754
Mazda Motor Corp.		2,961,000		41,708,325
Mitsubishi Motors Corp.		3,595,500		23,362,636
Nissan Motor Co. Ltd.		12,690,000		125,442,553
Suzuki Motor Corp.		1,903,500		74,755,141
Toyota Motor Corp.		13,747,500		782,078,362
Yamaha Motor Co. Ltd.		1,480,500		34,390,843
				1,514,069,493
BANKS — 8.57%
Aozora Bank Ltd.		6,345,000		23,874,916
Bank of Kyoto Ltd. (The)		2,115,000		17,296,555
Chiba Bank Ltd. (The)		4,230,000		29,678,241
Chugoku Bank Ltd. (The)		846,000		13,549,913
Concordia Financial Group Ltd.		6,133,500		32,771,205
Fukuoka Financial Group Inc.		4,230,000		19,810,698

Security	Shares		Value
Hachijuni Bank Ltd. (The)		2,115,000	$	13,421,370
Hiroshima Bank Ltd. (The)		2,186,000		10,374,635
Japan Post Bank Co. Ltd.		2,115,000		26,615,900
Kyushu Financial Group Inc.		1,903,600		13,083,688
Mebuki Financial Group Inc.		4,981,580		22,039,434
Mitsubishi UFJ Financial Group Inc.		67,468,580		445,267,904
Mizuho Financial Group Inc.		127,534,580		239,031,161
Resona Holdings Inc.		11,632,500		65,188,162
Seven Bank Ltd.		2,961,000		9,236,171
Shinsei Bank Ltd.		10,575,000		19,375,922
Shizuoka Bank Ltd. (The)		2,871,000		25,301,032
Sumitomo Mitsui Financial Group Inc.		7,191,000		281,315,699
Sumitomo Mitsui Trust Holdings Inc.		1,715,832		61,787,435
Suruga Bank Ltd.		846,000		18,827,725
Yamaguchi Financial Group Inc.		922,000		10,679,823
				1,398,527,589
BEVERAGES — 1.12%
Asahi Group Holdings Ltd.		2,115,000		75,027,349
Kirin Holdings Co. Ltd.		4,441,500		76,774,018
Suntory Beverage & Food Ltd.		734,500		30,920,097
				182,721,464
BUILDING PRODUCTS — 1.43%
Asahi Glass Co. Ltd.		5,296,000		43,452,903
Daikin Industries Ltd.		1,269,000		120,962,461
LIXIL Group Corp.		1,480,500		36,428,623
TOTO Ltd.		846,000		32,702,775
				233,546,762
CAPITAL MARKETS — 1.42%
Daiwa Securities Group Inc.		8,460,000		53,859,391
Japan Exchange Group Inc.		2,749,500		38,163,950
Nomura Holdings Inc.		19,246,500		125,454,462
SBI Holdings Inc./Japan		1,057,510		14,858,164
				232,335,967
CHEMICALS — 4.55%
Air Water Inc.		846,000		16,128,328
Asahi Kasei Corp.		6,375,000		62,362,582
Daicel Corp.		1,480,500		18,035,675
Hitachi Chemical Co. Ltd.		634,500		17,948,720
JSR Corp.		1,057,500		18,137,753
Kaneka Corp.		2,115,000		16,578,228

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2017

Security	Shares		Value
Kansai Paint Co. Ltd.		1,057,500	$	20,623,542
Kuraray Co. Ltd.		1,903,500		29,007,173
Mitsubishi Chemical Holdings Corp.		6,979,500		53,816,103
Mitsubishi Gas Chemical Co. Inc.		846,000		17,890,119
Mitsui Chemicals Inc.		4,258,000		21,730,509
Nippon Paint Holdings Co. Ltd.		846,000		27,409,840
Nissan Chemical Industries Ltd.		634,500		20,529,025
Nitto Denko Corp.		848,400		71,733,155
Shin-Etsu Chemical Co. Ltd.		2,115,000		179,638,423
Sumitomo Chemical Co. Ltd.		8,460,000		47,333,959
Taiyo Nippon Sanso Corp.		634,500		7,916,718
Teijin Ltd.		1,057,500		20,311,637
Toray Industries Inc.		8,460,000		75,991,420
				743,122,909
COMMERCIAL SERVICES & SUPPLIES — 0.95%
Dai Nippon Printing Co. Ltd.		2,115,000		23,099,879
Park24 Co. Ltd.		634,500		17,892,010
Secom Co. Ltd.		1,057,500		77,361,912
Sohgo Security Services Co. Ltd.		423,000		16,067,837
Toppan Printing Co. Ltd.		2,115,000		21,398,579
				155,820,217
CONSTRUCTION & ENGINEERING — 0.92%
JGC Corp.		1,057,500		19,064,017
Kajima Corp.		4,289,000		28,060,491
Obayashi Corp.		3,384,000		31,576,136
Shimizu Corp.		2,892,000		26,649,256
Taisei Corp.		6,345,000		44,687,491
				150,037,391
CONSTRUCTION MATERIALS — 0.14%
Taiheiyo Cement Corp.		6,345,000		22,400,456
				22,400,456
CONSUMER FINANCE — 0.23%
Acom Co. Ltd.a		2,115,000		8,884,569
AEON Financial Service Co. Ltd.		634,570		12,330,117
Credit Saison Co. Ltd.		846,000		16,113,206
				37,327,892
CONTAINERS & PACKAGING — 0.09%
Toyo Seikan Group Holdings Ltd.		846,000		15,387,317
				15,387,317

Security	Shares		Value
DIVERSIFIED CONSUMER SERVICES — 0.08%
Benesse Holdings Inc.		423,000	$	13,062,207
				13,062,207
DIVERSIFIED FINANCIAL SERVICES — 0.75%
Mitsubishi UFJ Lease & Finance Co. Ltd.		2,326,500		12,912,870
ORIX Corp.		6,979,500		109,010,826
				121,923,696
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.95%
Nippon Telegraph & Telephone Corp.		3,662,300		155,513,137
				155,513,137
ELECTRIC UTILITIES — 1.21%
Chubu Electric Power Co. Inc.		3,384,000		44,763,105
Chugoku Electric Power Co. Inc. (The)		1,480,500		16,381,633
Hokuriku Electric Power Co.		846,000		8,393,082
Kansai Electric Power Co. Inc. (The)a		3,807,000		42,379,394
Kyushu Electric Power Co. Inc.		2,326,500		25,992,090
Tohoku Electric Power Co. Inc.		2,326,500		29,984,475
Tokyo Electric Power Co. Holdings Inc.a		7,614,000		29,398,472
				197,292,251
ELECTRICAL EQUIPMENT — 1.80%
Fuji Electric Co. Ltd.		2,279,000		12,649,229
Mabuchi Motor Co. Ltd.		222,700		12,081,950
Mitsubishi Electric Corp.		10,152,000		149,487,599
Nidec Corp.		1,269,000		118,977,611
				293,196,389
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.16%
Alps Electric Co. Ltd.		1,057,500		31,615,833
Hamamatsu Photonics KK		846,000		25,028,020
Hirose Electric Co. Ltd.		211,560		28,514,321
Hitachi High-Technologies Corp.		423,000		17,693,525
Hitachi Ltd.		25,380,000		140,368,629
Keyence Corp.		511,852		198,821,003
Kyocera Corp.		1,692,000		93,427,859
Murata Manufacturing Co. Ltd.		992,600		143,276,489
Nippon Electric Glass Co. Ltd.		2,115,500		13,197,649
Omron Corp.		1,057,500		45,651,562
Shimadzu Corp.		1,057,500		17,306,006
TDK Corp.		634,500		43,326,451

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2017

Security	Shares		Value
Yaskawa Electric Corp.		1,269,000	$	23,886,258
Yokogawa Electric Corp.		1,269,000		19,837,163
				841,950,768
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.32%
Daiwa House REIT Investment Corp.		6,345		16,559,324
Japan Prime Realty Investment Corp.		4,230		16,861,778
Japan Real Estate Investment Corp.		6,345		35,103,499
Japan Retail Fund Investment Corp.		12,700		25,653,126
Nippon Building Fund Inc.		8,460		47,485,186
Nippon Prologis REIT Inc.		8,460		18,260,625
Nomura Real Estate Master Fund Inc.		21,150		31,814,318
United Urban Investment Corp.		14,805		23,103,660
				214,841,516
FOOD & STAPLES RETAILING — 1.78%
Aeon Co. Ltd.		3,384,000		50,660,946
FamilyMart UNY Holdings Co. Ltd.		423,000		25,935,380
Lawson Inc.		318,100		22,034,008
Seven & I Holdings Co. Ltd.		4,018,580		158,035,054
Sundrug Co. Ltd.		211,500		13,969,567
Tsuruha Holdings Inc.		211,500		19,659,472
				290,294,427
FOOD PRODUCTS — 1.61%
Ajinomoto Co. Inc.		2,961,000		60,180,668
Calbee Inc.		423,000		14,404,344
Kikkoman Corp.		733,000		22,176,386
MEIJI Holdings Co. Ltd.		634,556		50,930,088
NH Foods Ltd.		883,000		23,628,744
Nisshin Seifun Group Inc.		1,057,575		15,965,001
Nissin Foods Holdings Co. Ltd.		423,000		23,780,399
Toyo Suisan Kaisha Ltd.		423,000		15,576,351
Yakult Honsha Co. Ltd.		423,000		23,175,493
Yamazaki Baking Co. Ltd.		634,500		12,776,766
				262,594,240
GAS UTILITIES — 0.64%
Osaka Gas Co. Ltd.		10,575,000		40,944,631
Toho Gas Co. Ltd.		2,115,000		15,273,897

Security	Shares		Value
Tokyo Gas Co. Ltd.		10,575,000	$	48,184,609
				104,403,137
HEALTH CARE EQUIPMENT & SUPPLIES — 1.68%
CYBERDYNE Inc.a,b		634,500		9,980,962
Hoya Corp.		2,115,000		96,104,572
Olympus Corp.		1,480,500		52,598,539
Sysmex Corp.		846,000		49,073,066
Terumo Corp.		1,903,500		66,265,652
				274,022,791
HEALTH CARE PROVIDERS & SERVICES — 0.42%
Alfresa Holdings Corp.		1,057,500		19,111,275
Medipal Holdings Corp.		846,000		14,011,154
Miraca Holdings Inc.		423,000		20,339,992
Suzuken Co. Ltd./Aichi Japan		423,040		14,367,896
				67,830,317
HEALTH CARE TECHNOLOGY — 0.16%
M3 Inc.		1,057,500		26,937,257
				26,937,257
HOTELS, RESTAURANTS & LEISURE — 0.45%
McDonald’s Holdings Co. Japan Ltd.b		423,000		12,098,137
Oriental Land Co. Ltd./Japan		1,096,700		61,870,406
				73,968,543
HOUSEHOLD DURABLES — 3.18%
Casio Computer Co. Ltd.		1,269,000		17,205,818
Iida Group Holdings Co. Ltd.		846,080		14,367,896
Nikon Corp.		1,903,500		29,211,329
Panasonic Corp.		11,632,515		128,193,154
Rinnai Corp.		211,500		17,126,424
Sekisui Chemical Co. Ltd.		2,122,000		35,181,749
Sekisui House Ltd.		3,172,500		50,911,416
Sharp Corp./Japana,b		7,811,000		23,247,647
Sony Corp.		6,556,500		203,812,012
				519,257,445
HOUSEHOLD PRODUCTS — 0.42%
Lion Corp.		1,200,000		20,807,079
Unicharm Corp.		2,115,000		47,730,929
				68,538,008
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.12%
Electric Power Development Co. Ltd.		846,000		19,954,364
				19,954,364

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2017

Security	Shares		Value
INDUSTRIAL CONGLOMERATES — 0.41%
Keihan Holdings Co. Ltd.		2,115,000	$	13,421,370
Seibu Holdings Inc.		846,000		14,540,448
Toshiba Corp.a		21,150,000		39,356,750
				67,318,568
INSURANCE — 3.19%
Dai-ichi Life Holdings Inc.		5,711,600		107,840,685
Japan Post Holdings Co. Ltd.		2,326,500		29,963,681
MS&AD Insurance Group Holdings Inc.		2,749,540		93,359,275
Sompo Holdings Inc.		1,903,550		71,422,469
Sony Financial Holdings Inc.		846,000		14,926,076
T&D Holdings Inc.		2,961,000		45,611,865
Tokio Marine Holdings Inc.		3,595,500		158,075,385
				521,199,436
INTERNET & DIRECT MARKETING RETAIL — 0.40%
Rakuten Inc.		4,864,500		48,390,656
Start Today Co. Ltd.		846,000		17,754,015
				66,144,671
INTERNET SOFTWARE & SERVICES — 0.43%
DeNA Co. Ltd.		634,500		14,330,621
Kakaku.com Inc.		846,000		12,264,486
Mixi Inc.		211,500		9,205,926
Yahoo Japan Corp.		7,402,500		34,470,237
				70,271,270
IT SERVICES — 0.90%
Fujitsu Ltd.		10,575,000		61,691,044
Nomura Research Institute Ltd.		695,204		24,108,607
NTT Data Corp.		634,500		30,056,308
Obic Co. Ltd.		423,000		19,772,892
Otsuka Corp.		211,500		10,793,806
				146,422,657
LEISURE PRODUCTS — 0.85%
Bandai Namco Holdings Inc.		1,057,598		30,578,983
Sankyo Co. Ltd.		211,500		7,514,077
Sega Sammy Holdings Inc.		1,057,500		15,623,609
Shimano Inc.		423,000		62,759,083
Yamaha Corp.		846,000		22,132,029
				138,607,781
MACHINERY — 5.45%
Amada Holdings Co. Ltd.		1,692,000		19,205,792
FANUC Corp.		1,013,600		200,437,056
Hino Motors Ltd.		1,269,000		14,801,314

Security	Shares		Value
Hitachi Construction Machinery Co. Ltd.		634,500	$	14,823,998
Hoshizaki Corp.		222,800		17,722,840
IHI Corp.a		7,611,000		23,808,821
JTEKT Corp.		1,057,500		18,033,785
Kawasaki Heavy Industries Ltd.		8,460,000		26,691,514
Komatsu Ltd.		4,864,500		117,846,246
Kubota Corp.		5,499,000		87,853,264
Kurita Water Industries Ltd.		634,500		15,198,284
Makita Corp.		634,500		44,120,391
Minebea Mitsumi Inc.		1,903,500		23,545,998
Mitsubishi Heavy Industries Ltd.		16,920,000		67,144,657
Nabtesco Corp.		634,500		17,721,880
NGK Insulators Ltd.		1,480,500		32,009,023
NSK Ltd.		2,326,500		33,311,463
SMC Corp./Japan		286,600		81,585,646
Sumitomo Heavy Industries Ltd.		2,378,000		16,896,903
THK Co. Ltd.		635,100		16,580,660
				889,339,535
MARINE — 0.24%
Mitsui OSK Lines Ltd.		6,345,000		21,039,415
Nippon Yusen KK		8,460,000		18,752,112
				39,791,527
MEDIA — 0.55%
Dentsu Inc.		1,060,900		58,978,397
Hakuhodo DY Holdings Inc.		1,057,500		13,052,755
Toho Co. Ltd./Tokyo		634,500		18,033,785
				90,064,937
METALS & MINING — 1.58%
Hitachi Metals Ltd.		1,057,500		15,122,670
JFE Holdings Inc.		2,800,250		53,184,352
Kobe Steel Ltd.a		1,697,600		16,553,440
Maruichi Steel Tube Ltd.		211,500		6,720,137
Mitsubishi Materials Corp.		634,500		21,152,835
Nippon Steel & Sumitomo Metal Corp.		4,441,570		109,704,417
Sumitomo Metal Mining Co. Ltd.		2,507,000		34,977,227
				257,415,078
MULTILINE RETAIL — 0.75%
Don Quijote Holdings Co. Ltd.		634,500		22,570,586

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2017

Security	Shares		Value
Isetan Mitsukoshi Holdings Ltd.		1,692,060	$	21,762,295
J Front Retailing Co. Ltd.		1,269,000		19,576,297
Marui Group Co. Ltd.		1,057,500		14,668,990
Ryohin Keikaku Co. Ltd.		113,600		24,114,046
Takashimaya Co. Ltd.		2,115,000		19,111,275
				121,803,489
OIL, GAS & CONSUMABLE FUELS — 0.93%
Idemitsu Kosan Co. Ltd.		423,000		13,686,017
INPEX Corp.		5,076,000		50,630,701
JX Holdings Inc.		11,209,595		53,610,889
Showa Shell Sekiyu KK		846,000		8,559,431
TonenGeneral Sekiyu KK		2,115,000		25,424,990
				151,912,028
PAPER & FOREST PRODUCTS — 0.12%
Oji Holdings Corp.		4,230,000		20,339,992
				20,339,992
PERSONAL PRODUCTS — 1.29%
Kao Corp.		2,538,000		131,589,918
Kose Corp.		211,500		18,185,012
Pola Orbis Holdings Inc.		106,600		10,223,158
Shiseido Co. Ltd.		1,903,500		50,273,428
				210,271,516
PHARMACEUTICALS — 5.25%
Astellas Pharma Inc.		11,421,050		154,342,652
Chugai Pharmaceutical Co. Ltd.		1,269,000		42,475,801
Daiichi Sankyo Co. Ltd.		3,172,569		72,604,575
Eisai Co. Ltd.		1,285,400		72,389,555
Hisamitsu Pharmaceutical Co. Inc.		229,400		12,383,930
Kyowa Hakko Kirin Co. Ltd.		1,480,500		22,243,558
Mitsubishi Tanabe Pharma Corp.		1,269,000		26,200,027
Ono Pharmaceutical Co. Ltd.		2,123,900		47,219,924
Otsuka Holdings Co. Ltd.		2,115,000		96,614,962
Santen Pharmaceutical Co. Ltd.		1,903,500		27,390,937
Shionogi & Co. Ltd.		1,480,500		72,751,388
Sumitomo Dainippon Pharma Co. Ltd.		846,000		14,994,128
Taisho Pharmaceutical Holdings Co. Ltd.		211,500		17,296,555

Security	Shares		Value
Takeda Pharmaceutical Co. Ltd.		3,807,000	$	177,683,818
				856,591,810
PROFESSIONAL SERVICES — 0.57%
Recruit Holdings Co. Ltd.		1,903,500		93,741,654
				93,741,654
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.01%
Aeon Mall Co. Ltd.		634,500		9,782,477
Daito Trust Construction Co. Ltd.		358,100		50,313,554
Daiwa House Industry Co. Ltd.		2,961,000		81,617,053
Hulic Co. Ltd.		1,480,500		14,145,368
Mitsubishi Estate Co. Ltd.		6,600,000		129,481,164
Mitsui Fudosan Co. Ltd.		4,717,000		107,211,253
Nomura Real Estate Holdings Inc.		634,500		10,808,929
Sumitomo Realty & Development Co. Ltd.		2,115,000		58,619,252
Tokyo Tatemono Co. Ltd.		1,057,500		14,980,895
Tokyu Fudosan Holdings Corp.		2,538,000		14,517,764
				491,477,709
ROAD & RAIL — 3.88%
Central Japan Railway Co.		756,000		124,192,519
East Japan Railway Co.		1,745,700		158,444,684
Hankyu Hanshin Holdings Inc.		1,269,000		42,645,931
Keikyu Corp.		2,119,000		23,408,714
Keio Corp.		3,010,000		23,755,016
Keisei Electric Railway Co. Ltd.		634,500		15,101,877
Kintetsu Group Holdings Co. Ltd.		10,575,000		39,413,460
Nagoya Railroad Co. Ltd.		4,230,000		19,470,439
Nippon Express Co. Ltd.		4,230,000		21,927,872
Odakyu Electric Railway Co. Ltd.		1,480,500		29,375,788
Tobu Railway Co. Ltd.		6,345,000		32,608,259
Tokyu Corp.		6,345,000		47,182,732
West Japan Railway Co.		846,000		56,233,651
				633,760,942
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.69%
Rohm Co. Ltd.		423,000		27,447,647
Tokyo Electron Ltd.		846,052		84,767,779
				112,215,426

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2017

Security	Shares		Value
SOFTWARE — 1.26%
Konami Holdings Corp.		485,400	$	20,563,936
LINE Corp.a,b		211,500		7,315,592
Nexon Co. Ltd.		846,000		14,124,575
Nintendo Co. Ltd.		588,300		123,564,821
Oracle Corp. Japan		211,500		12,362,783
Trend Micro Inc./Japan		634,500		27,901,327
				205,833,034
SPECIALTY RETAIL — 1.25%
ABC-Mart Inc.		211,500		12,797,560
Fast Retailing Co. Ltd.		275,300		87,325,352
Hikari Tsushin Inc.		43,400		4,266,881
Nitori Holdings Co. Ltd.		423,000		49,451,133
Shimamura Co. Ltd.		108,100		14,048,121
USS Co. Ltd.		1,057,500		18,185,011
Yamada Denki Co. Ltd.		3,384,000		17,330,581
				203,404,639
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.49%
Brother Industries Ltd.		1,269,000		24,011,020
Canon Inc.		5,710,550		167,460,469
FUJIFILM Holdings Corp.		2,326,500		90,286,124
Konica Minolta Inc.		2,326,500		22,519,547
NEC Corp.		14,805,000		37,050,543
Ricoh Co. Ltd.		3,595,500		31,460,826
Seiko Epson Corp.		1,480,500		33,252,862
				406,041,391
TEXTILES, APPAREL & LUXURY GOODS — 0.09%
ASICS Corp.		846,000		14,979,005
				14,979,005
TOBACCO — 1.17%
Japan Tobacco Inc.		5,710,500		191,753,573
				191,753,573
TRADING COMPANIES & DISTRIBUTORS — 3.89%
ITOCHU Corp.		7,825,500		113,761,235
Marubeni Corp.		8,671,500		56,329,680
MISUMI Group Inc.		1,480,500		25,975,077
Mitsubishi Corp.		8,037,000		182,059,941
Mitsui & Co. Ltd.		9,094,500		139,727,805
Sumitomo Corp.		6,345,000		85,603,767
Toyota Tsusho Corp.		1,057,500		31,663,092
				635,120,597

Security	Shares		Value
TRANSPORTATION INFRASTRUCTURE — 0.14%
Japan Airport Terminal Co. Ltd.b		211,500	$	7,419,560
Kamigumi Co. Ltd.		1,195,000		11,246,682
Mitsubishi Logistics Corp.		260,000		3,750,637
				22,416,879
WIRELESS TELECOMMUNICATION SERVICES — 4.68%
KDDI Corp.		9,729,000		255,561,791
NTT DOCOMO Inc.		7,402,500		176,453,211
SoftBank Group Corp.		4,441,500		331,946,400
				763,961,402
TOTAL COMMON STOCKS
(Cost: $16,773,622,427)				16,268,579,294
SHORT-TERM INVESTMENTS — 0.29%
MONEY MARKET FUNDS — 0.29%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		47,629,901		47,648,953
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		329,633		329,633
				47,978,586
TOTAL SHORT-TERM INVESTMENTS
(Cost: $47,967,068)				47,978,586
TOTAL INVESTMENTS IN SECURITIES — 99.94%
(Cost: $16,821,589,495)f				16,316,557,880
Other Assets, Less Liabilities — 0.06%				9,404,604
NET ASSETS — 100.00%			$	16,325,962,484

^a Non-income earning security.

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

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $17,026,892,538. Net unrealized depreciation was $710,334,658, of which $1,024,525,283 represented gross unrealized appreciation on securities and $1,734,859,941 represented gross unrealized depreciation on securities.

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2017

Schedule 1 — Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2017 were as follows:

Issue	Number of long (short) contracts		Expiration date		Exchange		Initial notional value		Current notional value		Unrealized appreciation (depreciation)
TOPIX Index		409		Mar. 2017		Osaka Securities	$	55,367,707	$	56,075,971	$	708,264

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	16,268,579,294	$	—	$	—	$	16,268,579,294
Money market funds		47,978,586		—		—		47,978,586
Total	$	16,316,557,880	$	—	$	—	$	16,316,557,880
Derivative financial instrumentsa:
Assets:
Futures contracts	$	708,264	$	—	$	—	$	708,264
Total	$	708,264	$	—	$	—	$	708,264

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited)

iSHARES^® MSCI MEXICO CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.87%
AIRLINES — 1.42%
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa,b		7,624,800	$	9,309,443
Grupo Aeromexico SAB de CVa,b		6,266,743		14,008,115
				23,317,558
AUTO COMPONENTS — 0.24%
Rassini SAB de CV		1,020,599		3,995,052
				3,995,052
BANKS — 12.36%
Banregio Grupo Financiero SAB de CV		2,718,200		14,141,125
Grupo Financiero Banorte SAB de CV		23,261,178		116,173,544
Grupo Financiero Inbursa SAB de CV Series Ob		24,933,492		35,767,593
Grupo Financiero Interacciones SA de CV Series O		1,437,000		6,345,937
Grupo Financiero Santander Mexico SAB de CV Series Bb		19,790,250		29,844,621
				202,272,820
BEVERAGES — 11.70%
Arca Continental SAB de CV		4,617,729		25,986,455
Coca-Cola Femsa SAB de CV Series L		3,850,947		25,415,836
Fomento Economico Mexicano SAB de CV		17,289,910		139,943,391
				191,345,682
BUILDING PRODUCTS — 0.35%
Elementia SAB de CVa,b,c		5,028,190		5,782,000
				5,782,000
CAPITAL MARKETS — 0.46%
Bolsa Mexicana de Valores SAB de CV		5,225,987		7,575,201
				7,575,201
CHEMICALS — 1.71%
Mexichem SAB de CV		11,813,818		27,991,175
				27,991,175
CONSTRUCTION MATERIALS — 6.79%
Cemex SAB de CV CPOa		130,602,432		111,117,649
				111,117,649

Security	Shares		Value
CONSUMER FINANCE — 1.49%
Credito Real SAB de CV SOFOM ER		3,350,774	$	4,186,635
Gentera SAB de CV		11,296,206		14,955,950
Unifin Financiera SAB de CV SOFOM ENRb		2,287,048		5,225,512
				24,368,097
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.92%
Axtel SAB de CV CPOa,b		17,065,477		3,141,186
Telesites SAB de CVa		20,735,946		11,927,493
				15,068,679
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.58%
Concentradora Fibra Danhos SA de CV		450,300		702,272
Concentradora Fibra Hotelera Mexicana SA de CVb		7,523,690		5,607,182
Fibra Uno Administracion SA de CV		27,143,100		39,453,226
Macquarie Mexico Real Estate Management SA de CV		10,071,900		10,418,121
PLA Administradora Industrial S. de RL de CVb		7,625,200		11,338,970
Prologis Property Mexico SA de CV		4,980,200		7,383,333
				74,903,104
FOOD & STAPLES RETAILING — 5.17%
Grupo Comercial Chedraui SA de CV		4,412,800		8,252,721
La Comer SAB de CVa,b		7,259,855		4,884,023
Wal-Mart de Mexico SAB de CV		36,703,733		71,506,441
				84,643,185
FOOD PRODUCTS — 6.12%
Gruma SAB de CV Series B		2,343,940		31,059,088
Grupo Bimbo SAB de CV		17,350,604		41,153,200
Grupo Herdez SAB de CVb		3,310,944		6,192,054
Grupo Lala SAB de CVb		7,403,800		12,231,810
Industrias Bachoco SAB de CV Series B		2,382,200		9,541,788
				100,177,940
GAS UTILITIES — 0.99%
Infraestructura Energetica Nova SAB de CV		3,752,200		16,127,173
				16,127,173

32 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MEXICO CAPPED ETF

February 28, 2017

Security	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 1.38%
Alsea SAB de CV		6,193,666	$	17,549,921
Hoteles City Express SAB de CVa,b		5,579,600		5,026,252
				22,576,173
HOUSEHOLD DURABLES — 0.37%
Consorcio ARA SAB de CV		13,665,919		4,135,440
Corpovael SAB de CVb		4,319,075		1,968,052
				6,103,492
HOUSEHOLD PRODUCTS — 1.91%
Kimberly-Clark de Mexico SAB de CV Series A		16,496,954		31,256,561
				31,256,561
INDUSTRIAL CONGLOMERATES — 3.99%
Alfa SAB de CV		29,864,451		38,374,798
Grupo Carso SAB de CV Series A1		6,292,733		26,832,501
				65,207,299
INSURANCE — 0.35%
Qualitas Controladora SAB de CV		3,600,100		5,670,413
				5,670,413
MACHINERY — 0.20%
Grupo Rotoplas SAB de CVb		2,774,100		3,277,400
				3,277,400
MEDIA — 5.24%
Grupo Televisa SAB		16,015,947		81,967,298
TV Azteca SAB de CV CPOb		22,982,739		3,690,067
				85,657,365
METALS & MINING — 9.97%
Grupo Mexico SAB de CV Series B		35,541,286		108,333,569
Industrias CH SAB de CV Series Ba		1,927,383		12,363,826
Industrias Penoles SAB de CV		1,495,833		35,712,496
Minera Frisco SAB de CV Series A1a,b		9,657,103		6,767,254
				163,177,145
MULTILINE RETAIL — 1.07%
El Puerto de Liverpool SAB de CV Series C1b		2,126,085		14,920,958
Grupo Famsa SAB de CV Series Aa,b		6,991,087		2,542,182
				17,463,140

Security	Shares		Value
PHARMACEUTICALS — 0.71%
Genomma Lab Internacional SAB de CV Series Ba		10,005,093	$	11,555,069
				11,555,069
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.79%
Corp Inmobiliaria Vesta SAB de CVb		6,822,149		8,394,286
Grupo GICSA SA de CVa,b		8,194,266		4,528,974
				12,923,260
TRANSPORTATION INFRASTRUCTURE — 7.25%
Grupo Aeroportuario del Centro Norte SAB de CV		2,590,892		12,514,659
Grupo Aeroportuario del Pacifico SAB de CV Series B		3,824,149		33,247,731
Grupo Aeroportuario del Sureste SAB de CV Series B		2,221,125		35,289,810
OHL Mexico SAB de CV		9,693,700		10,196,622
Promotora y Operadora de Infraestructura SAB de CV		2,904,590		27,313,047
				118,561,869
WIRELESS TELECOMMUNICATION SERVICES — 12.34%
America Movil SAB de CV		316,518,418		201,853,664
				201,853,664
TOTAL COMMON STOCKS
(Cost: $2,129,006,881)				1,633,968,165
SHORT-TERM INVESTMENTS — 1.69%
MONEY MARKET FUNDS — 1.69%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		27,544,627		27,555,645
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		33,632		33,632
				27,589,277
TOTAL SHORT-TERM INVESTMENTS
(Cost: $27,580,437)				27,589,277

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MEXICO CAPPED ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.56%
(Cost: $2,156,587,318)g	$	1,661,557,442
Other Assets, Less Liabilities — (1.56)%		(25,479,574	)
NET ASSETS — 100.00%	$	1,636,077,868

CPO  —  Certificates of Participation (Ordinary)

^a  Non-income earning security.

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

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

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $2,215,433,074. Net unrealized depreciation was $553,875,632, of which $7,866,553 represented gross unrealized appreciation on securities and $561,742,185 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	1,633,968,165	$	—	$	—	$	1,633,968,165
Money market funds		27,589,277		—		—		27,589,277
Total	$	1,661,557,442	$	—	$	—	$	1,661,557,442

See notes to financial statements.

34 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 96.46%
AEROSPACE & DEFENSE — 0.92%
Hanwha Techwin Co. Ltd.a		243,321	$	9,446,643
Korea Aerospace Industries Ltd. Class Aa		382,417		19,716,924
				29,163,567
AIR FREIGHT & LOGISTICS — 0.47%
Hyundai Glovis Co. Ltd.		109,514		14,866,592
				14,866,592
AIRLINES — 0.21%
Korean Air Lines Co. Ltd.a		257,263		6,575,194
				6,575,194
AUTO COMPONENTS — 3.70%
Hankook Tire Co. Ltd.a		411,582		21,766,618
Hanon Systems		1,219,854		9,881,815
Hyundai Mobis Co. Ltd.		346,152		78,062,136
Hyundai Wia Corp.		119,366		7,062,203
				116,772,772
AUTOMOBILES — 4.73%
Hyundai Motor Co.		777,753		102,829,161
Kia Motors Corp.		1,367,687		46,264,893
				149,094,054
BANKS — 8.85%
BNK Financial Group Inc.		1,583,988		12,159,200
DGB Financial Group Inc.		1,076,849		9,904,249
Hana Financial Group Inc.		1,533,463		47,804,175
Industrial Bank of Koreaa		1,452,533		15,864,499
KB Financial Group Inc.		2,024,327		83,962,800
Shinhan Financial Group Co. Ltd.		2,167,515		89,518,418
Woori Banka		1,694,424		19,929,993
				279,143,334
BEVERAGES — 0.20%
Lotte Chilsung Beverage Co. Ltd.a		4,811		6,416,085
				6,416,085
BIOTECHNOLOGY — 1.19%
Celltrion Inc.a,b		418,391		37,556,212
				37,556,212
BUILDING PRODUCTS — 0.35%
KCC Corp.		36,339		11,135,497
				11,135,497

Security	Shares		Value
CAPITAL MARKETS — 1.51%
Korea Investment Holdings Co. Ltd.a		247,984	$	10,395,261
Mirae Asset Daewoo Co. Ltd.a		2,213,245		17,478,910
NH Investment & Securities Co. Ltd.a		914,653		9,383,131
Samsung Securities Co. Ltd.		353,390		10,360,273
				47,617,575
CHEMICALS — 4.16%
Hanwha Chemical Corp.		628,461		14,089,309
Hyosung Corp.		123,768		14,393,537
Kumho Petrochemical Co. Ltd.b		123,747		8,393,893
LG Chem Ltd.		235,636		58,974,122
Lotte Chemical Corp.a		83,036		26,766,856
OCI Co. Ltd.b		109,946		8,663,443
				131,281,160
COMMERCIAL SERVICES & SUPPLIES — 0.58%
KEPCO Plant Service & Engineering Co. Ltd.a,b		157,050		8,458,408
S-1 Corp.		123,315		9,924,090
				18,382,498
CONSTRUCTION & ENGINEERING — 1.82%
Daelim Industrial Co. Ltd.a		169,387		12,523,328
Daewoo Engineering & Construction Co. Ltd.a,b		1,038,360		5,629,137
GS Engineering & Construction Corp.a,b		331,717		8,742,133
Hyundai Development Co. Engineering & Construction		340,952		13,206,896
Hyundai Engineering & Construction Co. Ltd.		412,330		17,430,355
				57,531,849
CONSUMER FINANCE — 0.28%
Samsung Card Co. Ltd.		232,076		8,691,946
				8,691,946
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.61%
KT Corp.		205,716		5,539,732
LG Uplus Corp.		1,213,444		13,736,090
				19,275,822
ELECTRIC UTILITIES — 1.62%
Korea Electric Power Corp.a		1,326,670		51,154,377
				51,154,377

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

February 28, 2017

Security	Shares		Value
ELECTRICAL EQUIPMENT — 0.23%
Doosan Heavy Industries & Construction Co. Ltd.		331,839	$	7,204,641
				7,204,641
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.85%
LG Display Co. Ltd.		1,239,303		30,030,424
LG Innotek Co. Ltd.		92,003		9,763,750
Samsung Electro-Mechanics Co. Ltd.		320,227		16,567,127
Samsung SDI Co. Ltd.		292,638		33,385,189
				89,746,490
FOOD & STAPLES RETAILING — 1.46%
BGF retail Co. Ltd.b		124,463		11,227,262
Dongsuh Cos. Inc.		274,531		6,191,059
E-MART Inc.		108,976		20,045,994
GS Retail Co. Ltd.		184,297		8,573,091
				46,037,406
FOOD PRODUCTS — 1.33%
CJ CheilJedang Corp.		46,313		14,929,107
Lotte Confectionery Co. Ltd.a		41,000		7,088,658
Orion Corp./Republic of Korea		21,681		13,690,236
Ottogi Corp.		9,581		6,337,907
				42,045,908
GAS UTILITIES — 0.26%
Korea Gas Corp.a		191,224		8,278,059
				8,278,059
HOTELS, RESTAURANTS & LEISURE — 0.65%
Kangwon Land Inc.a		656,212		20,514,786
				20,514,786
HOUSEHOLD DURABLES — 2.09%
Coway Co. Ltd.		292,895		23,182,934
Hanssem Co. Ltd.		64,295		12,623,029
LG Electronics Inc.		566,340		29,951,034
				65,756,997
INDUSTRIAL CONGLOMERATES — 4.43%
CJ Corp.		87,035		13,277,504
Hanwha Corp.		295,230		9,503,756
LG Corp.		509,348		28,288,352
Samsung C&T Corp.		395,318		43,001,649
SK Holdings Co. Ltd.		237,612		45,809,786
				139,881,047

Security	Shares		Value
INSURANCE — 3.56%
Dongbu Insurance Co. Ltd.		287,511	$	15,535,637
Hanwha Life Insurance Co. Ltd.a		1,480,889		8,525,835
Hyundai Marine & Fire Insurance Co. Ltd.		391,232		11,210,185
Samsung Fire & Marine Insurance Co. Ltd.		174,283		39,303,263
Samsung Life Insurance Co. Ltd.		399,898		37,841,332
				112,416,252
INTERNET SOFTWARE & SERVICES — 3.51%
Kakao Corp.a,b		179,464		13,554,036
NAVER Corp.		141,683		97,232,817
				110,786,853
IT SERVICES — 0.70%
Samsung SDS Co. Ltd.		191,871		22,059,014
				22,059,014
LIFE SCIENCES TOOLS & SERVICES — 0.45%
Samsung Biologics Co. Ltd.a,b		97,537		14,189,552
				14,189,552
MACHINERY — 1.50%
Hyundai Heavy Industries Co. Ltd.a		222,868		32,422,539
Samsung Heavy Industries Co. Ltd.a		1,494,390		14,801,829
				47,224,368
MEDIA — 0.53%
Cheil Worldwide Inc.		475,984		7,976,915
CJ E&M Corp.		126,457		8,734,284
				16,711,199
METALS & MINING — 4.32%
Hyundai Steel Co.		435,694		24,082,136
Korea Zinc Co. Ltd.a		48,020		17,687,667
POSCO		377,228		94,578,057
				136,347,860
MULTILINE RETAIL — 0.99%
Hyundai Department Store Co. Ltd.		101,730		8,942,704
Lotte Shopping Co. Ltd.b		65,495		13,379,920
Shinsegae Inc.		50,327		8,879,272
				31,201,896
OIL, GAS & CONSUMABLE FUELS — 2.54%
GS Holdings Corp.		300,564		14,752,423
S-Oil Corp.b		252,796		19,316,006

36 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

February 28, 2017

Security	Shares		Value
SK Innovation Co. Ltd.		336,099	$	45,922,879
				79,991,308
PERSONAL PRODUCTS — 3.21%
AmorePacific Corp.		167,548		44,600,440
AmorePacific Group		159,097		18,291,055
LG Household & Health Care Ltd.		49,339		38,310,539
				101,202,034
PHARMACEUTICALS — 0.85%
Hanmi Pharm Co. Ltd.a,b		36,232		10,285,626
Hanmi Science Co. Ltd.a,b		104,680		6,072,967
Yuhan Corp.		52,974		10,494,076
				26,852,669
ROAD & RAIL — 0.24%
CJ Korea Express Corp.a		49,263		7,515,249
				7,515,249
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.86%
SK Hynix Inc.		2,948,203		121,760,849
				121,760,849
SOFTWARE — 0.73%
NCsoft Corp.		95,181		23,063,979
				23,063,979
SPECIALTY RETAIL — 0.31%
Hotel Shilla Co. Ltd.b		218,750		9,885,585
				9,885,585
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 21.78%
Samsung Electronics Co. Ltd.		404,148		686,953,311
				686,953,311
TOBACCO — 1.73%
KT&G Corp.		601,145		54,492,472
				54,492,472
TRADING COMPANIES & DISTRIBUTORS — 0.43%
Posco Daewoo Corp.		329,504		7,153,945
SK Networks Co. Ltd.		967,941		6,343,084
				13,497,029
WIRELESS TELECOMMUNICATION SERVICES — 0.72%
SK Telecom Co. Ltd.		110,936		22,712,079
				22,712,079
TOTAL COMMON STOCKS
(Cost: $1,408,393,682)				3,042,987,426

Security	Shares		Value
PREFERRED STOCKS — 1.88%
AUTOMOBILES — 0.98%
Hyundai Motor Co.		138,009	$	11,948,778
Hyundai Motor Co. Series 2		211,298		19,060,266
				31,009,044
CHEMICALS — 0.27%
LG Chem Ltd.		52,899		8,303,845
				8,303,845
PERSONAL PRODUCTS — 0.53%
AmorePacific Corp.		60,942		9,027,447
LG Household & Health Care Ltd.		15,368		7,719,676
				16,747,123
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.10%
Samsung Electronics Co. Ltd.		2,410		3,188,468
				3,188,468
TOTAL PREFERRED STOCKS
(Cost: $34,998,533)				59,248,480
RIGHTS — 0.02%
AIRLINES — 0.01%
Korean Air Lines Co. Ltd.a		57,958		415,176
				415,176
CAPITAL MARKETS — 0.01%
Samsung Securities Co. Ltd.a		45,125		273,364
				273,364
TOTAL RIGHTS
(Cost: $0)				688,540
SHORT-TERM INVESTMENTS — 2.62%
MONEY MARKET FUNDS — 2.62%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		78,957,872		78,989,455
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		3,636,925		3,636,925
				82,626,380
TOTAL SHORT-TERM INVESTMENTS
(Cost: $82,598,643)				82,626,380

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.98%
(Cost: $1,525,990,858)f	$	3,185,550,826
Other Assets, Less Liabilities — (0.98)%		(30,811,825	)
NET ASSETS — 100.00%	$	3,154,739,001

^a  Non-income earning security.

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

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $2,120,911,447. Net unrealized appreciation was $1,064,639,379, of which $1,730,643,561 represented gross unrealized appreciation on securities and $666,004,182 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	3,042,987,426	$	—	$	—	$	3,042,987,426
Preferred stocks		59,248,480		—		—		59,248,480
Rights		—		688,540		—		688,540
Money market funds		82,626,380		—		—		82,626,380
Total	$	3,184,862,286	$	688,540	$	—	$	3,185,550,826

See notes to financial statements.

38 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2017

	iShares Edge MSCI Min Vol Global ETF			iShares MSCI Australia ETF			iShares MSCI Canada ETF
ASSETS
Investments, at cost:
Unaffiliated	$	2,616,563,943		$	2,099,007,519		$	3,900,998,631
Affiliated (Note 2)		98,567,783			2,116,311			14,227,080
Total cost of investments	$	2,715,131,726		$	2,101,123,830		$	3,915,225,711
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	2,942,598,209		$	1,937,408,562		$	3,478,146,078
Affiliated (Note 2)		98,599,669			2,117,080			14,231,512
Total fair value of investments		3,041,197,878			1,939,525,642			3,492,377,590
Foreign currency, at valueb		2,527,698			5,525,872			11,893,313
Foreign currency pledged to broker, at valueb		—			673,508			475,052
Receivables:
Investment securities sold		589,147			1,846,939			56,730,737
Dividends and interest		6,256,272			12,269,906			3,650,320
Capital shares sold		—			—			139,834
Futures variation margin		—			—			106,849
Tax reclaims		1,183,129			—			—
Total Assets		3,051,754,124			1,959,841,867			3,565,373,695
LIABILITIES
Payables:
Investment securities purchased		—			1,823,797			61,364,500
Collateral for securities on loan (Note 1)		97,056,094			1,923,356			13,048,816
Futures variation margin		—			30,429			—
Securities related to in-kind transactions (Note 4)		589,147			—			—
Investment advisory fees (Note 2)		476,645			732,893			1,360,157
Total Liabilities		98,121,886			4,510,475			75,773,473
NET ASSETS	$	2,953,632,238		$	1,955,331,392		$	3,489,600,222
Net assets consist of:
Paid-in capital	$	2,660,095,556		$	2,355,505,695		$	4,342,945,552
Undistributed (distributions in excess of) net investment income		1,681,649			(2,582,075	)		(1,378,206	)
Accumulated net realized loss		(34,245,853	)		(236,183,378	)		(429,059,174	)
Net unrealized appreciation (depreciation)		326,100,886			(161,408,850	)		(422,907,950	)
NET ASSETS	$	2,953,632,238		$	1,955,331,392		$	3,489,600,222
Shares outstandingc		38,600,000			88,800,000			130,700,000
Net asset value per share	$	76.52		$	22.02		$	26.70

^a  Securities on loan with values of $92,407,172, $1,834,314 and $10,574,392, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker: if any: $2,530,660, $6,054,341 and $12,501,677, respectively.

^c  $0.001 par value, number of shares authorized: 500 million, 627.8 million and 340.2 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 39

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Japan ETF			iShares MSCI Mexico Capped ETF			iShares MSCI South Korea Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	16,773,622,427		$	2,129,006,881		$	1,443,392,215
Affiliated (Note 2)		47,967,068			27,580,437			82,598,643
Total cost of investments	$	16,821,589,495		$	2,156,587,318		$	1,525,990,858
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	16,268,579,294		$	1,633,968,165		$	3,102,924,446
Affiliated (Note 2)		47,978,586			27,589,277			82,626,380
Total fair value of investments		16,316,557,880			1,661,557,442			3,185,550,826
Foreign currency, at valueb		21,916,772			2,484,891			—
Foreign currency pledged to broker, at valueb		282,883			—			—
Receivables:
Investment securities sold		71,585,110			7,361,919			70,976,567
Dividends and interest		24,994,012			909,337			44,225,864
Futures variation margin		708,264			—			—
Total Assets		16,436,044,921			1,672,313,589			3,300,753,257
LIABILITIES
Payables:
Investment securities purchased		55,795,060			7,565,521			65,589,245
Collateral for securities on loan (Note 1)		47,631,107			27,547,062			78,945,862
Capital shares redeemed		494,595			447,406			—
Foreign taxes (Note 1)		—			—			5,351
Investment advisory fees (Note 2)		6,161,675			675,732			1,473,798
Total Liabilities		110,082,437			36,235,721			146,014,256
NET ASSETS	$	16,325,962,484		$	1,636,077,868		$	3,154,739,001
Net assets consist of:
Paid-in capital	$	18,022,602,278		$	2,454,026,835		$	2,756,392,190
Distributions in excess of net investment income		(35,743,903	)		(4,314,664	)		(112,779,827	)
Accumulated net realized loss		(1,157,881,816	)		(318,458,462	)		(1,151,329,430	)
Net unrealized appreciation (depreciation)		(503,014,075	)		(495,175,841	)		1,662,456,068
NET ASSETS	$	16,325,962,484		$	1,636,077,868		$	3,154,739,001
Shares outstandingc		317,250,000	d		35,300,000			53,350,000
Net asset value per share	$	51.46	d	$	46.35		$	59.13

^a  Securities on loan with values of $43,318,331, $25,050,864 and $75,322,129, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker: if any: $21,846,004, $2,417,608 and $   —, respectively.

^c  $0.001 par value, number of shares authorized: 2.5246 billion, 255 million and 200 million, respectively.

^d  Shares outstanding and net asset value per share reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

40 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares Edge MSCI Min Vol Global ETF			iShares MSCI Australia ETF			iShares MSCI Canada ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	34,523,295		$	36,045,160		$	38,062,760
Dividends — affiliated (Note 2)		10,013			2,607			2,937
Interest — unaffiliated		—			660			—
Securities lending income — affiliated — net (Note 2)		624,703			7,719			44,289
		35,158,011			36,056,146			38,109,986
Less: Other foreign taxes (Note 1)		(39,750	)		—			—
Total investment income		35,118,261			36,056,146			38,109,986
EXPENSES
Investment advisory fees (Note 2)		5,119,954			4,341,917			8,124,127
Total expenses		5,119,954			4,341,917			8,124,127
Less investment advisory fees waived (Note 2)		(1,945,435	)		—			—
Net expenses		3,174,519			4,341,917			8,124,127
Net investment income		31,943,742			31,714,229			29,985,859
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(37,399,104	)		(10,242,541	)		(81,258,967	)
Investments — affiliated (Note 2)		6,796			79			(23	)
In-kind redemptions — unaffiliated		87,764,158			40,457,417			144,175,261
Futures contracts		—			1,386,147			1,032,230
Foreign currency transactions		(711,982	)		(695,181	)		(66,091	)
Realized gain distributions from affiliated funds		242			53			288
Net realized gain		49,660,110			30,905,974			63,882,698
Net change in unrealized appreciation/depreciation on:
Investments		(13,362,402	)		132,949,281			118,835,032
Futures contracts		—			(186,691	)		(258,756	)
Translation of assets and liabilities in foreign currencies		102,701			527,432			(26,281	)
Net change in unrealized appreciation/depreciation		(13,259,701	)		133,290,022			118,549,995
Net realized and unrealized gain		36,400,409			164,195,996			182,432,693
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,344,151		$	195,910,225		$	212,418,552

^a  Net of foreign withholding tax of $1,055,349, $287,877 and $6,711,961, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 41

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Japan ETF			iShares MSCI Mexico Capped ETF			iShares MSCI South Korea Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	138,653,572		$	10,553,107		$	40,935,159
Dividends — affiliated (Note 2)		10,360			1,275			9,194
Interest — unaffiliated		—			—			16
Securities lending income — affiliated — net (Note 2)		1,565,289			203,444			2,816,031
		140,229,221			10,757,826			43,760,400
Less: Other foreign taxes (Note 1)		—			—			(3,584	)
Total investment income		140,229,221			10,757,826			43,756,816
EXPENSES
Investment advisory fees (Note 2)		36,648,309			3,642,735			9,870,059
Total expenses		36,648,309			3,642,735			9,870,059
Net investment income		103,580,912			7,115,091			33,886,757
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(99,227,123	)		(54,651,829	)		114,312,399
Investments — affiliated (Note 2)		6,328			(257	)		15,856
In-kind redemptions — unaffiliated		171,941,999			7,866,575			—
Futures contracts		16,697,070			—			—
Foreign currency transactions		(16,677,290	)		(451,416	)		(659,049	)
Realized gain distributions from affiliated funds		122			61			57
Net realized gain (loss)		72,741,106			(47,236,866	)		113,669,263
Net change in unrealized appreciation/depreciation on:
Investments		768,905,271			(56,627,298	)		(19,836,840	)
Futures contracts		39,545			—			—
Translation of assets and liabilities in foreign currencies		1,503,895			94,262			3,174,858
Net change in unrealized appreciation/depreciation		770,448,711			(56,533,036	)		(16,661,982	)
Net realized and unrealized gain (loss)		843,189,817			(103,769,902	)		97,007,281
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	946,770,729		$	(96,654,811	)	$	130,894,038

^a  Net of foreign withholding tax of $15,357,007, $252,456 and $7,836,876, respectively.

See notes to financial statements.

42 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Edge MSCI Min Vol Global ETF						iShares MSCI Australia ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	31,943,742		$	64,576,560		$	31,714,229		$	62,740,787
Net realized gain (loss)		49,660,110			30,872,741			30,905,974			(22,265,463	)
Net change in unrealized appreciation/depreciation		(13,259,701	)		252,873,179			133,290,022			137,229,771
Net increase in net assets resulting from operations		68,344,151			348,322,480			195,910,225			177,705,095
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(46,663,198	)		(59,015,735	)		(45,973,409	)		(59,291,158	)
Total distributions to shareholders		(46,663,198	)		(59,015,735	)		(45,973,409	)		(59,291,158	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		90,264,511			1,225,242,572			410,746,412			683,182,993
Cost of shares redeemed		(426,001,571	)		(362,492,946	)		(274,054,167	)		(360,957,779	)
Net increase (decrease) in net assets from capital share transactions		(335,737,060	)		862,749,626			136,692,245			322,225,214
INCREASE (DECREASE) IN NET ASSETS		(314,056,107	)		1,152,056,371			286,629,061			440,639,151
NET ASSETS
Beginning of period		3,267,688,345			2,115,631,974			1,668,702,331			1,228,063,180
End of period	$	2,953,632,238		$	3,267,688,345		$	1,955,331,392		$	1,668,702,331
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	1,681,649		$	16,401,105		$	(2,582,075	)	$	11,677,105
SHARES ISSUED AND REDEEMED
Shares sold		1,200,000			16,900,000			19,800,000			35,400,000
Shares redeemed		(5,700,000	)		(5,100,000	)		(13,200,000	)		(19,000,000	)
Net increase (decrease) in shares outstanding		(4,500,000	)		11,800,000			6,600,000			16,400,000

See notes to financial statements.

FINANCIAL STATEMENTS 43

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Canada ETF						iShares MSCI Japan ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)a			Year ended August 31, 2016a
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	29,985,859		$	49,872,015		$	103,580,912		$	264,486,625
Net realized gain (loss)		63,882,698			(61,752,843	)		72,741,106			179,035,668
Net change in unrealized appreciation/depreciation		118,549,995			237,092,373			770,448,711			(335,550,040	)
Net increase in net assets resulting from operations		212,418,552			225,211,545			946,770,729			107,972,253
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(36,132,525	)		(46,033,306	)		(180,825,720	)		(261,611,433	)
Total distributions to shareholders		(36,132,525	)		(46,033,306	)		(180,825,720	)		(261,611,433	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		820,366,274			1,347,709,468			2,767,591,876			3,254,831,968
Cost of shares redeemed		(604,845,670	)		(360,548,208	)		(1,222,754,065	)		(8,233,815,497	)
Net increase (decrease) in net assets from capital share transactions		215,520,604			987,161,260			1,544,837,811			(4,978,983,529	)
INCREASE (DECREASE) IN NET ASSETS		391,806,631			1,166,339,499			2,310,782,820			(5,132,622,709	)
NET ASSETS
Beginning of period		3,097,793,591			1,931,454,092			14,015,179,664			19,147,802,373
End of period	$	3,489,600,222		$	3,097,793,591		$	16,325,962,484		$	14,015,179,664
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(1,378,206	)	$	4,768,460		$	(35,743,903	)	$	41,500,905
SHARES ISSUED AND REDEEMED
Shares sold		31,100,000			57,300,000			77,700,000			69,900,000
Shares redeemed		(22,700,000	)		(15,400,000	)		(46,200,000	)		(178,050,000	)
Net increase (decrease) in shares outstanding		8,400,000			41,900,000			31,500,000			(108,150,000	)

^a  Share transactions reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

44 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Mexico Capped ETF						iShares MSCI South Korea Capped ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	7,115,091		$	22,572,568		$	33,886,757		$	35,496,600
Net realized gain (loss)		(47,236,866	)		(105,424,948	)		113,669,263			(72,441,943	)
Net change in unrealized appreciation/depreciation		(56,533,036	)		13,777,983			(16,661,982	)		641,389,742
Net increase (decrease) in net assets resulting from operations		(96,654,811	)		(69,074,397	)		130,894,038			604,444,399
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(8,086,927	)		(31,509,179	)		(34,948,193	)		(75,311,690	)
Total distributions to shareholders		(8,086,927	)		(31,509,179	)		(34,948,193	)		(75,311,690	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,802,686,326			1,471,785,156			5,541,131			456,857,078
Cost of shares redeemed		(1,379,384,730	)		(1,260,625,873	)		(399,718,163	)		(693,973,908	)
Net increase (decrease) in net assets from capital share transactions		423,301,596			211,159,283			(394,177,032	)		(237,116,830	)
INCREASE (DECREASE) IN NET ASSETS		318,559,858			110,575,707			(298,231,187	)		292,015,879
NET ASSETS
Beginning of period		1,317,518,010			1,206,942,303			3,452,970,188			3,160,954,309
End of period	$	1,636,077,868		$	1,317,518,010		$	3,154,739,001		$	3,452,970,188
Distributions in excess of net investment income included in net assets at end of period	$	(4,314,664	)	$	(3,342,828	)	$	(112,779,827	)	$	(111,718,391	)
SHARES ISSUED AND REDEEMED
Shares sold		38,600,000			28,200,000			—			8,900,000
Shares redeemed		(29,400,000	)		(25,000,000	)		(7,350,000	)		(13,850,000	)
Net increase (decrease) in shares outstanding		9,200,000			3,200,000			(7,350,000	)		(4,950,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 45

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol Global ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Oct. 18, 2011a to Aug. 31, 2012
Net asset value, beginning of period	$	75.82		$	67.59		$	68.25		$	59.99		$	55.65		$	50.02
Income from investment operations:
Net investment incomeb		0.74			1.79			1.70			1.72			1.68			1.49
Net realized and unrealized gain (loss)c		1.04			8.07			(0.89	)		8.18			4.20			4.67
Total from investment operations		1.78			9.86			0.81			9.90			5.88			6.16
Less distributions from:
Net investment income		(1.08	)		(1.63	)		(1.47	)		(1.64	)		(1.54	)		(0.53	)
Total distributions		(1.08	)		(1.63	)		(1.47	)		(1.64	)		(1.54	)		(0.53	)
Net asset value, end of period	$	76.52		$	75.82		$	67.59		$	68.25		$	59.99		$	55.65
Total return		2.42	%d		14.76	%		1.15	%		16.70	%		10.69	%		12.41	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,953,632		$	3,267,688		$	2,115,632		$	1,283,012		$	1,007,760		$	578,776
Ratio of expenses to average net assetse		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.23	%
Ratio of expenses to average net assets prior to waived feese		0.32	%		0.32	%		0.33	%		0.33	%		0.34	%		0.34	%
Ratio of net investment income to average net assetse		2.01	%		2.49	%		2.41	%		2.67	%		2.83	%		3.17	%
Portfolio turnover ratef		11	%d		24	%		22	%		24	%		13	%		22	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 11%, 23%, 22%, 23%, 13% and 22% respectively. See Note 4.

See notes to financial statements.

46 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Australia ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	20.30		$	18.66		$	27.15		$	23.61		$	23.39		$	24.18
Income from investment operations:
Net investment incomea		0.37			0.84			1.23			1.10			1.02			1.04
Net realized and unrealized gain (loss)b		1.89			1.59			(8.49	)		3.43			0.64			(0.72	)
Total from investment operations		2.26			2.43			(7.26	)		4.53			1.66			0.32
Less distributions from:
Net investment income		(0.54	)		(0.79	)		(1.23	)		(0.99	)		(1.44	)		(1.11	)
Total distributions		(0.54	)		(0.79	)		(1.23	)		(0.99	)		(1.44	)		(1.11	)
Net asset value, end of period	$	22.02		$	20.30		$	18.66		$	27.15		$	23.61		$	23.39
Total return		11.42	%c		13.36	%		(27.31	)%		19.76	%		7.06	%		1.84	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,955,331		$	1,668,702		$	1,228,063		$	2,047,113		$	1,916,849		$	2,493,699
Ratio of expenses to average net assetsd		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%		0.53	%
Ratio of net investment income to average net assetsd		3.59	%		4.41	%		5.37	%		4.28	%		4.05	%		4.61	%
Portfolio turnover ratee		2	%c		7	%		9	%		6	%		6	%		9	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 47

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Canada ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	25.33		$	24.02		$	32.93		$	27.34		$	27.52		$	29.89
Income from investment operations:
Net investment incomea		0.24			0.51			0.54			0.59			0.60			0.53
Net realized and unrealized gain (loss)b		1.39			1.29			(8.85	)		5.62			(0.10	)		(2.33	)
Total from investment operations		1.63			1.80			(8.31	)		6.21			0.50			(1.80	)
Less distributions from:
Net investment income		(0.26	)		(0.49	)		(0.60	)		(0.62	)		(0.68	)		(0.57	)
Total distributions		(0.26	)		(0.49	)		(0.60	)		(0.62	)		(0.68	)		(0.57	)
Net asset value, end of period	$	26.70		$	25.33		$	24.02		$	32.93		$	27.34		$	27.52
Total return		6.46	%c		7.73	%		(25.48	)%		23.00	%		1.84	%		(5.87	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,489,600		$	3,097,794		$	1,931,454		$	3,786,906		$	3,428,223		$	4,254,544
Ratio of expenses to average net assetsd		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%		0.53	%
Ratio of net investment income to average net assetsd		1.81	%		2.18	%		1.92	%		1.97	%		2.12	%		1.94	%
Portfolio turnover ratee		3	%c		4	%		5	%		6	%		7	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  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.

48 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Japan ETF
	Six months ended Feb. 28, 2017 (Unaudited)a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a			Year ended Aug. 31, 2012a
Net asset value, beginning of period	$	49.05		$	48.61		$	47.32		$	43.87		$	36.09		$	39.19
Income from investment operations:
Net investment incomeb		0.34			0.72			0.60			0.60			0.52			0.72
Net realized and unrealized gain (loss)c		2.65			0.44			1.22			3.53			7.85			(3.04	)
Total from investment operations		2.99			1.16			1.82			4.13			8.37			(2.32	)
Less distributions from:
Net investment income		(0.58	)		(0.72	)		(0.53	)		(0.68	)		(0.59	)		(0.78	)
Total distributions		(0.58	)		(0.72	)		(0.53	)		(0.68	)		(0.59	)		(0.78	)
Net asset value, end of period	$	51.46		$	49.05		$	48.61		$	47.32		$	43.87		$	36.09
Total return		6.17	%d		2.44	%		3.84	%		9.39	%		23.46	%		(5.96	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	16,325,962		$	14,015,180		$	19,147,802		$	14,729,189		$	10,461,942		$	4,629,034
Ratio of expenses to average net assetse		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%		0.53	%
Ratio of net investment income to average net assetse		1.39	%		1.53	%		1.20	%		1.31	%		1.18	%		1.95	%
Portfolio turnover ratef		2	%d		4	%		2	%		2	%		4	%		3	%

^a  Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 49

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Mexico Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	50.48		$	52.70		$	71.51		$	61.93		$	60.96		$	58.39
Income from investment operations:
Net investment incomea		0.22			0.93			0.68			1.06			0.75			0.73
Net realized and unrealized gain (loss)b		(4.15	)		(1.82	)		(18.56	)		9.61			0.85			2.76
Total from investment operations		(3.93	)		(0.89	)		(17.88	)		10.67			1.60			3.49
Less distributions from:
Net investment income		(0.20	)		(1.33	)		(0.93	)		(1.09	)		(0.63	)		(0.92	)
Total distributions		(0.20	)		(1.33	)		(0.93	)		(1.09	)		(0.63	)		(0.92	)
Net asset value, end of period	$	46.35		$	50.48		$	52.70		$	71.51		$	61.93		$	60.96
Total return		(7.76	)%c		(1.68	)%		(25.10	)%		17.42	%		2.53	%		6.13	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,636,078		$	1,317,518		$	1,206,942		$	3,275,152		$	2,217,052		$	1,182,700
Ratio of expenses to average net assetsd		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%		0.53	%
Ratio of net investment income to average net assetsd		0.96	%		1.82	%		1.10	%		1.61	%		1.09	%		1.26	%
Portfolio turnover ratee		4	%c		8	%		13	%		19	%		32	%		10	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  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.

50 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI South Korea Capped ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	56.89		$	48.15		$	66.42		$	57.67		$	55.97		$	56.74
Income from investment operations:
Net investment incomea		0.59			0.56			0.46			0.25			0.23			0.23
Net realized and unrealized gain (loss)b		2.30			9.38			(18.07	)		9.40			1.83			(0.63	)
Total from investment operations		2.89			9.94			(17.61	)		9.65			2.06			(0.40	)
Less distributions from:
Net investment income		(0.65	)		(1.20	)		(0.66	)		(0.90	)		(0.36	)		(0.37	)
Total distributions		(0.65	)		(1.20	)		(0.66	)		(0.90	)		(0.36	)		(0.37	)
Net asset value, end of period	$	59.13		$	56.89		$	48.15		$	66.42		$	57.67		$	55.97
Total return		5.19	%c		20.92	%		(26.58	)%		16.83	%		3.65	%		(0.62	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,154,739		$	3,452,970		$	3,160,954		$	4,891,619		$	3,376,516		$	2,669,551
Ratio of expenses to average net assetsd		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assetsd		2.14	%		1.09	%		0.81	%		0.39	%		0.40	%		0.42	%
Portfolio turnover ratee		3	%c		22	%		24	%		13	%		13	%		12	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013, and August 31, 2012 were 3%, 10%, 10%, 10%, 11%, and 8%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 51

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
Edge MSCI Min Vol Global	Diversified
MSCI Australia	Non-diversified
MSCI Canada	Diversified
MSCI Japan	Diversified
MSCI Mexico Capped	Non-diversified
MSCI South Korea Capped	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its 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.

52 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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 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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

NOTES TO FINANCIAL STATEMENTS 53

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

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 February 28, 2017 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 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 February 28, 2017, 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.

54 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 an approved 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 but does not receive interest income on securities received as collateral. 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.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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 February 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. 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 February 28, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

NOTES TO FINANCIAL STATEMENTS 55

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Edge MSCI Min Vol Global
BNP Paribas New York Branch	$	14,832	$	14,832	$	—
Citigroup Global Markets Inc.		286,191		286,191		—
Credit Suisse Securities (USA) LLC		1,071,817		1,071,817		—
Deutsche Bank AG		1,184,967		1,184,967		—
Deutsche Bank Securities Inc.		460,470		460,470		—
Goldman Sachs & Co.		13,195,944		13,195,944		—
HSBC Bank PLC		197,033		197,033		—
JPMorgan Securities LLC		4,341,592		4,341,592		—
JPMorgan Securities PLC		1,170,475		1,170,475		—
Merrill Lynch, Pierce, Fenner & Smith		10,970,675		10,970,675		—
Morgan Stanley & Co. International PLC		2,701,505		2,701,505		—
Morgan Stanley & Co. LLC		33,698,942		33,698,942		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		4,520,720		4,520,720		—
Nomura Securities International Inc.		968,494		968,494		—
State Street Bank & Trust Company		14,638,798		14,638,798		—
UBS Securities LLC		2,984,717		2,984,717		—
	$	92,407,172	$	92,407,172	$	—
MSCI Australia
UBS Securities LLC	$	1,834,314	$	1,834,314	$	—
	$	1,834,314	$	1,834,314	$	—
MSCI Canada
Credit Suisse Securities (USA) LLC	$	10,099,935	$	10,099,935	$	—
Goldman Sachs & Co.		449,483		449,483		—
Morgan Stanley & Co. LLC		24,974		24,974		—
	$	10,574,392	$	10,574,392	$	—
MSCI Japan
Barclays Capital Inc.	$	3,381,415	$	3,381,415	$	—
Credit Suisse Securities (USA) LLC		6,971,864		6,971,864		—
Deutsche Bank Securities Inc.		892,881		892,881		—
Goldman Sachs & Co.		10,762,895		10,762,895		—
Merrill Lynch, Pierce, Fenner & Smith		11,160,300		11,160,300		—
Mizuho Securities USA Inc.		24,171		24,171		—
Morgan Stanley & Co. LLC		7,441,345		7,441,345		—
Nomura Securities International Inc.		1,164,052		1,164,052		—
State Street Bank & Trust Company		1,270,867		1,270,867		—
UBS AG		248,541		248,541		—
	$	43,318,331	$	43,318,331	$	—

56 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Mexico Capped
Barclays Capital Inc.	$	3,068,634	$	3,068,634	$	—
Credit Suisse Securities (USA) LLC		1,463,658		1,463,658		—
Deutsche Bank Securities Inc.		283,957		283,957		—
Goldman Sachs & Co.		11,447,159		11,447,159		—
Merrill Lynch, Pierce, Fenner & Smith		37,272		37,272		—
Morgan Stanley & Co. LLC		8,145,932		8,145,932		—
UBS Securities LLC		604,252		604,252		—
	$	25,050,864	$	25,050,864	$	—
MSCI South Korea Capped
Citigroup Global Markets Inc.	$	22,142,947	$	22,142,947	$	—
Credit Suisse Securities (USA) LLC		12,635,013		12,635,013		—
Deutsche Bank Securities Inc.		1,733,274		1,733,274		—
Goldman Sachs & Co.		20,547,555		20,547,555		—
JPMorgan Securities LLC		711,066		711,066		—
Morgan Stanley & Co. LLC		8,527,998		8,527,998		—
Nomura Securities International Inc.		9,024,276		9,024,276		—
	$	75,322,129	$	75,322,129	$	—

^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 the 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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.350	%	First $30 billion
	0.320		Over $30 billion, up to and including $60  billion
	0.280		Over $60 billion, up to and including $90  billion
	0.252		Over $90 billion

In addition, the iShares Edge MSCI Min Vol Global ETF may incur 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

NOTES TO FINANCIAL STATEMENTS 57

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

acquired fund fees and expenses are a fund’s total annual operating expenses. BFA has contractually agreed to waive through December 31, 2023 any portion of its investment advisory fee for the Fund necessary to limit total annual operating expenses to 0.20% of average daily net assets.

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

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

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.74	%	First $2 billion
	0.69		Over $2 billion, up to and including $4  billion
	0.64		Over $4 billion, up to and including $8  billion
	0.57		Over $8 billion, up to and including $16  billion
	0.51		Over $16 billion, up to and including $24  billion
	0.48		Over $24 billion, up to and including $32  billion
	0.45		Over $32 billion

The U.S. Securities and Exchange Commission (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.

58 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Edge MSCI Min Vol Global	$	148,189
MSCI Australia		1,919
MSCI Canada		11,577
MSCI Japan		326,045
MSCI Mexico Capped		45,589
MSCI South Korea Capped		571,159

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 six months ended February 28, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Min Vol Global	$	48,606,879	$	8,124,822
MSCI Australia		629,956		928,285
MSCI Japan		30,953,563		17,370,808
MSCI South Korea Capped		20,920,024		1,446,917

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.

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

NOTES TO FINANCIAL STATEMENTS 59

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2017 were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Min Vol Global	$	364,528,002	$	405,083,274
MSCI Australia		36,652,458		24,410,430
MSCI Canada		111,712,296		104,567,822
MSCI Japan		256,001,966		290,917,708
MSCI Mexico Capped		73,775,572		59,878,259
MSCI South Korea Capped		91,275,228		535,669,386

In-kind transactions (see Note 4) for the six months ended February 28, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Edge MSCI Min Vol Global	$	80,426,702	$	384,032,733
MSCI Australia		383,982,459		272,515,958
MSCI Canada		798,441,993		598,271,153
MSCI Japan		2,679,421,514		1,183,736,980
MSCI Mexico Capped		1,785,384,706		1,374,199,124

4. CAPITAL SHARE TRANSACTIONS

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

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

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

The Board authorized a one-for-four reverse stock split for the iShares MSCI Japan ETF, effective after the close of trading on November 4, 2016. The impact of the stock split was to decrease the number of shares outstanding by a factor of four, while increasing the NAV per share by a factor of four, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the reverse stock split.

60 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

5. FUTURES CONTRACTS

Futures contracts are purchased or sold to gain or manage exposure to changes in the value of commodities (commodity risk), interest rates (interest rate risk), foreign currencies (foreign currency risk) and/or equities (market risk). A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the fund as unrealized appreciation or depreciation. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held as of February 28, 2017 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares MSCI Canada ETF		iShares MSCI Japan ETF
Equity contracts:
Variation margin / Net assets consist of – net unrealized appreciation (depreciation)a	$	106,849	$	708,264

^a  Represents cumulative appreciation of futures contracts as reported in the schedules of investments.

Liabilities
	iShares MSCI Australia ETF
Equity contracts:
Variation margin / Net assets consist of – net unrealized appreciation (depreciation)b	$	30,429

^b  Represents cumulative depreciation of futures contracts as reported in the schedules of investments.

The following table shows the realized and unrealized gains (losses) on futures contracts held during the six months ended February 28, 2017 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares MSCI Australia ETF		iShares MSCI Canada ETF		iShares MSCI Japan ETF
Equity contracts:
Futures contracts	$	1,386,147	$	1,032,230	$	16,697,070

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF
Equity contracts:
Futures contracts	$	(186,691	)	$	(258,756	)	$	39,545

The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2017 :

	iShares MSCI Australia ETF		iShares MSCI Canada ETF		iShares MSCI Japan ETF
Average value of contracts purchased	$	17,155,572	$	10,107,281	$	74,057,580

6. PRINCIPAL RISKS

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

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

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund 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 a 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.

Investing in the securities of non-U.S. issuers 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 a 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

62 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

When a fund concentrates its investments in issuers located in a single country, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

CREDIT RISK

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

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of August 31, 2016, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2017		Expiring 2018		Expiring 2019		Total
Edge MSCI Min Vol Global	$	24,755,016	$	—	$	—	$	—	$	24,755,016
MSCI Australia		137,537,973		24,006,125		23,348,244		12,127,364		197,019,706
MSCI Canada		272,374,434		27,886,883		68,928,677		14,903,919		384,093,913
MSCI Japan		371,710,340		116,295,478		173,577,101		139,228,194		800,811,113
MSCI Mexico Capped		134,670,245		8,973,988		2,789,471		22,863,665		169,297,369
MSCI South Korea Capped		348,410,462		60,990,953		226,591,665		78,503,704		714,496,784

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. SUBSEQUENT EVENTS

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

64 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Edge MSCI Min Vol Global	$	0.978664	$	—	$	0.099008	$	1.077672		91	%		—	%		9	%		100	%
MSCI Australia		0.539594		—		—		0.539594		100			—			—			100
MSCI Canada		0.173012		—		0.089770		0.262782		66			—			34			100
MSCI Japan		0.528156		—		0.055341		0.583497		91			—			9			100
MSCI Mexico Capped		0.198445		—		0.000251		0.198696		100			—			0	a		100
MSCI South Korea Capped		—		—		0.645396		0.645396		—			—			100			100

^a  Rounds to less than 1%.

SUPPLEMENTAL INFORMATION 65

Notes:

66 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-815-0217

FEBRUARY 28, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares Core MSCI Emerging Markets ETF  |  IEMG  |  NYSE Arca

^Ø  iShares MSCI BRIC ETF  |  BKF  |  NYSE Arca

^Ø  iShares MSCI Emerging Markets Asia ETF  |  EEMA  |  NASDAQ

^Ø  iShares MSCI Emerging Markets Small-Cap ETF  |  EEMS  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	9
Shareholder Expenses	9
Consolidated Schedules of Investments	10
iShares Core MSCI Emerging Markets ETF	10
iShares MSCI BRIC ETF	42
iShares MSCI Emerging Markets Asia ETF	48
iShares MSCI Emerging Markets Small-Cap ETF	57
Consolidated Financial Statements	73
Consolidated Financial Highlights	79
Notes to Consolidated Financial Statements	83
Supplemental Information	96

Fund Performance Overview

iSHARES^® CORE MSCI EMERGING MARKETS ETF

Performance as of February 28, 2017

The iShares Core MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Investable Market Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 5.44%, net of fees, while the total return for the Index was 5.39%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		28.59%		27.73%		28.49%		28.59%		27.73%		28.49%
Since Inception		0.77%		0.65%		0.75%		3.41%		2.88%		3.33%

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,054.40	$	0.71	$	1,000.00	$	1,024.10	$	0.70		0.14%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total Investments*

Information Technology	22.95	%
Financials	22.43
Consumer Discretionary	11.22
Materials	8.14
Industrials	7.03
Consumer Staples	7.02
Energy	6.56
Telecommunication Services	4.98
Real Estate	3.42
Health Care	3.29
Utilities	2.96
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total Investments*

China	26.34	%
South Korea	14.93
Taiwan	13.11
India	9.08
Brazil	7.73
South Africa	6.69
Russia	3.42
Mexico	3.34
Malaysia	2.53
Indonesia	2.46
TOTAL	89.63	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI BRIC ETF

Performance as of February 28, 2017

The iShares MSCI BRIC ETF (the “Fund”) seeks to track the investment of an index composed of Chinese equities that are available to international investors, and Brazilian, Russian, and Indian equities, as represented by the MSCI BRIC Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 7.00%, net of fees, while the total return for the Index was 7.30%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		38.45%		38.60%		39.51%		38.45%		38.60%		39.51%
5 Years		(1.80)%		(1.72)%		(1.21)%		(8.69)%		(8.33)%		(5.90)%
Since Inception		(2.92)%		(2.92)%		(2.48)%		(24.09)%		(24.06)%		(20.81)%

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

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,070.00	$	3.59	$	1,000.00	$	1,021.30	$	3.51		0.70%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total Investments*

Financials	27.08	%
Information Technology	21.90
Energy	11.85
Consumer Discretionary	8.55
Consumer Staples	5.72
Materials	5.50
Telecommunication Services	5.47
Industrials	5.03
Utilities	3.22
Health Care	3.14
Real Estate	2.54
TOTAL	100.00	%

ALLOCATION BY COUNTRY

As of 2/28/17

Country Percentage of
Total Investments*

China	56.80	%
India	17.97
Brazil	17.21
Russia	8.02
TOTAL	100.00	%

* Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

Performance as of February 28, 2017

The iShares MSCI Emerging Markets Asia ETF (the “Fund”) seeks to track the investment results of an index composed of Asian emerging market equities, as represented by the MSCI Emerging Markets Asia Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 4.19%, net of fees, while the total return for the Index was 4.44%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		26.59%		26.50%		27.29%		26.59%		26.50%		27.29%
5 Years		2.72%		2.88%		3.02%		14.35%		15.23%		16.07%
Since Inception		3.09%		3.09%		3.41%		16.63%		16.64%		18.49%

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,041.90	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector	Percentage of Total Investments*
Information Technology		33.43	%
Financials		21.69
Consumer Discretionary		9.66
Industrials		6.43
Materials		5.67
Telecommunication Services		5.28
Consumer Staples		5.28
Energy		5.25
Health Care		2.77
Utilities		2.37
Real Estate		2.17
TOTAL		100.00	%

ALLOCATION BY COUNTRY

As of 2/28/17

Country	Percentage of Total Investments*
China		38.06	%
South Korea		20.73
Taiwan		17.39
India		12.08
Indonesia		3.50
Malaysia		3.43
Thailand		3.16
Philippines		1.65
TOTAL		100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

Performance as of February 28, 2017

The iShares MSCI Emerging Markets Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Small Cap Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 4.50%, net of fees, while the total return for the Index was 4.62%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		21.59%		21.23%		22.70%		21.59%		21.23%		22.70%
5 Years		1.18%		1.03%		1.66%		6.02%		5.27%		8.58%
Since Inception		0.57%		0.51%		1.29%		3.22%		2.84%		7.37%

The inception date of the Fund was 8/16/11. The first day of secondary market trading was 8/18/11.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,045.00	$	3.55	$	1,000.00	$	1,021.30	$	3.51		0.70%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector	Percentage of Total Investments*
Consumer Discretionary		17.32	%
Information Technology		16.75
Industrials		14.73
Materials		11.51
Real Estate		8.97
Financials		8.75
Health Care		8.54
Consumer Staples		7.10
Utilities		3.78
Energy		1.54
Telecommunication Services		1.01
TOTAL		100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country	Percentage of Total Investments*
China		22.40	%
Taiwan		18.11
South Korea		16.65
India		12.39
South Africa		5.72
Brazil		4.75
Thailand		3.72
Malaysia		3.12
Mexico		2.73
Indonesia		2.38
TOTAL		91.97	%

* Excludes money market funds.

8 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 September 1, 2016 and held through February 28, 2017, 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 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.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 9

Consolidated Schedule of Investments (Unaudited)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 95.35%
BRAZIL — 4.53%
AES Tiete Energia SA		991,600	$	5,122,151
Aliansce Shopping Centers SA		573,100		2,696,941
Alupar Investimento SA Units		452,724		2,894,465
Ambev SA		22,397,700		128,439,398
Arezzo Industria e Comercio SA		298,000		3,016,400
B2W Cia. Digitala		737,551		2,916,065
Banco Bradesco SA		4,068,497		42,672,792
Banco do Brasil SA		4,127,200		43,912,028
Banco Santander Brasil SA Units		2,067,900		22,839,294
BB Seguridade Participacoes SA		3,346,900		30,790,189
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		8,206,800		50,174,650
BR Malls Participacoes SAa		2,700,970		12,953,543
BR Properties SAa		564,600		1,715,034
BRF SA		2,874,500		37,532,044
CCR SA		5,669,900		32,969,621
Centrais Eletricas Brasileiras SAa		1,125,100		7,771,906
CETIP SA – Mercados Organizados		1,056,917		15,916,606
Cia. de Saneamento Basico do Estado de Sao Paulo		1,653,900		17,479,985
Cia. de Saneamento de Minas Gerais-COPASA		332,900		5,520,511
Cia. Siderurgica Nacional SAa		2,916,700		11,231,780
Cielo SA		4,872,730		42,728,407
Cosan SA Industria e Comercio		639,400		8,200,598
CPFL Energia SA		998,233		8,195,073
CVC Brasil Operadora e Agencia de Viagens SA		277,200		2,542,114
Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,259,300		5,258,215
Duratex SA		1,578,229		4,281,663
EcoRodovias Infraestrutura e Logistica SA		1,248,200		3,687,225

Security	Shares		Value
EDP – Energias do Brasil SA		1,443,200	$	6,369,378
Embraer SA		3,261,000		18,794,513
Engie Brasil Energia SA		741,100		8,809,347
Equatorial Energia SA		968,776		18,534,731
Estacio Participacoes SA		1,350,000		6,504,822
EZ TEC Empreendimentos e Participacoes SA		384,323		2,374,377
Fibria Celulose SA		1,226,900		10,482,482
Fleury SA		381,000		5,305,342
Gafisa SA		2,132,500		1,569,728
Hypermarcas SA		1,664,300		14,492,410
Iguatemi Empresa de Shopping Centers SA		401,300		4,011,710
Iochpe Maxion SA		411,700		1,873,890
Iochpe Maxion SA New		123,509		562,162
JBS SA		3,435,700		12,921,148
JSL SA		492,800		1,395,554
Klabin SA Units		2,670,300		13,304,291
Kroton Educacional SA		6,640,056		29,176,974
Light SA		429,600		3,082,183
Linx SA		607,000		3,233,041
Localiza Rent A Car SA		773,535		9,580,297
Lojas Americanas SA		972,510		4,188,889
Lojas Renner SA		3,022,400		24,822,347
M. Dias Branco SA		177,700		7,893,970
Magnesita Refratarios SAa		285,760		2,296,368
Marfrig Global Foods SAa		1,464,900		2,942,985
Minerva SAa		667,400		2,316,914
MRV Engenharia e Participacoes SA		1,395,100		6,403,738
Multiplan Empreendimentos Imobiliarios SA		380,500		7,863,177
Multiplan Empreendimentos Imobiliarios SA Newa		18,811		398,472
Multiplus SA		285,700		3,283,116
Natura Cosmeticos SA		846,200		6,968,706
Odontoprev SA		1,391,300		5,344,274
Petroleo Brasileiro SAa		14,214,600		72,923,502
Porto Seguro SA		602,800		5,599,781
Qualicorp SA		1,114,200		7,059,107
Raia Drogasil SA		1,128,900		21,554,696
Rumo Logistica Operadora Multimodal SAa		3,882,400		10,707,487
Sao Martinho SA		838,400		5,120,411
SLC Agricola SA		396,300		2,191,051

10 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Smiles SA		326,800	$	6,483,477
Sonae Sierra Brasil SA		261,000		1,801,244
Sul America SA		922,689		5,759,762
TIM Participacoes SA		3,758,800		11,792,314
TOTVS SA		607,900		4,951,522
Ultrapar Participacoes SA		1,748,000		36,746,770
Vale SA		6,172,500		64,919,383
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		382,500		3,172,131
WEG SA		2,726,660		14,882,252
				1,076,224,924
CHILE — 1.11%
AES Gener SA		13,598,921		5,104,331
Aguas Andinas SA Series A		12,263,044		6,609,348
Banco de Chile		132,705,321		16,073,176
Banco de Credito e Inversiones		204,288		11,024,238
Banco Santander Chile		323,483,042		17,805,036
CAP SA		50,000		571,557
Cencosud SA		6,819,354		20,125,644
Cia. Cervecerias Unidas SA		649,045		7,688,060
Cia. Sud Americana de Vapores SAa		88,166,350		2,961,089
Colbun SA		38,314,825		7,612,955
Empresa Nacional de Telecomunicaciones SAa		689,501		7,666,664
Empresas CMPC SA		5,864,159		13,044,502
Empresas COPEC SA		2,197,296		23,048,796
Enel Americas SA		139,011,885		27,103,135
Enel Chile SA		97,211,805		9,963,728
Enel Generacion Chile SA		15,724,866		10,699,947
Engie Energia Chile SA		2,777,692		4,834,208
Inversiones Aguas Metropolitanas SA		2,433,005		3,563,282
Inversiones La Construccion SA		265,581		3,529,334
Itau CorpBanca		743,241,050		6,012,829
LATAM Airlines Group SAa		1,430,042		14,478,930
Parque Arauco SA		3,272,628		8,237,861
SACI Falabella		2,911,769		23,811,260
SalfaCorp SA		3,835,701		3,107,160
SONDA SA		2,533,737		4,131,962
Vina Concha y Toro SA		2,098,244		3,542,234
				262,351,266

Security	Shares		Value
CHINA — 26.21%
21Vianet Group Inc. ADRa		334,379	$	2,417,560
361 Degrees International Ltd.		5,256,000		1,983,920
3SBio Inc.a,b,c		5,114,000		6,225,779
500.com Ltd. ADRa,b		176,796		2,282,436
51job Inc. ADRa		144,542		5,196,285
58.com Inc. ADRa,b		403,280		14,760,048
AAC Technologies Holdings Inc.		3,557,500		37,465,700
Agile Property Holdings Ltd.		9,246,500		6,098,858
Agricultural Bank of China Ltd. Class H		116,038,000		53,516,099
AGTech Holdings Ltd.a,b		16,252,000		3,370,807
Air China Ltd. Class H		8,402,000		6,483,517
Ajisen (China) Holdings Ltd.		5,733,000		2,237,823
Alibaba Group Holding Ltd. ADRa,b		5,355,291		551,059,444
Alibaba Health Information Technology Ltd.a,b		16,164,000		7,100,753
Alibaba Pictures Group Ltd.a,b		61,750,000		10,341,451
Aluminum Corp. of China Ltd. Class Ha,b		20,236,000		10,088,737
Anhui Conch Cement Co. Ltd. Class H		5,884,000		20,504,119
Anhui Expressway Co. Ltd. Class H		2,436,000		1,958,227
ANTA Sports Products Ltd.b		4,827,000		14,613,234
APT Satellite Holdings Ltd.		3,691,500		1,959,302
Asia Cement China Holdings Corp.		2,930,000		883,252
AVIC International Holding HK Ltd.a,b		33,480,000		2,070,274
AviChina Industry & Technology Co. Ltd. Class H		10,565,000		7,689,872
Baidu Inc.a		1,294,050		225,332,927
Bank of China Ltd. Class H		376,975,000		190,856,205
Bank of Communications Co. Ltd. Class H		41,132,000		32,799,835
Baozun Inc. ADRa,b		122,887		1,767,115
Beijing Capital International Airport Co. Ltd. Class H		7,738,000		8,293,794
Beijing Capital Land Ltd. Class H		5,314,000		2,293,335

CONSOLIDATED SCHEDULES OF INVESTMENTS 11

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Beijing Enterprises Holdings Ltd.		2,473,000	$	12,934,550
Beijing Enterprises Medical & Health Group Ltd.a		42,246,000		2,557,906
Beijing Enterprises Water Group Ltd.b		21,266,000		15,204,774
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		2,505,000		3,381,973
Belle International Holdings Ltd.		30,163,000		20,788,804
BEP International Holdings Ltd.		25,750,000		1,592,281
Biostime International Holdings Ltd.a,b		1,029,500		3,415,111
Bitauto Holdings Ltd. ADRa,b		152,734		2,911,110
Bosideng International Holdings Ltd.b		26,596,000		2,364,104
Brilliance China Automotive Holdings Ltd.		14,718,000		23,131,821
Byd Co. Ltd. Class Hb		3,018,500		17,751,422
BYD Electronic International Co. Ltd.b		3,875,000		4,193,264
C C Land Holdings Ltd.		9,995,000		3,051,633
Carnival Group International Holdings Ltd.a,b		37,327,000		3,991,190
Central China Securities Co. Ltd. Class H		6,115,000		3,458,296
CGN Power Co. Ltd. Class Hc		47,711,000		14,505,467
Chaowei Power Holdings Ltd.		4,115,000		3,244,311
Cheetah Mobile Inc. ADRa,b		153,399		1,535,524
China Aerospace International Holdings Ltd.		21,648,000		2,872,475
China Agri-Industries Holdings Ltd.a		11,462,200		5,655,460
China Aircraft Leasing Group Holdings Ltd.b		2,058,500		2,553,750
China Animal Healthcare Ltd.a,b		1,237,000		48,508
China Aoyuan Property Group Ltd.		12,785,000		3,145,830
China BlueChemical Ltd. Class H		10,938,000		3,790,455
China Cinda Asset Management Co. Ltd. Class H		42,194,000		16,633,104

Security	Shares		Value
China CITIC Bank Corp. Ltd. Class H		41,276,000	$	28,341,707
China Coal Energy Co. Ltd. Class Ha		9,937,000		5,261,363
China Communications Construction Co. Ltd. Class H		21,068,000		27,195,197
China Communications Services Corp. Ltd. Class H		12,728,000		8,509,983
China Conch Venture Holdings Ltd.b		7,019,500		13,907,969
China Construction Bank Corp. Class H		402,447,000		331,291,838
China Datang Corp. Renewable Power Co. Ltd. Class Ha		17,749,000		1,760,621
China Dongxiang Group Co. Ltd.		21,576,000		4,085,916
China Electronics Corp. Holdings Co. Ltd.b		9,206,000		1,897,545
China Everbright Bank Co. Ltd. Class H		14,698,000		7,441,354
China Everbright International Ltd.b		12,282,000		15,917,258
China Everbright Ltd.		4,470,000		8,868,076
China Everbright Water Ltd.		5,124,100		1,575,462
China Evergrande Groupb		19,306,000		14,499,801
China Fiber Optic Network System Group Ltd.a		10,394,800		937,379
China First Capital Group Ltd.a		2,070,000		904,006
China Foods Ltd.		5,582,000		2,488,096
China Galaxy Securities Co. Ltd. Class H		13,587,500		13,320,649
China Gas Holdings Ltd.b		8,278,000		12,285,111
China Huarong Asset Management Co. Ltd. Class Ha,b,c		28,335,000		11,206,314
China Huishan Dairy Holdings Co. Ltd.b		22,896,000		8,376,819
China Huiyuan Juice Group Ltd.a		5,650,000		2,023,459
China Innovationpay Group Ltd.a,b		28,160,000		1,759,445

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
China Jinmao Holdings Group Ltd.		18,582,000	$	5,769,135
China Lesso Group Holdings Ltd.		6,369,000		4,783,447
China Life Insurance Co. Ltd. Class H		35,500,000		108,158,507
China Lilang Ltd.		3,876,000		2,721,332
China Logistics Property Holdings Co. Ltd.a		926,000		391,279
China Longyuan Power Group Corp. Ltd.		15,087,000		12,944,292
China LotSynergy Holdings Ltd.a,b		55,000,000		1,877,629
China Lumena New Materials Corp.a,b		2,584,000		26,631
China Maple Leaf Educational Systems Ltd.b		3,870,000		2,557,582
China Medical System Holdings Ltd.b		6,992,000		11,385,436
China Mengniu Dairy Co. Ltd.		12,997,000		25,617,440
China Merchants Bank Co. Ltd. Class H		18,461,964		49,113,303
China Merchants Land Ltd.b		11,000,000		1,657,982
China Merchants Port Holdings Co. Ltd.b		5,998,000		16,728,829
China Metal Recycling Holdings Ltd.a		62,400		—
China Minsheng Banking Corp. Ltd. Class H		27,783,100		31,711,414
China Mobile Ltd.		29,268,500		322,756,810
China Modern Dairy Holdings Ltd.a,b		13,046,000		3,210,051
China National Building Material Co. Ltd. Class H		13,504,000		9,846,458
China National Materials Co. Ltd. Class H		6,924,000		2,381,604
China Ocean Industry Group Ltd.a,b		96,490,000		2,635,235
China Oil and Gas Group Ltd.a,b		35,108,000		2,849,363
China Oilfield Services Ltd. Class H		8,926,000		8,900,185
China Overseas Grand Oceans Group Ltd.a		8,034,000		2,980,750

Security	Shares		Value
China Overseas Land & Investment Ltd.		18,096,000	$	55,716,224
China Pacific Insurance Group Co. Ltd. Class H		12,284,800		45,024,774
China Petroleum & Chemical Corp. Class H		121,612,200		94,313,708
China Power International Development Ltd.		15,191,000		5,890,526
China Power New Energy Development Co. Ltd.b		3,034,500		1,763,051
China Railway Construction Corp. Ltd. Class H		9,335,000		13,204,375
China Railway Group Ltd. Class H		18,972,000		16,595,261
China Regenerative Medicine International Ltd.a,b		78,235,000		2,570,055
China Resources Beer Holdings Co. Ltd.a		8,044,000		18,259,091
China Resources Gas Group Ltd.b		4,396,000		13,421,690
China Resources Land Ltd.		12,991,777		35,481,797
China Resources Phoenix Healthcare Holdings Co. Ltd.a,b		3,072,000		3,803,170
China Resources Power Holdings Co. Ltd.		8,978,000		16,261,706
China SCE Property Holdings Ltd.		11,285,200		4,099,771
China Shanshui Cement Group Ltd.a,b		3,521,000		226,797
China Shenhua Energy Co. Ltd. Class H		16,150,500		33,788,832
China Shineway Pharmaceutical Group Ltd.		3,136,000		3,381,448
China Singyes Solar Technologies Holdings Ltd.b		4,147,000		1,949,971
China South City Holdings Ltd.		13,694,000		2,857,897
China Southern Airlines Co. Ltd. Class H		8,956,000		5,826,485
China State Construction International Holdings Ltd.b		8,780,000		14,364,795
China Suntien Green Energy Corp. Ltd. Class H		12,904,000		2,194,318

CONSOLIDATED SCHEDULES OF INVESTMENTS 13

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
China Taiping Insurance Holdings Co. Ltd.a,b		7,842,908	$	18,368,436
China Telecom Corp. Ltd. Class H		63,716,000		29,960,051
China Traditional Chinese Medicine Holdings Co. Ltd.b		10,946,000		5,541,779
China Travel International Investment Hong Kong Ltd.b		14,346,000		4,250,694
China Unicom Hong Kong Ltd.		28,746,000		34,958,324
China Vanke Co. Ltd. Class H		6,267,187		15,743,760
China Water Affairs Group Ltd.		5,606,000		3,668,749
China Yurun Food Group Ltd.a,b		11,323,000		2,027,578
China ZhengTong Auto Services Holdings Ltd.		5,977,000		2,502,464
Chinasoft International Ltd.a,b		10,728,000		5,265,564
Chongqing Changan Automobile Co. Ltd. Class B		4,018,467		5,673,775
Chongqing Rural Commercial Bank Co. Ltd. Class H		12,768,000		8,964,386
CIFI Holdings Group Co. Ltd.		17,002,000		5,694,748
CIMC Enric Holdings Ltd.b		5,100,000		3,087,943
CITIC Ltd.b		20,545,000		29,484,415
CITIC Resources Holdings Ltd.a,b		17,700,000		2,599,437
CITIC Securities Co. Ltd. Class H		10,013,500		21,413,871
CNOOC Ltd.		84,451,000		99,873,130
Cogobuy Groupa,b,c		3,382,000		4,783,845
Colour Life Services Group Co. Ltd.		3,022,000		1,876,475
Comba Telecom Systems Holdings Ltd.b		12,559,524		2,362,257
Concord New Energy Group Ltd.b		46,080,000		2,433,871
Coolpad Group Ltd.a		21,812,000		2,135,553
COSCO SHIPPING International Hong Kong Co. Ltd.b		4,706,000		2,170,382

Security	Shares		Value
COSCO SHIPPING Ports Ltd.b		7,840,000	$	8,736,417
Country Garden Holdings Co. Ltd.b		27,819,733		19,926,404
CPMC Holdings Ltd.		3,940,000		2,035,363
Credit China FinTech Holdings Ltd.a,b		63,852,000		9,295,101
CRRC Corp. Ltd. Class H		18,801,750		18,044,952
CSPC Pharmaceutical Group Ltd.		20,810,000		25,468,119
CT Environmental Group Ltd.b		14,590,000		3,044,889
Ctrip.com International Ltd.a,b		1,769,628		83,951,152
Dah Chong Hong Holdings Ltd.b		6,022,000		2,366,147
Dawnrays Pharmaceutical Holdings Ltd.b		3,868,000		2,212,436
Dazhong Transportation Group Co. Ltd. Class B		4,338,950		3,150,078
Digital China Holdings Ltd.b		5,685,000		5,075,337
Dongfeng Motor Group Co. Ltd. Class H		12,500,000		14,831,013
Dongjiang Environmental Co. Ltd. Class Hb		1,346,300		2,265,094
Dongyue Group Ltd.a		5,746,000		811,292
Eastern Communications Co. Ltd. Class B		2,150,700		1,526,997
ENN Energy Holdings Ltd.		3,690,000		17,826,202
Fang Holdings Ltd. ADRa,b		1,395,548		4,158,733
Fantasia Holdings Group Co. Ltd.		17,461,500		2,451,937
Far East Horizon Ltd.		10,355,000		9,964,876
FDG Electric Vehicles Ltd.a,b		74,345,000		3,208,468
First Tractor Co. Ltd. Class H		3,960,000		2,530,335
Fosun International Ltd.b		12,293,000		19,320,524
Fu Shou Yuan International Group Ltd.b		4,385,000		2,553,343
Fufeng Group Ltd.b		6,420,400		4,052,839
Fullshare Holdings Ltd.b		34,535,000		13,391,436
Fuyao Glass Industry Group Co. Ltd. Class Hb,c		2,453,200		7,648,029
GCL-Poly Energy Holdings Ltd.a,b		65,615,000		8,960,045
Geely Automobile Holdings Ltd.b		25,785,000		35,077,791

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
GF Securities Co. Ltd. Class H		6,227,400	$	13,718,419
Glorious Property Holdings Ltd.a,b		17,958,000		2,058,966
Golden Eagle Retail Group Ltd.b		3,673,000		5,460,444
GOME Electrical Appliances Holding Ltd.b		60,519,000		8,420,089
Great Wall Motor Co. Ltd. Class H		14,740,500		18,115,978
Greatview Aseptic Packaging Co. Ltd.		7,706,000		3,822,002
Greentown China Holdings Ltd.a,b		3,629,000		3,314,625
Guangdong Investment Ltd.		13,872,000		18,907,144
Guangdong Land Holdings Ltd.a		6,292,000		1,531,975
Guangzhou Automobile Group Co. Ltd. Class H		10,238,000		17,172,254
Guangzhou R&F Properties Co. Ltd. Class H		4,690,400		6,477,477
Haier Electronics Group Co. Ltd.		6,083,000		11,190,441
Haitian International Holdings Ltd.		3,494,000		7,345,887
Haitong Securities Co. Ltd. Class H		14,401,600		26,382,231
Hanergy Thin Film Power Group Ltd.a		8,046		—
Hangzhou Steam Turbine Co. Ltd. Class Ba		1,812,400		1,935,574
Harbin Electric Co. Ltd. Class H		4,776,000		2,338,025
HC International Inc.a,b		3,482,000		2,857,389
Hengan International Group Co. Ltd.b		3,512,500		30,000,676
Hengdeli Holdings Ltd.a		15,810,800		2,546,039
Hi Sun Technology (China) Ltd.a		15,012,000		2,398,068
Hisense Kelon Electrical Holdings Co. Ltd. Class H		2,259,000		2,677,351
Hopson Development Holdings Ltd.		3,528,000		3,199,650
Hua Han Health Industry Holdings Ltd. Class Ha,b		22,424,288		1,531,072

Security	Shares		Value
Hua Hong Semiconductor Ltd.b,c		2,318,000	$	2,771,166
Huabao International Holdings Ltd.a		5,369,000		2,884,235
Huadian Fuxin Energy Corp. Ltd. Class H		11,890,000		2,894,975
Huaneng Power International Inc. Class H		19,254,000		13,121,329
Huaneng Renewables Corp. Ltd. Class H		19,944,000		6,782,931
Huangshi Dongbei Electrical Appliance Co. Ltd. Class Ba		986,800		1,793,016
Huatai Securities Co. Ltd. Class Hc		6,866,400		14,011,527
IGG Inc.		5,240,000		3,705,995
iKang Healthcare Group Inc. ADRa,b		284,936		4,564,675
IMAX China Holding Inc.a,b,c		672,900		3,224,740
Industrial & Commercial Bank of China Ltd. Class H		351,018,000		230,169,807
Inner Mongolia Yitai Coal Co. Ltd. Class B		5,759,716		6,796,465
Intime Retail Group Co. Ltd.b		7,756,500		9,642,603
JA Solar Holdings Co. Ltd. ADRa,b		331,758		1,691,966
JD.com Inc. ADRa,b		3,199,072		97,795,631
Jiangsu Expressway Co. Ltd. Class H		6,188,000		8,163,031
Jiangxi Copper Co. Ltd. Class H		6,205,000		10,455,642
JinkoSolar Holding Co. Ltd.a,b		142,350		2,402,868
Ju Teng International Holdings Ltd.		6,268,000		2,373,982
Jumei International Holding Ltd. ADRa		419,102		1,701,554
K Wah International Holdings Ltd.		7,439,000		4,149,575
Kama Co. Ltd.a		1,709,900		1,785,136
Kingboard Chemical Holdings Ltd.		3,525,700		12,467,773
Kingboard Laminates Holdings Ltd.		5,190,500		5,817,409

CONSOLIDATED SCHEDULES OF INVESTMENTS 15

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Kingdee International Software Group Co. Ltd.a,b		11,180,000	$	4,320,801
Kingsoft Corp. Ltd.		3,858,000		8,488,897
Konka Group Co. Ltd. Class Ba		3,931,700		1,438,467
KuangChi Science Ltd.a,b		6,824,000		2,839,506
Kunlun Energy Co. Ltd.b		15,914,000		13,838,350
KWG Property Holding Ltd.		6,006,500		3,791,567
Lao Feng Xiang Co. Ltd. Class B		1,159,117		4,184,412
Launch Tech Co. Ltd.a		1,327,000		1,406,928
Lee & Man Paper Manufacturing Ltd.		8,091,000		7,337,972
Lenovo Group Ltd.b		33,822,000		20,304,224
Leyou Technologies Holdings Ltd.a,b		14,360,000		3,126,384
Li Ning Co. Ltd.a		8,238,000		5,507,954
Lianhua Supermarket Holdings Co. Ltd. Class Ha		3,950,000		1,735,212
Lifetech Scientific Corp.a,b		11,900,000		3,035,382
Livzon Pharmaceutical Group Inc. Class H		564,770		3,423,201
Longfor Properties Co. Ltd.		7,119,000		11,390,473
Lonking Holdings Ltd.b		14,500,000		3,922,731
Luthai Textile Co. Ltd. Class B		1,982,692		2,375,414
Luye Pharma Group Ltd.		7,085,500		4,636,982
MIE Holdings Corp.a		11,682,000		1,083,555
Minth Group Ltd.b		3,472,000		11,047,852
MMG Ltd.a,b		13,767,999		5,427,420
NetDragon Websoft Holdings Ltd.b		1,027,000		2,910,679
Netease Inc.		380,994		116,226,030
New China Life Insurance Co. Ltd. Class H		3,882,900		19,133,254
New Oriental Education & Technology Group Inc. ADRa		644,678		31,208,862
New World Department Store China Ltd.a		12,416,000		1,919,394
Nexteer Automotive Group Ltd.		4,676,000		6,035,919
Nine Dragons Paper (Holdings) Ltd.		8,154,000		10,346,849
Noah Holdings Ltd. ADRa,b		162,620		4,259,018

Security	Shares		Value
North Mining Shares Co. Ltd.a		83,360,000	$	1,804,131
NQ Mobile Inc. ADRa,b		559,809		2,155,265
Parkson Retail Group Ltd.b		16,603,000		2,267,220
PAX Global Technology Ltd.b		4,687,000		3,308,847
People’s Insurance Co. Group of China Ltd. (The) Class H		32,386,000		13,309,115
PetroChina Co. Ltd. Class H		100,556,000		76,559,071
Phoenix Satellite Television Holdings Ltd.b		15,348,000		2,530,830
PICC Property & Casualty Co. Ltd. Class H		21,387,360		32,677,066
Ping An Insurance Group Co. of China Ltd. Class H		24,832,500		132,440,853
Poly Property Group Co. Ltd.a,b		10,701,000		4,494,104
Pou Sheng International Holdings Ltd.		12,931,000		3,148,438
Qunar Cayman Islands Ltd. ADRa,b		186,095		5,659,149
Renhe Commercial Holdings Co. Ltd.a,b		92,206,000		2,613,263
Renren Inc. ADRa		151,705		1,237,910
Road King Infrastructure Ltd.		3,278,000		3,302,303
Sany Heavy Equipment International Holdings Co. Ltd.a,b		11,595,000		2,061,347
Seaspan Corp.		256,016		2,007,165
Semiconductor Manufacturing International Corp.a,b		13,806,700		17,964,389
Shandong Airlines Co. Ltd. Class B		1,076,700		2,452,326
Shandong Chenming Paper Holdings Ltd. Class H		2,457,000		3,196,890
Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. Class H		1,028,000		1,692,486
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		9,444,000		5,681,644
Shang Gong Group Co. Ltd. Class Ba		2,326,600		2,589,506
Shanghai Baosight Software Co. Ltd. Class B		1,483,200		2,343,456

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Shanghai Chlor-Alkali Chemical Co. Ltd. Class Ba		2,865,000	$	2,228,970
Shanghai Electric Group Co. Ltd. Class Ha		13,654,000		7,071,103
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		2,070,000		7,120,046
Shanghai Greencourt Investment Group Co. Ltd. Class Ba		3,431,700		2,182,561
Shanghai Haixin Group Co. Class B		2,700,200		2,152,059
Shanghai Industrial Holdings Ltd.		2,485,000		6,930,834
Shanghai Industrial Urban Development Group Ltd.		12,922,000		3,395,948
Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H		7,108,000		2,023,676
Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B		1,110,000		1,650,570
Shanghai Jinjiang International Travel Co. Ltd. Class B		535,000		1,807,765
Shanghai Lingyun Industries Development Co. Ltd. Class Ba		1,516,895		1,516,895
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		4,429,099		6,532,921
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		3,427,200		8,830,202
Shanghai Potevio Co. Ltd. Class Ba		864,400		913,671
Shanghai Shibei Hi-Tech Co. Ltd. Class B		1,450,300		1,580,827
Shenzhen Expressway Co. Ltd. Class H		4,020,000		3,713,183
Shenzhen International Holdings Ltd.		5,011,750		7,179,519
Shenzhen Investment Ltd.		14,992,000		6,431,392
Shenzhou International Group Holdings Ltd.b		2,782,000		16,629,389

Security	Shares		Value
Shimao Property Holdings Ltd.		5,427,000	$	7,788,363
Shougang Concord International Enterprises Co. Ltd.a		64,960,000		2,301,335
Shougang Fushan Resources Group Ltd.		13,908,000		3,099,645
Shui On Land Ltd.		18,744,666		4,201,730
Sihuan Pharmaceutical Holdings Group Ltd.		24,078,000		8,219,918
SINA Corp./Chinaa		273,116		18,989,755
Sino Biopharmaceutical Ltd.		21,979,000		18,970,724
Sino Oil And Gas Holdings Ltd.a		69,645,000		1,785,436
Sino-Ocean Group Holding Ltd.		14,764,000		7,341,631
Sinofert Holdings Ltd.b		17,008,000		2,716,915
Sinolink Worldwide Holdings Ltd.a		16,732,000		1,832,179
Sinopec Engineering Group Co. Ltd. Class H		6,162,500		5,596,896
Sinopec Kantons Holdings Ltd.b		6,214,000		3,250,113
Sinopec Shanghai Petrochemical Co. Ltd. Class H		17,341,000		10,499,610
Sinopharm Group Co. Ltd. Class H		5,661,200		26,182,079
Sinosoft Technology Group Ltd.b		5,316,600		1,582,148
Sinotrans Ltd. Class H		9,814,000		4,450,306
Sinotrans Shipping Ltd.a,b		12,362,500		2,882,611
Skyworth Digital Holdings Ltd.b		9,710,000		6,304,504
SMI Holdings Group Ltd.b		37,124,000		3,347,757
SOHO China Ltd.b		11,285,000		5,844,250
Sohu.com Inc.a		156,241		6,223,079
SSY Group Ltd.b		13,608,411		4,277,583
Sun Art Retail Group Ltd.		12,073,500		11,634,185
Sunac China Holdings Ltd.b		9,273,000		9,640,398
Sunny Optical Technology Group Co. Ltd.b		3,460,000		22,264,491
Superb Summit International Group Ltd.a,b		6,035,000		54,422
TAL Education Group Class A ADRa,b		210,598		18,210,409

CONSOLIDATED SCHEDULES OF INVESTMENTS 17

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Tarena International Inc. ADRb		251,296	$	3,636,253
TCL Multimedia Technology Holdings Ltd.a,b		3,890,000		1,839,149
Technovator International Ltd.b		5,338,000		2,262,433
Tencent Holdings Ltd.		27,138,600		723,700,662
Tian Ge Interactive Holdings Ltd.b,c		2,884,000		1,593,873
Tianjin Capital Environmental Protection Group Co. Ltd. Class H		2,742,000		1,564,849
Tianjin Development Holdings Ltd.		5,548,000		2,916,069
Tianjin Port Development Holdings Ltd.		16,954,000		2,861,177
Tianneng Power International Ltd.		3,936,000		3,483,478
Tibet Water Resources Ltd.		9,992,000		4,119,112
Tingyi Cayman Islands Holding Corp.b		9,656,000		10,822,253
Tong Ren Tang Technologies Co. Ltd. Class H		3,263,000		5,985,883
Tongda Group Holdings Ltd.b		18,030,000		6,062,300
Towngas China Co. Ltd.b		5,871,000		3,221,980
TravelSky Technology Ltd. Class H		4,606,000		10,051,677
Tsingtao Brewery Co. Ltd. Class H		1,784,000		8,204,729
Tuniu Corp. ADRa,b		214,452		1,786,385
United Photovoltaics Group Ltd.a,b		27,858,000		2,440,394
Vinda International Holdings Ltd.		1,425,000		2,790,356
Vipshop Holdings Ltd. ADRa		1,934,324		25,165,555
Viva China Holdings Ltd.a		16,872,000		1,847,509
Want Want China Holdings Ltd.b		27,398,000		17,647,779
Wasion Group Holdings Ltd.		3,050,000		1,642,394
Weibo Corp. ADRa,b		156,515		7,907,138
Weichai Power Co. Ltd. Class H		5,016,000		8,826,925
Weiqiao Textile Co. Class H		2,706,000		1,917,307
Welling Holding Ltd.b		11,554,000		2,530,361
West China Cement Ltd.a		15,798,000		2,075,886

Security	Shares		Value
Wisdom Sports Groupa,b		5,698,000	$	1,563,519
Xiamen International Port Co. Ltd. Class H		10,206,000		2,156,257
Xingda International Holdings Ltd.		6,660,000		2,960,019
Xinhua Winshare Publishing and Media Co. Ltd. Class H		2,576,000		2,349,526
Xinyi Solar Holdings Ltd.b		14,472,000		5,089,702
XTEP International Holdings Ltd.		5,113,000		2,338,327
Yanchang Petroleum International Ltd.a		43,720,000		1,182,771
Yanzhou Coal Mining Co. Ltd. Class H		9,210,000		7,403,642
Yingde Gases Group Co. Ltd.b		6,199,000		4,256,474
YuanShengTai Dairy Farm Ltd.a		31,090,000		2,483,211
Yuexiu Property Co. Ltd.		36,320,880		5,895,601
Yuexiu REIT		7,973,000		4,745,314
Yuexiu Transport Infrastructure Ltd.b		5,508,000		3,831,677
Yum China Holdings Inc.a		1,784,809		47,458,071
Yuzhou Properties Co. Ltd.		12,155,400		4,227,992
YY Inc. ADRa		148,591		6,581,095
Zhaojin Mining Industry Co. Ltd. Class Hb		4,381,500		4,289,805
Zhejiang Expressway Co. Ltd. Class H		6,588,000		7,409,161
Zhonglu Co. Ltd. Class B		626,300		1,290,178
Zhongsheng Group Holdings Ltd.		3,683,500		5,343,185
Zhuzhou CRRC Times Electric Co. Ltd. Class H		2,619,500		14,105,740
Zijin Mining Group Co. Ltd. Class H		26,938,000		10,167,968
ZTE Corp. Class H		3,637,240		5,922,707
				6,221,056,552
COLOMBIA — 0.26%
Almacenes Exito SA		696,966		3,706,213
Cementos Argos SA		2,332,647		9,339,049
Corp. Financiera Colombiana SA		558,399		5,606,251
Ecopetrol SAa		24,577,129		11,101,275

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Grupo Argos SA/Colombia		1,352,131	$	9,142,679
Grupo de Inversiones Suramericana SA		1,188,266		14,873,910
Interconexion Electrica SA ESP		1,981,727		7,595,032
				61,364,409
CZECH REPUBLIC — 0.18%
CEZ AS		775,568		13,740,147
Komercni Banka AS		396,192		14,288,910
Moneta Money Bank ASa,c		2,461,997		8,258,729
Pegas Nonwovens SA		80,458		2,641,997
Philip Morris CR AS		5,418		2,833,575
				41,763,358
EGYPT — 0.11%
Commercial International Bank Egypt SAE		2,530,343		11,505,053
Egyptian Financial Group-Hermes Holding Co.a		1,450,454		2,044,406
Ezz Steela		791,301		795,308
Global Telecom Holding SAEa		6,408,004		2,506,422
Global Telecom Holding SAE GDRa		2,571,266		4,833,980
Juhayna Food Industries		1,184,159		526,876
Orascom Telecom Media And Technology Holding SAEa		9,784,899		408,736
Palm Hills Developments SAE		4,371,893		838,407
Pioneers Holding For Financial Investments SAEa		1,278,569		746,102
Six of October Development & Investmenta		997,636		762,118
South Valley Cementa		1,748,280		504,567
Talaat Moustafa Group		2,977,305		1,496,190
				26,968,165
GREECE — 0.35%
Alpha Bank AEa		6,627,048		12,041,650
Athens Water Supply & Sewage Co. SA		199,144		1,110,955
Eurobank Ergasias SAa		8,991,206		6,019,054
FF Groupa,b		169,429		3,330,652
Hellenic Exchanges-Athens Stock Exchange SA		428,495		2,094,466

Security	Shares		Value
Hellenic Telecommunications Organization SA		1,229,890	$	11,069,282
JUMBO SA		498,438		7,070,696
Metka Industrial-Construction SA		195,458		1,474,625
Motor Oil Hellas Corinth Refineries SA		359,481		5,576,973
Mytilineos Holdings SAa		493,452		3,722,828
National Bank of Greece SAa,b		26,033,298		6,639,115
OPAP SA		1,099,433		9,918,505
Piraeus Bank SAa		31,527,222		6,130,650
Piraeus Port Authority SA		31,580		423,824
Public Power Corp. SAa,b		637,696		1,863,443
Titan Cement Co. SA		227,326		5,432,608
				83,919,326
HUNGARY — 0.26%
Magyar Telekom Telecommunications PLC		2,229,917		3,764,175
MOL Hungarian Oil & Gas PLC		173,941		11,954,457
OTP Bank PLC		1,082,607		31,514,652
Richter Gedeon Nyrt		632,059		14,048,726
				61,282,010
INDIA — 9.03%
ACC Ltd.		294,404		6,228,403
Adani Enterprises Ltd.		1,255,652		1,853,778
Adani Ports & Special Economic Zone Ltd.		4,008,130		18,127,636
Adani Power Ltd.a		5,142,983		2,975,463
Adani Transmissions Ltd.a		1,837,010		1,701,579
Aditya Birla Nuvo Ltd.		219,937		4,753,359
AIA Engineering Ltd.		237,164		5,264,308
Ajanta Pharma Ltd.		176,279		4,537,710
Amara Raja Batteries Ltd.		223,437		2,874,729
Ambuja Cements Ltd.		3,300,596		11,346,011
Apollo Hospitals Enterprise Ltd.		365,529		7,131,291
Apollo Tyres Ltd.		1,397,696		3,930,046
Arvind Ltd.		733,884		4,180,973
Ashok Leyland Ltd.		6,201,765		8,426,267
Asian Paints Ltd.		1,455,752		22,347,259
Aurobindo Pharma Ltd.		1,377,536		13,982,087
Axis Bank Ltd.		7,986,600		60,648,781
Bajaj Auto Ltd.		419,542		17,329,698

CONSOLIDATED SCHEDULES OF INVESTMENTS 19

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Bajaj Finance Ltd.		838,268	$	13,923,651
Bajaj Finserv Ltd.		216,474		12,699,754
Balkrishna Industries Ltd.		280,493		5,468,076
Bata India Ltd.		321,076		2,447,336
Bayer CropScience Ltd./India		73,880		4,276,140
Bharat Financial Inclusion Ltd.a		212,493		2,687,584
Bharat Forge Ltd.		505,160		7,976,181
Bharat Heavy Electricals Ltd.		2,829,245		6,888,781
Bharat Petroleum Corp. Ltd.		2,524,997		25,358,302
Bharti Airtel Ltd.		4,883,838		26,729,120
Bharti Infratel Ltd.		2,819,149		12,010,763
Biocon Ltd.		312,329		5,254,500
Blue Dart Express Ltd.		44,372		2,850,648
Bosch Ltd.		38,242		12,371,135
Cadila Healthcare Ltd.		1,152,149		7,602,564
Cairn India Ltd.		2,177,931		9,274,008
Canara Bank Ltd.a		709,887		3,144,650
Ceat Ltd.		128,763		2,278,387
Century Textiles & Industries Ltd.		215,819		3,084,827
CESC Ltd.		404,530		5,095,524
Cipla Ltd.		1,801,935		15,764,526
Coal India Ltd.		3,516,350		16,965,442
Container Corp. of India Ltd.		217,413		3,962,192
Credit Analysis & Research Ltd.		151,619		3,172,651
CRISIL Ltd.		132,201		3,989,486
Crompton Greaves Consumer Electricals Ltd.a		1,909,397		5,434,671
Crompton Greaves Ltd.a		2,547,929		2,633,138
Dabur India Ltd.		2,929,429		12,157,885
DCB Bank Ltd.a		1,422,188		3,325,322
Dewan Housing Finance Corp. Ltd.		958,955		4,788,397
Dish TV India Ltd.a		2,734,106		3,954,529
Divi’s Laboratories Ltd.		464,831		5,286,925
Dr. Reddy’s Laboratories Ltd.		559,627		23,904,959
Eicher Motors Ltd.		66,881		24,188,781
Exide Industries Ltd.		1,486,142		4,718,901
Federal Bank Ltd.		6,819,646		8,928,466
Finolex Cables Ltd.		657,890		4,392,918
GAIL (India) Ltd.		1,582,807		12,262,714
Gateway Distriparks Ltd.		649,638		2,401,622
GE T&D India Ltd.		515,227		2,305,128

Security	Shares		Value
Glenmark Pharmaceuticals Ltd.		738,431	$	10,243,266
GMR Infrastructure Ltd.a		12,990,686		3,095,860
Godrej Consumer Products Ltd.		628,219		15,525,925
Godrej Industries Ltd.		540,232		4,064,771
Grasim Industries Ltd.		974,815		14,467,624
GRUH Finance Ltd.		763,825		4,274,844
Gujarat Pipavav Port Ltd.		1,014,810		2,325,650
Havells India Ltd.		1,393,760		8,483,461
HCL Technologies Ltd.		2,724,532		34,306,388
Hero Motocorp Ltd.		249,210		11,721,531
Hexaware Technologies Ltd.		706,628		2,374,535
Hindalco Industries Ltd.		5,616,772		15,519,654
Hindustan Petroleum Corp. Ltd.		2,074,077		16,716,963
Hindustan Unilever Ltd.		3,147,694		40,851,908
Housing Development & Infrastructure Ltd.a		2,130,471		2,200,123
Housing Development Finance Corp. Ltd.		7,211,515		148,086,349
ICICI Bank Ltd.		5,325,435		22,058,027
Idea Cellular Ltd.		6,192,492		10,752,602
IDFC Bank Ltd.		7,124,261		6,673,781
IFCI Ltd.		3,877,362		1,696,959
India Cements Ltd. (The)		1,203,147		3,067,433
Indiabulls Housing Finance Ltd.		1,481,873		19,352,220
Indian Hotels Co. Ltd. (The)		2,407,866		4,527,465
Infosys Ltd.		8,775,669		133,163,276
IRB Infrastructure Developers Ltd.		1,004,156		3,487,972
ITC Ltd.		16,288,630		64,013,170
Jain Irrigation Systems Ltd.		2,248,869		3,165,059
Jaiprakash Associates Ltd.a		9,005,204		2,220,299
Jammu & Kashmir Bank Ltd. (The)		1,793,262		1,983,591
Jindal Steel & Power Ltd.a		1,797,976		3,380,700
JSW Steel Ltd.		4,398,529		12,324,946
Jubilant Foodworks Ltd.		219,972		3,332,447
Jubilant Life Sciences Ltd.		359,925		3,883,077
Just Dial Ltd.a		291,576		2,389,202
Kajaria Ceramics Ltd.		490,455		4,295,605
Karur Vysya Bank Ltd. (The)		2,285,563		3,432,520
KPIT Technologies Ltd.		1,243,795		2,571,714
L&T Finance Holdings Ltd.		2,741,420		4,784,837

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Larsen & Toubro Ltd.		1,526,646	$	33,617,960
LIC Housing Finance Ltd.		1,587,683		13,345,163
Lupin Ltd.		1,093,225		24,153,974
Mahindra & Mahindra Financial Services Ltd.		1,481,255		6,475,062
Mahindra & Mahindra Ltd.		1,807,507		35,548,033
Manappuram Finance Ltd.		2,689,917		3,916,822
Marico Ltd.		2,428,499		10,235,412
Maruti Suzuki India Ltd.		526,501		46,736,520
Max Financial Services Ltd.		378,426		3,196,716
Max India Ltd.a		824,798		1,835,803
MindTree Ltd.		562,697		4,000,183
Motherson Sumi Systems Ltd.		2,090,204		10,971,270
Mphasis Ltd.		465,613		4,153,050
NCC Ltd./India		2,207,367		2,772,494
Nestle India Ltd.		121,614		11,400,159
NIIT Technologies Ltd.		330,389		2,061,008
NTPC Ltd.		8,077,232		19,727,362
Oil & Natural Gas Corp. Ltd.		6,096,810		17,686,746
Page Industries Ltd.		32,016		6,867,086
Persistent Systems Ltd.		336,875		3,213,046
PI Industries Ltd.		363,723		4,630,577
Piramal Enterprises Ltd.		403,959		11,169,627
Power Finance Corp. Ltd.		3,287,364		6,700,987
PTC India Ltd.		2,523,830		3,342,095
Rajesh Exports Ltd.		488,910		3,877,938
Rallis India Ltd.		755,142		2,653,007
Ramco Cements Ltd. (The)		507,979		5,068,084
Raymond Ltd.		308,773		2,909,611
Redington India Ltd.		1,989,219		3,178,278
Reliance Capital Ltd.		600,765		4,801,168
Reliance Industries Ltd.		6,249,579		115,968,769
Reliance Infrastructure Ltd.		511,062		4,348,168
Shree Cement Ltd.		47,092		11,371,781
Shriram Transport Finance Co. Ltd.		757,571		10,550,782
Siemens Ltd.		414,665		7,503,824
Sintex Industries Ltd.		2,066,739		2,976,879
Sobha Ltd.		512,115		2,233,637
SRF Ltd.		109,348		2,550,436
State Bank of India		7,520,173		30,342,753
Strides Shasun Ltd.		259,451		4,521,228
Sun Pharma Advanced Research Co. Ltd.a		557,084		2,808,434

Security	Shares		Value
Sun Pharmaceuticals Industries Ltd.		4,720,328	$	48,039,010
Sun TV Network Ltd.		554,566		5,928,116
Sundaram Finance Ltd.		228,809		4,938,245
Suzlon Energy Ltd.a		13,626,061		3,696,588
Tata Communications Ltd.		439,439		4,855,194
Tata Consultancy Services Ltd.		2,262,412		83,629,768
Tata Elxsi Ltd.		75,232		1,695,683
Tata Global Beverages Ltd.		1,979,349		4,095,537
Tata Motors Ltd.		7,599,905		52,028,202
Tata Motors Ltd. Class A		1,804,716		7,465,692
Tata Power Co. Ltd.		5,813,916		7,197,819
Tata Steel Ltd.		1,457,944		10,548,003
Tech Mahindra Ltd.		2,144,973		16,055,449
Thermax Ltd.		230,223		2,966,005
Titan Co. Ltd.		1,676,812		10,987,949
Torrent Power Ltd.		740,005		2,277,066
TTK Prestige Ltd.		33,259		2,730,609
Tube Investments of India Ltd.		522,295		4,875,471
TV18 Broadcast Ltd.a		3,412,894		2,148,445
TVS Motor Co. Ltd.		744,389		4,783,057
Ultratech Cement Ltd.		445,193		25,186,372
Union Bank of India		944,114		2,078,731
United Spirits Ltd.a		332,141		11,674,437
UPL Ltd.		1,785,512		19,222,981
VA Tech Wabag Ltd.		314,072		2,704,873
Vakrangee Ltd.		674,114		3,204,931
Vedanta Ltd.		5,127,459		19,912,313
Vijaya Banka		2,859,472		3,015,102
Voltas Ltd.		704,519		3,943,986
Welspun India Ltd.		1,545,891		2,065,629
Wipro Ltd.		2,990,482		21,909,098
Wockhardt Ltd.		212,188		2,392,566
Yes Bank Ltd.		1,535,448		33,432,061
Zee Entertainment Enterprises Ltd.		3,020,836		23,066,453
				2,144,589,089
INDONESIA — 2.45%
Ace Hardware Indonesia Tbk PT		48,339,100		2,791,025
Adaro Energy Tbk PT		76,065,200		9,667,855
Adhi Karya Persero Tbk PT		11,389,100		1,819,045
AKR Corporindo Tbk PT		9,842,400		4,686,506

CONSOLIDATED SCHEDULES OF INVESTMENTS 21

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Alam Sutera Realty Tbk PTa		62,700,600	$	1,748,997
Aneka Tambang Persero Tbk PTa		45,150,643		2,522,288
Arwana Citramulia Tbk PT		33,809,900		1,095,222
Astra International Tbk PT		96,448,600		59,304,028
Bank Bukopin Tbk		35,285,100		1,600,741
Bank Central Asia Tbk PT		60,258,800		69,810,922
Bank Danamon Indonesia Tbk PT		17,675,300		6,560,643
Bank Mandiri Persero Tbk PT		45,312,000		38,394,241
Bank Negara Indonesia Persero Tbk PT		37,238,100		17,451,869
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		16,693,400		2,879,036
Bank Rakyat Indonesia Persero Tbk PT		53,512,500		47,950,988
Bank Tabungan Negara Persero Tbk PT		26,932,476		4,321,798
Bumi Serpong Damai Tbk PT		39,948,000		5,481,767
Charoen Pokphand Indonesia Tbk PT		35,996,800		8,367,582
Ciputra Development Tbk PT		65,572,927		6,736,271
Eagle High Plantations Tbk PTa		56,889,800		1,578,376
Gudang Garam Tbk PT		2,312,600		11,419,069
Hanjaya Mandala Sampoerna Tbk PT		44,670,000		12,962,875
Hanson International Tbk PTa		358,039,300		3,329,100
Indocement Tunggal Prakarsa Tbk PT		7,161,500		8,135,627
Indofood CBP Sukses Makmur Tbk PT		12,261,000		7,653,931
Indofood Sukses Makmur Tbk PT		21,128,600		12,872,666
Jasa Marga Persero Tbk PT		12,443,480		4,460,096
Kalbe Farma Tbk PT		106,047,000		12,166,460
Kawasan Industri Jababeka Tbk PTa		124,163,513		2,867,604
Krakatau Steel Persero Tbk PTa		22,841,414		1,173,243
Link Net Tbk PT		6,871,300		2,504,088
Lippo Cikarang Tbk PTa		5,230,600		1,847,340

Security	Shares		Value
Lippo Karawaci Tbk PT		88,112,000	$	4,856,203
Matahari Department Store Tbk PT		11,829,500		12,108,029
Media Nusantara Citra Tbk PT		26,535,900		3,303,059
Mitra Adiperkasa Tbk PTa		5,319,100		2,143,833
Modernland Realty Tbk PTa		62,274,900		1,484,959
Multipolar Tbk PTa		42,549,654		1,129,467
Pakuwon Jati Tbk PT		126,383,200		5,591,338
Panin Financial Tbk PTa		113,565,200		1,771,263
Pembangunan Perumahan Persero Tbk PT		17,886,550		4,667,456
Perusahaan Gas Negara Persero Tbk PT		52,241,700		11,086,084
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		17,965,100		1,986,992
Ramayana Lestari Sentosa Tbk PT		22,059,400		2,166,903
Salim Ivomas Pratama Tbk PT		23,700,900		897,492
Semen Indonesia Persero Tbk PT		13,966,100		10,079,763
Siloam International Hospitals Tbk PTa		1,850,337		1,831,467
Sugih Energy Tbk PTa		82,105,800		523,320
Summarecon Agung Tbk PT		48,653,600		4,998,158
Surya Citra Media Tbk PT		30,029,200		6,642,632
Tambang Batubara Bukit Asam Persero Tbk PT		4,257,900		3,567,939
Telekomunikasi Indonesia Persero Tbk PT		241,181,500		69,627,233
Timah Persero Tbk PT		24,372,152		1,809,270
Tower Bersama Infrastructure Tbk PT		12,311,800		4,616,002
Unilever Indonesia Tbk PT		7,548,000		23,870,493
United Tractors Tbk PT		8,531,300		15,769,087
Waskita Karya Persero Tbk PT		30,092,100		5,596,011
Wijaya Karya Persero Tbk PT		17,916,523		3,358,676
				581,644,428
MALAYSIA — 2.51%
AEON Credit Service M Bhd		850,800		3,008,459
AirAsia Bhd		8,403,200		5,110,054

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Alliance Financial Group Bhd		6,219,800	$	5,337,261
AMMB Holdings Bhd		9,246,500		9,642,184
Astro Malaysia Holdings Bhd		8,802,300		5,650,125
Axiata Group Bhd		13,012,000		12,982,694
Berjaya Corp. Bhda		24,406,606		2,061,369
Berjaya Sports Toto Bhd		3,206,773		2,108,959
British American Tobacco Malaysia Bhd		715,000		7,810,248
Bursa Malaysia Bhdb		2,885,100		5,705,220
Cahya Mata Sarawak Bhdb		3,863,000		3,706,392
Capitaland Malaysia Mall Trustb		8,865,400		3,094,903
Carlsberg Brewery Malaysia Bhd		980,400		3,135,514
CIMB Group Holdings Bhd		14,722,200		16,479,580
Dialog Group Bhd		20,217,196		7,649,750
DiGi.Com Bhdb		16,703,900		18,961,184
DRB-Hicom Bhd		4,332,500		1,385,619
Eastern & Oriental Bhdb		5,903,629		2,486,438
Felda Global Ventures Holdings Bhd		6,720,400		2,845,575
Gamuda Bhd		8,092,300		8,948,917
Genting Bhd		10,527,100		21,931,458
Genting Malaysia Bhd		14,286,900		16,893,294
Genting Plantations Bhdb		1,591,200		4,114,184
HAP Seng Consolidated Bhdb		3,408,700		6,940,236
Hartalega Holdings Bhdb		3,651,500		3,996,912
Hong Leong Bank Bhd		3,772,900		11,539,636
Hong Leong Financial Group Bhd		1,409,200		4,779,854
IHH Healthcare Bhd		15,672,400		21,214,217
IJM Corp. Bhd		13,383,000		10,097,534
Inari Amertron Bhd		8,567,000		3,685,354
IOI Corp. Bhd		10,883,900		11,472,219
IOI Properties Group Bhd		9,072,673		4,311,563
Kossan Rubber Industriesb		1,832,100		2,595,475
KPJ Healthcare Bhd		3,451,650		3,187,334
Kuala Lumpur Kepong Bhd		1,988,900		10,813,524
Lafarge Malaysia Bhd		2,023,400		3,007,757
Magnum Bhd		4,096,900		2,011,541
Mah Sing Group Bhd		7,778,223		2,592,741
Malayan Banking Bhd		17,088,800		33,099,928
Malaysia Airports Holdings Bhd		3,836,500		5,599,216

Security	Shares		Value
Malaysia Building Society Bhd		8,669,500	$	2,206,427
Malaysian Resources Corp. Bhd		5,727,100		1,831,640
Maxis Bhdb		9,230,200		13,117,694
MISC Bhd		5,080,600		8,490,552
My EG Services Bhdb		12,172,100		4,468,586
OSK Holdings Bhdb		3,857,500		1,251,081
Pavilion REIT		7,685,500		2,994,575
Petronas Chemicals Group Bhd		11,707,800		19,117,466
Petronas Dagangan Bhd		1,182,700		6,526,160
Petronas Gas Bhd		3,327,600		15,004,178
POS Malaysia Bhd		2,304,700		2,283,937
PPB Group Bhd		2,363,600		8,804,942
Public Bank Bhd		12,981,460		58,358,095
QL Resources Bhd		4,063,250		4,072,402
RHB Bank Bhd		4,375,966		4,770,197
RHB Bank Bhd New		1,769,000		4
Sapurakencana Petroleum Bhda		21,853,100		9,351,552
Sime Darby Bhd		11,342,100		22,888,562
Sunway Bhd		3,989,000		2,901,908
Sunway Construction Group Bhd		5,462,070		2,152,843
Sunway REIT		9,976,500		3,819,831
Supermax Corp. Bhdb		3,167,000		1,433,709
Ta Ann Holdings Bhd		2,604,960		2,276,407
Telekom Malaysia Bhd		5,428,400		7,531,294
Tenaga Nasional Bhd		15,824,200		48,256,682
TIME dotCom Bhd		2,168,900		4,249,872
Top Glove Corp. Bhdb		3,940,500		4,464,125
UEM Sunrise Bhdb		7,294,100		1,872,809
UOA Development Bhd		4,692,400		2,642,117
WCT Holdings Bhdb		6,265,268		2,666,972
Westports Holdings Bhdb		5,736,400		5,180,848
YTL Corp. Bhd		18,122,500		6,326,548
YTL Power International Bhd		9,554,835		3,206,465
				596,514,902
MEXICO — 3.33%
Alfa SAB de CV		13,766,000		17,688,839
Alsea SAB de CV		2,785,000		7,891,373
America Movil SAB de CV		157,818,600		100,645,842
Arca Continental SAB de CV		2,186,400		12,304,053
Axtel SAB de CV CPOa,b		7,474,700		1,375,844

CONSOLIDATED SCHEDULES OF INVESTMENTS 23

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Banregio Grupo Financiero SAB de CV		1,414,900	$	7,360,856
Bolsa Mexicana de Valores SAB de CV		2,347,300		3,402,471
Cemex SAB de CV CPOa		66,636,560		56,694,946
Coca-Cola Femsa SAB de CV Series L		2,275,400		15,017,395
Concentradora Fibra Hotelera Mexicana SA de CV		3,032,200		2,259,808
Consorcio ARA SAB de CV		6,316,400		1,911,404
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa		3,372,600		4,117,751
Corp Inmobiliaria Vesta SAB de CV		3,179,000		3,911,588
El Puerto de Liverpool SAB de CV Series C1		887,470		6,228,304
Fibra Uno Administracion SA de CV		12,195,000		17,725,761
Fomento Economico Mexicano SAB de CV		8,687,600		70,316,861
Genomma Lab Internacional SAB de CV Series Ba,b		4,306,200		4,973,311
Gentera SAB de CV		5,384,800		7,129,367
Gruma SAB de CV Series B		1,071,785		14,202,012
Grupo Aeromexico SAB de CVa,b		2,648,800		5,920,890
Grupo Aeroportuario del Centro Norte SAB de CV		1,083,500		5,233,577
Grupo Aeroportuario del Pacifico SAB de CV Series B		1,728,400		15,026,972
Grupo Aeroportuario del Sureste SAB de CV Series B		1,024,890		16,283,718
Grupo Bimbo SAB de CV		7,968,100		18,899,216
Grupo Carso SAB de CV Series A1		2,982,600		12,717,943
Grupo Comercial Chedraui SA de CVb		1,952,900		3,652,270
Grupo Financiero Banorte SAB de CV		12,039,000		60,126,503
Grupo Financiero Inbursa SAB de CV Series O		11,628,800		16,681,746

Security	Shares		Value
Grupo Financiero Santander Mexico SAB de CV Series B		8,590,600	$	12,955,026
Grupo Herdez SAB de CVb		1,577,200		2,949,645
Grupo Lala SAB de CVb		3,378,500		5,581,616
Grupo Mexico SAB de CV Series B		18,460,000		56,268,017
Grupo Televisa SAB		11,747,100		60,119,957
Industrias Bachoco SAB de CV Series B		1,041,600		4,172,079
Industrias CH SAB de CV Series Ba		864,300		5,544,334
Industrias Penoles SAB de CV		669,790		15,991,005
Infraestructura Energetica Nova SAB de CV		2,658,800		11,427,677
Kimberly-Clark de Mexico SAB de CV Series A		7,383,700		13,989,799
La Comer SAB de CVa,b		2,299,400		1,546,907
Macquarie Mexico Real Estate Management SA de CV		3,908,100		4,042,441
Mexichem SAB de CV		5,282,683		12,516,572
PLA Administradora Industrial S. de RL de CV		2,982,000		4,434,350
Promotora y Operadora de Infraestructura SAB de CVb		1,347,070		12,667,050
Qualitas Controladora SAB de CV		1,760,800		2,773,385
Telesites SAB de CVa,b		8,282,795		4,764,334
Wal-Mart de Mexico SAB de CV		24,831,000		48,375,909
				789,820,724
PERU — 0.34%
Cia. de Minas Buenaventura SAA ADR		939,998		11,561,975
Credicorp Ltd.		326,766		53,792,219
Southern Copper Corp.		423,380		15,521,111
				80,875,305
PHILIPPINES — 1.16%
Aboitiz Equity Ventures Inc.		9,585,070		14,020,181
Aboitiz Power Corp.		6,743,800		5,774,836
Alliance Global Group Inc.		9,233,000		2,335,141
Ayala Corp.		1,289,580		20,236,763

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Ayala Land Inc.		34,426,900	$	24,201,326
Bank of the Philippine Islands		3,996,605		7,481,447
BDO Unibank Inc.		9,683,166		22,272,342
Cebu Air Inc.		1,443,260		2,644,228
Cosco Capital Inc.		13,520,900		2,401,801
D&L Industries Inc.		14,554,200		3,791,077
DMCI Holdings Inc.		20,320,600		5,131,240
DoubleDragon Properties Corp.a		3,419,940		3,677,721
Energy Development Corp.		40,136,700		4,715,852
Filinvest Land Inc.		60,448,000		1,986,243
First Gen Corp.		5,980,300		2,512,881
First Philippine Holdings Corp.		1,022,340		1,488,262
Globe Telecom Inc.		155,585		5,663,833
GT Capital Holdings Inc.		397,000		9,558,359
International Container Terminal Services Inc.		2,455,000		3,715,623
JG Summit Holdings Inc.		13,879,723		21,476,740
Jollibee Foods Corp.		2,092,020		8,407,242
Lopez Holdings Corp.		9,883,300		1,554,875
Manila Water Co. Inc.		6,143,300		3,737,485
Megaworld Corp.		52,001,600		3,769,508
Melco Crown Philippines Resorts Corp.a		10,353,600		1,043,298
Metro Pacific Investments Corp.		71,213,700		9,643,596
Metropolitan Bank & Trust Co.		3,501,842		5,648,695
Nickel Asia Corp.		7,703,224		1,043,153
PLDT Inc.		454,680		13,219,811
Rizal Commercial Banking Corp.		1,416,590		1,105,851
Robinsons Land Corp.		8,131,600		3,837,875
Security Bank Corp.		863,040		3,435,661
SM Investments Corp.		1,214,472		16,034,948
SM Prime Holdings Inc.		39,777,196		23,288,849
Universal Robina Corp.		4,134,210		13,172,829
Vista Land & Lifescapes Inc.		23,563,400		2,182,013
				276,211,585
POLAND — 1.22%
Alior Bank SAa,b		422,802		6,812,148
Asseco Poland SA		400,562		5,524,517

Security	Shares		Value
Bank Handlowy w Warszawie SA		177,491	$	3,446,788
Bank Millennium SAa		3,120,360		5,241,138
Bank Pekao SA		718,061		24,749,747
Bank Zachodni WBK SA		168,905		14,603,199
Budimex SA		68,352		4,111,709
CCC SA		138,501		7,691,942
CD Projekt SAa		232,476		4,033,626
Ciech SA		159,833		2,948,389
Cyfrowy Polsat SAa		1,057,707		6,033,099
Enea SAa,b		1,212,425		3,186,074
Eurocash SA		376,195		3,076,009
Getin Noble Bank SAa,b		2,237,125		1,112,956
Globe Trade Centre SAa,b		1,323,820		2,673,495
Grupa Azoty SA		217,045		3,706,553
Grupa Lotos SAa		543,880		6,513,942
Jastrzebska Spolka Weglowa SAa		265,260		4,553,455
KGHM Polska Miedz SA		651,064		20,684,733
KRUK SAb		90,474		5,459,167
LPP SAb		6,218		8,669,687
Lubelski Wegiel Bogdanka SAa		87,953		1,729,665
mBank SAa		73,432		7,165,333
Netia SAb		1,813,159		2,009,486
Orange Polska SA		3,064,232		3,569,598
PGE Polska Grupa Energetyczna SA		3,915,335		11,446,064
Polski Koncern Naftowy ORLEN SA		1,556,018		36,099,572
Polskie Gornictwo Naftowe i Gazownictwo SA		9,058,831		13,944,043
Powszechna Kasa Oszczednosci Bank Polski SAa		4,077,031		33,416,723
Powszechny Zaklad Ubezpieczen SA		2,674,316		23,757,208
Synthos SA		2,675,502		3,874,531
Tauron Polska Energia SAa		5,024,008		3,712,001
Warsaw Stock Exchange		262,118		3,070,261
				288,626,858
QATAR — 0.83%
Al Meera Consumer Goods Co. QSC		37,628		1,880,754
Barwa Real Estate Co.		520,210		5,693,201

CONSOLIDATED SCHEDULES OF INVESTMENTS 25

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Commercial Bank QSC (The)		917,230	$	7,808,893
Doha Bank QSC		270,373		2,884,721
Ezdan Holding Group QSC		3,811,121		15,930,041
Gulf International Services QSC		194,474		1,570,212
Industries Qatar QSC		749,892		24,610,256
Masraf Al Rayan QSC		1,821,434		20,058,909
Mazaya Qatar Real Estate Development QSCa		479,072		1,863,003
Medicare Group		82,794		1,819,024
Ooredoo QSC		388,721		11,316,011
Qatar Electricity & Water Co. QSC		137,684		8,507,765
Qatar Gas Transport Co. Ltd.		992,991		6,422,228
Qatar Industrial Manufacturing Co. QSC		145,849		1,962,678
Qatar Insurance Co. SAQ		697,341		13,903,730
Qatar Islamic Bank SAQ		319,609		8,953,002
Qatar National Bank SAQ		1,100,544		45,638,763
Qatar National Cement Co. QSC		95,598		2,475,768
Qatari Investors Group QSC		17,866		294,394
Salam International Investment Ltd. QSC		805,791		2,405,478
United Development Co. QSC		803,771		4,812,141
Vodafone Qatar QSCa		1,980,744		5,053,515
				195,864,487
RUSSIA — 3.29%
Aeroflot PJSCa		3,495,500		9,950,612
Alrosa PJSC		12,938,600		20,480,789
Gazprom PJSC		38,614,470		87,244,963
Gazprom PJSC ADR		6,251,866		27,886,448
Inter RAO UES PJSC		177,142,000		12,033,030
LSR Group PJSC GDRd		1,516,901		5,445,675
Lukoil PJSC		1,469,292		77,630,564
Lukoil PJSC ADR		565,787		29,986,711
M Video OJSC		864,620		5,511,492
Magnit PJSC GDRd		1,501,186		54,733,242
Mechel PJSCa		560,397		2,729,133
MMC Norilsk Nickel PJSC		285,233		45,277,055
Mobile TeleSystems PJSC ADR		2,571,907		26,413,485
Moscow Exchange MICEX-RTS PJSC		7,979,870		16,949,436

Security	Shares		Value
Novatek PJSC GDRd		456,903	$	59,168,939
PhosAgro PJSC GDRd		679,224		9,373,291
Rosneft Oil Co. PJSC		1,206,660		6,874,108
Rosneft Oil Co. PJSC GDRd		3,425,472		19,422,426
Rostelecom PJSC		7,246,590		9,747,066
RusHydro PJSC		685,525,000		11,284,203
Sberbank of Russia PJSC		12,641,030		33,828,390
Sberbank of Russia PJSC ADR		9,011,104		98,311,145
Severstal PJSC		1,198,680		17,138,286
Sistema PJSC FC GDRd		1,086,255		9,678,532
Surgutneftegas OJSC		30,929,550		15,407,546
Surgutneftegas OJSC ADR		766,623		3,863,780
Tatneft PJSC Class S		7,227,820		42,152,620
VTB Bank PJSC		5,421,870,000		6,171,902
VTB Bank PJSC GDRd		7,089,073		15,872,434
				780,567,303
SOUTH AFRICA — 6.66%
Adcock Ingram Holdings Ltd.b		586,716		2,639,325
Advtech Ltd.		3,300,261		4,788,911
Aeci Ltd.		686,717		5,746,792
African Rainbow Minerals Ltd.		568,644		4,412,643
Anglo American Platinum Ltd.a		248,240		5,760,003
AngloGold Ashanti Ltd.a		1,992,750		22,183,817
Aspen Pharmacare Holdings Ltd.		1,774,038		38,433,421
Astral Foods Ltd.		266,300		3,022,138
Attacq Ltd.a		2,989,267		4,131,953
AVI Ltd.		1,567,592		11,415,377
Barclays Africa Group Ltd.		2,020,137		23,467,876
Barloworld Ltd.		1,053,579		9,332,390
Bid Corp. Ltd.		1,589,095		31,948,342
Bidvest Group Ltd. (The)		1,530,976		18,144,641
Blue Label Telecoms Ltd.		3,141,027		4,461,795
Brait SEa		1,648,189		9,276,733
Capitec Bank Holdings Ltd.		212,205		11,762,127
Cashbuild Ltd.		133,586		3,778,911
City Lodge Hotels Ltd.		297,426		3,524,544
Clicks Group Ltd.		1,284,156		12,615,753
Clover Industries Ltd.		2,068,337		3,025,022
Coronation Fund Managers Ltd.		1,155,869		5,949,014

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
DataTec Ltd.		1,007,726	$	4,205,022
Discovery Ltd.		1,706,335		16,045,811
Emira Property Fund Ltd.		3,056,754		3,435,343
EOH Holdings Ltd.b		668,451		7,195,558
Exxaro Resources Ltd.		839,750		6,928,579
Famous Brands Ltd.		432,487		5,108,505
FirstRand Ltd.		15,975,269		60,725,564
Fortress Income Fund Ltd.		3,511,556		9,358,780
Fortress Income Fund Ltd. Class A		4,430,731		5,894,092
Foschini Group Ltd. (The)		928,860		11,530,504
Gold Fields Ltd.		4,002,715		12,317,223
Grindrod Ltd.		2,499,459		2,604,559
Growthpoint Properties Ltd.		9,513,235		19,259,210
Harmony Gold Mining Co. Ltd.b		1,982,600		4,835,240
Hosken Consolidated Investments Ltd.		411,446		4,525,591
Hudaco Industries Ltd.		334,103		3,588,797
Hyprop Investments Ltd.		1,129,403		10,832,080
Impala Platinum Holdings Ltd.a		2,879,372		9,694,766
Imperial Holdings Ltd.		698,993		8,929,796
Investec Ltd.		1,111,024		7,831,530
JSE Ltd.		481,187		5,989,086
KAP Industrial Holdings Ltd.		2,724,639		1,951,825
Lewis Group Ltd.b		626,885		2,014,851
Liberty Holdings Ltd.		613,693		5,215,921
Life Healthcare Group Holdings Ltd.		4,294,691		11,002,683
Massmart Holdings Ltd.		556,102		6,370,089
Metair Investments Ltd.b		1,484,545		2,692,157
MMI Holdings Ltd./South Africa		4,617,422		8,684,142
Mondi Ltd.		561,006		12,889,842
Mpact Ltd.		1,287,820		2,983,253
Mr. Price Group Ltd.		1,142,588		14,850,150
MTN Group Ltd.		7,947,979		72,789,633
Murray & Roberts Holdings Ltd.b		2,742,779		3,206,200
Nampak Ltd.a		1,827,051		2,325,719
Naspers Ltd. Class N		2,094,302		335,868,079
Nedbank Group Ltd.		953,326		17,856,641
Netcare Ltd.		4,251,561		10,336,364
New Europe Property Investments PLC		1,164,928		13,154,424

Security	Shares		Value
Northam Platinum Ltd.a		1,548,594	$	6,419,325
Omnia Holdings Ltd.		358,987		4,750,265
Pick n Pay Stores Ltd.		1,781,210		9,457,571
Pioneer Foods Group Ltd.		639,421		8,004,495
PPC Ltd.a		7,981,328		4,027,276
PSG Group Ltd.		473,785		9,107,321
Rand Merchant Investment Holdings Ltd.		3,326,645		10,224,092
Redefine Properties Ltd.		22,529,170		18,722,636
Remgro Ltd.		2,484,527		42,415,511
Resilient REIT Ltd.		1,415,461		12,985,881
Reunert Ltd.		893,882		4,795,390
RMB Holdings Ltd.		3,332,966		16,157,750
Royal Bafokeng Platinum Ltd.a		351,301		939,757
SA Corporate Real Estate Ltd.		11,292,702		4,843,429
Sanlam Ltd.		6,697,938		34,703,307
Sappi Ltd.		2,623,428		16,408,459
Sasol Ltd.		2,639,054		75,257,427
Shoprite Holdings Ltd.		2,045,134		29,590,337
Sibanye Gold Ltd.		3,631,711		7,305,070
SPAR Group Ltd. (The)		898,758		12,265,161
Standard Bank Group Ltd.		6,139,415		67,219,084
Steinhoff International Holdings NV Class H		14,108,332		75,319,941
Sun International Ltd./South Africa		617,622		4,079,705
Super Group Ltd./South Africaa		1,838,431		4,891,238
Telkom SA SOC Ltd.		1,298,550		6,767,749
Tiger Brands Ltd.		777,372		24,842,622
Tongaat Hulett Ltd.		552,855		5,351,028
Trencor Ltd.		1,027,771		3,005,523
Truworths International Ltd.		2,058,052		13,717,200
Tsogo Sun Holdings Ltd.		2,057,552		4,352,635
Vodacom Group Ltd.		1,809,746		20,509,071
Vukile Property Fund Ltd.		3,404,464		4,885,458
Wilson Bayly Holmes-Ovcon Ltd.		318,378		3,547,675
Woolworths Holdings Ltd./South Africa		4,715,578		25,236,274
Zeder Investments Ltd.		7,538,155		4,287,758
				1,581,242,558

CONSOLIDATED SCHEDULES OF INVESTMENTS 27

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
SOUTH KOREA — 14.21%
Able C&C Co. Ltd.		124,855	$	2,440,235
Advanced Process Systems Corp.a,b		108,564		2,673,896
AeroSpace Technology of Korea Inc.a,b		104,993		1,485,641
Agabang & Co.a,b		197,399		1,253,438
Ahnlab Inc.b		34,439		1,976,645
AK Holdings Inc.b		30,460		1,519,296
ALUKO Co. Ltd.b		275,158		1,255,640
Amicogen Inc.a,b		43,667		1,621,945
AmorePacific Corp.		154,491		41,124,732
AmorePacific Group		139,261		16,010,551
Asiana Airlines Inc.a		493,549		2,014,352
ATGen Co. Ltd.a,b		53,133		1,522,449
BGF retail Co. Ltd.b		96,275		8,684,546
Binex Co. Ltd.a,b		164,076		2,191,066
Binggrae Co. Ltd.a		40,255		2,367,418
BNK Financial Group Inc.		1,155,961		8,873,528
Boditech Med Inc.b		96,618		1,768,731
Bukwang Pharmaceutical Co. Ltd.b		138,558		2,879,605
Byucksan Corp.a		353,393		1,398,571
Caregen Co. Ltd.b		22,818		1,394,405
Cell Biotech Co. Ltd.		44,672		1,467,667
Celltrion Inc.a,b		375,416		33,698,628
Cellumed Co. Ltd.a,b		966,484		974,390
Chabiotech Co. Ltd.a,b		214,661		2,477,405
Cheil Worldwide Inc.		328,052		5,497,754
Chong Kun Dang Pharmaceutical Corp.b		30,984		3,000,440
CJ CGV Co. Ltd.b		73,892		4,881,479
CJ CheilJedang Corp.		37,065		11,947,992
CJ Corp.		69,754		10,641,225
CJ E&M Corp.		95,033		6,563,853
CJ Freshway Corp.b		53,946		1,529,046
CJ Korea Express Corp.a,b		36,391		5,551,579
CJ O Shopping Co. Ltd.		13,198		2,263,181
Com2uSCorp.b		48,956		4,740,820
Coreana Cosmetics Co. Ltd.b		274,205		1,440,440
Cosmax Inc.b		36,943		4,688,322
COSON Co. Ltd.a,b		177,768		1,941,574
Coway Co. Ltd.		252,402		19,977,872
Crown Confectionery Co. Ltd.b		46,885		1,376,593

Security	Shares		Value
CrucialTec Co. Ltd.a,b		220,212	$	1,604,729
CrystalGenomics Inc.a,b		110,469		1,543,586
Daeduck Electronics Co.		301,263		2,219,342
Daeduck GDS Co. Ltd.		210,460		2,354,472
Daekyo Co. Ltd.		216,708		1,560,029
Daelim Industrial Co. Ltd.a		130,413		9,641,854
Daesang Corp.a,b		105,510		2,304,751
Daewoo Engineering & Construction Co. Ltd.a,b		613,821		3,327,635
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a,b		397,780		1,339,594
Daewoong Pharmaceutical Co. Ltd.b		27,941		2,050,942
Daishin Securities Co. Ltd.a		200,576		2,031,037
Daou Technology Inc.a,b		136,983		2,229,040
Dawonsys Co. Ltd.b		145,392		1,350,092
DGB Financial Group Inc.		758,390		6,975,243
DIO Corp.a,b		64,311		1,646,521
Dong-A Socio Holdings Co. Ltd.a,b		17,408		1,970,572
Dong-A ST Co. Ltd.a,b		24,462		2,048,686
Dongbu HiTek Co. Ltd.a,b		160,592		2,670,024
Dongbu Insurance Co. Ltd.		236,371		12,772,291
DongKook Pharmaceutical Co. Ltd.		40,895		2,104,876
Dongkuk Steel Mill Co. Ltd.		255,712		2,849,411
Dongsuh Cos. Inc.		174,201		3,928,477
Dongwon Industries Co. Ltd.b		9,369		2,991,120
Doosan Engine Co. Ltd.a,b		283,950		806,084
Doosan Heavy Industries & Construction Co. Ltd.		227,430		4,937,790
Doosan Infracore Co. Ltd.a		640,877		5,242,637
DoubleUGames Co. Ltd.b		61,849		2,278,144
DuzonBIzon Co. Ltd.b		114,899		2,337,101
E-MART Inc.		91,746		16,876,558
E1 Corp.		21,107		1,062,117
Emerson Pacific Inc.a,b		41,979		1,167,579
EO Technics Co. Ltd.a,b		44,064		3,246,103
Fila Korea Ltd.b		54,066		3,581,290
Foosung Co. Ltd.a,b		318,550		1,898,764
G-SMATT GLOBAL Co. Ltd.a,b		118,887		1,440,417
G-treeBNT Co. Ltd.a,b		121,030		1,750,025
GemVax & Kael Co. Ltd.a,b		170,677		1,856,579

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Genexine Co. Ltd.a,b		51,710	$	1,801,790
GNCO Co. Ltd.a,b		379,832		782,674
Golfzon Co. Ltd.a		9,972		595,277
Golfzonyuwon Holdings Co. Ltd.a,b		97,875		575,608
Grand Korea Leisure Co. Ltd.b		160,033		3,021,627
Green Cross Cell Corp.		62,959		1,483,845
Green Cross Corp./South Korea		27,645		3,703,929
Green Cross Holdings Corp.		137,905		3,244,106
GS Engineering & Construction Corp.a		226,138		5,959,684
GS Holdings Corp.		241,454		11,851,158
GS Home Shopping Inc.		18,600		3,548,105
GS Retail Co. Ltd.		131,949		6,137,977
Gwangju Shinsegae Co. Ltd.		6,924		1,512,472
Halla Holdings Corp.		45,888		2,564,777
Hana Financial Group Inc.		1,399,974		43,642,789
Hana Tour Service Inc.b		45,130		3,352,571
Hanall Biopharma Co. Ltd.a,b		137,133		1,564,462
Hancom Inc.b		129,324		1,881,388
Handsome Co. Ltd.		87,069		2,325,433
Hanil Cement Co. Ltd.		20,522		1,667,895
Hanjin Heavy Industries & Construction Co. Ltd.a		435,268		1,218,327
Hanjin Kal Corp.a,b		213,897		3,196,869
Hanjin Transportation Co. Ltd.a,b		53,658		1,281,243
Hankook Shell Oil Co. Ltd.		6,215		2,239,763
Hankook Tire Co. Ltd.a		354,659		18,756,231
Hankook Tire Worldwide Co. Ltd.a,b		147,628		2,676,431
Hanmi Pharm Co. Ltd.a,b		26,938		7,647,224
Hanmi Science Co. Ltd.a,b		66,433		3,854,083
Hanon Systems		888,242		7,195,487
Hansae Co. Ltd.b		104,244		2,401,553
Hansol Chemical Co. Ltd.		48,390		3,282,346
Hansol Holdings Co. Ltd.a		290,122		1,683,131
Hansol Technics Co. Ltd.a,b		93,267		1,414,574
Hanssem Co. Ltd.		52,585		10,324,006
Hanwha Chemical Corp.		490,490		10,996,172
Hanwha Corp.		197,234		6,349,164
Hanwha General Insurance Co. Ltd.		379,658		2,266,364

Security	Shares		Value
Hanwha Investment & Securities Co. Ltd.a,b		690,227	$	1,407,007
Hanwha Life Insurance Co. Ltd.a		1,065,997		6,137,201
Hanwha Techwin Co. Ltd.a		177,660		6,897,434
Hite Jinro Co. Ltd.a,b		128,736		2,402,237
HLB Inc.a,b		153,172		2,018,362
HMC Investment Securities Co. Ltd.		208,316		1,838,597
Homecast Co. Ltd.a,b		155,657		1,291,234
Hotel Shilla Co. Ltd.b		159,280		7,198,061
HS Industries Co. Ltd.a		202,886		1,919,859
Huchems Fine Chemical Corp.		131,178		2,662,423
Hugel Inc.a		11,549		3,764,724
Humedix Co. Ltd.b		68,303		1,899,739
Huons Co. Ltd.a		38,304		1,697,131
Huons Global Co. Ltd.b		44,267		1,135,302
Hwa Shin Co. Ltd.b		211,162		1,310,950
Hy-Lok Corp.		97,780		1,746,766
Hyosung Corp.		99,250		11,542,229
Hyundai Corp.a		69,323		1,281,318
Hyundai Department Store Co. Ltd.		72,664		6,387,620
Hyundai Development Co. Engineering & Construction		270,080		10,461,644
Hyundai Elevator Co. Ltd.a,b		67,611		3,390,266
Hyundai Engineering & Construction Co. Ltd.		342,296		14,469,820
Hyundai Glovis Co. Ltd.		90,257		12,252,443
Hyundai Greenfood Co. Ltd.		263,684		3,940,977
Hyundai Heavy Industries Co. Ltd.a		198,021		28,807,831
Hyundai Home Shopping Network Corp.		32,868		3,328,221
Hyundai Livart Furniture Co. Ltd.b		74,977		1,909,651
Hyundai Marine & Fire Insurance Co. Ltd.		298,943		8,565,778
Hyundai Mipo Dockyard Co. Ltd.a,b		52,056		3,360,679
Hyundai Mobis Co. Ltd.		324,042		73,076,020
Hyundai Motor Co.		735,922		97,298,553
Hyundai Rotem Co. Ltd.a		141,449		2,576,917

CONSOLIDATED SCHEDULES OF INVESTMENTS 29

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Hyundai Steel Co.		362,681	$	20,046,485
Hyundai Wia Corp.		76,623		4,533,344
Il Dong Pharmaceutical Co. Ltd.b		94,658		1,577,982
IlDong Holdings Co. Ltd.		1		18
Ilyang Pharmaceutical Co. Ltd.b		79,214		2,805,678
iMarketKorea Inc.		134,053		1,404,845
InBody Co. Ltd.b		82,821		1,735,890
Industrial Bank of Koreaa		1,133,248		12,377,283
Innocean Worldwide Inc.b		55,110		2,972,991
Interpark Holdings Corp.		404,902		1,711,635
IS Dongseo Co. Ltd.a,b		65,470		2,472,314
JB Financial Group Co. Ltd.		492,899		2,475,937
Jeil Pharmaceutical Co.b		35,317		2,164,464
Jenax Inc.a,b		71,105		1,314,256
Jusung Engineering Co. Ltd.a		221,085		2,092,071
JW Holdings Corp.b		200,386		1,415,949
JW Pharmaceutical Corp.b		64,188		2,642,451
JW Shinyak Corp.b		244,949		1,590,029
Kakao Corp.a,b		138,437		10,455,467
Kangwon Land Inc.a		534,055		16,695,861
KB Capital Co. Ltd.		65,762		1,558,631
KB Financial Group Inc.		1,862,468		77,249,391
KB Insurance Co. Ltd.b		223,375		5,205,334
KC Tech Co. Ltd.		140,448		1,645,754
KCC Corp.		23,834		7,303,543
KEPCO Engineering & Construction Co. Inc.a,b		72,528		1,718,992
KEPCO Plant Service & Engineering Co. Ltd.a		112,904		6,080,790
KH Vatec Co. Ltd.		123,882		1,489,980
Kia Motors Corp.		1,236,638		41,831,885
KISWIRE Ltd.a		41,324		1,500,199
KIWOOM Securities Co. Ltd.a		61,480		4,192,004
Koh Young Technology Inc.		75,045		3,351,557
Kolon Corp.b		37,166		1,850,494
Kolon Industries Inc.		77,855		4,902,300
Kolon Life Science Inc.b		25,828		2,535,404
Komipharm International Co. Ltd.a,b		172,572		4,952,431
Korea Aerospace Industries Ltd. Class Aa		325,171		16,765,394
Korea Electric Power Corp.a		1,191,681		45,949,407

Security	Shares		Value
Korea Gas Corp.a		126,528	$	5,477,378
Korea Investment Holdings Co. Ltd.a		174,762		7,325,862
Korea Kolmar Co. Ltd.a,b		74,329		5,041,817
Korea PetroChemical Ind. Co. Ltd.b		14,676		3,452,413
Korea REIT Co. Ltd.b		829,594		2,322,056
Korea Zinc Co. Ltd.a		41,538		15,300,090
Korean Air Lines Co. Ltd.a		180,487		4,612,933
Korean Reinsurance Co.		459,512		4,551,434
KT Corp.		51,660		1,391,154
KT Skylife Co. Ltd.		170,421		2,524,476
KT&G Corp.		554,884		50,299,014
Kukdo Chemical Co. Ltd.a,b		35,132		1,593,873
Kumho Industrial Co. Ltd.a		120,303		984,128
Kumho Petrochemical Co. Ltd.b		77,647		5,266,880
Kumho Tire Co. Inc.a,b		604,537		4,341,225
Kwang Dong Pharmaceutical Co. Ltd.		347,245		2,779,188
Kwangju Bank		233,608		2,148,594
Leaders Cosmetics Co. Ltd.a,b		86,833		1,316,990
LF Corp.b		113,357		2,115,262
LG Chem Ltd.		216,794		54,258,414
LG Corp.		442,312		24,565,283
LG Display Co. Ltd.		1,108,907		26,870,707
LG Electronics Inc.b		504,744		26,693,514
LG Hausys Ltd.		32,336		3,002,680
LG Household & Health Care Ltd.		44,722		34,725,550
LG Innotek Co. Ltd.		66,593		7,067,132
LG International Corp.		140,995		4,064,945
LG Uplus Corp.		654,586		7,409,861
Loen Entertainment Inc.		40,300		2,851,205
Lotte Chemical Corp.a		73,919		23,827,969
Lotte Chilsung Beverage Co. Ltd.a		3,108		4,144,916
Lotte Confectionery Co. Ltd.a,b		26,969		4,662,781
LOTTE Fine Chemical Co. Ltd.b		94,441		2,818,823
Lotte Food Co. Ltd.b		4,072		2,293,932
LOTTE Himart Co. Ltd.		33,440		1,428,390
Lotte Shopping Co. Ltd.		48,545		9,917,219

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
LS Corp.		86,223	$	5,169,949
LS Industrial Systems Co. Ltd.		67,671		2,591,337
Lutronic Corp.b		63,945		1,668,253
Macrogen Inc.a,b		89,283		2,274,022
Maeil Dairy Industry Co. Ltd.a		48,749		1,763,285
Mando Corp.		32,598		7,654,008
Medipost Co. Ltd.a,b		41,652		2,129,105
Medy-Tox Inc.		20,887		7,599,303
Meritz Fire & Marine Insurance Co. Ltd.		301,794		4,110,217
Meritz Securities Co. Ltd.		1,328,676		4,294,770
Mirae Asset Daewoo Co. Ltd.a		1,718,553		13,572,123
Modetour Network Inc.		76,586		2,370,559
Muhak Co. Ltd.		85,654		1,772,544
Namhae Chemical Corp.		243,834		1,958,004
Namyang Dairy Products Co. Ltd.a		2,763		1,879,060
Naturalendo Tech Co. Ltd.a,b		68,374		976,555
NAVER Corp.b		133,541		91,645,205
NCsoft Corp.		83,726		20,288,237
Neowiz Games Corp.a		138,307		1,455,541
Nexen Corp.		256,270		1,813,098
Nexen Tire Corp.		210,348		2,622,955
NH Investment & Securities Co. Ltd.a		585,877		6,010,323
NHN Entertainment Corp.a,b		67,429		3,488,478
NHN KCP Corp.a,b		109,821		1,277,158
NICE Holdings Co. Ltd.a,b		135,300		2,147,809
NICE Information Service Co. Ltd.a,b		269,650		1,671,675
Nong Shim Holdings Co. Ltd.b		18,563		1,764,778
NongShim Co. Ltd.		15,553		4,332,695
NS Shopping Co. Ltd.b		12,875		1,878,731
NUTRIBIOTECH Co. Ltd.a,b		66,968		1,717,508
OCI Co. Ltd.b		80,363		6,332,384
Orion Corp./Republic of Korea		16,891		10,665,641
Osstem Implant Co. Ltd.a		61,230		3,119,034
Ottogi Corp.		6,407		4,238,281
Paradise Co. Ltd.b		234,695		3,217,132
Partron Co. Ltd.		206,511		2,027,214
Poongsan Corp.		119,013		4,310,044

Security	Shares		Value
POSCO		347,270	$	87,067,031
POSCO Chemtech Co. Ltd.b		151,660		1,757,016
Posco Daewoo Corp.		218,598		4,746,037
POSCO ICT Co. Ltd.b		363,586		1,987,143
Pyeong Hwa Automotive Co. Ltd.a,b		148,943		1,949,464
S&T Dynamics Co. Ltd.a		195,392		1,655,410
S&T Motiv Co. Ltd.		58,211		2,471,040
S-1 Corp.		90,759		7,304,063
S-Oil Corp.		217,990		16,656,499
Samchully Co. Ltd.a		16,485		1,417,061
Samjin Pharmaceutical Co. Ltd.		93,038		2,752,263
Samkwang Glass		34,631		2,076,482
Samsung Biologics Co. Ltd.a,b		81,625		11,874,696
Samsung C&T Corp.		355,182		38,635,760
Samsung Card Co. Ltd.		160,857		6,024,580
Samsung Electro-Mechanics Co. Ltd.b		256,626		13,276,693
Samsung Electronics Co. Ltd.		469,823		798,584,838
Samsung Engineering Co. Ltd.a,b		702,220		7,700,666
Samsung Fire & Marine Insurance Co. Ltd.		158,264		35,690,754
Samsung Heavy Industries Co. Ltd.a		1,150,614		11,396,752
Samsung Life Insurance Co. Ltd.		339,680		32,143,056
Samsung SDI Co. Ltd.		260,632		29,733,830
Samsung SDS Co. Ltd.		164,315		18,890,957
Samsung Securities Co. Ltd.		230,584		6,759,991
Samyang Corp.		18,012		1,559,474
Samyang Holdings Corp.		19,059		1,896,208
Schnell Biopharmaceuticals Inc.a,b		515,646		1,691,839
Seah Besteel Corp.		57,016		1,313,524
Sebang Co. Ltd.a		107,665		1,490,124
Sebang Global Battery Co. Ltd.b		59,875		1,916,847
Seegene Inc.a,b		87,631		2,665,935
Seobu T&Db		137,931		2,098,088
Seoul Semiconductor Co. Ltd.b		182,108		2,705,651

CONSOLIDATED SCHEDULES OF INVESTMENTS 31

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
SFA Engineering Corp.		50,137	$	2,877,640
Shinhan Financial Group Co. Ltd.		2,009,237		82,981,533
Shinsegae Food Co. Ltd.b		12,787		1,673,647
Shinsegae Inc.		34,509		6,088,477
Shinsegae International Inc.b		22,487		1,298,608
Silicon Works Co. Ltd.b		68,314		1,860,775
Sindoh Co. Ltd.		41,000		1,914,482
SK Bioland Co. Ltd.b		106,490		1,619,835
SK Chemicals Co. Ltd.		75,611		4,326,360
SK Gas Ltd.		29,874		2,787,271
SK Holdings Co. Ltd.		213,201		41,103,531
SK Hynix Inc.		2,779,641		114,799,235
SK Innovation Co. Ltd.		307,735		42,047,365
SK Materials Co. Ltd.b		30,909		4,657,876
SK Networks Co. Ltd.		604,256		3,959,794
SK Securities Co. Ltd.a,b		1,896,917		2,021,477
SK Telecom Co. Ltd.		90,275		18,482,125
SKC Co. Ltd.		102,641		2,854,795
SL Corp.a		88,728		1,946,013
SM Entertainment Co.a,b		130,184		2,791,919
Songwon Industrial Co. Ltd.a,b		114,081		1,715,124
Soulbrain Co. Ltd.b		52,979		2,248,943
SPC Samlip Co. Ltd.a,b		14,124		2,685,527
Ssangyong Cement Industrial Co. Ltd.b		152,458		1,928,056
Ssangyong Information & Communication Corp.a		30,747		58,870
Ssangyong Motor Co.a		279,021		1,966,657
Sung Kwang Bend Co. Ltd.a,b		170,189		1,500,583
Sungwoo Hitech Co. Ltd.		195,464		1,332,768
Taekwang Industrial Co. Ltd.a		2,712		2,307,269
Taewoong Co. Ltd.a,b		66,257		1,420,944
Taeyoung Engineering & Construction Co. Ltd.a		418,816		2,063,060
Tera Resource Co. Ltd.a		49,111		—
Tongyang Inc.a		958,164		2,342,979
Tongyang Life Insurance Co. Ltd.a		258,476		2,411,605
Toptec Co. Ltd.b		96,146		1,908,890
Value Added Technologies Co. Ltd.a,b		57,893		1,428,445
Vieworks Co. Ltd.		45,791		2,547,207

Security	Shares		Value
ViroMed Co. Ltd.a,b		66,236	$	5,476,954
Webzen Inc.a,b		120,357		2,192,663
Wonik Holdings Co. Ltd.a,b		147,422		728,799
WONIK IPS Co. Ltd.a,b		120,991		2,396,815
Woongjin Thinkbig Co. Ltd.a		226,963		1,790,413
Woori Banka		1,438,960		16,925,198
YG Entertainment Inc.b		82,226		1,963,389
Youlchon Chemical Co. Ltd.		172,710		2,107,803
Youngone Corp.b		121,508		3,449,398
Youngone Holdings Co. Ltd.		41,250		2,064,780
Yuanta Securities Korea Co. Ltd.a,b		405,201		1,189,712
Yuhan Corp.		39,152		7,755,957
Yungjin Pharmaceutical Co. Ltd.a,b		457,233		3,356,210
				3,374,161,082
TAIWAN — 13.04%
A-DATA Technology Co. Ltd.b		1,541,820		2,674,793
AcBel Polytech Inc.b		2,417,000		1,923,467
Accton Technology Corp.b		2,422,000		4,454,017
Acer Inc.b		13,263,872		6,367,833
Advanced Ceramic X Corp.b		234,000		2,437,222
Advanced Semiconductor Engineering Inc.b		29,751,000		36,942,427
Advanced Wireless Semiconductor Co.b		1,115,000		2,231,923
Advantech Co. Ltd.		1,484,302		12,633,488
Airtac International Groupb		568,190		5,252,200
Alpha Networks Inc.		2,645,700		1,842,823
Ambassador Hotel (The)		2,509,000		1,947,683
AmTRAN Technology Co. Ltd.		4,284,000		3,227,972
Ardentec Corp.		3,180,546		2,722,618
Asia Cement Corp.		10,382,050		10,272,733
Asia Optical Co. Inc.a,b		1,698,000		2,851,784
Asia Pacific Telecom Co. Ltd.a		8,733,000		2,927,723
Asia Polymer Corp.b		4,761,027		2,913,317
Asustek Computer Inc.		3,185,000		28,767,474
AU Optronics Corp.b		41,430,000		16,451,446
Bank of Kaohsiung Co. Ltd.b		10,988,149		3,497,782
BES Engineering Corp.b		11,790,000		2,632,493
Bioteque Corp.b		531,000		2,169,040
Bizlink Holding Inc.b		464,055		2,854,701

32 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Brogent Technologies Inc.b		249,799	$	1,784,656
Capital Securities Corp.		11,496,000		3,779,179
Catcher Technology Co. Ltd.b		3,107,000		25,989,845
Cathay Financial Holding Co. Ltd.		39,309,078		61,733,299
Cathay Real Estate Development Co. Ltd.		3,884,900		2,649,068
Center Laboratories Inc.a,b		1,377,736		2,802,692
Chailease Holding Co. Ltd.b		4,893,945		10,497,208
Chang Hwa Commercial Bank Ltd.		23,941,067		14,299,106
Cheng Loong Corp.b		6,569,000		3,132,321
Cheng Shin Rubber Industry Co. Ltd.b		9,010,650		19,151,316
Cheng Uei Precision Industry Co. Ltd.b		1,987,000		2,486,701
Chicony Electronics Co. Ltd.b		2,416,728		5,695,025
Chin-Poon Industrial Co. Ltd.		1,672,000		3,341,442
China Airlines Ltd.		10,927,000		3,592,127
China Bills Finance Corp.b		7,639,000		3,431,191
China Development Financial Holding Corp.b		57,414,000		15,136,732
China Life Insurance Co. Ltd./Taiwan		16,571,369		16,262,040
China Man-Made Fiber Corp.b		9,203,550		2,785,914
China Metal Productsb		1,673,146		1,756,276
China Motor Corp.		2,930,000		2,746,562
China Petrochemical Development Corp.a,b		11,293,900		4,466,317
China Steel Chemical Corp.b		778,000		3,241,297
China Steel Corp.		54,248,529		45,555,098
China Synthetic Rubber Corp.b		3,333,100		3,276,307
Chipbond Technology Corp.		2,924,000		4,525,402
Chlitina Holding Ltd.b		270,000		1,436,848
Chong Hong Construction Co. Ltd.		1,081,122		2,473,770
Chroma ATE Inc.b		1,835,000		5,602,324
Chunghwa Telecom Co. Ltd.		17,364,000		57,647,338
Cleanaway Co. Ltd.		482,000		2,659,170
Clevo Co.b		2,193,175		2,070,144
CMC Magnetics Corp.a,b		18,575,566		2,503,063
Compal Electronics Inc.		18,194,000		11,399,564

Security	Shares		Value
Compeq Manufacturing Co. Ltd.b		5,033,000	$	3,284,510
Continental Holdings Corp.b		5,443,600		1,993,279
Coretronic Corp.		2,629,200		3,709,728
CSBC Corp. Taiwan		4,898,000		2,279,734
CTBC Financial Holding Co. Ltd.		83,018,599		49,583,911
CTCI Corp.b		3,221,000		5,336,270
Cub Elecparts Inc.b		262,061		2,162,269
D-Link Corp.b		6,681,991		2,468,488
Darwin Precisions Corp.b		3,840,000		1,718,554
Delta Electronics Inc.		9,219,000		51,310,853
Depo Auto Parts Ind. Co. Ltd.		677,000		1,850,961
E Ink Holdings Inc.		4,228,000		3,481,648
E.Sun Financial Holding Co. Ltd.		37,648,581		22,853,713
Eclat Textile Co. Ltd.b		883,062		8,881,350
Egis Technology Inc.a		349,000		2,976,158
Elan Microelectronics Corp.b		2,277,000		2,797,753
Elite Advanced Laser Corp.		631,800		3,136,020
Elite Material Co. Ltd.		1,458,000		5,338,747
Elite Semiconductor Memory Technology Inc.b		2,910,000		3,101,942
Ennoconn Corp.b		209,000		3,299,266
Epistar Corp.a,b		4,560,000		4,289,355
Eternal Materials Co. Ltd.		4,413,472		4,826,685
EVA Airways Corp.		9,682,042		4,805,805
Evergreen Marine Corp. Taiwan Ltd.a		7,140,870		3,381,765
Everlight Chemical Industrial Corp.b		4,199,781		2,897,956
Everlight Electronics Co. Ltd.b		1,848,000		2,971,380
Far Eastern Department Stores Ltd.		4,086,167		2,181,169
Far Eastern International Bank		11,747,191		3,574,991
Far Eastern New Century Corp.		13,240,916		11,851,683
Far EasTone Telecommunications Co. Ltd.		7,210,000		17,365,860
Faraday Technology Corp.b		1,621,000		1,899,393
Farglory Land Development Co. Ltd.		1,346,782		1,707,395
Feng Hsin Steel Co. Ltd.		2,492,000		4,209,638

CONSOLIDATED SCHEDULES OF INVESTMENTS 33

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Feng TAY Enterprise Co. Ltd.b		1,544,506	$	6,535,251
Firich Enterprises Co. Ltd.b		1,070,960		2,126,338
First Financial Holding Co. Ltd.		43,991,679		25,988,217
FLEXium Interconnect Inc.b		1,354,833		4,167,224
Formosa Chemicals & Fibre Corp.		15,132,210		47,873,804
Formosa Petrochemical Corp.		5,598,000		19,496,021
Formosa Plastics Corp.		19,197,800		57,861,776
Formosa Taffeta Co. Ltd.		2,587,000		2,627,123
Formosan Rubber Group Inc.		5,085,602		2,822,254
Foxconn Technology Co. Ltd.		4,237,424		12,647,380
Fubon Financial Holding Co. Ltd.		31,869,000		51,604,887
General Interface Solution Holding Ltd.b		596,000		2,444,253
Getac Technology Corp.		2,796,000		3,913,226
Giant Manufacturing Co. Ltd.b		1,341,000		8,293,000
Gigabyte Technology Co. Ltd.		2,592,000		3,610,839
Gigasolar Materials Corp.b		159,800		1,862,040
Gigastorage Corp.a,b		2,588,000		2,055,339
Ginko International Co. Ltd.b		234,000		2,292,512
Gintech Energy Corp.a,b		2,860,765		1,755,185
Globalwafers Co. Ltd.b		670,000		4,176,119
Gloria Material Technology Corp.		4,423,048		3,476,707
Goldsun Building Materials Co. Ltd.b		8,653,000		2,509,422
Gourmet Master Co. Ltd.		331,050		3,108,628
Grand Pacific Petrochemical		5,389,000		3,893,951
Grape King Bio Ltd.b		549,000		3,654,222
Great Wall Enterprise Co. Ltd.		3,205,500		3,030,897
Greatek Electronics Inc.b		2,134,000		2,896,408
HannStar Display Corp.a,b		13,486,640		3,402,004
Highwealth Construction Corp.b		3,715,230		6,034,143
Hiwin Technologies Corp.b		986,668		6,294,430
Ho Tung Chemical Corp.a		12,179,812		3,611,505
Holy Stone Enterprise Co. Ltd.		2,199,900		2,484,630
Hon Hai Precision Industry Co. Ltd.		73,244,410		213,366,794

Security	Shares		Value
Hota Industrial Manufacturing Co. Ltd.b		921,000	$	4,136,833
Hotai Motor Co. Ltd.		1,129,000		12,916,611
HTC Corp.a,b		3,158,000		8,109,955
Hu Lane Associate Inc.b		388,000		1,925,887
Hua Nan Financial Holdings Co. Ltd.		34,046,602		18,727,931
Huaku Development Co. Ltd.b		1,400,000		3,066,708
Hung Sheng Construction Ltd.b		4,217,000		2,690,227
IEI Integration Corp.		1,923,582		2,955,167
Innolux Corp.b		42,388,241		17,245,855
International Games System Co. Ltd.b		281,000		1,884,095
Inventec Corp.		11,804,000		8,759,783
ITEQ Corp.		2,381,000		3,243,278
Kenda Rubber Industrial Co. Ltd.b		2,431,889		3,926,040
Kerry TJ Logistics Co. Ltd.b		1,868,000		2,681,296
Kindom Construction Corp.b		3,080,000		2,340,814
King Slide Works Co. Ltd.b		285,000		3,933,146
King Yuan Electronics Co. Ltd.		5,314,000		4,972,659
King’s Town Bank Co. Ltd.		5,090,000		4,738,197
Kinpo Electronicsb		7,934,000		3,253,809
Kinsus Interconnect Technology Corp.		1,252,000		3,463,798
Kuoyang Construction Co. Ltd.b		5,730,023		2,452,514
Land Mark Optoelectronics Corp.b		265,900		2,778,131
Largan Precision Co. Ltd.		477,000		70,796,622
LCY Chemical Corp.		2,391,000		3,455,349
Lealea Enterprise Co. Ltd.b		9,426,173		2,653,877
Lien Hwa Industrial Corp.		3,529,910		2,694,237
Lite-On Technology Corp.		10,150,238		17,014,248
Long Bon International Co. Ltd.		6,308,000		3,305,574
Makalot Industrial Co. Ltd.b		949,208		3,846,450
Masterlink Securities Corp.		10,327,344		3,058,858
MediaTek Inc.b		7,050,572		51,404,564
Mega Financial Holding Co. Ltd.		51,020,958		39,689,518
Merida Industry Co. Ltd.b		1,008,850		5,155,319

34 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Merry Electronics Co. Ltd.b		815,070	$	3,820,205
Micro-Star International Co. Ltd.b		3,391,000		7,847,416
Microbio Co. Ltd.a		3,397,141		2,532,086
Mitac Holdings Corp.		3,129,560		3,335,984
Motech Industries Inc.a,b		2,518,000		2,417,726
Nan Kang Rubber Tire Co. Ltd.b		2,910,000		2,959,868
Nan Ya Plastics Corp.		21,997,440		53,412,177
Nan Ya Printed Circuit Board Corp.b		1,191,000		976,881
Nanya Technology Corp.b		3,342,000		4,949,338
Neo Solar Power Corp.a,b		5,050,806		2,556,350
Nien Made Enterprise Co. Ltd.b		733,000		7,169,317
Novatek Microelectronics Corp.b		2,636,000		9,866,714
OBI Pharma Inc.a,b		529,000		6,017,723
Oriental Union Chemical Corp.b		3,184,000		2,689,303
Pan-International Industrial Corp.b		2,528,366		2,267,205
Parade Technologies Ltd.b		299,000		3,162,888
PChome Online Inc.b		497,103		3,316,878
Pegatron Corp.		9,017,000		23,684,538
PharmaEngine Inc.b		330,183		2,197,745
PharmaEssentia Corp.a		603,000		3,189,334
Phison Electronics Corp.		691,000		6,061,305
Pixart Imaging Inc.b		932,000		2,408,606
Pou Chen Corp.		9,645,000		13,090,843
Powertech Technology Inc.		3,162,000		9,180,282
Poya International Co. Ltd.b		306,710		3,558,908
President Chain Store Corp.		2,710,000		19,890,475
President Securities Corp.		6,143,123		2,629,325
Primax Electronics Ltd.		2,377,000		3,636,272
Prince Housing & Development Corp.		6,234,995		2,262,769
Qisda Corp.b		9,626,000		5,012,971
Quanta Computer Inc.		12,589,000		26,101,170
Radiant Opto-Electronics Corp.b		2,092,000		4,323,791
Radium Life Tech Co. Ltd.a		6,856,196		2,253,896
Realtek Semiconductor Corp.		2,277,110		8,486,308
Ritek Corp.a		10,309,503		2,067,035

Security	Shares		Value
Ruentex Development Co. Ltd.a,b		3,891,822	$	4,895,891
Ruentex Industries Ltd.b		2,748,906		5,216,242
Sampo Corp.b		7,095,000		4,318,404
Sanyang Motor Co. Ltd.b		3,050,000		2,104,578
ScinoPharm Taiwan Ltd.b		1,354,488		1,950,822
Sercomm Corp.		1,419,000		3,828,831
Shin Kong Financial Holding Co. Ltd.a		39,083,443		10,545,730
Shin Zu Shing Co. Ltd.b		758,000		2,124,231
Shining Building Business Co. Ltd.a,b		4,634,601		1,681,963
Shinkong Synthetic Fibers Corp.b		8,245,000		2,710,450
Sigurd Microelectronics Corp.b		3,706,000		3,311,136
Silergy Corp.b		269,000		4,526,600
Siliconware Precision Industries Co. Ltd.		9,724,819		15,319,910
Simplo Technology Co. Ltd.		1,153,000		3,752,828
Sinbon Electronics Co. Ltd.b		1,254,809		2,993,718
Sino-American Silicon Products Inc.b		2,780,000		4,257,295
SinoPac Financial Holdings Co. Ltd.		44,371,055		13,503,324
Sinyi Realty Inc.		1,933,877		2,096,054
Sitronix Technology Corp.		790,000		2,553,322
Soft-World International Corp.b		1,120,000		2,292,968
St. Shine Optical Co. Ltd.		215,000		3,673,898
Standard Foods Corp.b		1,853,939		4,646,388
Sunny Friend Environmental Technology Co. Ltd.b		467,000		1,938,012
Synnex Technology International Corp.		6,410,250		7,041,709
TA Chen Stainless Pipe		4,813,682		2,804,528
Taichung Commercial Bank Co. Ltd.		10,942,344		3,358,547
Taigen Biopharmaceuticals Holdings Ltd.a		1,357,000		1,199,165
TaiMed Biologics Inc.a,b		750,000		4,479,470
Tainan Spinning Co. Ltd.		5,557,894		2,505,471
Taishin Financial Holding Co. Ltd.		39,212,707		15,507,165
Taiwan Acceptance Corp.		1,183,000		3,311,407
Taiwan Business Bank		19,019,193		5,206,159

CONSOLIDATED SCHEDULES OF INVESTMENTS 35

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Taiwan Cement Corp.		15,257,000	$	18,696,635
Taiwan Cogeneration Corp.b		2,890,000		2,116,458
Taiwan Cooperative Financial Holding Co. Ltd.		36,558,880		17,432,506
Taiwan Fertilizer Co. Ltd.		2,705,000		3,741,843
Taiwan Glass Industry Corp.a,b		5,696,053		3,253,722
Taiwan Hon Chuan Enterprise Co. Ltd.		2,060,674		4,010,881
Taiwan Land Development Corp.b		7,778,973		2,848,420
Taiwan Liposome Co. Ltd.a		196,000		771,917
Taiwan Mobile Co. Ltd.		7,220,000		25,379,921
Taiwan Paiho Ltd.b		1,163,000		3,501,473
Taiwan PCB Techvest Co. Ltd.		3,097,042		3,190,437
Taiwan Secom Co. Ltd.b		1,493,185		4,374,067
Taiwan Semiconductor Co. Ltd.b		1,856,000		2,325,777
Taiwan Semiconductor Manufacturing Co. Ltd.		117,325,000		721,741,501
Taiwan Shin Kong Security Co. Ltd.		2,930,770		3,791,824
Taiwan Surface Mounting Technology Corp.b		3,590,261		3,353,801
Taiwan TEA Corp.b		5,381,000		2,767,256
Tatung Co. Ltd.a,b		10,670,000		5,521,929
Teco Electric and Machinery Co. Ltd.		8,361,000		7,538,194
Test Research Inc.		1,248,400		1,724,887
Test Rite International Co. Ltd.		4,029,000		2,629,305
Ton Yi Industrial Corp.		4,004,000		2,000,469
Tong Hsing Electronic Industries Ltd.b		779,000		3,499,015
Tong Yang Industry Co. Ltd.b		1,958,400		3,894,681
Topco Scientific Co. Ltd.b		1,447,338		4,805,067
TPK Holding Co. Ltd.a,b		1,363,000		4,077,000
Transcend Information Inc.		751,000		2,109,503
Tripod Technology Corp.		2,449,000		6,392,820
TSRC Corp.b		3,028,900		3,554,017
TTY Biopharm Co. Ltd.b		1,116,124		4,105,067
Tung Ho Steel Enterprise Corp.b		4,471,000		3,463,466

Security	Shares		Value
Tung Thih Electronic Co. Ltd.b		322,000	$	3,338,064
TWi Pharmaceuticals Inc.a,b		436,000		1,433,300
TXC Corp.		2,011,000		2,997,829
U-Ming Marine Transport Corp.		2,416,000		2,634,335
Uni-President Enterprises Corp.		22,613,369		40,187,151
Unimicron Technology Corp.b		5,974,000		2,790,271
United Integrated Services Co. Ltd.b		1,767,000		3,422,022
United Microelectronics Corp.		51,254,000		21,269,989
UPC Technology Corp.		6,112,146		2,775,219
USI Corp.		5,320,000		2,926,359
Vanguard International Semiconductor Corp.b		4,254,000		8,404,570
Visual Photonics Epitaxy Co. Ltd.b		1,475,000		2,861,328
Voltronic Power Technology Corp.b		256,974		3,780,567
Wah Lee Industrial Corp.b		1,409,000		2,260,931
Walsin Lihwa Corp.		15,889,000		7,343,688
Walsin Technology Corp.b		2,016,400		2,828,676
Waterland Financial Holdings Co. Ltd.b		13,616,543		3,869,104
Win Semiconductors Corp.b		1,739,427		7,388,326
Winbond Electronics Corp.b		14,406,000		5,228,145
Wistron Corp.		11,663,647		9,775,543
Wistron NeWeb Corp.b		1,244,911		3,634,629
Wowprime Corp.		460,260		2,134,752
WPG Holdings Ltd.		6,807,000		8,640,715
WT Microelectronics Co. Ltd.		2,265,990		3,385,322
XPEC Entertainment Inc.		31,000		—
Yageo Corp.		1,905,739		4,689,370
Yang Ming Marine Transport Corp.a		12,484,000		2,819,957
Yeong Guan Energy Technology Group Co. Ltd.b		438,937		1,700,116
YFY Inc.b		7,219,000		2,702,117
Yieh Phui Enterprise Co. Ltd.a		6,454,510		2,983,190
Yuanta Financial Holding Co. Ltd.		44,606,912		18,874,473
Yulon Motor Co. Ltd.b		3,240,000		3,016,063

36 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
YungShin Global Holding Corp.		1,867,650	$	2,832,766
Yungtay Engineering Co. Ltd.		1,979,000		3,194,896
Zhen Ding Technology Holding Ltd.b		1,791,950		4,461,867
Zinwell Corp.b		1,939,000		2,161,562
				3,094,979,328
THAILAND — 2.42%
Advanced Info Service PCL NVDR		4,818,700		23,054,330
Airports of Thailand PCL NVDRb		20,652,100		22,926,727
Amata Corp. PCL NVDRb		4,988,500		2,300,922
AP Thailand PCL NVDRb		10,593,690		2,169,999
Bangchak Petroleum PCL (The) NVDRb		2,294,500		2,267,845
Bangkok Airways PCLb		3,389,100		1,912,744
Bangkok Bank PCL Foreign		1,216,500		6,726,290
Bangkok Chain Hospital PCL NVDR		7,832,050		2,916,923
Bangkok Dusit Medical Services PCL NVDR		18,051,500		10,394,784
Bangkok Expressway & Metro PCL		35,755,485		7,221,675
Bangkok Land PCL NVDR		57,061,700		2,975,242
Banpu PCL NVDR		9,565,100		5,370,958
Beauty Community PCLb		11,086,900		3,271,549
Berli Jucker PCL NVDR		6,231,700		8,212,408
BTS Group Holdings PCL NVDR		23,738,100		5,576,554
Bumrungrad Hospital PCL NVDRb		1,687,500		8,508,688
Central Pattana PCL NVDR		6,490,300		10,226,655
Charoen Pokphand Foods PCL NVDR		12,763,600		10,238,524
Chularat Hospital PCL NVDRb		30,203,000		2,215,115
CP ALL PCL NVDR		23,733,900		40,796,837
Delta Electronics Thailand PCL NVDR		2,486,200		6,588,460
Dynasty Ceramic PCL NVDR		22,310,620		2,825,140
Eastern Polymer Group PCL		5,396,500		1,978,920
Electricity Generating PCL NVDR		631,800		3,746,762

Security	Shares		Value
Energy Absolute PCL NVDRb		6,857,200	$	4,911,260
Esso Thailand PCL NVDRa,b		7,784,100		2,519,956
Glow Energy PCL NVDR		2,361,900		5,277,913
Group Lease PCLb		1,964,100		3,319,875
Gunkul Engineering PCL NVDRb		15,594,260		2,278,458
Hana Microelectronics PCL NVDR		3,266,500		3,977,203
Home Product Center PCL NVDR		22,509,674		6,352,016
Indorama Ventures PCL NVDR		6,944,300		7,062,573
Inter Far East Energy Corp.b		7,049,000		626,030
IRPC PCL NVDR		50,895,400		7,232,132
Italian-Thai Development PCL NVDRa,b		10,419,300		1,486,531
Jasmine International PCL NVDRb		10,363,900		2,612,835
Kasikornbank PCL Foreign		5,596,700		30,544,509
Kasikornbank PCL NVDR		2,740,500		15,035,045
KCE Electronics PCL NVDR		1,600,200		4,504,151
Khon Kaen Sugar Industry PCL NVDR		12,249,486		2,245,970
Kiatnakin Bank PCL NVDR		2,211,700		4,166,085
Krung Thai Bank PCL NVDR		16,156,900		9,072,359
Krungthai Card PCL NVDRb		754,400		2,820,449
LPN Development PCL NVDRb		4,424,100		1,470,243
Major Cineplex Group PCL NVDR		2,080,300		2,026,334
Minor International PCL NVDRb		9,784,660		9,600,911
Muangthai Leasing PCLb		3,876,600		3,498,386
PTG Energy PCLb		3,196,700		2,472,702
PTT Exploration & Production PCL NVDR		6,570,801		17,506,825
PTT Global Chemical PCL NVDR		9,574,700		19,544,123
PTT PCL NVDR		4,830,600		54,941,147
Quality Houses PCL NVDRb		26,043,017		1,954,784
Robinson Department Store PCL NVDR		2,627,500		4,629,392
Siam Cement PCL (The) Foreign		1,671,700		24,712,358
Siam Cement PCL (The) NVDR		286,600		4,236,742

CONSOLIDATED SCHEDULES OF INVESTMENTS 37

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Siam Commercial Bank PCL (The) NVDR		8,369,300	$	36,924,616
Siam Global House PCL NVDRb		7,433,292		3,939,663
Singha Estate PCLa,b		10,454,800		1,323,866
Sino-Thai Engineering & Construction PCL NVDRb		4,572,628		3,340,505
Sri Trang Agro-Industry PCL NVDRb		3,990,300		2,286,345
Srisawad Power 1979 PCL NVDRb		3,003,133		3,807,097
Supalai PCL NVDRb		4,147,900		2,958,924
Superblock PCLa		55,280,200		2,106,335
surGlobal Power Synergy Co. Ltd. NVDRb		2,711,200		2,660,286
Thai Airways International PCL NVDRa,b		3,637,200		2,011,086
Thai Oil PCL NVDR		4,150,200		8,947,087
Thai Union Group PCL NVDR		9,818,400		5,710,089
Thai Vegetable Oil PCL NVDR		2,686,300		2,962,930
Thaicom PCL NVDRb		2,810,700		1,546,044
Thanachart Capital PCL NVDR		3,285,700		4,565,368
Thoresen Thai Agencies PCL NVDRb		5,883,423		1,643,391
TICON Industrial Connection PCL NVDRb		4,025,360		1,787,486
Tisco Financial Group PCL NVDR		1,838,150		3,607,262
TMB Bank PCL NVDR		69,616,600		4,866,411
True Corp. PCL NVDRb		46,123,311		8,258,604
TTW PCL NVDRb		8,101,700		2,553,142
Unique Engineering & Construction PCL		3,628,000		1,912,455
VGI Global Media PCL NVDR		14,922,300		2,180,279
Vibhavadi Medical Center PCL NVDR		31,443,800		2,630,413
WHA Corp. PCL NVDRa,b		37,295,800		3,312,285
				574,905,317
TURKEY — 1.05%
Akbank TAS		10,808,916		25,893,009
Aksa Akrilik Kimya Sanayii ASb		549,873		1,588,562

Security	Shares		Value
Albaraka Turk Katilim Bankasi AS		5,863,006	$	1,987,953
Anadolu Efes Biracilik ve Malt Sanayii AS		1,037,723		5,664,052
Arcelik AS		1,218,817		7,015,354
BIM Birlesik Magazalar AS		1,026,817		14,832,178
Cimsa Cimento Sanayi VE Ticaret AS		467,214		2,210,109
Coca-Cola Icecek AS		430,615		4,161,804
Dogus Otomotiv Servis ve Ticaret ASb		397,055		1,006,976
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		9,612,161		8,293,655
Eregli Demir ve Celik Fabrikalari TAS		6,974,525		11,420,410
Ford Otomotiv Sanayi AS		381,138		3,847,523
Haci Omer Sabanci Holding AS		4,595,097		12,755,714
Is Gayrimenkul Yatirim Ortakligi ASb		4,298,347		1,836,597
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da,b		5,213,845		1,753,471
KOC Holding AS		3,111,754		12,721,169
Otokar Otomotiv Ve Savunma Sanayi ASb		63,449		2,413,707
Petkim Petrokimya Holding AS		4,239,921		5,049,195
Sekerbank TASa,b		4,064,053		1,333,174
Soda Sanayii AS		1,753,818		2,688,066
TAV Havalimanlari Holding AS		963,471		4,029,070
Tekfen Holding ASb		1,098,229		2,388,639
Tofas Turk Otomobil Fabrikasi AS		667,078		4,998,120
Trakya Cam Sanayii AS		2,899,161		2,469,514
Tupras Turkiye Petrol Rafinerileri AS		618,758		14,523,995
Turk Hava Yollari AOa		400,000		602,051
Turk Telekomunikasyon AS		2,841,476		4,511,771
Turkcell Iletisim Hizmetleri ASa		4,281,482		14,021,393
Turkiye Garanti Bankasi AS		11,280,581		26,805,218
Turkiye Halk Bankasi AS		3,108,993		9,658,824
Turkiye Is Bankasi Class C		7,868,682		13,730,499

38 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Turkiye Sinai Kalkinma Bankasi AS		6,121,083	$	2,497,299
Turkiye Sise ve Cam Fabrikalari AS		4,066,409		4,394,179
Turkiye Vakiflar Bankasi Tao Class Db		4,119,299		6,018,383
Ulker Biskuvi Sanayi ASb		838,160		4,267,509
Yapi ve Kredi Bankasi ASa,b		4,793,096		5,086,950
Yazicilar Holding ASb		395,092		1,678,346
				250,154,438
UNITED ARAB EMIRATES — 0.80%
Abu Dhabi Commercial Bank PJSC		9,441,275		18,226,995
Agthia Group PJSC		943,318		1,661,884
Air Arabia PJSC		12,431,096		4,163,444
Al Waha Capital PJSC		5,996,434		3,608,474
Aldar Properties PJSC		14,796,360		9,669,507
Amlak Finance PJSCa		5,028,558		1,629,403
Arabtec Holding PJSCa		11,592,700		2,904,094
Dana Gas PJSCa		20,937,694		2,622,557
Deyaar Development PJSCa		10,624,125		1,721,267
DP World Ltd.		811,876		17,187,415
Dubai Islamic Bank PJSC		5,989,394		10,192,978
DXB Entertainments PJSCa		15,635,003		4,597,904
Emaar Malls PJSC		8,863,902		6,323,601
Emaar Properties PJSC		16,713,707		33,905,274
Emirates Telecommunications Group Co. PJSC		8,365,694		40,091,549
Eshraq Properties Co. PJSCa		7,295,309		2,324,169
First Gulf Bank PJSC		4,378,007		16,272,238
National Bank of Abu Dhabi PJSC		3,464,285		9,904,695
Orascom Construction Ltd.a		391,939		2,092,954
				189,100,402
TOTAL COMMON STOCKS
(Cost: $21,382,804,906)				22,634,187,816
PREFERRED STOCKS — 4.12%
BRAZIL — 3.15%
Alpargatas SA		783,800		2,977,986
Banco ABC Brasil SA		458,475		2,682,175
Banco ABC Brasil SA New		17,559		104,981
Banco Bradesco SA		13,205,284		141,858,114

Security	Shares		Value
Banco do Estado do Rio Grande do Sul SA Class B		911,100	$	4,867,400
Bradespar SA		1,120,700		8,447,578
Braskem SA Class A		754,400		7,839,843
Centrais Eletricas Brasileiras SA Class B		1,032,700		8,165,998
Cia. Brasileira de Distribuicao		734,500		13,563,814
Cia. de Saneamento do Parana		1,383,600		6,404,320
Cia. Energetica de Minas Gerais		3,529,120		12,126,741
Cia. Energetica de Sao Paulo Class B		935,100		5,371,339
Cia. Energetica do Ceara Class A		79,500		1,194,672
Cia. Paranaense de Energia Class B		478,700		5,185,532
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		478,900		1,928,839
Gerdau SA		4,313,300		17,954,752
Itau Unibanco Holding SA		15,430,313		198,545,622
Itausa-Investimentos Itau SA		18,554,145		59,879,015
Lojas Americanas SA		2,699,310		14,229,728
Marcopolo SA		2,793,300		2,478,145
Metalurgica Gerdau SA		2,930,900		5,520,757
Petroleo Brasileiro SA		18,656,900		91,035,597
Suzano Papel e Celulose SA Class A		2,001,900		8,654,952
Telefonica Brasil SA		2,104,700		31,059,716
Usinas Siderurgicas de Minas Gerais SA Class A		1,954,400		3,097,137
Vale SA		9,160,500		92,782,821
				747,957,574
CHILE — 0.08%
Embotelladora Andina SA Class B		1,226,688		4,695,548
Sociedad Quimica y Minera de Chile SA Series B		461,899		14,511,971
				19,207,519
COLOMBIA — 0.14%
Avianca Holdings SA		2,234,056		2,144,345
Bancolombia SA		2,142,614		20,015,865

CONSOLIDATED SCHEDULES OF INVESTMENTS 39

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Grupo Aval Acciones y Valores SA		17,922,329	$	6,960,783
Grupo de Inversiones Suramericana SA		406,416		4,937,043
				34,058,036
RUSSIA — 0.11%
Surgutneftegas OJSC		36,756,700		20,052,683
Transneft PJSC		2,068		6,424,871
				26,477,554
SOUTH KOREA — 0.64%
AmorePacific Corp.		45,177		6,692,149
Hyundai Motor Co.		96,844		8,384,725
Hyundai Motor Co. Series 2		169,757		15,313,035
LG Chem Ltd.		35,004		5,494,769
LG Household & Health Care Ltd.		10,699		5,374,337
Samsung Electronics Co. Ltd.		83,296		110,201,915
				151,460,930
TOTAL PREFERRED STOCKS
(Cost: $811,284,061)				979,161,613
WARRANTS — 0.00%
BRAZIL — 0.00%
Iochpe Maxion SA (Expires 04/01/19)a		12,350		6,550
				6,550
TOTAL WARRANTS
(Cost: $0)				6,550
RIGHTS — 0.01%
BRAZIL — 0.00%
Itausa – Investimentos Itau SAa		299,343		379,110
				379,110
INDIA — 0.00%
Canara Bank Ltd.a		70,021		92,933
				92,933
MALAYSIA — 0.00%
IOI Properties Group Bhda		2,268,168		372,920
				372,920
SOUTH KOREA — 0.01%
Korean Air Lines Co. Ltd.a		35,607		255,067

Security	Shares		Value
Samsung Securities Co. Ltd.a		26,870	$	162,776
				417,843
TOTAL RIGHTS
(Cost: $0)				1,262,806
SHORT-TERM INVESTMENTS — 5.43%
MONEY MARKET FUNDS — 5.43%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%e,f,g		1,262,037,322		1,262,542,136
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%e,f		26,850,691		26,850,691
				1,289,392,827
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,288,967,800)				1,289,392,827
TOTAL INVESTMENTS IN SECURITIES — 104.91%
(Cost: $23,483,056,767)h				24,904,011,612
Other Assets, Less Liabilities — (4.91)%				(1,166,348,795	)
NET ASSETS — 100.00%			$	23,737,662,817

ADR — American Depositary Receipts

CPO — Certificates of Participation (Ordinary)

GDR — Global Depositary Receipts

NVDR — Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated money market fund.

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

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

^h  The cost of investments for federal income tax purposes was $23,997,898,485. Net unrealized appreciation was $906,113,127, of which $2,387,685,048 represented gross unrealized appreciation on securities and $1,481,571,921 represented gross unrealized depreciation on securities.

40 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2017

Schedule 1 — Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2017 were as follows:

Issue	Number of long (short) contracts		Expiration date		Exchange		Initial notional value		Current notional value		Unrealized appreciation (depreciation)
MSCI Emerging Markets E-Mini		2,192		Mar. 2017		ICE Futures U.S.	$	96,534,861	$	102,015,680	$	5,480,819

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the consolidated schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	22,619,193,642	$	11,963,606	$	3,030,568	$	22,634,187,816
Preferred stocks		979,161,613		—		—		979,161,613
Warrants		6,550		—		—		6,550
Rights		—		1,262,806		—		1,262,806
Money market funds		1,289,392,827		—		—		1,289,392,827
Total	$	24,887,754,632	$	13,226,412	$	3,030,568	$	24,904,011,612
Derivative financial instrumentsa:
Assets:
Futures contracts	$	5,480,819	$	—	$	—	$	5,480,819
Total	$	5,480,819	$	—	$	—	$	5,480,819

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

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULES OF INVESTMENTS 41

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI BRIC ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 92.01%
BRAZIL — 9.88%
AES Tiete Energia SA		10,500	$	54,238
Ambev SA		430,565		2,469,071
Banco Bradesco SA		66,326		695,666
Banco do Brasil SA		73,589		782,962
Banco Santander Brasil SA Units		42,000		463,877
BB Seguridade Participacoes SA		63,000		579,576
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		168,069		1,027,539
BR Malls Participacoes SAa		54,820		262,910
BRF SA		52,500		685,487
CCR SA		115,500		671,615
Centrais Eletricas Brasileiras SAa		21,000		145,063
CETIP SA – Mercados Organizados		21,560		324,682
Cia. de Saneamento Basico do Estado de Sao Paulo		31,500		332,922
Cia. Siderurgica Nacional SAa		52,500		202,170
Cielo SA		90,401		792,716
Cosan SA Industria e Comercio		10,500		134,667
CPFL Energia SA		12,554		103,063
Duratex SA		31,548		85,588
EDP – Energias do Brasil SA		31,500		139,021
Embraer SA		63,000		363,095
Engie Brasil Energia SA		21,000		249,624
Equatorial Energia SA		21,000		401,774
Fibria Celulose SA		21,041		179,772
Hypermarcas SA		31,500		274,296
JBS SA		63,052		237,129
Klabin SA Units		52,500		261,572
Kroton Educacional SA		126,064		553,936
Localiza Rent A Car SA		10,560		130,787
Lojas Americanas SA		10,500		45,227
Lojas Renner SA		63,000		517,406
Multiplan Empreendimentos Imobiliarios SA		10,500		216,987
Multiplan Empreendimentos Imobiliarios SA Newa		510		10,803
Natura Cosmeticos SA		10,500		86,471
Odontoprev SA		21,000		80,665
Petroleo Brasileiro SAa		273,000		1,400,540
Porto Seguro SA		10,500		97,541
Qualicorp SA		21,000		133,047
Raia Drogasil SA		21,050		401,919

Security	Shares		Value
Rumo Logistica Operadora Multimodal SAa		73,500	$	202,710
Sul America SA		21,072		131,539
TIM Participacoes SA		84,069		263,746
Ultrapar Participacoes SA		31,500		662,199
Vale SA		115,500		1,214,773
WEG SA		52,940		288,949
				18,359,340
CHINA — 56.65%
3SBio Inc.a,b,c		105,000		127,827
58.com Inc. ADRa		7,423		271,682
AAC Technologies Holdings Inc.		52,500		552,902
Agricultural Bank of China Ltd. Class H		2,205,000		1,016,934
Air China Ltd. Class H		210,000		162,049
Alibaba Group Holding Ltd. ADRa,c		102,480		10,545,192
Alibaba Health Information Technology Ltd.a		288,000		126,517
Alibaba Pictures Group Ltd.a		1,050,000		175,846
Aluminum Corp. of China Ltd. Class Ha,c		420,000		209,393
Anhui Conch Cement Co. Ltd. Class Hc		105,000		365,896
ANTA Sports Products Ltd.c		105,040		317,997
AviChina Industry & Technology Co. Ltd. Class H		210,000		152,851
Baidu Inc.a		24,780		4,314,941
Bank of China Ltd. Class H		7,245,000		3,668,024
Bank of Communications Co. Ltd. Class H		840,200		670,000
Beijing Capital International Airport Co. Ltd. Class H		210,000		225,084
Beijing Enterprises Holdings Ltd.		52,500		274,591
Beijing Enterprises Water Group Ltd.		420,000		300,292
Belle International Holdings Ltd.		525,000		361,838
Brilliance China Automotive Holdings Ltd.		210,000		330,050
Byd Co. Ltd. Class Hc		52,500		308,746
CGN Power Co. Ltd. Class Hb		945,000		287,306
China Cinda Asset Management Co. Ltd. Class H		735,000		289,741
China CITIC Bank Corp. Ltd. Class H		840,000		576,777

42 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2017

Security	Shares		Value
China Coal Energy Co. Ltd. Class Ha		210,000	$	111,189
China Communications Construction Co. Ltd. Class H		430,000		555,057
China Communications Services Corp. Ltd. Class H		210,800		140,942
China Conch Venture Holdings Ltd.		105,000		208,040
China Construction Bank Corp. Class H		7,665,370		6,310,084
China Everbright Bank Co. Ltd. Class H		324,000		164,036
China Everbright International Ltd.		210,000		272,156
China Evergrande Groupc		420,000		315,442
China Galaxy Securities Co. Ltd. Class H		262,500		257,345
China Gas Holdings Ltd.		210,000		311,654
China Huarong Asset Management Co. Ltd. Class Ha,b		525,000		207,634
China Huishan Dairy Holdings Co. Ltd.c		315,000		115,247
China Jinmao Holdings Group Ltd.c		246,000		76,375
China Life Insurance Co. Ltd. Class H		630,000		1,919,433
China Longyuan Power Group Corp. Ltd.		315,000		270,263
China Medical System Holdings Ltd.		105,000		170,977
China Mengniu Dairy Co. Ltd.		210,000		413,916
China Merchants Bank Co. Ltd. Class H		367,956		978,852
China Merchants Port Holdings Co. Ltd.		210,000		585,704
China Minsheng Banking Corp. Ltd. Class H		525,000		599,231
China Mobile Ltd.		577,500		6,368,350
China National Building Material Co. Ltd. Class H		210,000		153,122
China Oilfield Services Ltd. Class H		210,000		209,393
China Overseas Land & Investment Ltd.		420,800		1,295,612
China Pacific Insurance Group Co. Ltd. Class H		231,000		846,633

Security	Shares		Value
China Petroleum & Chemical Corp. Class H		2,310,600	$	1,791,936
China Power International Development Ltd.		315,000		122,146
China Railway Construction Corp. Ltd. Class H		169,500		239,758
China Railway Group Ltd. Class H		315,000		275,538
China Resources Beer Holdings Co. Ltd.a		210,000		476,679
China Resources Gas Group Ltd.c		89,000		271,731
China Resources Land Ltd.		238,444		651,214
China Resources Power Holdings Co. Ltd.		210,200		380,732
China Shenhua Energy Co. Ltd. Class H		315,000		659,019
China Southern Airlines Co. Ltd. Class H		210,000		136,619
China State Construction International Holdings Ltd.		210,000		343,577
China Taiping Insurance Holdings Co. Ltd.a		147,040		344,374
China Telecom Corp. Ltd. Class H		1,260,000		592,468
China Unicom Hong Kong Ltd.		421,900		513,077
China Vanke Co. Ltd. Class H		115,501		290,149
Chongqing Changan Automobile Co. Ltd. Class B		78,200		110,413
Chongqing Rural Commercial Bank Co. Ltd. Class H		210,000		147,441
CITIC Ltd.		420,000		602,748
CITIC Securities Co. Ltd. Class H		210,000		449,085
CNOOC Ltd.		1,575,000		1,862,621
COSCO SHIPPING Ports Ltd.		210,000		234,011
Country Garden Holdings Co. Ltd.c		525,046		376,074
CRRC Corp. Ltd. Class H		390,400		374,686
CSPC Pharmaceutical Group Ltd.		420,000		514,013
Ctrip.com International Ltd.a		34,230		1,623,871
Dongfeng Motor Group Co. Ltd. Class H		210,000		249,161
ENN Energy Holdings Ltd.		74,000		357,490
Far East Horizon Ltd.		210,000		202,088
Fosun International Ltd.		210,000		330,050
Fullshare Holdings Ltd.c		525,000		203,576
Fuyao Glass Industry Group Co. Ltd. Class Hb		42,000		130,938

CONSOLIDATED SCHEDULES OF INVESTMENTS 43

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2017

Security	Shares		Value
GCL-Poly Energy Holdings Ltd.a,c		1,155,000	$	157,721
Geely Automobile Holdings Ltd.		525,000		714,207
GF Securities Co. Ltd. Class H		126,000		277,567
GOME Electrical Appliances Holding Ltd.c		1,086,400		151,152
Great Wall Motor Co. Ltd. Class H		262,500		322,611
Guangdong Investment Ltd.		210,000		286,224
Guangzhou Automobile Group Co. Ltd. Class H		210,454		352,996
Guangzhou R&F Properties Co. Ltd. Class H		84,000		116,005
Haier Electronics Group Co. Ltd.		125,000		229,953
Haitong Securities Co. Ltd. Class H		294,000		538,577
Hanergy Thin Film Power Group Ltd.a		7,709		—
Hengan International Group Co. Ltd.		52,500		448,409
HengTen Networks Group Ltd.a		1,680,000		41,337
Huaneng Power International Inc. Class H		420,000		286,224
Huaneng Renewables Corp. Ltd. Class H		420,000		142,841
Huatai Securities Co. Ltd. Class Hb		126,000		257,115
Industrial & Commercial Bank of China Ltd. Class H		6,720,050		4,406,477
JD.com Inc. ADRa,c		60,795		1,858,503
Jiangxi Copper Co. Ltd. Class H		105,000		176,929
Kingsoft Corp. Ltd.		105,000		231,035
Kunlun Energy Co. Ltd.		210,000		182,610
Lenovo Group Ltd.		630,000		378,205
Longfor Properties Co. Ltd.		105,000		168,001
Netease Inc.		7,350		2,242,191
New China Life Insurance Co. Ltd. Class H		63,000		310,437
New Oriental Education & Technology Group Inc. ADRa		12,390		599,800
Nine Dragons Paper (Holdings) Ltd.		105,000		133,238
People’s Insurance Co. Group of China Ltd. (The) Class H		630,000		258,900
PetroChina Co. Ltd. Class H		1,890,000		1,438,966
PICC Property & Casualty Co. Ltd. Class H		421,548		644,070

Security	Shares		Value
Ping An Insurance Group Co. of China Ltd. Class H		472,500	$	2,520,016
Qunar Cayman Islands Ltd. ADRa,c		3,360		102,178
Semiconductor Manufacturing International Corp.a,c		238,200		309,930
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		184,000		110,697
Shanghai Electric Group Co. Ltd. Class Ha		214,000		110,826
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		56,000		192,620
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		79,871		117,810
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		63,000		162,320
Shenzhou International Group Holdings Ltd.		55,000		328,762
Shimao Property Holdings Ltd.		105,000		150,687
SINA Corp./Chinaa		5,145		357,732
Sino Biopharmaceutical Ltd.		420,000		362,514
Sino-Ocean Group Holding Ltd.		262,500		130,532
Sinopec Engineering Group Co. Ltd. Class H		105,000		95,363
Sinopec Shanghai Petrochemical Co. Ltd. Class H		211,000		127,756
Sinopharm Group Co. Ltd. Class H		126,000		582,728
Sinotrans Ltd. Class H		210,000		95,228
SOHO China Ltd.		210,000		108,754
Sun Art Retail Group Ltd.		210,000		202,359
Sunac China Holdings Ltd.		210,000		218,320
Sunny Optical Technology Group Co. Ltd.		105,000		675,656
TAL Education Group Class A ADRa		3,885		335,936
Tencent Holdings Ltd.		514,500		13,720,088
Tingyi Cayman Islands Holding Corp.		210,000		235,364
TravelSky Technology Ltd. Class H		105,000		229,142
Tsingtao Brewery Co. Ltd. Class H		40,000		183,962
Vipshop Holdings Ltd. ADRa		37,275		484,948

44 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2017

Security	Shares		Value
Want Want China Holdings Ltd.c		525,000	$	338,166
Weibo Corp. ADRa,c		2,730		137,920
Weichai Power Co. Ltd. Class H		40,550		71,358
Yanzhou Coal Mining Co. Ltd. Class Hc		210,000		168,813
Yum China Holdings Inc.a		33,180		882,256
YY Inc. ADRa		2,730		120,912
Zhuzhou CRRC Times Electric Co. Ltd. Class H		58,500		315,016
Zijin Mining Group Co. Ltd. Class H		451,000		170,234
ZTE Corp. Class H		63,048		102,664
				105,258,314
INDIA — 17.92%
ACC Ltd.		4,830		102,183
Adani Ports & Special Economic Zone Ltd.		75,077		339,552
Ambuja Cements Ltd.		54,075		185,886
Apollo Hospitals Enterprise Ltd.		6,300		122,910
Ashok Leyland Ltd.		97,672		132,706
Asian Paints Ltd.		26,565		407,800
Aurobindo Pharma Ltd.		24,047		244,079
Axis Bank Ltd.		150,675		1,144,198
Bajaj Auto Ltd.		8,085		333,961
Bajaj Finance Ltd.		14,700		244,167
Bajaj Finserv Ltd.		3,255		190,959
Bharat Forge Ltd.		9,030		142,578
Bharat Heavy Electricals Ltd.		50,610		123,228
Bharat Petroleum Corp. Ltd.		45,360		455,546
Bharti Airtel Ltd.		90,720		496,508
Bharti Infratel Ltd.		50,746		216,199
Bosch Ltd.		735		237,770
Cadila Healthcare Ltd.		17,115		112,935
Cairn India Ltd.		39,270		167,218
Cipla Ltd.		30,555		267,315
Coal India Ltd.		64,123		309,376
Container Corp. of India Ltd.		2,861		52,140
Dabur India Ltd.		49,140		203,944
Divi’s Laboratories Ltd.		7,350		83,598
Dr. Reddy’s Laboratories Ltd.		10,398		444,160
Eicher Motors Ltd.		1,260		455,703
GAIL (India) Ltd.		26,985		209,065
Glenmark Pharmaceuticals Ltd.		12,390		171,870
Godrej Consumer Products Ltd.		11,445		282,854
Grasim Industries Ltd.		15,750		233,752

Security	Shares		Value
Havells India Ltd.		21,210	$	129,100
HCL Technologies Ltd.		51,450		647,841
Hero Motocorp Ltd.		4,830		227,178
Hindalco Industries Ltd.		104,581		288,967
Hindustan Petroleum Corp. Ltd.		36,225		291,972
Hindustan Unilever Ltd.		59,955		778,118
Housing Development Finance Corp. Ltd.		136,395		2,800,831
ICICI Bank Ltd.		97,650		404,468
Idea Cellular Ltd.		113,190		196,542
IDFC Bank Ltd.		121,380		113,705
Indiabulls Housing Finance Ltd.		27,405		357,890
Infosys Ltd.		167,370		2,539,697
ITC Ltd.		309,330		1,215,645
JSW Steel Ltd.		77,700		217,720
Larsen & Toubro Ltd.		29,400		647,411
LIC Housing Finance Ltd.		26,880		225,938
Lupin Ltd.		19,845		438,460
Mahindra & Mahindra Financial Services Ltd.		25,709		112,383
Mahindra & Mahindra Ltd.		34,794		684,290
Marico Ltd.		44,100		185,869
Maruti Suzuki India Ltd.		9,660		857,500
Motherson Sumi Systems Ltd.		35,805		187,937
Nestle India Ltd.		2,205		206,698
NTPC Ltd.		149,310		364,666
Oil & Natural Gas Corp. Ltd.		115,717		335,693
Piramal Enterprises Ltd.		6,930		191,617
Power Finance Corp. Ltd.		63,218		128,864
Reliance Industries Ltd.		117,915		2,188,061
Shree Cement Ltd.		840		202,843
Shriram Transport Finance Co. Ltd.		12,964		180,551
Siemens Ltd.		7,143		129,261
State Bank of India		139,975		564,778
Sun Pharmaceuticals Industries Ltd.		88,095		896,547
Tata Consultancy Services Ltd.		42,840		1,583,575
Tata Motors Ltd.		143,854		984,810
Tata Motors Ltd. Class A		34,150		141,271
Tata Power Co. Ltd.		97,023		120,118
Tata Steel Ltd.		25,200		182,318
Tech Mahindra Ltd.		37,275		279,009
Titan Co. Ltd.		25,935		169,949
Ultratech Cement Ltd.		7,770		439,580

CONSOLIDATED SCHEDULES OF INVESTMENTS 45

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2017

Security	Shares		Value
United Spirits Ltd.a		6,195	$	217,748
UPL Ltd.		32,235		347,045
Vedanta Ltd.		94,185		365,764
Wipro Ltd.		53,763		393,883
Yes Bank Ltd.		27,825		605,847
Zee Entertainment Enterprises Ltd.		54,285		414,509
				33,298,627
RUSSIA — 7.56%
Alrosa PJSC		220,500		349,034
Gazprom PJSC		664,654		1,501,709
Gazprom PJSC ADR		158,550		707,212
Inter RAO UES PJSC		2,730,000		185,445
Lukoil PJSC		19,530		1,031,875
Lukoil PJSC ADR		19,635		1,040,655
Magnit PJSC GDRd		28,245		1,029,813
MMC Norilsk Nickel PJSC		5,040		800,035
Mobile TeleSystems PJSC ADR		45,885		471,239
Moscow Exchange MICEX-RTS PJSC		127,050		269,857
Novatek PJSC GDRd		8,400		1,087,800
PhosAgro PJSC GDRd		8,715		120,267
Rosneft Oil Co. PJSC		97,602		556,020
Rostelecom PJSC		83,590		112,433
RusHydro PJSC		9,450,200		155,557
Sberbank of Russia PJSC		878,900		2,352,006
Sberbank of Russia PJSC ADR		25,725		280,660
Severstal PJSC		18,900		270,225
Sistema PJSC FC GDRd		15,330		136,590
Surgutneftegas OJSC		357,010		177,844
Surgutneftegas OJSC ADR		31,185		157,172
Tatneft PJSC Class S		132,303		771,591
VTB Bank PJSC		434,186,001		494,249
				14,059,288
TOTAL COMMON STOCKS
(Cost: $162,698,665)				170,975,569
PREFERRED STOCKS — 7.72%
BRAZIL — 7.28%
Banco Bradesco SA		262,585		2,820,826
Braskem SA Class A		10,500		109,118
Centrais Eletricas Brasileiras SA Class B		21,082		166,704
Cia. Brasileira de Distribuicao		10,556		194,935

Security	Shares		Value
Cia. Energetica de Minas Gerais		63,032	$	216,590
Cia. Paranaense de Energia Class B		10,500		113,742
Gerdau SA		84,000		349,662
Itau Unibanco Holding SA		290,071		3,732,415
Itausa-Investimentos Itau SA		367,589		1,186,305
Lojas Americanas SA		63,104		332,660
Petroleo Brasileiro SA		357,014		1,742,035
Suzano Papel e Celulose SA Class A		31,500		136,186
Telefonica Brasil SA		42,064		620,752
Vale SA		178,500		1,807,951
				13,529,881
RUSSIA — 0.44%
Surgutneftegas OJSC		651,000		355,154
Transneft PJSC		147		456,700
				811,854
TOTAL PREFERRED STOCKS
(Cost: $12,962,326)				14,341,735
RIGHTS — 0.01%
BRAZIL — 0.01%
Itausa – Investimentos Itau SAa		5,793		7,337
				7,337
TOTAL RIGHTS
(Cost: $0)				7,337
SHORT-TERM INVESTMENTS — 8.08%
MONEY MARKET FUNDS — 8.08%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%e,f,g		15,011,865		15,017,870
				15,017,870
TOTAL SHORT-TERM INVESTMENTS
(Cost: $15,014,098)				15,017,870

46 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 107.82%
(Cost: $190,675,089)h	$	200,342,511
Other Assets, Less Liabilities — (7.82)%		(14,525,876	)
NET ASSETS — 100.00%	$	185,816,635

ADR — American Depositary Receipts

GDR — Global Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated money market fund.

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

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

^h  The cost of investments for federal income tax purposes was $198,733,100. Net unrealized appreciation was $1,609,411, of which $33,620,749 represented gross unrealized appreciation on securities and $32,011,338 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the consolidated schedule of investments above.

	Level 1		Level 2		Level 3			Total
Investments:
Assets:
Common stocks	$	170,975,569	$	—	$	0	a	$	170,975,569
Preferred stocks		14,341,735		—		—			14,341,735
Rights		—		7,337		—			7,337
Money market funds		15,017,870		—		—			15,017,870
Total	$	200,335,174	$	7,337	$	0	a	$	200,342,511

^a  Rounds to less than $1.

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULES OF INVESTMENTS 47

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 98.53%
CHINA — 37.90%
3SBio Inc.a,b,c		101,500	$	123,566
58.com Inc. ADRa		8,467		309,892
AAC Technologies Holdings Inc.		73,500		774,063
Agricultural Bank of China Ltd. Class H		2,458,000		1,133,616
Air China Ltd. Class H		182,000		140,443
Alibaba Group Holding Ltd. ADRa		112,026		11,527,475
Alibaba Health Information Technology Ltd.a,c		324,000		142,331
Alibaba Pictures Group Ltd.a,c		1,130,000		189,244
Aluminum Corp. of China Ltd. Class Ha,c		372,000		185,462
Anhui Conch Cement Co. Ltd. Class Hc		123,500		430,363
ANTA Sports Products Ltd.c		100,000		302,739
AviChina Industry & Technology Co. Ltd. Class H		212,000		154,307
Baidu Inc.a		27,164		4,730,067
Bank of China Ltd. Class H		7,896,000		3,997,614
Bank of Communications Co. Ltd. Class H		874,000		696,953
Beijing Capital International Airport Co. Ltd. Class H		150,000		160,774
Beijing Enterprises Holdings Ltd.		50,500		264,131
Beijing Enterprises Water Group Ltd.c		434,000		310,302
Belle International Holdings Ltd.		632,000		435,584
Brilliance China Automotive Holdings Ltd.		302,000		474,644
Byd Co. Ltd. Class Hc		64,000		376,376
CGN Power Co. Ltd. Class Hb		1,060,000		322,269
China Cinda Asset Management Co. Ltd. Class H		883,000		348,083
China CITIC Bank Corp. Ltd. Class H		894,000		613,855
China Coal Energy Co. Ltd. Class Ha		205,000		108,542
China Communications Construction Co. Ltd. Class H		442,000		570,547
China Communications Services Corp. Ltd. Class H		238,000		159,128
China Conch Venture Holdings Ltd.		135,500		268,471

Security	Shares		Value
China Construction Bank Corp. Class H		8,381,000	$	6,899,186
China Everbright Bank Co. Ltd. Class H		307,000		155,429
China Everbright International Ltd.c		246,000		318,812
China Everbright Ltd.		92,000		182,520
China Evergrande Groupc		411,000		308,682
China Galaxy Securities Co. Ltd. Class H		295,000		289,206
China Gas Holdings Ltd.		172,000		255,260
China Huarong Asset Management Co. Ltd. Class Ha,b		587,000		232,155
China Huishan Dairy Holdings Co. Ltd.c		404,000		147,809
China Jinmao Holdings Group Ltd.c		370,000		114,874
China Life Insurance Co. Ltd. Class H		743,000		2,263,712
China Longyuan Power Group Corp. Ltd.		317,000		271,979
China Medical System Holdings Ltd.c		124,000		201,916
China Mengniu Dairy Co. Ltd.		274,000		540,061
China Merchants Bank Co. Ltd. Class H		389,831		1,037,045
China Merchants Port Holdings Co. Ltd.		130,000		362,579
China Minsheng Banking Corp. Ltd. Class H		587,800		670,910
China Mobile Ltd.		612,500		6,754,311
China National Building Material Co. Ltd. Class H		288,000		209,996
China Oilfield Services Ltd. Class H		180,000		179,479
China Overseas Land & Investment Ltd.		384,000		1,182,307
China Pacific Insurance Group Co. Ltd. Class H		263,200		964,649
China Petroleum & Chemical Corp. Class H		2,548,600		1,976,512
China Power International Development Ltd.		333,000		129,125
China Railway Construction Corp. Ltd. Class H		197,000		278,657
China Railway Group Ltd. Class H		399,000		349,015
China Resources Beer Holdings Co. Ltd.a		162,000		367,724

48 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2017

Security	Shares		Value
China Resources Gas Group Ltd.		88,000	$	268,678
China Resources Land Ltd.		277,777		758,636
China Resources Power Holdings Co. Ltd.		192,000		347,766
China Shenhua Energy Co. Ltd. Class H		339,500		710,276
China Southern Airlines Co. Ltd. Class H		182,000		118,403
China State Construction International Holdings Ltd.		180,000		294,495
China Taiping Insurance Holdings Co. Ltd.a		161,500		378,240
China Telecom Corp. Ltd. Class H		1,388,000		652,655
China Unicom Hong Kong Ltd.		600,000		729,667
China Vanke Co. Ltd. Class H		131,400		330,089
Chongqing Changan Automobile Co. Ltd. Class B		84,600		119,449
Chongqing Rural Commercial Bank Co. Ltd. Class H		251,000		176,227
CITIC Ltd.		436,000		625,710
CITIC Securities Co. Ltd. Class H		216,000		461,916
CNOOC Ltd.		1,785,000		2,110,970
COSCO SHIPPING Ports Ltd.		164,000		182,752
Country Garden Holdings Co. Ltd.c		539,828		386,662
CRRC Corp. Ltd. Class H		414,750		398,056
CSPC Pharmaceutical Group Ltd.		424,000		518,908
Ctrip.com International Ltd.a		37,345		1,771,647
Dongfeng Motor Group Co. Ltd. Class H		272,000		322,723
ENN Energy Holdings Ltd.		76,000		367,152
Far East Horizon Ltd.		197,000		189,578
Fosun International Ltd.c		258,500		406,276
Fullshare Holdings Ltd.c		680,000		263,680
Fuyao Glass Industry Group Co. Ltd. Class Hb		47,600		148,396
GCL-Poly Energy Holdings Ltd.a,c		1,300,000		177,521
Geely Automobile Holdings Ltd.c		530,000		721,009
GF Securities Co. Ltd. Class H		135,800		299,156
GOME Electrical Appliances Holding Ltd.c		1,206,000		167,792
Great Wall Motor Co. Ltd. Class H		310,000		380,988
Guangdong Investment Ltd.		282,000		384,358
Guangzhou Automobile Group Co. Ltd. Class H		202,000		338,816
Guangzhou R&F Properties Co. Ltd. Class H		96,800		133,681

Security	Shares		Value
Haier Electronics Group Co. Ltd.		125,000	$	229,953
Haitian International Holdings Ltd.		63,000		132,453
Haitong Securities Co. Ltd. Class H		306,400		561,293
Hanergy Thin Film Power Group Ltd.a		2,513		—
Hengan International Group Co. Ltd.c		73,000		623,502
HengTen Networks Group Ltd.a		2,336,000		57,479
Huaneng Power International Inc. Class H		424,000		288,950
Huaneng Renewables Corp. Ltd. Class H		398,000		135,359
Huatai Securities Co. Ltd. Class Hb		145,800		297,518
Industrial & Commercial Bank of China Ltd. Class H		7,341,000		4,813,646
JD.com Inc. ADRa		67,281		2,056,780
Jiangsu Expressway Co. Ltd. Class H		122,000		160,939
Jiangxi Copper Co. Ltd. Class H		124,000		208,944
Kingsoft Corp. Ltd.		78,000		171,626
Kunlun Energy Co. Ltd.c		322,000		280,002
Lenovo Group Ltd.c		722,000		433,435
Longfor Properties Co. Ltd.		145,500		232,801
Netease Inc.		7,928		2,418,516
New China Life Insurance Co. Ltd. Class H		77,400		381,394
New Oriental Education & Technology Group Inc. ADRa		13,366		647,048
Nine Dragons Paper (Holdings) Ltd.		163,000		206,835
People’s Insurance Co. Group of China Ltd. (The) Class H		697,000		286,434
PetroChina Co. Ltd. Class H		2,108,000		1,604,942
PICC Property & Casualty Co. Ltd. Class H		459,160		701,536
Ping An Insurance Group Co. of China Ltd. Class H		521,000		2,778,685
Qunar Cayman Islands Ltd. ADRa		3,584		108,989
Semiconductor Manufacturing International Corp.a,c		274,300		356,901
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		188,000		113,103
Shanghai Electric Group Co. Ltd. Class Ha		282,000		146,042
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		40,500		139,305

CONSOLIDATED SCHEDULES OF INVESTMENTS 49

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2017

Security	Shares		Value
Shanghai Industrial Holdings Ltd.		49,000	$	136,664
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		89,780		132,425
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		68,700		177,006
Shenzhou International Group Holdings Ltd.		56,000		334,740
Shimao Property Holdings Ltd.		120,000		172,214
SINA Corp./Chinaa		5,687		395,417
Sino Biopharmaceutical Ltd.		444,000		383,230
Sino-Ocean Group Holding Ltd.		299,000		148,682
Sinopec Engineering Group Co. Ltd. Class H		123,500		112,165
Sinopec Shanghai Petrochemical Co. Ltd. Class H		349,000		211,312
Sinopharm Group Co. Ltd. Class H		119,200		551,280
Sinotrans Ltd. Class H		207,000		93,867
SOHO China Ltd.		207,000		107,201
Sun Art Retail Group Ltd.		238,000		229,340
Sunac China Holdings Ltd.		193,000		200,647
Sunny Optical Technology Group Co. Ltd.c		71,000		456,872
TAL Education Group Class A ADRa		4,314		373,032
Tencent Holdings Ltd.		567,500		15,133,431
Tingyi Cayman Islands Holding Corp.c		196,000		219,673
TravelSky Technology Ltd. Class H		93,000		202,954
Tsingtao Brewery Co. Ltd. Class H		36,000		165,566
Vipshop Holdings Ltd. ADRa		40,434		526,046
Want Want China Holdings Ltd.c		570,000		367,152
Weibo Corp. ADRa		3,038		153,480
Weichai Power Co. Ltd. Class H		97,600		171,752
Yanzhou Coal Mining Co. Ltd. Class Hc		186,000		149,520
Yum China Holdings Inc.a		36,830		979,310
YY Inc. ADRa		2,952		130,744
Zhejiang Expressway Co. Ltd. Class H		142,000		159,700
Zhuzhou CRRC Times Electric Co. Ltd. Class H		54,500		293,477
Zijin Mining Group Co. Ltd. Class H		574,000		216,661
ZTE Corp. Class H		75,360		122,713
				115,319,762

Security	Shares		Value
INDIA — 12.03%
ACC Ltd.		4,583	$	96,958
Adani Ports & Special Economic Zone Ltd.		82,701		374,033
Ambuja Cements Ltd.		59,437		204,319
Apollo Hospitals Enterprise Ltd.		7,618		148,623
Ashok Leyland Ltd.		114,181		155,136
Asian Paints Ltd.		28,848		442,846
Aurobindo Pharma Ltd.		26,377		267,728
Axis Bank Ltd.		167,044		1,268,502
Bajaj Auto Ltd.		8,398		346,890
Bajaj Finance Ltd.		16,141		268,102
Bajaj Finserv Ltd.		3,806		223,284
Bharat Forge Ltd.		10,466		165,252
Bharat Heavy Electricals Ltd.		58,780		143,120
Bharat Petroleum Corp. Ltd.		50,583		508,000
Bharti Airtel Ltd.		99,935		546,942
Bharti Infratel Ltd.		55,514		236,513
Bosch Ltd.		728		235,505
Cadila Healthcare Ltd.		20,490		135,205
Cairn India Ltd.		44,859		191,017
Cipla Ltd.		34,582		302,546
Coal India Ltd.		68,323		329,640
Container Corp. of India Ltd.		3,149		57,388
Dabur India Ltd.		52,717		218,789
Divi’s Laboratories Ltd.		8,157		92,777
Dr. Reddy’s Laboratories Ltd.		11,430		488,243
Eicher Motors Ltd.		1,332		481,743
GAIL (India) Ltd.		31,738		245,889
Glenmark Pharmaceuticals Ltd.		13,811		191,582
Godrej Consumer Products Ltd.		11,875		293,481
Grasim Industries Ltd.		18,178		269,787
Havells India Ltd.		24,997		152,150
HCL Technologies Ltd.		56,378		709,893
Hero Motocorp Ltd.		4,997		235,033
Hindalco Industries Ltd.		111,456		307,963
Hindustan Petroleum Corp. Ltd.		40,619		327,387
Hindustan Unilever Ltd.		64,846		841,595
Housing Development Finance Corp. Ltd.		150,206		3,084,436
ICICI Bank Ltd.		110,588		458,057
Idea Cellular Ltd.		126,096		218,952
IDFC Bank Ltd.		135,819		127,231
Indiabulls Housing Finance Ltd.		29,540		385,772
Infosys Ltd.		183,597		2,785,928
ITC Ltd.		338,512		1,330,326

50 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2017

Security	Shares		Value
JSW Steel Ltd.		84,394	$	236,477
Larsen & Toubro Ltd.		31,714		698,368
LIC Housing Finance Ltd.		29,816		250,616
Lupin Ltd.		22,105		488,393
Mahindra & Mahindra Financial Services Ltd.		27,865		121,807
Mahindra & Mahindra Ltd.		37,226		732,120
Marico Ltd.		45,010		189,704
Maruti Suzuki India Ltd.		10,570		938,279
Motherson Sumi Systems Ltd.		42,015		220,533
Nestle India Ltd.		2,303		215,884
NTPC Ltd.		165,011		403,013
Oil & Natural Gas Corp. Ltd.		128,411		372,518
Piramal Enterprises Ltd.		7,733		213,821
Power Finance Corp. Ltd.		63,483		129,404
Reliance Industries Ltd.		129,633		2,405,503
Shree Cement Ltd.		832		200,911
Shriram Transport Finance Co. Ltd.		14,731		205,160
Siemens Ltd.		7,120		128,844
State Bank of India		155,244		626,386
Sun Pharmaceuticals Industries Ltd.		95,942		976,407
Tata Consultancy Services Ltd.		47,248		1,746,516
Tata Motors Ltd.		158,042		1,081,940
Tata Motors Ltd. Class A		37,992		157,164
Tata Power Co. Ltd.		111,045		137,477
Tata Steel Ltd.		30,124		217,943
Tech Mahindra Ltd.		44,157		330,522
Titan Co. Ltd.		30,988		203,061
Ultratech Cement Ltd.		8,778		496,607
United Spirits Ltd.a		6,537		229,769
UPL Ltd.		35,501		382,207
Vedanta Ltd.		103,695		402,696
Wipro Ltd.		60,678		444,544
Yes Bank Ltd.		31,148		678,201
Zee Entertainment Enterprises Ltd.		57,579		439,661
				36,597,019
INDONESIA — 3.48%
Adaro Energy Tbk PT		1,436,500		182,579
AKR Corporindo Tbk PT		179,200		85,327
Astra International Tbk PT		2,022,800		1,243,773
Bank Central Asia Tbk PT		1,232,100		1,427,410
Bank Danamon Indonesia Tbk PT		331,200		122,933
Bank Mandiri Persero Tbk PT		933,600		791,068
Bank Negara Indonesia Persero Tbk PT		747,000		350,086

Security	Shares		Value
Bank Rakyat Indonesia Persero Tbk PT		1,109,900	$	994,549
Bumi Serpong Damai Tbk PT		771,100		105,812
Charoen Pokphand Indonesia Tbk PT		731,300		169,993
Gudang Garam Tbk PT		48,000		237,013
Hanjaya Mandala Sampoerna Tbk PT		931,100		270,198
Indocement Tunggal Prakarsa Tbk PT		146,200		166,087
Indofood CBP Sukses Makmur Tbk PT		233,700		145,887
Indofood Sukses Makmur Tbk PT		438,600		267,219
Jasa Marga Persero Tbk PT		220,098		78,889
Kalbe Farma Tbk PT		2,102,000		241,156
Lippo Karawaci Tbk PT		1,844,900		101,680
Matahari Department Store Tbk PT		247,600		253,430
Media Nusantara Citra Tbk PT		518,600		64,553
Pakuwon Jati Tbk PT		2,395,700		105,989
Perusahaan Gas Negara Persero Tbk PT		1,088,700		231,030
Semen Indonesia Persero Tbk PT		295,800		213,488
Summarecon Agung Tbk PT		1,002,400		102,976
Surya Citra Media Tbk PT		581,000		128,521
Telekomunikasi Indonesia Persero Tbk PT		5,043,100		1,455,904
Tower Bersama Infrastructure Tbk PT		238,400		89,382
Unilever Indonesia Tbk PT		152,600		482,596
United Tractors Tbk PT		167,700		309,973
Waskita Karya Persero Tbk PT		478,500		88,983
XL Axiata Tbk PTa		379,500		85,086
				10,593,570
MALAYSIA — 3.41%
AirAsia Bhd		150,500		91,520
Alliance Financial Group Bhd		100,200		85,982
AMMB Holdings Bhd		180,500		188,224
Astro Malaysia Holdings Bhd		154,600		99,236
Axiata Group Bhdc		268,300		267,696
Berjaya Sports Toto Bhd		63,255		41,600
British American Tobacco Malaysia Bhd		14,200		155,113
CIMB Group Holdings Bhd		306,300		342,863
Dialog Group Bhd		317,878		120,278
DiGi.Com Bhdc		350,600		397,978

CONSOLIDATED SCHEDULES OF INVESTMENTS 51

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2017

Security	Shares		Value
Felda Global Ventures Holdings Bhdc		122,300	$	51,785
Gamuda Bhdc		170,900		188,991
Genting Bhd		224,400		467,500
Genting Malaysia Bhd		296,100		350,118
Genting Plantations Bhd		22,600		58,434
HAP Seng Consolidated Bhdc		61,200		124,605
Hartalega Holdings Bhdc		66,100		72,353
Hong Leong Bank Bhd		64,500		197,277
Hong Leong Financial Group Bhd		22,700		76,996
IHH Healthcare Bhd		329,900		446,554
IJM Corp. Bhd		287,300		216,769
IOI Corp. Bhdc		225,900		238,111
IOI Properties Group Bhd		154,915		73,620
Kuala Lumpur Kepong Bhd		42,800		232,701
Lafarge Malaysia Bhd		31,300		46,527
Malayan Banking Bhdc		351,500		680,833
Malaysia Airports Holdings Bhd		74,800		109,168
Maxis Bhdc		189,100		268,743
MISC Bhdc		111,400		186,168
Petronas Chemicals Group Bhd		242,000		395,158
Petronas Dagangan Bhd		19,700		108,705
Petronas Gas Bhd		69,100		311,573
PPB Group Bhd		47,400		176,576
Public Bank Bhd		271,510		1,220,572
RHB Bank Bhd		80,262		87,493
RHB Bank Bhd New		28,800		—
Sapurakencana Petroleum Bhda		388,600		166,293
Sime Darby Bhd		233,600		471,409
Telekom Malaysia Bhdc		114,900		159,411
Tenaga Nasional Bhd		339,300		1,034,712
UMW Holdings Bhdc		49,800		62,138
Westports Holdings Bhd		102,600		92,664
YTL Corp. Bhd		429,753		150,026
YTL Power International Bhd		190,215		63,833
				10,378,306
PHILIPPINES — 1.65%
Aboitiz Equity Ventures Inc.		196,340		287,189
Aboitiz Power Corp.		145,900		124,937
Alliance Global Group Inc.		191,500		48,433
Ayala Corp.		24,680		387,291
Ayala Land Inc.		735,500		517,040
Bank of the Philippine Islands		70,650		132,253
BDO Unibank Inc.		195,989		450,796
DMCI Holdings Inc.		397,100		100,273

Security	Shares		Value
Energy Development Corp.		936,100	$	109,987
Globe Telecom Inc.		3,315		120,677
GT Capital Holdings Inc.		7,815		188,158
International Container Terminal Services Inc.		47,860		72,436
JG Summit Holdings Inc.		285,286		441,436
Jollibee Foods Corp.		42,650		171,398
Megaworld Corp.		1,129,400		81,868
Metro Pacific Investments Corp.		1,410,600		191,020
Metropolitan Bank & Trust Co.		63,706		102,762
PLDT Inc.		9,705		282,173
Robinsons Land Corp.		167,200		78,913
Security Bank Corp.		10,900		43,392
SM Investments Corp.		24,169		319,109
SM Prime Holdings Inc.		827,650		484,575
Universal Robina Corp.		87,230		277,941
				5,014,057
SOUTH KOREA — 19.59%
AmorePacific Corp.		3,224		858,213
AmorePacific Group		2,798		321,680
BGF retail Co. Ltd.		1,985		179,058
BNK Financial Group Inc.		26,057		200,022
Celltrion Inc.a		7,957		714,248
Cheil Worldwide Inc.		6,898		115,602
CJ CheilJedang Corp.		795		256,270
CJ Corp.		1,463		223,186
CJ E&M Corp.		1,907		131,715
CJ Korea Express Corp.a		698		106,482
Coway Co. Ltd.		5,395		427,020
Daelim Industrial Co. Ltd.a		2,782		205,682
Daewoo Engineering & Construction Co. Ltd.a		11,802		63,981
DGB Financial Group Inc.		17,066		156,963
Dongbu Insurance Co. Ltd.		4,953		267,635
Dongsuh Cos. Inc.		3,659		82,516
Doosan Heavy Industries & Construction Co. Ltd.		4,806		104,344
E-MART Inc.		1,954		359,436
GS Engineering & Construction Corp.a		4,967		130,901
GS Holdings Corp.		5,149		252,726
GS Retail Co. Ltd.		2,711		126,110
Hana Financial Group Inc.		29,603		922,844
Hankook Tire Co. Ltd.a		7,427		392,779
Hanmi Pharm Co. Ltd.a		560		158,974

52 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2017

Security	Shares		Value
Hanmi Science Co. Ltd.a,c		1,164	$	67,529
Hanon Systems		18,747		151,866
Hanssem Co. Ltd.		1,060		208,110
Hanwha Chemical Corp.		10,770		241,450
Hanwha Corp.		4,543		146,244
Hanwha Life Insurance Co. Ltd.a		21,887		126,009
Hanwha Techwin Co. Ltd.a		3,729		144,774
Hotel Shilla Co. Ltd.		3,334		150,668
Hyosung Corp.		2,106		244,916
Hyundai Department Store Co. Ltd.		1,520		133,617
Hyundai Development Co. Engineering & Construction		5,650		218,855
Hyundai Engineering & Construction Co. Ltd.		7,233		305,759
Hyundai Glovis Co. Ltd.		1,883		255,618
Hyundai Heavy Industries Co. Ltd.a		4,182		608,392
Hyundai Marine & Fire Insurance Co. Ltd.		6,254		179,199
Hyundai Mobis Co. Ltd.		6,809		1,535,525
Hyundai Motor Co.		15,409		2,037,272
Hyundai Steel Co.		8,021		443,345
Hyundai Wia Corp.		1,631		96,497
Industrial Bank of Koreaa		25,402		277,439
Kakao Corp.a		3,040		229,596
Kangwon Land Inc.a		11,825		369,678
KB Financial Group Inc.		39,693		1,646,342
KCC Corp.		587		179,877
KEPCO Plant Service & Engineering Co. Ltd.a		2,270		122,258
Kia Motors Corp.		26,330		890,668
Korea Aerospace Industries Ltd. Class Aa		6,835		352,404
Korea Electric Power Corp.a		25,661		989,449
Korea Gas Corp.a		2,820		122,077
Korea Investment Holdings Co. Ltd.a		3,923		164,449
Korea Zinc Co. Ltd.a		852		313,825
Korean Air Lines Co. Ltd.a		3,912		99,984
KT Corp.		1,558		41,955
KT&G Corp.		11,662		1,057,135
Kumho Petrochemical Co. Ltd.		1,332		90,351
LG Chem Ltd.		4,601		1,151,522
LG Corp.		9,521		528,781
LG Display Co. Ltd.		23,242		563,193
LG Electronics Inc.		10,630		562,170
LG Household & Health Care Ltd.		940		729,887

Security	Shares		Value
LG Innotek Co. Ltd.		1,427	$	151,439
LG Uplus Corp.		14,223		161,003
Lotte Chemical Corp.a		1,546		498,357
Lotte Chilsung Beverage Co. Ltd.a		63		84,019
Lotte Confectionery Co. Ltd.a		571		98,723
Lotte Shopping Co. Ltd.		1,106		225,944
Mirae Asset Daewoo Co. Ltd.a		36,789		290,538
NAVER Corp.		2,800		1,921,556
NCsoft Corp.		1,753		424,782
NH Investment & Securities Co. Ltd.a		14,234		146,022
OCI Co. Ltd.		1,678		132,222
Orion Corp./Republic of Korea		358		226,055
Ottogi Corp.		122		80,704
POSCO		7,406		1,856,822
Posco Daewoo Corp.		4,570		99,220
S-1 Corp.		1,899		152,827
S-Oil Corp.		4,520		345,371
Samsung Biologics Co. Ltd.a		1,657		241,058
Samsung C&T Corp.		7,595		826,164
Samsung Card Co. Ltd.		3,490		130,711
Samsung Electro-Mechanics Co. Ltd.		5,598		289,616
Samsung Electronics Co. Ltd.		9,843		16,730,706
Samsung Fire & Marine Insurance Co. Ltd.		3,322		749,158
Samsung Heavy Industries Co. Ltd.a		25,531		252,883
Samsung Life Insurance Co. Ltd.		7,013		663,622
Samsung SDI Co. Ltd.		5,498		627,231
Samsung SDS Co. Ltd.		3,482		400,318
Samsung Securities Co. Ltd.		5,936		174,025
Shinhan Financial Group Co. Ltd.		42,648		1,761,363
Shinsegae Inc.		738		130,206
SK Holdings Co. Ltd.		4,578		882,604
SK Hynix Inc.		58,200		2,403,661
SK Innovation Co. Ltd.		6,468		883,755
SK Networks Co. Ltd.		12,648		82,885
SK Telecom Co. Ltd.		2,038		417,243
Woori Banka		30,399		357,556
Yuhan Corp.		819		162,243
				59,599,684
TAIWAN — 17.32%
Acer Inc.		292,062		140,216
Advanced Semiconductor Engineering Inc.		617,434		766,680
Advantech Co. Ltd.		31,894		271,463

CONSOLIDATED SCHEDULES OF INVESTMENTS 53

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2017

Security	Shares		Value
Asia Cement Corp.		235,229	$	232,752
Asia Pacific Telecom Co. Ltd.a		220,000		73,755
Asustek Computer Inc.		70,000		632,252
AU Optronics Corp.		866,000		343,880
Casetek Holdings Ltd.		13,000		44,005
Catcher Technology Co. Ltd.		65,000		543,721
Cathay Financial Holding Co. Ltd.		815,944		1,281,407
Chailease Holding Co. Ltd.		102,496		219,848
Chang Hwa Commercial Bank Ltd.		492,614		294,220
Cheng Shin Rubber Industry Co. Ltd.		193,776		411,853
Chicony Electronics Co. Ltd.		53,864		126,931
China Airlines Ltd.		264,000		86,787
China Development Financial Holding Corp.		1,346,200		354,915
China Life Insurance Co. Ltd./Taiwan		346,835		340,361
China Steel Corp.		1,177,867		989,112
Chunghwa Telecom Co. Ltd.		380,000		1,261,575
Compal Electronics Inc.		421,000		263,780
CTBC Financial Holding Co. Ltd.		1,754,265		1,047,757
Delta Electronics Inc.		195,000		1,085,326
E.Sun Financial Holding Co. Ltd.		788,017		478,348
Eclat Textile Co. Ltd.		19,200		193,103
EVA Airways Corp.		202,397		100,462
Evergreen Marine Corp. Taiwan Ltd.a		176,050		83,374
Far Eastern New Century Corp.		320,460		286,837
Far EasTone Telecommunications Co. Ltd.		160,000		385,373
Feng TAY Enterprise Co. Ltd.		33,064		139,903
First Financial Holding Co. Ltd.		956,370		564,978
Formosa Chemicals & Fibre Corp.		321,950		1,018,554
Formosa Petrochemical Corp.		110,000		383,094
Formosa Plastics Corp.		413,400		1,245,979
Formosa Taffeta Co. Ltd.		78,000		79,210
Foxconn Technology Co. Ltd.		91,521		273,161
Fubon Financial Holding Co. Ltd.		664,396		1,075,844
Giant Manufacturing Co. Ltd.		28,000		173,157
Highwealth Construction Corp.		81,840		132,922
Hiwin Technologies Corp.		20,981		133,848
Hon Hai Precision Industry Co. Ltd.		1,547,314		4,507,449
Hotai Motor Co. Ltd.		24,000		274,578
HTC Corp.a		66,000		169,492
Hua Nan Financial Holdings Co. Ltd.		734,392		403,965

Security	Shares		Value
Innolux Corp.		895,620	$	364,387
Inventec Corp.		250,980		186,253
Largan Precision Co. Ltd.		10,000		1,484,206
Lite-On Technology Corp.		211,032		353,741
MediaTek Inc.		149,176		1,087,618
Mega Financial Holding Co. Ltd.		1,086,542		845,228
Merida Industry Co. Ltd.		21,350		109,100
Micro-Star International Co. Ltd.		68,000		157,365
Nan Ya Plastics Corp.		476,090		1,155,998
Nanya Technology Corp.		69,000		102,186
Nien Made Enterprise Co. Ltd.		15,000		146,712
Novatek Microelectronics Corp.		58,000		217,098
OBI Pharma Inc.a		11,000		125,132
Pegatron Corp.		193,000		506,944
Phison Electronics Corp.		15,000		131,577
Pou Chen Corp.		221,000		299,956
Powertech Technology Inc.		66,000		191,619
President Chain Store Corp.		57,000		418,360
Quanta Computer Inc.		270,000		559,799
Realtek Semiconductor Corp.		45,140		168,227
Ruentex Development Co. Ltd.a		83,888		105,531
Ruentex Industries Ltd.		56,855		107,886
Shin Kong Financial Holding Co. Ltd.a		817,138		220,485
Siliconware Precision Industries Co. Ltd.		217,438		342,539
SinoPac Financial Holdings Co. Ltd.		1,013,173		308,336
Standard Foods Corp.		39,873		99,931
Synnex Technology International Corp.		142,050		156,043
TaiMed Biologics Inc.a		16,000		95,562
Taishin Financial Holding Co. Ltd.		854,561		337,947
Taiwan Business Bank		393,397		107,685
Taiwan Cement Corp.		332,000		406,848
Taiwan Cooperative Financial Holding Co. Ltd.		769,435		366,892
Taiwan Fertilizer Co. Ltd.		75,000		103,748
Taiwan Mobile Co. Ltd.		161,000		565,951
Taiwan Semiconductor Manufacturing Co. Ltd.		2,457,000		15,114,587
Teco Electric and Machinery Co. Ltd.		188,000		169,499
Transcend Information Inc.		18,000		50,561
Uni-President Enterprises Corp.		482,650		857,737
United Microelectronics Corp.		1,199,000		497,575

54 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2017

Security	Shares		Value
Vanguard International Semiconductor Corp.		90,000	$	177,812
Wistron Corp.		245,022		205,358
WPG Holdings Ltd.		150,000		190,408
Yuanta Financial Holding Co. Ltd.		958,893		405,735
Yulon Motor Co. Ltd.		88,000		81,918
Zhen Ding Technology Holding Ltd.		40,455		100,731
				52,705,038
THAILAND — 3.15%
Advanced Info Service PCL NVDR		104,400		499,486
Airports of Thailand PCL NVDR		430,500		477,915
Bangkok Bank PCL Foreign		24,800		137,124
Bangkok Dusit Medical Services PCL NVDR		386,200		222,390
Bangkok Expressway & Metro PCL		685,900		138,534
Banpu PCL NVDR		199,200		111,854
BEC World PCL NVDR		86,600		38,951
Berli Jucker PCL NVDR		119,200		157,087
BTS Group Holdings PCL NVDR		581,200		136,535
Bumrungrad Hospital PCL NVDR		35,500		178,998
Central Pattana PCL NVDR		133,600		210,511
Charoen Pokphand Foods PCL NVDR		270,200		216,745
CP ALL PCL NVDR		494,500		850,009
Delta Electronics Thailand PCL NVDR		49,400		130,911
Electricity Generating PCL NVDR		13,100		77,687
Energy Absolute PCL NVDRc		114,900		82,294
Glow Energy PCL NVDR		51,200		114,412
Home Product Center PCL NVDR		389,945		110,039
Indorama Ventures PCL NVDR		144,600		147,063
IRPC PCL NVDR		999,900		142,084
Kasikornbank PCL Foreign		117,200		639,630
Kasikornbank PCL NVDR		57,400		314,910
KCE Electronics PCL NVDR		28,600		80,502
Krung Thai Bank PCL NVDR		348,350		195,604
Minor International PCL NVDRc		214,780		210,747
PTT Exploration & Production PCL NVDR		139,310		371,169
PTT Global Chemical PCL NVDR		207,200		422,942
PTT PCL NVDR		100,100		1,138,494
Robinson Department Store PCL NVDR		50,800		89,504
Siam Cement PCL (The) Foreign		29,900		442,005
Siam Cement PCL (The) NVDR		11,200		165,567

Security	Shares		Value
Siam Commercial Bank PCL (The) NVDR		176,900	$	780,467
Thai Oil PCL NVDR		81,300		175,268
Thai Union Group PCL NVDR		190,700		110,905
TMB Bank PCL NVDR		1,360,300		95,089
True Corp. PCL NVDRc		1,000,005		179,056
				9,592,488
TOTAL COMMON STOCKS
(Cost: $282,527,870)				299,799,924
PREFERRED STOCKS — 1.05%
SOUTH KOREA — 1.05%
AmorePacific Corp.		887		131,393
Hyundai Motor Co.		2,255		195,237
Hyundai Motor Co. Series 2		3,773		340,346
LG Chem Ltd.		756		118,674
LG Household & Health Care Ltd.		206		103,478
Samsung Electronics Co. Ltd.		1,742		2,304,693
				3,193,821
TOTAL PREFERRED STOCKS
(Cost: $2,719,756)				3,193,821
RIGHTS — 0.01%
MALAYSIA — 0.00%
IOI Properties Group Bhda		38,728		6,368
				6,368
SOUTH KOREA — 0.01%
Korean Air Lines Co. Ltd.a		635		4,549
Samsung Securities Co. Ltd.a		564		3,416
				7,965
TOTAL RIGHTS
(Cost: $0)				14,333
SHORT-TERM INVESTMENTS — 2.34%
MONEY MARKET FUNDS — 2.34%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		6,818,978		6,821,706
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		304,146		304,146
				7,125,852
TOTAL SHORT-TERM INVESTMENTS
(Cost: $7,123,980)				7,125,852

CONSOLIDATED SCHEDULES OF INVESTMENTS 55

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.93%
(Cost: $292,371,606)g	$	310,133,930
Other Assets, Less Liabilities — (1.93)%		(5,866,562	)
NET ASSETS — 100.00%	$	304,267,368

ADR — American Depositary Receipts

NVDR — Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $294,555,986. Net unrealized appreciation was $15,577,944, of which $25,732,029 represented gross unrealized appreciation on securities and $10,154,085 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the consolidated schedule of investments above.

	Level 1		Level 2		Level 3			Total
Investments:
Assets:
Common stocks	$	299,799,924	$	—	$	0	a	$	299,799,924
Preferred stocks		3,193,821		—		—			3,193,821
Rights		—		14,333		—			14,333
Money market funds		7,125,852		—		—			7,125,852
Total	$	310,119,597	$	14,333	$	0	a	$	310,133,930

^a  Rounds to less than $1.

See notes to consolidated financial statements.

56 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 98.16%
BRAZIL — 3.34%
Aliansce Shopping Centers SA		32,500	$	152,941
Alupar Investimento SA Units		27,608		176,510
Arezzo Industria e Comercio SA		16,300		164,991
B2W Cia. Digitala		38,500		152,218
BR Properties SAa		22,941		69,686
Cia. de Saneamento de Minas Gerais-COPASA		19,300		320,054
Cia. Hering		41,800		233,924
Cyrela Brazil Realty SA Empreendimentos e Participacoes		67,800		283,099
EcoRodovias Infraestrutura e Logistica SA		66,400		196,148
Estacio Participacoes SA		73,400		353,670
Even Construtora e Incorporadora SA		88,900		144,309
EZ TEC Empreendimentos e Participacoes SA		18,544		114,566
Fleury SA		23,100		321,662
Gafisa SA		146,900		108,133
Iguatemi Empresa de Shopping Centers SA		23,300		232,925
Iochpe Maxion SA		21,400		97,404
Iochpe Maxion SA New		7,105		32,339
Light SA		25,300		181,516
Linx SA		38,600		205,594
Mahle-Metal Leve SA		15,900		111,878
Marfrig Global Foods SAa		72,900		146,456
Minerva SAa		38,800		134,696
MRV Engenharia e Participacoes SA		75,800		347,934
Multiplus SA		13,500		155,135
Santos Brasil Participacoes SAa		137,000		112,295
Sao Martinho SA		46,500		283,992
SLC Agricola SA		25,800		142,642
Smiles SA		17,100		339,252
TOTVS SA		29,200		237,842
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		24,000		199,036
Via Varejo SA		32,600		123,652
				5,876,499

Security	Shares		Value
CHILE — 1.15%
CAP SA		15,340	$	175,354
Cia. Sud Americana de Vapores SAa		3,524,408		118,368
Engie Energia Chile SA		147,118		256,040
Inversiones Aguas Metropolitanas SA		137,262		201,028
Inversiones La Construccion SA		8,585		114,087
Parque Arauco SA		177,140		445,897
Ripley Corp. SA		223,226		138,236
SalfaCorp SA		236,329		191,441
SONDA SA		112,015		182,672
Vina Concha y Toro SA		114,899		193,971
				2,017,094
CHINA — 22.31%
21Vianet Group Inc. ADRa		19,289		139,459
361 Degrees International Ltd.		282,000		106,443
500.com Ltd. ADRa,b		8,369		108,044
51job Inc. ADRa		6,601		237,306
Agile Property Holdings Ltd.b		502,000		331,112
AGTech Holdings Ltd.a,b		736,000		152,653
Ajisen China Holdings Ltd.		267,000		104,221
Anhui Expressway Co. Ltd. Class H		134,000		107,719
Anton Oilfield Services Group/Hong Konga		676,000		87,957
Anxin-China Holdings Ltd.a		1,084,000		29,312
APT Satellite Holdings Ltd.b		174,000		92,352
Asia Cement China Holdings Corp.		436,500		131,583
AVIC International Holding HK Ltd.a		1,738,000		107,471
Baozun Inc. ADRa,b		6,404		92,090
Beijing Capital Land Ltd. Class H		268,000		115,659
Beijing Enterprises Medical & Health Group Ltd.a		1,680,000		101,720
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		119,000		160,661
BEP International Holdings Ltd.		3,600,000		222,610
Best Pacific International Holdings Ltd.		128,000		98,443
Biostime International Holdings Ltd.a,b		53,500		177,473
Bitauto Holdings Ltd. ADRa,b		7,550		143,903
Boshiwa International Holding Ltd.a,b		32,000		299

CONSOLIDATED SCHEDULES OF INVESTMENTS 57

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Bosideng International Holdings Ltd.		1,312,000	$	116,623
BYD Electronic International Co. Ltd.		195,500		211,557
C C Land Holdings Ltd.		572,000		174,641
C.banner International Holdings Ltd.a		450,000		165,798
Capital Environment Holdings Ltd.a,b		2,966,000		93,231
Carnival Group International Holdings Ltd.a,b		1,732,000		185,194
Central China Securities Co. Ltd. Class H		316,000		178,712
CGN Meiya Power Holdings Co. Ltd.a,c		528,000		83,664
Chaowei Power Holdings Ltd.		195,000		153,740
Cheetah Mobile Inc. ADRa		7,653		76,607
Chiho-Tiande Group Ltd.a,b		134,000		87,694
China Aerospace International Holdings Ltd.		1,038,000		137,732
China Agri-Industries Holdings Ltd.a		578,000		285,186
China All Access Holdings Ltd.b		450,000		137,392
China Animal Healthcare Ltd.a,b		126,000		4,941
China Animation Characters Co. Ltd.b		167,000		71,641
China Beidahuang Industry Group Holdings Ltd.a		1,348,000		70,331
China BlueChemical Ltd. Class H		528,000		182,973
China Chengtong Development Group Ltd.a,b		1,132,000		90,415
China Datang Corp. Renewable Power Co. Ltd. Class Ha		1,123,000		111,397
China Dongxiang Group Co. Ltd.		1,251,000		236,906
China Electronics Corp. Holdings Co. Ltd.b		398,000		82,036
China Electronics Optics Valley Union Holding Co Ltd.b		960,000		95,228
China Fangda Group Co. Ltd. Class B		140,400		140,537
China First Capital Group Ltd.		700,000		305,702
China Foods Ltd.		292,000		130,155
China Harmony New Energy Auto Holding Ltd.		215,500		105,217
China Huiyuan Juice Group Ltd.a		260,500		93,294

Security	Shares		Value
China Innovationpay Group Ltd.a		1,352,000	$	84,473
China Lesso Group Holdings Ltd.b		331,000		248,598
China Lilang Ltd.		201,000		141,122
China Logistics Property Holdings Co. Ltd.a,b		464,000		196,062
China LotSynergy Holdings Ltd.a,b		2,840,000		96,954
China Lumena New Materials Corp.a,b		210,000		2,164
China Maple Leaf Educational Systems Ltd.		178,000		117,636
China Merchants Land Ltd.		514,000		77,473
China Metal Recycling Holdings Ltd.a		12,000		—
China Modern Dairy Holdings Ltd.a,b		727,000		178,883
China NT Pharma Group Co.Ltd.		546,500		114,757
China Ocean Industry Group Ltd.a,b		4,860,000		132,731
China Oil & Gas Group Ltd.a		1,930,000		156,639
China Overseas Grand Oceans Group Ltd.a		444,000		164,732
China Overseas Property Holdings Ltd.b		430,000		77,553
China Power New Energy Development Co. Ltd.b		144,000		83,664
China Regenerative Medicine International Ltd.a,b		3,715,000		122,039
China Resources Phoenix Healthcare Holdings Co. Ltd.a,b		155,500		192,511
China SCE Property Holdings Ltd.		458,000		166,386
China Shanshui Cement Group Ltd.a,b		253,000		16,296
China Shengmu Organic Milk Ltd.a,b,c		511,000		140,217
China Shineway Pharmaceutical Group Ltd.		208,000		224,280
China Singyes Solar Technologies Holdings Ltd.		207,000		97,334
China Suntien Green Energy Corp. Ltd. Class H		828,000		140,801
China Traditional Chinese Medicine Holdings Co. Ltd.		568,000		287,569
China Travel International Investment Hong Kong Ltd.		688,000		203,853
China Water Affairs Group Ltd.		286,000		187,168

58 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
China Water Industry Group Ltd.a,b		944,000	$	194,578
China Yurun Food Group Ltd.a		593,000		106,187
China ZhengTong Auto Services Holdings Ltd.		322,500		135,025
Chinasoft International Ltd.a,b		508,000		249,339
Chongqing Machinery & Electric Co. Ltd. Class H		1,316,000		166,143
CIFI Holdings Group Co. Ltd.		854,000		286,044
CIMC Enric Holdings Ltd.		234,000		141,682
CITIC Resources Holdings Ltd.a,b		948,000		139,224
Citychamp Watch & Jewellery Group Ltd.		512,000		110,810
Cogobuy Groupa,b,c		169,000		239,051
Colour Life Services Group Co. Ltd.		158,000		98,108
Comba Telecom Systems Holdings Ltd.		782,894		147,251
Concord New Energy Group Ltd.		2,090,000		110,390
Coolpad Group Ltd.a,b		936,000		91,641
COSCO SHIPPING International Hong Kong Co. Ltd.b		354,000		163,263
Cosmo Lady China Holdings Co. Ltd.b,c		240,000		71,421
Credit China FinTech Holdings Ltd.a,b		3,808,000		554,340
Crown International Corp Ltd.a,b		344,000		69,133
CT Environmental Group Ltd.b		792,000		165,288
Dah Chong Hong Holdings Ltd.b		287,000		112,767
Dawnrays Pharmaceutical Holdings Ltd.		224,000		128,125
Dazhong Transportation Group Co. Ltd. Class B		248,200		180,193
Digital China Holdings Ltd.b		299,000		266,935
Dongyue Group Ltd.a		395,000		55,771
eHi Car Services Ltd. ADRa,b		11,341		114,431
Fang Holdings Ltd. ADRa,b		69,155		206,082
Fantasia Holdings Group Co. Ltd.		1,221,000		171,452
FDG Electric Vehicles Ltd.a,b		3,540,000		152,774
First Tractor Co. Ltd. Class H		212,000		135,462
Fu Shou Yuan International Group Ltd.b		277,000		161,294
Fufeng Group Ltd.b		340,400		214,875
Glorious Property Holdings Ltd.a		879,000		100,781
Golden Eagle Retail Group Ltd.		156,000		231,916

Security	Shares		Value
Golden Meditech Holdings Ltd.a		1,056,000	$	168,689
Greatview Aseptic Packaging Co. Ltd.		422,000		209,303
Greenland Hong Kong Holdings Ltd.a		285,000		81,508
Greentown China Holdings Ltd.a,b		174,000		158,927
Guorui Properties Ltd.		357,000		115,896
Haichang Ocean Park Holdings Ltd.a,c		577,000		128,595
Hangzhou Steam Turbine Co. Ltd. Class Ba		89,980		96,095
Harbin Electric Co. Ltd. Class H		218,000		106,719
HC International Inc.a,b		172,000		141,146
Hengdeli Holdings Ltd.a		837,600		134,880
Hi Sun Technology China Ltd.a,b		738,000		117,891
Hilong Holding Ltd.		278,000		58,018
Hisense Kelon Electrical Holdings Co. Ltd. Class H		119,000		141,038
Hopewell Highway Infrastructure Ltd.		440,000		231,834
Hopson Development Holdings Ltd.		186,000		168,689
Hua Han Health Industry Holdings Ltd. Class Ha		1,112,400		75,952
Hua Hong Semiconductor Ltd.c		115,000		137,482
Huadian Fuxin Energy Corp. Ltd. Class H		666,000		162,158
Huangshi Dongbei Electrical Appliance Co. Ltd. Class Ba		54,700		99,390
Huanxi Media Group Ltd.a,b		300,000		94,300
Huayi Tencent Entertainment Co. Ltd.a,b		1,640,000		90,848
Hutchison China Meditech Ltd.a,b		5,950		154,933
Hybrid Kinetic Group Ltd.a,b		5,520,000		146,490
IGG Inc.		258,000		182,471
iKang Healthcare Group Inc. ADRa,b		15,265		244,545
IMAX China Holding Inc.a,c		31,500		150,958
Inner Mongolia Yitai Coal Co. Ltd. Class B		297,000		350,460
Intime Retail Group Co. Ltd.b		425,500		528,966
JA Solar Holdings Co. Ltd. ADRa,b		16,046		81,835
JinkoSolar Holding Co. Ltd.a		7,093		119,730
Ju Teng International Holdings Ltd.		316,000		119,684

CONSOLIDATED SCHEDULES OF INVESTMENTS 59

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Jumei International Holding Ltd. ADRa		19,156	$	77,773
K Wah International Holdings Ltd.		402,000		224,241
Kama Co. Ltd.a		89,600		93,542
Kingboard Chemical Holdings Ltd.		181,500		641,830
Kingboard Laminates Holdings Ltd.		263,500		295,326
Kingdee International Software Group Co. Ltd.a,b		574,000		221,837
KongZhong Corp. ADRa		16,152		115,810
Konka Group Co. Ltd. Class Ba		216,900		79,356
KuangChi Science Ltd.a,b		417,000		173,516
KWG Property Holding Ltd.		331,000		208,942
Lao Feng Xiang Co. Ltd. Class B		58,400		210,824
Launch Tech Co. Ltd.a		69,000		73,156
Lee & Man Paper Manufacturing Ltd.		444,000		402,677
Leyou Technologies Holdings Ltd.a,b		760,000		165,463
Li Ning Co. Ltd.a		409,000		273,459
Lifetech Scientific Corp.a,b		610,000		155,595
Livzon Pharmaceutical Group Inc. Class H		26,300		159,410
Logan Property Holdings Co. Ltd.b		342,000		147,595
Lonking Holdings Ltd.		849,000		229,683
Luthai Textile Co. Ltd. Class B		125,100		149,879
Luye Pharma Group Ltd.		356,000		232,978
Minth Group Ltd.		192,000		610,941
MMG Ltd.a,b		700,000		275,944
Nan Hai Corp. Ltd.a,b		4,050,000		126,783
National Agricultural Holdings Ltd.a,b		346,000		66,860
NetDragon Websoft Holdings Ltd.b		46,000		130,371
New Silkroad Culturaltainment Ltd.a,b		560,000		87,292
New World Department Store China Ltd.a		634,000		98,010
Nexteer Automotive Group Ltd.		238,000		307,217
Noah Holdings Ltd. ADRa,b		7,529		197,185
North Mining Shares Co. Ltd.a		3,570,000		77,264
NQ Mobile Inc. ADRa		28,232		108,693
PAX Global Technology Ltd.b		233,000		164,489
Phoenix Satellite Television Holdings Ltd.		832,000		137,194

Security	Shares		Value
Poly Property Group Co. Ltd.a		554,000	$	232,664
Pou Sheng International Holdings Ltd.		641,000		156,071
Qingdao Port International Co. Ltd.c		273,000		167,758
Renhe Commercial Holdings Co. Ltd.a		4,674,000		132,469
Seaspan Corp.b		13,491		105,769
Shandong Airlines Co. Ltd. Class B		51,300		116,843
Shandong Chenming Paper Holdings Ltd. Class B		216,900		275,231
Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. Class H		52,000		85,612
Shandong Zhonglu Oceanic Fisheries Co. Ltd.a		140,100		109,554
Shang Gong Group Co. Ltd. Class Ba		124,900		139,014
Shanghai Baosight Software Co. Ltd. Class B		61,800		97,644
Shanghai Dasheng Agricultural Finance Technology Co. Ltd.b		1,248,000		117,365
Shanghai Haixin Group Co. Class B		137,800		109,827
Shanghai Huili Building Materials Co. Ltd.a		41,300		60,298
Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H		382,000		108,757
Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B		62,300		92,640
Shanghai Jinjiang International Travel Co. Ltd. Class B		29,200		98,667
Shanghai Lingyun Industries Development Co. Ltd. Class Ba		79,300		79,300
Shanghai Potevio Co. Ltd. Class Ba		42,800		45,240
Shanghai Shibei Hi-Tech Co. Ltd. Class B		81,400		88,726
Shanghai Zhongyida Co. Ltd.a		132,100		70,806
Shenguan Holdings Group Ltd.		1,312,000		103,101
Shenzhen Expressway Co. Ltd. Class H		256,000		236,461
Shenzhen International Holdings Ltd.		283,000		405,408

60 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Shenzhen Investment Ltd.		794,000	$	340,617
Shougang Concord International Enterprises Co. Ltd.a		3,268,000		115,775
Shougang Fushan Resources Group Ltd.		716,000		159,573
Shui On Land Ltd.		943,000		211,379
Sihuan Pharmaceutical Holdings Group Ltd.b		1,279,000		436,634
Sino Oil And Gas Holdings Ltd.a		4,650,000		119,209
Sinolink Worldwide Holdings Ltd.a		880,000		96,361
Sinopec Kantons Holdings Ltd.b		266,000		139,126
Sinosoft Technology Group Ltd.		230,800		68,683
Sinotrans Shipping Ltd.a,b		639,000		148,998
Sinotruk Hong Kong Ltd.		224,500		186,542
Skyworth Digital Holdings Ltd.		502,000		325,938
SMI Holdings Group Ltd.b		1,616,000		145,727
Sohu.com Inc.a		8,440		336,165
SSY Group Ltd.b		685,970		215,624
Superb Summit International Group Ltd.a,b		238,250		2,149
Tarena International Inc. ADR		12,253		177,301
TCL Multimedia Technology Holdings Ltd.a,b		164,000		77,537
Technovator International Ltd.b		252,000		106,807
Texhong Textile Group Ltd.		80,500		118,016
Tian Ge Interactive Holdings Ltd.c		138,000		76,267
Tianjin Development Holdings Ltd.b		268,000		140,863
Tianjin Port Development Holdings Ltd.		836,000		141,084
Tianneng Power International Ltd.		196,000		173,466
Tibet Water Resources Ltd.b		549,000		226,320
Tong Ren Tang Technologies Co. Ltd. Class H		177,000		324,702
Tongda Group Holdings Ltd.		940,000		316,060
Towngas China Co. Ltd.		321,000		176,163
Tuniu Corp. ADRa,b		10,888		90,697
United Photovoltaics Group Ltd.a,b		1,470,000		128,774
Vinda International Holdings Ltd.		79,000		154,693
Viva China Holdings Ltd.a,b		856,000		93,733
Wasion Group Holdings Ltd.b		156,000		84,004
Weiqiao Textile Co. Class H		134,000		94,944
West China Cement Ltd.a		934,000		122,729
Wisdom Sports Groupa		248,000		68,051
Xiamen International Port Co. Ltd. Class H		580,000		122,539

Security	Shares		Value
Xingda International Holdings Ltd.		360,000	$	160,001
Xinjiang Xinxin Mining Industry Co. Ltd. Class Ha		522,000		75,316
Xinyi Solar Holdings Ltd.b		772,000		271,507
Xinyuan Real Estate Co. Ltd. ADR		15,209		75,132
XTEP International Holdings Ltd.		239,000		109,302
Yanchang Petroleum International Ltd.a,b		2,450,000		66,281
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co.c		57,000		127,622
Yingde Gases Group Co. Ltd.b		334,000		229,337
Yip’s Chemical Holdings Ltd.b		336,000		141,110
Yuexiu Property Co. Ltd.		1,622,000		263,283
Yuexiu REITb		527,000		313,656
Yuexiu Transport Infrastructure Ltd.		302,000		210,088
Yuxing InfoTech Investment Holdings Ltd.a,b		356,000		72,920
Zhaojin Mining Industry Co. Ltd. Class H		270,000		264,350
Zhonglu Co. Ltd. Class B		31,100		64,066
Zhongsheng Group Holdings Ltd.		185,000		268,356
				39,312,072
COLOMBIA — 0.26%
Almacenes Exito SA		45,063		239,629
Cemex Latam Holdings SAa		58,867		216,746
				456,375
CZECH REPUBLIC — 0.11%
Philip Morris CR AS		384		200,829
				200,829
EGYPT — 0.22%
Egyptian Financial Group-Hermes Holding Co.a		96,854		136,515
Medinet Nasr Housinga		76,646		96,244
Orascom Telecom Media And Technology Holding SAE GDRa		135,576		33,555
Palm Hills Developments SAE		332,946		63,850
South Valley Cementa		224,687		64,846
				395,010
GREECE — 0.58%
Aegean Airlines SA		11,636		81,729
Grivalia Properties REIC AE		13,528		113,561
Hellenic Exchanges-Athens Stock Exchange SA		24,623		120,356

CONSOLIDATED SCHEDULES OF INVESTMENTS 61

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Metka Industrial-Construction SA		14,238	$	107,418
Motor Oil Hellas Corinth Refineries SA		19,270		298,954
Mytilineos Holdings SAa		26,630		200,909
Public Power Corp. SAa		34,150		99,792
				1,022,719
HUNGARY — 0.13%
Magyar Telekom Telecommunications PLC		134,723		227,417
				227,417
INDIA — 12.35%
Adani Enterprises Ltd.		72,660		107,271
Aditya Birla Fashion and Retail Ltd.a		63,093		149,366
Aditya Birla Nuvo Ltd.		11,332		244,911
AIA Engineering Ltd.		13,601		301,900
Ajanta Pharma Ltd.		9,603		247,197
Alembic Pharmaceuticals Ltd.		21,731		188,912
Amara Raja Batteries Ltd.		14,072		181,050
Andhra Bank		126,631		106,762
Apollo Tyres Ltd.		83,321		234,282
Arvind Ltd.		42,857		244,158
Balkrishna Industries Ltd.		16,863		328,736
Bayer CropScience Ltd./India		4,639		268,503
Bharat Financial Inclusion Ltd.a		10,708		135,433
Biocon Ltd.		17,998		302,791
Blue Dart Express Ltd.		2,593		166,586
Canara Bank Ltd.a		29,448		130,448
Ceat Ltd.		7,263		128,515
CESC Ltd.		27,071		340,991
Cox & Kings Ltd.		44,551		127,138
Credit Analysis & Research Ltd.		7,372		154,260
CRISIL Ltd.		7,746		233,754
Crompton Greaves Consumer Electricals Ltd.a		107,088		304,802
Crompton Greaves Ltd.a		159,860		165,206
Cyient Ltd.		27,356		197,937
Dalmia Bharat Ltd.		7,487		213,881
DCB Bank Ltd.a		73,654		172,216
Dewan Housing Finance Corp. Ltd.		52,301		261,157
Dish TV India Ltd.a		161,384		233,421
eClerx Services Ltd.		9,117		184,209
Edelweiss Financial Services Ltd.		106,222		218,434
EID Parry India Ltd.a		36,761		158,876

Security	Shares		Value
Exide Industries Ltd.		87,598	$	278,147
Federal Bank Ltd.		366,557		479,906
Finolex Cables Ltd.		36,375		242,886
Gateway Distriparks Ltd.		40,583		150,030
Gayatri Projects Ltd.		60,470		125,936
GE T&D India Ltd.		27,979		125,178
Gillette India Ltd.		3,561		215,452
GMR Infrastructure Ltd.a		709,052		168,977
Great Eastern Shipping Co. Ltd. (The)		37,218		206,427
Gujarat Fluorochemicals Ltd.		17,907		141,082
Gujarat Gas Ltd.		14,129		132,324
Gujarat Mineral Development Corp. Ltd.		82,375		147,542
Gujarat Pipavav Port Ltd.		59,320		135,944
Gujarat State Petronet Ltd.		73,697		170,604
Hexaware Technologies Ltd.		42,180		141,741
Housing Development & Infrastructure Ltd.a		116,938		120,761
IIFL Holdings Ltd.		50,212		280,679
India Cements Ltd. (The)		65,427		166,807
Indian Hotels Co. Ltd. (The)		139,334		261,987
Indraprastha Gas Ltd.		13,693		214,091
Info Edge India Ltd.		21,211		272,407
Ipca Laboratories Ltd.a		20,055		166,437
IRB Infrastructure Developers Ltd.		61,500		213,623
Jain Irrigation Systems Ltd.		135,139		190,195
Jaiprakash Associates Ltd.a		481,549		118,730
Jammu & Kashmir Bank Ltd. (The)		100,656		111,339
Jindal Steel & Power Ltd.a		96,178		180,842
Jubilant Foodworks Ltd.		12,761		193,322
Jubilant Life Sciences Ltd.		20,077		216,602
Just Dial Ltd.a		14,112		115,635
Kajaria Ceramics Ltd.		30,056		263,243
Kansai Nerolac Paints Ltd.		48,747		259,996
KPIT Technologies Ltd.		64,613		133,596
KRBL Ltd.		30,704		177,039
L&T Finance Holdings Ltd.		137,606		240,176
Mahanagar Gas Ltd.		13,756		180,170
Manappuram Finance Ltd.		149,734		218,030
Marksans Pharma Ltd.		103,538		78,058
Max Financial Services Ltd.		17,561		148,345
Max India Ltd.a		45,623		101,546
MindTree Ltd.		32,352		229,989

62 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Mphasis Ltd.		23,448	$	209,145
Muthoot Finance Ltd.		31,857		170,127
Natco Pharma Ltd.		20,451		246,477
NCC Ltd./India		120,858		151,800
Oberoi Realty Ltd.		32,650		158,286
Page Industries Ltd.		1,750		375,356
PC Jeweller Ltd.		20,610		115,810
Persistent Systems Ltd.		18,965		180,884
PI Industries Ltd.		20,068		255,487
PTC India Ltd.		187,912		248,836
PVR Ltd.		12,646		245,561
Rajesh Exports Ltd.		26,694		211,732
RBL Bank Ltd.a,c		32,157		229,759
Redington India Ltd.		124,375		198,720
Reliance Capital Ltd.		32,583		260,395
Reliance Communications Ltd.a		316,057		184,275
Reliance Infrastructure Ltd.		32,038		272,583
Sadbhav Engineering Ltd.		35,972		149,590
Strides Shasun Ltd.		14,487		252,452
Sun Pharma Advanced Research Co. Ltd.a		28,451		143,430
Sun TV Network Ltd.		30,364		324,581
Sundaram Finance Ltd.		11,063		238,766
Sundram Fasteners Ltd.		18,677		93,975
Supreme Industries Ltd.		18,832		284,701
Suzlon Energy Ltd.a		729,425		197,884
Symphony Ltd.		6,871		136,666
Syndicate Banka		72,958		75,999
Tata Global Beverages Ltd.		135,291		279,935
Thermax Ltd.		14,593		188,004
Torrent Power Ltd.		44,821		137,919
Tube Investments of India Ltd.		30,377		283,560
TVS Motor Co. Ltd.		44,210		284,071
Vakrangee Ltd.		34,551		164,265
Voltas Ltd.		41,361		231,544
WABCO India Ltd.		2,277		186,068
Welspun India Ltd.		87,977		117,555
Wockhardt Ltd.		10,176		114,741
				21,749,863
INDONESIA — 2.37%
Ace Hardware Indonesia Tbk PT		2,599,300		150,080
Agung Podomoro Land Tbk PTa		4,566,400		77,385
Alam Sutera Realty Tbk PTa		4,163,100		116,127
Aneka Tambang Persero Tbk PTa		2,389,000		133,459
Arwana Citramulia Tbk PT		2,238,500		72,513

Security	Shares		Value
Bank Bukopin Tbk		2,615,000	$	118,632
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		907,900		156,581
Bank Tabungan Negara Persero Tbk PT		1,390,623		223,150
Ciputra Development Tbk PT		3,690,063		379,078
Hanson International Tbk PTa		22,516,400		209,361
Indo Tambangraya Megah Tbk PT		133,700		176,449
Japfa Comfeed Indonesia Tbk PT		1,363,400		176,355
Kawasan Industri Jababeka Tbk PTa		7,677,394		177,312
Kresna Graha Investama PT Tbka		4,936,800		148,815
Link Net Tbk PT		382,300		139,320
Mitra Adiperkasa Tbk PTa		294,800		118,817
Multipolar Tbk PTa		2,606,813		69,197
Pembangunan Perumahan Persero Tbk PT		1,179,525		307,794
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		917,700		101,500
PP Properti Tbk PT		6,251,600		153,759
Ramayana Lestari Sentosa Tbk PT		1,374,400		135,008
Semen Baturaja Persero TBK PT		789,100		136,684
Sugih Energy Tbk PTa		5,450,300		34,739
Surya Semesta Internusa Tbk PT		2,268,050		93,538
Tambang Batubara Bukit Asam Persero Tbk PT		216,100		181,083
Tiga Pilar Sejahtera Food Tbka		683,500		102,504
Timah Persero Tbk PT		1,133,796		84,168
Wijaya Karya Persero Tbk PT		1,049,448		196,732
				4,170,140
MALAYSIA — 3.11%
Bumi Armada Bhda,b		748,100		122,156
Bursa Malaysia Bhdb		150,100		296,819
Cahya Mata Sarawak Bhdb		205,900		197,553
Carlsberg Brewery Malaysia Bhd		66,100		211,401
DRB-Hicom Bhd		150,800		48,229
Eastern & Oriental Bhdb		403,481		169,935
IGB REITb		775,000		289,752
Inari Amertron Bhd		483,600		208,035
Karex Bhdb		210,100		105,050
Kossan Rubber Industries		112,100		158,808
KPJ Healthcare Bhd		295,150		272,548
Magnum Bhd		389,500		191,241

CONSOLIDATED SCHEDULES OF INVESTMENTS 63

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Mah Sing Group Bhdb		451,457	$	150,486
Malaysia Building Society Bhdb		442,200		112,542
Malaysian Pacific Industries Bhd		59,800		129,701
Malaysian Resources Corp. Bhd		321,400		102,790
Media Prima Bhd		525,300		121,860
My EG Services Bhd		701,100		257,386
OSK Holdings Bhd		396,587		128,623
POS Malaysia Bhd		130,200		129,027
Press Metal Bhd		382,240		213,503
QL Resources Bhd		251,000		251,565
Sunway Bhdb		370,400		269,458
Sunway Construction Group Bhd		412,020		162,395
Sunway REIT		614,300		235,205
Supermax Corp. Bhd		162,000		73,338
TIME dotCom Bhd		111,100		217,696
Top Glove Corp. Bhdb		219,800		249,008
Unisem M Bhd		221,500		135,195
VS Industry Bhd		338,000		118,757
WCT Holdings Bhd		341,347		145,303
				5,475,365
MEXICO — 2.72%
Alsea SAB de CV		144,059		408,195
Axtel SAB de CV CPOa,b		301,000		55,404
Banregio Grupo Financiero SAB de CV		59,400		309,022
Bolsa Mexicana de Valores SAB de CVb		111,000		160,897
Concentradora Fibra Hotelera Mexicana SA de CV		172,700		128,708
Consorcio ARA SAB de CV		347,000		105,006
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa,b		178,900		218,427
Corp Inmobiliaria Vesta SAB de CV		157,900		194,287
Genomma Lab Internacional SAB de CV Series Ba		208,800		241,147
Grupo Aeromexico SAB de CVa,b		132,300		295,732
Grupo Aeroportuario del Centro Norte SAB de CV		66,800		322,661
Grupo Comercial Chedraui SA de CV		65,400		122,310
Grupo Financiero Interacciones SA de CV Series O		31,500		139,107
Grupo Herdez SAB de CVb		77,400		144,752

Security	Shares		Value
Industrias Bachoco SAB de CV Series B		52,000	$	208,284
Industrias CH SAB de CV Series Ba		40,900		262,366
La Comer SAB de CVa,b		132,800		89,340
Macquarie Mexico Real Estate Management SA de CV		232,900		240,906
Minera Frisco SAB de CV Series A1a,b		172,900		121,160
PLA Administradora Industrial S. de RL de CVb		185,100		275,251
Prologis Property Mexico SA de CV		116,400		172,567
Qualitas Controladora SAB de CV		82,700		130,258
Telesites SAB de CVa,b		434,900		250,158
TV Azteca SAB de CV CPOb		459,300		73,744
Unifin Financiera SAB de CV SOFOM ENRb		55,000		125,666
Urbi Desarrollos Urbanos SAB de CVa		1		—
				4,795,355
PHILIPPINES — 1.06%
Bloomberry Resorts Corp.a		1,110,200		162,722
Cebu Air Inc.		87,340		160,018
Cosco Capital Inc.		912,100		162,022
D&L Industries Inc.		988,300		257,432
DoubleDragon Properties Corp.a		201,410		216,592
Filinvest Land Inc.		5,583,000		183,450
First Gen Corp.		416,400		174,968
First Philippine Holdings Corp.		112,670		164,018
Manila Water Co. Inc.		420,500		255,825
Vista Land & Lifescapes Inc.		1,440,500		133,393
				1,870,440
POLAND — 1.13%
Asseco Poland SA		19,996		275,783
Budimex SA		4,074		245,071
CD Projekt SAa		18,876		327,512
Ciech SA		8,658		159,711
Enea SAa		66,420		174,542
Globe Trade Centre SAa		69,151		139,653
KRUK SA		4,547		274,364
Netia SA		89,663		99,372
PKP Cargo SAa		9,787		141,948
Warsaw Stock Exchange		13,396		156,911
				1,994,867

64 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
QATAR — 0.70%
Gulf International Services QSC		8,804	$	71,085
Qatar First Banka		60,012		161,351
Qatar National Cement Co. QSC		8,366		216,660
Qatari Investors Group QSC		936		15,423
Salam International Investment Ltd. QSC		64,081		191,297
United Development Co. QSC		55,365		331,468
Vodafone Qatar QSCa		95,943		244,781
				1,232,065
RUSSIA — 0.83%
Acron JSC		3,511		203,019
Aeroflot PJSCa		159,156		453,068
DIXY Group OJSCa		36,280		153,411
LSR Group PJSC GDRd		68,577		246,192
M Video OJSC		32,520		207,298
Mechel PJSCa		18,313		89,184
TMK PJSC GDRd		19,578		101,806
				1,453,978
SOUTH AFRICA — 5.69%
Adcock Ingram Holdings Ltd.b		26,748		120,325
Advtech Ltd.		139,684		202,691
Aeci Ltd.		32,759		274,144
African Rainbow Minerals Ltd.		28,214		218,939
Alexander Forbes Group Holdings Ltd.		281,441		150,403
Arrowhead Properties Ltd. Class A		212,392		145,167
Ascendis Health Ltd.b		80,515		131,729
Assore Ltd.		9,146		189,633
Astral Foods Ltd.		13,555		153,831
Attacq Ltd.a		127,708		176,526
AVI Ltd.		85,056		619,387
Barloworld Ltd.		54,387		481,749
Blue Label Telecoms Ltd.		128,647		182,742
Cashbuild Ltd.		5,971		168,909
City Lodge Hotels Ltd.		14,249		168,853
Clicks Group Ltd.		64,270		631,399
Clover Industries Ltd.		115,582		169,043
Curro Holdings Ltd.a		32,114		120,280
DataTec Ltd.		54,956		229,319
Emira Property Fund Ltd.		161,662		181,684
EOH Holdings Ltd.		31,327		337,220
Famous Brands Ltd.		18,576		219,418
Grindrod Ltd.		126,358		131,671

Security	Shares		Value
Harmony Gold Mining Co. Ltd.		111,996	$	273,140
Hosken Consolidated Investments Ltd.		17,062		187,669
JSE Ltd.		21,755		270,773
KAP Industrial Holdings Ltd.		450,810		322,943
Lewis Group Ltd.		26,593		85,472
Mpact Ltd.		64,714		149,911
Murray & Roberts Holdings Ltd.b		138,937		162,412
Nampak Ltd.a		162,195		206,464
Northam Platinum Ltd.a		93,269		386,624
Omnia Holdings Ltd.		17,107		226,367
PPC Ltd.a		573,065		289,161
Raubex Group Ltd.		69,111		129,504
Reunert Ltd.		44,909		240,922
SA Corporate Real Estate Ltd.		552,602		237,011
Sun International Ltd./South Africa		30,607		202,175
Super Group Ltd./South Africaa		89,186		237,284
Tongaat Hulett Ltd.		27,586		267,002
Trencor Ltd.		51,596		150,883
Vukile Property Fund Ltd.		177,035		254,048
Wilson Bayly Holmes-Ovcon Ltd.		15,110		168,370
Zeder Investments Ltd.		313,360		178,242
				10,031,439
SOUTH KOREA — 16.58%
Able C&C Co. Ltd.		5,800		113,358
Advanced Process Systems Corp.a,b		6,493		159,920
AeroSpace Technology of Korea Inc.a,b		6,065		85,819
Agabang & Co.a,b		13,668		86,789
Ahnlab Inc.b		1,945		111,634
ALUKO Co. Ltd.		17,679		80,675
Amicogen Inc.a,b		2,393		88,884
Asiana Airlines Inc.a		31,500		128,563
ATGen Co. Ltd.a,b		3,001		85,989
Binex Co. Ltd.a,b		9,970		133,139
Binggrae Co. Ltd.a		2,775		163,199
Bukwang Pharmaceutical Co. Ltd.		7,552		156,951
Caregen Co. Ltd.b		1,083		66,182
Cell Biotech Co. Ltd.		2,484		81,610
Celltrion Pharm Inc.a,b		6,039		118,564
Cellumed Co. Ltd.a,b		50,724		51,139
Chabiotech Co. Ltd.a		14,339		165,487
Chong Kun Dang Pharmaceutical Corp.		1,663		161,042

CONSOLIDATED SCHEDULES OF INVESTMENTS 65

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
CJ CGV Co. Ltd.b		3,957	$	261,409
CJ Freshway Corp.		3,396		96,256
CJ O Shopping Co. Ltd.		1,078		184,855
CMG Pharmaceutical Co. Ltd.a,b		29,421		91,067
Com2uSCorp.		2,827		273,762
Cosmax Inc.b		2,156		273,611
COSON Co. Ltd.a,b		8,275		90,379
CrucialTec Co. Ltd.a,b		12,376		90,186
CrystalGenomics Inc.a		5,981		83,573
Dae Hwa Pharmaceutical Co. Ltd.b		3,870		77,178
Daesang Corp.a		6,712		146,616
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a		21,862		73,624
Daewoong Pharmaceutical Co. Ltd.		1,553		113,994
Daishin Securities Co. Ltd.a		13,660		138,321
Daou Technology Inc.a		8,475		137,908
Dawonsys Co. Ltd.b		7,650		71,037
DIO Corp.a		3,358		85,973
Dong-A Socio Holdings Co. Ltd.a		1,006		113,878
Dong-A ST Co. Ltd.a		1,426		119,427
Dongbu HiTek Co. Ltd.a		10,282		170,950
Dongkuk Steel Mill Co. Ltd.b		15,989		178,166
Dongwon Development Co. Ltd.		45,876		175,674
Dongwon F&B Co. Ltd.		444		84,815
Doosan Infracore Co. Ltd.a,b		36,005		294,536
DoubleUGames Co. Ltd.		3,583		131,976
DuzonBIzon Co. Ltd.		6,443		131,054
Easy Bio Inc.a		21,067		111,972
Emerson Pacific Inc.a,b		2,601		72,343
EO Technics Co. Ltd.a		2,511		184,980
Fila Korea Ltd.b		2,970		196,731
Finetex EnE Inc.a,b		15,670		73,586
Foosung Co. Ltd.a		18,660		111,226
G-SMATT GLOBAL Co. Ltd.a		6,112		74,052
G-treeBNT Co. Ltd.a,b		7,099		102,648
Gamevil Inc.a,b		2,249		115,359
GemVax & Kael Co. Ltd.a		9,845		107,091
Genexine Co. Ltd.a,b		3,115		108,539
GNCO Co. Ltd.a,b		17,869		36,821
Grand Korea Leisure Co. Ltd.		9,828		185,565
Green Cross Cell Corp.		3,510		82,725
Green Cross Corp./South Korea		1,512		202,581
Green Cross Holdings Corp.		7,063		166,152

Security	Shares		Value
GS Home Shopping Inc.		1,158	$	220,898
Halla Holdings Corp.		2,991		167,173
Hana Tour Service Inc.		2,696		200,278
Hanall Biopharma Co. Ltd.a,b		7,358		83,943
Handsome Co. Ltd.		4,974		132,845
Hanjin Heavy Industries & Construction Co. Ltd.a		25,856		72,372
Hanjin Kal Corp.a		12,250		183,086
Hanjin Transportation Co. Ltd.a,b		3,484		83,191
Hankook Tire Worldwide Co. Ltd.a		7,597		137,730
Hansae Co. Ltd.b		5,893		135,762
Hansol Chemical Co. Ltd.		3,139		212,922
Hansol Holdings Co. Ltd.a		27,767		161,089
Hansol Technics Co. Ltd.a		6,239		94,626
Hanwha Investment & Securities Co. Ltd.a,b		47,322		96,464
Hite Jinro Co. Ltd.a		8,894		165,964
HLB Inc.a,b		8,484		111,794
Homecast Co. Ltd.a,b		7,566		62,763
HS Industries Co. Ltd.a		10,840		102,576
Huchems Fine Chemical Corp.		8,575		174,040
Hugel Inc.a		710		231,445
Humedix Co. Ltd.b		3,286		91,395
Huons Co. Ltd.a		1,829		81,037
Huons Global Co. Ltd.		2,446		62,732
Hwa Shin Co. Ltd.		18,078		112,233
Hyundai Corp.a		5,181		95,762
Hyundai Elevator Co. Ltd.a		3,901		195,611
Hyundai Greenfood Co. Ltd.		15,516		231,900
Hyundai Home Shopping Network Corp.		1,889		191,281
Hyundai Livart Furniture Co. Ltd.b		4,034		102,745
Hyundai Mipo Dockyard Co. Ltd.a,b		3,019		194,903
Hyundai Rotem Co. Ltd.a		7,826		142,574
Iljin Materials Co. Ltd.a		5,826		78,831
Ilyang Pharmaceutical Co. Ltd.b		4,037		142,986
InBody Co. Ltd.		4,982		104,420
Innocean Worldwide Inc.		2,930		158,063
Interojo Co. Ltd.		4,882		160,179
Interpark Holdings Corp.		22,024		93,102
iNtRON Biotechnology Inc.a		3,677		84,547
IS Dongseo Co. Ltd.a		3,683		139,079
Jeil Pharmaceutical Co.b		1,944		119,141
Jenax Inc.a,b		4,247		78,499

66 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Jusung Engineering Co. Ltd.a		14,882	$	140,825
JW Holdings Corp.b		10,733		75,841
JW Pharmaceutical Corp.b		3,377		139,022
JW Shinyak Corp.		13,412		87,061
KB Insurance Co. Ltd.		13,001		302,964
KC Tech Co. Ltd.		8,831		103,481
KEPCO Engineering & Construction Co. Inc.a,b		4,111		97,435
KH Vatec Co. Ltd.b		6,910		83,109
KIWOOM Securities Co. Ltd.a		3,451		235,306
Koh Young Technology Inc.		4,817		215,130
Kolmar BNH Co. Ltd.a,b		4,876		77,404
Kolon Corp.		1,857		92,460
Kolon Industries Inc.		4,600		289,648
Kolon Life Science Inc.		1,323		129,872
Komipharm International Co. Ltd.a		9,281		266,344
KONA I Co. Ltd.a,b		7,979		74,798
Korea Electric Terminal Co. Ltd.		2,112		132,613
Korea Kolmar Co. Ltd.a		4,093		277,633
Korea Kolmar Holdings Co. Ltd.a,b		2,891		71,588
Korea PetroChemical Ind. Co. Ltd.		816		191,958
Korea REIT Co. Ltd.b		56,022		156,807
Korean Reinsurance Co.		32,296		319,890
KT Skylife Co. Ltd.		9,256		137,111
Kumho Tire Co. Inc.a		35,747		256,702
Kyung Dong Navien Co. Ltd.b		2,508		90,605
Leaders Cosmetics Co. Ltd.a,b		4,319		65,506
LEENO Industrial Inc.		4,483		164,928
LF Corp.		9,477		176,843
LG Hausys Ltd.		1,941		180,239
LG International Corp.		8,493		244,857
Lock&Lock Co. Ltd.		8,750		119,943
Loen Entertainment Inc.		2,293		162,229
LOTTE Fine Chemical Co. Ltd.		5,954		177,712
Lotte Food Co. Ltd.		246		138,582
LOTTE Himart Co. Ltd.		3,159		134,937
LS Corp.		5,268		315,870
LS Industrial Systems Co. Ltd.		4,482		171,630
Lutronic Corp.		3,292		85,885
Macrogen Inc.a,b		5,773		147,037
Mando Corp.		1,859		436,493
Medipost Co. Ltd.a		2,652		135,561
Medy-Tox Inc.		1,134		412,582
Meritz Financial Group Inc.		17,343		180,217

Security	Shares		Value
Meritz Fire & Marine Insurance Co. Ltd.		23,108	$	314,714
Meritz Securities Co. Ltd.		79,038		255,480
Muhak Co. Ltd.b		5,633		116,571
Namhae Chemical Corp.		18,452		148,171
Namyang Dairy Products Co. Ltd.a		207		140,776
Naturalendo Tech Co. Ltd.a,b		5,096		72,784
Nexen Tire Corp.		13,639		170,073
NHN Entertainment Corp.a		3,562		184,282
NHN KCP Corp.a		6,101		70,951
NICE Holdings Co. Ltd.a		6,297		99,961
NICE Information Service Co. Ltd.a		13,357		82,806
NongShim Co. Ltd.		925		257,683
NS Shopping Co. Ltd.b		916		133,664
NUTRIBIOTECH Co. Ltd.a,b		3,770		96,688
Osstem Implant Co. Ltd.a		3,714		189,190
Paradise Co. Ltd.b		13,306		182,395
Partron Co. Ltd.		12,485		122,559
Peptron Inc.a		2,235		75,307
Poongsan Corp.		6,959		252,020
POSCO Chemtech Co. Ltd.		12,878		149,195
POSCO ICT Co. Ltd.		27,081		148,008
S&T Dynamics Co. Ltd.a		14,221		120,484
S&T Motiv Co. Ltd.		3,983		169,077
Samsung Engineering Co. Ltd.a		38,162		418,491
Samyang Corp.		1,115		96,536
Samyang Holdings Corp.		1,014		100,884
Schnell Biopharmaceuticals Inc.a,b		29,544		96,934
Seah Besteel Corp.		5,339		122,999
Seegene Inc.a,b		5,583		169,848
Seoul Semiconductor Co. Ltd.b		12,144		180,428
SFA Engineering Corp.		3,339		191,644
SK Chemicals Co. Ltd.		4,951		283,290
SK Materials Co. Ltd.		1,827		275,322
SK Securities Co. Ltd.a		149,738		159,570
SKC Co. Ltd.		6,210		172,721
SM Entertainment Co.a		6,425		137,790
Soulbrain Co. Ltd.b		2,986		126,755
SPC Samlip Co. Ltd.a		715		135,950
Ssangyong Cement Industrial Co. Ltd.		8,673		109,683
Ssangyong Information & Communication Corp.a		2,425		4,643

CONSOLIDATED SCHEDULES OF INVESTMENTS 67

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Sung Kwang Bend Co. Ltd.a,b		12,035	$	106,114
Sungwoo Hitech Co. Ltd.		17,912		122,133
Taekwang Industrial Co. Ltd.a		176		149,734
Taewoong Co. Ltd.a,b		4,683		100,431
Tongyang Inc.a		64,581		157,919
Tongyang Life Insurance Co. Ltd.a,b		14,864		138,682
Toptec Co. Ltd.		7,104		141,043
Vieworks Co. Ltd.		3,080		171,331
ViroMed Co. Ltd.a		3,588		296,686
Webzen Inc.a		6,679		121,678
WeMade Entertainment Co. Ltd.b		3,787		96,287
WONIK IPS Co. Ltd.a		6,975		138,174
Woongjin Thinkbig Co. Ltd.a		12,286		96,919
Youngone Corp.		6,425		182,394
Yuanta Securities Korea Co. Ltd.a		31,608		92,804
Yungjin Pharmaceutical Co. Ltd.a,b		15,560		114,214
				29,213,049
TAIWAN — 18.04%
A-DATA Technology Co. Ltd.		78,000		135,317
Accton Technology Corp.		133,000		244,585
Advanced Wireless Semiconductor Co.		59,000		118,102
Airtac International Group		29,850		275,926
Ambassador Hotel (The)		258,000		200,280
AmTRAN Technology Co. Ltd.		244,312		184,088
Asia Optical Co. Inc.a		96,000		161,232
Asia Polymer Corp.		283,252		173,325
ASPEED Technology Inc.		8,000		127,069
Basso Industry Corp.		33,000		95,058
BES Engineering Corp.		805,000		179,742
Bizlink Holding Inc.		27,982		172,135
Cathay Real Estate Development Co. Ltd.		331,300		225,910
Chaun-Choung Technology Corp.		23,000		108,174
Cheng Loong Corp.		644,000		307,081
Cheng Uei Precision Industry Co. Ltd.		161,000		201,489
Chin-Poon Industrial Co. Ltd.		91,000		181,861
China Bills Finance Corp.		501,000		225,033
China Man-Made Fiber Corp.		576,700		174,567
China Petrochemical Development Corp.a		616,000		243,605
China Steel Chemical Corp.		50,000		208,310
China Synthetic Rubber Corp.		234,460		230,465

Security	Shares		Value
Chipbond Technology Corp.		165,000	$	255,366
Chlitina Holding Ltd.		14,000		74,503
Chong Hong Construction Co. Ltd.		60,424		138,259
Chroma ATE Inc.		94,000		286,986
Chunghwa Precision Test Tech Co. Ltd.		4,000		181,620
Compeq Manufacturing Co. Ltd.		308,000		200,999
Coretronic Corp.		167,400		236,197
CSBC Corp. Taiwan		351,420		163,566
CTCI Corp.		199,000		329,686
D-Link Corp.		503,246		185,911
E Ink Holdings Inc.		216,000		177,870
Egis Technology Inc.a		19,000		162,026
Elan Microelectronics Corp.		147,000		180,619
Elite Advanced Laser Corp.		38,200		189,611
Elite Material Co. Ltd.		79,000		289,274
Ennoconn Corp.		11,000		173,646
Epistar Corp.a		241,000		226,696
Eternal Materials Co. Ltd.		252,555		276,201
Everlight Electronics Co. Ltd.		119,000		191,339
Far Eastern Department Stores Ltd.		256,000		136,651
Far Eastern International Bank		878,139		267,242
Faraday Technology Corp.		106,000		124,205
Feng Hsin Steel Co. Ltd.		172,000		290,553
Firich Enterprises Co. Ltd.		60,493		120,106
FLEXium Interconnect Inc.		77,445		238,207
Formosan Rubber Group Inc.		408,300		226,586
General Interface Solution Holding Ltd.		31,000		127,134
Getac Technology Corp.		139,000		194,542
Gigabyte Technology Co. Ltd.		161,000		224,284
Gigastorage Corp.a		127,400		101,179
Ginko International Co. Ltd.		13,000		127,362
Gintech Energy Corp.a		153,647		94,268
Global Unichip Corp.		53,000		175,956
Gloria Material Technology Corp.		324,850		255,346
Goldsun Building Materials Co. Ltd.		649,000		188,214
Gourmet Master Co. Ltd.		17,700		166,207
Grand Pacific Petrochemical		302,000		218,217
Grape King Bio Ltd.		30,000		199,684
Great Wall Enterprise Co. Ltd.		194,128		183,554
Greatek Electronics Inc.		136,000		184,588
Green Energy Technology Inc.a		139,125		81,283

68 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
HannStar Display Corp.a		683,320	$	172,367
Ho Tung Chemical Corp.a		676,524		200,600
Holy Stone Enterprise Co. Ltd.		225,500		254,686
Hota Industrial Manufacturing Co. Ltd.		50,000		224,584
Huaku Development Co. Ltd.		111,080		243,321
Huang Hsiang Construction Corp.		50,000		66,968
Hung Sheng Construction Ltd.		248,000		158,211
International Games System Co. Ltd.		14,000		93,869
Iron Force Industrial Co. Ltd.		16,000		93,479
ITEQ Corp.		148,600		202,415
Jih Sun Financial Holdings Co. Ltd.		502,690		113,714
Kenda Rubber Industrial Co. Ltd.		166,341		268,541
Kerry TJ Logistics Co. Ltd.		128,000		183,729
Kindom Construction Corp.		228,000		173,281
King Slide Works Co. Ltd.		17,000		234,609
King Yuan Electronics Co. Ltd.		311,000		291,023
King’s Town Bank Co. Ltd.		251,000		233,652
Kinpo Electronics		405,000		166,094
Kinsus Interconnect Technology Corp.		73,000		201,963
Land Mark Optoelectronics Corp.		14,400		150,452
LCY Chemical Corp.		135,000		195,095
Lealea Enterprise Co. Ltd.		848,590		238,915
Li Cheng Enterprise Co. Ltd.		18,000		52,318
Lien Hwa Industrial Corp.		270,814		206,701
Makalot Industrial Co. Ltd.		44,559		180,565
Masterlink Securities Corp.		637,121		188,709
Medigen Biotechnology Corp.a		10,397		25,786
Mercuries & Associates Holding Ltd.		314,225		257,222
Merry Electronics Co. Ltd.		43,000		201,540
Microbio Co. Ltd.a		197,727		147,377
Mitac Holdings Corp.		162,379		173,089
Motech Industries Inc.a		107,000		102,739
Nan Kang Rubber Tire Co. Ltd.		162,000		164,776
Neo Solar Power Corp.a		235,364		119,124
Pan-International Industrial Corp.		130,722		117,219
Parade Technologies Ltd.		18,000		190,408
PChome Online Inc.		24,360		162,540
PharmaEngine Inc.		18,798		125,122
PharmaEssentia Corp.a		37,000		195,697
Pixart Imaging Inc.		65,635		169,623

Security	Shares		Value
Poya International Co. Ltd.		15,251	$	176,965
President Securities Corp.		328,390		140,555
Primax Electronics Ltd.		123,000		188,162
Prince Housing & Development Corp.		480,917		174,532
Qisda Corp.		486,000		253,096
Radiant Opto-Electronics Corp.		119,000		245,952
Radium Life Tech Co. Ltd.a		584,707		192,216
Ritek Corp.a		542,260		108,722
Sanyang Motor Co. Ltd.		204,820		141,331
ScinoPharm Taiwan Ltd.		68,720		98,975
Senao International Co. Ltd.		68,000		119,739
Sercomm Corp.		84,000		226,654
Shin Zu Shing Co. Ltd.		45,000		126,109
Shining Building Business Co. Ltd.a		368,008		133,555
Shinkong Synthetic Fibers Corp.		620,135		203,862
Silergy Corp.		15,000		252,413
Sino-American Silicon Products Inc.		171,000		261,870
Sinyi Realty Inc.		136,105		147,519
Sitronix Technology Corp.		43,000		138,978
Soft-World International Corp.		50,140		102,651
St. Shine Optical Co. Ltd.		12,000		205,055
Sunny Friend Environmental Technology Co. Ltd.		30,000		124,498
TA Chen Stainless Pipe		316,325		184,296
Taichung Commercial Bank Co. Ltd.		788,388		241,981
Tainan Spinning Co. Ltd.		367,190		165,527
Taiwan Hon Chuan Enterprise Co. Ltd.		136,004		264,717
Taiwan Paiho Ltd.		64,050		192,837
Taiwan Secom Co. Ltd.		100,450		294,254
Taiwan Shin Kong Security Co. Ltd.		242,640		313,927
Taiwan Surface Mounting Technology Corp.		244,633		228,521
Taiwan TEA Corp.		361,000		185,649
Tatung Co. Ltd.a		620,000		320,862
Ton Yi Industrial Corp.		334,000		166,872
Tong Hsing Electronic Industries Ltd.		44,000		197,634
Tong Yang Industry Co. Ltd.		100,133		199,135
Toung Loong Textile Manufacturing		34,000		86,097

CONSOLIDATED SCHEDULES OF INVESTMENTS 69

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
TPK Holding Co. Ltd.a		77,000	$	230,322
Tripod Technology Corp.		127,000		331,518
TSRC Corp.		161,000		188,912
TTY Biopharm Co. Ltd.		60,450		222,333
Tung Ho Steel Enterprise Corp.		294,000		227,747
Tung Thih Electronic Co. Ltd.		17,000		176,233
TWi Pharmaceuticals Inc.a		22,000		72,322
TXC Corp.		128,000		190,812
Unimicron Technology Corp.		397,000		185,426
UPC Technology Corp.		441,661		200,536
USI Corp.		289,950		159,492
Visual Photonics Epitaxy Co. Ltd.		86,425		167,654
Voltronic Power Technology Corp.		14,077		207,099
Wah Lee Industrial Corp.		138,000		221,440
Walsin Lihwa Corp.		835,000		385,926
Walsin Technology Corp.		112,200		157,398
Waterland Financial Holdings Co. Ltd.		738,469		209,834
Win Semiconductors Corp.		99,736		423,635
Winbond Electronics Corp.		846,000		307,026
Wistron NeWeb Corp.		68,009		198,558
WT Microelectronics Co. Ltd.		145,168		216,877
Yageo Corp.		107,210		263,807
Yeong Guan Energy Technology Group Co. Ltd.		23,601		91,413
YFY Inc.		653,000		244,422
Yieh Phui Enterprise Co. Ltd.a		361,625		167,138
YungShin Global Holding Corp.		160,200		242,984
Yungtay Engineering Co. Ltd.		128,000		206,643
Zinwell Corp.		108,000		120,396
				31,784,841
THAILAND — 3.70%
Amata Corp. PCL NVDR		397,200		183,207
Bangchak Petroleum PCL (The) NVDR		144,400		142,722
Bangkok Airways PCLb		205,000		115,698
Bangkok Chain Hospital PCL NVDR		448,100		166,888
Bangkok Land PCL NVDR		4,354,000		227,021
Beauty Community PCLb		606,200		178,879
CH Karnchang PCL NVDRb		178,300		139,195
Chularat Hospital PCL NVDR		1,853,000		135,901
Esso Thailand PCL NVDRa,b		439,300		142,215
Group Lease PCL		102,700		173,592
Gunkul Engineering PCL NVDRb		934,500		136,539

Security	Shares		Value
Hana Microelectronics PCL NVDR		187,800	$	228,660
Italian-Thai Development PCL NVDRa,b		735,100		104,877
Jasmine International PCL NVDR		555,100		139,946
Khon Kaen Sugar Industry PCL NVDR		939,930		172,338
Kiatnakin Bank PCL NVDR		139,032		261,889
Krungthai Card PCL NVDR		36,400		136,087
LPN Development PCL NVDRb		358,700		119,205
Major Cineplex Group PCL NVDR		112,400		109,484
PTG Energy PCLb		165,900		128,326
Quality Houses PCL NVDRb		1,837,667		137,935
Samart Corp. PCL NVDRb		235,400		93,741
Siam Global House PCL NVDRb		436,519		231,356
Sino-Thai Engineering & Construction PCL NVDRb		276,528		202,016
Sri Trang Agro-Industry PCL NVDR		327,500		187,650
Srisawad Power 1979 PCL NVDRb		186,335		236,218
Supalai PCL NVDRb		318,400		227,132
Superblock PCLa		3,298,400		125,679
surGlobal Power Synergy Co. Ltd. NVDR		168,300		165,139
Thai Airways International PCL NVDRa,b		200,500		110,861
Thai Vegetable Oil PCL NVDR		173,300		191,146
Thaicom PCL NVDRb		154,400		84,929
Thanachart Capital PCL NVDR		193,800		269,278
Tisco Financial Group PCL NVDR		118,140		231,843
TTW PCL NVDR		644,400		203,074
U City PCL NVDRa		208,375,100		179,091
VGI Global Media PCL NVDR		986,700		144,166
Vibhavadi Medical Center PCL NVDR		1,934,200		161,804
WHA Corp. PCL NVDRa,b		2,198,000		195,207
				6,520,934
TURKEY — 1.04%
Akcansa Cimento AS		42,100		168,163
Aksa Akrilik Kimya Sanayii AS		39,661		114,579
Bizim Toptan Satis Magazalari ASb		43,413		140,019
Cimsa Cimento Sanayi VE Ticaret AS		40,680		192,433

70 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

Security	Shares		Value
Dogan Sirketler Grubu Holding ASa,b		365,074	$	71,453
Dogus Otomotiv Servis ve Ticaret ASb		25,951		65,815
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da		252,381		84,878
Koza Altin Isletmeleri ASa		16,146		83,810
NET Holding ASa,b		182,966		139,711
Otokar Otomotiv Ve Savunma Sanayi AS		4,179		158,976
Sekerbank TASa,b		239,893		78,695
Tekfen Holding ASb		55,454		120,612
Trakya Cam Sanayii AS		188,746		160,774
Turkiye Sinai Kalkinma Bankasi AS		305,206		124,519
Vestel Elektronik Sanayi ve Ticaret ASa,b		30,683		51,764
Yazicilar Holding ASb		18,794		79,837
				1,836,038
UNITED ARAB EMIRATES — 0.74%
Agthia Group PJSC		48,998		86,322
Air Arabia PJSC		662,635		221,931
Al Waha Capital PJSC		311,628		187,528
Amanat Holdings PJSC		519,299		164,026
Amlak Finance PJSCa		151,150		48,977
Arabtec Holding PJSCa		578,920		145,026
Dana Gas PJSCa		967,013		121,124
Deyaar Development PJSCa		612,233		99,191
Eshraq Properties Co. PJSCa		390,823		124,510
Orascom Construction Ltd.a		19,456		103,895
				1,302,530
TOTAL COMMON STOCKS
(Cost: $167,514,809)				172,938,919
PREFERRED STOCKS — 1.45%
BRAZIL — 1.40%
Alpargatas SA		41,500		157,676
Banco ABC Brasil SA		27,445		160,559
Banco ABC Brasil SA New		1,198		7,163
Banco do Estado do Rio Grande do Sul SA Class B		43,100		230,254
Bradespar SA		58,700		442,467
Cia. de Saneamento do Parana		77,100		356,876

Security	Shares		Value
Cia. Energetica de Sao Paulo Class B		51,700	$	296,972
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		28,100		113,177
Marcopolo SA		144,500		128,197
Metalurgica Gerdau SA		156,800		295,354
Randon SA Implemetos e Participacoes		75,325		107,745
Usinas Siderurgicas de Minas Gerais SA Class A		104,500		165,601
				2,462,041
COLOMBIA — 0.05%
Avianca Holdings SA		93,714		89,951
				89,951
TOTAL PREFERRED STOCKS
(Cost: $1,833,718)				2,551,992
RIGHTS — 0.00%
INDIA — 0.00%
Canara Bank Ltd.a		2,945		3,908
				3,908
TOTAL RIGHTS
(Cost: $0)				3,908
WARRANTS — 0.00%
BRAZIL — 0.00%
Iochpe Maxion SA (Expires 04/01/19)a		710		377
				377
TOTAL WARRANTS
(Cost: $0)				377
SHORT-TERM INVESTMENTS — 10.63%
MONEY MARKET FUNDS — 10.63%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%e,f,g		18,637,484		18,644,939
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%e,f		83,452		83,452
				18,728,391
TOTAL SHORT-TERM INVESTMENTS
(Cost: $18,722,050)				18,728,391

CONSOLIDATED SCHEDULES OF INVESTMENTS 71

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 110.24%
(Cost: $188,070,577)h	$	194,223,587
Other Assets, Less Liabilities — (10.24)%		(18,043,361	)
NET ASSETS — 100.00%	$	176,180,226

ADR — American Depositary Receipts

CPO — Certificates of Participation (Ordinary)

GDR — Global Depositary Receipts

NVDR — Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated money market fund.

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

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

^h  The cost of investments for federal income tax purposes was $190,064,388. Net unrealized appreciation was $4,159,199, of which $21,000,736 represented gross unrealized appreciation on securities and $16,841,537 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the consolidated schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	172,222,076	$	497,548	$	219,295	$	172,938,919
Preferred stocks		2,551,992		—		—		2,551,992
Rights		—		3,908		—		3,908
Warrants		377		—		—		377
Money market funds		18,728,391		—		—		18,728,391
Total	$	193,502,836	$	501,456	$	219,295	$	194,223,587

See notes to consolidated financial statements.

72 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2017

	iShares Core MSCI Emerging Markets ETF			iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF
ASSETS
Investments, at cost:
Unaffiliated	$	22,194,088,967		$	175,660,991		$	285,247,626
Affiliated (Note 2)		1,288,967,800			15,014,098			7,123,980
Total cost of investments	$	23,483,056,767		$	190,675,089		$	292,371,606
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	23,614,618,785		$	185,324,641		$	303,008,078
Affiliated (Note 2)		1,289,392,827			15,017,870			7,125,852
Total fair value of investments		24,904,011,612			200,342,511			310,133,930
Foreign currency, at valueb		5,070,496			184,887			5,968,400
Cash		26,376,374			340,783			426,231
Receivables:
Investment securities sold		72,689,896			647,842			540,196
Due from custodian (Note 4)		86,360			—			—
Dividends and interest		57,198,095			304,551			562,864
Capital shares sold		29,285,634			1,252,021			—
Futures variation margin		5,480,819			—			—
Total Assets		25,100,199,286			203,072,595			317,631,621
LIABILITIES
Payables:
Investment securities purchased		95,985,264			2,151,617			6,444,730
Collateral for securities on loan (Note 1)		1,262,078,536			15,012,121			6,819,868
Due to broker		2,188,511			—			—
Foreign taxes (Note 1)		113,267			—			83
Investment advisory fees (Note 2)		2,170,891			92,222			99,572
Total Liabilities		1,362,536,469			17,255,960			13,364,253
NET ASSETS	$	23,737,662,817		$	185,816,635		$	304,267,368
Net assets consist of:
Paid-in capital	$	23,214,249,586		$	407,073,975		$	314,000,541
Distributions in excess of net investment income		(2,506,204	)		(278,594	)		(172,095	)
Accumulated net realized loss		(903,363,814	)		(230,653,046	)		(27,350,801	)
Net unrealized appreciation		1,429,283,249			9,674,300			17,789,723
NET ASSETS	$	23,737,662,817		$	185,816,635		$	304,267,368
Shares outstandingc		511,800,000			5,250,000			5,250,000
Net asset value per share	$	46.38		$	35.39		$	57.96

^a  Securities on loan with values of $1,190,204,215, $14,457,891 and $6,305,567, respectively. See Note 1.

^b  Cost of foreign currency: $5,105,472, $185,854 and $5,968,413, respectively.

^c  $0.001 par value, number of shares authorized: 2,050 million, 500 million and 500 million, respectively.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 73

Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Emerging Markets Small-Cap ETF
ASSETS
Investments, at cost:
Unaffiliated	$	169,348,527
Affiliated (Note 2)		18,722,050
Total cost of investments	$	188,070,577
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	175,495,196
Affiliated (Note 2)		18,728,391
Total fair value of investments		194,223,587
Foreign currency, at valueb		157,078
Cash		43,670
Receivables:
Investment securities sold		612,445
Dividends and interest		396,073
Total Assets		195,432,853
LIABILITIES
Payables:
Investment securities purchased		521,574
Collateral for securities on loan (Note 1)		18,638,205
Foreign taxes (Note 1)		342
Investment advisory fees (Note 2)		92,506
Total Liabilities		19,252,627
NET ASSETS	$	176,180,226
Net assets consist of:
Paid-in capital	$	183,954,604
Distributions in excess of net investment income		(1,003,189	)
Accumulated net realized loss		(12,945,738	)
Net unrealized appreciation		6,174,549
NET ASSETS	$	176,180,226
Shares outstandingc		3,950,000
Net asset value per share	$	44.60

^a  Securities on loan with a value of $16,721,801. See Note 1.

^b  Cost of foreign currency: $155,518.

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

See notes to consolidated financial statements.

74 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares Core MSCI Emerging Markets ETF			iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	126,330,452		$	1,011,475		$	1,118,894
Dividends — affiliated (Note 2)		95,830			266			2,716
Interest — unaffiliated		3,646			—			—
Securities lending income — affiliated — net (Note 2)b		13,672,400			42,003			38,845
		140,102,328			1,053,744			1,160,455
Less: Other foreign taxes (Note 1)		(739,906	)		—			(13,596	)
Total investment income		139,362,422			1,053,744			1,146,859
EXPENSES
Investment advisory fees (Note 2)		13,046,664			592,787			487,693
Mauritius income taxes (Note 1)		207,802			6,058			1,794
Commitment fees (Note 8)		79,896			1,772			1,198
Interest expense (Note 8)		6,840			568			482
Total expenses		13,341,202			601,185			491,167
Less investment advisory fees waived (Note 2)		(248,828	)		—			—
Net expenses		13,092,374			601,185			491,167
Net investment income		126,270,048			452,559			655,692
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedc		(137,189,180	)		(3,830,948	)		(4,606,628	)
Investments — affiliated (Note 2)		38,573			1,977			(34	)
In-kind redemptions — unaffiliated		—			393,705			3,329,261
Futures contracts		4,514,155			—			—
Foreign currency transactions		(2,601,635	)		(831	)		(84,323	)
Realized gain distributions from affiliated funds		3,710			6			16
Net realized loss		(135,234,377	)		(3,436,091	)		(1,361,708	)
Net change in unrealized appreciation/depreciation on:
Investments		1,090,437,263			12,933,483			10,916,812
Futures contracts		501,779			—			—
Translation of assets and liabilities in foreign currencies		2,904,293			4,354			30,933
Net change in unrealized appreciation/depreciation		1,093,843,335			12,937,837			10,947,745
Net realized and unrealized gain		958,608,958			9,501,746			9,586,037
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,084,879,006		$	9,954,305		$	10,241,729

^a  Net of foreign withholding tax of $16,637,486, $94,004 and $153,042, respectively.

^b  Net of securities lending income tax paid of $655,597, $  — and $  —, respectively.

^c  Net of foreign capital gains taxes of $165, $  — and $  —, respectively.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 75

Consolidated Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Emerging Markets Small-Cap ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	982,008
Dividends — affiliated (Note 2)		386
Securities lending income — affiliated — net (Note 2)		398,130
		1,380,524
Less: Other foreign taxes (Note 1)		(4,122	)
Total investment income		1,376,402
EXPENSES
Investment advisory fees (Note 2)		495,707
Commitment fees (Note 8)		821
Interest expense (Note 8)		335
Total expenses		496,863
Net investment income		879,539
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		(213,084	)
Investments — affiliated (Note 2)		393
Foreign currency transactions		(6,809	)
Realized gain distributions from affiliated funds		115
Net realized loss		(219,385	)
Net change in unrealized appreciation/depreciation on:
Investments		8,391,197
Translation of assets and liabilities in foreign currencies		22,451
Net change in unrealized appreciation/depreciation		8,413,648
Net realized and unrealized gain		8,194,263
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,073,802

^a  Net of foreign withholding tax of $97,736.

^b  Net of foreign capital gains taxes of $23.

See notes to consolidated financial statements.

76 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Core MSCI Emerging Markets ETF						iShares MSCI BRIC ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	126,270,048		$	300,560,736		$	452,559		$	3,742,371
Net realized loss		(135,234,377	)		(543,220,439	)		(3,436,091	)		(22,678,091	)
Net change in unrealized appreciation/depreciation		1,093,843,335			1,646,957,449			12,937,837			36,181,152
Net increase in net assets resulting from operations		1,084,879,006			1,404,297,746			9,954,305			17,245,432
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(239,274,117	)		(238,601,549	)		(1,820,324	)		(4,397,149	)
Total distributions to shareholders		(239,274,117	)		(238,601,549	)		(1,820,324	)		(4,397,149	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		6,888,569,797			7,812,461,106			19,630,313			12,282
Cost of shares redeemed		—			—			(24,435,557	)		(27,130,689	)
Net increase (decrease) in net assets from capital share transactions		6,888,569,797			7,812,461,106			(4,805,244	)		(27,118,407	)
INCREASE (DECREASE) IN NET ASSETS		7,734,174,686			8,978,157,303			3,328,737			(14,270,124	)
NET ASSETS
Beginning of period		16,003,488,131			7,025,330,828			182,487,898			196,758,022
End of period	$	23,737,662,817		$	16,003,488,131		$	185,816,635		$	182,487,898
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(2,506,204	)	$	110,497,865		$	(278,594	)	$	1,089,171
SHARES ISSUED AND REDEEMED
Shares sold		153,000,000			186,400,000			550,000			—
Shares redeemed		—			—			(750,000	)		(950,000	)
Net increase (decrease) in shares outstanding		153,000,000			186,400,000			(200,000	)		(950,000	)

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 77

Consolidated Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets Asia ETF						iShares MSCI Emerging Markets Small-Cap ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	655,692		$	2,513,325		$	879,539		$	2,035,989
Net realized loss		(1,361,708	)		(9,379,096	)		(219,385	)		(6,143,159	)
Net change in unrealized appreciation/depreciation		10,947,745			24,288,569			8,413,648			14,192,002
Net increase in net assets resulting from operations		10,241,729			17,422,798			9,073,802			10,084,832
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,949,732	)		(2,586,361	)		(2,161,567	)		(2,370,926	)
Total distributions to shareholders		(1,949,732	)		(2,586,361	)		(2,161,567	)		(2,370,926	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		129,704,718			92,508,092			48,117,465			37,316,559
Cost of shares redeemed		(50,592,389	)		(15,118,523	)		—			—
Net increase in net assets from capital share transactions		79,112,329			77,389,569			48,117,465			37,316,559
INCREASE IN NET ASSETS		87,404,326			92,226,006			55,029,700			45,030,465
NET ASSETS
Beginning of period		216,863,042			124,637,036			121,150,526			76,120,061
End of period	$	304,267,368		$	216,863,042		$	176,180,226		$	121,150,526
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(172,095	)	$	1,121,945		$	(1,003,189	)	$	278,839
SHARES ISSUED AND REDEEMED
Shares sold		2,300,000			1,700,000			1,150,000			900,000
Shares redeemed		(900,000	)		(300,000	)		—			—
Net increase in shares outstanding		1,400,000			1,400,000			1,150,000			900,000

See notes to consolidated financial statements.

78 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Core MSCI Emerging Markets ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Period from Oct. 18, 2012a to Aug. 31, 2013
Net asset value, beginning of period	$	44.60		$	40.75		$	53.89		$	45.71		$	49.06
Income from investment operations:
Net investment incomeb		0.31			1.20			1.21			1.31			1.33
Net realized and unrealized gain (loss)c		2.06			3.58			(13.26	)		7.78			(4.14	)
Total from investment operations		2.37			4.78			(12.05	)		9.09			(2.81	)
Less distributions from:
Net investment income		(0.59	)		(0.93	)		(1.09	)		(0.91	)		(0.54	)
Total distributions		(0.59	)		(0.93	)		(1.09	)		(0.91	)		(0.54	)
Net asset value, end of period	$	46.38		$	44.60		$	40.75		$	53.89		$	45.71
Total return		5.44	%d		11.99	%		(22.61	)%		20.05	%		(5.75	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	23,737,663		$	16,003,488		$	7,025,331		$	5,669,167		$	1,864,965
Ratio of expenses to average net assetse		0.14	%		0.17	%		0.18	%		0.17	%		0.05	%
Ratio of expenses to average net assets prior to waived feese		0.15	%		0.17	%		0.18	%		0.18	%		0.18	%
Ratio of net investment income to average net assetse		1.39	%		2.93	%		2.49	%		2.61	%		3.17	%
Portfolio turnover ratef		2	%d		10	%		7	%		8	%		15	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014 and the period ended August 31, 2013 were 2%, 10%, 7%, 8%, and 15%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 79

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI BRIC ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	33.48		$	30.74		$	41.12		$	34.41		$	35.68		$	42.25
Income from investment operations:
Net investment incomea		0.09			0.64			0.77			0.89			0.84			0.98
Net realized and unrealized gain (loss)b		2.21			2.84			(10.20	)		6.53			(1.25	)		(6.62	)
Total from investment operations		2.30			3.48			(9.43	)		7.42			(0.41	)		(5.64	)
Less distributions from:
Net investment income		(0.39	)		(0.74	)		(0.95	)		(0.71	)		(0.86	)		(0.93	)
Total distributions		(0.39	)		(0.74	)		(0.95	)		(0.71	)		(0.86	)		(0.93	)
Net asset value, end of period	$	35.39		$	33.48		$	30.74		$	41.12		$	34.41		$	35.68
Total return		7.00	%c		11.61	%		(23.19	)%		21.73	%		(1.17	)%		(13.33	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	185,817		$	182,488		$	196,758		$	411,164		$	474,861		$	685,149
Ratio of expenses to average net assetsd		0.70	%		0.73	%		0.69	%		0.68	%		0.67	%		0.69	%
Ratio of net investment income to average net assetsd		0.53	%		2.13	%		2.07	%		2.38	%		2.18	%		2.55	%
Portfolio turnover ratee		8	%c		20	%		9	%		10	%		10	%		32	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and August 31, 2012 were 4%, 20%, 9%, 6%, 9% and 20%, respectively. See Note 4.

See notes to consolidated financial statements.

80 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Asia ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	56.33		$	50.87		$	62.08		$	52.23		$	50.18		$	54.71
Income from investment operations:
Net investment incomeb		0.18			1.02			1.25			1.36			1.15			0.87
Net realized and unrealized gain (loss)c		2.11			5.54			(11.61	)		9.75			1.82			(4.99	)
Total from investment operations		2.29			6.56			(10.36	)		11.11			2.97			(4.12	)
Less distributions from:
Net investment income		(0.66	)		(1.10	)		(0.85	)		(1.26	)		(0.92	)		(0.41	)
Total distributions		(0.66	)		(1.10	)		(0.85	)		(1.26	)		(0.92	)		(0.41	)
Net asset value, end of period	$	57.96		$	56.33		$	50.87		$	62.08		$	52.23		$	50.18
Total return		4.19	%d		13.14	%		(16.86	)%		21.54	%e		5.88	%		(7.52	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	304,267		$	216,863		$	124,637		$	80,706		$	31,341		$	20,071
Ratio of expenses to average net assetsf		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feesf		n/a			0.66	%		0.68	%		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetsf		0.66	%		1.98	%		2.10	%		2.36	%		2.09	%		3.05	%
Portfolio turnover rateg		17	%d		22	%		16	%		33	%		174	%		3	%d

^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  Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been 21.46%.

^f  Annualized for periods of less than one year.

^g  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 5%, 16%, 10%, 33%, 21% and 3%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 81

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Small-Cap ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	43.27		$	40.06		$	51.37		$	43.78		$	43.44		$	49.60
Income from investment operations:
Net investment incomea		0.26			0.90			1.04			0.93			1.07			0.50
Net realized and unrealized gain (loss)b		1.62			3.36			(11.06	)		7.67			1.13			(5.52	)
Total from investment operations		1.88			4.26			(10.02	)		8.60			2.20			(5.02	)
Less distributions from:
Net investment income		(0.55	)		(1.05	)		(1.29	)		(1.01	)		(1.86	)		(1.14	)
Total distributions		(0.55	)		(1.05	)		(1.29	)		(1.01	)		(1.86	)		(1.14	)
Net asset value, end of period	$	44.60		$	43.27		$	40.06		$	51.37		$	43.78		$	43.44
Total return		4.50	%c		10.83	%		(19.77	)%		19.92	%d		4.85	%		(9.98	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	176,180		$	121,151		$	76,120		$	43,666		$	30,644		$	8,689
Ratio of expenses to average net assetse		0.70	%		0.71	%		0.69	%		0.67	%		0.67	%		0.69	%
Ratio of net investment income to average net assetse		1.23	%		2.20	%		2.20	%		1.93	%		2.26	%		1.13	%
Portfolio turnover ratef		8	%c		24	%		23	%		20	%		21	%		32	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been 19.73%.

^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 six months ended February 28, 2017 and the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and August 31, 2012 were 8% 24%, 23%, 20%, 21% and 17%, respectively. See Note 4.

See notes to consolidated financial statements.

82 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
Core MSCI Emerging Markets	Diversified
MSCI BRIC	Diversified
MSCI Emerging Markets Asia	Diversified
MSCI Emerging Markets Small-Cap	Diversified

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

Each Fund carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (each, a “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of each Fund also serves as the investment adviser to each Subsidiary. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for each Fund include the accounts of its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated.

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 83

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

to policies and procedures developed by the Global Valuation Committee and approved by the Board of Directors of the Company (the “Board”).

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

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

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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 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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement

84 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its consolidated schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

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 February 28, 2017 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 consolidated statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2017, if any, are disclosed in the Funds’ consolidated statements of assets and liabilities.

Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 85

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. Taxes on income, if any, are paid by the Subsidiaries and are disclosed in the consolidated statements of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

On May 10, 2016, India and Mauritius signed an amendment to the DTAA. The amendment provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. Tax laws in India also include provisions that impose Indian tax on certain indirect transfers of shares of Indian companies. However, until such time that India provides more definitive authoritative guidance on the indirect transfer rules, the impact to the Funds, if any, cannot be determined. Management is continuing to monitor and assess the impact to the Funds arising from the DTAA amendment and the indirect transfer rules.

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 an approved 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 but does not receive interest income on securities received as collateral. 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.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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 February 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the consolidated schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its consolidated schedule of investments. The total value of any securities on loan as of February 28, 2017 and the total value of the related cash collateral are disclosed in the consolidated statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the consolidated statements of operations.

86 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount  b
Core MSCI Emerging Markets
Barclays Capital Inc.	$	8,415,368	$	8,415,368	$	—
BNP Paribas Prime Brokerage Inc.		50,497		50,497		—
BNP Paribas Prime Brokerage International Ltd.		8,647,000		8,647,000		—
Citigroup Global Markets Inc.		45,824,272		45,824,272		—
Citigroup Global Markets Ltd.		8,880,486		8,880,486		—
Credit Suisse Securities (Europe) Ltd.		46,578,577		46,578,577		—
Credit Suisse Securities (USA) LLC		55,550,109		55,550,109		—
Deutsche Bank AG		16,765,038		16,765,038		—
Deutsche Bank Securities Inc.		52,549,861		52,549,861		—
Goldman Sachs & Co.		61,756,197		61,756,197		—
HSBC Bank PLC		18,468,902		18,468,902		—
Jefferies LLC		820,004		801,794		(18,210	)
JPMorgan Securities LLC		362,090,730		362,090,730		—
JPMorgan Securities PLC		22,542,821		22,542,821		—
Macquarie Bank Limited		12,935,261		12,935,261		—
Merrill Lynch, Pierce, Fenner & Smith		33,598,297		33,598,297		—
Morgan Stanley & Co. International PLC		141,806,665		141,806,665		—
Morgan Stanley & Co. LLC		151,963,004		151,963,004		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		9,762,514		9,762,514		—
National Financial Services LLC		2,948,627		2,948,627		—
Nomura Securities International Inc.		177,306		177,306		—
SG Americas Securities LLC		605,392		605,392		—
State Street Bank & Trust Company		11,351,349		11,351,349		—
UBS AG		24,723,190		24,723,190		—
UBS Ltd.		10,504,691		10,504,691		—
UBS Securities LLC		25,500,519		25,500,519		—
Wells Fargo Securities LLC		55,387,538		55,387,538		—
	$	1,190,204,215	$	1,190,186,005	$	(18,210	)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 87

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount  b
MSCI BRIC
Barclays Capital Inc.	$	286	$	286	$	—
Citigroup Global Markets Inc.		1,946		1,946		—
Credit Suisse Securities (USA) LLC		241,537		241,537		—
Deutsche Bank Securities Inc.		275,105		275,105		—
Goldman Sachs & Co.		9,925,439		9,925,439		—
JPMorgan Securities LLC		30,576		30,576		—
Merrill Lynch, Pierce, Fenner & Smith		292,697		292,697		—
Morgan Stanley & Co. LLC		1,720,759		1,720,759		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		1,969,546		1,969,546		—
	$	14,457,891	$	14,457,891	$	—
MSCI Emerging Markets Asia
Barclays Capital Inc.	$	195,906	$	195,906	$	—
Citigroup Global Markets Inc.		243,650		243,650		—
Credit Suisse Securities (USA) LLC		613,386		613,386		—
Deutsche Bank AG		25,742		25,742		—
Deutsche Bank Securities Inc.		285,487		285,487		—
Jefferies LLC		116,265		116,265		—
JPMorgan Securities LLC		73,908		73,908		—
JPMorgan Securities PLC		21,744		21,744		—
Macquarie Bank Limited		42,096		42,096		—
Merrill Lynch, Pierce, Fenner & Smith		405,590		405,590		—
Morgan Stanley & Co. International PLC		347,260		347,260		—
Morgan Stanley & Co. LLC		3,623,728		3,623,728		—
UBS AG		310,805		310,805		—
	$	6,305,567	$	6,305,567	$	—
MSCI Emerging Markets Small-Cap
Barclays Capital Inc.	$	405,928	$	405,928	$	—
Citigroup Global Markets Inc.		613,912		613,912		—
Credit Suisse Securities (USA) LLC		1,706,516		1,706,516		—
Deutsche Bank AG		269,769		269,769		—
Deutsche Bank Securities Inc.		2,022,627		2,022,627		—
Goldman Sachs & Co.		2,887,948		2,887,948		—
HSBC Bank PLC		620,602		620,602		—
JPMorgan Securities LLC		1,932,582		1,932,582		—
Merrill Lynch, Pierce, Fenner & Smith		1,257,889		1,257,889		—
Morgan Stanley & Co. International PLC		61,645		61,645		—
Morgan Stanley & Co. LLC		2,589,904		2,589,904		—
SG Americas Securities LLC		89,199		89,199		—
UBS AG		1,265,170		1,265,170		—
UBS Securities LLC		998,110		998,110		—
	$	16,721,801	$	16,721,801	$	—

^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 consolidated statement of assets and liabilities.

^b  Additional collateral is delivered to the Funds on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

88 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

For its investment advisory services to the iShares Core MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.14% based on the average daily net assets of the Fund. Prior to October 5, 2016, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee of 0.16% based on the average daily net assets of the Fund. In addition, the Fund may incur 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 are a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2017 in order to limit the total annual operating expenses of the Fund to 0.14% of average daily net assets.

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.75	%	First $14 billion
	0.68		Over $14 billion, up to and including $28  billion
	0.61		Over $28 billion, up to and including $42  billion
	0.54		Over $42 billion, up to and including $56  billion
	0.47		Over $56 billion, up to and including $70  billion
	0.41		Over $70 billion, up to and including $84  billion
	0.35		Over $84 billion

For its investment advisory services to the iShares MSCI Emerging Markets Asia ETF, BFA is entitled to an annual investment advisory fee of 0.49% based on the average daily net assets of the Fund.

The U.S. Securities and Exchange Commission (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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 89

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Core MSCI Emerging Markets	$	3,085,912
MSCI BRIC		11,193
MSCI Emerging Markets Asia		8,910
MSCI Emerging Markets Small-Cap		83,450

For the six months ended February 28, 2017, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares Core MSCI Emerging Markets ETF in the amount of $110,484, related to the foreign tax on the securities lending income. Such reimbursement is included in “Securities lending income – affiliated – net” in the Fund’s statement of operations.

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

Cross 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 six months ended February 28, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	44,216,200	$	7,272,256
MSCI BRIC		1,272,547		295,451
MSCI Emerging Markets Asia		764,428		301,977
MSCI Emerging Markets Small-Cap		1,272,937		2,596,952

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 consolidated statements of operations.

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

Certain Funds, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.

90 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2017 were as follows:

iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	5,158,628,627	$	357,784,109
MSCI BRIC		13,179,832		16,155,027
MSCI Emerging Markets Asia		111,284,270		34,828,541
MSCI Emerging Markets Small-Cap		46,003,268		11,644,063

In-kind transactions (see Note 4) for the six months ended February 28, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core MSCI Emerging Markets	$	1,941,741,249	$	—
MSCI BRIC		12,049,692		15,387,452
MSCI Emerging Markets Asia		22,117,338		21,338,257
MSCI Emerging Markets Small-Cap		12,311,924		—

4. CAPITAL SHARE TRANSACTIONS

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

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the consolidated statements of changes in net assets.

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

5. FUTURES CONTRACTS

Futures contracts are purchased or sold to gain or manage exposure to changes in the value of commodities (commodity risk), interest rates (interest rate risk), foreign currencies (foreign currency risk) and/or equities (market risk). A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 91

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the fund as unrealized appreciation or depreciation. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held by the iShares Core MSCI Emerging Markets ETF as of February 28, 2017 and the related locations in the consolidated statements of assets and liabilities, presented by risk exposure category:

Assets
Equity contracts:
Variation margin/Net assets consist of – net  unrealized appreciationa	$	5,480,819

^a  Represents cumulative appreciation of futures contracts as reported in the consolidated schedule of investments.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares Core MSCI Emerging Markets ETF during the six months ended February 28, 2017 and the related locations in the consolidated statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	4,514,155	$	501,779

The following table shows the average quarter-end balances of open futures contracts for the iShares Core MSCI Emerging Markets ETF for the six months ended February 28, 2017 :

Average value of contracts purchased $ 71,065,802

6. PRINCIPAL RISKS

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

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

92 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund 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 a 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 consolidated schedule of investments.

Investing in the securities of non-U.S. issuers 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 a 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 economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

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 a fund issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 93

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

CREDIT RISK

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

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

As of August 31, 2016, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2017		Expiring 2018		Expiring 2019		Total
Core MSCI Emerging Markets	$	147,376,048	$	—	$	—	$	—	$	147,376,048
MSCI BRIC		179,085,849		1,540,740		11,268,086		7,760,558		199,655,233
MSCI Emerging Markets Asia		16,908,873		—		—		—		16,908,873
MSCI Emerging Markets Small-Cap		6,025,784		—		—		—		6,025,784

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.

94 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

8. LINE OF CREDIT

The Funds, along with certain other iShares funds, are parties to a $250 million credit agreement with State Street Bank and Trust Company, which expires on October 25, 2017. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended February 28, 2017, the maximum amounts borrowed, the average borrowings and the weighted average interest rates, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowings		Weighted Average Interest Rates
Core MSCI Emerging Markets	$	25,000,000	$	828,729		1.64	%
MSCI BRIC		1,190,200		78,284		1.57
MSCI Emerging Markets Asia		1,171,500		67,682		1.56
MSCI Emerging Markets Small-Cap		1,226,000		40,641		1.64

9. SUBSEQUENT EVENTS

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 95

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-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core MSCI Emerging Markets	$	0.475206	$	—	$	0.110389	$	0.585595		81	%		—	%		19	%		100	%
MSCI BRIC		0.319600		—		0.067703		0.387303		83			—			17			100
MSCI Emerging Markets Asia		0.514194		—		0.146732		0.660926		78			—			22			100
MSCI Emerging Markets Small-Cap		0.496059		—		0.058189		0.554248		90			—			10			100

96 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 97

Notes:

98 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-810-0217

FEBRUARY 28, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares MSCI Frontier 100 ETF  |  FM  |  NYSE Arca

^Ø  iShares MSCI World ETF  |  URTH  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	7
Shareholder Expenses	7
Schedules of Investments	8
iShares MSCI Frontier 100 ETF	8
iShares MSCI World ETF	11
Financial Statements	27
Financial Highlights	30
Notes to Financial Statements	32
Supplemental Information	42

Fund Performance Overview

iSHARES^® MSCI FRONTIER 100 ETF

Performance as of February 28, 2017

The iShares MSCI Frontier 100 ETF (the “Fund”) seeks to track the investment results of an index composed of frontier market equities, as represented by the MSCI Frontier Markets 100 Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 12.81%, net of fees, while the total return for the Index was 13.48%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		15.18%		15.85%		19.37%		15.18%		15.85%		19.37%
Since Inception		5.95%		5.75%		7.65%		29.42%		28.34%		38.97%

The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,128.10	$	4.17	$	1,000.00	$	1,020.90	$	3.96		0.79%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	42.76	%
Telecommunication Services	13.24
Energy	11.17
Consumer Staples	10.04
Real Estate	6.46
Materials	4.86
Utilities	4.85
Industrials	2.99
Health Care	1.95
Information Technology	0.90
Consumer Discretionary	0.78
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total  Investments*

Kuwait	21.84	%
Argentina	20.32
Pakistan	11.12
Vietnam	7.90
Morocco	6.38
Romania	5.07
Kenya	4.68
Bangladesh	4.18
Nigeria	3.94
Oman	3.70
TOTAL	89.13	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI WORLD ETF

Performance as of February 28, 2017

The iShares MSCI World ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, as represented by the MSCI World Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 7.77%, net of fees, while the total return for the Index was 7.78%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		21.38%		21.39%		21.26%		21.38%		21.39%		21.26%
5 Years		9.58%		9.57%		9.41%		57.98%		57.91%		56.80%
Since Inception		10.92%		10.92%		10.76%		70.31%		70.28%		69.09%

The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,077.70	$	1.24	$	1,000.00	$	1,023.60	$	1.20		0.24%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	17.93	%
Information Technology	15.18
Consumer Discretionary	12.32
Health Care	12.30
Industrials	11.34
Consumer Staples	9.77
Energy	6.58
Materials	5.07
Real Estate	3.19
Utilities	3.17
Telecommunication Services	3.15
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total  Investments*

United States	60.40	%
Japan	8.76
United Kingdom	6.50
Canada	3.62
France	3.51
Germany	3.32
Switzerland	3.15
Australia	2.76
Netherlands	1.23
Hong Kong	1.22
TOTAL	94.47	%

* Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 September 1, 2016 and held through February 28, 2017, 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.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 7

Schedule of Investments (Unaudited)

iSHARES^® MSCI FRONTIER 100 ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.61%
ARGENTINA — 20.25%
Adecoagro SAa		531,291	$	6,226,730
Arcos Dorados Holdings Inc. Class Aa		706,752		4,381,862
Banco Macro SA ADR		201,228		15,506,630
BBVA Banco Frances SA ADR		229,858		3,778,866
Cresud SACIF y A ADRa		174,643		3,279,796
Empresa Distribuidora y Comercializadora Norte SA ADRa		122,291		4,194,581
Globant SAa,b		138,651		5,033,031
Grupo Financiero Galicia SA ADR		496,117		15,776,521
Grupo Supervielle SA SP ADRa		175,870		2,697,846
IRSA Inversiones y Representaciones SA ADRa		108,794		2,539,252
Pampa Energia SA ADRa		341,515		15,631,142
Telecom Argentina SA ADR		456,035		9,649,701
Transportadora de Gas del Sur SA ADR		440,084		5,267,805
YPF SA ADR		952,970		19,774,127
				113,737,890
BAHRAIN — 1.95%
GFH Financial Group BSCa		13,867,145		10,950,230
				10,950,230
BANGLADESH — 4.17%
Beximco Pharmaceuticals Ltd.		2,664,501		3,084,772
BRAC Bank Ltd.		554,568		466,053
GrameenPhone Ltd.		1,024,995		3,972,699
Islami Bank Bangladesh Ltd.		2,445,367		1,355,725
Lafarge Surma Cement Ltd.		3,072,815		3,160,500
Olympic Industries Ltd.		913,118		3,519,613
Square Pharmaceuticals Ltd.		2,330,897		7,841,287
				23,400,649
JORDAN — 1.52%
Al-Eqbal Investment Co. PLC		1,947		69,727
Arab Bank PLC		630,378		5,706,065
Jordan Petroleum Refinery Co.		576,281		2,746,323
				8,522,115
KAZAKHSTAN — 2.37%
Halyk Savings Bank of Kazakhstan JSC GDRa,c		410,636		2,623,964

Security	Shares		Value
KazMunaiGas Exploration Production JSC GDRa,c		1,033,134	$	10,692,937
				13,316,901
KENYA — 4.66%
Co-operative Bank of Kenya Ltd. (The)		10,454,037		1,275,626
East African Breweries Ltd.		2,498,442		5,465,721
Equity Group Holdings Ltd./Kenya		12,247,800		3,125,958
KCB Group Ltd.		14,149,560		3,473,762
Safaricom Ltd.		74,458,000		12,850,068
				26,191,135
KUWAIT — 21.77%
Agility Public Warehousing Co. KSC		3,657,191		7,067,614
Boubyan Bank KSCP		2,998,124		4,173,609
Burgan Bank SAK		3,733,352		3,851,968
Jazeera Airways Co. KSC		577,099		1,153,064
Kuwait Finance House KSCP		14,179,392		28,330,918
Kuwait Projects Co. Holding KSCP		2,400,830		3,931,919
Mabanee Co. SAK		2,440,688		6,715,290
Mezzan Holding Co. KSCC		850,311		2,757,314
Mobile Telecommunications Co. KSC		12,874,177		20,241,091
National Bank of Kuwait SAKP		15,075,493		36,540,664
National Industries Group Holding SAK		5,077,735		2,461,529
VIVA Kuwait Telecom Co.a		922,056		2,567,139
Warba Bank KSCPa		2,765,249		2,490,807
				122,282,926
MAURITIUS — 3.18%
MCB Group Ltd.		1,118,708		7,147,389
Rockcastle Global Real Estate Co. Ltd.		4,320,645		10,728,941
				17,876,330
MOROCCO — 6.36%
Attijariwafa Bank		256,704		10,575,014
Banque Centrale Populaire		147,541		4,100,823
Cosumar		69,690		2,455,834
Douja Promotion Groupe Addoha SA		768,460		3,699,672
Maroc Telecom		1,032,334		14,874,332
				35,705,675

8 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRONTIER 100 ETF

February 28, 2017

Security	Shares		Value
NIGERIA — 3.93%
Access Bank PLC		85,218,667	$	1,613,153
Afriland Properties PLCa		7,291		45
FBN Holdings PLC		103,830,966		924,242
Guaranty Trust Bank PLC		80,471,984		5,599,037
Lafarge Africa PLC		9,170,826		1,007,499
Nigerian Breweries PLC		20,035,766		7,291,890
Oando PLCa		29,477,441		406,872
Transnational Corp. of Nigeria PLCa		133,569,052		259,613
United Bank for Africa PLC		103,145,957		1,452,760
Zenith Bank PLC		84,436,595		3,496,389
				22,051,500
OMAN — 3.61%
Bank Muscat SAOG		6,237,268		7,741,922
Bank Sohar SAOG		6,409,347		2,579,716
Oman Telecommunications Co. SAOG		2,085,622		7,392,558
Ooredoo QSC		1,768,305		2,571,412
				20,285,608
PAKISTAN — 11.09%
Engro Corp. Ltd./Pakistan		1,554,261		5,635,290
Fauji Cement Co. Ltd.		4,090,000		1,741,206
Fauji Fertilizer Co. Ltd.		3,172,450		3,272,034
Habib Bank Ltd.		3,625,700		9,429,380
Hub Power Co. Ltd. (The)		2,925,330		3,653,522
Lucky Cement Ltd.		1,063,448		8,828,211
MCB Bank Ltd.		3,419,666		7,412,920
National Bank of Pakistan		3,341,626		2,391,840
Oil & Gas Development Co. Ltd.		3,914,000		5,880,523
Pakistan Oilfields Ltd.		412,000		1,868,879
Pakistan Petroleum Ltd.		947,750		1,578,739
Pakistan State Oil Co. Ltd.		824,000		3,460,863
United Bank Ltd./Pakistan		3,048,867		7,119,065
				62,272,472
ROMANIA — 5.06%
Banca Transilvania SA		16,393,390		10,387,129
BRD-Groupe Societe Generale SA		1,326,953		3,730,571
OMV Petrom SAa		41,516,272		2,913,081
Societatea Energetica Electrica SA		1,020,129		3,399,432

Security	Principal or Shares		Value
Societatea Nationala de Gaze Naturale ROMGAZ SA		769,010	$	5,107,183
Transgaz SA Medias		33,575		2,852,250
				28,389,646
SLOVENIA — 0.29%
Zavarovalnica Triglav DD		56,239		1,601,556
				1,601,556
SRI LANKA — 1.53%
Commercial Bank of Ceylon PLC		2,688,536		2,535,602
John Keells Holdings PLC		6,445,794		6,049,375
				8,584,977
VIETNAM — 7.87%
Bank for Foreign Trade of Vietnam JSC		1,813,055		2,978,750
Hoa Phat Group JSC		2,033,080		3,572,448
Masan Group Corp.		2,961,560		5,334,034
Saigon Thuong Tin Commercial JSBa		219,749		99,429
Vietnam Dairy Products JSC		3,994,520		23,057,456
Vingroup JSCa		4,643,210		9,178,723
				44,220,840
TOTAL COMMON STOCKS
(Cost: $549,309,308)				559,390,450
CONVERTIBLE BONDS — 0.08%
OMAN — 0.08%
Bank Muscat SAOG
0.45%, 03/20/17	OMR	540,521		161,412
0.35%, 03/19/18	OMR	1,026,177		271,800
				433,212
TOTAL CONVERTIBLE BONDS
(Cost: $255,878)				433,212
SHORT-TERM INVESTMENTS — 1.46%
MONEY MARKET FUNDS — 1.46%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		3,960,806		3,962,390

SCHEDULES OF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRONTIER 100 ETF

February 28, 2017

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		4,245,634	$	4,245,634
				8,208,024
TOTAL SHORT-TERM INVESTMENTS
(Cost: $8,207,124)				8,208,024
TOTAL INVESTMENTS IN SECURITIES — 101.15%
(Cost: $557,772,310)g				568,031,686
Other Assets, Less Liabilities — (1.15)%				(6,445,577	)
NET ASSETS — 100.00%			$	561,586,109

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

Currency abbreviations:

OMR  —  Omani Rial

^a  Non-income earning security.

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

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

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $584,528,828. Net unrealized depreciation was $16,497,142, of which $82,615,780 represented gross unrealized appreciation on securities and $99,112,922 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	537,338,950	$	22,051,500	$	—	$	559,390,450
Convertible bonds		—		433,212		—		433,212
Money market funds		8,208,024		—		—		8,208,024
Total	$	545,546,974	$	22,484,712	$	—	$	568,031,686

The Nigerian securities in the iShares MSCI Frontier 100 ETF were valued using Level 1 prices but the foreign exchange rate used to translate the Nigerian naira into U.S. dollars was the three-month non-deliverable forward rate, a Level 2 input.

See notes to financial statements.

10 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.50%
AUSTRALIA — 2.75%
AGL Energy Ltd.		7,750	$	143,721
Amcor Ltd./Australia		15,800		170,677
AMP Ltd.		34,000		127,568
APA Group		15,714		102,211
ASX Ltd.		3,003		118,283
Aurizon Holdings Ltd.		26,650		104,908
Australia & New Zealand Banking Group Ltd.		29,650		704,409
Bendigo & Adelaide Bank Ltd.		8,350		78,451
BHP Billiton Ltd.		34,900		670,822
Brambles Ltd.		18,650		133,497
Cochlear Ltd.		1,350		135,504
Commonwealth Bank of Australia		17,667		1,118,175
Computershare Ltd.		7,150		74,268
Crown Resorts Ltd.		5,750		55,968
CSL Ltd.		5,250		475,737
Dexus Property Group		17,813		129,286
Fortescue Metals Group Ltd.		14,200		72,384
Goodman Group		25,500		148,023
GPT Group (The)		33,200		125,842
Incitec Pivot Ltd.		30,550		86,202
Insurance Australia Group Ltd.		29,950		138,162
James Hardie Industries PLC		7,408		111,065
LendLease Group		10,550		123,536
Macquarie Group Ltd.		3,560		237,170
Medibank Pvt Ltd.		37,402		81,093
Mirvac Group		75,250		124,390
National Australia Bank Ltd.		27,350		672,687
Newcrest Mining Ltd.		9,850		167,670
Oil Search Ltd.		17,622		94,570
Orica Ltd.		5,750		80,858
Origin Energy Ltd.		23,850		120,291
QBE Insurance Group Ltd.		15,950		150,959
Ramsay Health Care Ltd.		2,050		109,983
Rio Tinto Ltd.		4,650		221,624
Santos Ltd.		21,513		62,853
Scentre Group		72,421		242,769
Sonic Healthcare Ltd.		6,800		112,510
South32 Ltd.		67,704		129,615
Stockland		43,006		156,068
Suncorp Group Ltd.		13,467		137,399
Sydney Airport		13,152		61,278

Security	Shares		Value
Tatts Group Ltd.		24,700	$	77,102
Telstra Corp. Ltd.		43,073		159,622
Transurban Group		24,018		203,683
Vicinity Centres		49,800		110,654
Wesfarmers Ltd.		11,600		381,005
Westfield Corp.		26,450		178,958
Westpac Banking Corp.		34,554		895,303
Woodside Petroleum Ltd.		7,900		190,357
Woolworths Ltd.		13,850		274,307
				10,583,477
AUSTRIA — 0.07%
Andritz AG		1,450		75,975
Erste Group Bank AG		4,100		119,634
OMV AG		1,950		74,719
				270,328
BELGIUM — 0.45%
Ageas		3,100		118,059
Anheuser-Busch InBev SA/NV		8,200		899,650
Colruyt SA		1,600		75,266
Groupe Bruxelles Lambert SA		850		72,266
KBC Group NV		3,015		184,984
Proximus SADP		1,650		48,663
Solvay SA		857		100,126
UCB SA		1,750		124,980
Umicore SA		1,850		97,730
				1,721,724
CANADA — 3.61%
Agnico Eagle Mines Ltd.		3,350		141,264
Agrium Inc.		1,500		145,022
Alimentation Couche-Tard Inc. Class B		4,800		214,042
ARC Resources Ltd.		5,050		75,495
Bank of Montreal		6,950		528,892
Bank of Nova Scotia (The)		12,550		730,003
Barrick Gold Corp.		14,450		267,409
BCE Inc.		1,800		78,744
BlackBerry Ltd.a,b		7,450		51,919
Brookfield Asset Management Inc. Class A		9,400		339,534
Cameco Corp.		6,550		72,698
Canadian Imperial Bank of Commerce		4,150		365,383
Canadian National Railway Co.		8,700		606,691
Canadian Natural Resources Ltd.		12,000		345,109

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
Canadian Pacific Railway Ltd.		1,700	$	250,844
Canadian Tire Corp. Ltd. Class A		950		109,242
Canadian Utilities Ltd. Class A		2,050		55,319
Cenovus Energy Inc.		10,200		129,382
CGI Group Inc. Class Ab		3,000		138,306
CI Financial Corp.		3,700		75,651
Constellation Software Inc./Canada		300		141,228
Crescent Point Energy Corp.		6,400		70,598
Enbridge Inc.		10,150		428,393
Enbridge Inc. New		7,823		327,384
Encana Corp.		11,850		131,701
Fairfax Financial Holdings Ltd.		300		135,452
Finning International Inc.		3,550		66,098
First Quantum Minerals Ltd.a		6,734		70,266
Fortis Inc./Canada		4,750		151,095
Franco-Nevada Corp.		2,200		142,204
George Weston Ltd.		1,250		105,044
Gildan Activewear Inc.		3,800		96,546
Goldcorp Inc.		10,300		163,702
Great-West Lifeco Inc.		3,000		82,087
Husky Energy Inc.b		4,971		59,301
IGM Financial Inc.		1,450		44,569
Imperial Oil Ltd.		3,800		119,040
Intact Financial Corp.		1,850		131,523
Inter Pipeline Ltd.		5,016		105,474
Loblaw Companies Ltd.		2,800		146,422
Magna International Inc. Class A		4,350		186,520
Manulife Financial Corp.		21,000		376,254
Metro Inc.		4,800		140,363
National Bank of Canada		4,200		179,740
Onex Corp.		1,700		119,974
Open Text Corp.		3,700		122,304
Pembina Pipeline Corp.		6,100		197,676
Potash Corp. of Saskatchewan Inc.		10,100		175,699
Power Corp. of Canada		4,100		95,655
Power Financial Corp.		2,900		75,431
PrairieSky Royalty Ltd.		3,650		85,597
Restaurant Brands International Inc.		2,650		144,980
RioCan REIT		4,000		80,577
Rogers Communications Inc. Class B		4,150		174,717
Royal Bank of Canada		15,300		1,114,534
Saputo Inc.		4,200		144,635
Shaw Communications Inc. Class B		4,506		94,036

Security	Shares		Value
Silver Wheaton Corp.		6,500	$	126,962
SNC-Lavalin Group Inc.		2,350		95,973
Sun Life Financial Inc.		6,250		227,453
Suncor Energy Inc.		17,710		552,915
Teck Resources Ltd. Class B		6,200		124,286
TELUS Corp.		1,072		34,982
Thomson Reuters Corp.		3,800		161,130
Toronto-Dominion Bank (The)		19,050		984,683
Tourmaline Oil Corp.a,b		2,950		65,484
TransCanada Corp.		9,150		421,835
Valeant Pharmaceuticals International Inc.a,b		4,150		59,189
Vermilion Energy Inc.		2,200		83,900
				13,886,560
DENMARK — 0.61%
AP Moller – Maersk A/S Class A		100		155,540
Carlsberg A/S Class B		1,494		131,673
Coloplast A/S Class Ba		1,750		123,763
Danske Bank A/S		8,250		276,219
DSV A/S		3,436		169,663
Genmab A/Sb		750		149,035
Novo Nordisk A/S Class B		20,700		737,447
Novozymes A/S Class B		3,450		133,117
Pandora A/Sa		1,456		166,519
Vestas Wind Systems A/S		2,716		202,098
William Demant Holding A/Sa,b		4,750		97,581
				2,342,655
FINLAND — 0.33%
Elisa OYJ		2,450		81,928
Fortum OYJ		4,400		67,747
Kone OYJ Class Ba		4,200		188,603
Metso OYJ		1,800		53,345
Nokia OYJ		64,422		331,184
Sampo OYJ Class A		4,200		191,950
Stora Enso OYJ Class R		8,100		87,276
UPM-Kymmene OYJ		6,650		158,497
Wartsila OYJ Abp		2,200		113,449
				1,273,979
FRANCE — 3.50%
Accor SA		2,600		102,913
Air Liquide SA		4,121		446,217
Airbus SE		6,500		478,786
Alstom SAb		3,100		84,410
ArcelorMittalb		21,955		193,867

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
Atos SE		1,350	$	159,948
AXA SA		19,900		470,916
BNP Paribas SA		11,451		670,813
Bollore SA		23,750		92,341
Bouygues SA		2,300		88,888
Bureau Veritas SA		4,101		78,483
Capgemini SA		1,900		162,908
Carrefour SA		6,300		150,891
Casino Guichard Perrachon SA		800		42,432
Christian Dior SE		700		148,690
Cie. de Saint-Gobain		5,200		249,919
Cie. Generale des Etablissements Michelin Class B		2,150		242,281
Credit Agricole SA		11,150		135,008
Danone SA		6,300		418,800
Dassault Systemes SE		1,900		153,904
Edenred		2,750		62,417
Engie SA		13,600		166,769
Essilor International SA		2,250		258,570
Eutelsat Communications SA		3,250		64,079
Groupe Eurotunnel SE Registered		9,450		88,366
Hermes International		359		157,129
Iliad SA		400		83,074
Ingenico Group SA		700		62,987
Kering		900		219,719
Klepierre		3,424		127,578
L’Oreal SA		2,600		485,003
Lagardere SCA		1,950		49,191
Legrand SA		3,150		178,137
LVMH Moet Hennessy Louis Vuitton SE		3,000		603,929
Orange SA		20,900		316,802
Pernod Ricard SA		2,400		275,171
Peugeot SAb		5,950		113,552
Publicis Groupe SA		2,300		155,510
Renault SA		2,164		192,488
Safran SA		3,600		256,911
Sanofi		12,550		1,084,587
Schneider Electric SE		5,969		405,232
SCOR SE		2,200		79,693
SES SA		4,200		85,978
SFR Group SAb		1,800		52,599
Societe BIC SA		500		62,029
Societe Generale SA		8,500		378,535

Security	Shares		Value
Sodexo SA		1,250	$	137,540
STMicroelectronics NV		9,850		150,719
Suez		3,550		53,396
Thales SA		1,600		158,115
Total SA		23,800		1,189,889
Unibail-Rodamco SE		1,068		244,391
Valeo SA		3,150		194,170
Veolia Environnement SA		5,250		86,190
Vinci SA		5,350		386,631
Vivendi SA		12,200		215,911
				13,455,402
GERMANY — 3.14%
adidas AG		2,250		378,711
Allianz SE Registered		4,750		828,775
BASF SE		9,800		915,345
Bayer AG Registered		8,950		987,166
Bayerische Motoren Werke AG		3,650		327,228
Beiersdorf AG		1,577		144,313
Brenntag AG		2,700		155,271
Commerzbank AG		15,651		119,758
Continental AG		1,218		247,848
Daimler AG Registered		9,768		712,447
Deutsche Bank AG Registeredb		16,250		321,171
Deutsche Boerse AGb		2,450		210,613
Deutsche Lufthansa AG Registereda		2,798		41,119
Deutsche Post AG Registered		11,450		393,899
Deutsche Telekom AG Registered		33,951		588,405
E.ON SE		24,028		187,049
Fresenius Medical Care AG & Co. KGaA		2,750		229,535
Fresenius SE & Co. KGaA		4,550		362,709
GEA Group AG		3,050		119,072
Hannover Rueck SE		1,000		113,273
HeidelbergCement AG		2,000		187,464
Henkel AG & Co. KGaA		1,550		167,585
Infineon Technologies AG		15,300		273,131
Lanxess AG		1,850		126,008
Linde AG		2,200		358,489
MAN SE		1,050		108,103
Merck KGaA		1,850		202,773
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		1,800		341,222
Osram Licht AG		1,601		95,439

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
ProSiebenSat.1 Media SE Registered		2,711	$	109,049
QIAGEN NVa		3,996		114,221
RWE AGb		5,900		84,354
SAP SE		10,750		1,004,648
Siemens AG Registered		8,500		1,109,142
ThyssenKrupp AG		5,250		131,628
Vonovia SE		6,150		214,936
Zalando SEa,b,c		1,550		62,175
				12,074,074
HONG KONG — 1.22%
AIA Group Ltd.a		140,000		884,643
Bank of East Asia Ltd. (The)a		40,000		165,412
BOC Hong Kong Holdings Ltd.a		75,000		296,620
Cheung Kong Property Holdings Ltd.		50,000		340,099
CK Hutchison Holdings Ltd.a		25,000		308,859
CLP Holdings Ltd.		25,000		254,269
Galaxy Entertainment Group Ltd.		50,000		239,615
Hang Seng Bank Ltd.a		15,000		307,635
Hong Kong & China Gas Co. Ltd.a		166,271		320,013
Hong Kong Exchanges & Clearing Ltd.a		11,700		290,448
Jardine Matheson Holdings Ltd.		5,000		310,900
Li & Fung Ltd.a		108,000		48,139
Link REITa		50,000		344,930
MTR Corp. Ltd.		50,000		264,414
New World Development Co. Ltd.		118,333		154,882
Sands China Ltd.a		40,000		166,958
				4,697,836
IRELAND — 0.17%
Bank of Irelandb		306,354		72,919
CRH PLC		8,500		287,808
Kerry Group PLC Class A		2,200		169,485
Paddy Power Betfair PLC		1,012		111,191
				641,403
ISRAEL — 0.22%
Bank Hapoalim BM		28,800		177,612
Check Point Software Technologies Ltd.a,b		1,350		133,528
Mobileye NVb		2,050		93,316
Nice Ltd.		1,400		97,261
Teva Pharmaceutical Industries Ltd. ADR		10,250		358,955
				860,672

Security	Shares		Value
ITALY — 0.72%
Assicurazioni Generali SpA		12,600	$	181,016
Atlantia SpA		5,900		138,552
CNH Industrial NV		13,200		122,871
Enel SpA		78,470		337,865
Eni SpA		26,750		412,724
Ferrari NV		1,810		118,283
Fiat Chrysler Automobiles NVa,b		12,400		136,111
Intesa Sanpaolo SpA		147,000		343,645
Leonardo SpAb		3,996		55,073
Luxottica Group SpA		2,300		121,612
Saipem SpAb		89,239		40,879
Snam SpA		33,390		133,406
Telecom Italia SpA/Milanoa,b		164,104		133,485
Tenaris SA		6,750		111,390
Terna Rete Elettrica Nazionale SpA		24,650		114,516
UniCredit SpAa		20,826		279,941
				2,781,369
JAPAN — 8.73%
Aeon Co. Ltd.		10,000		149,707
Aisin Seiki Co. Ltd.		5,000		249,363
Ajinomoto Co. Inc.		10,000		203,244
ANA Holdings Inc.		50,000		150,065
Asahi Group Holdings Ltd.		10,000		354,739
Asahi Kasei Corp.		50,000		489,118
Astellas Pharma Inc.		30,000		405,416
Bridgestone Corp.		10,000		400,501
Canon Inc.		15,000		439,871
Casio Computer Co. Ltd.		5,300		71,860
Chubu Electric Power Co. Inc.		15,000		198,418
Chugai Pharmaceutical Co. Ltd.		5,000		167,359
Chugoku Electric Power Co. Inc. (The)		15,000		165,974
Concordia Financial Group Ltd.		20,000		106,860
Dai-ichi Life Holdings Inc.		12,800		241,677
Daiichi Sankyo Co. Ltd.		10,900		249,448
Daikin Industries Ltd.		5,000		476,605
Daiwa House Industry Co. Ltd.		10,000		275,640
Denso Corp.		5,000		223,086
Dentsu Inc.		5,000		277,964
East Japan Railway Co.		5,000		453,814
Eisai Co. Ltd.		5,000		281,584
FANUC Corp.		1,700		336,171
Fast Retailing Co. Ltd.		500		158,600

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
Fuji Heavy Industries Ltd.		5,000	$	188,006
FUJIFILM Holdings Corp.		5,000		194,039
Fujitsu Ltd.		50,000		291,683
Hakuhodo DY Holdings Inc.		10,000		123,430
Hitachi Ltd.		50,000		276,534
Honda Motor Co. Ltd.		20,000		623,676
Hoya Corp.		5,000		227,198
Hulic Co. Ltd.		10,000		95,545
Iida Group Holdings Co. Ltd.		5,000		84,909
INPEX Corp.		20,000		199,491
ITOCHU Corp.		20,000		290,745
Japan Airlines Co. Ltd.		5,000		163,963
Japan Exchange Group Inc.		10,000		138,803
Japan Retail Fund Investment Corp.		100		201,993
Japan Tobacco Inc.		15,000		503,687
JFE Holdings Inc.		10,000		189,927
JTEKT Corp.		5,000		85,266
JX Holdings Inc.		45,000		215,217
Kansai Electric Power Co. Inc. (The)a,b		15,000		166,979
Kao Corp.		5,000		259,239
KDDI Corp.		20,000		525,361
Kirin Holdings Co. Ltd.		15,000		259,284
Kobe Steel Ltd.b		5,000		48,755
Komatsu Ltd.		15,000		363,387
Konami Holdings Corp.		5,000		211,825
Konica Minolta Inc.		15,000		145,194
Kubota Corp.		15,000		239,643
Kuraray Co. Ltd.		15,000		228,583
Kyocera Corp.		5,000		276,087
Kyushu Electric Power Co. Inc.		10,000		111,722
Kyushu Financial Group Inc.		15,000		103,097
M3 Inc.		5,000		127,363
Marubeni Corp.		35,000		227,358
Marui Group Co. Ltd.		5,000		69,357
Mazda Motor Corp.		10,000		140,859
Mitsubishi Chemical Holdings Corp.		35,000		269,871
Mitsubishi Corp.		20,000		453,054
Mitsubishi Electric Corp.		18,800		276,829
Mitsubishi Estate Co. Ltd.		10,000		196,184
Mitsubishi Heavy Industries Ltd.		50,000		198,418
Mitsubishi Motors Corp.		10,000		64,977
Mitsubishi UFJ Financial Group Inc.		145,600		960,907
Mitsubishi UFJ Lease & Finance Co. Ltd.		35,000		194,262

Security	Shares		Value
Mitsui & Co. Ltd.		25,100	$	385,636
Mitsui Fudosan Co. Ltd.		7,000		159,101
Mizuho Financial Group Inc.		305,000		571,645
MS&AD Insurance Group Holdings Inc.		6,900		234,286
Murata Manufacturing Co. Ltd.		1,700		245,386
Nagoya Railroad Co. Ltd.		50,000		230,147
NEC Corp.		30,000		75,077
Nidec Corp.		5,000		468,785
Nikon Corp.a		10,000		153,461
Nintendo Co. Ltd.		1,100		231,041
Nippon Paint Holdings Co. Ltd.		5,000		161,997
Nippon Steel & Sumitomo Metal Corp.		10,047		248,156
Nippon Telegraph & Telephone Corp.		10,000		424,632
Nissan Motor Co. Ltd.		35,000		345,980
Nitto Denko Corp.		5,000		422,756
Nomura Holdings Inc.		55,000		358,507
Nomura Real Estate Master Fund Inc.		100		150,422
NTT DOCOMO Inc.		20,000		476,740
Olympus Corp.		5,000		177,638
Omron Corp.		5,000		215,847
Ono Pharmaceutical Co. Ltd.		5,000		111,163
Oriental Land Co. Ltd./Japan		5,000		282,075
ORIX Corp.		20,000		312,374
Otsuka Holdings Co. Ltd.		5,000		228,404
Panasonic Corp.		30,000		330,607
Rakuten Inc.		15,000		149,216
Recruit Holdings Co. Ltd.		5,000		246,235
Resona Holdings Inc.		35,000		196,139
Ricoh Co. Ltd.		15,000		131,251
Sekisui House Ltd.		10,000		160,477
Seven & I Holdings Co. Ltd.		10,000		393,261
Seven Bank Ltd.		30,000		93,578
Shin-Etsu Chemical Co. Ltd.		5,000		424,677
Shionogi & Co. Ltd.		5,000		245,699
Shiseido Co. Ltd.		5,000		132,055
SoftBank Group Corp.		10,000		747,375
Sompo Holdings Inc.		5,000		187,603
Sony Corp.		15,000		466,282
Sumitomo Corp.		25,000		337,288
Sumitomo Electric Industries Ltd.		15,000		245,274

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
Sumitomo Mitsui Financial Group Inc.		15,000	$	586,808
Sumitomo Mitsui Trust Holdings Inc.		5,000		180,051
Sumitomo Realty & Development Co. Ltd.		2,000		55,432
Suzuki Motor Corp.		5,000		196,362
Sysmex Corp.		5,000		290,030
T&D Holdings Inc.		10,000		154,042
Takeda Pharmaceutical Co. Ltd.		10,000		466,729
Terumo Corp.		5,000		174,063
Tohoku Electric Power Co. Inc.		10,000		128,882
Tokio Marine Holdings Inc.		10,000		439,648
Tokyo Electric Power Co. Holdings Inc.b		25,000		96,528
Tokyo Gas Co. Ltd.		50,000		227,823
Tokyu Fudosan Holdings Corp.		20,000		114,403
Toshiba Corp.b		50,000		93,042
Toyota Motor Corp.		30,000		1,706,663
Unicharm Corp.		5,000		112,839
USS Co. Ltd.		5,000		85,981
Yahoo Japan Corp.		35,100		163,446
Yamada Denki Co. Ltd.		20,000		102,427
Yamaha Corp.		5,000		130,804
Yamato Holdings Co. Ltd.		5,000		109,689
Yokogawa Electric Corp.		5,000		78,161
				33,591,917
NETHERLANDS — 1.22%
Aegon NV		20,800		110,908
AerCap Holdings NVa,b		2,550		115,515
Akzo Nobel NV		3,001		201,887
Altice NV Class Aa,b		3,428		72,506
Altice NV Class Bb		1,950		41,265
ASML Holding NV		4,200		510,781
Gemalto NVa		1,300		78,476
Heineken Holding NV		1,500		114,267
Heineken NV		2,650		219,358
ING Groep NV		40,400		558,722
Koninklijke Ahold Delhaize NV		15,171		323,381
Koninklijke DSM NV		2,451		161,475
Koninklijke KPN NV		43,700		123,751
Koninklijke Philips NV		11,115		337,021
NN Group NV		2,950		91,924
NXP Semiconductors NVb		3,300		339,273
Randstad Holding NV		1,715		100,066

Security	Shares		Value
RELX NV		10,555	$	187,639
Unilever NV CVA		17,000		805,934
Wolters Kluwer NV		5,050		207,481
				4,701,630
NEW ZEALAND — 0.05%
Fletcher Building Ltd.		15,900		111,087
Spark New Zealand Ltd.		32,250		83,736
				194,823
NORWAY — 0.23%
DNB ASA		12,400		204,012
Norsk Hydro ASA		19,300		109,625
Orkla ASA		11,184		98,694
Statoil ASA		13,150		233,502
Telenor ASA		7,950		130,037
Yara International ASA		3,000		114,259
				890,129
PORTUGAL — 0.03%
EDP – Energias de Portugal SA		24,427		75,766
Galp Energia SGPS SA		3,923		57,902
				133,668
SINGAPORE — 0.45%
Ascendas REIT		82,565		147,590
CapitaLand Ltd.a		70,000		182,189
CapitaLand Mall Trusta		110,000		154,946
DBS Group Holdings Ltd.a		18,400		246,421
Genting Singapore PLC		115,000		81,406
Global Logistic Properties Ltd.a		70,000		133,138
Hutchison Port Holdings Trusta		140,000		53,200
Oversea-Chinese Banking Corp. Ltd.a		30,000		202,924
Singapore Press Holdings Ltd.		3,700		9,260
Singapore Telecommunications Ltd.		110,000		309,892
United Overseas Bank Ltd.a		13,400		205,999
				1,726,965
SPAIN — 1.13%
Abertis Infraestructuras SA		9,287		136,578
ACS Actividades de Construccion y Servicios SA		3,326		104,701
Aena SAc		950		136,278
Amadeus IT Holding SA Class A		5,550		258,927
Banco Bilbao Vizcaya Argentaria SA		68,390		448,963
Banco de Sabadell SA		68,259		100,674
Banco Popular Espanol SAa		52,639		46,817

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
Banco Santander SA		156,037	$	854,559
Bankia SA		82,950		82,237
Bankinter SA		12,150		93,976
CaixaBank SA		40,377		141,499
Distribuidora Internacional de Alimentacion SA		9,550		53,185
Enagas SA		537		13,236
Endesa SA		3,174		67,774
Ferrovial SA		6,550		124,619
Gas Natural SDG SA		2,850		55,647
Grifols SA		4,200		92,137
Iberdrola SA		57,063		380,425
Industria de Diseno Textil SA		11,500		370,507
International Consolidated Airlines Group SA		12,800		85,443
Red Electrica Corp. SA		1,519		27,512
Repsol SA		13,876		206,425
Telefonica SA		46,187		473,557
				4,355,676
SWEDEN — 1.05%
Alfa Laval AB		4,650		84,365
Assa Abloy AB		12,500		243,720
Atlas Copco AB Class A		6,550		214,982
Atlas Copco AB Class B		5,600		166,018
Boliden AB		4,504		137,827
Electrolux AB Class B		2,850		75,757
Hennes & Mauritz AB Class B		10,000		264,927
Hexagon AB Class B		3,250		131,570
Investor AB Class B		5,500		218,626
Kinnevik AB Class B		3,200		86,731
Lundin Petroleum ABa,b		4,400		90,382
Millicom International Cellular SA SDR		1,102		60,262
Nordea Bank AB		30,600		359,470
Sandvik AB		13,055		178,004
Skandinaviska Enskilda Banken AB Class A		15,800		181,223
Skanska AB Class B		5,600		133,809
SKF AB Class B		5,000		95,434
Svenska Cellulosa AB SCA Class B		6,700		206,365
Svenska Handelsbanken AB Class A		16,700		232,896
Swedbank AB Class A		9,250		228,933
Swedish Match AB		3,250		101,474

Security	Shares		Value
Telefonaktiebolaget LM Ericsson Class B		31,900	$	208,091
Telia Co. AB		23,478		94,577
Volvo AB Class B		17,511		229,235
				4,024,678
SWITZERLAND — 3.14%
ABB Ltd. Registered		21,550		488,907
Actelion Ltd. Registered		1,100		296,900
Adecco Group AG Registered		1,800		129,772
Aryzta AG		1,400		45,406
Baloise Holding AG Registered		950		123,985
Cie. Financiere Richemont SA Class A Registered		5,950		439,663
Credit Suisse Group AG Registered		20,458		309,490
Geberit AG Registered		600		260,382
Givaudan SA Registered		100		182,136
Julius Baer Group Ltd.		2,950		144,783
Kuehne + Nagel International AG Registered		1,134		161,927
LafargeHolcim Ltd. Registered		5,400		308,163
Nestle SA Registered		33,500		2,483,774
Novartis AG Registered		23,750		1,859,304
Partners Group Holding AG		400		209,896
Roche Holding AG		7,400		1,808,158
Schindler Holding AG Participation Certificates		600		116,351
Schindler Holding AG Registered		600		115,093
SGS SA Registered		100		213,191
Sonova Holding AG Registered		900		118,538
Swatch Group AG (The) Bearera		450		150,037
Swiss Life Holding AG Registered		450		141,994
Swiss Prime Site AG Registered		756		65,828
Swiss Re AG		3,450		309,361
Swisscom AG Registered		292		128,935
Syngenta AG Registered		1,050		453,468
UBS Group AG		39,560		611,107
Zurich Insurance Group AG		1,550		429,193
				12,105,742
UNITED KINGDOM — 6.48%
3i Group PLC		10,331		88,513
Aberdeen Asset Management PLC		13,350		45,934
Admiral Group PLC		3,150		71,655
Anglo American PLCb		15,850		250,590
Antofagasta PLC		7,800		78,815

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
Ashtead Group PLC		6,072	$	125,127
Associated British Foods PLC		4,250		138,511
AstraZeneca PLC		13,750		794,612
Auto Trader Group PLCc		18,450		90,735
Aviva PLC		41,462		256,945
Babcock International Group PLC		6,650		78,449
BAE Systems PLC		37,250		292,030
Barclays PLC		181,500		511,570
BHP Billiton PLC		23,900		385,892
BP PLC		202,050		1,140,366
British American Tobacco PLC		20,400		1,289,597
British Land Co. PLC (The)		10,650		81,836
BT Group PLC		94,100		383,028
Bunzl PLC		5,850		164,158
Burberry Group PLC		5,500		118,131
Capita PLC		9,200		64,512
Carnival PLC		2,600		142,327
Centrica PLC		59,450		167,860
Cobham PLC		26,319		39,236
Compass Group PLC		19,610		365,552
Croda International PLC		2,422		105,729
Diageo PLC		27,900		787,422
Experian PLC		11,800		234,502
G4S PLC		24,400		79,582
GKN PLC		23,350		104,575
GlaxoSmithKline PLC		53,150		1,089,985
Glencore PLCb		135,154		541,642
Hammerson PLC		8,600		62,980
HSBC Holdings PLC		214,050		1,722,042
IMI PLC		4,200		64,861
Imperial Brands PLC		10,900		514,481
Inmarsat PLC		6,500		57,550
InterContinental Hotels Group PLC		2,914		137,650
Intertek Group PLC		3,000		131,670
Intu Properties PLC		18,351		65,516
Investec PLC		9,950		71,629
ITV PLCa		45,750		115,286
J Sainsbury PLC		19,514		64,982
Johnson Matthey PLC		2,602		99,210
Kingfisher PLC		25,800		105,691
Land Securities Group PLC		8,600		114,082
Legal & General Group PLC		62,650		193,579
Liberty Global PLC LiLAC Class Cb		1,598		39,295
Lloyds Banking Group PLC		677,550		578,987

Security	Shares		Value
London Stock Exchange Group PLC		4,254	$	162,939
Marks & Spencer Group PLC		18,600		77,492
Meggitt PLC		13,000		76,114
National Grid PLC		40,200		488,993
Next PLC		1,850		88,103
Old Mutual PLC		59,000		160,128
Pearson PLC		9,600		80,518
Prudential PLC		28,300		566,106
Randgold Resources Ltd.		896		83,735
Reckitt Benckiser Group PLC		7,050		641,396
RELX PLC		13,600		254,704
Rio Tinto PLC		13,700		562,082
Rolls-Royce Holdings PLC		21,300		208,600
Royal Bank of Scotland Group PLCb		43,500		128,725
Royal Dutch Shell PLC Class A		45,880		1,187,251
Royal Dutch Shell PLC Class B		41,603		1,125,238
RSA Insurance Group PLC		14,667		109,327
Sage Group PLC (The)		16,650		133,846
Segro PLC		9,050		55,611
Severn Trent PLC		4,300		125,105
Shire PLC		9,968		602,099
Sky PLC		10,950		135,921
Smith & Nephew PLC		10,450		157,478
Smiths Group PLC		6,350		118,134
SSE PLC		10,268		196,901
Standard Chartered PLCb		36,901		331,723
Standard Life PLC		20,275		93,024
Tate & Lyle PLC		10,750		99,527
Taylor Wimpey PLC		45,550		102,028
Tesco PLCb		95,750		224,481
TUI AG		6,700		94,881
Unilever PLC		14,350		681,964
United Utilities Group PLC		8,750		106,544
Vodafone Group PLC		276,103		693,693
Weir Group PLC (The)		3,600		84,355
Whitbread PLC		2,600		123,756
Wolseley PLC		3,261		199,450
WPP PLC		14,200		335,209
				24,946,090
UNITED STATES — 60.20%
3M Co.		6,450		1,201,957
Abbott Laboratories		18,093		815,632
AbbVie Inc.		17,350		1,072,924
Accenture PLC Class A		6,650		814,625

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
Activision Blizzard Inc.		6,701	$	302,416
Acuity Brands Inc.		550		116,215
Adobe Systems Inc.b		5,450		644,953
Advance Auto Parts Inc.		900		140,949
AES Corp./VA		7,350		84,672
Aetna Inc.		3,800		489,288
Affiliated Managers Group Inc.		900		151,137
Aflac Inc.		4,250		307,487
AGCO Corp.		1,400		85,288
Agilent Technologies Inc.		4,100		210,330
AGNC Investment Corp.a		3,848		75,536
Air Products & Chemicals Inc.		2,300		323,081
Akamai Technologies Inc.b		2,150		134,590
Albemarle Corp.		1,501		152,367
Alexion Pharmaceuticals Inc.b		2,600		341,250
Alkermes PLCb		2,100		118,650
Alleghany Corp.b		111		71,684
Allergan PLC		4,250		1,040,485
Alliance Data Systems Corp.		650		157,937
Alliant Energy Corp.		3,650		144,102
Allstate Corp. (The)		4,300		353,288
Alphabet Inc. Class Ab		3,150		2,661,529
Alphabet Inc. Class Cb		3,400		2,798,914
Altria Group Inc.		20,851		1,562,157
Amazon.com Inc.b		4,350		3,675,924
Ameren Corp.		3,100		169,539
American Airlines Group Inc.		2,100		97,356
American Electric Power Co. Inc.		5,300		354,941
American Express Co.		8,600		688,516
American International Group Inc.		11,400		728,688
American Tower Corp.		4,600		528,034
American Water Works Co. Inc.		3,150		245,700
Ameriprise Financial Inc.		2,000		263,000
AmerisourceBergen Corp.		2,100		192,171
AMETEK Inc.		3,350		180,800
Amgen Inc.		8,000		1,412,240
Amphenol Corp. Class A		3,750		259,537
Anadarko Petroleum Corp.		6,050		391,132
Analog Devices Inc.		3,453		282,904
Annaly Capital Management Inc.		10,300		114,330
ANSYS Inc.b		1,351		144,233
Anthem Inc.		2,900		477,978
Aon PLC		3,200		370,080
Apache Corp.		4,200		220,878

Security	Shares		Value
Apple Inc.		58,350	$	7,993,366
Applied Materials Inc.		12,800		463,616
Arch Capital Group Ltd.b		2,050		193,869
Archer-Daniels-Midland Co.		6,500		305,305
Arconic Inc.		4,746		136,637
Arrow Electronics Inc.b		1,500		108,300
Assurant Inc.		1,000		99,000
AT&T Inc.		65,450		2,735,155
Autodesk Inc.b		2,700		233,010
Autoliv Inc.		1,100		115,170
Automatic Data Processing Inc.		4,800		492,576
AutoZone Inc.b		400		294,620
AvalonBay Communities Inc.		1,600		294,048
Avery Dennison Corp.		1,600		129,136
Avnet Inc.		2,300		105,984
Axis Capital Holdings Ltd.		1,400		97,020
Baker Hughes Inc.		4,550		274,274
Ball Corp.		2,100		154,413
Bank of America Corp.		110,600		2,729,608
Bank of New York Mellon Corp. (The)		12,000		565,680
Baxter International Inc.		5,350		272,422
BB&T Corp.		8,501		409,918
Becton Dickinson and Co.		2,158		395,022
Bed Bath & Beyond Inc.		2,150		86,860
Berkshire Hathaway Inc. Class Bb		12,526		2,147,207
Best Buy Co. Inc.		3,500		154,455
Biogen Inc.b		2,350		678,210
BioMarin Pharmaceutical Inc.b		2,100		197,253
BlackRock Inc.d		1,300		503,698
Boeing Co. (The)		6,400		1,153,472
BorgWarner Inc.		2,450		103,366
Boston Properties Inc.		1,900		264,157
Boston Scientific Corp.b		16,300		400,165
Bristol-Myers Squibb Co.		17,950		1,017,944
Broadcom Ltd.		4,250		896,452
Brown-Forman Corp. Class B		2,800		136,528
Bunge Ltd.		1,750		143,238
CA Inc.		3,850		124,240
Cabot Oil & Gas Corp.a		5,200		113,880
Calpine Corp.b		4,700		55,037
Campbell Soup Co.		2,950		175,083
Capital One Financial Corp.		5,550		520,923
Cardinal Health Inc.		3,600		292,932

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
CarMax Inc.b		2,550	$	164,577
Carnival Corp.		4,050		226,597
Caterpillar Inc.		6,050		584,793
CBRE Group Inc. Class Aa,b		4,450		158,509
CBS Corp. Class B NVS		4,700		309,824
CDK Global Inc.		1,900		126,217
Celanese Corp. Series A		1,950		173,882
Celgene Corp.b		8,450		1,043,659
Centene Corp.b		1,800		126,900
CenterPoint Energy Inc.		5,250		143,430
CenturyLink Inc.		6,050		146,773
Cerner Corp.b		3,400		187,136
CF Industries Holdings Inc.		2,856		89,736
CH Robinson Worldwide Inc.		1,900		152,703
Charles Schwab Corp. (The)		13,600		549,576
Charter Communications Inc. Class Ab		2,381		769,206
Cheniere Energy Inc.b		2,800		134,540
Chevron Corp.		20,250		2,278,125
Chipotle Mexican Grill Inc.a,b		350		146,559
Chubb Ltd.		4,759		657,551
Church & Dwight Co. Inc.		3,400		169,456
Cigna Corp.		2,900		431,810
Cimarex Energy Co.		1,200		150,864
Cincinnati Financial Corp.		1,900		138,624
Cintas Corp.		1,450		171,115
Cisco Systems Inc.		52,800		1,804,704
CIT Group Inc.		3,000		128,700
Citigroup Inc.		31,050		1,857,100
Citizens Financial Group Inc.		6,278		234,609
Citrix Systems Inc.b		2,150		169,743
Clorox Co. (The)		1,501		205,352
CME Group Inc.		3,700		449,402
CMS Energy Corp.		3,550		158,046
Coach Inc.		3,400		129,506
Coca-Cola Co. (The)		43,350		1,818,966
Cognizant Technology Solutions Corp. Class Ab		6,700		397,109
Colgate-Palmolive Co.		8,600		627,628
Comcast Corp. Class A		51,400		1,923,388
Comerica Inc.		2,400		171,072
Conagra Brands Inc.		4,900		201,929
Concho Resources Inc.b		1,650		218,543
ConocoPhillips		13,000		618,410

Security	Shares		Value
Consolidated Edison Inc.		3,600	$	277,344
Constellation Brands Inc. Class A		2,100		333,501
Continental Resources Inc./OKa,b		1,308		59,122
Core Laboratories NVa		700		80,094
Corning Inc.		12,100		334,081
Costco Wholesale Corp.		4,700		832,746
Coty Inc. Class A		5,422		101,825
CR Bard Inc.		900		220,716
Crown Castle International Corp.		3,550		332,031
Crown Holdings Inc.b		2,400		128,616
CSX Corp.		10,600		514,736
Cummins Inc.		1,900		282,131
CVS Health Corp.		11,350		914,583
Danaher Corp.		6,550		560,352
Darden Restaurants Inc.		1,750		130,690
DaVita Inc.b		2,000		138,820
Deere & Co.		2,950		322,995
Dell Technologies Inc. Class Vb		2,601		165,137
Delphi Automotive PLC		2,968		225,954
Delta Air Lines Inc.		1,170		58,418
DENTSPLY SIRONA Inc.		3,050		193,736
Devon Energy Corp.		5,500		238,480
Dick’s Sporting Goods Inc.		1,250		61,188
Digital Realty Trust Inc.a		1,900		205,200
Discover Financial Services		4,800		341,472
Discovery Communications Inc. Class Ab		1,700		48,892
Discovery Communications Inc. Class C NVSb		3,250		91,228
DISH Network Corp. Class Ab		2,550		158,100
Dollar General Corp.		3,300		240,966
Dollar Tree Inc.b		2,650		203,202
Dominion Resources Inc./VA		6,450		500,778
Dover Corp.		2,250		180,225
Dow Chemical Co. (The)		11,900		740,894
DR Horton Inc.		4,400		140,800
Dr Pepper Snapple Group Inc.		2,600		242,944
DTE Energy Co.		2,150		217,967
Duke Energy Corp.		7,000		577,850
Duke Realty Corp.		6,200		158,968
Dun & Bradstreet Corp. (The)		700		73,878
Eastman Chemical Co.		1,900		152,475
Eaton Corp. PLC		4,900		352,702
Eaton Vance Corp. NVS		2,000		93,260

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
eBay Inc.b		11,950	$	405,105
Ecolab Inc.		3,150		390,505
Edgewell Personal Care Co.b		1,072		79,156
Edison International		3,950		314,973
Edwards Lifesciences Corp.b		2,500		235,100
EI du Pont de Nemours & Co.		9,500		746,130
Electronic Arts Inc.b		3,450		298,425
Eli Lilly & Co.		10,750		890,207
Emerson Electric Co.		7,050		423,705
Entergy Corp.		2,250		172,485
EOG Resources Inc.		6,200		601,338
EQT Corp.		2,068		123,853
Equifax Inc.		1,700		222,887
Equinix Inc.		800		300,856
Equity Residential		4,100		258,587
Essex Property Trust Inc.		850		199,495
Estee Lauder Companies Inc. (The) Class A		2,500		207,125
Everest Re Group Ltd.		313		73,599
Eversource Energy		3,500		205,310
Exelon Corp.		9,650		354,251
Expedia Inc.		1,350		160,704
Expeditors International of Washington Inc.		2,600		146,588
Express Scripts Holding Co.b		7,000		494,550
Exxon Mobil Corp.		44,600		3,626,872
F5 Networks Inc.b		950		136,107
Facebook Inc. Class Ab		25,050		3,395,277
Fastenal Co.		3,450		172,604
Federal Realty Investment Trust		1,250		175,913
FedEx Corp.		2,950		569,291
Fidelity National Information Services Inc.		3,600		296,172
Fifth Third Bancorp.		8,900		244,216
First Republic Bank/CA		2,000		187,660
FirstEnergy Corp.		4,950		160,529
Fiserv Inc.b		3,000		346,200
FleetCor Technologies Inc.b		1,051		178,670
Flex Ltd.a,b		8,650		142,639
FLIR Systems Inc.		2,200		80,762
Flowserve Corp.		2,250		104,513
Fluor Corp.		2,150		119,089
FMC Corp.		1,850		106,597
FNF Group		3,200		122,656

Security	Shares		Value
Foot Locker Inc.		1,568	$	118,651
Ford Motor Co.		37,550		470,501
Fortive Corp.		3,520		202,928
Franklin Resources Inc.		4,350		187,224
Freeport-McMoRan Inc.b		13,850		185,590
Frontier Communications Corp.		15,850		46,441
Gap Inc. (The)		2,950		73,219
Garmin Ltd.		1,350		69,674
General Dynamics Corp.		2,950		559,939
General Electric Co.		95,850		2,857,288
General Mills Inc.		6,450		389,386
General Motors Co.		13,600		501,024
Genuine Parts Co.		1,800		172,278
GGP Inc.		6,450		160,347
Gilead Sciences Inc.		14,050		990,244
Global Payments Inc.		2,150		171,334
Goldman Sachs Group Inc. (The)		4,000		992,240
Goodyear Tire & Rubber Co. (The)		3,300		115,665
H&R Block Inc.		2,800		57,568
Halliburton Co.		9,200		491,832
Hanesbrands Inc.		4,550		91,046
Harley-Davidson Inc.		2,050		115,579
Harman International Industries Inc.		850		94,877
Harris Corp.		1,650		181,335
Hartford Financial Services Group Inc. (The)		4,650		227,338
Hasbro Inc.		1,301		126,028
HCA Holdings Inc.b		3,500		305,340
HCP Inc.		5,200		170,508
Helmerich & Payne Inc.		1,300		88,881
Henry Schein Inc.b		1,150		197,294
Hershey Co. (The)		1,650		178,778
Hess Corp.		3,000		154,320
Hewlett Packard Enterprise Co.		18,650		425,593
Hilton Worldwide Holdings Inc.		2,052		117,374
HollyFrontier Corp.		2,150		62,952
Hologic Inc.b		3,450		140,001
Home Depot Inc. (The)		13,250		1,920,057
Honeywell International Inc.		7,600		946,200
Hormel Foods Corp.		3,950		139,238
Host Hotels & Resorts Inc.a		8,200		147,518
HP Inc.		19,550		339,583
Humana Inc.		1,600		338,000
Huntington Bancshares Inc./OH		12,588		177,994

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
IHS Markit Ltd.b		4,250	$	169,150
Illinois Tool Works Inc.		3,800		501,638
Illumina Inc.b		1,750		292,950
Incyte Corp.b		2,050		272,855
Ingersoll-Rand PLC		3,200		253,952
Intel Corp.		50,001		1,810,036
Intercontinental Exchange Inc.		6,500		371,345
International Business Machines Corp.		9,650		1,735,263
International Flavors & Fragrances Inc.		1,150		144,555
International Paper Co.		4,400		231,880
Interpublic Group of Companies Inc. (The)		5,550		133,755
Intuit Inc.		3,000		376,320
Intuitive Surgical Inc.b		450		331,650
Invesco Ltd.		5,250		168,998
Iron Mountain Inc.		3,419		124,281
Jacobs Engineering Group Inc.		2,000		112,820
Jazz Pharmaceuticals PLCb		800		106,096
JB Hunt Transport Services Inc.		1,300		127,621
JM Smucker Co. (The)		1,550		219,682
Johnson & Johnson		29,500		3,605,195
Johnson Controls International PLC		10,555		442,677
JPMorgan Chase & Co.		38,600		3,497,932
Juniper Networks Inc.		4,450		124,600
Kansas City Southern		1,350		119,651
Kellogg Co.		3,150		233,320
KeyCorp		12,500		234,625
Kimberly-Clark Corp.		3,850		510,317
Kimco Realty Corp.		4,772		115,721
Kinder Morgan Inc./DE		21,150		450,706
KLA-Tencor Corp.		2,200		198,264
Kohl’s Corp.		2,350		100,157
Kraft Heinz Co. (The)		6,400		585,664
Kroger Co. (The)		10,250		325,950
L Brands Inc.		2,650		139,443
L3 Technologies Inc.		1,100		185,152
Laboratory Corp. of America Holdingsb		1,250		177,825
Lam Research Corp.		1,850		219,299
Las Vegas Sands Corp.		4,650		246,217
Leggett & Platt Inc.		2,450		120,491
Leucadia National Corp.		5,000		133,100

Security	Shares		Value
Level 3 Communications Inc.b		3,600	$	206,100
Liberty Global PLC Series Aa,b		3,100		110,670
Liberty Global PLC Series C NVSb		6,800		238,612
Liberty Interactive Corp. QVC Group Series Ab		6,000		113,280
Liberty Media Corp.-Liberty SiriusXM Class Cb		3,850		149,881
Liberty Property Trust		2,550		100,572
Lincoln National Corp.		2,800		196,448
Linear Technology Corp.		3,000		193,740
LKQ Corp.b		4,300		135,794
Lockheed Martin Corp.		2,876		766,684
Loews Corp.		3,500		164,430
Lowe’s Companies Inc.		9,650		717,670
lululemon athletica Inc.b		1,400		91,364
LyondellBasell Industries NV Class A		3,800		346,712
M&T Bank Corp.		1,650		275,500
Macerich Co. (The)		1,600		107,808
Macy’s Inc.		3,550		117,931
Mallinckrodt PLCb		1,401		73,440
ManpowerGroup Inc.		1,000		97,040
Marathon Oil Corp.		10,201		163,216
Marathon Petroleum Corp.		6,000		297,600
Markel Corp.b		200		195,946
Marriott International Inc./MD Class A		3,758		326,908
Marsh & McLennan Companies Inc.		5,351		393,191
Martin Marietta Materials Inc.		750		161,963
Marvell Technology Group Ltd.		6,000		93,600
Masco Corp.		4,600		155,388
MasterCard Inc. Class A		10,250		1,132,215
Mattel Inc.		4,000		102,920
Maxim Integrated Products Inc.		3,300		146,190
McCormick & Co. Inc./MD		1,700		167,314
McDonald’s Corp.		9,150		1,167,997
McKesson Corp.		2,550		382,831
Mead Johnson Nutrition Co.		2,250		197,528
Medtronic PLC		14,550		1,177,240
Merck & Co. Inc.		29,350		1,933,284
MetLife Inc.		9,700		508,668
MGM Resorts Internationalb		5,250		138,023
Michael Kors Holdings Ltd.b		2,000		73,000
Microchip Technology Inc.a		2,800		203,056

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
Micron Technology Inc.b		12,040	$	282,218
Microsoft Corp.		79,950		5,115,201
Mohawk Industries Inc.b		800		181,088
Molson Coors Brewing Co. Class B		2,150		215,839
Mondelez International Inc. Class A		17,000		746,640
Monsanto Co.		4,750		540,692
Monster Beverage Corp.b		4,650		192,696
Moody’s Corp.		2,350		261,719
Morgan Stanley		16,050		733,003
Mosaic Co. (The)		4,050		126,320
Motorola Solutions Inc.		1,950		153,992
Murphy Oil Corp.		1,950		55,166
Mylan NVb		5,050		211,343
Nasdaq Inc.		1,750		124,443
National Oilwell Varco Inc.		4,400		177,848
Navient Corp.		5,600		86,296
NetApp Inc.		3,300		138,039
Netflix Inc.b		4,750		675,117
New York Community Bancorp. Inc.		6,100		93,208
Newell Brands Inc.		5,124		251,230
Newfield Exploration Co.b		2,286		83,348
Newmont Mining Corp.		6,550		224,272
News Corp. Class A		4,253		54,523
NextEra Energy Inc.		4,918		644,258
Nielsen Holdings PLC		4,000		177,440
NIKE Inc. Class B		14,400		823,104
Noble Energy Inc.		4,750		172,948
Nordstrom Inc.		1,750		81,655
Norfolk Southern Corp.		3,250		393,347
Northern Trust Corp.		2,500		218,375
Northrop Grumman Corp.		2,000		494,180
Nucor Corp.		3,500		218,995
NVIDIA Corp.		5,950		603,806
O’Reilly Automotive Inc.b		1,150		312,466
Occidental Petroleum Corp.		8,100		530,955
Omnicom Group Inc.		2,850		242,535
ONEOK Inc.		2,752		148,746
Oracle Corp.		32,650		1,390,563
PACCAR Inc.		3,950		263,899
Palo Alto Networks Inc.b		1,050		159,495
Parker-Hannifin Corp.		1,800		278,712
Patterson Companies Inc.		1,400		63,630
Paychex Inc.		3,800		233,396
PayPal Holdings Inc.b		11,950		501,900

Security	Shares		Value
Pentair PLC		2,550	$	148,053
People’s United Financial Inc.		5,150		98,880
PepsiCo Inc.		14,950		1,650,181
Perrigo Co. PLC		1,700		127,109
Pfizer Inc.		64,850		2,212,682
PG&E Corp.		5,450		363,787
Philip Morris International Inc.		16,500		1,804,275
Phillips 66		5,050		394,859
Pinnacle West Capital Corp.		1,750		143,833
Pioneer Natural Resources Co.		1,800		334,746
Plains GP Holdings LP Class A		1,200		39,444
PNC Financial Services Group Inc. (The)d		5,150		655,234
PPG Industries Inc.		3,100		317,533
PPL Corp.		7,718		284,640
Praxair Inc.		3,000		356,130
Priceline Group Inc. (The)b		550		948,271
Principal Financial Group Inc.		3,350		209,509
Procter & Gamble Co. (The)		27,390		2,494,407
Progressive Corp. (The)		6,451		252,750
Prologis Inc.		6,100		311,405
Prudential Financial Inc.		4,750		525,065
Public Service Enterprise Group Inc.		6,150		282,777
Public Storage		1,750		398,055
PulteGroup Inc.		4,500		99,225
PVH Corp.		1,000		91,600
Qorvo Inc.b		1,713		113,229
QUALCOMM Inc.		15,800		892,384
Quest Diagnostics Inc.		1,800		175,392
Ralph Lauren Corp.		650		51,565
Range Resources Corp.		2,400		66,288
Raytheon Co.		3,350		516,402
Realty Income Corp.		3,350		205,288
Red Hat Inc.b		2,250		186,323
Regency Centers Corp.		1,800		126,630
Regeneron Pharmaceuticals Inc.b		900		336,150
Regions Financial Corp.		15,300		233,631
RenaissanceRe Holdings Ltd.		403		59,499
Republic Services Inc.		3,400		210,630
Reynolds American Inc.		9,206		566,813
Rite Aid Corp.b		13,500		81,000
Robert Half International Inc.		2,100		101,304
Rockwell Automation Inc.		1,700		256,870
Rockwell Collins Inc.		1,800		172,062

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
Roper Technologies Inc.		1,350	$	282,420
Ross Stores Inc.		4,800		329,184
Royal Caribbean Cruises Ltd.		1,900		182,590
S&P Global Inc.		3,150		407,830
salesforce.com inc.b		6,900		561,315
SBA Communications Corp.b		1,500		173,655
SCANA Corp.		1,950		135,233
Schlumberger Ltd.		14,561		1,170,122
Scripps Networks Interactive Inc. Class A		1,100		88,847
Seagate Technology PLC		3,350		161,437
SEI Investments Co.		2,700		135,945
Sempra Energy		2,550		281,239
ServiceNow Inc.b		1,850		160,802
Sherwin-Williams Co. (The)		900		277,686
Signet Jewelers Ltd.		900		57,231
Simon Property Group Inc.		3,353		618,293
Sirius XM Holdings Inc.a		35,000		178,150
Skyworks Solutions Inc.		2,300		218,063
SL Green Realty Corp.		1,176		132,512
Southern Co. (The)		9,650		490,413
Southwest Airlines Co.		1,550		89,590
Southwestern Energy Co.b		6,250		46,938
Splunk Inc.a,b		1,700		104,941
Sprint Corp.a,b		10,606		93,439
Stanley Black & Decker Inc.		1,900		241,585
Staples Inc.		9,000		80,910
Starbucks Corp.		15,450		878,641
State Street Corp.		4,080		325,217
Stericycle Inc.b		1,150		95,312
Stryker Corp.		3,600		462,816
SunTrust Banks Inc.		5,850		348,016
Symantec Corp.		7,850		224,274
Synchrony Financial		9,454		342,613
Synopsys Inc.b		2,800		200,032
Sysco Corp.		6,200		326,864
T Rowe Price Group Inc.		2,900		206,509
T-Mobile U.S. Inc.b		3,550		221,982
Target Corp.		5,900		346,743
TD Ameritrade Holding Corp.		3,050		119,255
TE Connectivity Ltd.		3,750		279,262
TechnipFMC PLCb		6,050		195,536
Tesla Inc.a,b		1,400		349,986
Tesoro Corp.		1,500		127,785

Security	Shares		Value
Texas Instruments Inc.		10,550	$	808,341
Textron Inc.		3,650		172,645
Thermo Fisher Scientific Inc.		4,350		685,908
Tiffany & Co.		1,650		151,586
Time Warner Inc.		8,450		829,874
TJX Companies Inc. (The)		7,350		576,607
Toll Brothers Inc.b		3,100		105,834
Torchmark Corp.		1,811		140,407
Total System Services Inc.		2,700		147,096
Tractor Supply Co.		1,700		120,547
TransDigm Group Inc.		750		190,650
Travelers Companies Inc. (The)		3,100		378,944
Trimble Inc.a,b		3,350		103,951
TripAdvisor Inc.b		1,350		55,985
Twenty-First Century Fox Inc. Class A		13,700		409,904
Twenty-First Century Fox Inc. Class B		3,000		88,050
Twitter Inc.b		6,800		107,236
Tyson Foods Inc. Class A		3,450		215,832
U.S. Bancorp.		17,650		970,750
UDR Inc.		3,950		144,175
Ulta Salon Cosmetics & Fragrance Inc.b		750		205,073
Under Armour Inc. Class Aa,b		2,250		46,395
Under Armour Inc. Class Cb		2,262		41,983
Union Pacific Corp.		9,000		971,460
United Parcel Service Inc. Class B		6,950		735,032
United Rentals Inc.b		1,250		160,038
United Technologies Corp.		8,400		945,420
UnitedHealth Group Inc.		10,150		1,678,607
Universal Health Services Inc. Class B		1,100		138,160
Unum Group		2,750		134,283
Valero Energy Corp.		5,100		346,545
Varian Medical Systems Inc.b		1,300		109,057
Ventas Inc.		3,810		247,840
VEREIT Inc.		12,900		117,003
VeriSign Inc.a,b		1,600		131,952
Verisk Analytics Inc. Class Ab		2,050		169,986
Verizon Communications Inc.		43,600		2,163,868
Vertex Pharmaceuticals Inc.b		3,000		271,860
VF Corp.		3,900		204,555
Viacom Inc. Class B NVS		4,000		173,800

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Security	Shares		Value
Visa Inc. Class A		20,150	$	1,771,991
VMware Inc. Class Aa,b		950		85,396
Vornado Realty Trust		2,100		230,727
Vulcan Materials Co.		1,750		211,068
Wal-Mart Stores Inc.		16,600		1,177,438
Walgreens Boots Alliance Inc.		9,900		855,162
Walt Disney Co. (The)		16,250		1,788,962
Waste Connections Inc.		2,250		196,628
Waste Management Inc.		5,000		366,600
Waters Corp.b		1,200		185,988
Weatherford International PLCa,b		12,750		72,165
WEC Energy Group Inc.		4,052		244,214
Wells Fargo & Co.		50,900		2,946,092
Welltower Inc.		4,050		285,039
Western Digital Corp.		3,266		251,090
Western Union Co. (The)		6,750		132,570
WestRock Co.		2,909		156,271
Weyerhaeuser Co.		8,700		293,364
Whirlpool Corp.		950		169,661
WhiteWave Foods Co. (The)b		2,550		140,454
Whole Foods Market Inc.		3,900		119,613
Williams Companies Inc. (The)		8,850		250,809
Willis Towers Watson PLC		1,450		186,224
Workday Inc. Class Ab		1,451		120,331
WR Berkley Corp.		1,650		117,183
WW Grainger Inc.		750		185,970
Wyndham Worldwide Corp.		1,450		120,698
Wynn Resorts Ltd.		1,000		96,150
Xcel Energy Inc.		5,800		253,518
Xerox Corp.		10,350		77,004
Xilinx Inc.		3,150		185,283
XL Group Ltd.		3,150		127,544
Xylem Inc./NY		3,400		163,608
Yahoo! Inc.b		10,150		463,449
Yum! Brands Inc.		4,350		284,142
Zillow Group Inc. Class Ca,b		1,569		53,252
Zimmer Biomet Holdings Inc.		2,150		251,722
Zoetis Inc.		6,000		319,860
				231,713,202
TOTAL COMMON STOCKS
(Cost: $369,251,639)				382,973,999

Security	Shares		Value
PREFERRED STOCKS — 0.18%
GERMANY — 0.18%
Henkel AG & Co. KGaA		1,950	$	244,297
Porsche Automobil Holding SE		1,650		91,434
Volkswagen AG		2,250		334,002
				669,733
TOTAL PREFERRED STOCKS
(Cost: $805,276)				669,733
SHORT-TERM INVESTMENTS — 1.77%
MONEY MARKET FUNDS — 1.77%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%e,f,g		6,548,917		6,551,537
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%e,f		266,181		266,181
				6,817,718
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,815,579)				6,817,718
TOTAL INVESTMENTS IN SECURITIES — 101.45%
(Cost: $376,872,494)h				390,461,450
Other Assets, Less Liabilities — (1.45)%				(5,576,600	)
NET ASSETS — 100.00%			$	384,884,850

ADR  —  American Depositary Receipts

NVS  —  Non-Voting Shares

SDR  —  Swedish 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 Schedule 1.

^e  Affiliated money market fund.

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

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

^h  The cost of investments for federal income tax purposes was $378,318,500. Net unrealized appreciation was $12,142,950, of which $33,582,430 represented gross unrealized appreciation on securities and $21,439,480 represented gross unrealized depreciation on securities.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2017

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the six months ended February 28, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
BlackRock Inc.		1,080		370		(150	)		1,300	$	503,698	$	2,597	$	5,742
PNC Financial Services Group Inc. (The)		4,120		1,442		(412	)		5,150		655,234		5,212		2,821
										$	1,158,932	$	7,809	$	8,563

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	382,973,999	$	—	$	—	$	382,973,999
Preferred stocks		669,733		—		—		669,733
Money market funds		6,817,718		—		—		6,817,718
Total	$	390,461,450	$	—	$	—	$	390,461,450

See notes to financial statements.

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF
ASSETS
Investments, at cost:
Unaffiliated	$	549,565,186		$	369,104,975
Affiliated (Note 2)		8,207,124			7,767,519
Total cost of investments	$	557,772,310		$	376,872,494
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	559,823,662		$	382,484,800
Affiliated (Note 2)		8,208,024			7,976,650
Total fair value of investments		568,031,686			390,461,450
Foreign currency, at valueb		6,013,383			299,519
Receivables:
Investment securities sold		1,015			34,532
Dividends and interest		186,139			810,646
Tax reclaims		876			129,696
Total Assets		574,233,099			391,735,843
LIABILITIES
Payables:
Investment securities purchased		213,271			231,586
Collateral for securities on loan (Note 1)		3,960,454			6,549,279
Foreign taxes		1,702,389			—
Deferred foreign capital gains taxes (Note 1)		6,432,321			—
Investment advisory fees (Note 2)		338,555			70,128
Total Liabilities		12,646,990			6,850,993
NET ASSETS	$	561,586,109		$	384,884,850
Net assets consist of:
Paid-in capital	$	674,725,187		$	370,592,753
Undistributed (distributions in excess of) net investment income		(937,647	)		914,636
Accumulated net realized loss		(115,274,363	)		(208,275	)
Net unrealized appreciation		3,072,932			13,585,736
NET ASSETS	$	561,586,109		$	384,884,850
Shares outstandingc		20,600,000			5,000,000
Net asset value per share	$	27.26		$	76.98

^a  Securities on loan with values of $3,783,658 and $6,147,705, respectively. See Note 1.

^b  Cost of foreign currency: $6,767,528 and $297,404, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	4,005,426		$	3,406,680
Dividends — affiliated (Note 2)		6,644			8,320
Interest — unaffiliated		7,694			—
Securities lending income — affiliated — net (Note 2)		11,991			22,874
Total investment income		4,031,755			3,437,874
EXPENSES
Investment advisory fees (Note 2)		1,970,383			388,986
Commitment fees (Note 7)		2,725			—
Interest expense (Note 7)		9,542			—
Total expenses		1,982,650			388,986
Net investment income		2,049,105			3,048,888
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(17,069,220	)		(718,814	)
Investments — affiliated (Note 2)		1,036			859
In-kind redemptions — unaffiliated		460,854			4,053,528
In-kind redemptions — affiliated (Note 2)		—			7,824
Foreign currency transactions		(236,454	)		(48,470	)
Realized gain distributions from affiliated funds		—			36
Net realized gain (loss)		(16,843,784	)		3,294,963
Net change in unrealized appreciation/depreciation on:
Investmentsb		73,459,407			19,791,116
Translation of assets and liabilities in foreign currencies		(747,979	)		5,127
Net change in unrealized appreciation/depreciation		72,711,428			19,796,243
Net realized and unrealized gain		55,867,644			23,091,206
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	57,916,749		$	26,140,094

^a  Net of foreign withholding tax of $393,069 and $95,159, respectively.

^b  Net of deferred foreign capital gains taxes of $6,432,321 and $  —, respectively.

See notes to financial statements.

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Frontier 100 ETF						iShares MSCI World ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,049,105		$	13,480,226		$	3,048,888		$	5,617,187
Net realized gain (loss)		(16,843,784	)		(60,711,158	)		3,294,963			(540,768	)
Net change in unrealized appreciation/depreciation		72,711,428			16,637,146			19,796,243			9,321,554
Net increase (decrease) in net assets resulting from operations		57,916,749			(30,593,786	)		26,140,094			14,397,973
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(521,400	)		(9,930,758	)		(3,100,394	)		(5,779,653	)
Total distributions to shareholders		(521,400	)		(9,930,758	)		(3,100,394	)		(5,779,653	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		104,093,952			31,628,173			101,696,057			131,162,561
Cost of shares redeemed		(7,625,690	)		(86,373,632	)		(28,454,357	)		(58,019,921	)
Net increase (decrease) in net assets from capital share transactions		96,468,262			(54,745,459	)		73,241,700			73,142,640
INCREASE (DECREASE) IN NET ASSETS		153,863,611			(95,270,003	)		96,281,400			81,760,960
NET ASSETS
Beginning of period		407,722,498			502,992,501			288,603,450			206,842,490
End of period	$	561,586,109		$	407,722,498		$	384,884,850		$	288,603,450
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(937,647	)	$	(2,465,352	)	$	914,636		$	966,142
SHARES ISSUED AND REDEEMED
Shares sold		4,050,000			1,200,000			1,400,000			1,900,000
Shares redeemed		(300,000	)		(3,550,000	)		(400,000	)		(900,000	)
Net increase (decrease) in shares outstanding		3,750,000			(2,350,000	)		1,000,000			1,000,000

See notes to financial statements.

FINANCIAL STATEMENTS 29

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Frontier 100 ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Period from Sep. 12, 2012a to Aug. 31, 2013
Net asset value, beginning of period	$	24.20		$	26.20		$	37.79		$	30.12		$	25.25
Income from investment operations:
Net investment incomeb		0.10			0.76			0.77			1.09			0.67
Net realized and unrealized gain (loss)c		2.99			(2.17	)		(8.78	)		7.47			4.51
Total from investment operations		3.09			(1.41	)		(8.01	)		8.56			5.18
Less distributions from:
Net investment income		(0.03	)		(0.59	)		(0.76	)		(0.89	)		(0.28	)
Net realized gain		—			—			(2.82	)		—			—
Return of capital		—			—			—			—			(0.03	)
Total distributions		(0.03	)		(0.59	)		(3.58	)		(0.89	)		(0.31	)
Net asset value, end of period	$	27.26		$	24.20		$	26.20		$	37.79		$	30.12
Total return		12.81	%d		(5.45	)%		(21.70	)%		28.56	%		20.54	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	561,586		$	407,722		$	502,993		$	799,349		$	280,084
Ratio of expenses to average net assetse		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%
Ratio of net investment income to average net assetse		0.82	%		3.03	%		2.43	%		3.07	%		2.32	%
Portfolio turnover ratef		9	%d		20	%		47	%		61	%		18	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014 and the period ended August 31, 2013 were 8%, 10%, 45%, 42% and 10%, respectively. See Note 4.

See notes to financial statements.

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI World ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 10, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	72.15		$	68.95		$	73.36		$	61.76		$	53.45		$	50.32
Income from investment operations:
Net investment incomeb		0.68			1.62			1.64			1.81			1.40			0.98
Net realized and unrealized gain (loss)c		4.89			3.16			(4.49	)		11.16			8.03			2.89
Total from investment operations		5.57			4.78			(2.85	)		12.97			9.43			3.87
Less distributions from:
Net investment income		(0.74	)		(1.58	)		(1.56	)		(1.37	)		(1.12	)		(0.74	)
Total distributions		(0.74	)		(1.58	)		(1.56	)		(1.37	)		(1.12	)		(0.74	)
Net asset value, end of period	$	76.98		$	72.15		$	68.95		$	73.36		$	61.76		$	53.45
Total return		7.77	%d		7.05	%		(3.97	)%		21.07	%		17.84	%		7.76	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	384,885		$	288,603		$	206,842		$	168,728		$	24,704		$	10,689
Ratio of expenses to average net assetse		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Ratio of net investment income to average net assetse		1.88	%		2.34	%		2.25	%		2.57	%		2.34	%		2.91	%
Portfolio turnover ratef		2	%d		5	%		5	%		5	%		5	%		3	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 31

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Frontier 100	Diversified
MSCI World	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 each Fund in the preparation of its 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.

• Fixed income investments are valued using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction

32 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes.

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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 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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is

NOTES TO FINANCIAL STATEMENTS 33

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

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 February 28, 2017 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 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 February 28, 2017, 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.

34 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 an approved 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 but does not receive interest income on securities received as collateral. 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.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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 February 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. 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 February 28, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

NOTES TO FINANCIAL STATEMENTS 35

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Frontier 100
JPMorgan Securities LLC	$	3,718,318	$	3,718,318	$	—
UBS AG		7,260		7,260		—
Wells Fargo Securities LLC		58,080		58,080		—
	$	3,783,658	$	3,783,658	$	—
MSCI World
Barclays Capital Inc.	$	28,504	$	28,504	$	—
BNP Paribas Prime Brokerage Inc.		9,402		9,402		—
BNP Paribas Prime Brokerage International Ltd.		29,689		29,689		—
Citigroup Global Markets Inc.		179,527		179,527		—
Credit Suisse Securities (USA) LLC		484,659		484,659		—
Deutsche Bank Securities Inc.		162,611		162,611		—
Goldman Sachs & Co.		557,421		557,421		—
HSBC Bank PLC		17,957		17,957		—
JPMorgan Securities LLC		512,190		512,190		—
Merrill Lynch, Pierce, Fenner & Smith		136,763		136,763		—
Morgan Stanley & Co. LLC		1,431,404		1,431,404		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		114,737		114,737		—
Nomura Securities International Inc.		99,320		99,320		—
Scotia Capital (USA) Inc.		177,820		177,820		—
SG Americas Securities LLC		85,246		85,246		—
State Street Bank & Trust Company		1,586,262		1,586,262		—
UBS AG		232,948		232,948		—
Wells Fargo Securities LLC		301,245		301,245		—
	$	6,147,705	$	6,147,705	$	—

^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 the 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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).

36 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

iShares ETF	Investment Advisory Fee
MSCI Frontier 100		0.79	%
MSCI World		0.24

The U.S. Securities and Exchange Commission (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 six months ended February 28, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Frontier 100	$	3,123
MSCI World		5,690

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 six months ended February 28, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Frontier 100	$	—	$	231,118
MSCI World		829,312		1,039,580

NOTES TO FINANCIAL STATEMENTS 37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2017 were as follows:

iShares ETF	Purchases		Sales
MSCI Frontier 100	$	126,964,765	$	44,586,638
MSCI World		7,235,346		5,460,381

In-kind transactions (see Note 4) for the six months ended February 28, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Frontier 100	$	12,686,025	$	1,691,237
MSCI World		100,429,806		28,111,576

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.

38 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund 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 a 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.

Investing in the securities of non-U.S. issuers 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 economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

6. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

As of August 31, 2016, the Funds’ fiscal year end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI Frontier 100	$	20,910,745
MSCI World		514,129

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.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. LINE OF CREDIT

The iShares MSCI Frontier 100 ETF, along with certain other iShares funds, is a party to a $250 million credit agreement with State Street Bank and Trust Company, which expires on October 25, 2017. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

40 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2017, the Fund’s maximum amount borrowed, the average borrowings and the weighted average interest rate under the credit agreement were $35,000,000, $1,160,221 and 1.64%, respectively.

8. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 41

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-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Frontier 100	$	—	$	—	$	0.026201	$	0.026201		—	%		—	%		100	%		100	%
MSCI World		0.694565		—		0.043624		0.738189		94			—			6			100

42 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-811-0217

FEBRUARY 28, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares MSCI Global Agriculture Producers ETF  |  VEGI  |  NYSE Arca

^Ø  iShares MSCI Global Energy Producers ETF  |  FILL  |  NYSE Arca

^Ø  iShares MSCI Global Gold Miners ETF  |  RING  |  NYSE Arca

^Ø  iShares MSCI Global Metals & Mining Producers ETF  |  PICK  |  NYSE Arca

^Ø  iShares MSCI Global Silver Miners ETF  |  SLVP  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares MSCI Global Agriculture Producers ETF	11
iShares MSCI Global Energy Producers ETF	15
iShares MSCI Global Gold Miners ETF	19
iShares MSCI Global Metals  & Mining Producers ETF	21
iShares MSCI Global Silver Miners ETF	25
Financial Statements	27
Financial Highlights	34
Notes to Financial Statements	39
Supplemental Information	50

Fund Performance Overview

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

Performance as of February 28, 2017

The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 8.19%, net of fees, while the total return for the Index was 8.53%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		23.75%		24.84%		24.45%		23.75%		24.84%		24.45%
5 Years		2.22%		2.19%		2.34%		11.60%		11.44%		12.28%
Since Inception		2.80%		2.83%		2.93%		15.06%		15.24%		15.84%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,081.90	$	1.91	$	1,000.00	$	1,023.00	$	1.86		0.37%

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

ALLOCATION BY SECTOR

As of 2/28/17

Sector/Investment Type Percentage of
Total  Investments*

Materials	46.94	%
Food, Beverage & Tobacco	32.16
Capital Goods	18.81
Investment Companies	2.09
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total Investments*

United States	47.50	%
Switzerland	10.77
Canada	7.73
Japan	7.07
Norway	5.11
Italy	2.54
Singapore	2.22
India	2.09
Germany	1.84
Malaysia	1.71
TOTAL	88.58	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

Performance as of February 28, 2017

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 5.16%, net of fees, while the total return for the Index was 5.01%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		26.77%		26.39%		27.03%		26.77%		26.39%		27.03%
5 Years		(3.33)%		(3.47)%		(3.43)%		(15.59)%		(16.20)%		(16.00)%
Since Inception		(2.19)%		(2.26)%		(2.27)%		(10.62)%		(10.97)%		(11.01)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,051.60	$	1.98	$	1,000.00	$	1,022.90	$	1.96		0.39%

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

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Integrated Oil & Gas	60.91	%
Oil & Gas Exploration & Production	29.49
Oil & Gas Refining & Marketing	8.14
Coal & Consumable Fuels	1.46
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total  Investments*

United States	52.05	%
United Kingdom	15.58
Canada	8.49
France	5.38
Russia	2.68
China	2.33
Italy	1.91
Brazil	1.68
Australia	1.60
India	1.48
TOTAL	93.18	%

* Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

Performance as of February 28, 2017

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was -9.26%, net of fees, while the total return for the Index was -8.73%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		17.52%		16.49%		17.64%		17.52%		16.49%		17.64%
5 Years		(16.71)%		(16.61)%		(16.59)%		(59.91)%		(59.67)%		(59.62)%
Since Inception		(16.48)%		(16.50)%		(16.34)%		(59.93)%		(59.99)%		(59.62)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	907.40	$	1.84	$	1,000.00	$	1,022.90	$	1.96		0.39%

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

ALLOCATION BY COUNTRY

As of 2/28/17

Country Percentage of
Total  Investments*

Canada	55.32	%
United States	14.01
Australia	10.68
South Africa	9.25
United Kingdom	7.49
Peru	2.49
Turkey	0.76
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Barrick Gold Corp. (Canada)	15.44	%
Newmont Mining Corp.	12.71
Goldcorp Inc. (Canada)	9.06
Newcrest Mining Ltd. (Australia)	8.49
Randgold Resources Ltd. (United Kingdom)	4.73
Agnico Eagle Mines Ltd. (Canada)	4.47
Kinross Gold Corp. (Canada)	4.09
AngloGold Ashanti Ltd. (South Africa)	3.75
Centamin PLC (United Kingdom)	2.63
Yamana Gold Inc. (Canada)	2.60
TOTAL	67.97	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

Performance as of February 28, 2017

The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 34.06%, net of fees, while the total return for the Index was 33.85%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		77.77%		75.11%		77.98%		77.77%		75.11%		77.98%
5 Years		(7.04)%		(7.37)%		(7.02)%		(30.57)%		(31.82)%		(30.50)%
Since Inception		(6.64)%		(6.85)%		(6.61)%		(29.48)%		(30.25)%		(29.36)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Certain sectors and markets performed exceptionally well based on market conditions during the six-month and one-year periods. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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 (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,340.60	$	2.26	$	1,000.00	$	1,022.90	$	1.96		0.39%

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

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Diversified Metals & Mining	49.25	%
Steel	38.00
Copper	7.20
Aluminum	3.45
Precious Metals & Minerals	2.10
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total  Investments*

United Kingdom	24.72	%
Australia	17.45
United States	12.67
Japan	9.39
Brazil	6.13
Canada	4.90
South Korea	4.14
France	2.72
Russia	2.33
Taiwan	2.01
TOTAL	86.46	%

* Excludes money market funds.

8 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

Performance as of February 28, 2017

The iShares MSCI Global Silver Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was -11.58%, net of fees, while the total return for the Index was -11.77%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		65.76%		64.55%		65.47%		65.76%		64.55%		65.47%
5 Years		(12.88)%		(12.91)%		(12.86)%		(49.83)%		(49.91)%		(49.77)%
Since Inception		(12.25)%		(12.24)%		(12.22)%		(48.52)%		(48.48)%		(48.44)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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 (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	884.20	$	1.82	$	1,000.00	$	1,022.90	$	1.96		0.39%

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

ALLOCATION BY COUNTRY

As of 2/28/17

Country Percentage of
Total  Investments*

Canada	62.83	%
United Kingdom	12.66
United States	11.49
Mexico	7.85
Peru	4.53
China	0.64
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/17

Security Percentage of
Total  Investments*

Silver Wheaton Corp. (Canada)	22.00	%
Fresnillo PLC (United Kingdom)	9.86
Industrias Penoles SAB de CV (Mexico)	7.85
Tahoe Resources Inc. (Canada)	6.07
Cia. de Minas Buenaventura SAA ADR (Peru)	4.53
Pan American Silver Corp. (Canada)	4.52
Hecla Mining Co.	4.20
First Majestic Silver Corp. (Canada)	4.18
Coeur Mining Inc.	4.17
Silver Standard Resources Inc. (Canada)	4.11
TOTAL	71.49	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment 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 September 1, 2016 and held through February 28, 2017, 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 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 96.49%
AUSTRALIA — 1.24%
Australian Agricultural Co. Ltd.a,b		33,525	$	36,601
Costa Group Holdings Ltd.		22,650		70,877
GrainCorp Ltd. Class A		15,700		107,793
Nufarm Ltd./Australia		17,950		122,138
Select Harvests Ltd.		6,225		24,935
Tassal Group Ltd.		11,525		42,356
				404,700
BRAZIL — 0.32%
Sao Martinho SA		15,000		91,610
SLC Agricola SA		2,500		13,822
				105,432
CANADA — 7.69%
Ag Growth International Inc.		1,400		56,425
Agrium Inc.		11,475		1,109,422
Clearwater Seafoods Inc.		2,450		19,553
Potash Corp. of Saskatchewan Inc.		73,475		1,278,164
Rogers Sugar Inc.		8,350		40,096
				2,503,660
CHINA — 1.58%
China Agri-Industries Holdings Ltd.a		175,200		86,444
China BlueChemical Ltd. Class H		150,000		51,981
China Huishan Dairy Holdings Co. Ltd.b		350,000		128,052
China Modern Dairy Holdings Ltd.a,b		211,000		51,918
China Shengmu Organic Milk Ltd.a,b,c		125,000		34,300
First Tractor Co. Ltd. Class H		50,000		31,949
Hubei Sanonda Co. Ltd. Class B		15,300		13,324
Leyou Technologies Holdings Ltd.a,b		250,000		54,429
Shandong Zhonglu Oceanic Fisheries Co. Ltd.a		15,000		11,729
Sinofert Holdings Ltd.b		200,000		31,949
YuanShengTai Dairy Farm Ltd.a		225,000		17,971
				514,046
FINLAND — 0.07%
Ponsse OYJ		1,075		24,159
				24,159
FRANCE — 0.15%
Naturexa		550		49,735
				49,735

Security	Shares		Value
GERMANY — 1.83%
K+S AG Registeredb		16,700	$	391,641
KWS Saat SE		150		45,498
Suedzucker AG		6,250		160,054
				597,193
HONG KONG — 1.68%
WH Group Ltd.c		700,000		547,379
				547,379
INDONESIA — 0.94%
Charoen Pokphand Indonesia Tbk PT		640,000		148,770
Eagle High Plantations Tbk PTa		900,000		24,970
Japfa Comfeed Indonesia Tbk PT		432,500		55,943
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		265,000		29,310
PT Bisi International Tbk		165,000		21,157
Salim Ivomas Pratama Tbk PT		210,000		7,952
Sawit Sumbermas Sarana Tbk PT		155,000		17,725
				305,827
IRELAND — 0.23%
Origin Enterprises PLC		10,950		74,036
				74,036
ISRAEL — 0.73%
Israel Chemicals Ltd.		42,975		182,983
Israel Corp. Ltd. (The)a		300		54,218
				237,201
ITALY — 2.52%
CNH Industrial NV		88,200		820,999
				820,999
JAPAN — 7.03%
Hokuto Corp.		2,500		48,554
Iseki & Co. Ltd.		25,000		57,648
Kubota Corp.		92,500		1,477,801
Kumiai Chemical Industry Co. Ltd.		5,000		31,371
Maruha Nichiro Corp.		5,000		150,378
NH Foods Ltd.		14,000		374,635
Nihon Nohyaku Co. Ltd.		5,000		31,148
Nippon Beet Sugar Manufacturing Co. Ltd.		700		15,754
Sakata Seed Corp.		2,500		70,720
YAMABIKO Corp.		2,500		31,573
				2,289,582

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2017

Security	Shares		Value
MALAYSIA — 1.70%
Felda Global Ventures Holdings Bhdb		112,500	$	47,635
Genting Plantations Bhd		20,000		51,712
IOI Corp. Bhd		192,500		202,905
Kuala Lumpur Kepong Bhd		35,000		190,293
QL Resources Bhd		51,450		51,566
TDM Bhd		60,000		9,932
				554,043
MEXICO — 0.18%
Industrias Bachoco SAB de CV Series B		15,000		60,082
				60,082
NETHERLANDS — 0.41%
OCI NVa,b		6,625		132,136
				132,136
NORWAY — 5.08%
Austevoll Seafood ASA		8,575		75,927
Bakkafrost P/F		3,475		129,813
Leroy Seafood Group ASA		2,575		136,370
Marine Harvest ASA		33,175		581,938
Norway Royal Salmon ASA		1,225		25,065
Salmar ASA		4,525		114,731
Yara International ASA		15,475		589,385
				1,653,229
POLAND — 0.20%
Grupa Azoty SA		3,850		65,748
				65,748
RUSSIA — 0.49%
Acron JSC		727		42,038
PhosAgro PJSC GDRd		8,425		116,265
				158,303
SINGAPORE — 2.20%
Bumitama Agri Ltd.b		34,500		18,995
China XLX Fertiliser Ltd.		25,000		7,762
First Resources Ltd.b		50,000		67,391
Golden Agri-Resources Ltd.		612,500		166,422
Indofood Agri Resources Ltd.		15,000		5,577
Japfa Ltd.		32,500		21,960
Wilmar International Ltd.		165,000		429,445
				717,552
SOUTH AFRICA — 0.49%
Astral Foods Ltd.		3,375		38,302
Oceana Group Ltd.		3,625		30,402

Security	Shares		Value
Tongaat Hulett Ltd.		9,250	$	89,530
				158,234
SOUTH KOREA — 0.38%
Dongwon Industries Co. Ltd.		125		39,907
Easy Bio Inc.a		3,375		17,938
Farmsco		1,550		18,163
Harim Co. Ltd.		2,336		10,474
Namhae Chemical Corp.		2,650		21,280
Nong Woo Bio Co. Ltd.a		625		8,899
Sajo Industries Co. Ltd.a		125		7,981
				124,642
SPAIN — 0.00%
Pescanova SAa		414		—
				—
SWEDEN — 0.06%
Scandi Standard AB		3,600		21,085
				21,085
SWITZERLAND — 10.71%
Syngenta AG Registered		8,075		3,487,381
				3,487,381
TAIWAN — 0.31%
Charoen Pokphand Enterprise		21,000		33,014
Taiwan Fertilizer Co. Ltd.		50,000		69,165
				102,179
THAILAND — 0.78%
Charoen Pokphand Foods PCL NVDR		241,100		193,402
GFPT PCL NVDR		48,600		21,442
Khon Kaen Sugar Industry PCL NVDR		110,154		20,197
Thaifoods Group PCL NVDRa		100,000		17,476
				252,517
TURKEY — 0.03%
Gubre Fabrikalari TAS		6,600		8,988
				8,988
UNITED KINGDOM — 0.25%
Sirius Minerals PLCa		363,003		81,310
				81,310
UNITED STATES — 47.21%
AGCO Corp.		5,550		338,106
AgroFresh Solutions Inc.a		1,950		5,285
American Vanguard Corp.		2,675		42,131
Archer-Daniels-Midland Co.		50,575		2,375,508

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2017

Security	Shares		Value
Bunge Ltd.		12,075	$	988,339
Cal-Maine Foods Inc.b		2,575		97,721
CF Industries Holdings Inc.		20,450		642,539
Darling Ingredients Inc.a		13,975		181,815
Deere & Co.		23,225		2,542,905
FMC Corp.		11,825		681,356
Fresh Del Monte Produce Inc.		2,900		167,823
Ingredion Inc.		6,250		755,562
Lindsay Corp.b		925		74,065
Monsanto Co.		38,200		4,348,306
Mosaic Co. (The)		29,100		907,629
Omega Protein Corp.		1,775		45,174
Sanderson Farms Inc.		1,775		168,696
Scotts Miracle-Gro Co. (The) Class A		4,200		380,646
Titan International Inc.		4,325		57,263
Toro Co. (The)		9,550		575,005
				15,375,874
TOTAL COMMON STOCKS
(Cost: $32,476,085)				31,427,252
INVESTMENT COMPANIES — 2.08%
INDIA — 2.08%
iShares India 50 ETFe		22,250		676,623
				676,623
TOTAL INVESTMENT COMPANIES
(Cost: $622,134)				676,623
PREFERRED STOCKS — 0.82%
CHILE — 0.82%
Sociedad Quimica y Minera de Chile SA Series B		8,550		268,624
				268,624
TOTAL PREFERRED STOCKS
(Cost: $230,746)				268,624
SHORT-TERM INVESTMENTS — 3.51%
MONEY MARKET FUNDS — 3.51%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%f,g,h		1,085,805		1,086,240

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%f,g		57,110	$	57,110
				1,143,350
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,143,131)				1,143,350
TOTAL INVESTMENTS IN SECURITIES — 102.90%
(Cost: $34,472,096)i				33,515,849
Other Assets, Less Liabilities — (2.90)%				(943,876	)
NET ASSETS — 100.00%			$	32,571,973

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated issuer. See Schedule 1.

^f  Affiliated money market fund.

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

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

ⁱ  The cost of investments for federal income tax purposes was $34,720,940. Net unrealized depreciation was $1,205,091, of which $3,265,215 represented gross unrealized appreciation on securities and $4,470,306 represented gross unrealized depreciation on securities.

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2017

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the six months ended February 28, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares India 50 ETF		18,711		5,165		(1,626	)		22,250	$	676,623	$	654	$	9,022

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3			Total
Investments:
Assets:
Common stocks	$	31,427,252	$	—	$	0	a	$	31,427,252
Investment companies		676,623		—		—			676,623
Preferred stocks		268,624		—		—			268,624
Money market funds		1,143,350		—		—			1,143,350
Total	$	33,515,849	$	—	$	0	a	$	33,515,849

^a  Rounds to less than $1.

See notes to financial statements.

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 98.20%
AUSTRALIA — 1.58%
AWE Ltd.a,b		8,911	$	3,288
Beach Energy Ltd.		20,996		11,381
Karoon Gas Australia Ltd.a,b		4,978		6,353
Oil Search Ltd.		25,265		135,586
Santos Ltd.		28,557		83,433
Whitehaven Coal Ltd.a		10,621		23,600
Woodside Petroleum Ltd.		13,281		320,016
				583,657
AUSTRIA — 0.26%
OMV AG		2,546		97,556
				97,556
BRAZIL — 0.79%
Petroleo Brasileiro SAa		55,100		282,673
QGEP Participacoes SA		3,800		7,121
				289,794
CANADA — 8.43%
Advantage Oil & Gas Ltd.a		3,287		19,854
ARC Resources Ltd.		6,028		90,116
Baytex Energy Corp.a,b		3,650		13,311
Birchcliff Energy Ltd.a,b		2,546		13,764
Bonavista Energy Corp.		2,964		8,392
Bonterra Energy Corp.		532		9,600
Cameco Corp.		7,771		86,250
Canadian Natural Resources Ltd.		19,589		563,362
Cardinal Energy Ltd.		1,012		6,220
Cenovus Energy Inc.		15,124		191,840
Crescent Point Energy Corp.		8,873		97,878
Crew Energy Inc.a		3,363		13,864
Denison Mines Corp.a,b		5,111		3,319
Encana Corp.		16,834		187,094
Enerplus Corp.		3,990		35,307
Freehold Royalties Ltd.		970		9,968
Husky Energy Inc.a		6,973		83,184
Imperial Oil Ltd.		5,225		163,679
Kelt Exploration Ltd.a		2,401		10,859
MEG Energy Corp.a,b		2,926		15,685
NuVista Energy Ltd.a		2,774		12,294
Painted Pony Petroleum Ltd.a		1,843		9,560
Paramount Resources Ltd. Class Aa,b		1,292		17,003
Parex Resources Inc.a		1,900		22,695
Pengrowth Energy Corp.a,b		10,679		12,578
Penn West Petroleum Ltd.a,b		3,458		5,770

Security	Shares		Value
Peyto Exploration & Development Corp.		3,363	$	69,015
PrairieSky Royalty Ltd.		3,819		89,560
Raging River Exploration Inc.a		3,667		24,891
Seven Generations Energy Ltd. Class Aa,b		4,416		82,055
Suncor Energy Inc.		29,032		906,394
Surge Energy Inc.		5,168		10,340
TORC Oil & Gas Ltd.		1,482		7,788
Tourmaline Oil Corp.a		3,895		86,461
Vermilion Energy Inc.		2,451		93,473
Whitecap Resources Inc.		4,199		34,462
				3,107,885
CHINA — 2.32%
China Coal Energy Co. Ltd. Class Ha		57,000		30,180
China Shenhua Energy Co. Ltd. Class H		57,000		119,251
CNOOC Ltd.		323,000		381,985
Inner Mongolia Yitai Coal Co. Ltd. Class B		100		118
MIE Holdings Corp.a		32,000		2,968
PetroChina Co. Ltd. Class H		380,000		289,316
Yanzhou Coal Mining Co. Ltd. Class Hb		38,000		30,547
				854,365
COLOMBIA — 0.12%
Ecopetrol SAa		99,522		44,953
				44,953
FINLAND — 0.22%
Neste OYJ		2,299		80,323
				80,323
FRANCE — 5.34%
Esso SA Francaisea		247		10,944
Etablissements Maurel et Proma		5,453		20,744
Total SA		38,741		1,936,869
				1,968,557
GREECE — 0.04%
Motor Oil Hellas Corinth Refineries SA		1,065		16,522
				16,522
HUNGARY — 0.14%
MOL Hungarian Oil & Gas PLC		760		52,233
				52,233

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2017

Security	Shares		Value
INDIA — 1.47%
Reliance Industries Ltd. GDRb,c		14,725	$	543,353
				543,353
INDONESIA — 0.32%
Adaro Energy Tbk PT		362,900		46,124
Indo Tambangraya Megah Tbk PT		5,700		7,522
Sugih Energy Tbk PTa		618,000		3,939
Tambang Batubara Bukit Asam Persero Tbk PT		9,500		7,961
United Tractors Tbk PT		28,500		52,679
				118,225
ISRAEL — 0.14%
Jerusalem Oil Explorationa		76		4,054
Naphtha Israel Petroleum Corp. Ltd.a		1,160		8,234
Oil Refineries Ltd.		34,941		14,033
Paz Oil Co. Ltd.		152		24,585
				50,906
ITALY — 1.90%
Eni SpA		44,916		693,007
Saras SpA		4,074		7,446
				700,453
JAPAN — 1.42%
Cosmo Energy Holdings Co. Ltd.		1,900		32,724
Idemitsu Kosan Co. Ltd.		1,900		61,474
INPEX Corp.		19,000		189,516
Japan Petroleum Exploration Co. Ltd.		100		2,422
JX Holdings Inc.		41,800		199,912
Showa Shell Sekiyu KK		3,800		38,447
				524,495
NORWAY — 1.07%
Aker BP ASA		2,242		39,570
DNO ASAa,b		10,830		10,386
Statoil ASA		19,361		343,790
				393,746
POLAND — 0.45%
Grupa Lotos SAa		2,147		25,714
Lubelski Wegiel Bogdanka SAa		141		2,773
Polski Koncern Naftowy ORLEN SA		5,928		137,530
				166,017
PORTUGAL — 0.25%
Galp Energia SGPS SA		6,324		93,339
				93,339

Security	Shares		Value
RUSSIA — 2.48%
Lukoil PJSC		4,503	$	237,918
Lukoil PJSC ADR		2,885		152,905
Novatek PJSC GDRd		1,584		205,128
Rosneft Oil Co. PJSC		9,280		52,866
Rosneft Oil Co. PJSC GDR		10,061		57,046
Surgutneftegas OJSC		55,100		27,448
Surgutneftegas OJSC ADR		6,080		30,643
Tatneft PJSC Class S		25,650		149,591
				913,545
SOUTH AFRICA — 0.08%
Exxaro Resources Ltd.		3,363		27,747
				27,747
SOUTH KOREA — 0.61%
S-Oil Corp.		912		69,685
SK Innovation Co. Ltd.		1,140		155,764
				225,449
SPAIN — 0.81%
Repsol SA		20,155		299,834
				299,834
SWEDEN — 0.22%
Lundin Petroleum ABa		3,971		81,569
				81,569
THAILAND — 0.44%
Bangchak Petroleum PCL (The) NVDR		9,500		9,390
Banpu PCL NVDR		24,700		13,869
Esso Thailand PCL NVDRa		41,800		13,532
IRPC PCL NVDR		218,500		31,048
PTT Exploration & Production PCL NVDR		22,831		60,830
Thai Oil PCL NVDR		15,200		32,768
				161,437
TURKEY — 0.17%
Tupras Turkiye Petrol Rafinerileri AS		2,717		63,776
				63,776
UNITED KINGDOM — 15.46%
Amerisur Resources PLCa,b		34,846		9,648
BP PLC		321,974		1,817,214
Cairn Energy PLCa		10,279		28,435
EnQuest PLC ADRa,b		32,145		19,301
Faroe Petroleum PLCa		15,675		20,042
Ophir Energy PLCa		21,014		23,992
Premier Oil PLCa,b		11,742		10,155

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2017

Security	Shares		Value
Royal Dutch Shell PLC Class A		74,559	$	1,929,386
Royal Dutch Shell PLC Class B		64,505		1,744,669
SOCO International PLC		7,828		12,858
Stobart Group Ltd.		13,110		30,997
Tullow Oil PLCa,b		16,606		55,464
				5,702,161
UNITED STATES — 51.67%
Alon USA Energy Inc.		779		9,473
Anadarko Petroleum Corp.		9,785		632,600
Antero Resources Corp.a		2,736		65,609
Apache Corp.		6,707		352,721
Bill Barrett Corp.a		893		4,920
Cabot Oil & Gas Corp.		8,341		182,668
California Resources Corp.a		649		11,598
Callon Petroleum Co.a		2,470		31,171
Carrizo Oil & Gas Inc.a,b		1,026		33,396
Chesapeake Energy Corp.a		11,305		61,612
Chevron Corp.		32,604		3,667,950
Cimarex Energy Co.		1,748		219,759
Clayton Williams Energy Inc.a		95		12,858
Cobalt International Energy Inc.a,b		5,130		3,642
Concho Resources Inc.a		2,508		332,185
ConocoPhillips		21,717		1,033,078
CONSOL Energy Inc.		3,439		53,545
Continental Resources Inc./OKa,b		1,729		78,151
CVR Energy Inc.		684		15,677
Delek U.S. Holdings Inc.		1,159		27,897
Denbury Resources Inc.a		6,916		18,742
Devon Energy Corp.		8,322		360,842
Diamondback Energy Inc.a		1,444		145,642
Energen Corp.a		1,729		90,773
EOG Resources Inc.		10,127		982,218
EQT Corp.		3,116		186,617
Exxon Mobil Corp.		71,725		5,832,677
Gran Tierra Energy Inc.a,b		665		1,782
Gulfport Energy Corp.a		2,166		37,558
Hess Corp.		5,092		261,932
HollyFrontier Corp.		3,135		91,793
Kosmos Energy Ltd.a		1,843		11,316
Laredo Petroleum Inc.a,b		2,698		37,313
Marathon Oil Corp.		14,383		230,128
Marathon Petroleum Corp.		9,215		457,064
Matador Resources Co.a		1,235		29,726
Murphy Oil Corp.		3,173		89,764
Newfield Exploration Co.a		3,572		130,235
Noble Energy Inc.		7,733		281,559

Security	Shares		Value
Oasis Petroleum Inc.a		3,420	$	48,427
Occidental Petroleum Corp.		13,167		863,097
Par Pacific Holdings Inc.a		647		9,446
Parsley Energy Inc. Class Aa		3,743		113,750
PBF Energy Inc.		1,710		41,878
PDC Energy Inc.a		1,045		70,632
Pioneer Natural Resources Co.		2,983		554,749
QEP Resources Inc.a		3,933		54,118
Range Resources Corp.		3,532		97,554
Resolute Energy Corp.a		152		7,076
RSP Permian Inc.a		1,824		72,030
Sanchez Energy Corp.a		705		8,108
SM Energy Co.		1,444		35,595
Southwestern Energy Co.a,b		8,417		63,212
Synergy Resources Corp.a		2,299		18,783
Tesoro Corp.		2,071		176,428
Valero Energy Corp.		7,999		543,532
Western Refining Inc.		1,387		50,653
Whiting Petroleum Corp.a		4,106		44,550
WPX Energy Inc.a		5,624		72,550
				19,054,359
TOTAL COMMON STOCKS
(Cost: $38,411,157)				36,216,256
PREFERRED STOCKS — 1.07%
BRAZIL — 0.88%
Petroleo Brasileiro SA		66,500		324,484
				324,484
RUSSIA — 0.19%
Surgutneftegas OJSC		125,400		68,412
				68,412
TOTAL PREFERRED STOCKS
(Cost: $278,499)				392,896
SHORT-TERM INVESTMENTS — 3.05%
MONEY MARKET FUNDS — 3.05%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%e,f,g		1,110,039		1,110,483
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%e,f		14,317		14,317
				1,124,800
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,124,624)				1,124,800

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 102.32%
(Cost: $39,814,280)h	$	37,733,952
Other Assets, Less Liabilities — (2.32)%		(855,224	)
NET ASSETS — 100.00%	$	36,878,728

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated money market fund.

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

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

^h  The cost of investments for federal income tax purposes was $40,447,030. Net unrealized depreciation was $2,713,078, of which $1,968,527 represented gross unrealized appreciation on securities and $4,681,605 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	36,212,317	$	—	$	3,939	$	36,216,256
Preferred stocks		392,896		—		—		392,896
Money market funds		1,124,800		—		—		1,124,800
Total	$	37,730,013	$	—	$	3,939	$	37,733,952

See notes to financial statements.

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.81%
AUSTRALIA — 10.66%
Newcrest Mining Ltd.		721,548	$	12,282,433
St. Barbara Ltd.a,b		1,055,547		2,061,355
Westgold Resources Ltd.b		601,285		1,123,384
				15,467,172
CANADA — 55.21%
Agnico Eagle Mines Ltd.		153,433		6,470,031
Alacer Gold Corp.b		756,687		1,451,157
Asanko Gold Inc.b		309,583		829,793
Barrick Gold Corp.		1,207,706		22,349,559
Centerra Gold Inc.		408,251		1,975,831
China Gold International Resources Corp. Ltd.a,b		655,168		1,335,614
Eldorado Gold Corp.b		1,120,053		3,433,437
Endeavour Mining Corp.a,b		85,874		1,607,321
Goldcorp Inc.		824,750		13,108,073
Guyana Goldfields Inc.b		236,049		1,206,578
IAMGOLD Corp.a,b		737,989		2,919,750
Kinross Gold Corp.b		1,676,148		5,922,740
Kirkland Lake Gold Ltd.b		328,311		2,354,905
New Gold Inc.b		807,305		2,334,537
Primero Mining Corp.a,b		933,868		599,334
Richmont Mines Inc.a,b		188,262		1,472,607
SEMAFO Inc.b		622,314		1,912,355
Silver Standard Resources Inc.b		157,843		1,754,275
Tahoe Resources Inc.		384,842		3,271,789
Yamana Gold Inc.		1,360,477		3,769,829
				80,079,515
PERU — 2.49%
Cia. de Minas Buenaventura SAA ADR		293,088		3,604,982
				3,604,982
SOUTH AFRICA — 9.23%
AngloGold Ashanti Ltd.b		487,993		5,432,466
Gold Fields Ltd.		1,187,580		3,654,442
Harmony Gold Mining Co. Ltd.		779,841		1,901,906
Sibanye Gold Ltd.		1,194,296		2,402,288
				13,391,102
TURKEY — 0.76%
Koza Altin Isletmeleri ASb		212,517		1,103,125
				1,103,125

Security	Shares		Value
UNITED KINGDOM — 7.48%
Acacia Mining PLC		27,388	$	182,677
Centamin PLC		1,753,024		3,813,198
Randgold Resources Ltd.		73,301		6,850,305
				10,846,180
UNITED STATES — 13.98%
McEwen Mining Inc.		548,609		1,881,729
Newmont Mining Corp.		537,275		18,396,296
				20,278,025
TOTAL COMMON STOCKS
(Cost: $168,746,695)				144,770,101
SHORT-TERM INVESTMENTS — 2.48%
MONEY MARKET FUNDS — 2.48%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		3,577,230		3,578,661
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		20,671		20,671
				3,599,332
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,598,136)				3,599,332
TOTAL INVESTMENTS IN SECURITIES — 102.29%
(Cost: $172,344,831)f				148,369,433
Other Assets, Less Liabilities — (2.29)%				(3,315,717	)
NET ASSETS — 100.00%			$	145,053,716

ADR  —  American Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $192,579,183. Net unrealized depreciation was $44,209,750, of which $4,638,168 represented gross unrealized appreciation on securities and $48,847,918 represented gross unrealized depreciation on securities.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

February 28, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	144,770,101	$	—	$	—	$	144,770,101
Money market funds		3,599,332		—		—		3,599,332
Total	$	148,369,433	$	—	$	—	$	148,369,433

See notes to financial statements.

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 95.71%
AUSTRALIA — 17.37%
Alumina Ltd.		1,162,862	$	1,649,552
Arrium Ltd.a,b		727,228		6
BHP Billiton Ltd.		1,520,331		29,222,658
BlueScope Steel Ltd.		272,968		2,564,629
Fortescue Metals Group Ltd.		735,090		3,747,103
Galaxy Resources Ltd.a,b		795,775		305,916
Iluka Resources Ltd.		201,062		1,048,096
Independence Group NL		235,412		660,637
Jacana Minerals Ltd.a,b		6,808		—
Mineral Resources Ltd.		63,891		549,191
Orocobre Ltd.b		92,516		219,083
OZ Minerals Ltd.		139,003		993,914
Pilbara Minerals Ltd.b		484,106		169,353
Rio Tinto Ltd.		202,894		9,670,132
Sandfire Resources NL		70,990		351,499
Sims Metal Management Ltd.		82,211		797,684
South32 Ltd.		2,537,320		4,857,537
Syrah Resources Ltd.a,b		116,332		261,170
Western Areas Ltd.a,b		114,500		208,639
				57,276,799
AUSTRIA — 0.68%
Voestalpine AG		53,128		2,242,627
				2,242,627
BELGIUM — 0.31%
Bekaert SA		18,778		833,557
Nyrstar NVa,b		33,215		204,707
				1,038,264
BRAZIL — 2.27%
Cia. Siderurgica Nacional SAb		305,100		1,174,895
Vale SA		600,500		6,315,770
				7,490,665
CANADA — 4.88%
Altius Minerals Corp.		21,068		208,381
Canam Group Inc.		18,320		90,462
Dominion Diamond Corp.		43,052		365,038
First Quantum Minerals Ltd.a		325,638		3,397,876
HudBay Minerals Inc.		110,607		859,335
Imperial Metals Corp.a,b		24,274		116,747
Ivanhoe Mines Ltd. Class Aa,b		303,425		882,016
Labrador Iron Ore Royalty Corp.		27,480		394,839
Lucara Diamond Corp.		161,674		330,806
Lundin Mining Corp.b		308,234		1,859,481

Security	Shares		Value
Major Drilling Group International Inc.b		43,052	$	247,042
Nevsun Resources Ltd.		90,963		229,391
Stornoway Diamond Corp.b		255,106		167,573
Teck Resources Ltd. Class B		269,533		5,403,074
Turquoise Hill Resources Ltd.b		485,022		1,527,081
				16,079,142
CHILE — 0.12%
CAP SA		34,854		398,421
				398,421
CHINA — 1.02%
Aluminum Corp. of China Ltd. Class Ha,b		1,832,000		913,351
China Daye Non-Ferrous Metals Mining Ltd.b		3,206,000		57,822
China Metal Recycling Holdings Ltd.b		132,000		—
Inner Mongolia Eerduosi Resourses Co. Ltd. Class B		91,074		94,171
Jiangxi Copper Co. Ltd. Class H		737,000		1,241,871
MMG Ltd.a,b		922,000		363,457
North Mining Shares Co. Ltd.b		6,870,000		148,685
Shougang Concord International Enterprises Co. Ltd.b		4,580,000		162,256
Shougang Fushan Resources Group Ltd.		1,374,000		306,220
Xinjiang Xinxin Mining Industry Co. Ltd. Class Hb		458,000		66,082
				3,353,915
EGYPT — 0.01%
Ezz Steelb		44,480		44,705
				44,705
FINLAND — 0.52%
Outokumpu OYJa,b		136,030		1,350,777
Outotec OYJa,b		63,593		358,818
				1,709,595
FRANCE — 2.71%
APERAM SA		22,057		1,125,247
ArcelorMittalb		868,369		7,667,876
Erametb		2,519		136,779
				8,929,902
GERMANY — 1.81%
Aurubis AG		17,175		993,721
Salzgitter AG		18,320		671,800
ThyssenKrupp AG		171,292		4,294,641
				5,960,162

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2017

Security	Shares		Value
INDIA — 0.83%
Tata Steel Ltd. GDRa,c		376,705	$	2,723,577
				2,723,577
INDONESIA — 0.14%
Aneka Tambang Persero Tbk PTb		4,488,438		250,742
Krakatau Steel Persero Tbk PTb		1,763,453		90,579
Timah Persero Tbk PT		1,769,367		131,349
				472,670
JAPAN — 9.34%
Asahi Holdings Inc.		4,900		85,137
Daido Steel Co. Ltd.		58,000		286,151
Dowa Holdings Co. Ltd.		71,000		578,103
Hitachi Metals Ltd.		91,600		1,309,916
JFE Holdings Inc.		255,200		4,846,941
Kobe Steel Ltd.b		183,200		1,786,399
Maruichi Steel Tube Ltd.		33,400		1,061,241
Mitsubishi Materials Corp.		47,300		1,576,878
Mitsui Mining & Smelting Co. Ltd.		459,000		1,522,000
Nakayama Steel Works Ltd.b		45,800		323,386
Neturen Co. Ltd.		45,800		369,642
Nippon Denko Co. Ltd.		137,400		392,975
Nippon Light Metal Holdings Co. Ltd.		366,400		903,842
Nippon Steel & Sumitomo Metal Corp.		389,740		9,626,371
Nisshin Steel Co. Ltd.a		45,800		653,730
OSAKA Titanium Technologies Co. Ltd.a,b		1,800		29,135
Sumitomo Metal Mining Co. Ltd.		229,000		3,194,968
Toho Titanium Co. Ltd.a		45,800		386,425
Tokyo Steel Manufacturing Co. Ltd.		68,700		596,831
Topy Industries Ltd.		4,400		124,074
Toyo Kohan Co. Ltd.		91,600		379,876
UACJ Corp.		43,386		119,822
Yamato Kogyo Co. Ltd.		22,900		652,912
				30,806,755
MALAYSIA — 0.11%
Press Metal Bhd		641,200		358,148
				358,148
MEXICO — 1.90%
Grupo Mexico SAB de CV Series B		1,832,000		5,584,128
Industrias CH SAB de CV Series Bb		68,700		440,699
Minera Frisco SAB de CV Series A1b		343,500		240,709
				6,265,536

Security	Shares		Value
NETHERLANDS — 0.05%
AMG Advanced Metallurgical Group NV		7,328	$	156,981
				156,981
NORWAY — 1.12%
Norsk Hydro ASA		648,757		3,684,959
				3,684,959
PERU — 0.47%
Southern Copper Corp.		42,136		1,544,706
				1,544,706
PHILIPPINES — 0.03%
Nickel Asia Corp.		650,200		88,049
				88,049
POLAND — 0.84%
Boryszew SAb		91,371		269,589
Jastrzebska Spolka Weglowa SAb		24,613		422,507
KGHM Polska Miedz SA		65,494		2,080,787
				2,772,883
RUSSIA — 2.31%
Alrosa PJSC		1,190,800		1,884,943
Mechel PJSCb		32,610		158,811
MMC Norilsk Nickel PJSC		26,106		4,143,990
Severstal PJSC		100,760		1,440,629
				7,628,373
SINGAPORE — 0.04%
Midas Holdings Ltd.a,b		646,000		120,096
				120,096
SOUTH AFRICA — 0.95%
African Rainbow Minerals Ltd.		51,296		398,054
Anglo American Platinum Ltd.a,b		26,106		605,747
Assore Ltd.		16,946		351,357
Impala Platinum Holdings Ltd.b		298,616		1,005,432
Northam Platinum Ltd.b		162,361		673,029
Royal Bafokeng Platinum Ltd.b		38,014		101,690
				3,135,309
SOUTH KOREA — 4.12%
Dongkuk Steel Mill Co. Ltd.		27,550		306,991
Hyundai Steel Co.		37,556		2,075,834
Jenax Inc.b		6,412		118,515
KISCO Corp.		2,296		76,449
KISWIRE Ltd.b		2,839		103,065
Korea Zinc Co. Ltd.b		4,122		1,518,296
Poongsan Corp.		11,908		431,247

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2017

Security	Shares		Value
Poongsan Holdings Corp.		3,206	$	137,653
POSCO		34,121		8,554,768
Seah Besteel Corp.		5,954		137,167
SeAH Steel Corp.b		1,401		138,768
				13,598,753
SPAIN — 0.37%
Acerinox SA		75,684		1,078,859
Tubacex SA		46,716		149,914
				1,228,773
SWEDEN — 1.70%
Boliden AB		132,133		4,043,398
Granges AB		39,159		357,621
SSAB AB Class Aa,b		107,661		427,118
SSAB AB Class Bb		231,678		768,895
				5,597,032
SWITZERLAND — 0.06%
Schmolz + Bickenbach AG Registereda,b		262,434		204,402
				204,402
TAIWAN — 2.00%
China Metal Products		458,011		480,767
China Steel Corp.		5,954,612		5,000,374
Feng Hsin Steel Co. Ltd.		458,000		773,682
TA Chen Stainless Pipe		33,559		19,552
Ton Yi Industrial Corp.		70,000		34,973
Tung Ho Steel Enterprise Corp.		75,000		58,099
Yieh Phui Enterprise Co. Ltd.b		458,440		211,885
				6,579,332
THAILAND — 0.02%
STP & I PCL NVDRa		281,960		75,931
				75,931
TURKEY — 0.39%
Borusan Mannesmann Boru Sanayi ve Ticaret ASa		32,747		90,091
Eregli Demir ve Celik Fabrikalari TAS		654,482		1,071,679
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Db		336,882		113,297
				1,275,067
UNITED KINGDOM — 24.60%
Anglo American PLCb		664,100		10,499,490
Antofagasta PLC		187,551		1,895,115
BHP Billiton PLC		999,127		16,131,997
Evraz PLCb		161,448		462,887

Security	Shares		Value
Ferrexpo PLCb		68,471	$	136,414
Glencore PLCb		5,792,555		23,214,190
KAZ Minerals PLCb		116,790		765,908
Lonmin PLCb		134,194		202,477
Petra Diamonds Ltd.b		258,999		442,516
Rio Tinto PLC		586,927		24,080,367
Vedanta Ltd. ADR		188,520		2,897,552
Vedanta Resources PLC		37,098		397,479
				81,126,392
UNITED STATES — 12.62%
AK Steel Holding Corp.b		143,354		1,194,139
Alcoa Corp.		65,725		2,273,428
Allegheny Technologies Inc.		49,922		959,002
Carpenter Technology Corp.		21,755		882,383
Century Aluminum Co.b		24,503		345,125
Cliffs Natural Resources Inc.b		126,408		1,347,509
Commercial Metals Co.		54,502		1,151,627
Compass Minerals International Inc.		16,946		1,284,507
Freeport-McMoRan Inc.b		604,331		8,098,035
Haynes International Inc.		5,954		232,563
Kaiser Aluminum Corp.		7,796		614,559
Materion Corp.		12,137		422,974
Nucor Corp.		151,598		9,485,487
Reliance Steel & Aluminum Co.		34,350		2,907,728
Schnitzer Steel Industries Inc. Class A		11,908		283,410
Steel Dynamics Inc.		115,874		4,240,988
Stillwater Mining Co.b		59,998		1,023,566
SunCoke Energy Inc.b		27,480		267,930
TimkenSteel Corp.b		16,259		340,138
U.S. Steel Corp.		79,921		3,094,541
Worthington Industries Inc.		23,358		1,145,710
				41,595,349
TOTAL COMMON STOCKS
(Cost: $283,324,830)				315,563,270
PREFERRED STOCKS — 3.83%
BRAZIL — 3.83%
Bradespar SA		91,600		690,460
Gerdau SA		435,100		1,811,168
Metalurgica Gerdau SA		274,800		517,624
Usinas Siderurgicas de Minas Gerais SA Class A		206,100		326,606
Vale SA		916,000		9,277,776
				12,623,634
TOTAL PREFERRED STOCKS
(Cost: $5,928,229)				12,623,634

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2017

Security	Shares		Value
SHORT-TERM INVESTMENTS — 2.44%
MONEY MARKET FUNDS — 2.44%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		7,116,262	$	7,119,108
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		937,129		937,129
				8,056,237
TOTAL SHORT-TERM INVESTMENTS
(Cost: $8,054,217)				8,056,237
TOTAL INVESTMENTS IN SECURITIES — 101.98%
(Cost: $297,307,276)g				336,243,141
Other Assets, Less Liabilities — (1.98)%				(6,533,276	)
NET ASSETS — 100.00%			$	329,709,865

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

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

^b  Non-income earning security.

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

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $308,361,766. Net unrealized appreciation was $27,881,375, of which $47,571,395 represented gross unrealized appreciation on securities and $19,690,020 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	315,563,264	$	—	$	6	$	315,563,270
Preferred stocks		12,623,634		—		—		12,623,634
Money market funds		8,056,237		—		—		8,056,237
Total	$	336,243,135	$	—	$	6	$	336,243,141

See notes to financial statements.

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 100.07%
CANADA — 62.87%
Alexco Resource Corp.a,b		354,015	$	580,024
Americas Silver Corp.a,b		176,319		549,811
Dalradian Resources Inc.a,b		751,219		697,648
Dundee Precious Metals Inc.a,b		301,938		686,197
Endeavour Silver Corp.a		293,412		1,273,826
Excellon Resources Inc.a,b		380,273		445,032
First Majestic Silver Corp.a,b		292,472		2,658,736
Fortuna Silver Mines Inc.a		327,898		1,864,224
GoGold Resources Inc.a,b		586,039		380,530
Great Panther Silver Ltd.a,b		455,901		836,452
Klondex Mines Ltd.a		275,720		1,467,648
Levon Resources Ltd.a		1,317,618		387,988
MAG Silver Corp.a,b		146,236		2,108,881
Mandalay Resources Corp.		947,635		472,226
Minco Silver Corp.a,b		426,129		402,175
Pan American Silver Corp.		160,330		2,873,823
Primero Mining Corp.a,b		517,568		332,163
Silver Standard Resources Inc.a		234,850		2,610,134
Silver Wheaton Corp.		715,978		13,984,938
Silvercorp Metals Inc.b		379,608		1,467,472
Tahoe Resources Inc.		454,136		3,860,902
				39,940,830
CHINA — 0.64%
China Silver Group Ltd.b		2,034,000		403,527
				403,527
MEXICO — 7.85%
Industrias Penoles SAB de CV		208,983		4,989,397
				4,989,397
PERU — 4.54%
Cia. de Minas Buenaventura SAA ADR		234,241		2,881,164
				2,881,164
UNITED KINGDOM — 12.67%
Fresnillo PLC		338,812		6,265,239
Hochschild Mining PLC		538,902		1,785,163
				8,050,402
UNITED STATES — 11.50%
Coeur Mining Inc.a		308,812		2,652,695
Hecla Mining Co.		478,108		2,667,843
McEwen Mining Inc.		471,082		1,615,811
Solitario Exploration & Royalty Corp.a		503,531		367,578
				7,303,927
TOTAL COMMON STOCKS
(Cost: $63,116,852)				63,569,247

Security	Shares		Value
SHORT-TERM INVESTMENTS — 13.19%
MONEY MARKET FUNDS — 13.19%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		8,344,236	$	8,347,574
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		33,211		33,211
				8,380,785
TOTAL SHORT-TERM INVESTMENTS
(Cost: $8,378,131)				8,380,785
TOTAL INVESTMENTS IN SECURITIES — 113.26%
(Cost: $71,494,983)f				71,950,032
Other Assets, Less Liabilities — (13.26)%				(8,425,153	)
NET ASSETS — 100.00%			$	63,524,879

ADR  —  American Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $75,694,205. Net unrealized depreciation was $3,744,173, of which $7,085,417 represented gross unrealized appreciation on securities and $10,829,590 represented gross unrealized depreciation on securities.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

February 28, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	63,569,247	$	—	$	—	$	63,569,247
Money market funds		8,380,785		—		—		8,380,785
Total	$	71,950,032	$	—	$	—	$	71,950,032

See notes to financial statements.

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF
ASSETS
Investments, at cost:
Unaffiliated	$	32,706,831		$	38,689,656		$	168,746,695
Affiliated (Note 2)		1,765,265			1,124,624			3,598,136
Total cost of investments	$	34,472,096		$	39,814,280		$	172,344,831
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	31,695,876		$	36,609,152		$	144,770,101
Affiliated (Note 2)		1,819,973			1,124,800			3,599,332
Total fair value of investments		33,515,849			37,733,952			148,369,433
Foreign currency, at valueb		33,670			48,745			63,242
Receivables:
Investment securities sold		—			—			2,867,430
Dividends and interest		61,238			216,825			49,995
Tax reclaims		56,529			735			—
Total Assets		33,667,286			38,000,257			151,350,100
LIABILITIES
Payables:
Investment securities purchased		—			—			2,672,531
Collateral for securities on loan (Note 1)		1,086,033			1,110,327			3,577,101
Investment advisory fees (Note 2)		9,280			11,202			46,752
Total Liabilities		1,095,313			1,121,529			6,296,384
NET ASSETS	$	32,571,973		$	36,878,728		$	145,053,716
Net assets consist of:
Paid-in capital	$	35,753,683		$	40,248,786		$	212,239,644
Undistributed (distributions in excess of) net investment income		40,421			197,390			(1,519,032	)
Accumulated net realized loss		(2,261,785	)		(1,488,241	)		(41,691,154	)
Net unrealized depreciation		(960,346	)		(2,079,207	)		(23,975,742	)
NET ASSETS	$	32,571,973		$	36,878,728		$	145,053,716
Shares outstandingc		1,250,000			1,900,000			7,650,000	d
Net asset value per share	$	26.06		$	19.41		$	18.96	d

^a  Securities on loan with values of $1,033,030, $1,056,597 and $3,402,492, respectively. See Note 1.

^b  Cost of foreign currency: $33,581, $48,049 and $63,597, respectively.

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

^d  Shares outstanding and net asset value per share reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Global Metals & Mining Producers ETF			iShares MSCI Global Silver Miners ETF
ASSETS
Investments, at cost:
Unaffiliated	$	289,253,059		$	63,116,852
Affiliated (Note 2)		8,054,217			8,378,131
Total cost of investments	$	297,307,276		$	71,494,983
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	328,186,904		$	63,569,247
Affiliated (Note 2)		8,056,237			8,380,785
Total fair value of investments		336,243,141			71,950,032
Foreign currency, at valueb		303,127			49,582
Receivables:
Investment securities sold		—			1,873,619
Due from custodian (Note 4)		1,305,935			—
Dividends and interest		1,206,891			31,575
Capital shares sold		942,732			—
Tax reclaims		16,211			—
Total Assets		340,018,037			73,904,808
LIABILITIES
Payables:
Investment securities purchased		3,093,939			2,014,544
Collateral for securities on loan (Note 1)		7,115,704			8,344,715
Due to custodian		4,581			—
Investment advisory fees (Note 2)		93,948			20,670
Total Liabilities		10,308,172			10,379,929
NET ASSETS	$	329,709,865		$	63,524,879
Net assets consist of:
Paid-in capital	$	305,627,023		$	68,516,194
Undistributed (distributions in excess of) net investment income		276,497			(1,070,081	)
Accumulated net realized loss		(15,133,232	)		(4,376,555	)
Net unrealized appreciation		38,939,577			455,321
NET ASSETS	$	329,709,865		$	63,524,879
Shares outstandingc		11,450,000	d		5,400,000
Net asset value per share	$	28.80	d	$	11.76

^a  Securities on loan with values of $6,253,259 and $7,896,979, respectively. See Note 1.

^b  Cost of foreign currency: $302,595 and $49,291, respectively.

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

^d  Shares outstanding and net asset value per share reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	251,475		$	592,259		$	749,029
Dividends — affiliated (Note 2)		717			76			310
Securities lending income — affiliated — net (Note 2)		12,881			4,972			52,818
Total investment income		265,073			597,307			802,157
EXPENSES
Investment advisory fees (Note 2)		56,056			72,446			435,384
Total expenses		56,056			72,446			435,384
Less investment advisory fees waived (Note 2)		(2,563	)		—			—
Net expenses		53,493			72,446			435,384
Net investment income		211,580			524,861			366,773
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(271,496	)		(163,717	)		(15,318,489	)
Investments — affiliated (Note 2)		(13	)		(20	)		364
In-kind redemptions — unaffiliated		196,720			348,831			8,156,712
In-kind redemptions — affiliated (Note 2)		9,022			—			—
Foreign currency transactions		(736	)		(3,355	)		46,785
Realized gain distributions from affiliated funds		3			8			6
Net realized gain (loss)		(66,500	)		181,747			(7,114,622	)
Net change in unrealized appreciation/depreciation on:
Investments		2,228,057			1,111,569			(36,788,418	)
Translation of assets and liabilities in foreign currencies		(193	)		1,453			8,858
Net change in unrealized appreciation/depreciation		2,227,864			1,113,022			(36,779,560	)
Net realized and unrealized gain (loss)		2,161,364			1,294,769			(43,894,182	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,372,944		$	1,819,630		$	(43,527,409	)

^a  Net of foreign withholding tax of $10,039, $19,445 and $82,192, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Global Metals & Mining Producers ETF			iShares MSCI Global Silver Miners ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	2,299,678		$	140,686
Dividends — affiliated (Note 2)		495			78
Securities lending income — affiliated — net (Note 2)		67,915			132,468
Total investment income		2,368,088			273,232
EXPENSES
Investment advisory fees (Note 2)		513,284			142,349
Total expenses		513,284			142,349
Net investment income		1,854,804			130,883
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,801,689	)		(1,648,800	)
Investments — affiliated (Note 2)		1,384			205
In-kind redemptions — unaffiliated		14,051,770			4,512,152
Foreign currency transactions		(12,227	)		(4,739	)
Realized gain distributions from affiliated funds		4			2
Net realized gain		10,239,242			2,858,820
Net change in unrealized appreciation/depreciation on:
Investments		57,829,802			(14,003,636	)
Translation of assets and liabilities in foreign currencies		5,446			611
Net change in unrealized appreciation/depreciation		57,835,248			(14,003,025	)
Net realized and unrealized gain (loss)		68,074,490			(11,144,205	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	69,929,294		$	(11,013,322	)

^a  Net of foreign withholding tax of $86,689 and $18,835, respectively.

See notes to financial statements.

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Global Agriculture Producers ETF						iShares MSCI Global Energy Producers ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	211,580		$	611,355		$	524,861		$	1,064,512
Net realized gain (loss)		(66,500	)		(965,789	)		181,747			(1,072,422	)
Net change in unrealized appreciation/depreciation		2,227,864			1,179,886			1,113,022			3,444,630
Net increase in net assets resulting from operations		2,372,944			825,452			1,819,630			3,436,720
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(286,728	)		(596,259	)		(553,711	)		(1,004,806	)
Total distributions to shareholders		(286,728	)		(596,259	)		(553,711	)		(1,004,806	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		4,944,849			1,137,540			307			10,268,692
Cost of shares redeemed		(2,409,972	)		(1,055,827	)		(1,827,523	)		—
Net increase (decrease) in net assets from capital share transactions		2,534,877			81,713			(1,827,216	)		10,268,692
INCREASE (DECREASE) IN NET ASSETS		4,621,093			310,906			(561,297	)		12,700,606
NET ASSETS
Beginning of period		27,950,880			27,639,974			37,440,025			24,739,419
End of period	$	32,571,973		$	27,950,880		$	36,878,728		$	37,440,025
Undistributed net investment income included in net assets at end of period	$	40,421		$	115,569		$	197,390		$	226,240
SHARES ISSUED AND REDEEMED
Shares sold		200,000			50,000			—			600,000
Shares redeemed		(100,000	)		(50,000	)		(100,000	)		—
Net increase (decrease) in shares outstanding		100,000			—			(100,000	)		600,000

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Global Gold Miners ETF						iShares MSCI Global Metals & Mining Producers ETF
	Six months ended February 28, 2017 (Unaudited)a			Year ended August 31, 2016a			Six months ended February 28, 2017 (Unaudited)a			Year ended August 31, 2016a
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	366,773		$	64,262		$	1,854,804		$	2,544,584
Net realized gain (loss)		(7,114,622	)		(7,802,775	)		10,239,242			(5,727,606	)
Net change in unrealized appreciation/depreciation		(36,779,560	)		43,607,604			57,835,248			18,667,008
Net increase (decrease) in net assets resulting from operations		(43,527,409	)		35,869,091			69,929,294			15,483,986
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,878,891	)		(300,013	)		(2,219,064	)		(2,206,034	)
Total distributions to shareholders		(1,878,891	)		(300,013	)		(2,219,064	)		(2,206,034	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		53,002,820			191,934,458			97,207,161			159,613,046
Cost of shares redeemed		(128,651,183	)		(7,321,308	)		(58,389,378	)		(18,927,748	)
Net increase (decrease) in net assets from capital share transactions		(75,648,363	)		184,613,150			38,817,783			140,685,298
INCREASE (DECREASE) IN NET ASSETS		(121,054,663	)		220,182,228			106,528,013			153,963,250
NET ASSETS
Beginning of period		266,108,379			45,926,151			223,181,852			69,218,602
End of period	$	145,053,716		$	266,108,379		$	329,709,865		$	223,181,852
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(1,519,032	)	$	(6,914	)	$	276,497		$	640,757
SHARES ISSUED AND REDEEMED
Shares sold		2,600,000			8,775,000			4,500,000			8,050,000
Shares redeemed		(7,500,000	)		(350,000	)		(3,350,000	)		(1,000,000	)
Net increase (decrease) in shares outstanding		(4,900,000	)		8,425,000			1,150,000			7,050,000

^a  Share transactions reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

See notes to financial statements.

32 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Global Silver Miners ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	130,883		$	155,283
Net realized gain (loss)		2,858,820			(1,145,451	)
Net change in unrealized appreciation/depreciation		(14,003,025	)		20,735,242
Net increase (decrease) in net assets resulting from operations		(11,013,322	)		19,745,074
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,239,904	)		(80,025	)
Total distributions to shareholders		(1,239,904	)		(80,025	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			58,622,345
Cost of shares redeemed		(11,299,932	)		(3,488,063	)
Net increase (decrease) in net assets from capital share transactions		(11,299,932	)		55,134,282
INCREASE (DECREASE) IN NET ASSETS		(23,553,158	)		74,799,331
NET ASSETS
Beginning of period		87,078,037			12,278,706
End of period	$	63,524,879		$	87,078,037
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(1,070,081	)	$	38,940
SHARES ISSUED AND REDEEMED
Shares sold		—			4,700,000
Shares redeemed		(1,000,000	)		(300,000	)
Net increase (decrease) in shares outstanding		(1,000,000	)		4,400,000

See notes to financial statements.

FINANCIAL STATEMENTS 33

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Agriculture Producers ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	24.31		$	24.03		$	27.29		$	24.63		$	24.91		$	24.88
Income from investment operations:
Net investment incomeb		0.18			0.54			0.50			0.58			0.50			0.28
Net realized and unrealized gain (loss)c		1.80			0.27			(3.21	)		2.63			(0.46	)		(0.05	)
Total from investment operations		1.98			0.81			(2.71	)		3.21			0.04			0.23
Less distributions from:
Net investment income		(0.23	)		(0.53	)		(0.55	)		(0.55	)		(0.32	)		(0.20	)
Total distributions		(0.23	)		(0.53	)		(0.55	)		(0.55	)		(0.32	)		(0.20	)
Net asset value, end of period	$	26.06		$	24.31		$	24.03		$	27.29		$	24.63		$	24.91
Total return		8.19	%d		3.55	%		(10.11	)%		13.05	%		0.10	%		0.97	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	32,572		$	27,951		$	27,640		$	46,395		$	35,716		$	9,965
Ratio of expenses to average net assetse		0.37	%		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of expenses to average net assets prior to waived feese		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		1.47	%		2.38	%		1.87	%		2.17	%		1.87	%		1.93	%
Portfolio turnover ratef		2	%d		7	%		10	%		14	%		6	%		6	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 2%, 7%,10%, 13%, 6% and 6%, respectively. See Note 4.

See notes to financial statements.

34 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Energy Producers ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	18.72		$	17.67		$	28.06		$	24.06		$	23.51		$	24.79
Income from investment operations:
Net investment incomeb		0.28			0.59			0.68			0.68			0.63			0.43
Net realized and unrealized gain (loss)c		0.70			1.00			(10.61	)		3.96			0.55			(1.39	)
Total from investment operations		0.98			1.59			(9.93	)		4.64			1.18			(0.96	)
Less distributions from:
Net investment income		(0.29	)		(0.54	)		(0.46	)		(0.64	)		(0.63	)		(0.32	)
Total distributions		(0.29	)		(0.54	)		(0.46	)		(0.64	)		(0.63	)		(0.32	)
Net asset value, end of period	$	19.41		$	18.72		$	17.67		$	28.06		$	24.06		$	23.51
Total return		5.16	%d		9.31	%		(35.63	)%		19.44	%		5.10	%		(3.77	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	36,879		$	37,440		$	24,739		$	8,419		$	4,811		$	4,701
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		2.83	%		3.36	%		3.23	%		2.57	%		2.61	%		3.16	%
Portfolio turnover ratef		1	%d		6	%		4	%		8	%		6	%		5	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 1%, 6%, 4%, 8%, 6% and 5%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Gold Miners ETF
	Six months ended Feb. 28, 2017 (Unaudited)a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a			Period from Jan. 31, 2012b to Aug. 31, 2012a
Net asset value, beginning of period	$	21.20		$	11.13		$	22.53		$	23.20		$	40.11		$	50.00
Income from investment operations:
Net investment incomec		0.03			0.02			0.14			0.16			0.42			0.30
Net realized and unrealized gain (loss)d		(2.04	)		10.11			(11.42	)		(0.67	)		(16.95	)		(10.02	)
Total from investment operations		(2.01	)		10.13			(11.28	)		(0.51	)		(16.53	)		(9.72	)
Less distributions from:
Net investment income		(0.23	)		(0.06	)		(0.12	)		(0.16	)		(0.38	)		(0.17	)
Total distributions		(0.23	)		(0.06	)		(0.12	)		(0.16	)		(0.38	)		(0.17	)
Net asset value, end of period	$	18.96		$	21.20		$	11.13		$	22.53		$	23.20		$	40.11
Total return		(9.26	)%e		91.17	%		(50.16	)%		(2.01	)%		(41.28	)%		(19.45	)%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	145,054		$	266,108		$	45,926		$	70,976		$	38,285		$	32,084
Ratio of expenses to average net assetsf		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetsf		0.33	%		0.06	%		0.88	%		0.81	%		1.37	%		1.25	%
Portfolio turnover rateg		15	%e		30	%		20	%		22	%		19	%		11	%e

^a  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

^b  Commencement of operations.

^c  Based on average shares outstanding throughout each period.

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

^e  Not annualized.

^f  Annualized for periods of less than one year.

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

See notes to financial statements.

36 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Metals & Mining Producers ETF
	Six months ended Feb. 28, 2017 (Unaudited)a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a			Period from Jan. 31, 2012b to Aug. 31, 2012a
Net asset value, beginning of period	$	21.67		$	21.30		$	40.37		$	36.23		$	38.01		$	49.52
Income from investment operations:
Net investment incomec		0.18			0.42			1.62			1.00			1.00			0.74
Net realized and unrealized gain (loss)d		7.17			0.41			(17.91	)		4.44			(2.01	)		(11.99	)
Total from investment operations		7.35			0.83			(16.29	)		5.44			(1.01	)		(11.25	)
Less distributions from:
Net investment income		(0.22	)		(0.46	)		(2.78	)		(1.30	)		(0.77	)		(0.26	)
Total distributions		(0.22	)		(0.46	)		(2.78	)		(1.30	)		(0.77	)		(0.26	)
Net asset value, end of period	$	28.80		$	21.67		$	21.30		$	40.37		$	36.23		$	38.01
Total return		34.06	%e		4.52	%		(41.94	)%		15.32	%		(2.68	)%		(22.76	)%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	329,710		$	223,182		$	69,219		$	183,699		$	222,808		$	123,524
Ratio of expenses to average net assetsf		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of expenses to average net assets prior to waived feesf		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetsf		1.41	%		2.16	%		5.18	%		2.53	%		2.51	%		2.98	%
Portfolio turnover rateg		5	%e		8	%		17	%		18	%		11	%		1	%e

^a  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. See Note 4.

^b  Commencement of operations.

^c  Based on average shares outstanding throughout each period.

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

^e  Not annualized.

^f  Annualized for periods of less than one year.

^g  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 3%, 6%, 10%, 15%, 7% and 1% respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 37

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Silver Miners ETF
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	13.61		$	6.14		$	12.70		$	13.92		$	20.94		$	24.87
Income from investment operations:
Net investment incomeb		0.02			0.05			0.05			0.08			0.16			0.11
Net realized and unrealized gain (loss)c		(1.64	)		7.44			(6.42	)		(1.15	)		(6.90	)		(3.90	)
Total from investment operations		(1.62	)		7.49			(6.37	)		(1.07	)		(6.74	)		(3.79	)
Less distributions from:
Net investment income		(0.23	)		(0.02	)		(0.19	)		(0.15	)		(0.28	)		(0.14	)
Total distributions		(0.23	)		(0.02	)		(0.19	)		(0.15	)		(0.28	)		(0.14	)
Net asset value, end of period	$	11.76		$	13.61		$	6.14		$	12.70		$	13.92		$	20.94
Total return		(11.58	)%d		122.11	%		(50.51	)%		(7.48	)%		(32.49	)%		(15.18	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	63,525		$	87,078		$	12,279		$	13,975		$	6,959		$	2,094
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		0.36	%		0.47	%		0.57	%		0.63	%		1.03	%		0.86	%
Portfolio turnover ratef		7	%d		27	%		31	%		22	%		13	%		9	%d

^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.

38 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Global Agriculture Producers	Non-diversified
MSCI Global Energy Producers	Non-diversified
MSCI Global Gold Miners	Non-diversified
MSCI Global Metals & Mining Producers	Non-diversified
MSCI Global Silver Miners	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Directors of the Company (the “Board”).

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

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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 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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

40 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

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 February 28, 2017 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 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 February 28, 2017, 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.

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 an approved 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 but does not receive interest income on securities received as collateral. 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.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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 February 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. 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 February 28, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

42 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount  b
MSCI Global Agriculture Producers
Barclays Capital Inc.	$	40,720	$	40,720	$	—
Credit Suisse Securities (USA) LLC		85,352		85,352		—
Goldman Sachs & Co.		504,895		504,895		—
JPMorgan Securities LLC		31,081		31,081		—
Merrill Lynch, Pierce, Fenner & Smith		216,207		216,207		—
Morgan Stanley & Co. International PLC		14,883		14,883		—
Morgan Stanley & Co. LLC		58,922		58,922		—
State Street Bank & Trust Company		60,802		60,802		—
UBS Securities LLC		20,168		20,168		—
	$	1,033,030	$	1,033,030	$	—
MSCI Global Energy Producers
BNP Paribas Prime Brokerage Inc.	$	78,151	$	78,151	$	—
Citigroup Global Markets Inc.		8,181		8,181		—
Credit Suisse Securities (USA) LLC		62,572		62,572		—
Deutsche Bank Securities Inc.		233		233		—
Goldman Sachs & Co.		8,324		8,324		—
JPMorgan Securities LLC		63,386		63,386		—
Merrill Lynch, Pierce, Fenner & Smith		47,700		47,700		—
Morgan Stanley & Co. LLC		643,143		643,143		—
Nomura Securities International Inc.		62,852		62,852		—
State Street Bank & Trust Company		82,055		82,055		—
	$	1,056,597	$	1,056,597	$	—
MSCI Global Gold Miners
Barclays Capital Inc.	$	7,009	$	7,009	$	—
Credit Suisse Securities (USA) LLC		686,734		686,734		—
Goldman Sachs & Co.		244,110		244,110		—
JPMorgan Securities LLC		386,280		386,280		—
Merrill Lynch, Pierce, Fenner & Smith		1,459,438		1,459,438		—
Morgan Stanley & Co. LLC		461,745		461,745		—
Nomura Securities International Inc.		153,220		153,220		—
UBS AG		3,956		3,956		—
	$	3,402,492	$	3,402,492	$	—

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount  b
MSCI Global Metals & Mining Producers
BMO Capital Markets	$	7,230	$	7,230	$	—
Citigroup Global Markets Inc.		97,125		97,125		—
Credit Suisse Securities (USA) LLC		658,643		658,643		—
Deutsche Bank Securities Inc.		3		3		—
HSBC Bank PLC		1,695,247		1,695,247		—
Jefferies LLC		357,563		357,563		—
JPMorgan Securities LLC		328,451		328,451		—
Merrill Lynch, Pierce, Fenner & Smith		514,424		514,424		—
Morgan Stanley & Co. LLC		1,484,434		1,484,434		—
Scotia Capital (USA) Inc.		167,640		167,640		—
SG Americas Securities LLC		193,038		193,038		—
State Street Bank & Trust Company		59,632		59,632		—
UBS AG		635,361		635,361		—
UBS Securities LLC		54,468		54,468		—
	$	6,253,259	$	6,253,259	$	—
MSCI Global Silver Miners
Barclays Capital Inc.	$	9,067	$	9,067	$	—
Citigroup Global Markets Inc.		1,467,472		1,461,991		(5,481	)
Credit Suisse Securities (USA) LLC		1,222,834		1,222,834		—
Goldman Sachs & Co.		406,559		406,559		—
JPMorgan Securities LLC		1,052,422		1,052,422		—
Merrill Lynch, Pierce, Fenner & Smith		416,375		416,375		—
Morgan Stanley & Co. LLC		3,271,813		3,271,813		—
State Street Bank & Trust Company		50,437		50,437		—
	$	7,896,979	$	7,891,498	$	(5,481	)

^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 the Fund’s statement of assets and liabilities.

^b  Additional collateral is delivered to the Funds on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39% based on the average daily net assets of each Fund.

In addition, each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund

44 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for each Fund through December 31, 2023 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

The U.S. Securities and Exchange Commission (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 six months ended February 28, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Global Agriculture Producers	$	2,755
MSCI Global Energy Producers		1,064
MSCI Global Gold Miners		10,990
MSCI Global Metals & Mining Producers		14,955
MSCI Global Silver Miners		28,723

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.

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	35,272	$	74,717
MSCI Global Energy Producers		30,905		89,295
MSCI Global Gold Miners		982,793		1,773,796
MSCI Global Metals & Mining Producers		77,183		166,216
MSCI Global Silver Miners		222,021		30,919

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 MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2017 were as follows:

iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	673,452	$	696,279
MSCI Global Energy Producers		493,178		600,773
MSCI Global Gold Miners		33,054,032		39,778,129
MSCI Global Metals & Mining Producers		18,185,272		14,125,088
MSCI Global Silver Miners		4,790,186		6,155,003

In-kind transactions (see Note 4) for the six months ended February 28, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Agriculture Producers	$	4,674,827	$	2,227,078
MSCI Global Energy Producers		—		1,764,139
MSCI Global Gold Miners		49,386,047		118,607,890
MSCI Global Metals & Mining Producers		84,435,699		50,967,202
MSCI Global Silver Miners		—		10,966,489

46 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

4. CAPITAL SHARE TRANSACTIONS

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

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

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

The Board authroized a one-for-two reverse stock split for each of the iShares MSCI Global Gold Miners ETF and iShares Global Metals & Mining Producers ETF, effective after the close of trading on November 4, 2016. The impact of the stock split was to decrease the number of shares outstanding by a factor of two, while increasing the NAV per share by a factor of two, resulting in no effect on the net assets of the Funds. The financial statements for the Fund have been adjusted to reflect the reverse stock split.

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 a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund 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 a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

Investing in the securities of non-U.S. issuers 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 economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, political and social conditions affecting those market sectors may have a significant impact on its investment performance.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by a fund 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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to

48 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

6. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

As of August 31, 2016, the Funds’ fiscal year-end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI Global Agriculture Producers	$	1,515,500
MSCI Global Energy Producers		477,249
MSCI Global Gold Miners		13,627,904
MSCI Global Metals & Mining Producers		12,611,075
MSCI Global Silver Miners		3,202,603

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.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2017, 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 49

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-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total per Share
MSCI Global Agriculture Producers	$	0.208052	$	—	$	0.021330	$	0.229382		91	%		—	%		9	%		100	%
MSCI Global Energy Producers		0.275212		—		0.016215		0.291427		94			—			6			100
MSCI Global Metals & Mining Producers		0.151152				0.065342		0.216494		70			—			30			100
MSCI Global Silver Miners		0.225437		—		—		0.225437		100			—			—			100

50 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-812-0217

FEBRUARY 28, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares Currency Hedged MSCI Emerging Markets ETF  |  HEEM  |  NYSE Arca

^Ø  iShares Edge MSCI Min Vol EM Currency Hedged ETF  |  HEMV  |  BATS

^Ø  iShares Edge MSCI Min Vol Emerging Markets ETF  |  EEMV  |  NYSE Arca

^Ø  iShares MSCI Emerging Markets ETF  |  EEM  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	11
Shareholder Expenses	11
Schedules of Investments	12
iShares Currency Hedged MSCI Emerging Markets ETF	12
iShares Edge MSCI Min Vol EM Currency Hedged ETF	16
iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)	19
iShares MSCI Emerging Markets ETF (Consolidated)	24
Financial Statements	39
Financial Highlights	45
Notes to Financial Statements	49
Supplemental Information	65

Fund Performance Overview

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

Performance as of February 28, 2017

The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD Index (“the Index”).

The Index sells forward the non-U.S. dollar currencies in which the constituent securities are denominated in an amount equal to those securities at a one-month forward rate to effectively create a “hedge” against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. In order to replicate the “hedging” component of the Index, the Fund enters into foreign currency forward contracts designed to offset the Fund’s exposure to the component currencies.

The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 3.04%, net of fees, while the total return for the Index was 3.50%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		17.97%		18.18%		19.91%		17.97%		18.18%		19.91%
Since Inception		0.00%		0.06%		0.64%		0.00%		0.16%		1.56%

The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a,b		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,030.40	$	0.00	$	1,000.00	$	1,024.80	$	0.00		0.00%

^a  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview (Continued)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

ALLOCATION BY SECTOR¹

As of 2/28/17

Sector Percentage of
Total Investments  ²

Financials	24.49	%
Information Technology	23.89
Consumer Discretionary	10.33
Materials	7.64
Energy	7.35
Consumer Staples	7.00
Industrials	5.81
Telecommunication Services	5.60
Utilities	2.85
Real Estate	2.58
Health Care	2.46
TOTAL	100.00	%

TEN LARGEST COUNTRIES¹

As of 2/28/17

Country Percentage of
Total Investments  ²

China	26.98	%
South Korea	14.66
Taiwan	12.34
India	8.56
Brazil	8.19
South Africa	6.85
Russia	3.81
Mexico	3.44
Indonesia	2.47
Malaysia	2.43
TOTAL	89.73	%

¹  Table shown is for the iShares MSCI Emerging Markets ETF, the underlying fund in which the Fund invests.

²  Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® EDGE MSCI MIN VOL EM CURRENCY HEDGED ETF

Performance as of February 28, 2017

The iShares Edge MSCI Min Vol EM Currency Hedged ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets Minimum Volatility (USD) 100% Hedged to USD Index (“the Index”).

The Index sells forward the non-U.S. dollar currencies in which the constituent securities are denominated in an amount equal to those securities at a one-month forward rate to effectively create a “hedge” against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. In order to replicate the “hedging” component of the Index, the Fund enters into foreign currency forward contracts designed to offset the Fund’s exposure to the component currencies.

The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares Edge MSCI Min Vol Emerging Markets ETF. For the six-month reporting period ended February 28, 2017, the total return for the Fund was -2.18%, net of fees, while the total return for the Index was -1.11%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		7.20%		6.96%		9.97%		7.20%		6.96%		9.97%
Since Inception		0.89%		1.15%		1.16%		1.19%		1.54%		1.56%

The inception date of the Fund was 10/29/15. The first day of secondary market trading was 11/2/15.

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 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a,b		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	978.20	$	0.15	$	1,000.00	$	1,024.60	$	0.15		0.03%

^a  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview (Continued)

iSHARES^® EDGE MSCI MIN VOL EM CURRENCY HEDGED ETF

ALLOCATION BY SECTOR¹

As of 2/28/17

Sector Percentage of
Total Investments  ²

Financials	22.42	%
Information Technology	19.35
Consumer Staples	12.16
Telecommunication Services	10.57
Utilities	7.53
Industrials	7.17
Health Care	7.15
Consumer Discretionary	6.85
Energy	3.10
Materials	2.28
Real Estate	1.42
TOTAL	100.00	%

TEN LARGEST COUNTRIES¹

As of 2/28/17

Country Percentage of
Total Investments  ²

China	22.48	%
Taiwan	17.72
South Korea	9.73
Malaysia	7.21
Thailand	6.65
India	6.24
Indonesia	4.52
Philippines	3.60
Chile	3.51
Mexico	3.10
TOTAL	84.76	%

¹  Table shown is for the iShares Edge MSCI Min Vol Emerging Markets ETF, the underlying fund in which the Fund invests.

²  Excludes money market funds.

8 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

Performance as of February 28, 2017

The iShares Edge MSCI Min Vol Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was -1.11%, net of fees, while the total return for the Index was -1.04%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		14.28%		12.99%		14.60%		14.28%		12.99%		14.60%
5 Years		0.78%		0.64%		0.94%		3.98%		3.26%		4.78%
Since Inception		3.59%		3.46%		3.79%		20.86%		20.04%		22.11%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	988.90	$	1.23	$	1,000.00	$	1,023.60	$	1.25		0.25%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	22.42	%
Information Technology	19.35
Consumer Staples	12.16
Telecommunication Services	10.57
Utilities	7.53
Industrials	7.17
Health Care	7.15
Consumer Discretionary	6.85
Energy	3.10
Materials	2.28
Real Estate	1.42
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total  Investments*

China	22.48	%
Taiwan	17.72
South Korea	9.73
Malaysia	7.21
Thailand	6.65
India	6.24
Indonesia	4.52
Philippines	3.60
Chile	3.51
Mexico	3.10
TOTAL	84.76	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS ETF

Performance as of February 28, 2017

The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 5.22%, net of fees, while the total return for the Index was 5.51%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		28.71%		27.81%		29.46%		28.71%		27.81%		29.46%
5 Years		(0.94)%		(0.99)%		(0.37)%		(4.62)%		(4.85)%		(1.86)%
10 Years		2.23%		2.11%		2.86%		24.69%		23.25%		32.62%

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 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,052.20	$	3.56	$	1,000.00	$	1,021.30	$	3.51		0.70%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total  Investments*

Financials	24.49	%
Information Technology	23.89
Consumer Discretionary	10.33
Materials	7.64
Energy	7.35
Consumer Staples	7.00
Industrials	5.81
Telecommunication Services	5.60
Utilities	2.85
Real Estate	2.58
Health Care	2.46
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total  Investments*

China	26.98	%
South Korea	14.66
Taiwan	12.34
India	8.56
Brazil	8.19
South Africa	6.85
Russia	3.81
Mexico	3.44
Indonesia	2.47
Malaysia	2.43
TOTAL	89.73	%

* Excludes money market funds.

10 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 September 1, 2016 and held through February 28, 2017, 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.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 11

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
INVESTMENT COMPANIES — 99.75%
EXCHANGE-TRADED FUNDS — 99.75%
iShares MSCI Emerging Markets ETFa,b		6,954,406	$	264,197,884
				264,197,884
TOTAL INVESTMENT COMPANIES
(Cost: $264,336,485)				264,197,884
SHORT-TERM INVESTMENTS — 41.89%
MONEY MARKET FUNDS — 41.89%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%c,d,e		110,755,267		110,799,569
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%c,d		143,125		143,125
				110,942,694
TOTAL SHORT-TERM INVESTMENTS
(Cost: $110,927,876)				110,942,694

	Value
TOTAL INVESTMENTS IN SECURITIES — 141.64%
(Cost: $375,264,361)f	$	375,140,578
Other Assets, Less Liabilities — (41.64)%		(110,277,773	)
NET ASSETS — 100.00%	$	264,862,805

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

^b  Affiliated issuer. See Schedule 1.

^c  Affiliated money market fund.

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

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

^f  The cost of investments for federal income tax purposes was $381,836,930. Net unrealized depreciation was $6,696,352, of which $14,819 represented gross unrealized appreciation on securities and $6,711,171 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the six months ended February 28, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Emerging Markets ETF		4,928,896		3,335,157		(1,309,647	)		6,954,406	$	264,197,884	$	2,269,535	$	205,945

Schedule 2 — Forward Currency Contracts (Note 6)

Forward currency contracts outstanding as of February 28, 2017 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	BRL	872,000		USD	279,219	CITI		03/03/2017	$	1,004
	BRL	2,057,000		USD	648,282	MS		03/03/2017		12,748
	EUR	2,492,000		USD	2,637,236	CITI		03/03/2017		2,880
	EUR	2,474,000		USD	2,618,946	MS		03/03/2017		2,101
	INR	19,241,000		USD	286,965	CITI		03/03/2017		1,378
	INR	25,737,000		USD	383,637	MS		03/03/2017		2,054
	KRW	59,448,663,000		USD	52,460,048	CITI		03/03/2017		114,494
	KRW	59,491,851,000		USD	52,499,818	MS		03/03/2017		112,918
	MXN	2,430,000		USD	119,563	CITI		03/03/2017		1,365

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

February 28, 2017

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	MXN	4,264,000		USD	207,249	MS		03/03/2017	$	4,947
	RUB	10,250,000		USD	169,034	MS		03/03/2017		6,617
	TRY	132,000		USD	35,799	CITI		03/03/2017		454
	TRY	133,000		USD	36,258	MS		03/03/2017		269
	TWD	17,938,000		USD	580,687	CITI		03/03/2017		3,230
	TWD	691,630,500		USD	22,489,784	MS		03/03/2017		24,124
	USD	679,928		BRL	2,111,000	CITI		03/03/2017		1,544
	USD	7,079		BRL	22,000	MS		03/03/2017		9
	USD	2,303,823		CLP	1,495,948,500	CITI		03/03/2017		3,403
	USD	44,203		CLP	28,671,000	MS		03/03/2017		114
	USD	2,568,989		EUR	2,405,000	CITI		03/03/2017		21,044
	USD	2,754,782		EUR	2,580,000	MS		03/03/2017		21,436
	USD	27,821,817		HKD	215,806,500	CITI		03/03/2017		21,691
	USD	28,521,714		HKD	221,232,500	MS		03/03/2017		22,613
	USD	275,275		MXN	5,519,000	CITI		03/03/2017		624
	USD	269,215		RUB	15,501,000	CITI		03/03/2017		3,580
	USD	2,957		RUB	170,000	MS		03/03/2017		44
	USD	36,624		TRY	132,000	CITI		03/03/2017		371
	USD	85,088		TRY	309,000	MS		03/03/2017		223
	USD	10,887		TWD	334,000	CITI		03/03/2017		14
	USD	4,462		ZAR	58,000	CITI		03/03/2017		41
	ZAR	3,157,000		USD	236,205	CITI		03/03/2017		4,424
	ZAR	6,118,000		USD	458,744	MS		03/03/2017		7,576
	BRL	14,000		USD	4,459	MS		04/05/2017		5
	HKD	2,558,000		USD	329,664	MS		04/05/2017		6
	RUB	55,024,000		USD	933,878	MS		04/05/2017		1,582
	USD	10,714,079		BRL	33,369,000	CITI		04/05/2017		73,987
	USD	2,258,038		CLP	1,459,663,500	CITI		04/05/2017		17,607
	USD	2,088,433		CLP	1,349,159,500	MS		04/05/2017		17,614
	USD	196,887		EUR	185,000	MS		04/05/2017		587
	USD	27,108,079		HKD	210,294,500	CITI		04/05/2017		5,725
	USD	28,865,990		HKD	223,934,500	MS		04/05/2017		5,739
	USD	11,013,938		INR	737,284,000	CITI		04/05/2017		6,866
	USD	11,479,498		INR	768,781,000	MS		04/05/2017		2,201
	USD	25,587,267		KRW	29,008,284,500	CITI		04/05/2017		6,332
	USD	25,347,426		KRW	28,738,911,500	MS		04/05/2017		4,038
	USD	4,859,764		MXN	96,852,500	CITI		04/05/2017		63,341
	USD	4,700,427		MXN	93,719,500	MS		04/05/2017		59,160
	USD	5,040,183		RUB	293,510,000	CITI		04/05/2017		50,234
	USD	4,682,080		RUB	272,778,000	MS		04/05/2017		44,595
	USD	2,874,225		TRY	10,451,000	MS		04/05/2017		29,698
	USD	9,891,409		ZAR	128,844,500	CITI		04/05/2017		127,053
	USD	9,079,163		ZAR	118,467,500	MS		04/05/2017		101,218
										1,016,922
	BRL	33,369,000		USD	10,816,532	CITI		03/03/2017		(93,181	)
	BRL	34,740,000		USD	11,171,787	MS		03/03/2017		(7,856	)
	CLP	1,495,948,500		USD	2,318,773	CITI		03/03/2017		(18,353	)
	CLP	1,440,083,500		USD	2,229,207	MS		03/03/2017		(14,694	)
	EUR	65,000		USD	68,927	CITI		03/03/2017		(64	)
	EUR	107,000		USD	115,661	MS		03/03/2017		(2,301	)
	HKD	215,806,500		USD	27,809,168	CITI		03/03/2017		(9,042	)
	HKD	221,232,500		USD	28,507,446	MS		03/03/2017		(8,344	)
	INR	737,284,000		USD	11,056,054	CITI		03/03/2017		(7,231	)
	INR	756,358,000		USD	11,338,000	MS		03/03/2017		(3,337	)
	MXN	96,852,500		USD	4,883,248	CITI		03/03/2017		(63,418	)
	MXN	92,564,500		USD	4,666,387	MS		03/03/2017		(59,947	)

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

February 28, 2017

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	RUB	300,376,000		USD	5,199,899	CITI		03/03/2017	$	(52,462	)
	RUB	279,823,000		USD	4,843,859	MS		03/03/2017		(48,630	)
	TRY	10,439,000		USD	2,897,382	MS		03/03/2017		(30,385	)
	TWD	717,099,500		USD	23,343,083	CITI		03/03/2017		(109	)
	TWD	17,889,000		USD	583,401	MS		03/03/2017		(1,079	)
	USD	9,924,018		BRL	32,130,000	CITI		03/03/2017		(401,172	)
	USD	11,671,856		BRL	36,775,000	MS		03/03/2017		(146,036	)
	USD	2,169,735		CLP	1,411,412,500	MS		03/03/2017		(689	)
	USD	160,285		EUR	152,000	CITI		03/03/2017		(749	)
	USD	1,058		EUR	1,000	MS		03/03/2017		(2	)
	USD	11,112,738		INR	756,525,000	CITI		03/03/2017		(224,428	)
	USD	11,481,110		INR	782,095,000	MS		03/03/2017		(239,243	)
	USD	51,575,099		KRW	59,448,663,000	CITI		03/03/2017		(999,442	)
	USD	51,587,808		KRW	59,491,851,000	MS		03/03/2017		(1,024,928	)
	USD	4,499,282		MXN	93,763,500	CITI		03/03/2017		(166,825	)
	USD	4,645,606		MXN	96,828,500	MS		03/03/2017		(173,030	)
	USD	4,705,916		RUB	284,875,000	CITI		03/03/2017		(175,886	)
	USD	4,786,942		RUB	289,903,000	MS		03/03/2017		(181,024	)
	USD	2,681,536		TRY	10,263,000	MS		03/03/2017		(137,125	)
	USD	23,371,260		TWD	734,703,500	CITI		03/03/2017		(544,759	)
	USD	22,549,107		TWD	709,519,500	MS		03/03/2017		(547,123	)
	USD	9,693,290		ZAR	131,943,500	CITI		03/03/2017		(363,565	)
	USD	9,139,921		ZAR	124,721,500	MS		03/03/2017		(366,467	)
	ZAR	128,844,500		USD	9,948,760	CITI		03/03/2017		(128,113	)
	ZAR	118,603,500		USD	9,142,403	MS		03/03/2017		(102,335	)
	CLP	13,488,000		USD	20,727	MS		04/05/2017		(25	)
	EUR	2,000		USD	2,122	MS		04/05/2017		—
	INR	3,981,000		USD	59,478	MS		04/05/2017		(45	)
	KRW	2,837,877,000		USD	2,514,340	MS		04/05/2017		(11,760	)
	MXN	4,857,000		USD	241,759	MS		04/05/2017		(1,226	)
	RUB	9,100,000		USD	154,879	MS		04/05/2017		(170	)
	TRY	198,000		USD	54,310	MS		04/05/2017		(419	)
	USD	11,116,157		BRL	34,872,000	MS		04/05/2017		(3,185	)
	USD	3,556		CLP	2,319,000	MS		04/05/2017		(3	)
	USD	2,641,358		EUR	2,492,000	CITI		04/05/2017		(2,863	)
	USD	2,551,950		EUR	2,407,000	MS		04/05/2017		(2,079	)
	ZAR	5,514,000		USD	419,097	MS		04/05/2017		(1,223	)
	TWD	21,443,000		USD	701,944	MS		04/06/2017		(2,306	)
	USD	23,381,138		TWD	717,099,500	CITI		04/06/2017		(16,218	)
	USD	22,334,198		TWD	685,881,500	MS		04/06/2017		(44,584	)
										(6,429,480	)
					Net unrealized depreciation				$	(5,412,558	)

Counterparties:

CITI — Citibank N.A. London

MS — Morgan Stanley and Co. International PLC

Currency abbreviations:

BRL — Brazilian Real

CLP — Chilean Peso

EUR — Euro

HKD — Hong Kong Dollar

INR — Indian Rupee

KRW — South Korean Won

MXN — Mexican Peso

RUB — New Russian Ruble

TRY — Turkish Lira

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

February 28, 2017

TWD — Taiwan New Dollar

USD — United States Dollar

ZAR — South African Rand

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	264,197,884	$	—		$	—	$	264,197,884
Money market funds		110,942,694		—			—		110,942,694
Total	$	375,140,578	$	—		$	—	$	375,140,578
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	1,016,922		$	—	$	1,016,922
Liabilities:
Forward currency contracts		—		(6,429,480	)		—		(6,429,480	)
Total	$	—	$	(5,412,558	)	$	—	$	(5,412,558	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MIN VOL EM CURRENCY HEDGED ETF

February 28, 2017

Security	Shares		Value
INVESTMENT COMPANIES — 99.89%
EXCHANGE-TRADED FUNDS — 99.89%
iShares Edge MSCI Min Vol Emerging Markets ETFa		115,012	$	5,947,271
				5,947,271
TOTAL INVESTMENT COMPANIES
(Cost: $5,868,445)				5,947,271
SHORT-TERM INVESTMENTS — 0.05%
MONEY MARKET FUNDS — 0.05%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%b,c		2,653		2,653
				2,653
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,653)				2,653

	Value
TOTAL INVESTMENTS IN SECURITIES — 99.94%
(Cost: $5,871,098)d	$	5,949,924
Other Assets, Less Liabilities — 0.06%		3,830
NET ASSETS — 100.00%	$	5,953,754

^a  Affiliated issuer. See Schedule 1.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $5,883,263. Net unrealized appreciation was $66,661, of which $78,826 represented gross unrealized appreciation on securities and $12,165 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the six months ended February 28, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares Edge MSCI Min Vol Emerging Markets ETF		115,665		79,048		(79,701	)		115,012	$	5,947,271	$	137,030	$	11,188

Schedule 2 — Forward Currency Contracts (Note 6)

Forward currency contracts outstanding as of February 28, 2017 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	BRL	1,000		USD	316	CITI		03/03/2017	$	6
	BRL	11,000		USD	3,467	MS		03/03/2017		68
	INR	315,000		USD	4,633	MS		03/03/2017		87
	KRW	1,267,495,000		USD	1,118,668	CITI		03/03/2017		2,265
	KRW	1,257,493,000		USD	1,109,750	MS		03/03/2017		2,337
	MXN	199,000		USD	9,546	MS		03/03/2017		357
	PLN	707,000		USD	173,541	MS		03/03/2017		351
	RUB	12,000		USD	198	MS		03/03/2017		8
	TWD	654,000		USD	21,002	CITI		03/03/2017		287
	TWD	29,984,500		USD	974,995	MS		03/03/2017		1,058
	USD	119,660		CLP	77,747,000	CITI		03/03/2017		104
	USD	1,174,119		HKD	9,106,000	MS		03/03/2017		1,087
	USD	250		PLN	1,000	MS		03/03/2017		4

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EM CURRENCY HEDGED ETF

February 28, 2017

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	ZAR	66,000		USD	4,870	MS		03/03/2017	$	160
	BRL	7,000		USD	2,231	MS		04/05/2017		1
	CLP	13,000		USD	20	MS		04/05/2017		—
	HKD	53,000		USD	6,830	MS		04/05/2017		—
	RUB	336,000		USD	5,703	MS		04/05/2017		10
	USD	80,912		BRL	252,000	CITI		04/05/2017		559
	USD	117,737		CLP	76,109,000	CITI		04/05/2017		918
	USD	118,152		CLP	76,328,000	MS		04/05/2017		996
	USD	19,977		HKD	155,000	MS		04/05/2017		1
	USD	1,171,785		HKD	9,090,000	RBS		04/05/2017		284
	USD	179,001		INR	11,982,500	CITI		04/05/2017		112
	USD	180,612		INR	12,095,500	MS		04/05/2017		36
	USD	559,008		KRW	633,747,500	CITI		04/05/2017		138
	USD	549,268		KRW	622,759,500	MS		04/05/2017		87
	USD	188,710		MXN	3,759,000	GS		04/05/2017		2,553
	USD	1,387		MXN	28,000	MS		04/05/2017		—
	USD	6,892		PLN	28,000	MS		04/05/2017		9
	USD	19,791		RUB	1,152,500	CITI		04/05/2017		197
	USD	19,610		RUB	1,142,500	MS		04/05/2017		187
	USD	120,288		ZAR	1,567,000	CITI		04/05/2017		1,535
	TWD	48,000		USD	1,566	MS		04/06/2017		—
										15,802
	BRL	252,000		USD	81,686	CITI		03/03/2017		(704	)
	BRL	242,000		USD	77,814	MS		03/03/2017		(45	)
	CLP	77,747,000		USD	120,489	CITI		03/03/2017		(932	)
	CLP	77,747,000		USD	120,340	MS		03/03/2017		(783	)
	HKD	16,000		USD	2,063	MS		03/03/2017		(2	)
	HKD	9,090,000		USD	1,171,317	RBS		03/03/2017		(346	)
	INR	11,982,500		USD	179,685	CITI		03/03/2017		(117	)
	INR	11,667,500		USD	174,899	MS		03/03/2017		(51	)
	MXN	3,759,000		USD	189,577	GS		03/03/2017		(2,512	)
	PLN	10,000		USD	2,496	MS		03/03/2017		(37	)
	RUB	1,152,500		USD	19,955	CITI		03/03/2017		(205	)
	RUB	1,142,500		USD	19,773	MS		03/03/2017		(195	)
	TWD	29,330,500		USD	954,769	CITI		03/03/2017		(4	)
	USD	78,144		BRL	253,000	CITI		03/03/2017		(3,159	)
	USD	80,384		BRL	253,000	MS		03/03/2017		(919	)
	USD	119,519		CLP	77,747,000	MS		03/03/2017		(38	)
	USD	175,822		INR	11,982,500	CITI		03/03/2017		(3,746	)
	USD	175,890		INR	11,982,500	MS		03/03/2017		(3,678	)
	USD	1,098,812		KRW	1,267,495,000	CITI		03/03/2017		(22,121	)
	USD	1,090,067		KRW	1,257,493,000	MS		03/03/2017		(22,020	)
	USD	189,251		MXN	3,958,000	RBS		03/03/2017		(7,718	)
	USD	176,030		PLN	716,000	SSB		03/03/2017		(76	)
	USD	19,038		RUB	1,152,500	CITI		03/03/2017		(712	)
	USD	19,063		RUB	1,154,500	MS		03/03/2017		(721	)
	USD	952,494		TWD	29,984,500	CITI		03/03/2017		(23,560	)
	USD	952,796		TWD	29,984,500	MS		03/03/2017		(23,257	)
	USD	119,017		ZAR	1,633,000	UBS		03/03/2017		(5,452	)
	ZAR	1,567,000		USD	120,983	CITI		03/03/2017		(1,545	)
	CLP	4,188,000		USD	6,436	MS		04/05/2017		(8	)
	KRW	46,930,000		USD	41,589	MS		04/05/2017		(204	)
	MXN	58,000		USD	2,887	MS		04/05/2017		(15	)
	PLN	1,000		USD	246	MS		04/05/2017		—
	RUB	36,000		USD	613	MS		04/05/2017		(1	)
	USD	77,144		BRL	242,000	MS		04/05/2017		(21	)

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EM CURRENCY HEDGED ETF

February 28, 2017

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	USD	173,449		PLN	707,000	MS		04/05/2017	$	(354	)
	ZAR	43,000		USD	3,268	MS		04/05/2017		(9	)
	TWD	1,404,000		USD	45,960	MS		04/06/2017		(151	)
	USD	956,325		TWD	29,330,500	CITI		04/06/2017		(663	)
	USD	967,063		TWD	29,698,500	MS		04/06/2017		(1,933	)
										(128,014	)
						Net unrealized depreciation			$	(112,212	)

Counterparties:

CITI — Citibank N.A. London

GS — Goldman Sachs International

MS — Morgan Stanley and Co. International PLC

RBS — Royal Bank of Scotland

SSB — State Street Bank London

UBS — UBS AG London

Currency abbreviations:

BRL — Brazilian Real

CLP — Chilean Peso

HKD — Hong Kong Dollar

INR — Indian Rupee

KRW — South Korean Won

MXN — Mexican Peso

PLN — Polish Zloty

RUB — New Russian Ruble

TWD — Taiwan New Dollar

USD — United States Dollar

ZAR — South African Rand

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	5,947,271	$	—		$	—	$	5,947,271
Money market funds		2,653		—			—		2,653
Total	$	5,949,924	$	—		$	—	$	5,949,924
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	15,802		$	—	$	15,802
Liabilities:
Forward currency contracts		—		(128,014	)		—		(128,014	)
Total	$	—	$	(112,212	)	$	—	$	(112,212	)

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

See notes to financial statements.

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 99.07%
BRAZIL — 2.60%
Ambev SA		3,959,200	$	22,703,995
BRF SA		282,200		3,684,656
CETIP SA – Mercados Organizados		496,300		7,474,013
Cielo SA		3,110,897		27,279,097
CPFL Energia SA		1,134,400		9,312,946
EDP – Energias do Brasil SA		496,300		2,190,356
Equatorial Energia SA		567,200		10,851,734
Raia Drogasil SA		636,300		12,149,219
				95,646,016
CHILE — 3.49%
Aguas Andinas SA Series A		45,899,147		24,738,022
Banco de Chile		416,888,913		50,493,294
Banco de Credito e Inversiones		91,857		4,956,989
Cia. Cervecerias Unidas SA		164,024		1,942,895
Colbun SA		20,110,615		3,995,874
Empresas COPEC SA		338,653		3,552,341
Enel Generacion Chile SA		5,871,635		3,995,340
SACI Falabella		4,260,383		34,839,676
				128,514,431
CHINA — 22.39%
3SBio Inc.a,b,c		6,009,500		7,315,960
AAC Technologies Holdings Inc.		2,474,500		26,060,120
Agricultural Bank of China Ltd. Class H		28,280,000		13,042,583
Alibaba Group Holding Ltd. ADRa		50,197		5,165,271
ANTA Sports Products Ltd.c		4,242,000		12,842,208
Baidu Inc.a		48,076		8,371,474
Bank of China Ltd. Class H		70,700,000		35,794,240
Bank of Communications Co. Ltd. Class H		4,922,000		3,924,944
Beijing Capital International Airport Co. Ltd. Class H		8,444,000		9,050,503
Beijing Enterprises Water Group Ltd.		2,828,000		2,021,965
China CITIC Bank Corp. Ltd. Class H		7,777,000		5,339,991
China Communications Services Corp. Ltd. Class H		16,968,000		11,344,862
China Construction Bank Corp. Class H		38,885,000		32,009,887

Security	Shares		Value
China Everbright Bank Co. Ltd. Class H		21,210,000	$	10,738,272
China Gas Holdings Ltd.c		1,414,000		2,098,472
China Huarong Asset Management Co. Ltd. Class Ha,b,c		8,484,000		3,355,369
China Huishan Dairy Holdings Co. Ltd.c		71,407,000		26,125,241
China Medical System Holdings Ltd.c		8,484,000		13,814,937
China Mengniu Dairy Co. Ltd.		7,777,000		15,328,678
China Merchants Port Holdings Co. Ltd.		1,132,000		3,157,225
China Minsheng Banking Corp. Ltd. Class H		2,461,100		2,809,080
China Mobile Ltd.		3,888,500		42,880,225
China Petroleum & Chemical Corp. Class H		25,244,000		19,577,438
China Resources Beer Holdings Co. Ltd.a		5,216,000		11,839,808
China Resources Gas Group Ltd.c		5,644,000		17,232,034
China Resources Power Holdings Co. Ltd.		2,834,000		5,133,178
China Telecom Corp. Ltd. Class H		4,242,000		1,994,641
COSCO SHIPPING Ports Ltd.c		5,596,000		6,235,841
CSPC Pharmaceutical Group Ltd.		25,452,000		31,149,186
Fullshare Holdings Ltd.c		37,380,000		14,494,625
Guangdong Investment Ltd.		32,522,000		44,326,567
Hengan International Group Co. Ltd.c		2,978,000		25,435,449
Industrial & Commercial Bank of China Ltd. Class H		35,350,000		23,179,731
Jiangsu Expressway Co. Ltd. Class H		21,210,000		27,979,620
Lenovo Group Ltd.c		5,656,000		3,395,443
Netease Inc.		90,496		27,606,710
New Oriental Education & Technology Group Inc. ADRa		190,890		9,240,985
PetroChina Co. Ltd. Class H		2,828,000		2,153,119
Semiconductor Manufacturing International Corp.a,c		14,283,000		18,584,120

SCHEDULES OF INVESTMENTS 19

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		5,656,000	$	3,402,730
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		8,752,700		12,910,233
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		2,898,700		7,468,518
Shenzhou International Group Holdings Ltd.c		6,587,000		39,373,754
Sino Biopharmaceutical Ltd.		21,210,000		18,306,978
Sinopharm Group Co. Ltd. Class H		848,800		3,925,554
Sun Art Retail Group Ltd.		14,140,000		13,625,492
TAL Education Group Class A ADRa		320,271		27,693,833
Tencent Holdings Ltd.		2,050,300		54,675,019
TravelSky Technology Ltd. Class H		6,363,000		13,885,979
Tsingtao Brewery Co. Ltd. Class H		1,674,000		7,698,832
Want Want China Holdings Ltd.c		3,535,000		2,276,987
Yum China Holdings Inc.a		332,997		8,854,390
Zhejiang Expressway Co. Ltd. Class H		22,624,000		25,443,967
Zijin Mining Group Co. Ltd. Class H		5,656,000		2,134,903
				823,827,171
COLOMBIA — 0.12%
Corp. Financiera Colombiana SA		446,926		4,487,077
				4,487,077
CZECH REPUBLIC — 0.57%
CEZ AS		98,980		1,753,553
Komercni Banka AS		291,284		10,505,338
Moneta Money Bank ASa,b		647,612		2,172,404
O2 Czech Republic AS		601,657		6,459,342
				20,890,637
EGYPT — 0.43%
Commercial International Bank Egypt SAE		3,510,608		15,962,157
				15,962,157
HUNGARY — 0.93%
MOL Hungarian Oil & Gas PLC		180,285		12,390,461
Richter Gedeon Nyrt		986,972		21,937,351
				34,327,812

Security	Shares		Value
INDIA — 6.22%
Asian Paints Ltd.		1,677,711	$	25,754,553
Aurobindo Pharma Ltd.		431,270		4,377,421
Cadila Healthcare Ltd.		310,988		2,052,084
Cipla Ltd.		297,647		2,604,014
Coal India Ltd.		447,531		2,159,217
Dabur India Ltd.		6,028,589		25,020,197
Divi’s Laboratories Ltd.		897,890		10,212,479
Dr. Reddy’s Laboratories Ltd.		147,763		6,311,826
HCL Technologies Ltd.		682,962		8,599,627
Hindustan Unilever Ltd.		1,008,889		13,093,725
Infosys Ltd.		1,817,697		27,581,998
Lupin Ltd.		156,562		3,459,118
Marico Ltd.		2,931,222		12,354,243
Sun Pharmaceuticals Industries Ltd.		1,354,612		13,785,953
Tata Consultancy Services Ltd.		829,311		30,655,374
Tech Mahindra Ltd.		1,816,990		13,600,447
Titan Co. Ltd.		519,448		3,403,881
Wipro Ltd.		3,248,665		23,800,618
				228,826,775
INDONESIA — 4.50%
Bank Central Asia Tbk PT		35,279,300		40,871,715
Gudang Garam Tbk PT		772,200		3,812,940
Hanjaya Mandala Sampoerna Tbk PT		35,137,900		10,196,736
Indofood CBP Sukses Makmur Tbk PT		8,484,000		5,296,138
Indofood Sukses Makmur Tbk PT		15,129,800		9,217,878
Jasa Marga Persero Tbk PT		5,161,595		1,850,062
Kalbe Farma Tbk PT		149,318,400		17,130,860
Telekomunikasi Indonesia Persero Tbk PT		141,753,500		40,923,139
Tower Bersama Infrastructure Tbk PT		10,110,100		3,790,529
Unilever Indonesia Tbk PT		10,251,500		32,420,292
				165,510,289
MALAYSIA — 7.18%
Berjaya Sports Toto Bhd		2,474,598		1,627,438
DiGi.Com Bhdc		3,322,900		3,771,941
HAP Seng Consolidated Bhdc		1,063,500		2,165,324
Hartalega Holdings Bhd		1,696,800		1,857,308
Hong Leong Bank Bhd		9,049,600		27,678,732
IHH Healthcare Bhd		35,844,900		48,519,786

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Malayan Banking Bhdc		20,573,700	$	39,849,960
Maxis Bhdc		18,806,200		26,726,829
Petronas Chemicals Group Bhd		6,575,100		10,736,368
Petronas Dagangan Bhd		1,060,500		5,851,858
Petronas Gas Bhd		5,514,600		24,865,381
Public Bank Bhd		10,322,280		46,403,763
Telekom Malaysia Bhdc		7,140,700		9,906,917
Tenaga Nasional Bhd		3,817,800		11,642,570
Westports Holdings Bhd		2,906,900		2,625,376
				264,229,551
MEXICO — 3.09%
Arca Continental SAB de CV		3,888,500		21,882,689
Coca-Cola Femsa SAB de CV Series L		565,600		3,732,899
El Puerto de Liverpool SAB de CV Series C1		3,230,990		22,675,230
Fibra Uno Administracion SA de CV		1,414,000		2,055,287
Gruma SAB de CV Series B		664,580		8,806,219
Grupo Aeroportuario del Pacifico SAB de CV Series B		2,545,200		22,128,355
Grupo Aeroportuario del Sureste SAB de CV Series B		448,945		7,132,955
Grupo Bimbo SAB de CV		777,700		1,844,596
Infraestructura Energetica Nova SAB de CV		1,626,100		6,989,072
Wal-Mart de Mexico SAB de CV		8,342,600		16,253,105
				113,500,407
PERU — 1.19%
Cia. de Minas Buenaventura SAA ADR		281,386		3,461,048
Credicorp Ltd.		243,915		40,153,287
				43,614,335
PHILIPPINES — 3.58%
Aboitiz Equity Ventures Inc.		16,466,030		24,085,032
Aboitiz Power Corp.		26,583,200		22,763,668
Bank of the Philippine Islands		12,704,794		23,782,747
BDO Unibank Inc.		10,870,473		25,003,279
Jollibee Foods Corp.		4,447,030		17,871,366
Metropolitan Bank & Trust Co.		4,842,951		7,811,989
Robinsons Land Corp.		2,686,600		1,267,996
Security Bank Corp.		494,900		1,970,139
Universal Robina Corp.		2,269,470		7,231,210
				131,787,426

Security	Shares		Value
POLAND — 1.50%
Bank Pekao SA		408,646	$	14,084,995
Bank Zachodni WBK SA		84,044		7,266,281
Cyfrowy Polsat SAa		548,976		3,131,327
Eurocash SA		168,266		1,375,850
Grupa Lotos SAa		300,410		3,597,950
PGE Polska Grupa Energetyczna SA		5,408,550		15,811,319
Polski Koncern Naftowy ORLEN SA		428,442		9,939,842
				55,207,564
QATAR — 2.55%
Commercial Bank QSC (The)		923,342		7,860,928
Doha Bank QSC		435,810		4,649,837
Masraf Al Rayan QSC		238,259		2,623,875
Qatar Electricity & Water Co. QSC		497,728		30,755,592
Qatar Gas Transport Co. Ltd.		500,940		3,239,859
Qatar Insurance Co. SAQ		509,287		10,154,270
Qatar Islamic Bank SAQ		641,249		17,962,897
Qatar National Bank SAQ		401,662		16,656,632
				93,903,890
RUSSIA — 0.28%
Rosneft Oil Co. PJSC		371,300		2,115,224
Rosneft Oil Co. PJSC GDR		1,454,084		8,244,656
				10,359,880
SOUTH AFRICA — 1.92%
Bidvest Group Ltd. (The)		387,232		4,589,350
Fortress Income Fund Ltd. Class A		7,078,484		9,416,332
New Europe Property Investments PLC		887,285		10,019,266
Pick n Pay Stores Ltd.		1,952,027		10,364,547
SPAR Group Ltd. (The)		725,382		9,899,135
Tiger Brands Ltd.		79,184		2,530,498
Vodacom Group Ltd.		2,082,822		23,603,724
				70,422,852
SOUTH KOREA — 9.62%
AmorePacific Group		48,783		5,608,481
Cheil Worldwide Inc.		180,285		3,021,358
CJ CheilJedang Corp.		12,726		4,102,257
CJ Korea Express Corp.a,c		53,025		8,089,156
Coway Co. Ltd.		70,700		5,595,976
Dongbu Insurance Co. Ltd.		461,671		24,946,361

SCHEDULES OF INVESTMENTS 21

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
E-MART Inc.		26,866	$	4,941,966
Hyundai Marine & Fire Insurance Co. Ltd.		395,213		11,324,255
Kakao Corp.a,c		36,057		2,723,208
Kangwon Land Inc.a		730,331		22,831,927
Kia Motors Corp.		231,189		7,820,455
Korea Electric Power Corp.a		349,258		13,466,857
KT Corp.		262,836		7,077,919
KT&G Corp.		400,869		36,337,893
LG Display Co. Ltd.		95,445		2,312,795
Lotte Confectionery Co. Ltd.a		24,038		4,156,028
Lotte Shopping Co. Ltd.		12,726		2,599,784
NAVER Corp.		48,791		33,483,808
NCsoft Corp.		70,700		17,131,815
S-1 Corp.		331,583		26,684,991
Samsung Electronics Co. Ltd.		12,726		21,631,105
Samsung Fire & Marine Insurance Co. Ltd.		94,031		21,205,311
Samsung Life Insurance Co. Ltd.		265,832		25,155,007
SK Hynix Inc.		294,112		12,146,832
SK Telecom Co. Ltd.		134,330		27,501,565
Yuhan Corp.		9,668		1,915,217
				353,812,327
TAIWAN — 17.66%
Advanced Semiconductor Engineering Inc.		2,831,000		3,515,311
Advantech Co. Ltd.		2,672,481		22,746,555
Asia Cement Corp.		4,242,125		4,197,458
Asustek Computer Inc.		1,689,000		15,255,342
Chicony Electronics Co. Ltd.		9,901,801		23,333,617
China Airlines Ltd.		36,057,828		11,853,599
Chunghwa Telecom Co. Ltd.		15,554,000		51,638,257
Delta Electronics Inc.		2,360,000		13,135,222
EVA Airways Corp.		5,656,643		2,807,747
Far EasTone Telecommunications Co. Ltd.		19,089,000		45,977,379
First Financial Holding Co. Ltd.		57,267,627		33,831,023
Formosa Chemicals & Fibre Corp.		707,300		2,237,686
Formosa Petrochemical Corp.		6,363,000		22,160,268
Formosa Plastics Corp.		5,759,840		17,360,040
Formosa Taffeta Co. Ltd.		9,852,000		10,004,798
Foxconn Technology Co. Ltd.		3,257,331		9,722,110
Hon Hai Precision Industry Co. Ltd.		12,726,125		37,072,215

Security	Shares		Value
Hua Nan Financial Holdings Co. Ltd.		50,197,033	$	27,611,758
Lite-On Technology Corp.		20,503,752		34,369,236
Novatek Microelectronics Corp.		541,000		2,024,997
OBI Pharma Inc.a		226,000		2,570,899
Powertech Technology Inc.		2,822,000		8,193,155
President Chain Store Corp.		2,830,000		20,771,234
Quanta Computer Inc.		2,828,000		5,863,381
Siliconware Precision Industries Co. Ltd.		14,240,000		22,432,861
Standard Foods Corp.		1,771,497		4,439,770
Synnex Technology International Corp.		14,847,000		16,309,543
TaiMed Biologics Inc.a		349,000		2,084,447
Taiwan Business Bank		14,847,967		4,064,361
Taiwan Cooperative Financial Holding Co. Ltd.		96,859,321		46,185,788
Taiwan Mobile Co. Ltd.		14,140,000		49,705,275
Taiwan Semiconductor Manufacturing Co. Ltd.		9,142,000		56,238,319
Transcend Information Inc.		3,535,000		9,929,549
United Microelectronics Corp.		6,363,000		2,640,593
WPG Holdings Ltd.		5,656,000		7,179,651
				649,463,444
THAILAND — 6.62%
Advanced Info Service PCL NVDR		1,892,200		9,052,940
Airports of Thailand PCL NVDR		15,418,000		17,116,142
Bangkok Dusit Medical Services PCL NVDR		38,920,000		22,411,712
Bangkok Expressway & Metro PCL		72,666,700		14,676,777
BTS Group Holdings PCL NVDR		103,171,600		24,237,072
Bumrungrad Hospital PCL NVDR		3,081,500		15,537,494
Central Pattana PCL NVDR		1,190,100		1,875,220
CP ALL PCL NVDR		15,681,900		26,956,039
Delta Electronics Thailand PCL NVDR		8,955,200		23,731,389
Electricity Generating PCL NVDR		2,380,800		14,118,852
Energy Absolute PCL NVDRc		6,023,600		4,314,220
Glow Energy PCL NVDR		3,569,300		7,975,975
Home Product Center PCL NVDR		26,115,300		7,369,489

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Kasikornbank PCL NVDR		1,489,500	$	8,171,757
KCE Electronics PCL NVDR		4,878,300		13,731,159
Minor International PCL NVDRc		3,291,500		3,229,688
Robinson Department Store PCL NVDR		3,362,200		5,923,860
Siam Cement PCL (The) Foreign		1,201,900		17,767,412
Thai Oil PCL NVDR		2,522,900		5,438,920
				243,636,117
UNITED ARAB EMIRATES — 2.63%
DP World Ltd.		976,367		20,669,689
Dubai Islamic Bank PJSC		3,971,926		6,759,575
DXB Entertainments PJSCa		3,751,802		1,103,321
Emirates Telecommunications Group Co. PJSC		5,203,520		24,937,223
First Gulf Bank PJSC		4,409,559		16,389,511
National Bank of Abu Dhabi PJSC		9,359,973		26,760,985
				96,620,304
TOTAL COMMON STOCKS
(Cost: $3,458,308,298)				3,644,550,462
PREFERRED STOCKS — 0.53%
COLOMBIA — 0.22%
Grupo de Inversiones Suramericana SA		670,943		8,150,453
				8,150,453
RUSSIA — 0.24%
Transneft PJSC		2,799		8,695,946
				8,695,946

Security	Shares		Value
SOUTH KOREA — 0.07%
Samsung Electronics Co. Ltd.		2,121	$	2,806,116
				2,806,116
TOTAL PREFERRED STOCKS
(Cost: $16,418,083)				19,652,515
SHORT-TERM INVESTMENTS — 2.39%
MONEY MARKET FUNDS — 2.39%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		87,847,124		87,882,263
				87,882,263
TOTAL SHORT-TERM INVESTMENTS
(Cost: $87,853,006)				87,882,263
TOTAL INVESTMENTS IN SECURITIES — 101.99%
(Cost: $3,562,579,387)g				3,752,085,240
Other Assets, Less Liabilities — (1.99)%				(73,260,933	)
NET ASSETS — 100.00%			$	3,678,824,307

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $3,637,498,759. Net unrealized appreciation was $114,586,481, of which $355,471,112 represented gross unrealized appreciation on securities and $240,884,631 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	3,644,550,462	$	—	$	—	$	3,644,550,462
Preferred stocks		19,652,515		—		—		19,652,515
Money market funds		87,882,263		—		—		87,882,263
Total	$	3,752,085,240	$	—	$	—	$	3,752,085,240

See notes to financial statements.

SCHEDULES OF INVESTMENTS 23

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 94.88%
BRAZIL — 4.71%
AES Tiete Energia SA		1,240,400	$	6,407,338
Ambev SA		30,833,815		176,816,220
Banco Bradesco SA		5,494,608		57,630,684
Banco do Brasil SA		5,651,274		60,127,666
Banco Santander Brasil SA Units		2,771,600		30,611,436
BB Seguridade Participacoes SA		4,566,800		42,012,798
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		11,320,200		69,209,323
BR Malls Participacoes SAa		3,760,820		18,036,462
BRF SA		3,985,985		52,044,587
CCR SA		7,747,000		45,047,647
Centrais Eletricas Brasileiras SAa		1,235,100		8,531,758
CETIP SA – Mercados Organizados		1,445,129		21,762,872
Cia. de Saneamento Basico do Estado de Sao Paulo		2,273,924		24,032,986
Cia. Siderurgica Nacional SAa		4,101,928		15,795,917
Cielo SA		6,661,597		58,414,775
Cosan SA Industria e Comercio		811,900		10,412,989
CPFL Energia SA		1,333,367		10,946,382
Duratex SA		2,037,255		5,526,979
EDP – Energias do Brasil SA		1,973,600		8,710,231
Embraer SA		4,384,100		25,267,410
Engie Brasil Energia SA		1,052,300		12,508,535
Equatorial Energia SA		1,312,000		25,101,331
Fibria Celulose SA		1,643,461		14,041,528
Hypermarcas SA		2,280,000		19,853,809
JBS SA		4,654,065		17,503,234
Klabin SA Units		3,641,000		18,140,630
Kroton Educacional SA		9,101,780		39,994,000
Localiza Rent A Car SA		1,047,189		12,969,525
Lojas Americanas SA		1,093,750		4,711,106
Lojas Renner SA		4,229,200		34,733,545
M. Dias Branco SA		228,400		10,146,217
Multiplan Empreendimentos Imobiliarios SA		533,000		11,014,648

Security	Shares		Value
Multiplan Empreendimentos Imobiliarios SA Newa		29,003	$	614,368
Natura Cosmeticos SA		1,121,200		9,233,412
Odontoprev SA		1,773,600		6,812,768
Petroleo Brasileiro SAa		19,617,774		100,642,775
Porto Seguro SA		754,800		7,011,803
Qualicorp SA		1,475,000		9,344,985
Raia Drogasil SA		1,533,200		29,274,214
Rumo Logistica Operadora Multimodal SAa		5,295,400		14,604,478
Sul America SA		1,174,365		7,330,816
TIM Participacoes SA		5,523,176		17,327,611
Ultrapar Participacoes SA		2,359,400		49,599,730
Vale SA		8,462,348		89,002,901
WEG SA		3,714,020		20,271,315
				1,329,135,744
CHILE — 1.10%
AES Gener SA		17,532,879		6,580,935
Aguas Andinas SA Series A		17,618,663		9,495,838
Banco de Chile		160,939,143		19,492,837
Banco de Credito e Inversiones		247,037		13,331,154
Banco Santander Chile		439,807,947		24,207,749
Cencosud SA		9,363,894		27,635,227
Cia. Cervecerias Unidas SA		947,872		11,227,722
Colbun SA		52,073,782		10,346,788
Empresa Nacional de Telecomunicaciones SAa		960,587		10,680,910
Empresas CMPC SA		8,245,398		18,341,438
Empresas COPEC SA		3,003,492		31,505,484
Enel Americas SA		191,391,039		37,315,493
Enel Chile SA		130,401,342		13,365,490
Enel Generacion Chile SA		21,589,343		14,690,417
Itau CorpBanca		1,030,619,240		8,337,722
LATAM Airlines Group SAa		2,005,901		20,309,404
SACI Falabella		3,950,660		32,306,887
				309,171,495
CHINA — 26.84%
3SBio Inc.a,b,c		6,683,000		8,135,879
58.com Inc. ADRa,c		542,054		19,839,176
AAC Technologies Holdings Inc.		4,853,500		51,114,484
Agricultural Bank of China Ltd. Class H		161,350,000		74,413,748
Air China Ltd. Class H		11,930,000		9,205,947

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Alibaba Group Holding Ltd. ADRa,c		7,359,112	$	757,252,625
Alibaba Health Information Technology Ltd.a,c		21,396,000		9,399,141
Alibaba Pictures Group Ltd.a,c		75,090,000		12,575,540
Aluminum Corp. of China Ltd. Class Ha,c		26,058,000		12,991,318
Anhui Conch Cement Co. Ltd. Class Hc		8,129,500		28,329,068
ANTA Sports Products Ltd.c		6,605,402		19,997,159
AviChina Industry & Technology Co. Ltd. Class H		13,835,000		10,069,984
Baidu Inc.a,c		1,781,422		310,199,013
Bank of China Ltd. Class H		521,005,000		263,776,211
Bank of Communications Co. Ltd. Class H		57,527,600		45,874,156
Beijing Capital International Airport Co. Ltd. Class H		10,064,000		10,786,862
Beijing Enterprises Holdings Ltd.		3,305,500		17,288,781
Beijing Enterprises Water Group Ltd.c		28,938,000		20,690,104
Belle International Holdings Ltd.		41,569,000		28,649,995
Brilliance China Automotive Holdings Ltd.		19,938,000		31,335,931
Byd Co. Ltd. Class Hc		4,223,000		24,834,936
CGN Power Co. Ltd. Class Hb		69,607,000		21,162,458
China Cinda Asset Management Co. Ltd. Class H		57,696,000		22,744,077
China CITIC Bank Corp. Ltd. Class H		58,273,800		40,013,057
China Coal Energy Co. Ltd. Class Ha		13,757,000		7,283,946
China Communications Construction Co. Ltd. Class H		29,162,000		37,643,172
China Communications Services Corp. Ltd. Class H		16,302,000		10,899,572
China Conch Venture Holdings Ltd.c		8,943,500		17,720,054

Security	Shares		Value
China Construction Bank Corp. Class H		551,925,760	$	454,341,813
China Everbright Bank Co. Ltd. Class H		20,612,000		10,435,515
China Everbright International Ltd.		16,250,000		21,059,717
China Everbright Ltd.		6,178,000		12,256,594
China Evergrande Groupc		26,994,388		20,274,177
China Galaxy Securities Co. Ltd. Class H		19,474,500		19,092,032
China Gas Holdings Ltd.c		11,414,000		16,939,147
China Huarong Asset Management Co. Ltd. Class Ha,b,c		31,419,000		12,426,016
China Huishan Dairy Holdings Co. Ltd.c		26,566,000		9,719,540
China Jinmao Holdings Group Ltd.		24,626,000		7,645,609
China Life Insurance Co. Ltd. Class H		48,852,000		148,838,292
China Longyuan Power Group Corp. Ltd.		20,969,000		17,990,910
China Medical System Holdings Ltd.c		8,254,000		13,440,416
China Mengniu Dairy Co. Ltd.		18,026,000		35,529,736
China Merchants Bank Co. Ltd. Class H		25,620,967		68,157,987
China Merchants Port Holdings Co. Ltd.		8,466,000		23,612,249
China Minsheng Banking Corp. Ltd. Class H		38,932,540		44,437,298
China Mobile Ltd.		40,237,000		443,711,354
China National Building Material Co. Ltd. Class H		18,798,000		13,706,585
China Oilfield Services Ltd. Class H		11,782,000		11,747,925
China Overseas Land & Investment Ltd.		25,154,960		77,450,231
China Pacific Insurance Group Co. Ltd. Class H		17,301,000		63,409,549
China Petroleum & Chemical Corp. Class H		166,822,800		129,375,810
China Power International Development Ltd.		21,503,000		8,338,093

SCHEDULES OF INVESTMENTS 25

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
China Railway Construction Corp. Ltd. Class H		13,040,500	$	18,445,812
China Railway Group Ltd. Class H		26,374,000		23,069,966
China Resources Beer Holdings Co. Ltd.a		10,710,000		24,310,649
China Resources Gas Group Ltd.c		5,934,000		18,117,450
China Resources Land Ltd.		18,223,333		49,769,681
China Resources Power Holdings Co. Ltd.		12,704,999		23,012,359
China Shenhua Energy Co. Ltd. Class H		22,310,000		46,675,264
China Southern Airlines Co. Ltd. Class H		11,986,000		7,797,706
China State Construction International Holdings Ltd.		11,890,000		19,453,008
China Taiping Insurance Holdings Co. Ltd.a,c		10,670,460		24,990,688
China Telecom Corp. Ltd. Class H		90,954,000		42,767,696
China Unicom Hong Kong Ltd.		39,294,000		47,785,861
China Vanke Co. Ltd. Class H		8,696,931		21,847,504
Chongqing Changan Automobile Co. Ltd. Class B		5,658,375		7,989,203
Chongqing Rural Commercial Bank Co. Ltd. Class H		16,937,000		11,891,432
CITIC Ltd.c		28,561,000		40,988,289
CITIC Securities Co. Ltd. Class H		14,225,000		30,420,164
CNOOC Ltd.		116,786,000		138,113,029
COSCO SHIPPING Ports Ltd.c		10,854,000		12,095,034
Country Garden Holdings Co. Ltd.c		36,549,939		26,179,577
CRRC Corp. Ltd. Class H		26,955,300		25,870,310
CSPC Pharmaceutical Group Ltd.		27,766,000		33,981,153
Ctrip.com International Ltd.a,c		2,441,801		115,839,039
Dongfeng Motor Group Co. Ltd. Class H		17,676,000		20,972,239
ENN Energy Holdings Ltd.		5,020,000		24,251,364

Security	Shares		Value
Far East Horizon Ltd.		13,144,000	$	12,648,800
Fosun International Ltd.c		16,907,000		26,572,203
Fullshare Holdings Ltd.c		41,842,500		16,225,022
Fuyao Glass Industry Group Co. Ltd. Class Hb		2,567,200		8,003,432
GCL-Poly Energy Holdings Ltd.a,c		85,571,000		11,685,133
Geely Automobile Holdings Ltd.c		35,070,000		47,709,061
GF Securities Co. Ltd. Class H		8,992,600		19,809,913
GOME Electrical Appliances Holding Ltd.c		79,590,200		11,073,490
Great Wall Motor Co. Ltd. Class H		20,358,000		25,019,848
Guangdong Investment Ltd.		18,714,110		25,506,803
Guangzhou Automobile Group Co. Ltd. Class H		13,932,742		23,369,465
Guangzhou R&F Properties Co. Ltd. Class H		6,509,600		8,989,805
Haier Electronics Group Co. Ltd.		8,289,000		15,248,655
Haitian International Holdings Ltd.		4,337,000		9,118,235
Haitong Securities Co. Ltd. Class H		20,223,200		37,046,796
Hengan International Group Co. Ltd.c		4,753,500		40,600,204
HengTen Networks Group Ltd.a		131,088,000		3,225,503
Huaneng Power International Inc. Class H		27,648,000		18,841,721
Huaneng Renewables Corp. Ltd. Class H		26,652,000		9,064,313
Huatai Securities Co. Ltd. Class Hb		9,670,600		19,733,757
Industrial & Commercial Bank of China Ltd. Class H		483,841,085		317,264,668
JD.com Inc. ADRa,c		4,402,925		134,597,417
Jiangsu Expressway Co. Ltd. Class H		8,094,000		10,677,371
Jiangxi Copper Co. Ltd. Class H		8,206,000		13,827,397
Kingsoft Corp. Ltd.		5,188,000		11,415,344

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Kunlun Energy Co. Ltd.c		21,040,000	$	18,295,770
Lenovo Group Ltd.c		47,158,000		28,310,170
Longfor Properties Co. Ltd.		9,717,500		15,548,100
Netease Inc.		520,420		158,759,325
New China Life Insurance Co. Ltd. Class H		5,155,100		25,402,106
New Oriental Education & Technology Group Inc. ADRa		874,385		42,328,978
Nine Dragons Paper Holdings Ltd.		10,851,000		13,769,152
People’s Insurance Co. Group of China Ltd. (The) Class H		45,675,000		18,770,266
PetroChina Co. Ltd. Class H		138,058,000		105,111,502
PICC Property & Casualty Co. Ltd. Class H		30,152,128		46,068,476
Ping An Insurance Group Co. of China Ltd. Class H		34,193,000		182,363,841
Qunar Cayman Islands Ltd. ADRa,c		231,797		7,048,947
Semiconductor Manufacturing International Corp.a,c		18,232,499		23,722,953
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		12,736,000		7,662,158
Shanghai Electric Group Co. Ltd. Class Ha,c		18,576,000		9,620,097
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		2,682,000		9,225,103
Shanghai Industrial Holdings Ltd.		3,313,000		9,240,182
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		6,686,648		9,862,806
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		4,635,700		11,943,909
Shenzhou International Group Holdings Ltd.c		3,696,000		22,092,819
Shimao Property Holdings Ltd.		7,975,000		11,445,033
SINA Corp./Chinaa		368,916		25,650,730
Sino Biopharmaceutical Ltd.		29,307,000		25,295,738
Sino-Ocean Group Holding Ltd.		20,130,500		10,010,207

Security	Shares		Value
Sinopec Engineering Group Co. Ltd. Class H		8,236,000	$	7,480,087
Sinopec Shanghai Petrochemical Co. Ltd. Class H		23,057,000		13,960,528
Sinopharm Group Co. Ltd. Class H		7,854,800		36,327,103
Sinotrans Ltd. Class H		13,137,000		5,957,171
SOHO China Ltd.c		14,171,000		7,338,845
Sun Art Retail Group Ltd.		15,850,500		15,273,753
Sunac China Holdings Ltd.c		12,503,000		12,998,372
Sunny Optical Technology Group Co. Ltd.c		4,603,000		29,619,495
TAL Education Group Class A ADRa,c		282,132		24,395,954
Tencent Holdings Ltd.		37,286,900		994,323,738
Tingyi Cayman Islands Holding Corp.		12,954,000		14,518,586
TravelSky Technology Ltd. Class H		6,228,000		13,591,369
Tsingtao Brewery Co. Ltd. Class H		2,412,000		11,092,941
Vipshop Holdings Ltd. ADRa		2,653,441		34,521,267
Want Want China Holdings Ltd.c		37,326,000		24,042,667
Weibo Corp. ADRa,c		207,339		10,474,766
Weichai Power Co. Ltd. Class H		6,539,400		11,507,733
Yanzhou Coal Mining Co. Ltd. Class Hc		12,384,800		9,955,768
Yum China Holdings Inc.a		2,402,630		63,885,932
YY Inc. ADRa,c		192,009		8,504,079
Zhejiang Expressway Co. Ltd. Class H		9,516,000		10,702,121
Zhuzhou CRRC Times Electric Co. Ltd. Class H		3,602,500		19,399,094
Zijin Mining Group Co. Ltd. Class H		37,380,000		14,109,386
ZTE Corp. Class H		5,005,000		8,149,901
				7,581,750,846
COLOMBIA — 0.27%
Cementos Argos SA		2,967,313		11,880,015
Corp. Financiera Colombiana SA		681,764		6,844,819
Ecopetrol SAa		31,151,100		14,070,680

SCHEDULES OF INVESTMENTS 27

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Grupo Argos SA/Colombia		1,955,273	$	13,220,933
Grupo de Inversiones Suramericana SA		1,670,762		20,913,468
Interconexion Electrica SA ESP		2,534,539		9,713,702
				76,643,617
CZECH REPUBLIC — 0.18%
CEZ AS		1,072,019		18,992,143
Komercni Banka AS		511,172		18,435,735
Moneta Money Bank ASa,b		2,709,440		9,088,773
O2 Czech Republic AS		403,624		4,333,276
				50,849,927
EGYPT — 0.13%
Commercial International Bank Egypt SAE		6,271,193		28,514,082
Global Telecom Holding SAEa		15,883,295		6,212,580
Talaat Moustafa Group		5,660,437		2,844,549
				37,571,211
GREECE — 0.32%
Alpha Bank AEa		9,065,826		16,473,021
Eurobank Ergasias SAa		12,189,235		8,159,936
FF Groupa,c		223,973		4,402,883
Hellenic Telecommunications Organization SA		1,587,318		14,286,213
JUMBO SA		694,540		9,852,542
National Bank of Greece SAa		35,929,407		9,162,860
OPAP SA		1,449,643		13,077,915
Piraeus Bank SAa		43,271,030		8,414,302
Titan Cement Co. SA		314,398		7,513,443
				91,343,115
HUNGARY — 0.29%
MOL Hungarian Oil & Gas PLC		232,312		15,966,125
OTP Bank PLC		1,565,888		45,582,945
Richter Gedeon Nyrt		908,674		20,197,027
				81,746,097
INDIA — 8.52%
ACC Ltd.		283,133		5,989,954
Adani Ports & Special Economic Zone Ltd.		5,456,291		24,677,258
Ambuja Cements Ltd.		4,049,386		13,920,025
Apollo Hospitals Enterprise Ltd.		522,159		10,187,065

Security	Shares		Value
Ashok Leyland Ltd.		7,564,117	$	10,277,279
Asian Paints Ltd.		1,900,751		29,178,442
Aurobindo Pharma Ltd.		1,750,531		17,768,013
Axis Bank Ltd.		10,978,657		83,369,916
Bajaj Auto Ltd.		556,386		22,982,208
Bajaj Finance Ltd.		1,087,887		18,069,829
Bajaj Finserv Ltd.		229,484		13,463,004
Bharat Forge Ltd.		690,128		10,896,717
Bharat Heavy Electricals Ltd.		3,807,486		9,270,649
Bharat Petroleum Corp. Ltd.		3,201,632		32,153,683
Bharti Airtel Ltd.		6,599,260		36,117,580
Bharti Infratel Ltd.		3,673,898		15,652,354
Bosch Ltd.		50,301		16,272,173
Cadila Healthcare Ltd.		1,359,388		8,970,051
Cairn India Ltd.		2,935,379		12,499,352
Cipla Ltd.		2,320,507		20,301,339
Coal India Ltd.		4,539,698		21,902,820
Container Corp. of India Ltd.		226,492		4,127,650
Dabur India Ltd.		3,519,392		14,606,383
Divi’s Laboratories Ltd.		545,646		6,206,103
Dr. Reddy’s Laboratories Ltd.		757,226		32,345,574
Eicher Motors Ltd.		86,644		31,336,444
GAIL (India) Ltd.		2,133,572		16,529,737
Glenmark Pharmaceuticals Ltd.		920,745		12,772,264
Godrej Consumer Products Ltd.		802,885		19,842,654
Grasim Industries Ltd.		1,127,233		16,729,722
Havells India Ltd.		1,634,593		9,949,350
HCL Technologies Ltd.		3,717,609		46,810,879
Hero Motocorp Ltd.		328,226		15,438,029
Hindalco Industries Ltd.		7,398,525		20,442,800
Hindustan Petroleum Corp. Ltd.		2,570,308		20,716,562
Hindustan Unilever Ltd.		4,265,758		55,362,546
Housing Development Finance Corp. Ltd.		9,890,235		203,093,080
ICICI Bank Ltd.		7,221,218		29,910,386
Idea Cellular Ltd.		8,202,877		14,243,422
IDFC Bank Ltd.		8,443,743		7,909,830
Indiabulls Housing Finance Ltd.		1,957,898		25,568,772
Infosys Ltd.		12,063,049		183,046,457
ITC Ltd.		22,245,247		87,422,256
JSW Steel Ltd.		5,666,360		15,877,486
Larsen & Toubro Ltd.		2,070,866		45,602,118

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
LIC Housing Finance Ltd.		1,999,266	$	16,804,697
Lupin Ltd.		1,460,207		32,262,162
Mahindra & Mahindra Financial Services Ltd.		1,880,002		8,218,118
Mahindra & Mahindra Ltd.		2,456,061		48,303,070
Marico Ltd.		2,995,597		12,625,564
Maruti Suzuki India Ltd.		700,072		62,144,096
Motherson Sumi Systems Ltd.		2,596,511		13,628,825
Nestle India Ltd.		153,768		14,414,292
NTPC Ltd.		10,929,841		26,694,409
Oil & Natural Gas Corp. Ltd.		8,326,335		24,154,561
Piramal Enterprises Ltd.		523,130		14,464,753
Power Finance Corp. Ltd.		4,181,648		8,523,903
Reliance Industries Ltd.		8,507,644		157,869,994
Shree Cement Ltd.		55,755		13,463,723
Shriram Transport Finance Co. Ltd.		976,027		13,593,245
Siemens Ltd.		484,682		8,770,860
State Bank of India		10,216,657		41,222,656
Sun Pharmaceuticals Industries Ltd.		6,343,476		64,557,867
Tata Consultancy Services Ltd.		3,104,828		114,769,567
Tata Motors Ltd.		10,398,806		71,189,203
Tata Motors Ltd. Class A		2,484,577		10,278,119
Tata Power Co. Ltd.		7,618,527		9,431,986
Tata Steel Ltd.		1,982,047		14,339,808
Tech Mahindra Ltd.		2,755,044		20,621,924
Titan Co. Ltd.		2,021,739		13,248,214
Ultratech Cement Ltd.		543,086		30,724,575
United Spirits Ltd.a		428,815		15,072,436
UPL Ltd.		2,351,198		25,313,207
Vedanta Ltd.		6,838,115		26,555,587
Wipro Ltd.		3,992,843		29,252,671
Yes Bank Ltd.		2,040,868		44,436,818
Zee Entertainment Enterprises Ltd.		3,869,833		29,549,211
				2,406,310,336
INDONESIA — 2.46%
Adaro Energy Tbk PT		96,494,400		12,264,398
AKR Corporindo Tbk PT		11,449,200		5,451,591
Astra International Tbk PT		133,042,300		81,804,654
Bank Central Asia Tbk PT		81,099,900		93,955,718

Security	Shares		Value
Bank Danamon Indonesia Tbk PT		23,686,516	$	8,791,861
Bank Mandiri Persero Tbk PT		61,464,400		52,080,663
Bank Negara Indonesia Persero Tbk PT		49,443,476		23,171,995
Bank Rakyat Indonesia Persero Tbk PT		72,980,822		65,395,982
Bumi Serpong Damai Tbk PT		51,398,900		7,053,088
Charoen Pokphand Indonesia Tbk PT		49,256,545		11,449,857
Gudang Garam Tbk PT		3,191,800		15,760,350
Hanjaya Mandala Sampoerna Tbk PT		60,769,800		17,634,907
Indocement Tunggal Prakarsa Tbk PT		9,710,200		11,031,008
Indofood CBP Sukses Makmur Tbk PT		15,064,900		9,404,266
Indofood Sukses Makmur Tbk PT		29,178,300		17,776,971
Jasa Marga Persero Tbk PT		13,842,595		4,961,578
Kalbe Farma Tbk PT		140,773,515		16,150,531
Lippo Karawaci Tbk PT		122,850,300		6,770,769
Matahari Department Store Tbk PT		15,655,300		16,023,909
Media Nusantara Citra Tbk PT		32,438,700		4,037,811
Pakuwon Jati Tbk PT		111,752,700		4,944,068
Perusahaan Gas Negara Persero Tbk PT		71,970,600		15,272,705
Semen Indonesia Persero Tbk PT		19,413,100		14,011,029
Summarecon Agung Tbk PT		66,320,000		6,813,017
Surya Citra Media Tbk PT		37,915,200		8,387,061
Telekomunikasi Indonesia Persero Tbk PT		331,316,700		95,648,567
Tower Bersama Infrastructure Tbk PT		15,055,500		5,644,684
Unilever Indonesia Tbk PT		10,030,500		31,721,381
United Tractors Tbk PT		11,185,653		20,675,341
Waskita Karya Persero Tbk PT		30,833,900		5,733,959
XL Axiata Tbk PTa		24,280,200		5,443,746
				695,267,465

SCHEDULES OF INVESTMENTS 29

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
MALAYSIA — 2.41%
AirAsia Bhd		9,316,100	$	5,665,196
Alliance Financial Group Bhd		7,012,700		6,017,655
AMMB Holdings Bhd		12,377,775		12,907,455
Astro Malaysia Holdings Bhd		9,584,400		6,152,149
Axiata Group Bhdc		17,504,800		17,465,375
Berjaya Sports Toto Bhd		6,538,092		4,299,826
British American Tobacco Malaysia Bhd		929,700		10,155,507
CIMB Group Holdings Bhd		20,051,600		22,445,147
Dialog Group Bhd		21,455,812		8,118,415
DiGi.Com Bhdc		23,026,700		26,138,416
Felda Global Ventures Holdings Bhdc		8,277,400		3,504,845
Gamuda Bhd		11,380,900		12,585,635
Genting Bhd		14,797,700		30,828,542
Genting Malaysia Bhd		19,857,700		23,480,389
Genting Plantations Bhd		1,873,700		4,844,612
HAP Seng Consolidated Bhdc		3,623,200		7,376,966
Hartalega Holdings Bhdc		4,121,400		4,511,262
Hong Leong Bank Bhdc		3,960,000		12,111,892
Hong Leong Financial Group Bhd		1,313,800		4,456,268
IHH Healthcare Bhd		19,514,800		26,415,304
IJM Corp. Bhd		19,410,340		14,645,189
IOI Corp. Bhdc		15,064,720		15,879,029
IOI Properties Group Bhd		11,846,285		5,629,653
Kuala Lumpur Kepong Bhd		2,777,400		15,100,549
Lafarge Malaysia Bhd		2,593,000		3,854,459
Malayan Banking Bhdc		22,635,100		43,842,761
Malaysia Airports Holdings Bhd		5,053,600		7,375,524
Maxis Bhdc		12,411,900		17,639,434
MISC Bhd		7,148,000		11,945,532
Petronas Chemicals Group Bhd		15,753,600		25,723,784
Petronas Dagangan Bhd		1,324,700		7,309,718
Petronas Gas Bhd		4,570,800		20,609,778
PPB Group Bhd		3,225,100		12,014,224
Public Bank Bhd		17,802,130		80,029,395
RHB Bank Bhd		4,998,725		5,449,061
RHB Bank Bhd New		3,214,200		7
Sapurakencana Petroleum Bhda		25,346,600		10,846,518

Security	Shares		Value
Sime Darby Bhd		15,304,973	$	30,885,711
Telekom Malaysia Bhdc		7,312,500		10,145,270
Tenaga Nasional Bhd		22,258,250		67,877,636
UMW Holdings Bhdc		3,297,100		4,113,949
Westports Holdings Bhd		6,221,800		5,619,238
YTL Corp. Bhd		28,913,862		10,093,803
YTL Power International Bhd		15,938,343		5,348,678
				681,459,756
MEXICO — 3.42%
Alfa SAB de CV		18,340,900		23,567,429
America Movil SAB de CV		217,280,900		138,566,804
Arca Continental SAB de CV		2,729,536		15,360,573
Cemex SAB de CV CPOa		92,224,505		78,465,385
Coca-Cola Femsa SAB de CV Series L		3,285,293		21,682,581
El Puerto de Liverpool SAB de CV Series C1		1,228,990		8,625,106
Fibra Uno Administracion SA de CV		16,759,600		24,360,530
Fomento Economico Mexicano SAB de CV		12,005,400		97,170,916
Gentera SAB de CV		6,776,100		8,971,421
Gruma SAB de CV Series B		1,411,075		18,697,877
Grupo Aeroportuario del Pacifico SAB de CV Series B		2,375,800		20,655,565
Grupo Aeroportuario del Sureste SAB de CV Series B		1,382,010		21,957,734
Grupo Bimbo SAB de CV		10,875,000		25,793,975
Grupo Carso SAB de CV Series A1		3,766,341		16,059,850
Grupo Financiero Banorte SAB de CV		16,399,856		81,905,972
Grupo Financiero Inbursa SAB de CV Series Oc		15,425,000		22,127,471
Grupo Financiero Santander Mexico SAB de CV Series B		12,049,500		18,171,208
Grupo Lala SAB de CVc		3,876,400		6,404,196
Grupo Mexico SAB de CV Series B		25,027,288		76,285,800
Grupo Televisa SAB		16,053,600		82,160,001
Industrias Penoles SAB de CV		920,943		21,987,196

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Infraestructura Energetica Nova SAB de CV		3,230,900	$	13,886,596
Kimberly-Clark de Mexico SAB de CV Series A		10,034,900		19,012,993
Mexichem SAB de CV		7,042,634		16,686,528
OHL Mexico SAB de CV		5,085,000		5,348,816
Promotora y Operadora de Infraestructura SAB de CV		1,719,810		16,172,076
Wal-Mart de Mexico SAB de CV		34,229,200		66,685,541
				966,770,140
PERU — 0.38%
Cia. de Minas Buenaventura SAA ADR		1,254,648		15,432,170
Credicorp Ltd.		442,490		72,842,704
Southern Copper Corp.		542,911		19,903,117
				108,177,991
PHILIPPINES — 1.17%
Aboitiz Equity Ventures Inc.		13,764,720		20,133,798
Aboitiz Power Corp.		7,488,564		6,412,591
Alliance Global Group Inc.		14,374,280		3,635,435
Ayala Corp.		1,630,056		25,579,690
Ayala Land Inc.		49,882,800		35,066,471
Bank of the Philippine Islands		5,417,002		10,140,360
BDO Unibank Inc.		12,481,901		28,709,739
DMCI Holdings Inc.		22,244,900		5,617,153
Energy Development Corp.		57,643,100		6,772,763
Globe Telecom Inc.		224,585		8,175,672
GT Capital Holdings Inc.		488,690		11,765,931
International Container Terminal Services Inc.		3,584,110		5,424,522
JG Summit Holdings Inc.		18,374,034		28,430,995
Jollibee Foods Corp.		3,117,999		12,530,363
Megaworld Corp.		68,539,400		4,968,305
Metro Pacific Investments Corp.		81,444,600		11,029,041
Metropolitan Bank & Trust Co.		3,367,566		5,432,099
PLDT Inc.		642,923		18,692,972
Robinsons Land Corp.		8,684,800		4,098,970
Security Bank Corp.		959,740		3,820,612
SM Investments Corp.		1,704,052		22,498,984
SM Prime Holdings Inc.		55,793,725		32,666,245
Universal Robina Corp.		5,859,850		18,671,234
				330,273,945

Security	Shares		Value
POLAND — 1.22%
Alior Bank SAa		592,813	$	9,551,351
Bank Handlowy w Warszawie SA		227,780		4,423,376
Bank Millennium SAa		4,068,829		6,834,242
Bank Pekao SAc		1,022,160		35,231,271
Bank Zachodni WBK SA		230,777		19,952,533
CCC SA		178,782		9,929,031
Cyfrowy Polsat SAa		1,304,669		7,441,756
Eurocash SA		509,513		4,166,102
Grupa Azoty SA		285,188		4,870,254
Grupa Lotos SAa		602,445		7,215,363
Jastrzebska Spolka Weglowa SAa		329,715		5,659,890
KGHM Polska Miedz SA		905,818		28,778,436
LPP SAc		8,506		11,859,819
mBank SAa		99,286		9,688,109
Orange Polska SA		4,243,045		4,942,826
PGE Polska Grupa Energetyczna SA		5,494,656		16,063,040
Polski Koncern Naftowy ORLEN SA		2,111,580		48,988,594
Polskie Gornictwo Naftowe i Gazownictwo SA		11,564,333		17,800,702
Powszechna Kasa Oszczednosci Bank Polski SAa		5,753,248		47,155,564
Powszechny Zaklad Ubezpieczen SA		3,678,730		32,679,890
Synthos SA		3,607,701		5,224,496
Tauron Polska Energia SAa		6,945,941		5,132,026
				343,588,671
QATAR — 0.84%
Barwa Real Estate Co.		605,532		6,626,969
Commercial Bank QSC (The)		1,205,389		10,262,151
Doha Bank QSC		585,745		6,249,555
Ezdan Holding Group QSC		5,222,681		21,830,197
Industries Qatar QSC		983,651		32,281,852
Masraf Al Rayan QSC		2,410,777		26,549,168
Ooredoo QSC		529,319		15,408,943
Qatar Electricity & Water Co. QSC		192,700		11,907,312
Qatar Gas Transport Co. Ltd.		1,906,436		12,329,988
Qatar Insurance Co. SAQ		908,389		18,111,649
Qatar Islamic Bank SAQ		385,595		10,801,425
Qatar National Bank SAQ		1,580,386		65,537,463
				237,896,672

SCHEDULES OF INVESTMENTS 31

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
RUSSIA — 3.61%
Alrosa PJSC		16,970,400	$	26,862,812
Gazprom PJSC		53,420,259		120,696,944
Gazprom PJSC ADR		8,398,780		37,462,758
Inter RAO UES PJSC		161,125,002		10,945,016
Lukoil PJSC		2,124,307		112,238,514
Lukoil PJSC ADR		667,822		35,394,566
Magnit PJSC GDRd		1,962,934		71,568,574
MMC Norilsk Nickel PJSC		365,026		57,943,163
Mobile TeleSystems PJSC ADR		3,304,237		33,934,514
Moscow Exchange MICEX-RTS PJSC		9,276,610		19,703,743
Novatek PJSC GDRd		601,839		77,938,150
PhosAgro PJSC GDRd		691,589		9,543,928
Rosneft Oil Co. PJSC		6,700,087		38,169,098
Rosneft Oil Co. PJSC GDR		1,026,436		5,819,892
Rostelecom PJSC		6,336,510		8,522,958
RusHydro PJSC		795,082,100		13,087,586
Sberbank of Russia PJSC		61,067,081		163,420,311
Sberbank of Russia PJSC ADR		2,448,544		26,713,615
Severstal PJSC		1,416,473		20,252,210
Sistema PJSC FC GDRd		1,108,406		9,875,897
Surgutneftegas OJSC		36,151,160		18,008,689
Surgutneftegas OJSC ADR		1,195,097		6,023,289
Tatneft PJSC Class S		9,389,980		54,762,330
VTB Bank PJSC		29,830,502,000		33,957,090
VTB Bank PJSC GDRd		2,369,245		5,304,740
				1,018,150,387
SOUTH AFRICA — 6.81%
Anglo American Platinum Ltd.a		347,555		8,064,445
AngloGold Ashanti Ltd.a		2,685,240		29,892,798
Aspen Pharmacare Holdings Ltd.		2,397,757		51,945,902
Barclays Africa Group Ltd.		2,792,026		32,434,889
Bid Corp. Ltd.		2,206,442		44,359,943
Bidvest Group Ltd. (The)		2,121,028		25,137,749
Brait SEa		2,217,623		12,481,759
Capitec Bank Holdings Ltd.c		273,015		15,132,712
Coronation Fund Managers Ltd.		1,486,415		7,650,264
Discovery Ltd.		2,346,106		22,062,006
Exxaro Resources Ltd.		1,115,773		9,205,980

Security	Shares		Value
FirstRand Ltd.		22,123,163	$	84,095,081
Fortress Income Fund Ltd.		5,149,673		13,724,587
Fortress Income Fund Ltd. Class A		5,704,866		7,589,042
Foschini Group Ltd. (The)		1,377,302		17,097,288
Gold Fields Ltd.		5,369,717		16,523,785
Growthpoint Properties Ltd.		13,889,486		28,118,776
Hyprop Investments Ltd.		1,597,445		15,321,061
Impala Platinum Holdings Ltd.a		4,066,745		13,692,619
Imperial Holdings Ltd.		1,038,181		13,263,000
Investec Ltd.		1,642,840		11,580,264
Liberty Holdings Ltd.		785,628		6,677,237
Life Healthcare Group Holdings Ltd.		6,288,375		16,110,355
Massmart Holdings Ltd.		708,739		8,118,529
MMI Holdings Ltd./South Africa		6,810,852		12,809,401
Mondi Ltd.		776,684		17,845,324
Mr. Price Group Ltd.		1,606,227		20,876,039
MTN Group Ltd.		11,068,522		101,368,368
Naspers Ltd. Class N		2,875,937		461,220,701
Nedbank Group Ltd.		1,316,379		24,656,946
Netcare Ltd.		6,307,458		15,334,646
New Europe Property Investments PLC		1,573,545		17,768,547
Pick n Pay Stores Ltd.		2,354,644		12,502,296
Pioneer Foods Group Ltd.		831,758		10,412,237
PSG Group Ltd.		609,669		11,719,348
Rand Merchant Investment Holdings Ltd.		4,311,649		13,251,398
Redefine Properties Ltd.		30,511,486		25,356,258
Remgro Ltd.		3,475,263		59,329,222
Resilient REIT Ltd.		1,922,148		17,634,385
RMB Holdings Ltd.		4,671,338		22,645,990
Sanlam Ltd.		9,268,418		48,021,459
Sappi Ltd.		3,596,923		22,497,269
Sasol Ltd.		3,626,862		103,426,569
Shoprite Holdings Ltd.		2,859,738		41,376,561
Sibanye Gold Ltd.		4,826,243		9,707,833
SPAR Group Ltd. (The)		1,236,156		16,869,560
Standard Bank Group Ltd.		8,510,441		93,178,919
Steinhoff International Holdings NV Class H		19,499,153		104,099,836
Telkom SA SOC Ltd.		1,745,446		9,096,870

32 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Tiger Brands Ltd.		1,082,667	$	34,598,991
Truworths International Ltd.		2,929,098		19,522,841
Tsogo Sun Holdings Ltd.		2,164,245		4,578,338
Vodacom Group Ltd.		2,414,306		27,360,289
Woolworths Holdings Ltd./South Africa		6,494,506		34,756,531
				1,924,103,043
SOUTH KOREA — 13.84%
AmorePacific Corp.		210,546		56,046,293
AmorePacific Group		184,534		21,215,494
BGF retail Co. Ltd.		131,792		11,888,379
BNK Financial Group Inc.		1,712,930		13,149,001
Celltrion Inc.a,c		524,384		47,070,507
Cheil Worldwide Inc.		462,787		7,755,749
CJ CheilJedang Corp.		51,802		16,698,500
CJ Corp.		95,870		14,625,315
CJ E&M Corp.		125,486		8,667,218
CJ Korea Express Corp.a,c		46,218		7,050,723
Coway Co. Ltd.		352,749		27,920,438
Daelim Industrial Co. Ltd.a		184,253		13,622,419
Daewoo Engineering & Construction Co. Ltd.a,c		837,077		4,537,946
DGB Financial Group Inc.		1,111,494		10,222,894
Dongbu Insurance Co. Ltd.		329,497		17,804,348
Dongsuh Cos. Inc.		236,475		5,332,843
Doosan Heavy Industries & Construction Co. Ltd.c		318,668		6,918,682
E-MART Inc.		128,837		23,699,400
GS Engineering & Construction Corp.a,c		328,408		8,654,927
GS Holdings Corp.		336,794		16,530,681
GS Retail Co. Ltd.		179,631		8,356,039
Hana Financial Group Inc.		1,949,174		60,763,549
Hankook Tire Co. Ltd.a		492,247		26,032,607
Hanmi Pharm Co. Ltd.a,c		36,822		10,453,117
Hanmi Science Co. Ltd.a,c		82,429		4,782,085
Hanon Systems		1,237,852		10,027,614
Hanssem Co. Ltd.c		70,084		13,759,583
Hanwha Chemical Corp.		703,968		15,782,082
Hanwha Corp.		297,323		9,571,132
Hanwha Life Insurance Co. Ltd.a		1,466,777		8,444,588
Hanwha Techwin Co. Ltd.a		234,051		9,086,747
Hotel Shilla Co. Ltd.c		219,257		9,908,497
Hyosung Corp.		138,659		16,125,278

Security	Shares		Value
Hyundai Department Store Co. Ltd.		100,212	$	8,809,262
Hyundai Development Co. Engineering & Construction		360,699		13,971,803
Hyundai Engineering & Construction Co. Ltd.		479,438		20,267,200
Hyundai Glovis Co. Ltd.		123,015		16,699,361
Hyundai Heavy Industries Co. Ltd.a		275,921		40,140,619
Hyundai Marine & Fire Insurance Co. Ltd.		384,139		11,006,945
Hyundai Mobis Co. Ltd.		447,143		100,837,024
Hyundai Motor Co.		1,003,751		132,709,064
Hyundai Steel Co.		518,921		28,682,346
Hyundai Wia Corp.		104,963		6,210,059
Industrial Bank of Koreaa		1,661,096		18,142,415
Kakao Corp.a,c		199,766		15,087,346
Kangwon Land Inc.a		768,482		24,024,620
KB Financial Group Inc.		2,607,695		108,159,094
KCC Corp.		37,791		11,580,439
KEPCO Plant Service & Engineering Co. Ltd.a		149,025		8,026,197
Kia Motors Corp.		1,722,246		58,258,598
Korea Aerospace Industries Ltd. Class Aa		426,950		22,012,987
Korea Electric Power Corp.a		1,681,792		64,847,341
Korea Gas Corp.a		189,029		8,183,037
Korea Investment Holdings Co. Ltd.a		258,322		10,828,621
Korea Zinc Co. Ltd.a		55,348		20,386,860
Korean Air Lines Co. Ltd.a		243,415		6,221,263
KT Corp.		170,925		4,602,844
KT&G Corp.		763,246		69,186,571
Kumho Petrochemical Co. Ltd.c		121,895		8,268,270
LG Chem Ltd.		300,789		75,280,378
LG Corp.		619,740		34,419,343
LG Display Co. Ltd.		1,531,173		37,102,932
LG Electronics Inc.		695,347		36,773,602
LG Household & Health Care Ltd.		61,892		48,057,640
LG Innotek Co. Ltd.		93,175		9,888,127
LG Uplus Corp.		848,784		9,608,167
Lotte Chemical Corp.a		101,263		32,642,373

SCHEDULES OF INVESTMENTS 33

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Lotte Chilsung Beverage Co. Ltd.a		4,127	$	5,503,883
Lotte Confectionery Co. Ltd.a		37,583		6,497,879
Lotte Shopping Co. Ltd.		72,865		14,885,532
Mirae Asset Daewoo Co. Ltd.a		2,476,432		19,557,407
NAVER Corp.		184,023		126,289,496
NCsoft Corp.		115,644		28,022,513
NH Investment & Securities Co. Ltd.a		914,694		9,383,551
OCI Co. Ltd.c		110,384		8,697,957
Orion Corp./Republic of Korea		23,542		14,865,344
Ottogi Corp.		8,052		5,326,461
POSCO		485,576		121,742,910
Posco Daewoo Corp.		304,954		6,620,934
S-1 Corp.		127,262		10,241,735
S-Oil Corp.		295,146		22,551,947
Samsung Biologics Co. Ltd.a,c		103,020		14,987,212
Samsung C&T Corp.		497,611		54,128,811
Samsung Card Co. Ltd.		231,750		8,679,737
Samsung Electro-Mechanics Co. Ltd.		365,922		18,931,185
Samsung Electronics Co. Ltd.		645,647		1,097,442,878
Samsung Fire & Marine Insurance Co. Ltd.		217,811		49,119,438
Samsung Heavy Industries Co. Ltd.a,c		1,607,167		15,918,877
Samsung Life Insurance Co. Ltd.		460,774		43,601,873
Samsung SDI Co. Ltd.c		361,338		41,222,730
Samsung SDS Co. Ltd.		228,992		26,326,739
Samsung Securities Co. Ltd.		364,968		10,699,703
Shinhan Financial Group Co. Ltd.		2,761,118		114,034,234
Shinsegae Inc.		49,125		8,667,201
SK Holdings Co. Ltd.		300,582		57,949,924
SK Hynix Inc.		3,820,436		157,784,091
SK Innovation Co. Ltd.		424,181		57,957,961
SK Networks Co. Ltd.		847,135		5,551,422
SK Telecom Co. Ltd.		131,167		26,854,000
Woori Banka		2,014,143		23,690,561
Yuhan Corp.		54,336		10,763,886
				3,907,927,435

Security	Shares		Value
TAIWAN — 12.28%
Acer Inc.c		19,271,121	$	9,251,844
Advanced Semiconductor Engineering Inc.c		41,414,701		51,425,483
Advantech Co. Ltd.		2,117,370		18,021,783
Asia Cement Corp.		15,267,077		15,106,324
Asia Pacific Telecom Co. Ltd.a		13,319,000		4,465,172
Asustek Computer Inc.		4,629,968		41,818,677
AU Optronics Corp.c		56,944,000		22,611,903
Casetek Holdings Ltd.		881,000		2,982,212
Catcher Technology Co. Ltd.c		4,300,210		35,970,966
Cathay Financial Holding Co. Ltd.		53,806,644		84,501,133
Chailease Holding Co. Ltd.c		6,727,932		14,430,996
Chang Hwa Commercial Bank Ltd.		32,810,515		19,596,496
Cheng Shin Rubber Industry Co. Ltd.c		12,771,128		27,143,869
Chicony Electronics Co. Ltd.		3,494,933		8,235,818
China Airlines Ltd.		16,445,347		5,406,220
China Development Financial Holding Corp.		87,127,848		22,970,546
China Life Insurance Co. Ltd./Taiwan		22,951,822		22,523,392
China Steel Corp.c		77,260,313		64,879,199
Chunghwa Telecom Co. Ltd.		24,885,410		82,617,925
Compal Electronics Inc.		27,320,908		17,118,085
CTBC Financial Holding Co. Ltd.		115,375,772		68,909,643
Delta Electronics Inc.		12,807,000		71,280,844
E.Sun Financial Holding Co. Ltd.		51,731,458		31,402,402
Eclat Textile Co. Ltd.c		1,242,360		12,494,971
EVA Airways Corp.		13,142,878		6,523,635
Evergreen Marine Corp. Taiwan Ltd.a		11,076,808		5,245,742
Far Eastern New Century Corp.		20,690,038		18,519,246
Far EasTone Telecommunications Co. Ltd.		10,498,000		25,285,270
Feng TAY Enterprise Co. Ltd.c		2,195,529		9,289,917

34 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
First Financial Holding Co. Ltd.		62,350,588	$	36,833,797
Formosa Chemicals & Fibre Corp.c		21,210,090		67,102,405
Formosa Petrochemical Corp.		7,584,000		26,412,616
Formosa Plastics Corp.		27,101,280		81,682,703
Formosa Taffeta Co. Ltd.		4,998,000		5,075,515
Foxconn Technology Co. Ltd.		6,146,637		18,345,781
Fubon Financial Holding Co. Ltd.		43,857,969		71,018,405
Giant Manufacturing Co. Ltd.c		1,865,203		11,534,772
Highwealth Construction Corp.		5,388,170		8,751,271
Hiwin Technologies Corp.c		1,353,972		8,637,639
Hon Hai Precision Industry Co. Ltd.		101,684,592		296,215,307
Hotai Motor Co. Ltd.c		1,644,000		18,808,599
HTC Corp.a,c		4,380,708		11,249,951
Hua Nan Financial Holdings Co. Ltd.		48,555,958		26,709,056
Innolux Corp.c		58,677,002		23,873,013
Inventec Corp.		16,643,281		12,351,028
Largan Precision Co. Ltd.		662,000		98,254,431
Lite-On Technology Corp.		14,166,246		23,746,047
MediaTek Inc.		9,777,338		71,284,968
Mega Financial Holding Co. Ltd.		71,285,162		55,453,167
Merida Industry Co. Ltd.c		1,417,500		7,243,559
Micro-Star International Co. Ltd.		4,300,000		9,951,015
Nan Ya Plastics Corp.		31,147,160		75,628,693
Nanya Technology Corp.c		4,513,000		6,683,532
Nien Made Enterprise Co. Ltd.		997,000		9,751,444
Novatek Microelectronics Corp.c		3,763,000		14,085,147
OBI Pharma Inc.a,c		741,000		8,429,362
Pegatron Corp.		12,697,414		33,351,712
Phison Electronics Corp.		991,535		8,697,534
Pou Chen Corp.		14,460,220		19,626,383
Powertech Technology Inc.		4,484,300		13,019,336
President Chain Store Corp.		3,796,000		27,861,344
Quanta Computer Inc.		17,779,000		36,861,761
Realtek Semiconductor Corp.		3,065,637		11,424,982
Ruentex Development Co. Ltd.a,c		5,464,025		6,873,714

Security	Shares		Value
Ruentex Industries Ltd.c		3,641,598	$	6,910,188
Shin Kong Financial Holding Co. Ltd.a		53,502,865		14,436,466
Siliconware Precision Industries Co. Ltd.		14,260,509		22,465,169
SinoPac Financial Holdings Co. Ltd.		65,208,021		19,844,581
Standard Foods Corp.		2,624,438		6,577,432
Synnex Technology International Corp.c		9,232,834		10,142,339
TaiMed Biologics Inc.a,c		1,074,000		6,414,601
Taishin Financial Holding Co. Ltd.		55,554,144		21,969,595
Taiwan Business Bank		26,414,556		7,230,505
Taiwan Cement Corp.		21,907,296		26,846,215
Taiwan Cooperative Financial Holding Co. Ltd.		50,523,219		24,091,173
Taiwan Fertilizer Co. Ltd.		4,674,000		6,465,572
Taiwan Mobile Co. Ltd.		10,596,600		37,249,428
Taiwan Semiconductor Manufacturing Co. Ltd.		161,581,000		993,988,608
Teco Electric and Machinery Co. Ltd.		12,476,000		11,248,237
Transcend Information Inc.c		1,292,000		3,629,131
Uni-President Enterprises Corp.		31,640,839		56,230,241
United Microelectronics Corp.		77,393,000		32,117,459
Vanguard International Semiconductor Corp.c		6,043,000		11,939,073
Wistron Corp.		16,374,146		13,723,510
WPG Holdings Ltd.c		9,797,532		12,436,856
Yuanta Financial Holding Co. Ltd.		62,920,635		26,623,537
Yulon Motor Co. Ltd.		5,385,000		5,012,808
Zhen Ding Technology Holding Ltd.		2,638,075		6,568,677
				3,467,021,103
THAILAND — 2.22%
Advanced Info Service PCL NVDR		6,776,000		32,418,731
Airports of Thailand PCL NVDRc		27,922,000		30,997,336
Bangkok Bank PCL Foreign		1,609,800		8,900,930
Bangkok Dusit Medical Services PCL NVDR		25,627,200		14,757,179

SCHEDULES OF INVESTMENTS 35

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Bangkok Expressway & Metro PCL		46,159,300	$	9,322,974
Banpu PCL NVDR		11,788,800		6,619,601
BEC World PCL NVDR		6,837,600		3,075,456
Berli Jucker PCL NVDR		7,586,400		9,997,691
BTS Group Holdings PCL NVDR		36,253,100		8,516,578
Bumrungrad Hospital PCL NVDR		2,394,200		12,072,000
Central Pattana PCL NVDRc		9,243,100		14,564,195
Charoen Pokphand Foods PCL NVDR		18,024,300		14,458,478
CP ALL PCL NVDR		32,526,600		55,910,845
Delta Electronics Thailand PCL NVDR		3,292,000		8,723,840
Electricity Generating PCL NVDR		796,900		4,725,854
Energy Absolute PCL NVDRc		7,129,300		5,106,144
Glow Energy PCL NVDR		3,540,200		7,910,948
Home Product Center PCL NVDR		26,155,714		7,380,894
Indorama Ventures PCL NVDR		9,679,980		9,844,846
IRPC PCL NVDR		67,193,600		9,548,073
Kasikornbank PCL Foreign		7,744,900		42,268,509
Kasikornbank PCL NVDR		3,672,100		20,146,027
KCE Electronics PCL NVDR		1,579,100		4,444,760
Krung Thai Bank PCL NVDR		23,224,100		13,040,706
Minor International PCL NVDRc		14,238,720		13,971,327
PTT Exploration & Production PCL NVDR		9,000,739		23,980,998
PTT Global Chemical PCL NVDR		13,646,430		27,855,442
PTT PCL NVDR		6,552,300		74,523,015
Robinson Department Store PCL NVDR		3,276,600		5,773,041
Siam Cement PCL (The) Foreign		2,051,800		30,331,289
Siam Cement PCL (The) NVDR		592,300		8,755,835
Siam Commercial Bank PCL (The) NVDR		11,567,700		51,035,676
Thai Oil PCL NVDR		5,515,300		11,889,998
Thai Union Group PCL NVDR		12,482,100		7,259,218

Security	Shares		Value
TMB Bank PCL NVDR		87,587,700	$	6,122,645
True Corp. PCL NVDRc		65,599,401		11,745,893
				627,996,972
TURKEY — 1.05%
Akbank TAS		14,527,038		34,799,857
Anadolu Efes Biracilik ve Malt Sanayii AS		1,351,497		7,376,679
Arcelik AS		1,573,376		9,056,150
BIM Birlesik Magazalar AS		1,407,412		20,329,802
Coca-Cola Icecek AS		491,620		4,751,405
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		12,740,642		10,993,001
Enka Insaat ve Sanayi AS		1		1
Eregli Demir ve Celik Fabrikalari TAS		9,199,490		15,063,670
Ford Otomotiv Sanayi AS		467,326		4,717,576
Haci Omer Sabanci Holding AS		6,099,685		16,932,359
KOC Holding AS		4,170,923		17,051,160
Petkim Petrokimya Holding AS		4,448,440		5,297,514
TAV Havalimanlari Holding AS		1,089,373		4,555,571
Tofas Turk Otomobil Fabrikasi AS		827,486		6,199,986
Tupras Turkiye Petrol Rafinerileri AS		821,878		19,291,794
Turk Hava Yollari AOa,c		3,495,191		5,260,707
Turk Telekomunikasyon AS		2,979,325		4,730,652
Turkcell Iletisim Hizmetleri ASa		5,764,540		18,878,249
Turkiye Garanti Bankasi AS		15,079,723		35,832,840
Turkiye Halk Bankasi AS		4,096,385		12,726,392
Turkiye Is Bankasi Class C		10,409,935		18,164,872
Turkiye Sise ve Cam Fabrikalari AS		4,865,020		5,257,161
Turkiye Vakiflar Bankasi Tao Class Dc		4,983,655		7,281,225
Ulker Biskuvi Sanayi ASc		1,010,030		5,142,588
Yapi ve Kredi Bankasi ASa,c		5,637,167		5,982,769
				295,673,980
UNITED ARAB EMIRATES — 0.81%
Abu Dhabi Commercial Bank PJSC		13,021,979		25,139,777
Aldar Properties PJSC		21,041,833		13,750,960

36 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
DP World Ltd.		1,092,595	$	23,130,236
Dubai Islamic Bank PJSC		8,193,680		13,944,316
DXB Entertainments PJSCa		16,808,821		4,943,098
Emaar Malls PJSC		12,852,933		9,169,417
Emaar Properties PJSC		23,246,110		47,156,847
Emirates Telecommunications Group Co. PJSC		11,524,789		55,231,119
First Gulf Bank PJSC		5,911,681		21,972,620
National Bank of Abu Dhabi PJSC		4,497,459		12,858,630
				227,297,020
TOTAL COMMON STOCKS
(Cost: $25,573,286,834)				26,796,126,968
PREFERRED STOCKS — 4.62%
BRAZIL — 3.44%
Banco Bradesco SA		18,197,749		195,489,801
Braskem SA Class A		1,023,800		10,639,490
Centrais Eletricas Brasileiras SA Class B		1,625,537		12,853,812
Cia. Brasileira de Distribuicao		1,042,886		19,258,695
Cia. Energetica de Minas Gerais		4,960,302		17,044,561
Cia. Paranaense de Energia Class B		687,675		7,449,260
Gerdau SA		6,051,885		25,191,871
Itau Unibanco Holding SA		21,204,953		272,849,331
Itausa-Investimentos Itau SA		25,476,430		82,219,016
Lojas Americanas SA		3,841,924		20,253,151
Petroleo Brasileiro SA		25,670,327		125,257,333
Suzano Papel e Celulose SA Class A		2,657,200		11,488,055
Telefonica Brasil SA		2,922,167		43,123,333
Vale SA		12,622,151		127,844,416
				970,962,125
CHILE — 0.09%
Embotelladora Andina SA Class B		1,719,217		6,580,863
Sociedad Quimica y Minera de Chile SA Series B		640,202		20,113,905
				26,694,768
COLOMBIA — 0.15%
Bancolombia SA		2,953,223		27,588,409

Security	Shares		Value
Grupo Aval Acciones y Valores SA		21,127,173	$	8,205,500
Grupo de Inversiones Suramericana SA		551,409		6,698,383
				42,492,292
RUSSIA — 0.19%
Surgutneftegas OJSC		45,672,200		24,916,550
Transneft PJSC		9,251		28,741,048
				53,657,598
SOUTH KOREA — 0.75%
AmorePacific Corp.		59,726		8,847,318
Hyundai Motor Co.		151,828		13,145,223
Hyundai Motor Co. Series 2		251,299		22,668,581
LG Chem Ltd.		51,061		8,015,324
LG Household & Health Care Ltd.		13,067		6,563,835
Samsung Electronics Co. Ltd.		114,669		151,708,887
				210,949,168
TOTAL PREFERRED STOCKS
(Cost: $973,447,300)				1,304,755,951
RIGHTS — 0.01%
BRAZIL — 0.00%
Itausa – Investimentos Itau SAa		417,460		528,702
				528,702
MALAYSIA — 0.00%
IOI Properties Group Bhda		2,961,571		486,925
				486,925
SOUTH KOREA — 0.01%
Korean Air Lines Co. Ltd.a		57,944		415,075
Samsung Securities Co. Ltd.a		49,142		297,699
				712,774
TOTAL RIGHTS
(Cost: $0)				1,728,401
SHORT-TERM INVESTMENTS — 5.32%
MONEY MARKET FUNDS — 5.32%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%e,f,g		1,498,811,642		1,499,411,167

SCHEDULES OF INVESTMENTS 37

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%e,f		4,491,543	$	4,491,543
				1,503,902,710
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,503,381,169)				1,503,902,710
TOTAL INVESTMENTS IN SECURITIES — 104.83%
(Cost: $28,050,115,303)h				29,606,514,030
Other Assets, Less Liabilities — (4.83)%				(1,363,343,987	)
NET ASSETS — 100.00%			$	28,243,170,043

ADR  —  American Depositary Receipts

CPO  —  Certificates of Participation (Ordinary)

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated money market fund.

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

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

^h  The cost of investments for federal income tax purposes was $29,494,732,368. Net unrealized appreciation was $111,781,662, of which $5,084,453,880 represented gross unrealized appreciation on securities and $4,972,672,218 represented gross unrealized depreciation on securities.

Schedule 1 — Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2017 were as follows:

Issue	Number of long (short) contracts		Expiration date		Exchange		Initial notional value		Current notional value		Unrealized appreciation (depreciation)
MSCI Emerging Markets E-Mini Index		2,628		Mar. 2017		ICE Futures U.S.	$	115,846,367	$	122,307,120	$	6,460,753

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	26,796,126,961	$	—	$	7	$	26,796,126,968
Preferred stocks		1,304,755,951		—		—		1,304,755,951
Rights		—		1,728,401		—		1,728,401
Money market funds		1,503,902,710		—		—		1,503,902,710
Total	$	29,604,785,622	$	1,728,401	$	7	$	29,606,514,030
Derivative financial instrumentsa:
Assets:
Futures contracts	$	6,460,753	$	—	$	—	$	6,460,753
Total	$	6,460,753	$	—	$	—	$	6,460,753

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

See notes to financial statements.

38 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2017

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares Edge MSCI Min Vol EM Currency Hedged ETF			iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)
ASSETS
Investments, at cost:
Unaffiliated	$	—		$	—		$	3,474,726,381
Affiliated (Note 2)		375,264,361			5,871,098			87,853,006
Total cost of investments	$	375,264,361		$	5,871,098		$	3,562,579,387
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	—		$	—		$	3,664,202,977
Affiliated (Note 2)		375,140,578			5,949,924			87,882,263
Total fair value of investments		375,140,578			5,949,924			3,752,085,240
Foreign currency, at valueb		—			—			4,749,164
Cash		—			—			2,260,078
Receivables:
Investment securities sold		5,874,771			116,176			8,511,309
Dividends and interest		42,135			3			8,448,848
Unrealized appreciation on forward currency contracts (Note 1)		1,016,922			15,802			—
Foreign currency, at value		—			—			1,913
Total Assets		382,074,406			6,081,905			3,776,056,552
LIABILITIES
Payables:
Investment securities purchased		—			—			8,663,485
Collateral for securities on loan (Note 1)		110,782,121			—			87,847,503
Securities related to in-kind transactions (Note 4)		—			—			74,930
Unrealized depreciation on forward currency contracts (Note 1)		6,429,480			128,014			—
Investment advisory fees (Note 2)		—			137			646,327
Total Liabilities		117,211,601			128,151			97,232,245
NET ASSETS	$	264,862,805		$	5,953,754		$	3,678,824,307
Net assets consist of:
Paid-in capital	$	283,576,570		$	6,020,926		$	4,101,384,280
Undistributed (distributions in excess of) net investment income		80,823			(345	)		1,294,200
Accumulated net realized loss		(13,258,247	)		(33,441	)		(613,817,207	)
Net unrealized appreciation (depreciation)		(5,536,341	)		(33,386	)		189,963,034
NET ASSETS	$	264,862,805		$	5,953,754		$	3,678,824,307
Shares outstandingc		11,950,000			250,000			70,700,000
Net asset value per share	$	22.16		$	23.82		$	52.03

^a  Securities on loan with values of $100,436,746, $  — and $81,043,097, respectively. See Note 1.

^b  Cost of foreign currency: $  —, $  — and $4,741,282, respectively.

^c  $0.001 par value, number of shares authorized: 250 million, 25 million and 500 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 39

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2017

	iShares MSCI Emerging Markets ETF (Consolidated)
ASSETS
Investments, at cost:
Unaffiliated	$	26,546,734,134
Affiliated (Note 2)		1,503,381,169
Total cost of investments	$	28,050,115,303
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	28,102,611,320
Affiliated (Note 2)		1,503,902,710
Total fair value of investments		29,606,514,030
Foreign currency, at valueb		9,557,230
Cash pledged to broker		4,217,010
Cash		28,657,802
Receivables:
Investment securities sold		77,050,079
Dividends and interest		85,631,020
Tax reclaims		102,175
Total Assets		29,811,729,346
LIABILITIES
Payables:
Investment securities purchased		53,790,305
Collateral for securities on loan (Note 1)		1,498,771,530
Futures variation margin		939,908
Foreign taxes (Note 1)		68,419
Professional fees (Note 10)		5,619
Investment advisory fees (Note 2)		14,983,522
Total Liabilities		1,568,559,303
NET ASSETS	$	28,243,170,043
Net assets consist of:
Paid-in capital	$	39,065,326,735
Distributions in excess of net investment income		(97,470,731	)
Accumulated net realized loss		(12,292,061,857	)
Net unrealized appreciation		1,567,375,896
NET ASSETS	$	28,243,170,043
Shares outstandingc		738,900,000
Net asset value per share	$	38.22

^a  Securities on loan with a value of $1,430,424,286. See Note 1.

^b  Cost of foreign currency: $9,545,918.

^c  $0.001 par value, number of shares authorized: 2 billion.

See notes to financial statements.

40 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares Edge MSCI Min Vol EM Currency Hedged ETF			iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	—		$	—		$	26,635,546
Dividends — affiliated (Note 2)		2,269,792			137,038			7,653
Interest — unaffiliated		—			—			98
Securities lending income — affiliated — net (Note 2)		144,117			—			1,652,117
		2,413,909			137,038			28,295,414
Less: Other foreign taxes (Note 1)		—			—			(171,004	)
Total investment income		2,413,909			137,038			28,124,410
EXPENSES
Investment advisory fees (Note 2)		786,800			25,475			13,825,067
Mauritius income taxes (Note 1)		—			—			52,265
Commitment fees (Note 9)		—			—			11,080
Interest expense (Note 9)		—			—			20,247
Total expenses		786,800			25,475			13,908,659
Less investment advisory fees waived (Note 2)		(786,800	)		(24,495	)		(8,916,518	)
Net expenses		—			980			4,992,141
Net investment income		2,413,909			136,058			23,132,269
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			(6	)		(167,427,165	)
Investments — affiliated (Note 2)		(2,156,452	)		(16,097	)		5,503
In-kind redemptions — unaffiliated		—			—			48,706,475
In-kind redemptions — affiliated (Note 2)		2,382,792			27,285			—
Foreign currency transactions		(2,633,387	)		61,571			(974,761	)
Realized gain distributions from affiliated funds		6			—			445
Net realized gain (loss)		(2,407,041	)		72,753			(119,689,503	)
Net change in unrealized appreciation/depreciation on:
Investments		13,951,180			(246,896	)		7,958,458
Forward currency contracts		(4,408,072	)		(84,772	)		—
Translation of assets and liabilities in foreign currencies		—			—			501,118
Net change in unrealized appreciation/depreciation		9,543,108			(331,668	)		8,459,576
Net realized and unrealized gain (loss)		7,136,067			(258,915	)		(111,229,927	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,549,976		$	(122,857	)	$	(88,097,658	)

^a  Net of foreign withholding tax of $  —, $  — and $3,161,506, respectively.

FINANCIAL STATEMENTS 41

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares MSCI Emerging Markets ETF (Consolidated)
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	203,437,624
Dividends — affiliated (Note 2)		110,015
Interest — unaffiliated		6,417
Miscellaneous income		136
Securities lending income — affiliated — net (Note 2)b		9,857,454
Foreign withholding tax claims (Note 10)		249,147
		213,660,793
Less: Other foreign taxes (Note 1)		(1,458,694	)
Total investment income		212,202,099
EXPENSES
Investment advisory fees (Note 2)		98,167,699
Mauritius income taxes (Note 1)		479,059
Commitment fees (Note 9)		133,511
Interest expense (Note 9)		7,815
Professional fees (Note 10)		25,722
Total expenses		98,813,806
Net investment income		113,388,293
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(731,808,816	)
Investments — affiliated (Note 2)		118,096
In-kind redemptions — unaffiliated		238,286,576
Futures contracts		8,867,523
Foreign currency transactions		(3,591,465	)
Realized gain distributions from affiliated funds		5,679
Net realized loss		(488,122,407	)
Net change in unrealized appreciation/depreciation on:
Investments		1,636,370,071
Futures contracts		(2,726,878	)
Translation of assets and liabilities in foreign currencies		4,790,077
Net change in unrealized appreciation/depreciation		1,638,433,270
Net realized and unrealized gain		1,150,310,863
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,263,699,156

^a  Net of foreign withholding tax of $27,766,162.

^b  Net of securities lending income tax paid of $410,744.

42 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Currency Hedged MSCI Emerging Markets ETF						iShares Edge MSCI Min Vol EM Currency Hedged ETF
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Period from October 29, 2015 a to August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,413,909		$	4,831,535		$	136,058		$	105,245
Net realized gain (loss)		(2,407,041	)		(8,044,500	)		72,753			(106,194	)
Net change in unrealized appreciation/depreciation		9,543,108			15,786,871			(331,668	)		298,282
Net increase (decrease) in net assets resulting from operations		9,549,976			12,573,906			(122,857	)		297,333
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,358,898	)		(4,805,723	)		(136,403	)		(105,245	)
From net realized gain		—			(7,816,489	)		—			—
Return of capital		—			—			—			(355	)
Total distributions to shareholders		(2,358,898	)		(12,622,212	)		(136,403	)		(105,600	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		111,009,713			60,096,742			3,586,153			5,985,059
Cost of shares redeemed		(33,591,778	)		(91,659,549	)		(3,549,931	)		—
Net increase (decrease) in net assets from capital share transactions		77,417,935			(31,562,807	)		36,222			5,985,059
INCREASE (DECREASE) IN NET ASSETS		84,609,013			(31,611,113	)		(223,038	)		6,176,792
NET ASSETS
Beginning of period		180,253,792			211,864,905			6,176,792			—
End of period	$	264,862,805		$	180,253,792		$	5,953,754		$	6,176,792
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	80,823		$	25,812		$	(345	)	$	—
SHARES ISSUED AND REDEEMED
Shares sold		5,200,000			2,850,000			150,000			250,000
Shares redeemed		(1,550,000	)		(4,450,000	)		(150,000	)		—
Net increase (decrease) in shares outstanding		3,650,000			(1,600,000	)		—			250,000

^a  Commencement of operations.

See notes to financial statements.

FINANCIAL STATEMENTS 43

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)						iShares MSCI Emerging Markets ETF (Consolidated)
	Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Year ended August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	23,132,269		$	97,409,176		$	113,388,293		$	490,598,902
Net realized loss		(119,689,503	)		(285,334,960	)		(488,122,407	)		(2,033,422,033	)
Net change in unrealized appreciation/depreciation		8,459,576			474,631,130			1,638,433,270			3,716,580,146
Net increase (decrease) in net assets resulting from operations		(88,097,658	)		286,705,346			1,263,699,156			2,173,757,015
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(55,085,636	)		(81,549,891	)		(294,719,321	)		(501,097,523	)
Total distributions to shareholders		(55,085,636	)		(81,549,891	)		(294,719,321	)		(501,097,523	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		87,685,834			1,711,528,424			119,124,264			14,107,740,227
Cost of shares redeemed		(644,719,100	)		—			(3,711,402,633	)		(5,914,796,140	)
Net increase (decrease) in net assets from capital share transactions		(557,033,266	)		1,711,528,424			(3,592,278,369	)		8,192,944,087
INCREASE (DECREASE) IN NET ASSETS		(700,216,560	)		1,916,683,879			(2,623,298,534	)		9,865,603,579
NET ASSETS
Beginning of period		4,379,040,867			2,462,356,988			30,866,468,577			21,000,864,998
End of period	$	3,678,824,307		$	4,379,040,867		$	28,243,170,043		$	30,866,468,577
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	1,294,200		$	33,247,567		$	(97,470,731	)	$	83,860,297
SHARES ISSUED AND REDEEMED
Shares sold		1,600,000			33,700,000			2,700,000			405,900,000
Shares redeemed		(12,900,000	)		—			(103,950,000	)		(187,200,000	)
Net increase (decrease) in shares outstanding		(11,300,000	)		33,700,000			(101,250,000	)		218,700,000

See notes to financial statements.

44 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Currency Hedged MSCI Emerging Markets ETF

	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Period from Sept. 23, 2014a to Aug. 31, 2015
Net asset value, beginning of period	$	21.72		$	21.40		$	24.44
Income from investment operations:
Net investment incomeb		0.26			0.50			0.41
Net realized and unrealized gain (loss)c		0.39			1.08			(2.80	)
Total from investment operations		0.65			1.58			(2.39	)
Less distributions from:
Net investment income		(0.21	)		(0.48	)		(0.65	)
Net realized gain		—			(0.78	)		—
Total distributions		(0.21	)		(1.26	)		(0.65	)
Net asset value, end of period	$	22.16		$	21.72		$	21.40
Total return		3.04	%d		7.84	%		(10.01	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	264,863		$	180,254		$	211,865
Ratio of expenses to average net assetse,f		0.00	%		0.00	%		0.02	%
Ratio of expenses to average net assets prior to waived feese,f		0.78	%		0.78	%		0.78	%
Ratio of net investment income to average net assetse		2.39	%		2.42	%		1.82	%
Portfolio turnover rateg,h		3	%d		11	%		7	%d

^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 The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

^h  Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested. See page 48 for the portfolio turnover rates of the underlying fund.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 45

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Edge MSCI Min Vol EM Currency Hedged ETF

	Six months ended Feb. 28, 2017 (Unaudited)			Period from Oct. 29, 2015a to Aug. 31, 2016
Net asset value, beginning of period	$	24.71		$	24.50
Income from investment operations:
Net investment incomeb		0.50			0.58
Net realized and unrealized gain (loss)c		(1.05	)		0.23
Total from investment operations		(0.55	)		0.81
Less distributions from:
Net investment income		(0.34	)		(0.60	)
Return of capital		—			(0.00	)d
Total distributions		(0.34	)		(0.60	)
Net asset value, end of period	$	23.82		$	24.71
Total return		(2.18	)%e		3.45	%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,954		$	6,177
Ratio of expenses to average net assetsf,g		0.03	%		0.03	%
Ratio of expenses to average net assets prior to waived feesf,g		0.78	%		0.78	%
Ratio of net investment income to average net assetsf		4.17	%		2.88	%
Portfolio turnover rateh,i		6	%e		8	%e

^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  Rounds to less than 0.01%.

^e  Not annualized.

^f  Annualized for periods of less than one year.

^g  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

ⁱ  Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested. See page 47 for the portfolio turnover rates of the underlying fund.

See notes to financial statements.

46 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Oct. 18, 2011a to Aug. 31, 2012
Net asset value, beginning of period	$	53.40		$	50.98		$	62.47		$	55.56		$	55.32		$	49.30
Income from investment operations:
Net investment incomeb		0.30			1.57			1.58			1.51			1.85			1.93
Net realized and unrealized gain (loss)c		(0.95	)		2.13			(11.65	)		6.94			(0.60	)		5.41
Total from investment operations		(0.65	)		3.70			(10.07	)		8.45			1.25			7.34
Less distributions from:
Net investment income		(0.72	)		(1.28	)		(1.42	)		(1.54	)		(1.01	)		(1.32	)
Total distributions		(0.72	)		(1.28	)		(1.42	)		(1.54	)		(1.01	)		(1.32	)
Net asset value, end of period	$	52.03		$	53.40		$	50.98		$	62.47		$	55.56		$	55.32
Total return		(1.11	)%d		7.48	%		(16.32	)%		15.44	%		2.22	%		15.16	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,678,824		$	4,379,041		$	2,462,357		$	2,080,363		$	2,455,727		$	387,227
Ratio of expenses to average net assetse		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived feese		0.70	%		0.71	%		0.69	%		0.67	%		0.67	%		0.69	%
Ratio of net investment income to average net assetse		1.16	%		3.12	%		2.71	%		2.58	%		3.13	%		4.08	%
Portfolio turnover ratef		12	%d		13	%		28	%		34	%		23	%		31	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 12%, 23%,24%, 26%, 23% and 16%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 47

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets ETF (Consolidated)
	Six months ended Feb. 28, 2017 (Unaudited)			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012
Net asset value, beginning of period	$	36.74		$	33.79		$	45.11		$	38.44		$	39.22		$	42.71
Income from investment operations:
Net investment incomea		0.15			0.72			0.73			0.83			0.75			0.86
Net realized and unrealized gain (loss)b		1.73			3.00			(11.21	)		6.55			(0.76	)		(3.53	)
Total from investment operations		1.88			3.72			(10.48	)		7.38			(0.01	)		(2.67	)
Less distributions from:
Net investment income		(0.40	)		(0.77	)		(0.84	)		(0.71	)		(0.77	)		(0.82	)
Total distributions		(0.40	)		(0.77	)		(0.84	)		(0.71	)		(0.77	)		(0.82	)
Net asset value, end of period	$	38.22		$	36.74		$	33.79		$	45.11		$	38.44		$	39.22
Total return		5.22	%c		11.28	%		(23.46	)%		19.34	%		(0.08	)%		(6.18	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	28,243,170		$	30,866,469		$	21,000,865		$	44,336,401		$	34,804,192		$	34,256,628
Ratio of expenses to average net assetsd		0.70	%		0.72	%		0.69	%		0.67	%		0.67	%		0.68	%
Ratio of expenses to average net assets prior to waived feesd		0.70	%		0.72	%		0.69	%		0.68	%		0.67	%		0.69	%
Ratio of expenses to average net assets excluding professional fees for foreign withholding tax claims (Note 10)d		0.70	%		n/a			n/a			n/a			n/a			n/a
Ratio of net investment income to average net assetsd		0.80	%		2.15	%		1.79	%		1.98	%		1.78	%		2.13	%
Portfolio turnover ratee		2	%c		23	%		10	%		22	%		24	%		15	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cashin U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2017, the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and August 31, 2012, were 2%, 6%, 7%,7%, 9% and 10% , respectively. See Note 4.

See notes to financial statements.

48 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
Currency Hedged MSCI Emerging Markets		Non-diversified
Edge MSCI Min Vol EM Currency Hedged		Non-diversified
Edge MSCI Min Vol Emerging Markets		Diversified
MSCI Emerging Markets		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. Currently each currency hedged fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedules of investments for the underlying funds are included in this report and should be read in conjunction with the financial statements of the currency hedged funds.

Each of the iShares Edge MSCI Min Vol Emerging Markets ETF and iShares MSCI Emerging Markets ETF carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (each, a “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of each Fund also serves as the investment adviser to each Subsidiary. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for each Fund include the accounts of its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated.

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its 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

NOTES TO FINANCIAL STATEMENTS 49

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

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

• Forward currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated forward exchange rates are used for contracts with interim settlement dates for which quotations are not available.

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 by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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 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

50 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

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 February 28, 2017 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. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for federal income tax purposes. However, the iShares Currency Hedged MSCI Emerging Markets ETF and iShares Edge MSCI Min Vol EM Currency Hedged ETF have elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for federal income tax purposes.

NOTES TO FINANCIAL STATEMENTS 51

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2017, if any, are disclosed in the Funds’ statements of assets and liabilities.

Each of the the iShares Edge MSCI Min Vol Emerging Markets ETF and iShares MSCI Emerging Markets ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. Taxes on income, if any, are paid by the Subsidiaries and are disclosed in the consolidated statements of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

On May 10, 2016, India and Mauritius signed an amendment to the DTAA. The amendment provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. Tax laws in India also include provisions that impose Indian tax on certain indirect transfers of shares of Indian companies. However, until such time that India provides more definitive authoritative guidance on the indirect transfer rules, the impact to the Funds, if any, cannot be determined. Management is continuing to monitor and assess the impact to the Funds arising from the DTAA amendment and the indirect transfer rules.

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 an approved 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

52 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

securities but does not receive interest income on securities received as collateral. 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.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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 February 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. 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 February 28, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount b
Currency Hedged MSCI Emerging Markets
BMO Capital Markets	$	15,340,362	$	15,340,362	$	—
Goldman Sachs & Co.		34,227,774		34,227,774		—
JPMorgan Securities LLC		50,868,610		50,868,610		—
	$	100,436,746	$	100,436,746	$	—

NOTES TO FINANCIAL STATEMENTS 53

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount b
Edge MSCI Min Vol Emerging Markets
Barclays Capital Inc.	$	3,084,050	$	3,084,050	$	—
Citigroup Global Markets Inc.		1,977,878		1,977,878		—
Credit Suisse Securities (USA) LLC		18,223,786		18,223,786		—
Deutsche Bank AG		24,911		24,911		—
Deutsche Bank Securities Inc.		6,036,274		6,036,274		—
Goldman Sachs & Co.		8,424,685		8,424,685		—
HSBC Bank PLC		2,093,251		2,093,251		—
Jefferies LLC		21,859		21,859		—
JPMorgan Securities LLC		387,764		387,764		—
Merrill Lynch, Pierce, Fenner & Smith		1,166,469		1,166,469		—
Morgan Stanley & Co. International PLC		4,175,891		4,175,891		—
Morgan Stanley & Co. LLC		24,074,741		24,074,741		—
State Street Bank & Trust Company		11,873		11,873		—
UBS AG		11,339,665		11,339,665		—
	$	81,043,097	$	81,043,097	$	—
MSCI Emerging Markets
Barclays Capital Inc.	$	7,779,622	$	7,779,622	$	—
BMO Capital Markets		1,938,820		1,938,820		—
BNP Paribas Prime Brokerage International Ltd.		18,748,858		18,748,858		—
Citigroup Global Markets Inc.		41,610,072		41,610,072		—
Credit Suisse Securities (Europe) Ltd.		65,403,055		48,259,237		(17,143,818	)
Credit Suisse Securities (USA) LLC		32,760,091		32,760,091		—
Deutsche Bank AG		408,920		408,920		—
Deutsche Bank Securities Inc.		59,396,565		59,303,723		(92,842	)
Goldman Sachs & Co.		400,095,260		400,095,260		—
Goldman Sachs International		71,029,366		66,894,887		(4,134,479	)
HSBC Bank PLC		13,807,530		13,807,530		—
Jefferies LLC		78,324		72,791		(5,533	)
JPMorgan Securities LLC		289,278,844		289,278,844		—
JPMorgan Securities PLC		9,298,776		9,298,776		—
Merrill Lynch, Pierce, Fenner & Smith		18,455,699		18,455,699		—
Morgan Stanley & Co. International PLC		44,798,144		44,798,144		—
Morgan Stanley & Co. LLC		146,600,928		146,600,928		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		12,184,526		12,184,526		—
National Financial Services LLC		10,859,016		10,859,016		—
Nomura Securities International Inc.		1,567,214		1,567,214		—
Scotia Capital (USA) Inc.		675,753		675,753		—
State Street Bank & Trust Company		2,039,013		2,039,013		—
UBS AG		12,988,274		12,988,274		—
UBS Ltd.		12,915,065		12,915,065		—
UBS Securities LLC		450,576		450,576		—
Wells Fargo Securities LLC		155,255,975		155,255,975		—
	$	1,430,424,286	$	1,409,047,614	$	(21,376,672	)

^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 the Fund’s consolidated statement of assets and liabilities.

^b  Additional collateral is delivered to the Funds on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

54 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

For its investment advisory services to the iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78% based on the average daily net assets of the Fund. In addition, the Fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to reduce the investment advisory fee for the Fund through December 31, 2020 so that the investment advisory fee is equal to the acquired fund fees and expenses that would have been experienced by the Fund related to its investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.

For its investment advisory services to the iShares Edge MSCI Min Vol EM Currency Hedged ETF, BFA is entitled to an annual investment advisory fee of 0.78% based on the average daily net assets of the Fund. In addition, the Fund may incur acquired fund fees and expenses. BFA has contractually agreed reduce the investment advisory fee for the Fund through December 31, 2020 so that the investment advisory fee is equal to the acquired fund fees and expenses that would have been experienced by the Fund related to its investment in the iShares Edge MSCI MinVol Emerging Markets ETF (“EEMV”), after taking into account any fee waivers by EEMV, plus 0.03%.

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.75	%	First $14 billion
	0.68		Over $14 billion, up to and including $28 billion
	0.61		Over $28 billion, up to and including $42 billion
	0.54		Over $42 billion, up to and including $56 billion
	0.47		Over $56 billion, up to and including $70 billion
	0.41		Over $70 billion, up to and including $84 billion
	0.35		Over $84 billion

The total of the investment advisory fee and any other fund expenses are a fund’s total annual operating expenses. For the iShares Edge MSCI Min Vol Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2023 in order to limit total annual operating expenses to 0.25% of average daily net assets.

The U.S. Securities and Exchange Commission (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

NOTES TO FINANCIAL STATEMENTS 55

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 six months ended February 28, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Currency Hedged MSCI Emerging Markets	$	42,054
Edge MSCI Min Vol Emerging Markets		348,198
MSCI Emerging Markets		2,317,901

For the six months ended February 28, 2017, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Emerging Markets ETF in the amount of $67,519, related to the foreign tax on the securities lending income. Such reimbursement is included in “Securities lending income – affiliated – net” in the Fund’s consolidated statement of operations.

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

Cross 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 six months ended February 28, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Min Vol Emerging Markets	$	18,771,233	$	6,384,572
MSCI Emerging Markets		88,182,356		32,847,408

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.

56 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2017 were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI Emerging Markets	$	7,125,158	$	14,425,913
Edge MSCI Min Vol EM Currency Hedged		399,763		411,715
Edge MSCI Min Vol Emerging Markets		466,081,418		793,556,316
MSCI Emerging Markets		615,245,534		2,609,843,823

In-kind transactions (see Note 4) for the six months ended February 28, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI Emerging Markets	$	110,940,357	$	33,636,595
Edge MSCI Min Vol EM Currency Hedged		3,595,035		3,561,578
Edge MSCI Min Vol Emerging Markets		39,556,341		294,190,008
MSCI Emerging Markets		47,768,560		1,808,980,515

4. CAPITAL SHARE TRANSACTIONS

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

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

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

NOTES TO FINANCIAL STATEMENTS 57

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

5. FUTURES CONTRACTS

Futures contracts are purchased or sold to gain or manage exposure to changes in the value of commodities (commodity risk), interest rates (interest rate risk), foreign currencies (foreign currency risk) and/or equities (market risk). A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the fund as unrealized appreciation or depreciation. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held by the iShares MSCI Emerging Markets ETF as of February 28, 2017 and the related locations in the consolidated statement of assets and liabilities, presented by risk exposure category:

Assets
Equity contracts:
Variation margin / Net assets consist of – net appreciation (depreciation)	$	6,460,753a

^a  Represents cumulative appreciation of futures contracts as reported in the consolidated schedule of investments. Only current day’s variation margin is reported separately within the consolidated statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI Emerging Markets ETF during the six months ended February 28, 2017 and the related locations in the consolidated statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	8,867,523	$	(2,726,878	)

The following table shows the average quarter-end balances of open futures contracts for the iShares MSCI Emerging Markets ETF for the six months ended February 28, 2017:

Average value of contracts purchased $ 103,596,368

6. FORWARD CURRENCY CONTRACTS

Forward currency contracts are entered into for the purpose of hedging against the effects of foreign currencies on the value of a portfolio denominated in a non-U.S. currency. A forward currency contract is an obligation to purchase or sell a currency against another currency at a specified future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-

58 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

counter (“OTC”) and not on an organized exchange. The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When the contract is closed, a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed is recorded. Non-deliverable forward currency contracts are settled with the counterparty in cash without the delivery of foreign currency. Losses may arise if there are unfavorable movements in the value of a foreign currency relative to the U.S. dollar or if the counterparties do not meet the terms of the agreement. A fund’s use of forward currency contracts also involves the risks of imperfect correlation between the value of its currency positions and its other investments or the fund failing to close out its position due to an illiquid market.

The following table shows the value of forward currency contracts held as of February 28, 2017 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares Currency Hedged MSCI Emerging Markets ETF		iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts:
Unrealized appreciation on forward currency contracts / Net assets consist of – net unrealized appreciation (depreciation)	$	1,016,922	$	15,802

Liabilities
	iShares Currency Hedged MSCI Emerging Markets ETF		iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts:
Unrealized depreciation on forward currency contracts / Net assets consist of – net unrealized appreciation (depreciation)	$	6,429,480	$	128,014

The following table shows the realized and unrealized gains (losses) on forward currency contracts held during the six months ended February 28, 2017 and the related locations in the statements of operations, presented by risk exposure category:

Net Realized Gain (Loss)
	iShares Currency Hedged MSCI Emerging Markets ETF			iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts:
Foreign currency transactions	$	(2,633,387	)	$	61,571

NOTES TO FINANCIAL STATEMENTS 59

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Net Change in Unrealized Appreciation/Depreciation
	iShares Currency Hedged MSCI Emerging Markets ETF			iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts:
Forward currency contracts	$	(4,408,072	)	$	(84,772	)

The following table shows the average quarter-end balances of outstanding forward currency contracts for the six months ended February 28, 2017:

	iShares Currency Hedged MSCI Emerging Markets ETF		iShares Edge MSCI Min Vol EM Currency Hedged ETF
Average amounts purchased in U.S. dollars	$	223,509,306	$	6,319,863
Average amounts sold in U.S. dollars	$	405,896,928	$	11,709,650

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

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

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

60 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table presents the exposure of the open forward currency contracts that are subject to potential offset in the statements of assets and liabilities as of February 28, 2017:

	Derivative Assets Subject to Offsetting		Derivatives Available for Offset			Net Amount of Derivative Assets
iShares Currency Hedged MSCI Emerging Markets ETF
Forward currency contracts	$	1,016,922	$	(1,016,922	)	$	—
iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts	$	15,802	$	(15,761	)	$	41

	Derivative Liabilities Subject to Offsetting		Derivatives Available for Offset			Net Amount of Derivative Liabilities
iShares Currency Hedged MSCI Emerging Markets ETF
Forward currency contracts	$	6,429,480	$	(1,016,922	)	$	5,412,558
iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts	$	128,014	$	(15,761	)	$	112,253

7. PRINCIPAL RISKS

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

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

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund 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 a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

Investing in the securities of non-U.S. issuers 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 a 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 economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

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 a fund 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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a 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.

62 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

As of August 31, 2016, the Funds’ fiscal year-end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2017		Expiring 2018		Expiring 2019		Total
Edge MSCI Min Vol EM Currency Hedged	$	3,704	$	—	$	—	$	—	$	3,704
Edge MSCI Min Vol Emerging Markets		172,802,777		—		—		—		172,802,777
MSCI Emerging Markets		6,504,918,854		228,196,854		1,201,366,175		873,167,649		8,807,649,532

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2017, 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.

9. LINE OF CREDIT

The iShares Edge MSCI Min Vol Emerging Markets ETF and iShares MSCI Emerging Markets ETF, along with certain other iShares funds, are parties to a $250 million credit agreement with State Street Bank and Trust Company, which expires on October 25, 2017. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2017, the maximum amounts borrowed, the average borrowings and the weighted average interest rates, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowings		Weighted Average Interest Rates
Edge MSCI Min Vol Emerging Markets	$	74,000,000	$	2,453,039		1.64	%
MSCI Emerging Markets		20,000,000		1,104,972		1.56

10. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Emerging Markets ETF has filed claims to recover taxes withheld by Poland on dividend income on the basis that Poland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has received payments on certain of the claims resulting from a favorable court ruling that the imposition of a withholding tax by a European Union member state on dividends paid to a nonresident company, including the Fund, while exempting domestic funds from such taxes results in discriminatory tax withholding contrary to the free movement of capital. The Fund continues to evaluate developments in Poland for potential impacts on recoverable withholding taxes. Polish withholding tax claims received are disclosed in the statement of operations. Professional fees associated with the filing of tax claims in Poland resulting in the recovery of foreign withholding taxes were approved by the Board as appropriate expenses of the Fund.

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

11. SUBSEQUENT EVENTS

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

64 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI Emerging Markets	$	0.142969	$	—	$	0.065783	$	0.208752		68	%		—	%		32	%		100	%
Edge MSCI Min Vol EM Currency Hedged		0.284595		—		0.056413		0.341008		83			—			17			100
Edge MSCI Min Vol Emerging Markets		0.605454		—		0.119357		0.724811		84			—			16			100
MSCI Emerging Markets		0.266437		—		0.129771		0.396208		67			—			33			100

SUPPLEMENTAL INFORMATION 65

Notes:

66 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-805-0217

FEBRUARY 28, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares Edge MSCI Multifactor Emerging Markets ETF  |  EMGF  |  BATS

^Ø  iShares MSCI EM ESG Optimized ETF  |  ESGE  |  NASDAQ

Table of Contents

Fund Performance Overviews	5
About Fund Performance	7
Shareholder Expenses	7
Schedules of Investments	8
iShares Edge MSCI Multifactor Emerging Markets ETF	8
iShares MSCI EM ESG Optimized ETF	12
Financial Statements	18
Financial Highlights	21
Notes to Financial Statements	23
Supplemental Information	32

Fund Performance Overview

iSHARES^® EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF

Performance as of February 28, 2017

The iShares Edge MSCI Multifactor Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the MSCI Emerging Markets Diversified Multiple-Factor Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 6.57%, net of fees, while the total return for the Index was 7.22%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		29.16%		29.58%		30.41%		29.16%		29.58%		30.41%
Since Inception		14.80%		15.35%		15.38%		18.47%		19.16%		19.22%

The inception date of the Fund was 12/8/15. The first day of secondary market trading was 12/10/15.

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 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,065.70	$	2.25	$	1,000.00	$	1,022.60	$	2.21		0.44%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total Investments*

Information Technology	20.71	%
Financials	15.62
Consumer Discretionary	9.54
Materials	7.86
Investment Companies	7.86
Industrials	7.66
Real Estate	7.24
Consumer Staples	7.19
Health Care	6.14
Utilities	4.77
Energy	4.43
Telecommunication Services	0.98
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total Investments*

China	33.97	%
South Korea	14.00
Taiwan	10.75
Brazil	10.55
India	7.85
South Africa	7.05
Russia	6.48
United Arab Emirates	2.51
Mexico	1.05
Qatar	1.02
TOTAL	95.23	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI EM ESG OPTIMIZED ETF

Performance as of February 28, 2017

The iShares MSCI EM ESG Optimized ETF (the “Fund”) seeks to track the investment results of an index composed of large- and midcapitalization emerging market equities that have positive environmental, social and governance characteristics, as represented by the MSCI Emerging Markets ESG Focus Index (“the Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2017, the total return for the Fund was 5.07%, net of fees, while the total return for the Index was 5.77%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		17.77%		17.93%		19.13%

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

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 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Beginning Account Value (9/1/16)		Ending Account Value (2/28/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,050.70	$	2.29	$	1,000.00	$	1,022.60	$	2.26		0.45%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY SECTOR

As of 2/28/17

Sector Percentage of
Total Investments*

Financials	26.53	%
Information Technology	25.89
Consumer Discretionary	10.38
Energy	7.47
Materials	6.39
Consumer Staples	6.20
Telecommunication Services	6.10
Industrials	4.98
Utilities	3.03
Health Care	1.84
Real Estate	1.19
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/17

Country Percentage of
Total Investments*

China	26.18	%
South Korea	14.78
Taiwan	12.07
Brazil	8.44
India	8.14
South Africa	7.47
Russia	3.84
Mexico	3.17
Thailand	2.98
Malaysia	2.82
TOTAL	89.89	%

* Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 September 1, 2016 and held through February 28, 2017, 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.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 7

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 85.02%
BRAZIL — 6.74%
AES Tiete Energia SA		14,400	$	74,384
BB Seguridade Participacoes SA		52,200		480,220
Centrais Eletricas Brasileiras SAa		18,900		130,556
CETIP SA – Mercados Organizados		17,100		257,517
Cia. de Saneamento Basico do Estado de Sao Paulo		26,100		275,849
EDP – Energias do Brasil SA		23,400		103,273
M. Dias Branco SA		2,700		119,942
Multiplan Empreendimentos Imobiliarios SA		6,300		130,192
Multiplan Empreendimentos Imobiliarios SA Newa		304		6,440
Odontoprev SA		25,200		96,798
Porto Seguro SA		10,800		100,328
Qualicorp SA		16,200		102,636
Raia Drogasil SA		20,700		395,236
Sul America SA		17,100		106,745
				2,380,116
CHINA — 33.77%
AAC Technologies Holdings Inc.		63,000		663,483
Alibaba Group Holding Ltd. ADRa		2,097		215,781
ANTA Sports Products Ltd.b		90,000		272,466
Beijing Capital International Airport Co. Ltd. Class H		144,000		154,343
China Communications Services Corp. Ltd. Class H		234,000		156,453
China Conch Venture Holdings Ltd.		121,500		240,732
China Construction Bank Corp. Class H		792,000		651,969
China Everbright Ltd.		90,000		178,552
China Jinmao Holdings Group Ltd.b		360,000		111,769
China Medical System Holdings Ltd.		117,000		190,517
China Resources Beer Holdings Co. Ltd.a		126,000		286,008
China Resources Land Ltd.		216,000		589,917
Chongqing Changan Automobile Co. Ltd. Class B		56,700		80,056
Chongqing Rural Commercial Bank Co. Ltd. Class H		207,000		145,334
COSCO SHIPPING Ports Ltd.		126,000		140,407
Dongfeng Motor Group Co. Ltd. Class H		234,000		277,637

Security	Shares		Value
Far East Horizon Ltd.		171,000	$	164,558
Fosun International Ltd.b		180,000		282,900
Fullshare Holdings Ltd.		630,000		244,291
Fuyao Glass Industry Group Co. Ltd. Class Hc		7,200		22,447
Geely Automobile Holdings Ltd.		450,000		612,178
Guangdong Investment Ltd.		234,000		318,935
Guangzhou Automobile Group Co. Ltd. Class H		180,000		301,915
Haitian International Holdings Ltd.		54,000		113,531
Jiangsu Expressway Co. Ltd. Class H		108,000		142,470
Longfor Properties Co. Ltd.		130,500		208,801
Netease Inc. ADR		3,582		1,092,725
New Oriental Education & Technology Group Inc. ADRa		11,529		558,119
Nine Dragons Paper (Holdings) Ltd.		135,000		171,305
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		180,000		108,291
Shanghai Industrial Holdings Ltd.		45,000		125,508
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		65,700		169,276
Shenzhou International Group Holdings Ltd.		45,000		268,987
Sino Biopharmaceutical Ltd.		414,000		357,336
Sinopec Engineering Group Co. Ltd. Class H		103,500		94,001
Sinopharm Group Co. Ltd. Class H		90,000		416,235
Sinotrans Ltd. Class H		234,000		106,111
Sunac China Holdings Ltd.		162,000		168,418
Sunny Optical Technology Group Co. Ltd.		63,000		405,394
TAL Education Group Class A ADRa		3,897		336,974
Tencent Holdings Ltd.		18,900		504,003
TravelSky Technology Ltd. Class H		63,000		137,485
Weibo Corp. ADRa		2,760		139,435
				11,927,053
CZECH REPUBLIC — 0.42%
Moneta Money Bank ASa,c		25,353		85,046
O2 Czech Republic AS		6,039		64,834
				149,880
HUNGARY — 0.99%
MOL Hungarian Oil & Gas PLC		801		55,051
Richter Gedeon Nyrt		13,318		296,018
				351,069

8 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
INDONESIA — 1.00%
Adaro Energy Tbk PT		1,411,200	$	179,363
Bank Danamon Indonesia Tbk PT		208,800		77,501
Waskita Karya Persero Tbk PT		508,500		94,562
				351,426
MALAYSIA — 0.30%
AirAsia Bhd		118,800		72,243
Berjaya Sports Toto Bhd		52,200		34,330
				106,573
MEXICO — 1.04%
Gentera SAB de CV		83,700		110,817
Grupo Aeroportuario del Pacifico SAB de CV Series B		29,700		258,216
				369,033
PERU — 0.66%
Cia. de Minas Buenaventura SAA ADR		18,828		231,584
				231,584
PHILIPPINES — 0.17%
Robinsons Land Corp.		124,200		58,619
				58,619
POLAND — 0.29%
Eurocash SA		5,229		42,756
Tauron Polska Energia SAa		81,918		60,525
				103,281
QATAR — 1.02%
Qatar Electricity & Water Co. QSC		1,683		103,996
Qatar Insurance Co. SAQ		12,834		255,887
				359,883
RUSSIA — 5.49%
Alrosa PJSC		218,700		346,185
Inter RAO UES PJSC		2,601,000		176,683
Lukoil PJSC		1,134		59,915
Moscow Exchange MICEX-RTS PJSC		101,700		216,013
PhosAgro PJSC GDRd		2,655		36,639
RusHydro PJSC		10,728,000		176,590
Surgutneftegas OJSC		605,700		301,729
Tatneft PJSC Class S		107,190		625,132
				1,938,886
SOUTH AFRICA — 7.01%
Bidvest Group Ltd. (The)		27,972		331,515
Brait SEa		22,392		126,032

Security	Shares		Value
Capitec Bank Holdings Ltd.		3,096	$	171,606
Coronation Fund Managers Ltd.		18,090		93,105
Gold Fields Ltd.		70,146		215,854
Hyprop Investments Ltd.		23,796		228,227
Liberty Holdings Ltd.		8,496		72,210
Life Healthcare Group Holdings Ltd.		83,952		215,079
Mondi Ltd.		10,953		251,659
Netcare Ltd.		84,249		204,826
Pick n Pay Stores Ltd.		30,213		160,420
Sibanye Gold Ltd.		64,485		129,710
SPAR Group Ltd. (The)		16,794		229,184
Tiger Brands Ltd.		720		23,009
Tsogo Sun Holdings Ltd.		10,476		22,161
				2,474,597
SOUTH KOREA — 12.05%
BGF retail Co. Ltd.		1,764		159,123
BNK Financial Group Inc.		22,050		169,263
DGB Financial Group Inc.		13,950		128,304
Dongbu Insurance Co. Ltd.		4,113		222,246
E-MART Inc.		1,503		276,475
GS Retail Co. Ltd.		1,746		81,220
Hanwha Life Insurance Co. Ltd.a		13,815		79,536
Hanwha Techwin Co. Ltd.a		3,825		148,501
Hyosung Corp.		1,953		227,123
Hyundai Department Store Co. Ltd.		1,332		117,091
Hyundai Engineering & Construction Co. Ltd.		7,110		300,560
Hyundai Marine & Fire Insurance Co. Ltd.		5,276		151,176
Hyundai Steel Co.		7,515		415,377
KT&G Corp.		6,660		603,714
Kumho Petrochemical Co. Ltd.		1,648		111,786
Lotte Chemical Corp.a		1,404		452,583
Samsung Electronics Co. Ltd.		360		611,912
				4,255,990
TAIWAN — 10.68%
Chicony Electronics Co. Ltd.		45,200		106,514
China Life Insurance Co. Ltd./Taiwan		297,000		291,456
Feng TAY Enterprise Co. Ltd.		29,880		126,431
Foxconn Technology Co. Ltd.		81,720		243,908
Highwealth Construction Corp.		72,000		116,940
Innolux Corp.		711,000		289,274
Inventec Corp.		198,000		146,936
Lite-On Technology Corp.		180,718		302,927

SCHEDULES OF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF

February 28, 2017

Security	Shares		Value
Micro-Star International Co. Ltd.		63,000	$	145,794
Nien Made Enterprise Co. Ltd.		18,000		176,054
Novatek Microelectronics Corp.		45,000		168,438
Phison Electronics Corp.		9,000		78,946
Powertech Technology Inc.		63,000		182,909
Realtek Semiconductor Corp.		45,000		167,705
Ruentex Development Co. Ltd.a		72,000		90,576
Ruentex Industries Ltd.		36,000		68,312
Taiwan Business Bank		150,800		41,279
Taiwan Fertilizer Co. Ltd.		27,000		37,349
Taiwan Semiconductor Manufacturing Co. Ltd.		90,000		553,648
Transcend Information Inc.		18,000		50,561
Vanguard International Semiconductor Corp.		45,000		88,906
Wistron Corp.		138,110		115,753
WPG Holdings Ltd.		144,000		182,792
				3,773,408
THAILAND — 0.67%
KCE Electronics PCL NVDR		33,300		93,731
Robinson Department Store PCL NVDR		42,300		74,529
Thai Union Group PCL NVDR		120,600		70,137
				238,397
TURKEY — 0.23%
Turkiye Sise ve Cam Fabrikalari AS		76,511		82,678
				82,678
UNITED ARAB EMIRATES — 2.49%
Aldar Properties PJSC		270,000		176,446
Dubai Islamic Bank PJSC		99,477		169,294
Emaar Properties PJSC		202,500		410,790
Emirates Telecommunications Group Co. PJSC		25,749		123,399
				879,929
TOTAL COMMON STOCKS
(Cost: $26,474,918)				30,032,402
PREFERRED STOCKS — 6.55%
BRAZIL — 3.73%
Braskem SA Class A		12,600		130,941
Centrais Eletricas Brasileiras SA Class B		19,800		156,567
Cia. Paranaense de Energia Class B		9,000		97,493
Itausa-Investimentos Itau SA		288,990		932,645
				1,317,646

Security	Shares		Value
RUSSIA — 0.95%
Surgutneftegas OJSC		614,700	$	335,351
				335,351
SOUTH KOREA — 1.87%
LG Household & Health Care Ltd.		153		76,855
Samsung Electronics Co. Ltd.		441		583,450
				660,305
TOTAL PREFERRED STOCKS
(Cost: $1,815,843)				2,313,302
RIGHTS — 0.02%
BRAZIL — 0.02%
Itausa – Investimentos Itau SAa		4,209		5,331
				5,331
TOTAL RIGHTS
(Cost: $0)				5,331
INVESTMENT COMPANIES — 7.81%
INDIA — 7.81%
iShares MSCI India ETFe		92,945		2,757,678
				2,757,678
TOTAL INVESTMENT COMPANIES
(Cost: $2,577,789)				2,757,678
SHORT-TERM INVESTMENTS — 2.42%
MONEY MARKET FUNDS — 2.42%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%f,g,h		790,537		790,854
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%f,g		65,626		65,626
				856,480
TOTAL SHORT-TERM INVESTMENTS
(Cost: $856,454)				856,480

10 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.82%
(Cost: $31,725,004)i	$	35,965,193
Other Assets, Less Liabilities — (1.82)%		(642,635	)
NET ASSETS — 100.00%	$	35,322,558

ADR — American Depositary Receipts

GDR — Global Depositary Receipts

NVDR — Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated issuer. See Schedule 1.

^f  Affiliated money market fund.

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

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

ⁱ  The cost of investments for federal income tax purposes was $31,750,276. Net unrealized appreciation was $4,214,917, of which $4,820,556 represented gross unrealized appreciation on securities and $605,639 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the six months ended February 28, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold		Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI India ETF		46,118		46,827		—		92,945	$	2,757,678	$	6,076	$	—

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	30,032,402	$	—	$	—	$	30,032,402
Preferred stocks		2,313,302		—		—		2,313,302
Rights		—		5,331		—		5,331
Investment companies		2,757,678		—		—		2,757,678
Money market funds		856,480		—		—		856,480
Total	$	35,959,862	$	5,331	$	—	$	35,965,193

See notes to financial statements.

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2017

Security	Shares		Value
COMMON STOCKS — 94.46%
BRAZIL — 4.70%
AES Tiete Energia SA		8,400	$	43,391
Ambev SA		16,800		96,339
Banco Bradesco SA		8,400		88,104
Banco do Brasil SA		14,000		148,955
Banco Santander Brasil SA Units		12,600		139,163
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		39,200		239,661
BRF SA		8,400		109,678
Cielo SA		7,000		61,382
Cosan SA Industria e Comercio		9,800		125,689
CPFL Energia SA		18,200		149,414
Duratex SA		7,000		18,991
EDP – Energias do Brasil SA		25,200		111,217
Embraer SA		9,800		56,482
Engie Brasil Energia SA		5,600		66,566
Klabin SA Units		8,400		41,851
Localiza Rent A Car SA		8,400		104,035
Lojas Renner SA		4,200		34,494
Multiplan Empreendimentos Imobiliarios SA		2,800		57,863
Multiplan Empreendimentos Imobiliarios SA Newa		152		3,220
Natura Cosmeticos SA		14,000		115,294
Ultrapar Participacoes SA		2,800		58,862
WEG SA		14,000		76,413
				1,947,064
CHILE — 1.05%
Banco de Credito e Inversiones		1,330		71,773
Banco Santander Chile		2,743,328		150,997
Cia. Cervecerias Unidas SA		4,774		56,549
Empresas COPEC SA		14,798		155,225
				434,544
CHINA — 26.05%
AAC Technologies Holdings Inc.		14,000		147,441
Agricultural Bank of China Ltd. Class H		266,000		122,678
Alibaba Group Holding Ltd. ADRa,b		10,318		1,061,722
Alibaba Pictures Group Ltd.a		140,000		23,446
Aluminum Corp. of China Ltd. Class Ha		28,000		13,960
ANTA Sports Products Ltd.		14,000		42,384
Baidu Inc. ADRa		2,688		468,061

Security	Shares		Value
Bank of China Ltd. Class H		602,000	$	304,783
Bank of Communications Co. Ltd. Class H		70,000		55,820
Beijing Enterprises Holdings Ltd.		14,000		73,224
Beijing Enterprises Water Group Ltd.		84,000		60,058
Belle International Holdings Ltd.		56,000		38,596
Brilliance China Automotive Holdings Ltd.		84,000		132,020
Byd Co. Ltd. Class Hb		14,000		82,332
China CITIC Bank Corp. Ltd. Class H		378,000		259,549
China Communications Construction Co. Ltd. Class H		28,000		36,143
China Conch Venture Holdings Ltd.		7,000		13,869
China Construction Bank Corp. Class H		714,000		587,760
China Everbright Bank Co. Ltd. Class H		336,000		170,111
China Everbright International Ltd.		126,000		163,294
China Everbright Ltd.		28,000		55,549
China Galaxy Securities Co. Ltd. Class H		63,000		61,763
China Life Insurance Co. Ltd. Class H		56,000		170,616
China Longyuan Power Group Corp. Ltd.		126,000		108,105
China Medical System Holdings Ltd.		28,000		45,594
China Merchants Bank Co. Ltd. Class H		70,000		186,217
China Minsheng Banking Corp. Ltd. Class H		119,000		135,826
China Mobile Ltd.		42,000		463,153
China National Building Material Co. Ltd. Class H		84,000		61,249
China Oilfield Services Ltd. Class H		56,000		55,838
China Pacific Insurance Group Co. Ltd. Class H		33,600		123,147
China Petroleum & Chemical Corp. Class H		112,000		86,859
China Shenhua Energy Co. Ltd. Class H		35,000		73,224
China Southern Airlines Co. Ltd. Class H		56,000		36,432
China State Construction International Holdings Ltd.		28,000		45,810
China Vanke Co. Ltd. Class H		35,000		87,923
Chongqing Changan Automobile Co. Ltd. Class B		19,600		27,674

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2017

Security	Shares		Value
CNOOC Ltd.		84,000	$	99,340
CRRC Corp. Ltd. Class H		56,000		53,746
CSPC Pharmaceutical Group Ltd.		56,000		68,535
Ctrip.com International Ltd. ADRa		2,170		102,945
Dongfeng Motor Group Co. Ltd. Class H		56,000		66,443
Fosun International Ltd.		14,000		22,003
GCL-Poly Energy Holdings Ltd.a		294,000		40,147
Geely Automobile Holdings Ltd.		280,000		380,911
GF Securities Co. Ltd. Class H		14,000		30,841
Guangzhou Automobile Group Co. Ltd. Class H		140,000		234,823
Haier Electronics Group Co. Ltd.		28,000		51,510
Huaneng Renewables Corp. Ltd. Class H		280,000		95,228
Huatai Securities Co. Ltd. Class Hc		19,600		39,996
Industrial & Commercial Bank of China Ltd. Class H		798,000		523,265
JD.com Inc. ADRa		5,978		182,747
Kingsoft Corp. Ltd.		14,000		30,805
Lenovo Group Ltd.		252,000		151,282
Netease Inc. ADR		602		183,646
New Oriental Education & Technology Group Inc. ADRa		994		48,120
People’s Insurance Co. Group of China Ltd. (The) Class H		238,000		97,807
Ping An Insurance Group Co. of China Ltd. Class H		63,000		336,002
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		56,000		33,690
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		28,000		96,310
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		43,400		111,820
Shenzhou International Group Holdings Ltd.		14,000		83,685
SINA Corp./Chinaa		308		21,415
Sinopharm Group Co. Ltd. Class H		22,400		103,596
Sinotrans Ltd. Class H		84,000		38,091
SOHO China Ltd.		84,000		43,502
Sun Art Retail Group Ltd.		49,000		47,217
Tencent Holdings Ltd.		56,000		1,493,343
Tsingtao Brewery Co. Ltd. Class H		28,000		128,774
Weibo Corp. ADRa		658		33,242
Zhejiang Expressway Co. Ltd. Class H		28,000		31,490
				10,788,547

Security	Shares		Value
COLOMBIA — 0.64%
Cementos Argos SA		66,374	$	265,737
				265,737
CZECH REPUBLIC — 0.39%
Komercni Banka AS		4,438		160,059
				160,059
EGYPT — 0.16%
Global Telecom Holding SAE GDRa		35,742		67,195
				67,195
GREECE — 0.17%
Hellenic Telecommunications Organization SA		3,648		32,833
OPAP SA		4,060		36,627
				69,460
HUNGARY — 0.72%
MOL Hungarian Oil & Gas PLC		4,368		300,200
				300,200
INDIA — 8.10%
Axis Bank Ltd. GDRd		13,104		499,262
ICICI Bank Ltd. ADR		41,846		343,137
Infosys Ltd. ADR		48,006		726,811
Mahindra & Mahindra Ltd. GDR		21,812		425,334
Reliance Industries Ltd. GDRc		13,874		511,951
Tata Motors Ltd. ADR		9,282		311,782
Wipro Ltd. ADR		54,670		534,673
				3,352,950
INDONESIA — 2.35%
Astra International Tbk PT		229,600		141,176
Bank Central Asia Tbk PT		193,200		223,826
Bank Mandiri Persero Tbk PT		190,400		161,332
Bank Negara Indonesia Persero Tbk PT		95,200		44,616
Bank Rakyat Indonesia Persero Tbk PT		110,600		99,106
Kalbe Farma Tbk PT		424,200		48,667
Perusahaan Gas Negara Persero Tbk PT		204,400		43,375
Telekomunikasi Indonesia Persero Tbk PT		198,800		57,392
Unilever Indonesia Tbk PT		32,200		101,832
XL Axiata Tbk PTa		231,000		51,791
				973,113

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2017

Security	Shares		Value
MALAYSIA — 2.81%
Astro Malaysia Holdings Bhd		81,200	$	52,122
Axiata Group Bhd		53,200		53,080
CIMB Group Holdings Bhd		37,800		42,312
DiGi.Com Bhd		121,800		138,260
Malayan Banking Bhdb		63,000		122,027
Maxis Bhd		58,800		83,565
Petronas Dagangan Bhd		7,000		38,626
Public Bank Bhd		89,600		402,796
Sime Darby Bhd		113,400		228,843
				1,161,631
MEXICO — 3.15%
Arca Continental SAB de CV		23,800		133,935
Cemex SAB de CV CPOa		203,000		172,714
Coca-Cola Femsa SAB de CV Series L		40,600		267,956
Fomento Economico Mexicano SAB de CV		22,400		181,304
Grupo Financiero Banorte SAB de CV		40,600		202,769
Grupo Financiero Santander Mexico SAB de CV Series B		68,600		103,452
Industrias Penoles SAB de CV		4,550		108,630
Kimberly-Clark de Mexico SAB de CV Series A		71,400		135,281
				1,306,041
PHILIPPINES — 0.88%
Aboitiz Equity Ventures Inc.		26,600		38,908
Energy Development Corp.		644,000		75,667
Metro Pacific Investments Corp.		312,200		42,277
SM Prime Holdings Inc.		351,400		205,739
				362,591
POLAND — 1.08%
Bank Millennium SAa		15,806		26,549
Bank Zachodni WBK SA		714		61,731
KGHM Polska Miedz SA		9,800		311,352
mBank SAa		266		25,956
Polski Koncern Naftowy ORLEN SA		952		22,086
				447,674
QATAR — 0.66%
Commercial Bank QSC (The)		13,982		119,037
Ooredoo QSC		4,802		139,790
Qatar Gas Transport Co. Ltd.		2,228		14,410
				273,237

Security	Shares		Value
RUSSIA — 3.82%
Alrosa PJSC		62,400	$	98,774
Gazprom PJSC		94,640		213,828
Gazprom PJSC ADR		16,800		74,936
Inter RAO UES PJSC		1,285,199		87,302
Lukoil PJSC		3,430		181,225
Lukoil PJSC ADR		1,120		59,360
Magnit PJSC GDRd		2,604		94,942
Novatek PJSC GDRd		1,764		228,438
Rosneft Oil Co. PJSC		9,840		56,057
Rosneft Oil Co. PJSC GDR		3,780		21,433
RusHydro PJSC		8,456,000		139,191
Sberbank of Russia PJSC		73,710		197,254
Sberbank of Russia PJSC ADR		6,790		74,079
Tatneft PJSC Class S		9,380		54,704
				1,581,523
SOUTH AFRICA — 7.44%
Aspen Pharmacare Holdings Ltd.		3,584		77,645
Barclays Africa Group Ltd.		12,082		140,356
Coronation Fund Managers Ltd.		8,414		43,305
Exxaro Resources Ltd.		7,546		62,260
FirstRand Ltd.		24,024		91,321
Foschini Group Ltd. (The)		4,326		53,701
Gold Fields Ltd.		12,348		37,998
Imperial Holdings Ltd.		5,628		71,899
Investec Ltd.		29,638		208,916
Life Healthcare Group Holdings Ltd.		11,872		30,415
Massmart Holdings Ltd.		4,186		47,950
Mondi Ltd.		3,850		88,459
Mr. Price Group Ltd.		2,828		36,755
MTN Group Ltd.		13,230		121,164
Naspers Ltd. Class N		3,528		565,794
Nedbank Group Ltd.		5,936		111,187
Netcare Ltd.		58,996		143,431
New Europe Property Investments PLC		8,078		91,217
Pioneer Foods Group Ltd.		4,326		54,154
RMB Holdings Ltd.		16,016		77,643
Sanlam Ltd.		37,828		195,994
Sasol Ltd.		4,536		129,352
SPAR Group Ltd. (The)		154		2,102
Standard Bank Group Ltd.		23,898		261,654
Tiger Brands Ltd.		238		7,606
Tsogo Sun Holdings Ltd.		36,078		76,321
Vodacom Group Ltd.		13,636		154,531

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2017

Security	Shares		Value
Woolworths Holdings Ltd./South Africa		18,060	$	96,651
				3,079,781
SOUTH KOREA — 13.74%
AmorePacific Corp.		504		134,162
AmorePacific Group		924		106,230
BNK Financial Group Inc.		9,324		71,574
CJ CheilJedang Corp.		238		76,720
Coway Co. Ltd.		770		60,946
DGB Financial Group Inc.		13,286		122,197
Doosan Heavy Industries & Construction Co. Ltd.		1,876		40,730
GS Engineering & Construction Corp.a		1,106		29,148
GS Holdings Corp.		3,094		151,861
Hana Financial Group Inc.		2,478		77,249
Hankook Tire Co. Ltd.a		1,106		58,491
Hanwha Chemical Corp.		1,694		37,977
Hyosung Corp.		378		43,959
Hyundai Heavy Industries Co. Ltd.a		532		77,395
Kangwon Land Inc.a		3,010		94,100
KB Financial Group Inc.		2,688		111,490
LG Chem Ltd.		812		203,225
LG Corp.		2,590		143,844
LG Display Co. Ltd.		5,516		133,662
LG Electronics Inc.		2,408		127,348
LG Household & Health Care Ltd.		154		119,577
LG Innotek Co. Ltd.		1,022		108,459
NAVER Corp.		168		115,293
POSCO		1,092		273,785
S-Oil Corp.		1,946		148,693
Samsung C&T Corp.		518		56,347
Samsung Card Co. Ltd.		2,380		89,138
Samsung Electro-Mechanics Co. Ltd.		1,204		62,290
Samsung Electronics Co. Ltd.		1,078		1,832,338
Samsung Fire & Marine Insurance Co. Ltd.		588		132,602
Samsung SDI Co. Ltd.		938		107,010
Samsung SDS Co. Ltd.		322		37,020
Shinhan Financial Group Co. Ltd.		7,280		300,664
SK Holdings Co. Ltd.		378		72,876
SK Hynix Inc.		3,878		160,162
SK Innovation Co. Ltd.		476		65,038
SK Telecom Co. Ltd.		518		106,051
				5,689,651

Security	Shares		Value
TAIWAN — 12.01%
Acer Inc.		182,000	$	87,376
Advanced Semiconductor Engineering Inc.		140,000		173,841
Asia Pacific Telecom Co. Ltd.a		112,000		37,548
AU Optronics Corp.		140,000		55,593
Cathay Financial Holding Co. Ltd.		84,000		131,919
Chailease Holding Co. Ltd.		42,000		90,087
China Steel Corp.		252,000		211,616
Chunghwa Telecom Co. Ltd.		154,000		511,270
Delta Electronics Inc.		28,000		155,842
EVA Airways Corp.		98,700		48,991
Far Eastern New Century Corp.		154,000		137,842
Far EasTone Telecommunications Co. Ltd.		56,000		134,880
Fubon Financial Holding Co. Ltd.		42,000		68,010
Hiwin Technologies Corp.		14,040		89,568
Hon Hai Precision Industry Co. Ltd.		56,800		165,463
Hotai Motor Co. Ltd.		14,000		160,170
Innolux Corp.		112,000		45,568
Inventec Corp.		98,000		72,726
Lite-On Technology Corp.		56,039		93,935
MediaTek Inc.		14,000		102,072
Micro-Star International Co. Ltd.		28,000		64,797
President Chain Store Corp.		28,000		205,510
Siliconware Precision Industries Co. Ltd.		70,000		110,274
Taiwan Mobile Co. Ltd.		70,000		246,066
Taiwan Semiconductor Manufacturing Co. Ltd.		266,000		1,636,337
Vanguard International Semiconductor Corp.		28,000		55,319
Wistron Corp.		98,418		82,486
				4,975,106
THAILAND — 2.96%
Advanced Info Service PCL NVDR		15,400		73,679
BTS Group Holdings PCL NVDR		1,226,400		288,106
Kasikornbank PCL NVDR		30,800		168,976
Minor International PCL NVDR		172,200		168,966
PTT Exploration & Production PCL NVDR		16,800		44,761
PTT PCL NVDR		11,200		127,384
Siam Cement PCL (The) NVDR		16,800		248,351
Siam Commercial Bank PCL (The) NVDR		14,000		61,767

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2017

Security	Shares		Value
Thai Oil PCL NVDR		21,000	$	45,272
				1,227,262
TURKEY — 0.97%
Anadolu Efes Biracilik ve Malt Sanayii AS		9,114		49,746
Arcelik AS		35,644		205,162
Coca-Cola Icecek AS		7,070		68,330
KOC Holding AS		11,914		48,706
Ulker Biskuvi Sanayi AS		6,000		30,549
				402,493
UNITED ARAB EMIRATES — 0.61%
Abu Dhabi Commercial Bank PJSC		88,914		171,654
National Bank of Abu Dhabi PJSC		27,832		79,574
				251,228
TOTAL COMMON STOCKS
(Cost: $35,910,300)				39,117,087
PREFERRED STOCKS — 5.05%
BRAZIL — 3.70%
Banco Bradesco SA		35,000		375,988
Braskem SA Class A		4,200		43,647
Cia. Brasileira de Distribuicao		5,600		103,414
Cia. Energetica de Minas Gerais		43,400		149,131
Cia. Paranaense de Energia Class B		11,200		121,324
Gerdau SA		9,800		40,794
Itau Unibanco Holding SA		33,640		432,854
Itausa-Investimentos Itau SA		68,600		221,390
Telefonica Brasil SA		2,800		41,321
				1,529,863
CHILE — 0.28%
Sociedad Quimica y Minera de Chile SA Series B		3,724		117,001
				117,001
COLOMBIA — 0.10%
Bancolombia SA		4,466		41,720
				41,720
SOUTH KOREA — 0.97%
AmorePacific Corp.		252		37,329
LG Chem Ltd.		406		63,732
LG Household & Health Care Ltd.		84		42,195
Samsung Electronics Co. Ltd.		196		259,311
				402,567
TOTAL PREFERRED STOCKS
(Cost: $1,650,493)				2,091,151

Security	Shares		Value
RIGHTS — 0.00%
BRAZIL — 0.00%
Itausa – Investimentos Itau SAa		1,124	$	1,424
				1,424
TOTAL RIGHTS
(Cost: $0)				1,424
SHORT-TERM INVESTMENTS — 2.95%
MONEY MARKET FUNDS — 2.95%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%e,f,g		1,178,311		1,178,783
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%e,f		41,217		41,217
				1,220,000
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,219,832)				1,220,000
TOTAL INVESTMENTS IN SECURITIES — 102.46%
(Cost: $38,780,625)h				42,429,662
Other Assets, Less Liabilities — (2.46)%				(1,018,227	)
NET ASSETS — 100.00%			$	41,411,435

ADR — American Depositary Receipts

CPO — Certificates of Participation (Ordinary)

GDR — Global Depositary Receipts

NVDR — Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated money market fund.

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

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

^h  The cost of investments for federal income tax purposes was $38,785,402. Net unrealized appreciation was $3,644,260, of which $3,814,315 represented gross unrealized appreciation on securities and $170,055 represented gross unrealized depreciation on securities.

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	39,117,087	$	—	$	—	$	39,117,087
Preferred stocks		2,091,151		—		—		2,091,151
Rights		—		1,424		—		1,424
Money market funds		1,220,000		—		—		1,220,000
Total	$	42,428,238	$	1,424	$	—	$	42,429,662

See notes to financial statements.

SCHEDULES OF INVESTMENTS 17

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2017

	iShares Edge MSCI Multifactor Emerging Markets ETF			iShares MSCI EM ESG Optimized ETF
ASSETS
Investments, at cost:
Unaffiliated	$	28,290,761		$	37,560,793
Affiliated (Note 2)		3,434,243			1,219,832
Total cost of investments	$	31,725,004		$	38,780,625
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	32,351,035		$	41,209,662
Affiliated (Note 2)		3,614,158			1,220,000
Total fair value of investments		35,965,193			42,429,662
Foreign currency, at valueb		36,303			53,696
Cash		3,521			—
Receivables:
Investment securities sold		—			995,436
Due from custodian (Note 4)		354,649			—
Dividends and interest		118,341			120,486
Capital shares sold		1,002,207			—
Total Assets		37,480,214			43,599,280
LIABILITIES
Payables:
Investment securities purchased		1,357,043			995,009
Collateral for securities on loan (Note 1)		790,820			1,178,605
Foreign taxes (Note 1)		7			1
Investment advisory fees (Note 2)		9,786			14,230
Total Liabilities		2,157,656			2,187,845
NET ASSETS	$	35,322,558		$	41,411,435
Net assets consist of:
Paid-in capital	$	31,506,766		$	37,749,587
Undistributed net investment income		24,948			67,065
Accumulated net realized loss		(454,043	)		(61,390	)
Net unrealized appreciation		4,244,887			3,656,173
NET ASSETS	$	35,322,558		$	41,411,435
Shares outstandingc		900,000			700,000
Net asset value per share	$	39.25		$	59.16

^a  Securities on loan with values of $522,997 and $1,076,025, respectively. See Note 1.

^b  Cost of foreign currency: $35,867 and $53,045, respectively.

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

See notes to financial statements.

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2017

	iShares Edge MSCI Multifactor Emerging Markets ETF			iShares MSCI EM ESG Optimized ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	246,905		$	173,962
Dividends — affiliated (Note 2)		6,149			46
Interest — unaffiliated		—			3
Securities lending income — affiliated — net (Note 2)		3,733			1,758
		256,787			175,769
Less: Other foreign taxes (Note 1)		(1,484	)		(216	)
Total investment income		255,303			175,553
EXPENSES
Investment advisory fees (Note 2)		84,422			43,599
Total expenses		84,422			43,599
Less investment advisory fees waived (Note 2)		(18,923	)		—
Net expenses		65,499			43,599
Net investment income		189,804			131,954
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(354,051	)		(61,496	)
Investments — affiliated (Note 2)		49			10
Foreign currency transactions		(44	)		769
Realized gain distributions from affiliated funds		2			—
Net realized loss		(354,044	)		(60,717	)
Net change in unrealized appreciation/depreciation on:
Investments		1,990,718			3,071,238
Translation of assets and liabilities in foreign currencies		5,568			7,275
Net change in unrealized appreciation/depreciation		1,996,286			3,078,513
Net realized and unrealized gain		1,642,242			3,017,796
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,832,046		$	3,149,750

^a  Net of foreign withholding tax of $38,390 and $33,509, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 19

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Edge MSCI Multifactor Emerging Markets ETF						iShares MSCI EM ESG Optimized ETF
	Six months ended February 28, 2017 (Unaudited)			Period from December 8, 2015a to August 31, 2016			Six months ended February 28, 2017 (Unaudited)			Period from June 28, 2016a to August 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	189,804		$	422,570		$	131,954		$	31,368
Net realized loss		(354,044	)		(107,720	)		(60,717	)		(2,734	)
Net change in unrealized appreciation/depreciation		1,996,286			2,248,601			3,078,513			577,660
Net increase in net assets resulting from operations		1,832,046			2,563,451			3,149,750			606,294
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(478,985	)		(100,720	)		(94,196	)		—
Total distributions to shareholders		(478,985	)		(100,720	)		(94,196	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		4,000,513			27,506,253			32,710,503			5,039,084
Net increase in net assets from capital share transactions		4,000,513			27,506,253			32,710,503			5,039,084
INCREASE IN NET ASSETS		5,353,574			29,968,984			35,766,057			5,645,378
NET ASSETS
Beginning of period		29,968,984			—			5,645,378			—
End of period	$	35,322,558		$	29,968,984		$	41,411,435		$	5,645,378
Undistributed net investment income included in net assets at end of period	$	24,948		$	314,129		$	67,065		$	29,307
SHARES ISSUED
Shares sold		100,000			800,000			600,000			100,000
Net increase in shares outstanding		100,000			800,000			600,000			100,000

^a  Commencement of operations.

See notes to financial statements.

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Edge MSCI Multifactor Emerging Markets ETF

	Six months ended Feb. 28, 2017 (Unaudited)			Period from Dec. 8, 2015a to Aug. 31, 2016
Net asset value, beginning of period	$	37.46		$	33.82
Income from investment operations:
Net investment incomeb		0.24			1.27
Net realized and unrealized gainc		2.15			2.50
Total from investment operations		2.39			3.77
Less distributions from:
Net investment income		(0.60	)		(0.13	)
Total distributions		(0.60	)		(0.13	)
Net asset value, end of period	$	39.25		$	37.46
Total return		6.57	%d		11.16	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	35,323		$	29,969
Ratio of expenses to average net assetse		0.44	%		0.49	%
Ratio of expenses to average net assets prior to waived feese		0.57	%		0.65	%
Ratio of net investment income to average net assetse		1.27	%		4.91	%
Portfolio turnover ratef		26	%d		11	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended Feburary 28, 2017 and the period ended August 31, 2016 were 25% and 11%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 21

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI EM ESG Optimized ETF

	Six months ended Feb. 28, 2017 (Unaudited)			Period from June 28, 2016a to Aug. 31, 2016
Net asset value, beginning of period	$	56.45		$	50.37
Income from investment operations:
Net investment incomeb		0.38			0.31
Net realized and unrealized gainc		2.47			5.77
Total from investment operations		2.85			6.08
Less distributions from:
Net investment income		(0.14	)		—
Total distributions		(0.14	)		—
Net asset value, end of period	$	59.16		$	56.45
Total return		5.07	%d		12.09	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	41,411		$	5,645
Ratio of expenses to average net assetse		0.45	%		0.45	%
Ratio of net investment income to average net assetse		1.36	%		3.26	%
Portfolio turnover ratef		8	%d		9	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended Feburary 28, 2017 and the period ended August 31, 2016 were 8% and 9%, respectively. See Note 4.

See notes to financial statements.

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to 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
Edge MSCI Multifactor Emerging Markets	Non-diversified
MSCI EM ESG Optimized	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its 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.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

NOTES TO FINANCIAL STATEMENTS 23

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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 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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. 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 February 28, 2017 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 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 February 28, 2017, 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 an approved 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.

NOTES TO FINANCIAL STATEMENTS 25

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. 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.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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 February 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. 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 February 28, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Edge MSCI Multifactor Emerging Markets
Morgan Stanley & Co. LLC	$	522,997	$	522,997	$	—
MSCI EM ESG Optimized
Credit Suisse Securities (USA) LLC	$	1,067,309	$	1,067,309	$	—
Morgan Stanley & Co. International PLC		8,716		8,716		—
	$	1,076,025	$	1,076,025	$	—

^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 the Fund’s statement of assets and liabilities.

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).

For its investment advisory services to the iShares Edge MSCI Multifactor Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.45% based on the average daily net assets of the Fund. Prior to December 16, 2016, BFA was entitled to an annual investment advisory fee of 0.65% based on average daily net assets. In addition, the Fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2021 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds. For the six months ended February 28, 2017, BFA voluntarily waived a portion of its investment advisory fees for the Fund in the amount of $13,031. The voluntary waiver was discontinued effective December 16, 2016, and in conjunction with the annual investment advisory fee reduction from 0.65% to 0.45%.

For its investment advisory services to the iShares MSCI EM ESG Optimized ETF, BFA is entitled to an annual investment advisory fee of 0.45% based on the average daily net assets of the Fund.

The U.S. Securities and Exchange Commission (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 six months ended February 28, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Edge MSCI Multifactor Emerging Markets	$	714
MSCI EM ESG Optimized		477

NOTES TO FINANCIAL STATEMENTS 27

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

Cross 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 six months ended February 28, 2017, the purchase and sales transactions executed by the iShares Edge MSCI Multifactor Emerging Markets ETF pursuant to Rule 17a-7 under the 1940 Act were $777,286 and $73,142, 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.

Certain Funds, in order to improve their portfolio liquidity and their ability to track their underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s underlying index.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2017 were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Multifactor Emerging Markets	$	9,076,248	$	7,913,314
MSCI EM ESG Optimized		18,671,162		1,522,267

In-kind transactions (see Note 4) for the six months ended February 28, 2017 were as follows:

iShares ETF	In-kind Purchases
Edge MSCI Multifactor Emerging Markets	$	2,405,910
MSCI EM ESG Optimized		15,425,407

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

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

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

5. PRINCIPAL RISKS

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

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

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund 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 a 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.

Investing in the securities of non-U.S. issuers 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 a 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 economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. Responses to the financial problems by European governments, central banks and others, including austerity

NOTES TO FINANCIAL STATEMENTS 29

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

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 a fund 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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

6. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of August 31, 2016, the Funds’ fiscal year end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Edge MSCI Multifactor Emerging Markets	$	96,832
MSCI EM ESG Optimized		39

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.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. LINE OF CREDIT

The Funds, along with certain other iShares funds, are parties to a $250 million credit agreement with State Street Bank and Trust Company, which expires on October 25, 2017. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Funds did not borrow under the credit agreement during the six months ended February 28, 2017.

8. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 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-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Edge MSCI Multifactor Emerging Markets	$	0.526259	$	—	$	0.072472	$	0.598731		88	%		—	%		12	%		100	%
MSCI EM ESG Optimized		0.068742		—		0.076175		0.144917		47			—			53			100

32 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 33

Notes:

34 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-816-0217

Item 2. Code of Ethics.

Not applicable to this semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual filing.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

(b) Section 906 Certifications are attached.

SIGNATURES

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

iShares, Inc.
By:	/s/ Martin Small
	Martin Small, President (Principal Executive Officer)
Date: April 28, 2017

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/ Martin Small
	Martin Small, President (Principal Executive Officer)

Date: April 28, 2017

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

Date: April 28, 2017