UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of Registrant as specified in charter)

c/o: State Street Bank and Trust Company

1 Iron Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

351 West Camden Street, Baltimore, MD 21201

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2017

Date of reporting period: April 30, 2017

Item 1. Reports to Stockholders.

APRIL 30, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

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

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

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

^Ø  iShares Global High Yield Corporate Bond ETF  |  GHYG  |  BATS

* Effective June 1, 2017, the fund will change its name to iShares J.P. Morgan EM Corporate Bond ETF

** Effective June 1, 2017, the fund will change its name to iShares J.P. Morgan EM Local Currency Bond ETF

Table of Contents

Fund Performance Overviews	5
About Fund Performance	9
Shareholder Expenses	9
Schedules of Investments	10
iShares Emerging Markets Corporate Bond ETF	10
iShares Emerging Markets High Yield Bond ETF	19
iShares Emerging Markets Local Currency Bond ETF	29
iShares Global High Yield Corporate Bond ETF	33
Financial Statements	58
Financial Highlights	64
Notes to Financial Statements	68
Supplemental Information	79

Fund Performance Overview

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

Performance as of April 30, 2017

The iShares Emerging Markets Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market corporate bonds, as represented by the Morningstar^® Emerging Markets Corporate Bond Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended April 30, 2017, the total return for the Fund was 2.88%, net of fees, while the total return for the Index was 2.97%.

Special note: Effective June 1, 2017, the Fund will change its investment objective to track a new underlying index, the J.P. Morgan CEMBI Broad Diversified Core Index, and cease to track the Morningstar^® Emerging Markets Corporate Bond Index^SM. Concurrently, the Fund will change its name to iShares J.P. Morgan EM Corporate Bond ETF.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		8.24%		4.14%		8.63%		8.24%		4.14%		8.63%
5 Years		4.30%		4.30%		4.88%		23.40%		23.41%		26.88%
Since Inception		4.46%		4.51%		5.02%		24.56%		24.87%		27.98%

The inception date of the Fund was 4/17/12. The first day of secondary market trading was 4/19/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,028.80	$	2.52	$	1,000.00	$	1,022.30	$	2.51		0.50%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY CREDIT QUALITY As of 4/30/17

Moody’s Credit Rating ¹ Percentage of
Total Investments ²

Aaa	0.28	%
Aa	9.67
A	14.37
Baa	31.11
Ba	22.45
B	8.87
Caa	1.49
Not Rated	11.76
TOTAL	100.00	%

TEN LARGEST COUNTRIES As of 4/30/17

Country Percentage of
Total Investments ²

Brazil	16.47	%
Mexico	12.66
China	11.96
Russia	9.16
South Korea	7.00
India	5.55
Chile	4.58
United Arab Emirates	3.70
Turkey	3.60
Indonesia	2.79
TOTAL	77.47	%

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

²  Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

Performance as of April 30, 2017

The iShares Emerging Markets High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market high yield sovereign and corporate bonds, as represented by the Morningstar^® Emerging Markets High Yield Bond Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended April 30, 2017, the total return for the Fund was 4.39%, net of fees, while the total return for the Index was 4.66%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		12.25%		11.96%		13.08%		12.25%		11.96%		13.08%
5 Years		6.10%		5.96%		6.48%		34.48%		33.59%		36.88%
Since Inception		6.33%		6.37%		6.70%		36.57%		36.79%		38.99%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,043.90	$	2.53	$	1,000.00	$	1,022.30	$	2.51		0.50%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY CREDIT QUALITY As of 4/30/17

Moody’s Credit Rating ¹ Percentage of
Total Investments ²

Baa	13.39	%
Ba	45.03
B	22.16
Caa	7.37
Not Rated	12.05
TOTAL	100.00	%

TEN LARGEST COUNTRIES As of 4/30/17

Country Percentage of
Total Investments ²

Brazil	22.55	%
Turkey	11.18
Russia	10.24
Indonesia	9.33
Argentina	7.02
Venezuela	4.57
South Africa	3.91
Lebanon	3.55
Ukraine	2.28
Dominican Republic	2.02
TOTAL	76.65	%

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

²  Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

Performance as of April 30, 2017

The iShares Emerging Markets Local Currency Bond ETF (the “Fund”) seeks to track the investment results of an index composed of local currency denominated, emerging market sovereign bonds, as represented by the Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended April 30, 2017, the total return for the Fund was 1.06%, net of fees, while the total return for the Index was 1.30%.

Special note: Effective June 1, 2017, the Fund will change its investment objective to track a new underlying index, the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index, and cease to track the Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index. Concurrently, the Fund will change its name to iShares J.P. Morgan EM Local Currency Bond ETF.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		3.17%		3.51%		3.40%		3.17%		3.51%		3.40%
5 Years		(0.48)%		(0.69)%		(0.03)%		(2.39)%		(3.41)%		(0.15)%
Since Inception		0.31%		0.35%		0.72%		1.73%		1.97%		4.07%

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 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,010.60	$	2.49	$	1,000.00	$	1,022.30	$	2.51		0.50%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY CREDIT QUALITY As of 4/30/17

Moody’s Credit Rating 1	Percentage of Total  Investments  2
Aa		21.05	%
A		26.26
Baa		27.48
Ba		24.80
Not Rated		0.41
TOTAL		100.00	%

TEN LARGEST COUNTRIES As of 4/30/17

Country Percentage of
Total  Investments  ²

South Korea	20.97	%
Brazil	15.75
Mexico	6.88
Malaysia	4.67
Turkey	4.59
Indonesia	4.59
Israel	4.52
Philippines	4.50
Thailand	4.48
Colombia	4.46
TOTAL	75.41	%

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

²  Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

Performance as of April 30, 2017

The iShares Global High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar, euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® Global Developed Markets High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended April 30, 2017, the total return for the Fund was 4.48%, net of fees, while the total return for the Index was 4.50%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		8.95%		9.65%		9.14%		8.95%		9.65%		9.14%
5 Years		4.96%		4.81%		5.11%		27.39%		26.49%		28.32%
Since Inception		5.01%		5.07%		5.19%		28.18%		28.54%		29.30%

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,044.80	$	2.03	$	1,000.00	$	1,022.80	$	2.01		0.40%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY CREDIT QUALITY As of 4/30/17

Moody’s Credit Rating ¹ Percentage of
Total Investments ²

Baa	0.55	%
Ba	45.16
B	39.10
Caa	10.34
Ca	0.28
Not Rated	4.57
TOTAL	100.00	%

TEN LARGEST COUNTRIES As of 4/30/17

Country Percentage of
Total Investments ²

United States	65.65	%
United Kingdom	5.91
Italy	5.83
France	4.62
Canada	3.41
Luxembourg	3.31
Germany	3.30
Netherlands	1.98
Ireland	1.45
Spain	1.39
TOTAL	96.85	%

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

²  Excludes money market funds.

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 November 1, 2016 and held through April 30, 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 9

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 92.72%
ARGENTINA — 0.83%
YPF SA
8.50%, 03/23/21b	$	200	$	226,250
8.50%, 07/28/25b		125		141,406
8.75%, 04/04/24b		180		207,810
8.88%, 12/19/18b		35		37,881
				613,347
AZERBAIJAN — 0.57%
Southern Gas Corridor CJSC
6.88%, 03/24/26b		200		220,730
State Oil Co. of the Azerbaijan Republic
4.75%, 03/13/23b		200		198,074
				418,804
BARBADOS — 0.29%
Columbus Cable Barbados Ltd.
7.38%, 03/30/21 (Call 03/30/18)b		200		215,250
				215,250
BRAZIL — 15.35%
Banco Bradesco SA/Cayman Islands
5.75%, 03/01/22b		200		214,000
5.90%, 01/16/21b		100		106,580
Banco BTG Pactual SA/Cayman Islands
4.00%, 01/16/20b		200		191,000
Banco do Brasil SA/Cayman Islands
5.38%, 01/15/21b		200		209,362
5.88%, 01/26/22b		200		208,750
5.88%, 01/19/23b		200		208,000
Banco Votorantim SA
7.38%, 01/21/20b		100		107,250
Braskem Finance Ltd.
5.38%, 05/02/22b		200		205,567
BRF SA
3.95%, 05/22/23b		200		190,400
Caixa Economica Federal
3.50%, 11/07/22b		150		144,000
4.25%, 05/13/19b		150		152,625
VRN, (5 year CMT + 5.551%)
7.25%, 07/23/24 (Call 07/23/19)b		200		206,560

Security	Principal (000s)		Value
Centrais Eletricas Brasileiras SA
5.75%, 10/27/21b	$	200	$	204,800
6.88%, 07/30/19b		100		106,000
CSN Resources SA
6.50%, 07/21/20b		100		80,500
Embraer Netherlands Finance BV
5.05%, 06/15/25		100		103,000
5.40%, 02/01/27		150		156,000
Fibria Overseas Finance Ltd.
5.25%, 05/12/24		50		51,625
Gerdau Holdings Inc.
7.00%, 01/20/20b		100		109,200
Gerdau Trade Inc.
4.75%, 04/15/23b		200		197,860
GTL Trade Finance Inc.
5.89%, 04/29/24 (Call 01/29/24)b		150		152,850
Itau Unibanco Holding SA/Cayman Islands
5.13%, 05/13/23b		200		204,750
5.65%, 03/19/22b		200		211,252
5.75%, 01/22/21b		100		106,285
6.20%, 04/15/20b		300		320,928
6.20%, 12/21/21b,c		200		216,250
JBS Investments GmbH
7.25%, 04/03/24 (Call 04/03/19)b		200		209,250
7.75%, 10/28/20 (Call 10/28/17)b		200		209,690
JBS USA LUX SA/JBS USA Finance Inc.
7.25%, 06/01/21 (Call 05/29/17)b		100		102,750
Marfrig Holdings Europe BV
8.00%, 06/08/23 (Call 06/08/19)b		200		212,248
Minerva Luxembourg SA
6.50%, 09/20/26 (Call 09/20/21)b		200		198,498
Odebrecht Drilling Norbe VIII/IX Ltd.
6.35%, 06/30/22 (Call 06/30/20)b		144		86,658
Odebrecht Finance Ltd.
4.38%, 04/25/25b		200		89,750
Petrobras Global Finance BV
4.38%, 05/20/23		410		392,452
4.88%, 03/17/20		150		154,575
5.38%, 01/27/21		550		565,042
5.63%, 05/20/43		150		125,438
5.75%, 01/20/20		100		105,250

10 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
6.13%, 01/17/22c	$	200	$	209,570
6.25%, 03/17/24		225		232,762
6.75%, 01/27/41		145		136,663
6.85%, 06/05/15		125		111,313
6.88%, 01/20/40		175		167,125
7.25%, 03/17/44c		150		149,200
7.38%, 01/17/27c		200		215,060
8.38%, 05/23/21		600		679,500
8.75%, 05/23/26		325		378,950
Rio Oil Finance Trust Series 2014-1
9.25%, 07/06/24b,c		224		229,398
Vale Overseas Ltd.
4.38%, 01/11/22		425		435,497
4.63%, 09/15/20		75		78,469
5.88%, 06/10/21		200		216,000
6.25%, 08/10/26		200		218,560
6.88%, 11/21/36c		250		270,937
6.88%, 11/10/39		200		216,520
8.25%, 01/17/34		125		150,000
Vale SA
5.63%, 09/11/42		200		190,500
Votorantim Cimentos SA
7.25%, 04/05/41b		200		204,250
				11,307,269
CHILE — 4.43%
Banco del Estado de Chile
4.13%, 10/07/20b		150		158,635
Celulosa Arauco y Constitucion SA
4.50%, 08/01/24 (Call 05/01/24)		200		205,803
4.75%, 01/11/22 (Call 10/11/21)		37		38,687
Cencosud SA
5.15%, 02/12/25 (Call 11/12/24)b		200		211,046
5.50%, 01/20/21b		150		162,088
Colbun SA
4.50%, 07/10/24 (Call 04/11/24)b		200		206,055
Corp. Nacional del Cobre de Chile
3.00%, 07/17/22b		200		201,535
3.75%, 11/04/20b		100		104,994
4.25%, 07/17/42b		200		185,701
4.50%, 08/13/23b		200		214,793
4.50%, 09/16/25b		400		421,999
6.15%, 10/24/36b		100		117,065

Security	Principal (000s)		Value
Empresa Nacional de Telecomunicaciones SA
4.88%, 10/30/24b,c	$	200	$	207,781
Empresa Nacional del Petroleo
3.75%, 08/05/26b		200		196,096
Inversiones CMPC SA
4.75%, 09/15/24 (Call 06/15/24)b		200		208,051
Itau CorpBanca
3.88%, 09/22/19b		200		206,310
VTR Finance BV
6.88%, 01/15/24 (Call 01/15/19)b		200		212,500
				3,259,139
CHINA — 11.30%
Agile Group Holdings Ltd.
9.00%, 05/21/20 (Call 05/21/18)b		200		218,743
Alibaba Group Holding Ltd.
2.50%, 11/28/19 (Call 10/28/19)		200		201,013
3.13%, 11/28/21 (Call 09/28/21)		400		406,305
3.60%, 11/28/24 (Call 08/28/24)c		200		203,125
Amber Circle Funding Ltd.
3.25%, 12/04/22b		200		202,743
Azure Nova International Finance Ltd.
2.63%, 11/01/21b		200		195,657
Baidu Inc.
2.75%, 06/09/19		200		201,746
4.13%, 06/30/25		200		208,813
Bank of China Ltd./Hong Kong
3.88%, 06/30/25b		200		205,925
Bank of Communications Co. Ltd. VRN, (5 year CMT + 2.850%)
4.50%, 10/03/24 (Call 10/03/19)b		200		205,968
Beijing State-Owned Assets Management Hong Kong Co. Ltd.
4.13%, 05/26/25b		200		204,893
China Construction Bank Corp. VRN, (5 year CMT + 2.425%)
3.88%, 05/13/25 (Call 05/13/20)b		200		203,352
China Development Bank Corp.
2.50%, 10/09/20b		200		199,629
China Overseas Finance II Ltd.
5.50%, 11/10/20b		100		108,511
CITIC Ltd.
6.63%, 04/15/21b		100		113,505

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
CNOOC Finance 2012 Ltd.
5.00%, 05/02/42b	$	200	$	217,914
CNOOC Finance 2015 Australia Pty Ltd.
2.63%, 05/05/20		200		199,491
CNPC General Capital Ltd.
3.40%, 04/16/23b		200		203,039
COSCO Finance 2011 Ltd.
4.00%, 12/03/22b		200		208,077
Country Garden Holdings Co. Ltd.
7.25%, 04/04/21 (Call 10/04/17)b		200		209,630
7.50%, 03/09/20 (Call 03/09/18)b		200		213,240
Evergrande Real Estate Group Ltd.
8.75%, 10/30/18 (Call 05/30/17)b		200		207,400
Greenland Global Investment Ltd.
5.88%, 07/03/24b		200		205,750
Huarong Finance II Co. Ltd.
4.50%, 01/16/20b		200		206,212
5.50%, 01/16/25b		200		213,992
ICBCIL Finance Co. Ltd.
2.13%, 09/29/19b		200		196,932
Industrial & Commercial Bank of China Ltd.
1.88%, 07/14/19b		200		197,777
JD.com Inc.
3.88%, 04/29/26		200		197,566
Ping An Life Insurance Co. of China Ltd.
2.38%, 01/19/19b		200		200,129
Shanghai Pudong Development Bank
2.38%, 02/13/20b		200		199,357
Shimao Property Holdings Ltd.
8.13%, 01/22/21 (Call 01/22/18)b		200		214,760
Sino-Ocean Land Treasure Finance I Ltd.
4.63%, 07/30/19b		200		204,735
Sino-Ocean Land Treasure Finance II Ltd.
5.95%, 02/04/27b		200		214,381
Sinochem Overseas Capital Co. Ltd.
4.50%, 11/12/20b		100		105,504
Sinopec Group Overseas Development 2013 Ltd.
4.38%, 10/17/23b		200		212,686

Security	Principal (000s)		Value
Sinopec Group Overseas Development 2016 Ltd.
3.50%, 05/03/26b	$	200	$	197,539
State Grid Overseas Investment 2014 Ltd.
4.13%, 05/07/24b		200		211,684
Sunshine Life Insurance Corp. Ltd.
2.50%, 04/20/19b		200		197,392
Tencent Holdings Ltd.
2.88%, 02/11/20b		400		405,182
3.38%, 05/02/19b		200		204,221
				8,324,518
COLOMBIA — 2.65%
Banco de Bogota SA
5.38%, 02/19/23b		200		209,500
Bancolombia SA
5.13%, 09/11/22		200		208,500
6.13%, 07/26/20		75		81,116
Ecopetrol SA
4.13%, 01/16/25		300		290,100
5.38%, 06/26/26 (Call 03/26/26)		225		230,625
5.88%, 09/18/23		200		216,440
5.88%, 05/28/45		150		137,655
7.38%, 09/18/43		100		108,500
7.63%, 07/23/19		50		55,610
Grupo Aval Ltd.
4.75%, 09/26/22b		200		202,376
Millicom International Cellular SA
6.63%, 10/15/21 (Call 10/15/17)b		200		209,750
				1,950,172
INDIA — 4.82%
ABJA Investment Co. Pte Ltd.
5.95%, 07/31/24b		200		207,250
Adani Ports & Special Economic Zone Ltd.
3.50%, 07/29/20b		200		201,443
Axis Bank Ltd./Dubai
3.25%, 05/21/20b		200		201,955
Bharat Petroleum Corp. Ltd.
4.00%, 05/08/25b		200		203,405
Bharti Airtel International Netherlands BV
5.13%, 03/11/23b		400		421,383

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
ICICI Bank Ltd./Dubai
3.13%, 08/12/20b	$	200	$	201,345
3.50%, 03/18/20b		200		202,969
ICICI Bank Ltd./Hong Kong
5.75%, 11/16/20b		100		109,315
Indian Oil Corp. Ltd.
5.75%, 08/01/23b		200		224,944
NTPC Ltd.
4.38%, 11/26/24b		200		208,228
ONGC Videsh Ltd.
4.63%, 07/15/24b		200		210,871
Reliance Holdings USA Inc.
5.40%, 02/14/22b		250		273,650
Reliance Industries Ltd.
4.13%, 01/28/25b		250		256,176
State Bank of India/London
3.62%, 04/17/19b		200		204,026
Vedanta Resources PLC
7.13%, 05/31/23b		200		209,000
8.25%, 06/07/21b		200		217,540
				3,553,500
INDONESIA — 2.70%
Majapahit Holding BV
7.88%, 06/29/37b		225		288,562
8.00%, 08/07/19b		200		223,740
Pelabuhan Indonesia II PT
4.25%, 05/05/25b		200		201,060
Pertamina Persero PT
4.30%, 05/20/23b		200		205,768
4.88%, 05/03/22b		200		211,008
5.63%, 05/20/43b		200		205,896
6.00%, 05/03/42b		200		212,513
6.45%, 05/30/44b		200		225,611
Perusahaan Gas Negara Persero Tbk
5.13%, 05/16/24b		200		213,015
				1,987,173
ISRAEL — 2.33%
Israel Electric Corp. Ltd.
6.88%, 06/21/23b		200		237,160
7.25%, 01/15/19b,c		200		216,337
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/21		300		291,555

Security	Principal (000s)		Value
2.80%, 07/21/23	$	400	$	385,163
3.15%, 10/01/26		400		372,439
4.10%, 10/01/46		250		215,177
				1,717,831
JAMAICA — 0.76%
Digicel Group Ltd.
8.25%, 09/30/20 (Call 05/29/17)b		400		366,000
Digicel Ltd.
6.00%, 04/15/21 (Call 05/29/17)b		200		190,000
				556,000
KAZAKHSTAN — 1.54%
Development Bank of Kazakhstan JSC
4.13%, 12/10/22b		200		198,790
Kazakhstan Temir Zholy Finance BV
6.95%, 07/10/42b		200		210,759
Kazkommertsbank JSC
5.50%, 12/21/22 (Call 05/29/17)b		100		94,120
KazMunayGas National Co. JSC
6.38%, 04/09/21b		400		439,114
Tengizchevroil Finance Co. International Ltd.
4.00%, 08/15/26b		200		193,300
				1,136,083
KUWAIT — 0.56%
Equate Petrochemical BV
4.25%, 11/03/26b		200		203,518
Kuwait Projects Co.
5.00%, 03/15/23b		200		211,316
				414,834
MALAYSIA — 1.70%
Malayan Banking Bhd VRN, (5 year USD Swap + 2.542%)
3.91%, 10/29/26 (Call 10/29/21)b		200		202,515
Petronas Capital Ltd.
3.13%, 03/18/22b		200		202,574
3.50%, 03/18/25b		400		407,819
4.50%, 03/18/45b		200		210,218
5.25%, 08/12/19b		100		106,365
7.88%, 05/22/22b		100		123,164
				1,252,655
MEXICO — 12.23%
Alfa SAB de CV
5.25%, 03/25/24 (Call 12/25/23)b,c		200		211,500

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
America Movil SAB de CV
3.13%, 07/16/22	$	200	$	202,921
5.00%, 10/16/19		100		106,742
5.00%, 03/30/20		200		215,062
6.13%, 03/30/40		200		237,749
6.38%, 03/01/35		200		238,445
Banco Inbursa SA Institucion de Banca Multiple
4.13%, 06/06/24b		150		150,750
Banco Santander Mexico SA
4.13%, 11/09/22b		150		154,313
BBVA Bancomer SA/Texas
4.38%, 04/10/24b		150		154,688
6.75%, 09/30/22b		300		339,240
Cemex Finance LLC
6.00%, 04/01/24 (Call 04/01/19)b		200		211,500
Cemex SAB de CV
6.13%, 05/05/25 (Call 05/05/20)b		200		214,742
7.75%, 04/16/26 (Call 04/16/21)b		200		228,000
Coca-Cola FEMSA SAB de CV
3.88%, 11/26/23		150		155,954
4.63%, 02/15/20		100		105,704
Comision Federal de Electricidad
4.75%, 02/23/27b		200		201,750
4.88%, 01/15/24b		200		207,250
El Puerto de Liverpool SAB de CV
3.88%, 10/06/26b		200		193,900
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43		150		148,223
Grupo Bimbo SAB de CV
4.50%, 01/25/22b		100		105,565
4.88%, 06/27/44b		200		194,780
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		200		188,420
6.63%, 03/18/25		100		117,700
6.63%, 01/15/40		100		112,204
Mexichem SAB de CV
4.88%, 09/19/22b		200		211,000
Mexico City Airport Trust
4.25%, 10/31/26 (Call 07/31/26)b		200		202,000
Petroleos Mexicanos
3.50%, 07/18/18		100		101,570
3.50%, 07/23/20		100		101,370

Security	Principal (000s)		Value
3.50%, 01/30/23	$	75	$	71,595
4.25%, 01/15/25		225		218,815
4.50%, 01/23/26		150		145,500
4.63%, 09/21/23		100		100,580
4.88%, 01/24/22		175		180,687
4.88%, 01/18/24		40		40,460
5.38%, 03/13/22b		100		105,125
5.50%, 02/04/19		100		104,600
5.50%, 01/21/21		175		185,500
5.50%, 06/27/44		110		96,525
5.63%, 01/23/46		175		155,794
6.38%, 02/04/21		100		108,875
6.38%, 01/23/45		200		195,780
6.50%, 03/13/27b		200		216,500
6.50%, 06/02/41		240		240,360
6.63%, 06/15/35		125		130,000
6.63%, 06/15/38		25		25,563
6.75%, 09/21/47		225		228,667
6.88%, 08/04/26		250		279,375
8.00%, 05/03/19		60		66,300
Sigma Alimentos SA de CV
4.13%, 05/02/26 (Call 02/02/26)b		200		197,000
Southern Copper Corp.
5.25%, 11/08/42		100		97,556
5.88%, 04/23/45		150		158,006
7.50%, 07/27/35		200		244,690
Trust F/1401
5.25%, 01/30/26 (Call 10/30/25)b		400		405,000
				9,011,895
MOROCCO — 0.56%
OCP SA
4.50%, 10/22/25b		200		198,906
5.63%, 04/25/24b		200		213,300
				412,206
OMAN — 0.26%
Lamar Funding Ltd.
3.96%, 05/07/25b		200		191,000
				191,000
PANAMA — 0.27%
Global Bank Corp.
4.50%, 10/20/21b		200		200,100
				200,100

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
PERU — 1.10%
Banco de Credito del Peru/Panama
5.38%, 09/16/20b	$	100	$	109,250
BBVA Banco Continental SA
5.00%, 08/26/22b		150		161,445
Corp. Financiera de Desarrollo SA
4.75%, 07/15/25b		200		214,460
Lima Metro Line 2 Finance Ltd.
5.88%, 07/05/34b		200		213,700
Southern Copper Corp.
6.75%, 04/16/40		100		113,535
				812,390
PHILIPPINES — 0.17%
Power Sector Assets & Liabilities Management Corp.
7.39%, 12/02/24b		100		128,228
				128,228
QATAR — 2.51%
CBQ Finance Ltd.
3.25%, 06/13/21b		200		201,280
7.50%, 11/18/19b		100		111,269
Ooredoo International Finance Ltd.
3.25%, 02/21/23b		200		199,340
5.00%, 10/19/25b		400		437,200
Qatari Diar Finance QSC
5.00%, 07/21/20b		200		215,528
QNB Finance Ltd.
2.13%, 09/07/21b		200		194,569
2.88%, 04/29/20b		200		202,700
Ras Laffan Liquefied Natural Gas Co. Ltd. III
6.33%, 09/30/27b		250		290,000
				1,851,886
RUSSIA — 8.86%
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.70%, 08/07/18b		100		108,000
Alfa Bank AO Via Alfa Bond Issuance PLC
7.75%, 04/28/21b		200		227,965
ALROSA Finance SA
7.75%, 11/03/20b		200		228,230

Security	Principal (000s)		Value
Evraz Group SA
6.50%, 04/22/20b	$	200	$	213,750
8.25%, 01/28/21b		200		223,600
Gazprom Neft OAO Via GPN Capital SA
6.00%, 11/27/23b		200		216,500
Gazprom OAO Via Gaz Capital SA
3.85%, 02/06/20b		200		203,160
4.95%, 07/19/22b		200		208,308
4.95%, 02/06/28b		400		402,000
6.51%, 03/07/22b		100		111,306
7.29%, 08/16/37b		100		118,712
8.63%, 04/28/34b		50		66,100
9.25%, 04/23/19b		100		112,166
Gazprombank OJSC Via GPB Eurobond Finance PLC
4.96%, 09/05/19b		200		208,260
Lukoil International Finance BV
4.56%, 04/24/23b		200		205,460
6.13%, 11/09/20b		200		219,952
6.66%, 06/07/22b		120		135,000
7.25%, 11/05/19b		100		110,960
MMC Norilsk Nickel OJSC via MMC Finance DAC
5.55%, 10/28/20b		200		214,300
Novolipetsk Steel via Steel Funding DAC
4.50%, 06/15/23b		200		203,000
Polyus Gold International Ltd.
5.25%, 02/07/23b		200		204,000
5.63%, 04/29/20b		200		212,250
Rosneft Finance SA
7.25%, 02/02/20b		100		110,270
Russian Railways via RZD Capital PLC
3.45%, 10/06/20b		200		200,872
Sberbank of Russia Via SB Capital SA
5.13%, 10/29/22b		200		207,097
6.13%, 02/07/22b		200		219,000
VRN, (5 year CMT + 4.023%)
5.50%, 02/26/24 (Call 02/26/19)b		200		205,250
Severstal OAO Via Steel Capital SA
5.90%, 10/17/22b		200		218,750

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
VimpelCom Holdings BV
5.95%, 02/13/23b	$	200	$	212,602
7.50%, 03/01/22b		200		226,702
Vnesheconombank Via VEB Finance PLC
6.80%, 11/22/25b		100		111,634
6.90%, 07/09/20b		300		329,227
VTB Bank OJSC Via VTB Capital SA
6.55%, 10/13/20b		100		110,250
6.95%, 10/17/22b		200		218,000
				6,522,633
SOUTH AFRICA — 1.78%
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		100		103,300
Eskom Holdings SOC Ltd.
5.75%, 01/26/21b		200		200,750
6.75%, 08/06/23b		200		205,540
MTN Mauritius Investment Ltd.
4.76%, 11/11/24b		200		189,950
Myriad International Holdings BV
6.00%, 07/18/20b		200		216,000
Sasol Financing International Ltd.
4.50%, 11/14/22c		200		203,160
Transnet SOC Ltd.
4.00%, 07/26/22b		200		194,616
				1,313,316
SOUTH KOREA — 4.48%
Hyundai Capital America
2.00%, 07/01/19b,c		100		99,154
2.45%, 06/15/21b		100		98,408
2.50%, 03/18/19b		100		100,380
2.55%, 02/06/19b		100		100,455
3.00%, 10/30/20b		100		100,700
Kookmin Bank
2.13%, 10/21/20b		200		197,580
Korea Development Bank (The)
2.00%, 09/12/26		200		182,103
2.50%, 03/11/20		200		200,709
2.50%, 01/13/21		200		199,303
3.75%, 01/22/24		200		208,550
Korea Gas Corp.
3.50%, 07/21/25b		200		205,220
4.25%, 11/02/20b		100		105,460

Security	Principal (000s)		Value
Korea Hydro & Nuclear Power Co. Ltd.
3.00%, 09/19/22b	$	200	$	202,047
Korea National Oil Corp.
2.13%, 04/14/21b		200		196,058
3.25%, 10/01/25b		200		202,071
Korea Resources Corp.
2.25%, 04/19/21b		200		195,118
POSCO
4.25%, 10/28/20b		100		105,198
Shinhan Bank
2.25%, 04/15/20b		200		197,765
Woori Bank
2.63%, 07/20/21b		200		198,850
VRN, (5 year CMT + 3.328%)
5.00%, 06/10/45 (Call 06/10/20)b		200		203,758
				3,298,887
TAIWAN — 0.27%
Formosa Group Cayman Ltd.
3.38%, 04/22/25b		200		196,341
				196,341
THAILAND — 1.28%
Bangkok Bank PCL/Hong Kong
4.80%, 10/18/20b		100		106,541
5.00%, 10/03/23b		200		219,686
PTT Global Chemical PCL
4.25%, 09/19/22b		200		210,691
PTT PCL
3.38%, 10/25/22b		200		203,725
Thai Oil PCL
3.63%, 01/23/23b		200		205,199
				945,842
TRINIDAD AND TOBAGO — 0.28%
Consolidated Energy Finance SA
6.75%, 10/15/19 (Call 05/29/17)b		200		204,000
				204,000
TURKEY — 3.20%
Akbank TAS
5.00%, 10/24/22b		150		150,750
KOC Holding AS
3.50%, 04/24/20b		200		200,112
TC Ziraat Bankasi AS
4.75%, 04/29/21b		200		199,876

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Turk Telekomunikasyon AS
4.88%, 06/19/24b	$	200	$	197,246
Turkiye Garanti Bankasi AS
6.25%, 04/20/21b		200		212,440
Turkiye Halk Bankasi AS
4.75%, 02/11/21b		200		195,002
Turkiye Is Bankasi
5.00%, 04/30/20b		200		201,725
5.00%, 06/25/21b		200		200,000
5.38%, 10/06/21b		200		201,238
Turkiye Vakiflar Bankasi TAO VRN, (5 year USD Swap + 5.439%)
6.88%, 02/03/25 (Call 02/03/20)b		200		203,505
Yapi ve Kredi Bankasi AS
4.00%, 01/22/20b		200		197,505
5.50%, 12/06/22b		200		194,977
				2,354,376
UNITED ARAB EMIRATES — 3.58%
Abu Dhabi National Energy Co.
6.50%, 10/27/36b		100		121,790
7.25%, 08/01/18b		100		106,299
Abu Dhabi National Energy Co. PJSC
3.63%, 06/22/21b		200		204,260
3.63%, 01/12/23b		200		201,989
4.38%, 06/22/26b		200		205,516
ADCB Finance Cayman Ltd.
4.50%, 03/06/23b		200		206,725
Dolphin Energy Ltd.
5.50%, 12/15/21b		200		221,557
DP World Ltd.
6.85%, 07/02/37b		200		235,000
Dubai Electricity & Water Authority
7.38%, 10/21/20b		100		115,250
Emirates NBD PJSC
3.25%, 11/19/19b		200		203,758
Emirates Telecommunications Group Co. PJSC
2.38%, 06/18/19b		200		200,673
First Gulf Bank PJSC
3.25%, 01/14/19b		200		203,232
MAF Global Securities Ltd.
4.75%, 05/07/24b		200		210,097

Security	Principal (000s)		Value
National Bank of Abu Dhabi PJSC
2.25%, 02/11/20b	$	200	$	199,754
				2,635,900
UNITED STATES — 0.13%
Hyundai Capital America
2.75%, 09/27/26b		100		92,437
				92,437
VENEZUELA — 1.93%
Petroleos de Venezuela SA
5.38%, 04/12/27b		360		137,340
5.50%, 04/12/37b		150		57,375
6.00%, 05/16/24b		530		209,525
6.00%, 11/15/26b		445		169,767
8.50%, 10/27/20b		300		235,050
9.00%, 11/17/21b		285		150,110
9.75%, 05/17/35b		430		205,540
12.75%, 02/17/22b		410		255,184
				1,419,891
TOTAL CORPORATE BONDS & NOTES
(Cost: $67,024,570)				68,297,903
FOREIGN GOVERNMENT OBLIGATIONSa — 3.95%
BRAZIL — 0.57%
Banco Nacional de Desenvolvimento Economico e Social
4.00%, 04/14/19b		200		203,840
5.50%, 07/12/20b		100		105,750
6.50%, 06/10/19b		100		107,250
				416,840
CHINA — 0.27%
Export-Import Bank of China (The)
2.00%, 04/26/21b		200		195,253
				195,253
INDIA — 0.54%
Export-Import Bank of India
3.38%, 08/05/26b,c		200		192,454
4.00%, 01/14/23b		200		207,348
				399,802
SOUTH KOREA — 2.29%
Export-Import Bank of Korea
1.75%, 05/26/19		200		198,809
2.63%, 05/26/26		200		192,203

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2017

Security	Principal or Shares (000s)		Value
2.88%, 01/21/25	$	200	$	196,829
3.25%, 08/12/26		200		201,743
4.00%, 01/29/21		100		104,933
4.38%, 09/15/21		200		214,102
5.00%, 04/11/22c		200		220,485
5.13%, 06/29/20		100		107,949
Korea Housing Finance Corp.
2.50%, 11/15/20b		250		249,625
				1,686,678
TURKEY — 0.28%
Turkey Government International Bond
5.88%, 04/24/19b		200		208,906
				208,906
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $2,895,814)				2,907,479
SHORT-TERM INVESTMENTS — 5.30%
MONEY MARKET FUNDS — 5.30%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.13%d,e,f		2,588		2,588,569

Security	Shares (000s)		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%d,e		1,316	$	1,315,827
				3,904,396
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,903,842)				3,904,396
TOTAL INVESTMENTS IN SECURITIES — 101.97%
(Cost: $73,824,226)g				75,109,778
Other Assets, Less Liabilities — (1.97)%				(1,448,534	)
NET ASSETS — 100.00%			$	73,661,244

CMT  —  Constant Maturity Treasury

VRN  —  Variable Rate Note

^a  Investments are denominated in U.S. dollars.

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

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

^d  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 $73,843,964. Net unrealized appreciation was $1,265,814, of which $1,786,750 represented gross unrealized appreciation on securities and $520,936 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 April 30, 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:
Corporate bonds & notes	$	—	$	68,297,903	$	—	$	68,297,903
Foreign government obligations		—		2,907,479		—		2,907,479
Money market funds		3,904,396		—		—		3,904,396
Total	$	3,904,396	$	71,205,382	$	—	$	75,109,778

See notes to financial statements.

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 40.30%
ARGENTINA — 0.87%
YPF SA
8.50%, 03/23/21b	$	600	$	678,750
8.50%, 07/28/25b		385		435,531
8.75%, 04/04/24b		778		898,201
8.88%, 12/19/18b		187		202,390
				2,214,872
AZERBAIJAN — 0.42%
Southern Gas Corridor CJSC
6.88%, 03/24/26b		600		662,190
State Oil Co. of the Azerbaijan Republic
4.75%, 03/13/23b		400		396,147
				1,058,337
BARBADOS — 0.25%
Columbus Cable Barbados Ltd.
7.38%, 03/30/21 (Call 03/30/18)b		600		645,750
				645,750
BRAZIL — 16.65%
Banco Bradesco SA/Cayman Islands
5.75%, 03/01/22b		800		856,000
5.90%, 01/16/21		400		426,320
6.75%, 09/29/19b		200		215,540
Banco BTG Pactual SA/Cayman Islands
4.00%, 01/16/20b		600		573,000
5.75%, 09/28/22b		200		185,924
Banco do Brasil SA/Cayman Islands
3.88%, 10/10/22		800		774,000
5.38%, 01/15/21b		200		209,362
5.88%, 01/26/22b		400		417,500
5.88%, 01/19/23b		200		208,000
6.00%, 01/22/20b		200		213,500
Banco Votorantim SA
7.38%, 01/21/20b		100		107,250
Braskem Finance Ltd.
5.38%, 05/02/22b		200		205,567
5.75%, 04/15/21b		600		630,000
6.45%, 02/03/24		200		213,000
BRF SA
3.95%, 05/22/23b		200		190,400
4.75%, 05/22/24b		400		395,600

Security	Principal (000s)		Value
Caixa Economica Federal
3.50%, 11/07/22b	$	450	$	432,000
4.25%, 05/13/19b		700		712,250
VRN, (5 year CMT + 5.551%)
7.25%, 07/23/24 (Call 07/23/19)b		400		413,120
Centrais Eletricas Brasileiras SA
5.75%, 10/27/21b		400		409,600
6.88%, 07/30/19b		500		530,000
CSN Resources SA
6.50%, 07/21/20b		550		442,750
Embraer Netherlands Finance BV
5.05%, 06/15/25		420		432,600
Embraer Overseas Ltd.
5.70%, 09/16/23b		300		323,625
Fibria Overseas Finance Ltd.
5.25%, 05/12/24		200		206,500
Gerdau Trade Inc.
4.75%, 04/15/23b		600		593,580
GTL Trade Finance Inc.
5.89%, 04/29/24 (Call 01/29/24)b		450		458,550
7.25%, 04/16/44 (Call 10/16/43)b		200		198,750
Itau Unibanco Holding SA/Cayman Islands
5.13%, 05/13/23b		620		634,725
5.50%, 08/06/22b		600		627,750
5.65%, 03/19/22b		400		422,504
5.75%, 01/22/21b		700		743,995
6.20%, 04/15/20b		700		748,832
6.20%, 12/21/21b		800		865,000
JBS Investments GmbH
7.25%, 04/03/24 (Call 04/03/19)b		200		209,250
7.75%, 10/28/20 (Call 10/28/17)b		400		419,380
JBS USA LUX SA/JBS USA Finance Inc.
5.75%, 06/15/25 (Call 06/15/20)b		600		619,500
5.88%, 07/15/24 (Call 07/15/19)b		600		625,500
7.25%, 06/01/21 (Call 05/29/17)b		200		205,500
8.25%, 02/01/20 (Call 05/30/17)b		100		102,450
Marfrig Holdings Europe BV
8.00%, 06/08/23 (Call 06/08/19)b		600		636,744
Minerva Luxembourg SA
6.50%, 09/20/26 (Call 09/20/21)b		400		396,996
Odebrecht Drilling Norbe VIII/IX Ltd.
6.35%, 06/30/22b		393		235,950

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Odebrecht Finance Ltd.
4.38%, 04/25/25b	$	200	$	89,750
5.25%, 06/27/29b		200		87,375
7.13%, 06/26/42 (Call 12/26/41)b		400		180,000
Petrobras Global Finance BV
4.38%, 05/20/23		1,850		1,770,820
4.88%, 03/17/20		350		360,675
5.38%, 01/27/21		2,150		2,208,803
5.63%, 05/20/43		700		585,375
5.75%, 01/20/20		450		473,625
6.13%, 01/17/22		1,000		1,047,850
6.25%, 03/17/24		1,400		1,448,300
6.75%, 01/27/41		850		801,125
6.85%, 06/05/15		950		845,975
6.88%, 01/20/40		1,000		955,000
7.25%, 03/17/44		200		198,933
7.38%, 01/17/27		600		645,180
7.88%, 03/15/19		300		325,650
8.38%, 05/23/21		2,750		3,114,375
8.75%, 05/23/26		1,075		1,253,450
Rio Oil Finance Trust Series 2014-1
9.25%, 07/06/24b		671		688,194
Vale Overseas Ltd.
4.38%, 01/11/22		900		922,230
4.63%, 09/15/20		500		523,125
5.63%, 09/15/19		200		212,160
5.88%, 06/10/21		600		648,000
6.25%, 08/10/26		1,100		1,202,080
6.88%, 11/21/36		950		1,029,563
6.88%, 11/10/39		600		649,560
8.25%, 01/17/34		300		360,000
Vale SA
5.63%, 09/11/42		800		762,000
Votorantim Cimentos SA
7.25%, 04/05/41b		600		612,750
				42,470,287
CHILE — 0.25%
VTR Finance BV
6.88%, 01/15/24 (Call 01/15/19)b		600		637,500
				637,500
CHINA — 1.86%
Agile Group Holdings Ltd.
8.38%, 02/18/19 (Call 05/30/17)b		400		417,440

Security	Principal (000s)		Value
Country Garden Holdings Co. Ltd.
4.75%, 09/28/23 (Call 09/28/20)b	$	200	$	197,386
7.25%, 04/04/21 (Call 10/04/17)b		500		524,074
7.50%, 03/09/20 (Call 03/09/18)b		400		426,481
7.50%, 01/10/23 (Call 01/10/18)b		500		528,849
Evergrande Real Estate Group Ltd.
8.75%, 10/30/18 (Call 05/30/17)b		500		518,500
12.00%, 02/17/20 (Call 02/17/18)b		200		222,495
Fantasia Holdings Group Co. Ltd.
7.38%, 10/04/21 (Call 10/04/19)b		200		204,113
Greenland Global Investment Ltd.
5.88%, 07/03/24b		400		411,500
KWG Property Holding Ltd.
8.98%, 01/14/19 (Call 05/30/17)b		400		417,989
Shimao Property Holdings Ltd.
8.13%, 01/22/21 (Call 01/22/18)b		400		429,520
8.38%, 02/10/22 (Call 02/10/19)b		400		445,491
				4,743,838
COLOMBIA — 1.23%
Banco Davivienda SA
5.88%, 07/09/22b		200		215,700
Banco de Bogota SA
5.38%, 02/19/23b		200		209,500
6.25%, 05/12/26b		400		426,080
Bancolombia SA
5.13%, 09/11/22		600		625,500
6.13%, 07/26/20		400		432,620
Colombia Telecomunicaciones SA ESP
5.38%, 09/27/22 (Call 09/27/17)b		200		203,000
Grupo Aval Ltd.
4.75%, 09/26/22b		600		607,128
Millicom International Cellular SA
6.00%, 03/15/25 (Call 03/15/20)b		200		210,746
6.63%, 10/15/21 (Call 10/15/17)b		200		209,750
				3,140,024
COSTA RICA — 0.08%
Banco Nacional de Costa Rica
5.88%, 04/25/21b		200		206,144
				206,144
INDIA — 1.07%
ABJA Investment Co. Pte Ltd.
4.85%, 01/31/20b		200		205,760
5.95%, 07/31/24b		400		414,500

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Bank of India/London
6.25%, 02/16/21b	$	400	$	437,219
IDBI Bank Ltd.
3.75%, 01/25/19b		200		202,328
Vedanta Resources PLC
6.00%, 01/31/19b		400		414,000
6.38%, 07/30/22b		400		405,400
7.13%, 05/31/23b		200		209,000
8.25%, 06/07/21b		400		435,080
				2,723,287
INDONESIA — 2.77%
Majapahit Holding BV
7.75%, 01/20/20b		500		563,500
7.88%, 06/29/37b		300		384,750
8.00%, 08/07/19b		250		279,675
Pelabuhan Indonesia II PT
4.25%, 05/05/25b		400		402,120
5.38%, 05/05/45b		200		197,750
Pertamina Persero PT
4.30%, 05/20/23b		800		823,072
4.88%, 05/03/22b		600		633,023
5.25%, 05/23/21b		200		213,768
5.63%, 05/20/43b		800		823,583
6.00%, 05/03/42b		600		637,540
6.45%, 05/30/44b		600		676,832
Perusahaan Gas Negara Persero Tbk
5.13%, 05/16/24b		550		585,792
Perusahaan Listrik Negara PT
5.25%, 10/24/42b		200		199,500
5.50%, 11/22/21b		600		654,780
				7,075,685
JAMAICA — 0.79%
Digicel Group Ltd.
7.13%, 04/01/22 (Call 05/30/17)b		400		335,600
8.25%, 09/30/20 (Call 05/29/17)b		800		732,000
Digicel Ltd.
6.00%, 04/15/21 (Call 05/29/17)b		600		570,000
6.75%, 03/01/23 (Call 03/01/18)b		400		380,000
				2,017,600
KAZAKHSTAN — 1.19%
Halyk Savings Bank of Kazakhstan JSC
7.25%, 01/28/21b		600		655,858

Security	Principal (000s)		Value
Kazakhstan Temir Zholy Finance BV
6.95%, 07/10/42b	$	400	$	421,518
Kazkommertsbank JSC
5.50%, 12/21/22 (Call 05/29/17)b		350		329,420
KazMunaiGaz Finance Sub BV
9.13%, 07/02/18b		160		171,872
KazMunayGas National Co. JSC
5.75%, 04/30/43b		200		198,008
6.38%, 04/09/21b		400		439,114
7.00%, 05/05/20b		750		823,330
				3,039,120
MEXICO — 1.24%
BBVA Bancomer SA/Texas
7.25%, 04/22/20b		400		440,000
Cemex Finance LLC
6.00%, 04/01/24 (Call 04/01/19)b		800		846,000
9.38%, 10/12/22 (Call 10/12/17)b		300		322,875
Cemex SAB de CV
5.70%, 01/11/25 (Call 01/11/20)b		200		209,000
6.13%, 05/05/25 (Call 05/05/20)b		400		429,484
7.75%, 04/16/26 (Call 04/16/21)b		800		912,000
				3,159,359
RUSSIA — 4.08%
Alfa Bank AO Via Alfa Bond Issuance PLC
5.00%, 11/27/18b		200		206,755
7.50%, 09/26/19b		400		436,000
7.75%, 04/28/21b		700		797,877
ALROSA Finance SA
7.75%, 11/03/20b		400		456,461
Credit Bank of Moscow Via CBOM Finance PLC
5.88%, 11/07/21b		200		208,000
Evraz Group SA
6.50%, 04/22/20b		400		427,500
6.75%, 01/31/22b		400		428,000
8.25%, 01/28/21b		400		447,200
Gazprombank OAO Via GPB Eurobond Finance PLC VRN, (5 year CMT + 6.024%)
7.50%, 12/28/23 (Call 12/28/18)b		200		209,977
MMC Norilsk Nickel OJSC via MMC Finance DAC
5.55%, 10/28/20b		200		214,300
6.63%, 10/14/22b		600		675,840

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Novolipetsk Steel via Steel Funding DAC
4.50%, 06/15/23b	$	600	$	609,000
Polyus Gold International Ltd.
4.70%, 03/28/22b		400		401,548
5.25%, 02/07/23b		200		204,000
5.63%, 04/29/20b		200		212,250
Russian Agricultural Bank OJSC Via RSHB Capital SA
5.10%, 07/25/18b		200		206,000
Russian Railways via RZD Capital PLC
3.45%, 10/06/20b		200		200,872
Sberbank of Russia Via SB Capital SA
5.13%, 10/29/22b		800		828,387
SCF Capital Ltd.
5.38%, 06/16/23b		400		412,382
Severstal OAO Via Steel Capital SA
5.90%, 10/17/22b		400		437,500
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC
7.75%, 02/02/21b		200		226,290
VimpelCom Holdings BV
5.20%, 02/13/19b		400		413,920
5.95%, 02/13/23b		400		425,204
7.50%, 03/01/22b		600		680,106
VTB Bank OJSC Via VTB Capital SA
6.95%, 10/17/22b		600		654,000
				10,419,369
SOUTH AFRICA — 1.68%
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		200		206,600
5.38%, 04/15/20		300		315,900
Eskom Holdings SOC Ltd.
5.75%, 01/26/21b		600		602,250
6.75%, 08/06/23b		600		616,621
7.13%, 02/11/25b		860		884,496
Gold Fields Orogen Holding BVI Ltd.
4.88%, 10/07/20b		200		203,600
MTN Mauritius Investment Ltd.
4.76%, 11/11/24b		200		189,950
Myriad International Holdings BV
5.50%, 07/21/25 (Call 04/21/25)b		400		423,700
6.00%, 07/18/20b		600		648,000

Security	Principal (000s)		Value
Transnet SOC Ltd.
4.00%, 07/26/22b	$	200	$	194,616
				4,285,733
SOUTH KOREA — 0.32%
Woori Bank
4.75%, 04/30/24b		600		619,790
VRN, (5 year CMT + 3.328%)
5.00%, 06/10/45 (Call 06/10/20)b		200		203,758
				823,548
SRI LANKA — 0.08%
National Savings Bank
8.88%, 09/18/18b		200		212,554
				212,554
THAILAND — 0.16%
Krung Thai Bank PCL/Cayman Islands VRN, (5 year CMT + 3.535%)
5.20%, 12/26/24 (Call 12/26/19)b		400		413,845
				413,845
TRINIDAD AND TOBAGO — 0.21%
Consolidated Energy Finance SA
6.75%, 10/15/19 (Call 05/29/17)b		200		204,000
Petroleum Co. of Trinidad & Tobago Ltd.
9.75%, 08/14/19b		300		318,750
				522,750
TURKEY — 3.01%
Akbank TAS
4.00%, 01/24/20b		200		200,024
5.00%, 10/24/22b		150		150,750
5.13%, 03/31/25b		200		196,001
TC Ziraat Bankasi AS
4.25%, 07/03/19b		200		201,140
4.75%, 04/29/21b		200		199,876
Turkiye Garanti Bankasi AS
4.75%, 10/17/19b		600		614,323
5.25%, 09/13/22b		200		203,604
6.25%, 04/20/21b		200		212,440
Turkiye Halk Bankasi AS
3.88%, 02/05/20b		500		483,117
4.75%, 06/04/19b		200		199,532
4.75%, 02/11/21b		200		195,002
5.00%, 07/13/21b		200		196,000

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Turkiye Is Bankasi
3.75%, 10/10/18b	$	200	$	200,230
5.00%, 04/30/20b		400		403,450
5.00%, 06/25/21b		200		200,000
5.38%, 10/06/21b		600		603,714
5.50%, 04/21/19b		200		206,098
6.00%, 10/24/22b		200		199,854
Turkiye Is Bankasi AS
5.50%, 04/21/22b		400		401,200
Turkiye Vakiflar Bankasi TAO
5.50%, 10/27/21b		400		402,000
6.00%, 11/01/22b		200		198,868
VRN, (5 year USD Swap + 5.439%)
6.88%, 02/03/25 (Call 02/03/20)b		200		203,505
Yapi ve Kredi Bankasi AS
5.13%, 10/22/19b		800		812,432
5.25%, 12/03/18b		200		203,738
5.50%, 12/06/22b		400		389,954
5.75%, 02/24/22b		200		202,800
				7,679,652
UNITED KINGDOM — 0.16%
Sable International Finance Ltd.
6.88%, 08/01/22 (Call 08/01/18)b		200		214,560
Tullow Oil PLC
6.00%, 11/01/20 (Call 05/08/17)b		200		194,500
				409,060
VENEZUELA — 1.93%
Petroleos de Venezuela SA
5.38%, 04/12/27b		1,170		446,355
5.50%, 04/12/37b		595		227,588
6.00%, 05/16/24b		2,095		828,216
6.00%, 11/15/26b		1,600		610,400
8.50%, 10/27/20b		1,400		1,096,900
9.00%, 11/17/21b		795		418,726
9.75%, 05/17/35b		1,180		564,040
12.75%, 02/17/22b		1,175		731,320
				4,923,545
TOTAL CORPORATE BONDS & NOTES
(Cost: $100,331,037)				102,821,859

Security	Principal (000s)		Value
FOREIGN GOVERNMENT OBLIGATIONSa — 58.32%
ARGENTINA — 6.06%
Argentine Republic Government International Bond
2.50%, 12/31/38c	$	644	$	428,260
2.50%, 12/31/38c		1,285		854,525
5.63%, 01/26/22		1,300		1,353,950
6.25%, 04/22/19		1,200		1,273,200
6.63%, 07/06/28		450		460,350
6.88%, 04/22/21		1,550		1,695,700
6.88%, 01/26/27		1,700		1,796,050
7.13%, 07/06/36		850		860,200
7.50%, 04/22/26		2,750		3,012,625
7.63%, 04/22/46		1,050		1,117,725
8.28%, 12/31/33		477		532,704
8.28%, 12/31/33		533		584,454
8.28%, 12/31/33		1,331		1,486,872
				15,456,615
AZERBAIJAN — 0.25%
State Oil Co. of the Azerbaijan Republic
6.95%, 03/18/30b		600		649,500
				649,500
BAHRAIN — 1.56%
Bahrain Government International Bond
5.50%, 03/31/20b		200		209,981
5.88%, 01/26/21b		850		893,698
6.00%, 09/19/44b		400		351,600
6.13%, 07/05/22b		200		211,351
6.13%, 08/01/23b		800		846,202
7.00%, 01/26/26b		700		749,028
7.00%, 10/12/28b		700		727,237
				3,989,097
BRAZIL — 5.60%
Banco Nacional de Desenvolvimento Economico e Social
4.00%, 04/14/19b		400		407,680
5.50%, 07/12/20b		200		211,500
5.75%, 09/26/23b		300		319,650
6.50%, 06/10/19b		600		643,500

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Brazilian Government International Bond
2.63%, 01/05/23	$	1,200	$	1,120,500
4.25%, 01/07/25		2,320		2,314,200
4.88%, 01/22/21		880		932,800
5.00%, 01/27/45		1,500		1,359,375
5.63%, 01/07/41		950		943,682
5.63%, 02/21/47		600		594,000
5.88%, 01/15/19		900		961,785
6.00%, 04/07/26		1,300		1,425,450
7.13%, 01/20/37		950		1,102,000
8.25%, 01/20/34		350		444,518
8.75%, 02/04/25		500		640,000
8.88%, 10/14/19		300		348,450
8.88%, 04/15/24		150		189,375
10.13%, 05/15/27		225		324,563
				14,283,028
COSTA RICA — 0.62%
Costa Rica Government International Bond
4.25%, 01/26/23b		200		194,250
4.38%, 04/30/25b		400		381,984
5.63%, 04/30/43b		200		180,464
7.00%, 04/04/44b		400		412,816
7.16%, 03/12/45b		400		416,000
				1,585,514
CROATIA — 1.41%
Croatia Government International Bond
5.50%, 04/04/23b		600		651,300
6.00%, 01/26/24b		600		667,920
6.38%, 03/24/21b		1,000		1,106,070
6.63%, 07/14/20b		670		737,588
6.75%, 11/05/19b		400		435,640
				3,598,518
DOMINICAN REPUBLIC — 1.99%
Dominican Republic International Bond
5.50%, 01/27/25b		300		310,995
5.88%, 04/18/24b		300		319,542
5.95%, 01/25/27b		200		209,348
6.60%, 01/28/24b		600		663,000
6.85%, 01/27/45b		790		840,363

Security	Principal (000s)		Value
6.88%, 01/29/26b	$	1,100	$	1,226,962
7.45%, 04/30/44b		750		850,312
7.50%, 05/06/21b		600		666,000
				5,086,522
ECUADOR — 1.20%
Ecuador Government International Bond
7.95%, 06/20/24b		865		826,075
9.65%, 12/13/26b		600		610,500
10.50%, 03/24/20b		400		428,000
10.75%, 03/28/22b		1,100		1,193,500
				3,058,075
EGYPT — 1.20%
Egypt Government International Bond
5.75%, 04/29/20b		360		374,256
5.88%, 06/11/25b		600		591,924
6.13%, 01/31/22b		800		831,800
6.88%, 04/30/40b		300		284,700
7.50%, 01/31/27b		400		431,160
8.50%, 01/31/47b		500		544,125
				3,057,965
EL SALVADOR — 0.89%
El Salvador Government International Bond
5.88%, 01/30/25b		450		402,750
6.38%, 01/18/27b		300		267,750
7.38%, 12/01/19b		250		251,250
7.63%, 02/01/41b		300		269,250
7.65%, 06/15/35b		680		618,800
7.75%, 01/24/23b		275		277,063
8.25%, 04/10/32b		200		193,000
				2,279,863
GHANA — 0.73%
Ghana Government International Bond
7.88%, 08/07/23b		800		792,400
8.13%, 01/18/26b		400		394,920
9.25%, 09/15/22b		400		423,840
10.75%, 10/14/30b		200		241,300
				1,852,460
GUATEMALA — 0.37%
Guatemala Government Bond
4.50%, 05/03/26b		400		405,240

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)		Value
4.88%, 02/13/28b	$	100	$	103,752
5.75%, 06/06/22b		400		439,924
				948,916
INDONESIA — 6.43%
Indonesia Government International Bond
3.38%, 04/15/23b		400		400,602
3.70%, 01/08/22b		200		205,224
3.75%, 04/25/22b		1,000		1,026,533
4.13%, 01/15/25b		1,000		1,030,098
4.35%, 01/08/27b		1,100		1,147,843
4.63%, 04/15/43b		400		406,506
4.75%, 01/08/26b		1,400		1,499,819
4.88%, 05/05/21b		1,092		1,173,785
5.13%, 01/15/45b		800		848,886
5.25%, 01/17/42b		800		862,132
5.25%, 01/08/47b		600		644,291
5.38%, 10/17/23b		200		222,654
5.88%, 03/13/20b		946		1,032,720
5.88%, 01/15/24b		600		683,807
5.95%, 01/08/46b		600		706,869
6.63%, 02/17/37b		640		784,840
6.75%, 01/15/44b		900		1,154,910
7.75%, 01/17/38b		750		1,031,648
8.50%, 10/12/35b		700		1,003,159
11.63%, 03/04/19b		450		529,200
				16,395,526
IVORY COAST — 0.31%
Ivory Coast Government International Bond
5.38%, 07/23/24b		400		389,458
6.38%, 03/03/28b		400		402,112
				791,570
JAMAICA — 0.74%
Jamaica Government International Bond
6.75%, 04/28/28		600		670,494
7.63%, 07/09/25		200		231,276
7.88%, 07/28/45		400		463,536
8.00%, 03/15/39		443		514,748
				1,880,054

Security	Principal (000s)		Value
JORDAN — 0.24%
Jordan Government International Bond
5.75%, 01/31/27b	$	400	$	395,128
6.13%, 01/29/26b		200		204,320
				599,448
LEBANON — 3.50%
Lebanese Republic
6.85%, 05/25/29		400		406,080
Lebanon Government International Bond
5.15%, 11/12/18b		150		152,039
5.45%, 11/28/19b		300		305,478
5.50%, 04/23/19		200		203,920
5.80%, 04/14/20b		700		713,580
6.00%, 05/20/19b		300		308,490
6.00%, 01/27/23b		300		306,657
6.10%, 10/04/22b		500		512,940
6.15%, 06/19/20		100		103,000
6.20%, 02/26/25b		300		299,079
6.25%, 05/27/22		300		309,060
6.25%, 11/04/24b		475		476,862
6.38%, 03/09/20		700		723,100
6.40%, 05/26/23		600		618,120
6.60%, 11/27/26b		300		303,090
6.65%, 04/22/24b		640		661,062
6.65%, 11/03/28b		350		351,540
6.65%, 02/26/30b		500		501,410
6.75%, 11/29/27b		617		623,775
7.05%, 11/02/35b		100		100,190
8.25%, 04/12/21b		850		942,106
				8,921,578
MOROCCO — 0.41%
Morocco Government International Bond
4.25%, 12/11/22b		800		832,128
5.50%, 12/11/42b		200		216,800
				1,048,928
NIGERIA — 0.58%
Nigeria Government International Bond
5.13%, 07/12/18b		200		202,799
6.38%, 07/12/23b		400		412,440

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)		Value
7.88%, 02/16/32b	$	800	$	868,800
				1,484,039
PAKISTAN — 0.45%
Pakistan Government International Bond
7.25%, 04/15/19b		400		423,200
8.25%, 04/15/24b		450		500,801
8.25%, 09/30/25b		200		224,544
				1,148,545
RUSSIA — 6.02%
Russian Foreign Bond-Eurobond
3.50%, 01/16/19b		800		820,400
4.50%, 04/04/22b		1,200		1,284,096
4.88%, 09/16/23b		1,400		1,517,572
5.00%, 04/29/20b		1,600		1,709,894
5.63%, 04/04/42b		1,000		1,113,698
5.88%, 09/16/43b		800		924,000
7.50%, 03/31/30b,c		4,917		5,927,905
11.00%, 07/24/18b		500		557,202
12.75%, 06/24/28b		850		1,507,111
				15,361,878
SENEGAL — 0.09%
Senegal Government International Bond
8.75%, 05/13/21b		200		228,790
				228,790
SERBIA — 0.82%
Serbia International Bond
4.88%, 02/25/20b		700		729,750
5.88%, 12/03/18b		200		210,407
7.25%, 09/28/21b		1,000		1,151,500
				2,091,657
SOUTH AFRICA — 2.17%
Republic of South Africa Government International Bond
4.67%, 01/17/24		1,400		1,414,902
4.88%, 04/14/26		1,400		1,411,351
5.00%, 10/12/46		600		567,372
5.50%, 03/09/20		1,400		1,485,971
6.25%, 03/08/41		600		662,484
				5,542,080

Security	Principal (000s)		Value
SRI LANKA — 1.51%
Sri Lanka Government International Bond
5.13%, 04/11/19b	$	200	$	205,000
5.75%, 01/18/22b		600		620,303
5.88%, 07/25/22b		1,209		1,251,363
6.00%, 01/14/19b		400		414,400
6.13%, 06/03/25b		200		203,711
6.25%, 10/04/20b		300		317,862
6.25%, 07/27/21b		200		212,008
6.83%, 07/18/26b		400		420,038
6.85%, 11/03/25b		200		210,518
				3,855,203
TURKEY — 8.02%
Export Credit Bank of Turkey
5.00%, 09/23/21b		200		202,500
5.38%, 02/08/21b		400		411,546
Turkey Government International Bond
3.25%, 03/23/23		400		375,200
4.25%, 04/14/26		600		569,980
4.88%, 10/09/26		1,400		1,386,000
4.88%, 04/16/43		1,100		994,125
5.13%, 03/25/22		600		621,350
5.63%, 03/30/21		450		476,883
5.75%, 03/22/24		1,300		1,378,801
5.88%, 04/24/19b		400		417,812
6.00%, 03/25/27		1,400		1,498,000
6.00%, 01/14/41		1,600		1,658,560
6.25%, 09/26/22		800		869,290
6.63%, 02/17/45		950		1,064,661
6.75%, 05/30/40		725		816,364
6.88%, 03/17/36		1,220		1,382,565
7.00%, 03/11/19		800		856,000
7.00%, 06/05/20		1,400		1,540,420
7.25%, 03/05/38		200		236,670
7.38%, 02/05/25		1,070		1,241,318
7.50%, 11/07/19		400		440,520
8.00%, 02/14/34		400		499,984
8.00%, 02/14/34		263		328,739
11.88%, 01/15/30		750		1,195,825
				20,463,113

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)		Value
UKRAINE — 2.25%
Ukraine Government International Bond
7.75%, 09/01/19b	$	800	$	816,032
7.75%, 09/01/20b		540		544,072
7.75%, 09/01/21b		850		847,382
7.75%, 09/01/22b		400		390,116
7.75%, 09/01/23b		675		651,847
7.75%, 09/01/24b		563		535,785
7.75%, 09/01/25b		505		478,992
7.75%, 09/01/26b		760		711,512
7.75%, 09/01/27b		400		375,000
Ukreximbank Via Biz Finance PLC
9.75%, 01/22/25b		400		399,000
				5,749,738
VENEZUELA — 2.57%
Venezuela Government International Bond
6.00%, 12/09/20b		430		222,181
7.00%, 12/01/18b		500		351,850
7.00%, 03/31/38b		500		225,850
7.65%, 04/21/25b		508		234,544
7.75%, 10/13/19b		899		540,928
8.25%, 10/13/24b		900		427,590
9.00%, 05/07/23b		937		466,345
9.25%, 09/15/27		1,690		902,122
9.25%, 05/07/28b		1,040		495,768
9.38%, 01/13/34		510		247,503
11.75%, 10/21/26b		985		570,020
11.95%, 08/05/31b		1,720		993,300
12.75%, 08/23/22b		1,075		661,447
13.63%, 08/15/18		265		225,250
				6,564,698
VIETNAM — 0.33%
Vietnam Government International Bond
4.80%, 11/19/24b		400		410,632
6.75%, 01/29/20b		400		436,989
				847,621
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $146,489,298)				148,820,539

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 0.86%
MONEY MARKET FUNDS — 0.86%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%d,e		2,195	$	2,195,268
				2,195,268
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,195,268)				2,195,268
TOTAL INVESTMENTS IN SECURITIES — 99.48%
(Cost: $249,015,603)f				253,837,666
Other Assets, Less Liabilities — 0.52%				1,319,455
NET ASSETS — 100.00%			$	255,157,121

CMT  —  Constant Maturity Treasury

VRN  —  Variable Rate Note

^a  Investments are denominated in U.S. dollars.

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

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

^d  Affiliated money market fund.

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

^f  The cost of investments for federal income tax purposes was $249,173,538. Net unrealized appreciation was $4,664,128, of which $6,195,029 represented gross unrealized appreciation on securities and $1,530,901 represented gross unrealized depreciation on securities.

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 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 April 30, 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:
Corporate bonds & notes	$	—	$	102,821,859	$	—	$	102,821,859
Foreign government obligations		—		148,820,539		—		148,820,539
Money market funds		2,195,268		—		—		2,195,268
Total	$	2,195,268	$	251,642,398	$	—	$	253,837,666

See notes to financial statements.

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

April 30, 2017

Security		Principal (000s)		Value
FOREIGN GOVERNMENT OBLIGATIONS — 94.53%
BRAZIL — 14.89%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/17	BRL		15,032	$	4,617,076
0.00%, 01/01/18	BRL		14,048		4,133,423
0.00%, 07/01/18	BRL		16,070		4,532,027
0.00%, 01/01/19	BRL		17,257		4,650,507
0.00%, 07/01/20	BRL		13,000		3,014,702
Brazil Notas do Tesouro Nacional
Series F
10.00%, 01/01/18	BRL		389		122,069
10.00%, 01/01/19	BRL		9,197		2,906,907
10.00%, 01/01/21	BRL		11,148		3,498,040
10.00%, 01/01/23	BRL		10,702		3,333,187
10.00%, 01/01/25	BRL		9,769		3,020,999
10.00%, 01/01/27	BRL		5,466		1,683,198
Brazilian Government International Bond
8.50%, 01/05/24	BRL		500		150,056
10.25%, 01/10/28	BRL		1,420		452,795
12.50%, 01/05/22	BRL		1,633		567,297
					36,682,283
CHILE — 0.33%
Bonos del Banco Central de Chile en Pesos
4.50%, 04/01/20	CLP		150,000		233,406
4.50%, 06/01/20	CLP		105,000		163,453
6.00%, 02/01/21	CLP		140,000		229,189
Chile Government International Bond
5.50%, 08/05/20	CLP		123,000		195,437
					821,485
COLOMBIA — 4.22%
Colombia Government International Bond
7.75%, 04/14/21	COP		496,000		180,667
9.85%, 06/28/27	COP		2,058,000		915,505
Colombian TES
5.00%, 11/21/18	COP		1,300,000		436,928
6.00%, 04/28/28	COP		1,975,000		644,173
7.00%, 09/11/19	COP		2,508,000		873,049

Security		Principal (000s)		Value
7.00%, 05/04/22	COP		4,640,000	$	1,650,013
7.50%, 08/26/26	COP		6,080,800		2,241,223
7.75%, 09/18/30	COP		980,000		369,180
10.00%, 07/24/24	COP		3,561,000		1,475,680
11.00%, 07/24/20	COP		2,525,300		984,548
11.25%, 10/24/18	COP		1,681,200		613,447
					10,384,413
CZECH REPUBLIC — 4.02%
Czech Republic Government Bond
1.50%, 10/29/19a	CZK		48,990		2,061,093
3.75%, 09/12/20a	CZK		10,840		495,458
3.85%, 09/29/21a	CZK		3,810		180,094
4.20%, 12/04/36a	CZK		11,620		683,570
4.60%, 08/18/18a	CZK		3,600		155,265
4.70%, 09/12/22a	CZK		44,030		2,216,605
5.00%, 04/11/19a	CZK		14,330		638,903
5.70%, 05/25/24a	CZK		62,810		3,484,415
					9,915,403
HUNGARY — 2.72%
Hungary Government Bond
2.50%, 10/27/21	HUF		353,000		1,279,427
3.50%, 06/24/20	HUF		99,630		375,701
5.50%, 06/24/25	HUF		329,380		1,346,793
6.00%, 11/24/23	HUF		58,850		247,251
7.00%, 06/24/22	HUF		406,160		1,760,870
7.50%, 11/12/20	HUF		396,400		1,687,714
					6,697,756
INDONESIA — 4.34%
Indonesia Treasury Bond
5.63%, 05/15/23	IDR		7,286,000		509,736
6.63%, 05/15/33	IDR		2,000,000		136,006
7.00%, 05/15/22	IDR		14,846,000		1,128,893
7.88%, 04/15/19	IDR		18,697,000		1,437,308
8.25%, 06/15/32	IDR		4,538,000		359,349
8.38%, 03/15/24	IDR		13,138,000		1,058,304
8.38%, 09/15/26	IDR		6,000,000		489,746
8.38%, 03/15/34	IDR		14,574,000		1,162,541
8.75%, 02/15/44	IDR		2,000,000		162,777
9.00%, 03/15/29	IDR		4,000,000		335,818
9.50%, 07/15/31	IDR		13,698,000		1,193,902
10.00%, 09/15/24	IDR		3,560,000		310,427
10.00%, 02/15/28	IDR		9,815,000		880,869

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

April 30, 2017

Security		Principal (000s)		Value
10.50%, 07/15/38	IDR		4,860,000	$	462,026
11.00%, 11/15/20	IDR		1,748,000		148,666
11.00%, 09/15/25	IDR		8,485,000		787,102
Perusahaan Penerbit SBSN Indonesia
7.75%, 01/25/18	IDR		1,590,000		120,766
					10,684,236
ISRAEL — 4.27%
Israel Government Bond – Fixed
0.50%, 10/31/18	ILS		8,900		2,466,830
1.75%, 08/31/25	ILS		4,970		1,350,024
2.25%, 05/31/19	ILS		4,169		1,196,756
4.25%, 03/31/23	ILS		5,503		1,768,212
5.00%, 01/31/20	ILS		759		235,216
5.50%, 01/31/42	ILS		3,246		1,219,610
6.00%, 02/28/19	ILS		3,872		1,180,340
6.25%, 10/30/26	ILS		2,950		1,108,230
					10,525,218
MALAYSIA — 4.42%
Malaysia Government Bond
3.26%, 03/01/18	MYR		9,719		2,240,811
3.48%, 03/15/23	MYR		859		193,442
3.49%, 03/31/20	MYR		1,773		407,757
3.50%, 05/31/27	MYR		3,404		728,735
3.89%, 03/15/27	MYR		1,775		395,750
4.01%, 09/15/17	MYR		2,809		649,247
4.05%, 09/30/21	MYR		2,520		587,542
4.13%, 04/15/32	MYR		1,776		388,883
4.39%, 04/15/26	MYR		4,964		1,160,531
4.50%, 04/15/30	MYR		840		194,477
4.94%, 09/30/43	MYR		3,095		723,614
5.73%, 07/30/19	MYR		4,418		1,067,658
Malaysia Government Investment Issue
4.17%, 04/30/21	MYR		3,978		925,314
4.44%, 05/22/24	MYR		5,175		1,216,822
					10,880,583
MEXICO — 6.50%
Mexican Bonos
5.75%, 03/05/26	MXN		7,332		350,919
6.50%, 06/09/22	MXN		16,799		863,038
7.50%, 06/03/27	MXN		83,641		4,491,918

Security		Principal (000s)		Value
7.75%, 12/14/17	MXN		10,530	$	558,028
7.75%, 05/29/31	MXN		10,369		560,866
7.75%, 11/13/42	MXN		19,411		1,038,821
8.00%, 06/11/20	MXN		8,542		462,260
8.00%, 12/07/23	MXN		9,446		521,079
8.50%, 12/13/18	MXN		98,106		5,299,563
8.50%, 11/18/38	MXN		6,451		372,094
10.00%, 12/05/24	MXN		24,207		1,488,689
10.00%, 11/20/36	MXN		97		6,351
					16,013,626
PERU — 1.67%
Peru Government Bond
5.70%, 08/12/24	PEN		1,545		486,905
6.35%, 08/12/28	PEN		4,200		1,339,806
6.85%, 02/12/42	PEN		2,310		749,300
6.90%, 08/12/37	PEN		2,481		825,548
8.20%, 08/12/26	PEN		1,960		715,564
					4,117,123
PHILIPPINES — 4.26%
Philippine Government Bond
2.13%, 05/23/18	PHP		20,122		398,522
2.88%, 05/22/17	PHP		26,500		530,562
3.38%, 08/20/20	PHP		60,640		1,184,898
3.50%, 03/20/21	PHP		11,000		214,364
3.50%, 04/21/23	PHP		29,500		559,670
3.63%, 09/09/25	PHP		36,040		668,801
3.88%, 11/22/19	PHP		960		19,148
4.00%, 12/06/22	PHP		5,660		110,373
4.13%, 08/20/24	PHP		50,000		965,936
4.63%, 09/09/40	PHP		18,450		334,766
6.38%, 01/19/22	PHP		25,608		556,319
8.00%, 07/19/31	PHP		45,500		1,187,262
8.13%, 12/16/35	PHP		44,477		1,195,898
8.50%, 11/29/32	PHP		8,760		239,987
Philippine Government International Bond
4.95%, 01/15/21	PHP		52,000		1,062,532
6.25%, 01/14/36	PHP		57,000		1,262,647
					10,491,685
POLAND — 3.94%
Republic of Poland Government Bond
1.50%, 04/25/20	PLN		1,342		337,671

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

April 30, 2017

Security		Principal (000s)		Value
2.50%, 07/25/26	PLN		3,300	$	795,794
3.25%, 07/25/19	PLN		4,877		1,287,683
3.25%, 07/25/25	PLN		5,617		1,449,389
3.75%, 04/25/18	PLN		2,235		588,090
4.00%, 10/25/23	PLN		6,866		1,866,249
5.25%, 10/25/20	PLN		3,121		878,258
5.50%, 10/25/19	PLN		3,477		968,314
5.75%, 09/23/22	PLN		5,208		1,529,256
					9,700,704
ROMANIA — 2.40%
Romania Government Bond
3.25%, 03/22/21	RON		3,600		886,584
4.75%, 06/24/19	RON		2,155		551,000
5.60%, 11/28/18	RON		9,950		2,548,504
5.80%, 07/26/27	RON		3,750		1,041,060
5.85%, 04/26/23	RON		1,060		290,774
5.90%, 07/26/17	RON		1,710		415,527
6.75%, 06/11/17	RON		790		190,909
					5,924,358
RUSSIA — 4.21%
Russian Federal Bond – OFZ
6.70%, 05/15/19	RUB		45,757		783,703
6.80%, 12/11/19	RUB		43,838		748,504
7.00%, 01/25/23	RUB		163,966		2,802,918
7.05%, 01/19/28	RUB		60,500		1,021,055
7.50%, 03/15/18	RUB		27,933		487,656
7.50%, 02/27/19	RUB		48,600		846,100
7.60%, 04/14/21	RUB		106,245		1,860,909
8.15%, 02/03/27	RUB		64,366		1,182,365
8.50%, 09/17/31	RUB		2,000		37,369
Russian Foreign Bond – Eurobond
7.85%, 03/10/18a	RUB		35,000		611,456
					10,382,035
SOUTH AFRICA — 3.94%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR		17,469		941,039
6.50%, 02/28/41	ZAR		685		36,485
6.75%, 03/31/21	ZAR		1,000		72,363
7.25%, 01/15/20	ZAR		3,528		261,924
8.00%, 12/21/18	ZAR		3,471		261,439

Security		Principal (000s)		Value
8.00%, 01/31/30	ZAR		60,687	$	4,152,414
8.50%, 01/31/37	ZAR		17,880		1,212,574
8.75%, 02/28/48	ZAR		7,332		498,239
10.50%, 12/21/26	ZAR		27,150		2,263,491
					9,699,968
SOUTH KOREA — 19.82%
Korea Treasury Bond
1.50%, 12/10/26	KRW		2,734,690		2,258,817
2.00%, 03/10/46	KRW		500,000		407,865
2.75%, 09/10/17	KRW		7,215,810		6,372,348
2.75%, 03/10/18	KRW		7,020,000		6,237,059
2.75%, 12/10/44	KRW		3,577,110		3,400,188
3.00%, 03/10/23	KRW		1,056,000		979,679
3.00%, 12/10/42	KRW		3,200,190		3,157,189
3.13%, 03/10/19	KRW		3,402,050		3,072,219
3.50%, 03/10/24	KRW		3,928,280		3,763,644
3.75%, 06/10/22	KRW		1,038,000		992,873
3.75%, 12/10/33	KRW		1,665,410		1,755,493
4.00%, 12/10/31	KRW		1,939,000		2,062,848
4.25%, 06/10/21	KRW		600,000		577,643
4.75%, 12/10/30	KRW		91,860		103,967
5.00%, 06/10/20	KRW		2,626,680		2,536,077
5.25%, 03/10/27	KRW		2,577,000		2,870,029
5.50%, 09/10/17	KRW		2,179,600		1,943,367
5.50%, 12/10/29	KRW		1,484,790		1,765,751
5.75%, 09/10/18	KRW		4,927,680		4,573,835
					48,830,891
THAILAND — 4.24%
Thailand Government Bond
2.88%, 06/17/46	THB		6,000		152,262
3.58%, 12/17/27	THB		8,886		273,842
3.65%, 12/17/21	THB		22,940		710,954
3.78%, 06/25/32	THB		8,638		263,211
3.80%, 06/14/41	THB		15,368		471,094
3.85%, 12/12/25	THB		52,949		1,673,351
3.88%, 06/13/19	THB		46,650		1,412,892
4.26%, 12/12/37a	THB		16,170		520,745
4.68%, 06/29/44	THB		3,500		121,976
4.85%, 06/17/61	THB		14,748		546,759
4.88%, 06/22/29	THB		58,300		2,014,055
5.13%, 03/13/18	THB		10,238		305,083
5.67%, 03/13/28	THB		16,395		588,955
6.15%, 07/07/26	THB		37,899		1,385,532
					10,440,711

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

April 30, 2017

Security		Principal (000s)		Value
TURKEY — 4.34%
Turkey Government Bond
6.30%, 02/14/18	TRY		1,616	$	437,776
8.00%, 03/12/25	TRY		2,652		655,812
8.50%, 07/10/19	TRY		9,378		2,514,215
8.50%, 09/14/22	TRY		2,890		747,272
8.70%, 07/11/18	TRY		3,700		1,012,824
8.80%, 09/27/23	TRY		853		222,242
9.00%, 07/24/24	TRY		4,679		1,232,149
9.50%, 01/12/22	TRY		5,530		1,494,652
10.50%, 01/15/20	TRY		5,403		1,510,271
10.60%, 02/11/26	TRY		3,000		859,821
					10,687,034
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $238,178,491)					232,879,512
TOTAL INVESTMENTS IN SECURITIES — 94.53%
(Cost: $238,178,491)b					232,879,512
Other Assets, Less Liabilities — 5.47%					13,485,590
NET ASSETS — 100.00%				$	246,365,102

Currency abbreviations:

BRL  —  Brazilian Real

CLP  —  Chilean Peso

COP  —  Colombian Peso

CZK  —  Czech Koruna

HUF  —  Hungarian Forint

IDR  —  Indonesian Rupiah

ILS  —  Israeli Shekel

KRW  —  South Korean Won

MXN  —  Mexican Peso

MYR  —  Malaysian Ringgit

PEN  —  Peru Nuevo Sol

PHP  —  Philippine Peso

PLN  —  Polish Zloty

RON  —  Romanian Leu

RUB  —  New Russian Ruble

THB  —  Thai Baht

TRY  —  Turkish Lira

ZAR  —  South African Rand

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

^b  The cost of investments for federal income tax purposes was $244,977,475. Net unrealized depreciation was $12,097,963, of which $9,118,034 represented gross unrealized appreciation on securities and $21,215,997 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 April 30, 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:
Foreign government obligations	$	—	$	232,879,512	$	—	$	232,879,512
Total	$	—	$	232,879,512	$	—	$	232,879,512

See notes to financial statements.

32 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
CORPORATE BONDS & NOTES — 97.46%
AUSTRALIA — 0.08%
FMG Resources August 2006 Pty Ltd.
6.88%, 04/01/22 (Call 05/29/17)a,b		USD	40	$	41,450
Origin Energy Finance Ltd.
VRN, (5 year EUR Swap + 3.670%)
4.00%, 09/16/74 (Call 09/16/19)c		EUR	100		110,541
					151,991
AUSTRIA — 0.20%
Raiffeisen Bank International AG
6.00%, 10/16/23c		EUR	200		253,067
VRN, (5 year EUR Swap + 3.300%) 4.50%, 02/21/25 (Call 02/21/20)c		EUR	100		114,813
					367,880
BELGIUM — 0.25%
Barry Callebaut Services NV
5.63%, 06/15/21c		EUR	100		130,286
Ethias SA
5.00%, 01/14/26c		EUR	100		110,841
Nyrstar Netherlands Holdings BV
6.88%, 03/15/24 (Call 03/15/20)c		EUR	100		109,309
8.50%, 09/15/19c		EUR	100		120,293
					470,729
CANADA — 3.32%
1011778 BC ULC/New Red Finance Inc.
4.63%, 01/15/22 (Call 10/01/17)a		USD	200		205,500
6.00%, 04/01/22 (Call 10/01/17)a,b		USD	375		390,000
Air Canada
4.75%, 10/06/23 (Call 10/06/19)a		CAD	25		18,307
7.75%, 04/15/21a,b		USD	75		84,844
Baytex Energy Corp.
6.63%, 07/19/22 (Call 07/19/17)		CAD	50		35,380
Bombardier Inc.
4.75%, 04/15/19a		USD	50		51,141
5.75%, 03/15/22a		USD	150		149,058
6.00%, 10/15/22 (Call 05/29/17)a,b		USD	200		199,337
6.13%, 05/15/21c		EUR	100		117,588
6.13%, 01/15/23a		USD	175		174,125
7.50%, 03/15/25 (Call 03/15/20)a,b		USD	225		234,943
7.75%, 03/15/20a		USD	125		135,132
8.75%, 12/01/21a		USD	225		250,092

Security	Principal (000s)			Value
Brookfield Residential Properties Inc.
6.13%, 05/15/23 (Call 05/15/18)a		CAD	50	$	37,665
6.50%, 12/15/20 (Call 05/29/17)a		USD	50		51,742
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 07/01/17)a		USD	75		78,188
Canadian Energy Services & Technology Corp.
7.38%, 04/17/20 (Call 05/29/17)		CAD	25		18,964
Cascades Inc.
5.50%, 07/15/21 (Call 07/15/17)a		CAD	25		18,970
Cenovus Energy Inc.
5.70%, 10/15/19		USD	200		214,952
Concordia International Corp.
7.00%, 04/15/23 (Call 04/15/18)a,b		USD	50		7,750
9.50%, 10/21/22 (Call 12/15/18)a		USD	75		14,625
Cott Beverages Inc.
5.38%, 07/01/22 (Call 07/01/17)		USD	125		129,119
Cott Corp.
5.50%, 07/01/24 (Call 07/01/19)c		EUR	100		116,666
Cott Holdings Inc.
5.50%, 04/01/25 (Call 04/01/20)a		USD	125		127,031
Enbridge Inc. Series 16-A VRN, (3 mo. LIBOR US + 3.890%)
6.00%, 01/15/77 (Call 01/15/27)		USD	125		128,125
Gibson Energy Inc.
5.38%, 07/15/22 (Call 07/15/17)a		CAD	50		37,117
Great Canadian Gaming Corp.
6.63%, 07/25/22 (Call 07/25/17)a		CAD	50		37,940
Iron Mountain Canada Operations ULC
5.38%, 09/15/23 (Call 09/15/19)a		CAD	25		18,878
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 10/01/17)a		USD	175		142,698
Kinross Gold Corp.
5.13%, 09/01/21 (Call 06/01/21)		USD	50		52,054
5.95%, 03/15/24 (Call 12/15/23)b		USD	105		112,318
Lundin Mining Corp.
7.50%, 11/01/20 (Call 11/01/17)a		USD	50		52,688
7.88%, 11/01/22 (Call 11/01/18)a		USD	75		82,406
Mattamy Group Corp.
6.88%, 11/15/20 (Call 05/29/17)a		CAD	50		37,711

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
MEG Energy Corp.
6.38%, 01/30/23 (Call 07/30/17)a		USD	150	$	132,375
6.50%, 01/15/25 (Call 01/15/20)a,b		USD	125		123,594
7.00%, 03/31/24 (Call 09/30/18)a		USD	125		111,185
Newalta Corp. Series 2
7.75%, 11/14/19 (Call 05/29/17)		CAD	22		15,929
NOVA Chemicals Corp.
5.00%, 05/01/25 (Call 01/31/25)a		USD	50		51,188
5.25%, 08/01/23 (Call 08/01/18)a		USD	125		127,500
Open Text Corp.
5.63%, 01/15/23 (Call 01/15/18)a		USD	50		52,458
5.88%, 06/01/26 (Call 06/01/21)a		USD	155		165,462
Parkland Fuel Corp.
5.75%, 09/16/24 (Call 09/16/19)a		CAD	25		18,696
5.75%, 09/16/24 (Call 09/16/19)		CAD	50		37,391
6.00%, 11/21/22 (Call 11/21/17)		CAD	50		37,940
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/19)b		USD	75		71,813
Quebecor Media Inc.
5.75%, 01/15/23		USD	225		236,292
6.63%, 01/15/23a		CAD	100		79,049
7.38%, 01/15/21 (Call 05/01/17)		CAD	50		37,467
Russel Metals Inc.
6.00%, 04/19/22 (Call 05/29/17)a		CAD	25		18,707
Seven Generations Energy Ltd.
6.75%, 05/01/23 (Call 05/01/18)a		USD	50		52,946
6.88%, 06/30/23 (Call 06/30/18)a		USD	125		132,500
Superior Plus LP
5.25%, 02/27/24 (Call 02/27/20)		CAD	50		37,300
6.50%, 12/09/21 (Call 12/09/17)		CAD	25		19,336
Teck Resources Ltd.
3.75%, 02/01/23 (Call 11/01/22)b		USD	100		98,530
4.75%, 01/15/22 (Call 10/15/21)		USD	150		155,206
8.50%, 06/01/24 (Call 06/01/19)a		USD	100		115,596
Trilogy Energy Corp.
7.25%, 12/13/19 (Call 05/30/17)		CAD	25		18,467
Valeant Pharmaceuticals International Inc.
5.63%, 12/01/21 (Call 05/29/17)a		USD	175		134,615
6.75%, 08/15/18 (Call 05/30/17)a		USD	73		72,807
7.50%, 07/15/21 (Call 05/30/17)a		USD	250		207,812
Videotron Ltd.
5.00%, 07/15/22		USD	75		79,508

Security	Principal (000s)			Value
5.38%, 06/15/24 (Call 03/15/24)a		USD	50	$	52,248
5.63%, 06/15/25 (Call 03/15/25)		CAD	50		38,911
5.75%, 01/15/26 (Call 09/15/20)c		CAD	75		58,452
Videotron Ltd./Videotron Ltee
5.13%, 04/15/27 (Call 04/15/22)a		USD	85		86,381
Yellow Pages Digital & Media Solutions Ltd.
9.25%, 11/30/18 (Call 05/29/17)		CAD	28		20,400
					6,261,115
DENMARK — 0.12%
Nassa Topco AS
2.88%, 04/06/24 (Call 01/06/24)c		EUR	100		110,392
TDC A/S
VRN, (5 year EUR Swap + 3.110%)
3.50%, 02/26/49 (Call 02/26/21)c		EUR	100		109,175
					219,567
FINLAND — 0.30%
Nokia OYJ
1.00%, 03/15/21 (Call 02/15/21)c		EUR	100		109,113
2.00%, 03/15/24 (Call 12/15/23)c		EUR	125		135,777
5.38%, 05/15/19		USD	75		79,500
Outokumpu OYJ
7.25%, 06/16/21 (Call 06/16/18)c		EUR	100		121,414
Stora Enso OYJ
2.13%, 06/16/23 (Call 03/16/23)c		EUR	100		110,517
					556,321
FRANCE — 4.50%
3AB Optique Developpement SAS
5.63%, 04/15/19 (Call 05/29/17)c		EUR	100		110,048
Areva SA
3.25%, 09/04/20c		EUR	100		109,413
3.50%, 03/22/21		EUR	100		109,739
Autodis SA
4.38%, 05/01/22 (Call 05/01/18)c		EUR	100		112,947
BiSoho SAS
5.88%, 05/01/23 (Call 05/01/19)c		EUR	90		105,554
Burger King France SAS
6.00%, 05/01/24 (Call 05/01/20)c		EUR	100		112,757
Casino Guichard Perrachon SA
4.05%, 08/05/26 (Call 05/05/26)c		EUR	100		115,921
4.41%, 08/06/19c		EUR	100		118,601
4.50%, 03/07/24 (Call 12/07/23)c		EUR	200		240,250
4.56%, 01/25/23c		EUR	100		122,225

34 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
5.24%, 03/09/20		EUR	100	$	123,081
5.98%, 05/26/21		EUR	200		256,400
CMA CGM SA
8.75%, 12/15/18 (Call 05/30/17)c		EUR	100		111,585
ContourGlobal Power Holdings SA
5.13%, 06/15/21 (Call 06/15/18)c		EUR	100		115,305
Credit Agricole SA
VRN, (3 mo. LIBOR US + 6.982%)
8.38%, 10/29/49 (Call 10/13/19)a		USD	100		111,573
Elis SA
3.00%, 04/30/22 (Call 04/30/18)c		EUR	100		112,229
Faurecia
3.13%, 06/15/22 (Call 06/15/18)c		EUR	100		112,641
3.63%, 06/15/23 (Call 06/15/19)c		EUR	100		114,417
Groupama SA
6.00%, 01/23/27		EUR	100		117,548
VRN, (3 mo. Euribor + 5.360%)
7.88%, 10/27/39 (Call 10/27/19)		EUR	100		121,763
Groupe Fnac SA
3.25%, 09/30/23 (Call 09/30/19)c		EUR	200		223,976
Holding Medi-Partenaires SAS
7.00%, 05/15/20 (Call 05/08/17)c		EUR	100		112,702
HomeVi SAS
6.88%, 08/15/21 (Call 08/15/17)c		EUR	100		114,180
La Financiere Atalian SAS
4.00%, 05/15/24 (Call 05/15/20)c		EUR	100		110,626
7.25%, 01/15/20 (Call 05/30/17)c		EUR	100		113,231
Labeyrie Fine Foods SAS
5.63%, 03/15/21 (Call 05/30/17)c		EUR	100		111,937
Loxam SAS
4.88%, 07/23/21 (Call 07/23/17)c		EUR	100		112,294
6.00%, 04/15/25 (Call 04/15/20)c		EUR	100		113,989
Mobilux Finance SAS
5.50%, 11/15/24 (Call 11/15/19)c		EUR	100		112,955
NEW Areva Holding SA
3.13%, 03/20/23 (Call 12/20/22)c		EUR	200		212,054
4.88%, 09/23/24		EUR	100		113,123
Nexans SA
3.25%, 05/26/21 (Call 02/26/21)c		EUR	100		116,003
Novafives SAS
4.50%, 06/30/21 (Call 06/30/17)c		EUR	100		109,609
Paprec Holding
5.25%, 04/01/22 (Call 04/01/18)c		EUR	125		143,117

Security	Principal (000s)			Value
Peugeot SA
2.00%, 03/23/24c		EUR	100	$	110,361
2.38%, 04/14/23c		EUR	100		113,632
6.50%, 01/18/19c		EUR	100		120,414
Rexel SA
2.63%, 06/15/24 (Call 03/15/20)c		EUR	125		135,110
3.25%, 06/15/22 (Call 06/15/18)c		EUR	100		113,007
3.50%, 06/15/23 (Call 06/15/19)c		EUR	100		113,795
SFR Group SA
5.38%, 05/15/22 (Call 05/29/17)c		EUR	200		226,621
5.63%, 05/15/24 (Call 05/15/19)c		EUR	200		234,948
6.00%, 05/15/22 (Call 05/29/17)a		USD	600		625,550
6.25%, 05/15/24 (Call 05/15/19)a		USD	200		207,126
7.38%, 05/01/26 (Call 05/01/21)a		USD	1,000		1,052,500
SPCM SA
2.88%, 06/15/23 (Call 06/15/18)c		EUR	100		111,226
SPIE SA
3.13%, 03/22/24 (Call 09/22/23)c		EUR	100		111,759
Synlab Bondco PLC
6.25%, 07/01/22 (Call 07/01/18)c		EUR	150		176,732
Tereos Finance Groupe I SA
4.13%, 06/16/23 (Call 03/16/23)c		EUR	100		109,091
THOM Europe SAS
7.38%, 07/15/19 (Call 05/08/17)c		EUR	100		112,117
Vallourec SA
2.25%, 09/30/24c		EUR	100		87,656
3.25%, 08/02/19		EUR	100		111,273
Verallia Packaging SASU
5.13%, 08/01/22 (Call 08/01/18)c		EUR	100		115,909
WFS Global Holding SAS
9.50%, 07/15/22 (Call 07/15/18)c		EUR	100		117,665
					8,480,285
GERMANY — 3.21%
Bilfinger SE
2.38%, 12/07/19c		EUR	100		113,117
BMBG Bond Finance SCA
3.00%, 06/15/21 (Call 06/15/18)c		EUR	100		112,123
Deutsche Lufthansa AG VRN, (5 year EUR Swap + 4.783%)
5.13%, 08/12/75 (Call 02/12/21)c		EUR	100		118,866
Douglas GmbH
6.25%, 07/15/22 (Call 07/15/18)c		EUR	100		118,493

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Fresenius Medical Care U.S. Finance II Inc.
4.13%, 10/15/20 (Call 07/17/20)a		USD	50	$	51,260
4.75%, 10/15/24 (Call 07/17/24)a		USD	50		51,025
5.63%, 07/31/19a,b		USD	100		106,344
5.88%, 01/31/22a		USD	100		109,271
6.50%, 09/15/18a		USD	100		105,606
Fresenius Medical Care U.S. Finance Inc.
5.75%, 02/15/21a		USD	125		136,496
Hapag-Lloyd AG
6.75%, 02/01/22 (Call 02/01/19)c		EUR	100		115,005
K+S AG
3.00%, 06/20/22c		EUR	100		114,980
4.13%, 12/06/21c		EUR	100		121,481
LANXESS AG VRN, (5 year EUR Swap + 4.510%)
4.50%, 12/06/76 (Call 06/06/23)c		EUR	100		118,197
Norddeutsche Landesbank Girozentrale
6.00%, 06/29/20		EUR	50		60,383
Phoenix PIB Dutch Finance BV
3.13%, 05/27/20c		EUR	100		116,490
PrestigeBidCo GmbH
6.25%, 12/15/23 (Call 12/15/19)c		EUR	100		115,368
ProGroup AG
5.13%, 05/01/22 (Call 05/01/18)c		EUR	100		115,480
RWE AG
VRN, (5 year EUR Swap + 2.643%)
2.75%, 04/21/75 (Call 10/21/20)c		EUR	100		108,185
VRN, (5 year EUR Swap + 3.245%)
3.50%, 04/21/75 (Call 04/21/25)c		EUR	100		103,944
Schaeffler Finance BV
3.25%, 05/15/25 (Call 05/15/20)c		EUR	100		117,794
3.50%, 05/15/22 (Call 05/29/17)c		EUR	100		110,853
4.75%, 05/15/23 (Call 05/15/18)a		USD	200		208,500
Senvion Holding GmbH
6.63%, 11/15/20 (Call 05/05/17)c		EUR	100		112,495
thyssenkrupp AG
1.38%, 03/03/22 (Call 12/03/21)c		EUR	150		160,256
1.75%, 11/25/20 (Call 08/25/20)c		EUR	100		111,235
2.50%, 02/25/25c		EUR	100		112,515
2.75%, 03/08/21 (Call 12/08/20)c		EUR	400		456,876

Security	Principal (000s)			Value
4.00%, 08/27/18		EUR	175	$	199,597
TUI AG
2.13%, 10/26/21 (Call 07/26/21)c		EUR	100		112,843
Unitymedia GmbH
3.75%, 01/15/27 (Call 01/15/21)c		EUR	100		110,134
6.13%, 01/15/25 (Call 01/15/20)a,b		USD	200		212,256
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
3.50%, 01/15/27 (Call 01/15/21)c		EUR	100		111,984
4.00%, 01/15/25 (Call 01/15/20)c		EUR	100		114,466
4.63%, 02/15/26 (Call 02/15/21)c		EUR	100		117,250
5.13%, 01/21/23 (Call 01/21/18)c		EUR	81		92,602
5.50%, 09/15/22 (Call 09/15/17)c		EUR	81		91,972
5.50%, 01/15/23 (Call 01/15/18)a		USD	200		207,805
5.63%, 04/15/23 (Call 04/15/18)c		EUR	80		92,567
WEPA Hygieneprodukte GmbH
3.75%, 05/15/24 (Call 05/15/19)c		EUR	100		113,665
ZF North America Capital Inc.
2.25%, 04/26/19c		EUR	100		113,068
2.75%, 04/27/23c		EUR	200		234,886
4.00%, 04/29/20a		USD	150		155,542
4.50%, 04/29/22a		USD	150		157,500
4.75%, 04/29/25a		USD	300		311,344
					6,052,119
GREECE — 0.24%
Intralot Capital Luxembourg SA
6.75%, 09/15/21 (Call 09/15/18)c		EUR	100		114,745
OTE PLC
3.50%, 07/09/20c		EUR	100		111,087
7.88%, 02/07/18c		EUR	100		114,340
Titan Global Finance PLC
3.50%, 06/17/21c		EUR	100		113,669
					453,841
HONG KONG — 0.10%
Noble Group Ltd.
6.75%, 01/29/20a		USD	200		190,450
					190,450
INDIA — 0.06%
Samvardhana Motherson Automotive Systems Group BV
4.13%, 07/15/21 (Call 07/15/17)c		EUR	100		111,465
					111,465

36 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
IRELAND — 1.42%
Allied Irish Banks PLC VRN, (5 year EUR Swap + 3.950%)
4.13%, 11/26/25 (Call 11/26/20)c		EUR	100	$	114,915
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.75%, 03/15/24 (Call 03/15/20)c		EUR	150		162,087
4.13%, 05/15/23 (Call 05/15/19)c		EUR	100		115,182
4.25%, 01/15/22 (Call 06/30/17)c		EUR	35		39,221
4.25%, 09/15/22 (Call 03/15/19)a		USD	200		202,850
4.63%, 05/15/23 (Call 05/15/19)a		USD	200		204,207
6.00%, 02/15/25 (Call 02/15/20)a		USD	200		206,750
6.75%, 05/15/24 (Call 05/15/19)c		EUR	100		119,545
7.25%, 05/15/24 (Call 05/15/19)a,b		USD	400		432,912
Bank of Ireland VRN, (5 year EUR Swap + 3.550%)
4.25%, 06/11/24 (Call 06/11/19)c		EUR	200		229,144
eircom Finance DAC
4.50%, 05/31/22 (Call 05/31/18)c		EUR	100		113,800
Park Aerospace Holdings Ltd.
5.25%, 08/15/22a		USD	260		274,300
5.50%, 02/15/24a,b		USD	210		222,525
Smurfit Kappa Acquisitions
2.38%, 02/01/24 (Call 11/01/23)c		EUR	100		110,725
4.13%, 01/30/20c		EUR	100		119,443
					2,667,606
ITALY — 5.68%
Autostrada Brescia Verona Vicenza Padova SpA
2.38%, 03/20/20c		EUR	100		115,156
Banca Monte dei Paschi di Siena SpA
3.63%, 04/01/19c		EUR	100		108,549
5.00%, 04/21/20c		EUR	50		19,699
Banca Popolare di Milano Scarl
7.13%, 03/01/21c		EUR	100		119,938
Banca Popolare di Vicenza
2.75%, 03/20/20c		EUR	100		89,294
5.00%, 10/25/18c		EUR	100		96,535
Banco BPM SpA
2.75%, 07/27/20c		EUR	300		334,195
Banco Popolare SC
3.50%, 03/14/19c		EUR	200		225,194
6.00%, 11/05/20c		EUR	100		116,267

Security	Principal (000s)			Value
Buzzi Unicem SpA
2.13%, 04/28/23 (Call 01/28/23)c		EUR	100	$	112,656
Enel SpA
VRN, (5 year EUR Swap + 3.648%)
5.00%, 01/15/75 (Call 01/15/20)c		EUR	200		235,063
VRN, (5 year EUR Swap + 5.242%)
6.50%, 01/10/74 (Call 01/10/19)c		EUR	200		235,466
VRN, (5 year USD Swap + 5.880%)
8.75%, 09/24/73 (Call 09/24/23)a		USD	200		232,143
Fiat Chrysler Finance Europe
4.75%, 03/22/21c		EUR	300		362,336
4.75%, 07/15/22c		EUR	200		241,694
6.75%, 10/14/19c		EUR	200		247,936
Iccrea Banca SpA
1.50%, 02/21/20c		EUR	100		109,505
1.88%, 11/25/19c		EUR	100		110,738
International Game Technology PLC
4.13%, 02/15/20 (Call 11/15/19)c		EUR	100		116,597
Intesa Sanpaolo SpA
2.86%, 04/23/25c		EUR	100		108,301
3.93%, 09/15/26c		EUR	100		112,996
5.00%, 09/23/19c		EUR	150		177,940
5.15%, 07/16/20		EUR	300		363,121
6.63%, 09/13/23c		EUR	200		261,297
Leonardo SpA
4.50%, 01/19/21		EUR	100		123,039
5.25%, 01/21/22		EUR	100		129,012
8.00%, 12/16/19		GBP	100		150,763
Mediobanca SpA
5.00%, 11/15/20		EUR	100		122,693
5.75%, 04/18/23		EUR	100		123,964
N&W Global Vending SpA
7.00%, 10/15/23 (Call 10/15/19)c		EUR	100		114,091
Saipem Finance International BV
3.00%, 03/08/21c		EUR	100		111,752
3.75%, 09/08/23c		EUR	100		113,693
Salini Impregilo SpA
3.75%, 06/24/21c		EUR	100		117,430
Schumann SpA
7.00%, 07/31/23 (Call 07/31/19)c		EUR	100		111,599
Snaitech SpA
6.38%, 11/07/21 (Call 11/07/18)c		EUR	100		115,834

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Telecom Italia Capital SA
7.00%, 06/04/18		USD	50	$	52,546
7.18%, 06/18/19		USD	100		109,270
Telecom Italia SpA
4.00%, 01/21/20c		EUR	200		237,897
4.88%, 09/25/20c		EUR	100		124,166
5.25%, 02/10/22c		EUR	150		193,593
Telecom Italia SpA/Milano
2.50%, 07/19/23c		EUR	400		447,866
3.00%, 09/30/25c		EUR	200		223,058
3.25%, 01/16/23c		EUR	100		117,733
3.63%, 01/19/24c		EUR	100		117,325
3.63%, 05/25/26c		EUR	100		116,168
4.50%, 01/25/21c		EUR	100		123,738
5.30%, 05/30/24a,b		USD	200		205,482
5.38%, 01/29/19c		EUR	100		118,667
6.38%, 06/24/19		GBP	100		141,232
UniCredit SpA
6.70%, 06/05/18c		EUR	100		115,997
6.95%, 10/31/22c		EUR	200		259,308
VRN, (5 year EUR Swap + 4.100%)
5.75%, 10/28/25c		EUR	300		355,258
VRN, (5 year EUR Swap + 4.316%)
4.38%, 01/03/27 (Call 01/03/22)c		EUR	100		113,608
Unione di Banche Italiane SpA VRN, (5 year EUR Swap + 4.182%)
4.25%, 05/05/26 (Call 05/05/21)c		EUR	100		111,346
Unipol Gruppo Finanziario SpA
3.00%, 03/18/25c		EUR	115		124,219
4.38%, 03/05/21c		EUR	100		118,476
Veneto Banca SCPA
4.00%, 05/20/19c		EUR	100		94,739
Wind Acquisition Finance SA
4.00%, 07/15/20 (Call 05/08/17)c		EUR	300		331,338
4.75%, 07/15/20 (Call 05/30/17)a		USD	400		405,277
7.00%, 04/23/21 (Call 05/29/17)c		EUR	300		339,358
7.38%, 04/23/21 (Call 06/13/17)a,b		USD	400		416,200
					10,700,351
JAPAN — 0.48%
SoftBank Group Corp.
4.00%, 07/30/22 (Call 04/30/22)c		EUR	100		119,574
4.50%, 04/15/20a		USD	400		416,260
4.75%, 07/30/25 (Call 04/30/25)c		EUR	200		244,863

Security	Principal (000s)			Value
5.25%, 07/30/27 (Call 04/30/27)c		EUR	100	$	124,208
					904,905
LUXEMBOURG — 3.23%
Altice Financing SA
5.25%, 02/15/23 (Call 02/15/18)c		EUR	100		115,937
6.50%, 01/15/22 (Call 05/30/17)a		USD	200		210,000
6.63%, 02/15/23 (Call 02/15/18)a		USD	400		424,000
7.50%, 05/15/26 (Call 05/15/21)a		USD	400		432,000
Altice Finco SA
9.00%, 06/15/23 (Call 06/15/18)c		EUR	100		123,166
Altice Luxembourg SA
6.25%, 02/15/25 (Call 02/15/20)c		EUR	100		117,938
7.25%, 05/15/22 (Call 05/30/17)c		EUR	400		460,137
7.63%, 02/15/25 (Call 02/15/20)a,b		USD	200		213,500
7.75%, 05/15/22 (Call 05/30/17)a		USD	400		424,500
ArcelorMittal
2.88%, 07/06/20c		EUR	100		114,528
3.13%, 01/14/22c		EUR	300		343,184
6.00%, 08/05/20		USD	150		161,944
6.13%, 06/01/18		USD	100		104,013
6.13%, 06/01/25b		USD	75		83,813
6.25%, 03/01/21		USD	200		217,850
7.00%, 02/25/22b		USD	150		169,944
B&M European Value Retail SA
4.13%, 02/01/22 (Call 02/01/19)c		GBP	100		135,151
DEA Finance SA
7.50%, 10/15/22 (Call 04/15/19)c		EUR	100		116,404
Garfunkelux Holdco 3 SA
8.50%, 11/01/22 (Call 11/01/18)c		GBP	100		139,384
INEOS Group Holdings SA
5.38%, 08/01/24 (Call 08/01/19)c		EUR	100		115,598
Intelsat Connect Finance SA
12.50%, 04/01/22 (Call 06/01/18)a,b		USD	125		109,543
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)b		USD	300		256,125
7.25%, 04/01/19 (Call 05/30/17)b		USD	250		240,996
7.25%, 10/15/20 (Call 05/30/17)		USD	350		326,947
7.50%, 04/01/21 (Call 05/30/17)b		USD	200		183,000
8.00%, 02/15/24 (Call 02/15/19)a,b		USD	200		215,250
9.50%, 09/30/22a		USD	50		59,000
Matterhorn Telecom SA
3.88%, 05/01/22 (Call 05/01/18)c		EUR	100		111,668

38 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Picard Bondco SA
7.75%, 02/01/20 (Call 05/30/17)c		EUR	100	$	114,031
Swissport Investments SA
6.75%, 12/15/21 (Call 06/15/18)c		EUR	100		119,270
Telenet Finance VI Luxembourg SCA
4.88%, 07/15/27 (Call 07/15/21)c		EUR	100		118,777
					6,077,598
NETHERLANDS — 1.93%
Constellium NV
4.63%, 05/15/21 (Call 05/15/18)c		EUR	100		108,645
5.75%, 05/15/24 (Call 05/15/19)a		USD	250		233,464
CSC Holdings LLC
6.63%, 10/15/25 (Call 10/15/20)a		USD	200		217,750
Hema Bondco I BV
6.25%, 06/15/19 (Call 05/08/17)c		EUR	100		110,012
InterXion Holding NV
6.00%, 07/15/20 (Call 05/08/17)c		EUR	100		113,292
LGE HoldCo VI BV
7.13%, 05/15/24 (Call 05/15/19)c		EUR	100		123,334
NXP BV/NXP Funding LLC
3.88%, 09/01/22a		USD	200		207,250
4.13%, 06/15/20a,b		USD	200		209,143
4.13%, 06/01/21a		USD	200		209,292
4.63%, 06/01/23a		USD	200		215,000
Sensata Technologies BV
4.88%, 10/15/23a		USD	125		126,264
5.00%, 10/01/25a		USD	150		153,296
5.63%, 11/01/24a		USD	100		105,745
UPC Holding BV
6.38%, 09/15/22 (Call 09/15/17)c		EUR	100		114,292
6.75%, 03/15/23 (Call 03/15/18)c		EUR	100		117,468
UPCB Finance IV Ltd.
4.00%, 01/15/27 (Call 01/15/21)c		EUR	100		112,626
5.38%, 01/15/25 (Call 01/15/20)a		USD	200		203,513
Ziggo Bond Finance BV
4.63%, 01/15/25 (Call 01/15/20)c		EUR	100		114,396
6.00%, 01/15/27 (Call 01/15/22)a		USD	150		152,556
Ziggo Secured Finance BV
3.75%, 01/15/25 (Call 01/15/20)c		EUR	200		226,541
4.25%, 01/15/27 (Call 01/15/22)c		EUR	100		114,884
5.50%, 01/15/27 (Call 01/15/22)a		USD	350		357,269
					3,646,032

Security	Principal (000s)			Value
NEW ZEALAND — 0.21%
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.13%, 07/15/23 (Call 07/15/19)a		USD	245	$	254,545
7.00%, 07/15/24 (Call 07/15/19)a,b		USD	125		134,531
					389,076
NORWAY — 0.12%
Lock AS
7.00%, 08/15/21 (Call 08/15/17)c		EUR	100		114,256
Silk Bidco AS
7.50%, 02/01/22 (Call 02/01/18)c		EUR	100		116,652
					230,908
PORTUGAL — 0.06%
EDP — Energias de Portugal SA VRN, (5 year EUR Swap + 5.043%)
5.38%, 09/16/75 (Call 03/16/21)c		EUR	100		117,885
					117,885
SINGAPORE — 0.31%
Global A&T Electronics Ltd.
10.00%, 02/01/19 (Call 05/29/17)a		USD	200		145,000
Lincoln Finance Ltd.
6.88%, 04/15/21 (Call 04/15/18)c		EUR	200		233,680
Puma International Financing SA
6.75%, 02/01/21 (Call 05/29/17)a		USD	200		206,874
					585,554
SPAIN — 1.35%
Banco de Sabadell SA
5.63%, 05/06/26c		EUR	100		121,282
Bankia SA
VRN, (5 year EUR Swap + 3.166%)
4.00%, 05/22/24 (Call 05/22/19)c		EUR	200		226,498
VRN, (5 year EUR Swap + 3.350%)
3.38%, 03/15/27 (Call 03/15/22)c		EUR	100		110,950
Bankinter SA VRN, (5 year EUR Swap + 2.400%)
2.50%, 04/06/27 (Call 04/06/22)c		EUR	100		110,285
BPE Financiaciones SA
2.00%, 02/03/20c		EUR	100		104,573
CaixaBank SA
VRN, (5 year EUR Swap + 3.350%)
3.50%, 02/15/27 (Call 02/15/22)c		EUR	100		112,964

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
VRN, (5 year EUR Swap + 3.950%)
5.00%, 11/14/23 (Call 11/14/18)c		EUR	100	$	115,745
Campofrio Food Group SA
3.38%, 03/15/22 (Call 03/15/18)c		EUR	80		90,160
Cellnex Telecom SA
2.38%, 01/16/24 (Call 10/16/23)c		EUR	100		110,596
2.88%, 04/18/25 (Call 01/18/25)c		EUR	100		110,586
3.13%, 07/27/22c		EUR	100		118,101
Cirsa Funding Luxembourg SA
5.88%, 05/15/23 (Call 05/15/18)c		EUR	100		115,366
Codere Finance 2 Luxembourg SA
6.75%, 11/01/21 (Call 10/31/18)c		EUR	100		110,165
eDreams ODIGEO SA
8.50%, 08/01/21 (Call 08/01/18)c		EUR	100		118,602
Gestamp Funding Luxembourg SA
3.50%, 05/15/23 (Call 05/15/19)c		EUR	100		113,316
Grifols SA
3.20%, 05/01/25 (Call 05/01/20)c		EUR	100		108,183
Grupo Antolin Dutch BV
5.13%, 06/30/22 (Call 06/30/18)c		EUR	100		116,504
Grupo Isolux Corsan SA
1.00%, 12/30/21d		EUR	28		772
Grupo-Antolin Irausa SA
3.25%, 04/30/24 (Call 04/30/20)c		EUR	100		109,440
NH Hotel Group SA
3.75%, 10/01/23 (Call 10/01/19)c		EUR	100		113,442
Obrascon Huarte Lain SA
4.75%, 03/15/22 (Call 03/15/18)c		EUR	100		91,250
Repsol International Finance BV VRN, (10 year EUR Swap + 4.200%)
4.50%, 03/25/75 (Call 03/25/25)c		EUR	200		222,852
					2,551,632
SWEDEN — 0.30%
Hoist Kredit AB
3.13%, 12/09/19c		EUR	100		114,297
Verisure Holding AB
6.00%, 11/01/22 (Call 11/01/18)c		EUR	90		106,010
Volvo Car AB
3.25%, 05/18/21c		EUR	100		116,422
Volvo Treasury AB
VRN, (5 year EUR Swap + 3.797%)
4.20%, 06/10/75 (Call 06/10/20)c		EUR	100		115,536

Security	Principal (000s)			Value
VRN, (5 year EUR Swap + 4.101%)
4.85%, 03/10/78 (Call 03/10/23)c		EUR	100	$	119,323
					571,588
SWITZERLAND — 0.24%
Dufry Finance SCA
4.50%, 07/15/22 (Call 07/15/17)c		EUR	100		113,356
4.50%, 08/01/23 (Call 08/01/18)c		EUR	100		116,656
Selecta Group BV
6.50%, 06/15/20 (Call 05/29/17)c		EUR	100		108,454
SIG Combibloc Holdings SCA
7.75%, 02/15/23 (Call 02/15/18)c		EUR	100		116,646
					455,112
UNITED KINGDOM — 5.76%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/18 (Call 05/30/17)a,b		USD	200		188,000
Alliance Automotive Finance PLC
6.25%, 12/01/21 (Call 11/19/17)c		EUR	100		115,272
Amigo Luxembourg SA
7.63%, 01/15/24 (Call 01/15/20)c		GBP	100		135,355
Anglo American Capital PLC
1.50%, 04/01/20c		EUR	100		111,108
2.50%, 04/29/21c		EUR	100		114,460
2.75%, 06/07/19c		EUR	100		114,140
2.88%, 11/20/20c		EUR	100		116,041
3.25%, 04/03/23c		EUR	100		118,110
3.50%, 03/28/22c		EUR	200		238,184
3.63%, 05/14/20a		USD	200		202,295
4.13%, 04/15/21a		USD	200		204,650
4.75%, 04/10/27a		USD	200		205,500
4.88%, 05/14/25a		USD	200		208,500
Arqiva Broadcast Finance PLC
9.50%, 03/31/20 (Call 09/30/17)c		GBP	100		139,481
Ashtead Capital Inc.
6.50%, 07/15/22 (Call 07/15/17)a		USD	200		208,000
Boparan Finance PLC
5.50%, 07/15/21 (Call 07/15/17)c		GBP	100		129,367
Cabot Financial Luxembourg SA
7.50%, 10/01/23 (Call 10/01/19)c		GBP	100		139,420
CNH Industrial Finance Europe SA
2.88%, 05/17/23c		EUR	100		115,265
CNH Industrial NV
4.50%, 08/15/23		USD	75		76,537

40 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
EC Finance PLC
5.13%, 07/15/21 (Call 05/08/17)c		EUR	100	$	112,319
Fiat Chrysler Automobiles NV
3.75%, 03/29/24c		EUR	100		114,674
4.50%, 04/15/20		USD	200		205,250
5.25%, 04/15/23b		USD	200		205,335
Iceland Bondco PLC
6.25%, 07/15/21 (Call 07/15/17)c		GBP	100		133,901
IDH Finance PLC
6.25%, 08/15/22 (Call 08/15/18)c		GBP	100		124,992
Ineos Finance PLC
4.00%, 05/01/23 (Call 05/01/18)c		EUR	100		113,005
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 05/30/17)a		USD	200		201,722
International Personal Finance PLC
5.75%, 04/07/21c		EUR	100		91,150
Interoute Finco PLC
7.38%, 10/15/20 (Call 10/15/17)c		EUR	100		114,746
Iron Mountain Europe PLC
6.13%, 09/15/22 (Call 09/15/17)c		GBP	100		137,022
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24c		EUR	100		108,660
2.75%, 01/24/21c		GBP	100		130,638
3.50%, 03/15/20 (Call 12/15/19)a,b		USD	200		203,000
3.88%, 03/01/23c		GBP	100		134,296
4.13%, 12/15/18a		USD	200		204,292
Jerrold Finco PLC
6.25%, 09/15/21 (Call 09/15/18)c		GBP	100		134,473
Lecta SA
6.50%, 08/01/23 (Call 08/01/19)c		EUR	100		114,283
Merlin Entertainments PLC
2.75%, 03/15/22 (Call 12/15/21)c		EUR	225		256,121
New Look Secured Issuer PLC
6.50%, 07/01/22 (Call 06/24/18)c		GBP	100		113,108
Noble Holding International Ltd.
7.75%, 01/15/24 (Call 10/15/23)b		USD	155		140,663
Nomad Foods Bondco PLC
3.25%, 05/15/24 (Call 05/15/20)c		EUR	150		165,636
Pizzaexpress Financing 2 PLC
6.63%, 08/01/21 (Call 08/01/17)c		GBP	100		133,905
Premier Foods Finance PLC
6.50%, 03/15/21 (Call 05/30/17)c		GBP	100		132,053
Royal Bank of Scotland Group PLC
5.13%, 05/28/24		USD	300		307,635

Security	Principal (000s)			Value
6.00%, 12/19/23b		USD	350	$	377,091
6.10%, 06/10/23		USD	175		188,476
6.13%, 12/15/22b		USD	375		402,789
VRN, (5 year EUR Swap + 2.650%)
3.63%, 03/25/24 (Call 03/25/19)c		EUR	200		223,219
Stonegate Pub Co. Financing PLC
4.88%, 03/15/22 (Call 03/15/19)c		GBP	150		194,599
Tesco Corporate Treasury Services PLC
1.38%, 07/01/19c		EUR	100		110,739
2.13%, 11/12/20 (Call 08/12/20)c		EUR	200		227,068
2.50%, 07/01/24c		EUR	200		223,092
Tesco PLC
6.13%, 02/24/22		GBP	100		149,163
Thomas Cook Finance PLC
6.75%, 06/15/21 (Call 01/15/18)c		EUR	100		116,061
Thomas Cook Group PLC
6.25%, 06/15/22 (Call 06/15/19)c		EUR	100		118,406
Travis Perkins PLC
4.38%, 09/15/21c		GBP	100		134,387
Tullow Oil PLC
6.00%, 11/01/20 (Call 05/09/17)a		USD	200		194,500
Virgin Media Finance PLC
4.50%, 01/15/25 (Call 01/15/20)c		EUR	100		113,575
5.75%, 01/15/25 (Call 01/15/20)a		USD	200		203,500
6.38%, 04/15/23 (Call 04/15/18)a		USD	200		209,475
Virgin Media Secured Finance PLC
4.88%, 01/15/27 (Call 01/15/21)c		GBP	100		131,902
5.00%, 04/15/27 (Call 04/15/22)c		GBP	100		132,411
5.25%, 01/15/26 (Call 01/15/20)a		USD	200		202,205
5.50%, 01/15/25 (Call 01/15/19)c		GBP	90		122,920
6.25%, 03/28/29 (Call 01/15/21)c		GBP	100		140,776
Viridian Group FundCo II Ltd.
7.50%, 03/01/20 (Call 09/01/17)c		EUR	100		114,573
Worldpay Finance PLC
3.75%, 11/15/22c		EUR	100		117,636
					10,861,127
UNITED STATES — 63.99%
Acadia Healthcare Co. Inc.
5.63%, 02/15/23 (Call 02/15/18)		USD	100		103,000
Adient Global Holdings Ltd.
3.50%, 08/15/24 (Call 05/15/24)c		EUR	200		222,496

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
ADT Corp. (The)
3.50%, 07/15/22		USD	150	$	145,545
4.13%, 06/15/23		USD	100		97,419
6.25%, 10/15/21		USD	175		191,630
AECOM
5.13%, 03/15/27 (Call 12/15/26)a		USD	175		175,306
5.75%, 10/15/22 (Call 10/15/17)		USD	125		131,453
5.88%, 10/15/24 (Call 07/15/24)		USD	100		107,300
AES Corp./VA
4.88%, 05/15/23 (Call 05/15/18)		USD	200		201,344
5.50%, 03/15/24 (Call 03/15/19)		USD	150		153,801
5.50%, 04/15/25 (Call 04/15/20)		USD	150		153,844
6.00%, 05/15/26 (Call 05/15/21)b		USD	25		26,354
7.38%, 07/01/21 (Call 06/01/21)		USD	175		199,062
Aircastle Ltd.
4.13%, 05/01/24 (Call 02/01/24)b		USD	75		76,287
4.63%, 12/15/18b		USD	75		77,585
5.00%, 04/01/23		USD	100		106,750
5.13%, 03/15/21b		USD	75		80,021
5.50%, 02/15/22		USD	100		108,360
6.25%, 12/01/19b		USD	50		54,183
AK Steel Corp.
7.00%, 03/15/27 (Call 03/15/22)b		USD	50		49,563
7.63%, 10/01/21 (Call 10/01/17)b		USD	75		77,906
Albertsons Companies LLC/Safeway Inc./New Albertson’s Inc./Albertson’s LLC
5.75%, 03/15/25 (Call 09/15/19)a		USD	195		188,925
6.63%, 06/15/24 (Call 06/15/19)a,b		USD	210		214,725
Alcoa Nederland Holding BV
6.75%, 09/30/24 (Call 09/30/19)a		USD	200		217,143
Alere Inc.
6.38%, 07/01/23 (Call 07/01/18)a		USD	50		54,438
6.50%, 06/15/20 (Call 05/30/17)		USD	100		102,375
7.25%, 07/01/18 (Call 05/30/17)		USD	50		50,313
Aleris International Inc.
9.50%, 04/01/21 (Call 04/01/18)a		USD	95		101,769
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)		USD	75		74,361
7.88%, 08/15/23 (Call 05/15/23)		USD	75		77,531
Allison Transmission Inc.
5.00%, 10/01/24 (Call 10/01/19)a,b		USD	175		178,336
Ally Financial Inc.
3.25%, 11/05/18		USD	100		100,750

Security	Principal (000s)			Value
3.50%, 01/27/19b		USD	200	$	202,500
3.60%, 05/21/18		USD	100		101,385
3.75%, 11/18/19		USD	200		203,478
4.13%, 03/30/20		USD	100		102,271
4.13%, 02/13/22		USD	100		100,460
4.25%, 04/15/21		USD	150		153,064
4.63%, 05/19/22		USD	75		76,462
4.63%, 03/30/25		USD	100		98,738
4.75%, 09/10/18		USD	50		51,460
5.13%, 09/30/24		USD	125		127,344
5.75%, 11/20/25 (Call 10/20/25)b		USD	155		158,593
7.50%, 09/15/20		USD	25		28,182
8.00%, 12/31/18		USD	150		162,258
8.00%, 03/15/20		USD	100		112,865
Altice U.S. Finance I Corp.
5.38%, 07/15/23 (Call 07/15/18)a		USD	200		209,000
5.50%, 05/15/26 (Call 05/15/21)a		USD	200		206,982
AMC Entertainment Holdings Inc.
5.75%, 06/15/25 (Call 06/15/20)		USD	150		153,750
5.88%, 11/15/26 (Call 11/15/21)a,b		USD	65		65,813
6.13%, 05/15/27 (Call 05/15/22)a		USD	50		50,996
6.38%, 11/15/24 (Call 11/15/19)c		GBP	100		137,660
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)		USD	100		101,773
5.00%, 04/01/24 (Call 04/01/20)		USD	160		162,104
American Airlines Group Inc.
4.63%, 03/01/20a,b		USD	100		101,312
5.50%, 10/01/19a		USD	100		104,200
6.13%, 06/01/18b		USD	50		51,652
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 05/30/17)b		USD	25		25,657
6.25%, 04/01/25 (Call 04/01/20)a		USD	110		109,450
6.50%, 04/01/27 (Call 04/01/22)a		USD	75		74,438
6.63%, 10/15/22 (Call 10/15/17)b		USD	150		154,240
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)b		USD	125		126,071
5.63%, 05/20/24 (Call 03/20/24)		USD	95		96,673
5.75%, 05/20/27 (Call 02/20/27)		USD	75		74,983
5.88%, 08/20/26 (Call 05/20/26)		USD	95		96,529
Anixter Inc.
5.13%, 10/01/21		USD	50		52,938
Antero Resources Corp.
5.00%, 03/01/25 (Call 03/01/20)a		USD	100		98,250

42 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
5.13%, 12/01/22 (Call 06/01/17)b		USD	175	$	178,061
5.38%, 11/01/21 (Call 05/30/17)		USD	75		77,438
5.63%, 06/01/23 (Call 06/01/18)b		USD	125		128,750
APX Group Inc.
6.38%, 12/01/19 (Call 05/30/17)		USD	75		77,625
7.88%, 12/01/22 (Call 12/01/18)		USD	100		109,250
8.75%, 12/01/20 (Call 05/30/17)		USD	125		129,687
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)		USD	125		127,396
5.00%, 04/01/25 (Call 04/01/20)a		USD	75		78,375
5.13%, 01/15/24 (Call 01/15/19)		USD	75		79,125
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)b		USD	200		209,250
5.40%, 04/15/21 (Call 01/15/21)		USD	150		160,387
5.87%, 02/23/22		USD	100		108,361
6.15%, 08/15/20		USD	200		218,466
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
10.00%, 04/01/22 (Call 04/01/20)a		USD	75		77,438
Ashland LLC
3.88%, 04/15/18 (Call 03/15/18)b		USD	50		50,688
4.75%, 08/15/22 (Call 05/15/22)		USD	200		208,312
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 06/01/17)a,b		USD	50		48,609
5.50%, 04/01/23 (Call 04/01/18)b		USD	100		97,750
Avon International Operations Inc.
7.88%, 08/15/22 (Call 08/15/19)a		USD	75		80,406
Avon Products Inc.
6.60%, 03/15/20		USD	75		76,313
7.00%, 03/15/23b		USD	75		72,188
Axalta Coating Systems Dutch Holding B BV
3.75%, 01/15/25 (Call 01/15/20)c		EUR	125		143,568
B&G Foods Inc.
4.63%, 06/01/21 (Call 05/30/17)		USD	50		50,785
5.25%, 04/01/25 (Call 04/01/20)		USD	65		66,544
Ball Corp.
3.50%, 12/15/20		EUR	100		120,120
4.00%, 11/15/23b		USD	175		177,625
4.38%, 12/15/20		USD	75		78,908
4.38%, 12/15/23		EUR	100		121,466
5.00%, 03/15/22		USD	200		213,500
5.25%, 07/01/25		USD	175		189,000

Security	Principal (000s)			Value
Beazer Homes USA Inc.
8.75%, 03/15/22 (Call 03/15/19)b		USD	85	$	94,169
Belden Inc.
5.50%, 04/15/23 (Call 04/15/18)c		EUR	100		114,591
Berry Plastics Corp.
5.13%, 07/15/23 (Call 07/15/18)		USD	150		155,281
5.50%, 05/15/22 (Call 05/30/17)		USD	50		52,250
6.00%, 10/15/22 (Call 10/15/18)		USD	40		42,450
Blue Cube Spinco Inc.
9.75%, 10/15/23 (Call 10/15/20)b		USD	100		120,990
10.00%, 10/15/25 (Call 10/15/20)		USD	75		92,344
BlueLine Rental Finance Corp./BlueLine Rental LLC
9.25%, 03/15/24 (Call 03/15/20)a		USD	150		156,479
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 05/30/17)a		USD	250		254,220
Boyd Gaming Corp.
6.38%, 04/01/26 (Call 04/01/21)b		USD	125		134,765
6.88%, 05/15/23 (Call 05/15/18)		USD	125		134,659
Builders FirstSource Inc.
5.63%, 09/01/24 (Call 09/01/19)a		USD	100		103,674
BWAY Holding Co.
5.50%, 04/15/24 (Call 04/15/20)a		USD	225		227,101
7.25%, 04/15/25 (Call 04/15/20)a		USD	175		174,781
Cablevision Systems Corp.
5.88%, 09/15/22b		USD	150		153,426
7.75%, 04/15/18		USD	50		52,375
8.00%, 04/15/20b		USD	75		83,766
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties
8.00%, 10/01/20 (Call 05/30/17)		USD	75		77,854
11.00%, 10/01/21 (Call 05/30/17)b		USD	100		108,500
CalAtlantic Group Inc.
5.25%, 06/01/26 (Call 12/01/25)		USD	40		41,046
5.88%, 11/15/24 (Call 05/15/24)		USD	50		53,750
8.38%, 05/15/18		USD	100		105,250
California Resources Corp.
8.00%, 12/15/22 (Call 12/15/18)a		USD	355		270,935
Calpine Corp.
5.25%, 06/01/26 (Call 06/01/21)a,b		USD	100		100,485
5.38%, 01/15/23 (Call 10/15/18)b		USD	225		221,625
5.50%, 02/01/24 (Call 02/01/19)b		USD	100		96,341
5.75%, 01/15/25 (Call 10/15/19)b		USD	225		217,060

SCHEDULES OF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
5.88%, 01/15/24 (Call 11/01/18)a,b		USD	75	$	78,800
6.00%, 01/15/22 (Call 05/30/17)a,b		USD	25		26,113
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 05/30/17)		USD	125		105,781
11.50%, 01/15/21 (Call 04/15/18)a		USD	75		86,987
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 04/15/18)b		USD	130		130,975
7.50%, 09/15/20 (Call 05/30/17)		USD	25		25,750
Catalent Pharma Solutions Inc.
4.75%, 12/15/24 (Call 12/15/19)c		EUR	100		115,612
CBS Radio Inc.
7.25%, 11/01/24 (Call 11/01/19)a,b		USD	50		54,250
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 02/15/23 (Call 02/15/18)		USD	100		104,000
5.13%, 05/01/23 (Call 05/01/18)a		USD	225		234,844
5.13%, 05/01/27 (Call 05/01/22)a		USD	425		433,500
5.25%, 03/15/21 (Call 05/30/17)b		USD	50		51,462
5.25%, 09/30/22 (Call 09/30/17)		USD	300		310,492
5.38%, 05/01/25 (Call 05/01/20)a		USD	125		129,687
5.50%, 05/01/26 (Call 05/01/21)a		USD	225		235,704
5.75%, 09/01/23 (Call 03/01/18)		USD	50		52,411
5.75%, 01/15/24 (Call 07/15/18)		USD	175		184,187
5.75%, 02/15/26 (Call 02/15/21)a		USD	375		396,990
5.88%, 04/01/24 (Call 04/01/19)a,b		USD	250		267,812
5.88%, 05/01/27 (Call 05/01/21)a		USD	125		132,534
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 03/01/18)		USD	100		102,691
5.00%, 09/01/25 (Call 03/01/20)		USD	180		184,309
5.50%, 12/01/24 (Call 06/01/24)		USD	75		79,794
Centene Corp.
4.75%, 05/15/22 (Call 05/15/19)		USD	150		155,625
4.75%, 01/15/25 (Call 01/15/20)		USD	185		188,006
5.63%, 02/15/21 (Call 02/15/18)		USD	280		292,950
6.13%, 02/15/24 (Call 02/15/19)		USD	175		188,562
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)b		USD	100		97,750
5.80%, 03/15/22b		USD	250		261,562
6.45%, 06/15/21		USD	200		216,000
Series V
5.63%, 04/01/20		USD	175		184,945
Series W
6.75%, 12/01/23b		USD	125		134,219

Security	Principal (000s)			Value
Series Y
7.50%, 04/01/24 (Call 01/01/24)b		USD	125	$	135,814
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 05/30/17)a		USD	250		255,780
6.38%, 09/15/20 (Call 05/30/17)a		USD	140		144,288
CF Industries Inc.
3.45%, 06/01/23b		USD	100		93,250
7.13%, 05/01/20		USD	150		163,651
Change Healthcare Holdings LLC/Change Healthcare Finance Inc.
5.75%, 03/01/25 (Call 03/01/20)a		USD	155		159,456
Chemours Co. (The)
6.13%, 05/15/23 (Call 05/15/18)		EUR	100		117,270
6.63%, 05/15/23 (Call 05/15/18)b		USD	200		214,000
7.00%, 05/15/25 (Call 05/15/20)b		USD	100		109,875
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/25a		USD	230		244,640
7.00%, 06/30/24a		USD	200		223,455
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 05/30/17)		USD	50		45,834
6.13%, 02/15/21		USD	75		73,739
6.63%, 08/15/20		USD	25		25,250
8.00%, 12/15/22 (Call 12/15/18)a,b		USD	390		411,450
8.00%, 01/15/25 (Call 01/15/20)a,b		USD	160		157,800
CHS/Community Health Systems Inc.
5.13%, 08/01/21 (Call 05/30/17)b		USD	175		173,250
6.25%, 03/31/23 (Call 03/31/20)		USD	305		309,987
6.88%, 02/01/22 (Call 02/01/18)b		USD	500		413,077
7.13%, 07/15/20 (Call 05/30/17)b		USD	250		224,345
8.00%, 11/15/19 (Call 05/30/17)b		USD	300		290,735
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)		USD	100		101,222
5.13%, 12/15/22 (Call 12/15/17)		USD	125		128,672
CIT Group Inc.
3.88%, 02/19/19		USD	150		153,937
5.00%, 08/15/22		USD	200		215,160
5.00%, 08/01/23b		USD	100		107,500
5.38%, 05/15/20		USD	150		161,437
5.50%, 02/15/19a		USD	101		106,681
6.63%, 04/01/18a		USD	50		52,236
Citgo Holding Inc.
10.75%, 02/15/20a		USD	225		240,412

44 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Claire’s Stores Inc.
9.00%, 03/15/19 (Call 05/30/17)a		USD	100	$	46,250
Clean Harbors Inc.
5.13%, 06/01/21 (Call 05/30/17)		USD	150		153,624
5.25%, 08/01/20 (Call 05/30/17)		USD	50		50,986
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)b		USD	300		310,875
6.50%, 11/15/22 (Call 11/15/17)		USD	100		101,750
Series B
7.63%, 03/15/20 (Call 05/30/17)		USD	300		303,375
Cliffs Natural Resources Inc.
5.75%, 03/01/25 (Call 03/01/20)a,b		USD	60		57,626
8.25%, 03/31/20 (Call 03/31/18)a		USD	93		101,172
CNH Industrial Capital LLC
3.38%, 07/15/19		USD	100		101,311
3.63%, 04/15/18		USD	50		50,644
3.88%, 07/16/18b		USD	50		50,922
3.88%, 10/15/21		USD	50		50,158
4.38%, 11/06/20		USD	115		118,959
4.38%, 04/05/22		USD	100		101,874
4.88%, 04/01/21		USD	125		131,250
CNH Industrial Finance Europe SA
2.75%, 03/18/19c		EUR	200		226,867
2.88%, 09/27/21c		EUR	100		116,931
Colfax Corp.
3.25%, 05/15/25 (Call 05/15/20)c		EUR	125		137,990
Commercial Metals Co.
7.35%, 08/15/18		USD	50		52,719
CommScope Inc.
5.00%, 06/15/21 (Call 06/15/17)a		USD	100		102,875
5.50%, 06/15/24 (Call 06/15/19)a		USD	100		104,541
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)a		USD	200		201,569
6.00%, 06/15/25 (Call 06/15/20)a		USD	230		245,240
Concho Resources Inc.
4.38%, 01/15/25 (Call 01/15/20)		USD	75		76,125
5.50%, 10/01/22 (Call 10/01/17)b		USD	200		207,560
5.50%, 04/01/23 (Call 10/01/17)		USD	225		232,703
CONSOL Energy Inc.
5.88%, 04/15/22 (Call 05/30/17)		USD	250		242,500
8.00%, 04/01/23 (Call 04/01/18)		USD	100		105,000
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)b		USD	150		140,625

Security	Principal (000s)			Value
4.50%, 04/15/23 (Call 01/15/23)		USD	225	$	222,187
5.00%, 09/15/22 (Call 05/30/17)b		USD	325		328,250
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)b		USD	75		75,366
5.88%, 07/01/25 (Call 07/01/20)		USD	50		50,000
6.38%, 10/01/22 (Call 05/30/17)b		USD	75		77,170
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.75%, 04/01/25 (Call 04/01/20)a		USD	100		104,000
6.25%, 04/01/23 (Call 04/01/18)b		USD	125		130,527
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23		USD	175		180,770
Crown Americas LLC/Crown Americas Capital Corp. V
4.25%, 09/30/26 (Call 03/31/26)a		USD	50		48,922
Crown European Holdings SA
2.63%, 09/30/24 (Call 03/31/24)c		EUR	100		108,409
3.38%, 05/15/25 (Call 11/15/24)c		EUR	100		111,811
4.00%, 07/15/22 (Call 04/15/22)c		EUR	100		121,527
CSC Holdings LLC
5.25%, 06/01/24		USD	125		126,640
5.50%, 04/15/27 (Call 04/15/22)a		USD	200		207,000
6.75%, 11/15/21		USD	175		192,190
8.63%, 02/15/19		USD	75		82,417
10.13%, 01/15/23 (Call 01/15/19)a		USD	200		232,000
10.88%, 10/15/25 (Call 10/15/20)a		USD	400		480,817
Dana Inc.
5.38%, 09/15/21 (Call 05/30/17)b		USD	21		21,809
5.50%, 12/15/24 (Call 12/15/19)b		USD	75		76,230
Darling Global Finance BV
4.75%, 05/30/22 (Call 05/30/18)c		EUR	100		114,923
DaVita Inc.
5.00%, 05/01/25 (Call 05/01/20)		USD	220		221,980
5.13%, 07/15/24 (Call 07/15/19)		USD	275		282,097
5.75%, 08/15/22 (Call 08/15/17)b		USD	200		207,365
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		USD	100		96,938
4.75%, 09/30/21 (Call 06/30/21)a		USD	50		50,938
5.35%, 03/15/20a		USD	50		52,188
VRN, (3 mo. LIBOR US + 3.850%)
5.85%, 05/21/43 (Call 05/21/23)a		USD	100		94,583

SCHEDULES OF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Dell Inc.
4.63%, 04/01/21b		USD	75	$	77,084
5.65%, 04/15/18		USD	50		51,601
5.88%, 06/15/19		USD	150		158,960
Dell International LLC/EMC Corp.
5.88%, 06/15/21 (Call 06/15/18)a		USD	225		238,500
7.13%, 06/15/24 (Call 06/15/19)a,b		USD	250		275,258
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)		USD	125		85,938
5.50%, 05/01/22 (Call 05/30/17)		USD	125		93,125
9.00%, 05/15/21 (Call 12/15/18)a		USD	100		105,500
Diamond Offshore Drilling Inc.
5.88%, 05/01/19b		USD	50		51,866
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/19)a		USD	100		106,500
10.75%, 09/01/24 (Call 09/01/19)a		USD	75		79,744
Diamondback Energy Inc.
4.75%, 11/01/24 (Call 11/01/19)a		USD	150		149,625
5.38%, 05/31/25 (Call 05/31/20)a		USD	60		62,100
DISH DBS Corp.
4.25%, 04/01/18		USD	100		101,525
5.00%, 03/15/23b		USD	225		225,456
5.13%, 05/01/20b		USD	175		182,656
5.88%, 07/15/22		USD	400		423,000
5.88%, 11/15/24b		USD	300		315,000
6.75%, 06/01/21		USD	400		435,188
7.75%, 07/01/26		USD	300		351,375
7.88%, 09/01/19		USD	250		277,344
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)a		USD	150		133,500
Dollar Tree Inc.
5.25%, 03/01/20 (Call 05/30/17)		USD	150		154,376
5.75%, 03/01/23 (Call 03/01/18)b		USD	400		426,000
DPL Inc.
7.25%, 10/15/21 (Call 07/15/21)b		USD	50		53,250
Dynegy Inc.
5.88%, 06/01/23 (Call 06/01/18)		USD	100		88,000
6.75%, 11/01/19 (Call 05/30/17)b		USD	325		329,382
7.38%, 11/01/22 (Call 11/01/18)b		USD	275		263,312
7.63%, 11/01/24 (Call 11/01/19)b		USD	225		206,719
8.00%, 01/15/25 (Call 01/15/20)a,b		USD	100		91,939

Security	Principal (000s)			Value
Edgewell Personal Care Co.
4.70%, 05/19/21		USD	150	$	159,250
4.70%, 05/24/22b		USD	50		53,290
EMC Corp.
2.65%, 06/01/20		USD	325		318,094
3.38%, 06/01/23 (Call 03/01/23)b		USD	150		144,375
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 07/15/18)a		USD	200		175,250
6.00%, 02/01/25 (Call 02/01/20)a		USD	200		168,900
Endo Finance LLC
5.75%, 01/15/22 (Call 05/30/17)a		USD	100		92,193
Endo Finance LLC/Endo Finco Inc.
5.38%, 01/15/23 (Call 07/15/17)a		USD	200		171,312
Energy Transfer Equity LP
5.50%, 06/01/27 (Call 03/01/27)		USD	150		160,875
5.88%, 01/15/24 (Call 10/15/23)b		USD	200		215,950
7.50%, 10/15/20		USD	150		169,312
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)b		USD	100		100,558
4.40%, 04/01/24 (Call 01/01/24)		USD	125		128,177
4.85%, 07/15/26 (Call 04/15/26)		USD	75		78,729
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)		USD	100		82,500
5.20%, 03/15/25 (Call 12/15/24)b		USD	75		63,434
Envision Healthcare Corp.
5.13%, 07/01/22 (Call 07/01/17)a		USD	50		50,875
5.63%, 07/15/22 (Call 07/15/17)		USD	225		231,469
6.25%, 12/01/24 (Call 12/01/19)a,b		USD	85		89,356
EP Energy LLC/Everest Acquisition Finance Inc.
6.38%, 06/15/23 (Call 06/15/18)b		USD	75		56,625
8.00%, 11/29/24 (Call 11/30/19)a		USD	75		78,375
8.00%, 02/15/25 (Call 02/15/20)a		USD	155		137,562
9.38%, 05/01/20 (Call 05/30/17)		USD	200		189,012
Equinix Inc.
4.88%, 04/01/20 (Call 05/30/17)b		USD	25		25,629
5.38%, 01/01/22 (Call 01/01/18)		USD	180		190,097
5.38%, 04/01/23 (Call 04/01/18)		USD	150		156,332
5.38%, 05/15/27 (Call 05/15/22)		USD	180		187,631
5.75%, 01/01/25 (Call 01/01/20)b		USD	150		160,500
5.88%, 01/15/26 (Call 01/15/21)		USD	175		188,562

46 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
ESH Hospitality Inc.
5.25%, 05/01/25 (Call 05/01/20)a		USD	205	$	207,375
Federal-Mogul Holdings LLC
4.88%, 04/15/22 (Call 04/15/19)c		EUR	175		190,357
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)		USD	50		52,527
6.00%, 06/01/25 (Call 06/01/20)		USD	75		79,906
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/30/17)b		USD	50		48,406
6.75%, 01/15/22 (Call 05/30/17)b		USD	100		96,688
6.75%, 06/15/23 (Call 06/15/19)		USD	75		72,375
Fifth Third Bancorp. VRN, (3 mo. LIBOR US + 3.033%)
5.10%, 12/29/49 (Call 06/30/23)		USD	100		98,300
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)a,b		USD	290		296,887
5.38%, 08/15/23 (Call 08/15/18)a		USD	200		207,914
5.75%, 01/15/24 (Call 01/15/19)a		USD	385		399,469
7.00%, 12/01/23 (Call 12/01/18)a,b		USD	575		616,176
Florida East Coast Holdings Corp.
6.75%, 05/01/19 (Call 05/30/17)a		USD	125		128,500
Freeport-McMoRan Inc.
3.10%, 03/15/20		USD	131		129,690
3.55%, 03/01/22 (Call 12/01/21)b		USD	325		305,094
3.88%, 03/15/23 (Call 12/15/22)b		USD	300		277,500
4.00%, 11/14/21b		USD	100		97,875
4.55%, 11/14/24 (Call 08/14/24)b		USD	125		117,401
6.50%, 11/15/20 (Call 05/30/17)a		USD	150		153,723
6.75%, 02/01/22 (Call 02/01/18)a		USD	50		52,031
6.88%, 02/15/23 (Call 02/15/20)a		USD	150		157,125
Frontier Communications Corp.
6.25%, 09/15/21 (Call 06/15/21)b		USD	125		115,620
6.88%, 01/15/25 (Call 10/15/24)b		USD	100		83,275
7.13%, 03/15/19		USD	50		52,635
7.13%, 01/15/23		USD	150		131,250
7.63%, 04/15/24		USD	100		86,568
8.13%, 10/01/18		USD	50		53,188
8.50%, 04/15/20b		USD	175		185,430
8.75%, 04/15/22b		USD	75		72,446
8.88%, 09/15/20 (Call 06/15/20)		USD	175		184,733
9.25%, 07/01/21b		USD	150		153,031
10.50%, 09/15/22 (Call 06/15/22)		USD	375		377,303
11.00%, 09/15/25 (Call 06/15/25)		USD	550		529,375

Security	Principal (000s)			Value
Gates Global LLC/Gates Global Co.
6.00%, 07/15/22 (Call 07/15/17)a		USD	175	$	176,094
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 05/15/18)		USD	50		49,833
6.75%, 08/01/22 (Call 08/01/18)		USD	150		154,687
GenOn Energy Inc.
9.50%, 10/15/18		USD	50		30,781
9.88%, 10/15/20 (Call 05/30/17)b		USD	50		31,000
Genworth Holdings Inc.
4.80%, 02/15/24		USD	50		41,169
4.90%, 08/15/23		USD	75		62,771
6.52%, 05/22/18b		USD	50		50,170
7.20%, 02/15/21		USD	100		94,750
7.63%, 09/24/21		USD	100		95,250
7.70%, 06/15/20		USD	50		49,235
GLP Capital LP/GLP Financing II Inc.
4.38%, 11/01/18 (Call 08/01/18)		USD	50		51,303
4.38%, 04/15/21		USD	50		52,306
4.88%, 11/01/20 (Call 08/01/20)		USD	125		133,125
5.38%, 11/01/23 (Call 08/01/23)		USD	100		107,227
5.38%, 04/15/26		USD	150		157,659
Goodyear Dunlop Tires Europe BV
3.75%, 12/15/23 (Call 12/15/18)c		EUR	100		114,889
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)		USD	125		125,000
5.00%, 05/31/26 (Call 05/31/21)		USD	150		154,125
5.13%, 11/15/23 (Call 11/15/18)b		USD	125		131,054
7.00%, 05/15/22 (Call 05/15/17)b		USD	50		51,825
Gray Television Inc.
5.13%, 10/15/24 (Call 10/15/19)a		USD	100		100,613
5.88%, 07/15/26 (Call 07/15/21)a,b		USD	105		108,731
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/19)a,b		USD	75		73,706
6.38%, 05/15/25 (Call 05/15/20)a,b		USD	110		109,521
Hanesbrands Finance Luxembourg SCA
3.50%, 06/15/24 (Call 03/15/24)c		EUR	100		112,418
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)a,b		USD	175		173,819
4.88%, 05/15/26 (Call 02/15/26)a,b		USD	125		124,387
Harland Clarke Holdings Corp.
9.25%, 03/01/21 (Call 05/30/17)a		USD	125		120,625

SCHEDULES OF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
HCA Holdings Inc.
6.25%, 02/15/21		USD	175	$	189,437
HCA Inc.
3.75%, 03/15/19		USD	250		254,687
4.25%, 10/15/19		USD	150		155,437
4.50%, 02/15/27 (Call 08/15/26)		USD	180		181,258
4.75%, 05/01/23		USD	175		183,341
5.00%, 03/15/24		USD	300		318,375
5.25%, 04/15/25b		USD	200		214,663
5.25%, 06/15/26 (Call 12/15/25)		USD	240		255,432
5.38%, 02/01/25		USD	475		494,594
5.88%, 03/15/22b		USD	200		221,272
5.88%, 05/01/23b		USD	200		217,640
5.88%, 02/15/26 (Call 08/15/25)b		USD	225		239,764
6.50%, 02/15/20		USD	450		493,902
7.50%, 02/15/22		USD	300		345,120
HD Supply Inc.
5.25%, 12/15/21 (Call 12/15/17)a		USD	150		158,394
5.75%, 04/15/24 (Call 04/15/19)a		USD	200		211,861
HealthSouth Corp.
5.75%, 11/01/24 (Call 11/01/17)		USD	175		178,332
Herc Rentals Inc.
7.50%, 06/01/22 (Call 06/01/19)a,b		USD	90		97,700
7.75%, 06/01/24 (Call 06/01/19)a		USD	90		98,128
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/19)a,b		USD	100		85,900
5.88%, 10/15/20 (Call 05/30/17)b		USD	100		93,074
6.25%, 10/15/22 (Call 10/15/17)b		USD	100		92,250
6.75%, 04/15/19 (Call 05/30/17)b		USD	104		103,740
7.38%, 01/15/21 (Call 05/30/17)b		USD	75		72,188
Hertz Holdings Netherlands BV
4.38%, 01/15/19c		EUR	100		109,902
Hexion Inc.
6.63%, 04/15/20 (Call 05/30/17)		USD	225		210,937
10.38%, 02/01/22 (Call 02/01/19)a,b		USD	75		76,500
Hexion Inc./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 05/30/17)		USD	100		77,911
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)a		USD	50		47,050
5.75%, 10/01/25 (Call 04/01/20)a		USD	100		96,950
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/19)a,b		USD	175		176,094

Security	Principal (000s)			Value
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 04/01/20)a		USD	120	$	123,300
4.88%, 04/01/27 (Call 04/01/22)a		USD	75		76,833
Hologic Inc.
5.25%, 07/15/22 (Call 07/15/18)a		USD	150		158,062
HRG Group Inc.
7.75%, 01/15/22 (Call 05/30/17)		USD	175		184,844
7.88%, 07/15/19 (Call 05/30/17)		USD	50		52,208
HUB International Ltd.
7.88%, 10/01/21 (Call 05/30/17)a		USD	150		157,477
Hughes Satellite Systems Corp.
5.25%, 08/01/26a,b		USD	135		137,362
6.50%, 06/15/19		USD	90		97,316
6.63%, 08/01/26a		USD	115		118,091
7.63%, 06/15/21		USD	175		196,945
Huntington Ingalls Industries Inc.
5.00%, 12/15/21 (Call 12/15/17)a		USD	50		51,769
5.00%, 11/15/25 (Call 11/15/20)a,b		USD	125		132,585
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)		USD	75		78,844
5.13%, 04/15/21 (Call 01/15/21)		EUR	100		120,920
5.13%, 11/15/22 (Call 08/15/22)b		USD	50		52,641
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.88%, 03/15/19 (Call 05/30/17)		USD	250		252,969
5.88%, 02/01/22 (Call 08/01/17)		USD	175		179,854
6.00%, 08/01/20 (Call 05/30/17)		USD	325		336,375
6.25%, 02/01/22 (Call 02/01/19)a		USD	125		130,000
6.75%, 02/01/24 (Call 02/01/20)a		USD	100		104,250
iHeartCommunications Inc.
9.00%, 12/15/19 (Call 05/30/17)		USD	225		184,803
9.00%, 03/01/21 (Call 05/30/17)		USD	250		189,519
9.00%, 09/15/22 (Call 09/15/17)		USD	150		111,937
10.63%, 03/15/23 (Call 03/15/18)		USD	125		95,354
11.25%, 03/01/21 (Call 05/30/17)		USD	100		76,736
11.25%, 03/01/21 (Call 05/30/17)a		USD	75		57,552
Infor U.S. Inc.
5.75%, 08/15/20 (Call 08/15/17)a		USD	50		52,000
6.50%, 05/15/22 (Call 05/15/18)		USD	250		260,000
Ingram Micro Inc.
5.45%, 12/15/24 (Call 09/15/24)		USD	25		24,938
International Game Technology
7.50%, 06/15/19		USD	75		82,059

48 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
International Game Technology PLC
4.75%, 03/05/20c		EUR	100	$	119,438
4.75%, 02/15/23 (Call 08/15/22)c		EUR	100		118,870
6.25%, 02/15/22 (Call 08/15/21)a		USD	250		273,273
6.50%, 02/15/25 (Call 08/15/24)a		USD	200		219,250
inVentiv Group Holdings Inc./inVentiv Health Inc./inVentiv Health Clinical Inc.
7.50%, 10/01/24 (Call 10/01/19)a		USD	100		103,242
IPALCO Enterprises Inc.
3.45%, 07/15/20 (Call 06/15/20)		USD	200		203,125
Iron Mountain Inc.
5.75%, 08/15/24 (Call 08/15/17)		USD	200		205,750
6.00%, 10/01/20 (Call 10/01/17)a		USD	100		104,125
6.00%, 08/15/23 (Call 08/15/18)		USD	100		105,748
iStar Inc.
5.00%, 07/01/19 (Call 05/30/17)		USD	100		100,687
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.
6.75%, 11/15/21 (Call 11/15/18)a		USD	100		104,500
Jaguar Holding Co. II/Pharmaceutical Product Development LLC
6.38%, 08/01/23 (Call 08/01/18)a		USD	200		208,059
JC Penney Corp. Inc.
5.65%, 06/01/20b		USD	75		74,381
5.88%, 07/01/23 (Call 07/01/19)a		USD	50		50,500
8.13%, 10/01/19		USD	75		81,617
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 05/30/17)a		USD	200		198,031
K. Hovnanian Enterprises Inc.
7.25%, 10/15/20 (Call 05/30/17)a,b		USD	100		97,010
KB Home
4.75%, 05/15/19 (Call 02/15/19)b		USD	75		77,227
7.00%, 12/15/21 (Call 09/15/21)b		USD	50		55,688
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
5.00%, 06/01/24 (Call 06/01/19)a		USD	200		206,500
5.25%, 06/01/26 (Call 06/01/21)a		USD	125		128,125
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 05/30/17)b		USD	75		72,375
8.00%, 01/15/20b		USD	100		103,725
8.75%, 01/15/23 (Call 01/15/18)b		USD	100		102,625

Security	Principal (000s)			Value
Kinetic Concepts Inc./KCI USA Inc.
7.88%, 02/15/21 (Call 02/15/18)a		USD	150	$	159,951
12.50%, 11/01/21 (Call 05/01/19)a,b		USD	50		56,019
KLX Inc.
5.88%, 12/01/22 (Call 12/01/17)a		USD	200		209,991
Kronos Acquisition Holdings Inc.
9.00%, 08/15/23 (Call 08/15/18)a		USD	140		141,645
L Brands Inc.
5.63%, 02/15/22b		USD	175		184,844
5.63%, 10/15/23b		USD	100		104,884
6.63%, 04/01/21		USD	175		192,172
7.00%, 05/01/20		USD	25		27,625
8.50%, 06/15/19		USD	50		55,938
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)		USD	100		104,552
5.38%, 01/15/24 (Call 01/15/19)		USD	50		52,677
5.88%, 02/01/22 (Call 05/30/17)		USD	75		77,679
Series WI
5.75%, 02/01/26 (Call 02/01/21)b		USD	75		81,301
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)a		USD	100		103,250
4.88%, 11/01/26 (Call 11/01/21)a,b		USD	150		154,636
Laredo Petroleum Inc.
5.63%, 01/15/22 (Call 05/30/17)		USD	125		125,312
7.38%, 05/01/22 (Call 05/30/17)		USD	100		103,875
Laureate Education Inc.
10.00%, 09/01/19 (Call 05/30/17)a		USD	150		157,500
Leidos Holdings Inc.
4.45%, 12/01/20 (Call 09/01/20)		USD	50		52,305
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)		USD	80		81,300
4.50%, 06/15/19 (Call 04/16/19)		USD	25		25,825
4.50%, 11/15/19 (Call 08/15/19)		USD	150		154,687
4.50%, 04/30/24 (Call 01/31/24)		USD	100		100,770
4.75%, 04/01/21 (Call 02/01/21)b		USD	140		146,454
4.75%, 11/15/22 (Call 08/15/22)		USD	100		104,000
4.75%, 05/30/25 (Call 02/28/25)		USD	50		50,865
4.88%, 12/15/23 (Call 09/15/23)		USD	80		82,839
Leucadia National Corp.
5.50%, 10/18/23 (Call 01/18/23)		USD	100		107,484
Level 3 Communications Inc.
5.75%, 12/01/22 (Call 12/01/17)		USD	150		156,169

SCHEDULES OF INVESTMENTS 49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/01/18)		USD	100	$	102,656
5.25%, 03/15/26 (Call 03/15/21)		USD	105		108,019
5.38%, 08/15/22 (Call 08/15/17)		USD	125		128,910
5.38%, 01/15/24 (Call 01/15/19)		USD	125		129,160
5.38%, 05/01/25 (Call 05/01/20)		USD	150		155,797
5.63%, 02/01/23 (Call 02/01/18)b		USD	150		155,562
6.13%, 01/15/21 (Call 05/30/17)		USD	50		51,651
Levi Strauss & Co.
3.38%, 03/15/27 (Call 03/15/22)c		EUR	100		109,658
LifePoint Health Inc.
5.38%, 05/01/24 (Call 05/01/19)a,b		USD	75		75,188
5.50%, 12/01/21 (Call 05/30/17)b		USD	175		181,212
5.88%, 12/01/23 (Call 12/01/18)b		USD	65		66,788
LIN Television Corp.
5.88%, 11/15/22 (Call 11/15/17)		USD	75		78,147
LKQ Italia Bondco SpA
3.88%, 04/01/24 (Call 01/01/24)c		EUR	100		115,976
Mallinckrodt International Finance SA
4.75%, 04/15/23b		USD	100		85,250
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 05/30/17)a,b		USD	125		124,531
5.50%, 04/15/25 (Call 04/15/20)a,b		USD	100		90,500
5.63%, 10/15/23 (Call 10/15/18)a,b		USD	100		95,045
5.75%, 08/01/22 (Call 08/01/17)a,b		USD	150		146,923
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 06/01/26)b		USD	75		74,542
5.63%, 05/01/24 (Call 02/01/24)		USD	200		215,479
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		USD	75		74,813
5.25%, 03/31/20		USD	50		52,868
6.00%, 03/15/23		USD	175		190,312
6.63%, 12/15/21		USD	175		196,437
6.75%, 10/01/20b		USD	200		222,278
7.75%, 03/15/22		USD	150		175,125
8.63%, 02/01/19		USD	150		165,586
Micron Technology Inc.
5.25%, 08/01/23 (Call 02/01/18)a		USD	200		207,000
5.25%, 01/15/24 (Call 05/01/18)a		USD	100		103,250
5.50%, 02/01/25 (Call 08/01/19)		USD	190		198,877

Security	Principal (000s)			Value
5.88%, 02/15/22 (Call 05/30/17)b		USD	50	$	52,375
MPH Acquisition Holdings LLC
7.13%, 06/01/24 (Call 06/01/19)a		USD	250		268,750
MPT Operating Partnership LP/MPT Finance Corp.
4.00%, 08/19/22 (Call 05/19/22)		EUR	100		119,800
5.25%, 08/01/26 (Call 08/01/21)		USD	100		102,455
6.38%, 03/01/24 (Call 03/01/19)		USD	50		54,118
MSCI Inc.
4.75%, 08/01/26 (Call 08/01/21)a		USD	75		76,840
5.25%, 11/15/24 (Call 11/15/19)a		USD	75		79,438
5.75%, 08/15/25 (Call 08/15/20)a		USD	175		188,781
Murphy Oil Corp.
4.00%, 06/01/22 (Call 03/01/22)b		USD	75		72,493
4.70%, 12/01/22 (Call 09/01/22)		USD	100		97,750
6.88%, 08/15/24 (Call 08/15/19)		USD	100		106,306
Murray Energy Corp.
11.25%, 04/15/21 (Call 04/15/18)a		USD	150		113,062
Nabors Industries Inc.
4.63%, 09/15/21		USD	100		101,000
5.00%, 09/15/20		USD	150		154,335
5.50%, 01/15/23 (Call 11/15/22)a,b		USD	100		100,796
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 08/01/18 (Call 05/30/17)		USD	50		50,500
6.50%, 07/01/21 (Call 05/30/17)		USD	75		76,057
7.88%, 10/01/20 (Call 05/30/17)		USD	50		51,833
Nature’s Bounty Co. (The)
7.63%, 05/15/21 (Call 05/15/18)a		USD	140		148,750
Navient Corp.
4.88%, 06/17/19		USD	200		206,250
5.00%, 10/26/20		USD	150		152,625
5.50%, 01/15/19		USD	200		208,000
5.50%, 01/25/23b		USD	150		148,125
5.88%, 03/25/21		USD	50		51,750
5.88%, 10/25/24		USD	75		73,125
6.13%, 03/25/24b		USD	175		173,687
6.50%, 06/15/22		USD	100		103,375
6.63%, 07/26/21		USD	125		132,500
7.25%, 01/25/22b		USD	125		133,125
7.25%, 09/25/23		USD	50		52,125
8.00%, 03/25/20b		USD	250		275,625
8.45%, 06/15/18		USD	200		213,500

50 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 05/29/17)a		USD	100	$	85,750
Navistar International Corp.
8.25%, 11/01/21 (Call 05/30/17)		USD	200		202,620
NCL Corp. Ltd.
4.63%, 11/15/20 (Call 11/15/17)a		USD	100		102,292
4.75%, 12/15/21 (Call 12/15/18)a		USD	75		76,781
NCR Corp.
4.63%, 02/15/21 (Call 05/30/17)b		USD	150		153,605
5.00%, 07/15/22 (Call 07/15/17)b		USD	200		204,455
5.88%, 12/15/21 (Call 12/15/17)		USD	75		78,418
6.38%, 12/15/23 (Call 12/15/18)		USD	75		80,098
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 05/30/17)a		USD	125		73,576
Netflix Inc.
4.38%, 11/15/26a,b		USD	240		236,400
5.38%, 02/01/21		USD	100		107,112
5.50%, 02/15/22		USD	100		107,223
5.75%, 03/01/24		USD	50		53,517
5.88%, 02/15/25		USD	125		135,625
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)		USD	100		104,625
5.63%, 07/01/24b		USD	175		184,954
5.75%, 01/30/22		USD	75		79,467
Nexstar Broadcasting Inc.
5.63%, 08/01/24 (Call 08/01/19)a,b		USD	125		127,830
NGL Energy Partners LP/NGL Energy Finance Corp.
6.13%, 03/01/25 (Call 03/01/20)a		USD	100		93,000
7.50%, 11/01/23 (Call 11/01/19)a		USD	100		100,000
NGPL PipeCo LLC
9.63%, 06/01/19 (Call 05/30/17)a		USD	50		51,438
Nielsen Co. Luxembourg Sarl (The)
5.00%, 02/01/25 (Call 02/01/20)a,b		USD	75		75,094
5.50%, 10/01/21 (Call 05/30/17)a		USD	150		155,480
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 05/30/17)		USD	75		76,391
5.00%, 04/15/22 (Call 05/30/17)a,b		USD	350		359,625
Noble Holding International Ltd.
7.70%, 04/01/25 (Call 01/01/25)		USD	75		67,605

Security	Principal (000s)			Value
Novelis Corp.
5.88%, 09/30/26 (Call 09/30/21)a		USD	250	$	256,875
6.25%, 08/15/24 (Call 08/15/19)a		USD	150		157,875
NRG Energy Inc.
6.25%, 07/15/22 (Call 07/15/18)		USD	175		177,722
6.25%, 05/01/24 (Call 05/01/19)b		USD	175		174,387
6.63%, 03/15/23 (Call 09/15/17)		USD	175		177,625
6.63%, 01/15/27 (Call 07/15/21)b		USD	200		198,500
7.25%, 05/15/26 (Call 05/15/21)b		USD	160		164,182
7.88%, 05/15/21 (Call 05/30/17)b		USD	30		30,750
Nuance Communications Inc.
5.38%, 08/15/20 (Call 05/30/17)a		USD	43		43,894
5.63%, 12/15/26 (Call 12/15/21)a,b		USD	75		77,531
NuStar Logistics LP
4.80%, 09/01/20		USD	50		51,550
5.63%, 04/28/27 (Call 01/28/27)		USD	25		25,750
Oasis Petroleum Inc.
6.88%, 03/15/22 (Call 09/15/17)b		USD	200		202,833
OI European Group BV
3.13%, 11/15/24 (Call 08/15/24)c		EUR	100		109,846
6.75%, 09/15/20c		EUR	100		130,013
Olin Corp.
5.13%, 09/15/27 (Call 03/15/22)		USD	100		104,045
OneMain Financial Holdings LLC
6.75%, 12/15/19 (Call 05/30/17)a		USD	75		78,750
7.25%, 12/15/21 (Call 12/15/17)a		USD	75		77,894
ONEOK Inc.
4.25%, 02/01/22 (Call 11/01/21)		USD	150		154,177
7.50%, 09/01/23 (Call 06/01/23)		USD	50		59,285
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.63%, 05/15/22 (Call 05/30/17)a		USD	200		184,500
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 05/30/17)		USD	100		103,875
5.63%, 02/15/24 (Call 02/15/19)		USD	75		78,633
5.88%, 03/15/25 (Call 09/15/19)		USD	75		79,289
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22a,b		USD	150		155,414
5.88%, 08/15/23a,b		USD	100		106,862
Pacific Drilling SA
5.38%, 06/01/20 (Call 05/30/17)a,b		USD	100		47,875

SCHEDULES OF INVESTMENTS 51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Parsley Energy LLC/Parsley Finance Corp.
5.25%, 08/15/25 (Call 08/15/20)a		USD	75	$	75,563
5.38%, 01/15/25 (Call 01/15/20)a,b		USD	60		60,450
6.25%, 06/01/24 (Call 06/01/19)a		USD	100		105,134
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 11/15/18)b		USD	115		116,635
Peabody Energy Corp.
6.38%, 03/31/25 (Call 03/31/20)a		USD	75		76,125
Penske Automotive Group Inc.
5.50%, 05/15/26 (Call 05/15/21)		USD	60		59,367
5.75%, 10/01/22 (Call 10/01/17)b		USD	100		103,275
Permian Resources LLC
13.00%, 11/30/20 (Call 11/30/18)a		USD	50		58,425
Permian Resources LLC/AEPB Finance Corp.
7.13%, 11/01/20 (Call 05/30/17)a		USD	100		80,750
7.38%, 11/01/21 (Call 07/31/17)a		USD	100		80,792
PetSmart Inc.
7.13%, 03/15/23 (Call 03/15/18)a,b		USD	300		274,125
Platform Specialty Products Corp.
6.50%, 02/01/22 (Call 02/01/18)a,b		USD	175		180,031
10.38%, 05/01/21 (Call 05/01/18)a		USD	50		55,375
Post Holdings Inc.
5.00%, 08/15/26 (Call 08/15/21)a		USD	250		248,585
5.50%, 03/01/25 (Call 03/01/20)a,b		USD	160		167,200
5.75%, 03/01/27 (Call 03/01/22)a		USD	125		129,844
6.00%, 12/15/22 (Call 06/15/18)a		USD	100		106,000
7.75%, 03/15/24 (Call 09/15/18)a		USD	175		194,250
8.00%, 07/15/25 (Call 07/15/20)a		USD	75		85,179
Postmedia Network Inc.
8.25%, 07/15/21 (Call 05/29/17)a		CAD	1		409
Pride International LLC
6.88%, 08/15/20		USD	150		159,240
Prime Security Services Borrower LLC/Prime Finance Inc.
9.25%, 05/15/23 (Call 05/15/19)a		USD	490		534,547
PulteGroup Inc.
4.25%, 03/01/21 (Call 02/01/21)		USD	100		103,472
5.00%, 01/15/27 (Call 10/15/26)		USD	100		101,179
5.50%, 03/01/26 (Call 12/01/25)		USD	105		110,644
PVH Corp.
3.63%, 07/15/24 (Call 04/15/24)c		EUR	100		113,060

Security	Principal (000s)			Value
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)		USD	75	$	73,781
5.38%, 10/01/22 (Call 07/01/22)		USD	100		98,740
6.88%, 03/01/21b		USD	100		105,740
Qorvo Inc.
6.75%, 12/01/23 (Call 12/01/18)		USD	25		27,128
7.00%, 12/01/25 (Call 12/01/20)		USD	100		110,821
Quicken Loans Inc.
5.75%, 05/01/25 (Call 05/01/20)a		USD	185		187,312
Quintiles IMS Inc.
3.25%, 03/15/25 (Call 03/15/20)c		EUR	200		218,500
3.50%, 10/15/24 (Call 10/15/19)c		EUR	200		224,079
4.88%, 05/15/23 (Call 05/15/18)a		USD	100		102,768
5.00%, 10/15/26 (Call 10/15/21)a		USD	200		204,792
QVC Inc.
3.13%, 04/01/19		USD	75		75,733
4.38%, 03/15/23		USD	150		151,088
4.45%, 02/15/25 (Call 11/15/24)		USD	50		49,085
4.85%, 04/01/24		USD	125		126,818
5.13%, 07/02/22		USD	50		52,325
Rackspace Hosting Inc.
8.63%, 11/15/24 (Call 11/15/19)a,b		USD	175		185,327
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)		USD	100		96,500
5.00%, 08/15/22 (Call 05/15/22)a,b		USD	100		98,625
5.00%, 03/15/23 (Call 12/15/22)a,b		USD	125		123,310
5.75%, 06/01/21 (Call 03/01/21)a		USD	150		153,678
Realogy Group LLC/Realogy Co-Issuer Corp.
4.50%, 04/15/19a		USD	50		52,063
4.88%, 06/01/23 (Call 03/01/23)a		USD	100		101,000
5.25%, 12/01/21 (Call 12/01/17)a		USD	75		78,820
Regal Entertainment Group
5.75%, 03/15/22 (Call 05/30/17)		USD	75		78,094
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.75%, 10/15/20 (Call 05/29/17)		USD	400		411,385
6.88%, 02/15/21 (Call 05/30/17)b		USD	65		66,353
Rite Aid Corp.
6.13%, 04/01/23 (Call 04/01/18)a,b		USD	300		297,750
6.75%, 06/15/21 (Call 05/30/17)b		USD	75		75,747
9.25%, 03/15/20 (Call 05/30/17)		USD	50		51,500
Rockies Express Pipeline LLC
5.63%, 04/15/20a		USD	100		106,900

52 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
6.00%, 01/15/19a,b		USD	150	$	157,179
6.85%, 07/15/18a,b		USD	50		52,250
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)		USD	100		93,750
7.38%, 06/15/25 (Call 03/15/25)b		USD	100		98,750
Royal Caribbean Cruises Ltd.
5.25%, 11/15/22b		USD	150		165,516
RR Donnelley & Sons Co.
6.00%, 04/01/24b		USD	75		69,938
7.88%, 03/15/21b		USD	50		53,648
RSP Permian Inc.
5.25%, 01/15/25 (Call 01/15/20)a		USD	50		50,644
6.63%, 10/01/22 (Call 10/01/17)		USD	100		105,625
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 11/15/18)a		USD	50		51,675
Sally Holdings LLC/Sally Capital Inc.
5.63%, 12/01/25 (Call 12/01/20)b		USD	180		185,850
5.75%, 06/01/22 (Call 06/01/17)		USD	50		51,500
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)b		USD	175		161,000
7.75%, 06/15/21 (Call 06/15/17)		USD	100		96,681
SBA Communications Corp.
4.88%, 07/15/22 (Call 07/15/17)		USD	75		77,238
4.88%, 09/01/24 (Call 09/01/19)a		USD	195		196,950
Scientific Games International Inc.
7.00%, 01/01/22 (Call 01/01/18)a,b		USD	350		374,500
10.00%, 12/01/22 (Call 12/01/18)b		USD	325		352,625
Sealed Air Corp.
4.50%, 09/15/23 (Call 06/15/23)c		EUR	100		121,391
4.88%, 12/01/22 (Call 09/01/22)a		USD	50		51,938
5.13%, 12/01/24 (Call 09/01/24)a		USD	75		78,504
5.25%, 04/01/23 (Call 01/01/23)a,b		USD	50		53,313
5.50%, 09/15/25 (Call 06/15/25)a		USD	75		79,987
6.50%, 12/01/20 (Call 09/01/20)a		USD	50		55,892
SemGroup Corp./Rose Rock Finance Corp.
5.63%, 07/15/22 (Call 07/15/17)		USD	25		24,872
Senvion Holding GmbH
3.88%, 10/25/22c		EUR	100		108,895
Service Corp. International/U.S.
5.38%, 01/15/22 (Call 07/15/17)		USD	50		51,625
5.38%, 05/15/24 (Call 05/15/19)		USD	100		105,750
ServiceMaster Co. LLC (The)
5.13%, 11/15/24 (Call 11/15/19)a		USD	175		180,011

Security	Principal (000s)			Value
Silgan Holdings Inc.
3.25%, 03/15/25 (Call 03/15/20)c		EUR	100	$	109,819
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/21)a		USD	75		74,597
5.38%, 04/01/21 (Call 05/15/17)		USD	50		51,438
5.63%, 08/01/24 (Call 08/01/19)a		USD	50		52,014
6.13%, 10/01/22 (Call 10/01/17)		USD	150		156,833
Sirius XM Radio Inc.
4.25%, 05/15/20 (Call 05/30/17)a		USD	50		50,526
4.63%, 05/15/23 (Call 05/15/18)a		USD	150		152,847
5.38%, 04/15/25 (Call 04/15/20)a		USD	200		204,997
5.38%, 07/15/26 (Call 07/15/21)a		USD	100		102,479
5.75%, 08/01/21 (Call 05/30/17)a,b		USD	200		207,500
6.00%, 07/15/24 (Call 07/15/19)a		USD	225		240,750
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 07/31/19)a		USD	135		136,181
5.50%, 04/15/27 (Call 04/15/22)a,b		USD	90		91,638
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)b		USD	75		70,629
5.63%, 06/01/25 (Call 06/01/20)b		USD	100		95,650
6.13%, 11/15/22 (Call 11/15/18)b		USD	75		76,036
6.75%, 09/15/26 (Call 09/15/21)b		USD	75		75,625
Solera LLC/Solera Finance Inc.
10.50%, 03/01/24 (Call 03/01/19)a,b		USD	275		313,906
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)b		USD	200		186,340
5.80%, 01/23/20 (Call 12/23/19)		USD	75		75,703
6.70%, 01/23/25 (Call 10/23/24)		USD	150		148,785
Spectrum Brands Inc.
4.00%, 10/01/26 (Call 10/01/21)c		EUR	100		113,174
5.75%, 07/15/25 (Call 07/15/20)		USD	175		186,937
6.63%, 11/15/22 (Call 11/15/17)b		USD	50		52,625
Springleaf Finance Corp.
5.25%, 12/15/19		USD	100		101,337
7.75%, 10/01/21b		USD	125		134,375
8.25%, 12/15/20b		USD	175		190,993
Sprint Communications Inc.
6.00%, 11/15/22		USD	350		365,251
7.00%, 03/01/20a		USD	100		109,375
7.00%, 08/15/20		USD	225		244,240
9.00%, 11/15/18a		USD	475		518,937
11.50%, 11/15/21		USD	200		252,150
Sprint Corp.
7.13%, 06/15/24b		USD	400		434,000

SCHEDULES OF INVESTMENTS 53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
7.25%, 09/15/21b		USD	400	$	438,000
7.63%, 02/15/25 (Call 11/15/24)b		USD	200		223,500
7.88%, 09/15/23		USD	725		814,719
Standard Industries Inc./NJ
5.00%, 02/15/27 (Call 02/15/22)a		USD	100		100,391
5.13%, 02/15/21 (Call 02/15/18)a,b		USD	50		52,151
5.38%, 11/15/24 (Call 11/15/19)a		USD	175		182,219
5.50%, 02/15/23 (Call 02/15/19)a		USD	50		51,840
6.00%, 10/15/25 (Call 10/15/20)a,b		USD	175		186,462
Steel Dynamics Inc.
5.00%, 12/15/26 (Call 12/15/21)a		USD	75		76,947
5.13%, 10/01/21 (Call 10/01/17)		USD	50		51,531
5.25%, 04/15/23 (Call 04/15/18)		USD	50		52,000
5.50%, 10/01/24 (Call 10/01/19)		USD	100		105,653
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)		USD	50		49,975
Sunoco LP/Sunoco Finance Corp.
5.50%, 08/01/20 (Call 08/01/17)		USD	50		51,688
6.25%, 04/15/21 (Call 04/15/18)		USD	175		183,878
6.38%, 04/01/23 (Call 04/01/18)		USD	100		106,500
T-Mobile USA Inc.
4.00%, 04/15/22		USD	100		102,367
5.13%, 04/15/25 (Call 04/15/20)		USD	75		79,031
5.38%, 04/15/27 (Call 04/15/22)b		USD	75		80,105
6.00%, 03/01/23 (Call 09/01/18)		USD	200		213,500
6.00%, 04/15/24 (Call 04/15/19)		USD	250		270,317
6.13%, 01/15/22 (Call 01/15/18)b		USD	400		423,000
6.38%, 03/01/25 (Call 09/01/19)		USD	250		273,205
6.50%, 01/15/24 (Call 01/15/19)		USD	150		162,369
6.50%, 01/15/26 (Call 01/15/21)b		USD	300		332,625
6.63%, 04/01/23 (Call 04/01/18)b		USD	350		374,500
6.84%, 04/28/23 (Call 04/28/18)		USD	100		107,000
TA MFG. Ltd.
3.63%, 04/15/23 (Call 04/15/18)c		EUR	100		111,580
Talen Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)		USD	100		77,878
4.63%, 07/15/19 (Call 04/15/19)a		USD	36		35,460
6.50%, 06/01/25 (Call 06/01/20)b		USD	100		79,500
9.50%, 07/15/22 (Call 07/15/20)a		USD	100		92,480
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 05/30/17)		USD	50		50,844
4.25%, 11/15/23 (Call 05/15/18)		USD	100		99,000

Security	Principal (000s)			Value
5.13%, 02/01/25 (Call 02/01/20)a		USD	95	$	98,040
5.25%, 05/01/23 (Call 11/01/17)		USD	50		51,545
5.38%, 02/01/27 (Call 02/01/22)a		USD	50		52,188
6.75%, 03/15/24 (Call 09/15/19)		USD	150		162,900
TEGNA Inc.
5.13%, 10/15/19 (Call 05/30/17)		USD	125		128,094
5.13%, 07/15/20 (Call 05/30/17)		USD	100		103,146
6.38%, 10/15/23 (Call 10/15/18)b		USD	75		79,672
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/21)b		USD	100		98,938
5.63%, 10/15/23 (Call 10/15/18)		USD	50		51,200
Tenet Healthcare Corp.
4.38%, 10/01/21		USD	150		149,504
4.50%, 04/01/21		USD	175		175,012
5.00%, 03/01/19		USD	300		300,189
5.50%, 03/01/19		USD	25		25,250
6.00%, 10/01/20		USD	300		315,375
6.25%, 11/01/18		USD	100		104,939
6.75%, 06/15/23b		USD	275		262,625
7.50%, 01/01/22 (Call 01/01/19)a		USD	125		133,442
8.00%, 08/01/20 (Call 05/30/17)b		USD	150		151,796
8.13%, 04/01/22b		USD	475		482,719
TerraForm Power Operating LLC
6.38%, 02/01/23 (Call 02/01/18)a,d		USD	125		129,219
Tesoro Corp.
4.75%, 12/15/23 (Call 10/15/23)a		USD	110		115,362
5.13%, 12/15/26 (Call 09/15/26)a		USD	125		132,812
5.38%, 10/01/22 (Call 10/01/17)b		USD	50		51,835
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.25%, 01/15/25 (Call 01/15/21)		USD	125		132,656
5.50%, 10/15/19 (Call 09/15/19)		USD	50		53,035
5.88%, 10/01/20 (Call 05/30/17)		USD	50		51,088
6.13%, 10/15/21 (Call 05/15/17)		USD	50		52,216
6.25%, 10/15/22 (Call 10/15/18)		USD	175		187,496
6.38%, 05/01/24 (Call 05/01/19)		USD	75		81,938
Toll Brothers Finance Corp.
5.88%, 02/15/22 (Call 11/15/21)		USD	100		109,950
TransDigm Inc.
5.50%, 10/15/20 (Call 05/30/17)b		USD	50		50,972
6.00%, 07/15/22 (Call 07/15/17)b		USD	175		179,703
6.38%, 06/15/26 (Call 06/15/21)b		USD	200		201,681
6.50%, 07/15/24 (Call 07/15/19)b		USD	175		179,707
6.50%, 05/15/25 (Call 05/15/20)		USD	50		51,250

54 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Transocean Inc.
5.80%, 10/15/22 (Call 07/15/22)b		USD	50	$	46,268
6.50%, 11/15/20b		USD	100		101,062
8.13%, 12/15/21b		USD	125		129,752
9.00%, 07/15/23 (Call 07/15/20)a,b		USD	200		214,125
Transocean Phoenix 2 Ltd.
7.75%, 10/15/24 (Call 10/15/20)a		USD	95		102,400
Transocean Proteus Ltd.
6.25%, 12/01/24 (Call 12/01/20)a		USD	100		102,403
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 05/30/17)		USD	50		51,756
6.00%, 02/15/24 (Call 02/15/19)a		USD	100		106,705
TRI Pointe Group Inc./TRI Pointe Homes Inc.
4.38%, 06/15/19		USD	50		51,375
5.88%, 06/15/24		USD	100		104,950
Tribune Media Co.
5.88%, 07/15/22 (Call 07/15/18)		USD	175		183,841
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.
6.38%, 05/01/22 (Call 05/01/18)c		EUR	100		116,433
Tronox Finance LLC
6.38%, 08/15/20 (Call 05/30/17)		USD	125		126,839
7.50%, 03/15/22 (Call 03/15/18)a,b		USD	100		104,817
U.S. Steel Corp.
7.38%, 04/01/20b		USD	24		25,674
7.50%, 03/15/22 (Call 05/30/17)b		USD	75		76,313
8.38%, 07/01/21 (Call 07/01/18)a		USD	175		192,477
Ultra Resources Inc.
6.88%, 04/15/22 (Call 04/15/19)a		USD	100		101,125
7.13%, 04/15/25 (Call 04/15/20)a		USD	65		64,391
United Rentals North America Inc.
4.63%, 07/15/23 (Call 07/15/18)		USD	225		232,717
5.50%, 07/15/25 (Call 07/15/20)		USD	125		130,447
5.50%, 05/15/27 (Call 05/15/22)		USD	180		185,225
5.75%, 11/15/24 (Call 05/15/19)b		USD	175		184,297
5.88%, 09/15/26 (Call 09/15/21)		USD	150		158,270
6.13%, 06/15/23 (Call 12/15/17)		USD	125		130,556
7.63%, 04/15/22 (Call 05/30/17)		USD	36		37,522
Uniti Group Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)a,b		USD	50		52,032
7.13%, 12/15/24 (Call 12/15/19)a		USD	75		76,219
8.25%, 10/15/23 (Call 04/15/19)		USD	200		212,000

Security	Principal (000s)			Value
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)a,b		USD	150	$	151,893
5.13%, 02/15/25 (Call 02/15/20)a		USD	250		248,406
6.75%, 09/15/22 (Call 09/15/17)a,b		USD	190		199,025
Valeant Pharmaceuticals International Inc.
4.50%, 05/15/23 (Call 05/15/18)c		EUR	225		171,970
5.38%, 03/15/20 (Call 05/30/17)a		USD	300		257,250
5.50%, 03/01/23 (Call 03/01/18)a		USD	150		110,479
5.88%, 05/15/23 (Call 05/15/18)a,b		USD	525		389,812
6.13%, 04/15/25 (Call 04/15/20)a		USD	500		369,084
6.38%, 10/15/20 (Call 05/30/17)a		USD	425		363,906
6.50%, 03/15/22 (Call 03/15/19)a		USD	200		204,750
6.75%, 08/15/21 (Call 05/30/17)a		USD	100		82,563
7.00%, 10/01/20 (Call 05/30/17)a		USD	100		87,750
7.00%, 03/15/24 (Call 03/15/20)a		USD	300		305,625
7.25%, 07/15/22 (Call 05/30/17)a		USD	50		40,134
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)		USD	150		154,185
5.25%, 04/01/25 (Call 01/01/25)b		USD	50		52,170
Veritas U.S. Inc./Veritas Bermuda Ltd.
7.50%, 02/01/23 (Call 02/01/19)a		USD	200		210,964
Vertiv Group Corp.
9.25%, 10/15/24 (Call 10/15/19)a		USD	125		134,531
Viacom Inc.
VRN, (3 mo. LIBOR US + 3.895%)
5.88%, 02/28/57 (Call 02/28/22)b		USD	100		103,186
VRN, (3 mo. LIBOR US + 3.899%)
6.25%, 02/28/57 (Call 02/28/27)		USD	100		102,875
Voya Financial Inc.
VRN, (3 mo. LIBOR US + 3.580%)
5.65%, 05/15/53 (Call 05/15/23)b		USD	100		103,917
VWR Funding Inc.
4.63%, 04/15/22 (Call 04/15/18)c		EUR	100		113,693
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)b		USD	105		99,488
7.75%, 06/15/21 (Call 05/15/21)		USD	95		100,700
8.25%, 06/15/23 (Call 03/15/23)b		USD	120		130,050
9.63%, 03/01/19		USD	100		109,857
9.88%, 02/15/24 (Call 11/15/23)a,b		USD	100		116,275
WellCare Health Plans Inc.
5.25%, 04/01/25 (Call 04/01/20)		USD	185		192,400

SCHEDULES OF INVESTMENTS 55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)			Value
West Corp.
4.75%, 07/15/21 (Call 07/15/18)a		USD	100	$	102,500
5.38%, 07/15/22 (Call 07/15/17)a		USD	125		125,187
Western Digital Corp.
10.50%, 04/01/24 (Call 04/01/19)b		USD	525		618,187
Whiting Petroleum Corp.
5.00%, 03/15/19 (Call 12/15/18)		USD	150		151,500
5.75%, 03/15/21 (Call 12/15/20)b		USD	150		149,062
6.25%, 04/01/23 (Call 01/01/23)b		USD	50		50,219
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)		USD	100		98,000
4.55%, 06/24/24 (Call 03/24/24)		USD	225		230,906
Windstream Services LLC
6.38%, 08/01/23 (Call 02/01/18)b		USD	75		65,991
7.50%, 06/01/22 (Call 06/01/17)b		USD	100		97,250
7.75%, 10/15/20 (Call 05/30/17)		USD	100		102,200
7.75%, 10/01/21 (Call 05/30/17)b		USD	125		125,432
WMG Acquisition Corp.
4.13%, 11/01/24 (Call 11/01/19)c		EUR	100		114,109
6.75%, 04/15/22 (Call 05/30/17)a		USD	75		79,133
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)		USD	100		97,712
6.00%, 01/15/22 (Call 10/15/21)		USD	175		176,312
7.50%, 08/01/20 (Call 07/01/20)		USD	50		53,125
8.25%, 08/01/23 (Call 06/01/23)		USD	75		83,784
WR Grace & Co.-Conn
5.13%, 10/01/21a,b		USD	100		107,375
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)a,b		USD	75		74,472
5.38%, 03/15/22 (Call 05/30/17)		USD	200		205,500
5.50%, 03/01/25 (Call 12/01/24)a		USD	275		283,937
XPO Logistics Inc.
5.75%, 06/15/21 (Call 12/15/17)c		EUR	100		114,479
6.13%, 09/01/23 (Call 09/01/19)a		USD	75		78,820
6.50%, 06/15/22 (Call 06/15/18)a		USD	275		291,500
Zayo Group LLC/Zayo Capital Inc.
5.75%, 01/15/27 (Call 01/15/22)a		USD	200		212,024
6.00%, 04/01/23 (Call 04/01/18)		USD	225		239,906
6.38%, 05/15/25 (Call 05/15/20)b		USD	155		167,487

Security	Principal or Shares (000s)			Value
Zebra Technologies Corp.
7.25%, 10/15/22 (Call 10/15/17)b		USD	200	$	216,250
					120,567,938
TOTAL CORPORATE BONDS & NOTES
(Cost: $182,588,151)					183,643,075
SHORT-TERM INVESTMENTS — 21.75%
MONEY MARKET FUNDS — 21.75%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.13%e,f,g			38,315		38,329,857
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%e,f			2,649		2,648,854
					40,978,711
TOTAL SHORT-TERM INVESTMENTS
(Cost: $40,969,897)					40,978,711
TOTAL INVESTMENTS IN SECURITIES — 119.21%
(Cost: $223,558,048)h					224,621,786
Other Assets, Less Liabilities — (19.21)%					(36,196,257	)
NET ASSETS — 100.00%				$	188,425,529

VRN  —  Variable Rate Note

Currency abbreviations:

CAD  —  Canadian Dollar

EUR  —  Euro

GBP  —  British Pound

USD  —  United States Dollar

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

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

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

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

^e  Affiliated 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 $223,582,224. Net unrealized appreciation was $1,039,562, of which $3,988,029 represented gross unrealized appreciation on securities and $2,948,467 represented gross unrealized depreciation on securities.

56 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 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 April 30, 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:
Corporate bonds & notes	$	—	$	183,643,075	$	—	$	183,643,075
Money market funds		40,978,711		—		—		40,978,711
Total	$	40,978,711	$	183,643,075	$	—	$	224,621,786

See notes to financial statements.

SCHEDULES OF INVESTMENTS 57

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

April 30, 2017

	iShares Emerging Markets Corporate Bond ETF			iShares Emerging Markets High Yield Bond ETF			iShares Emerging Markets Local Currency Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	69,920,384		$	246,820,335		$	238,178,491
Affiliated (Note 2)		3,903,842			2,195,268			—
Total cost of investments	$	73,824,226		$	249,015,603		$	238,178,491
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	71,205,382		$	251,642,398		$	232,879,512
Affiliated (Note 2)		3,904,396			2,195,268			—
Total fair value of investments		75,109,778			253,837,666			232,879,512
Foreign currency, at valueb		—			—			16,311,763
Cash		500			43,125			—
Receivables:
Investment securities sold		649,082			3,747,940			15,729,848
Due from custodian (Note 4)		—			4,355,479			—
Dividends and interest		940,330			3,858,369			4,033,637
Capital shares redeemed		—			—			2,527
Total Assets		76,699,690			265,842,579			268,957,287
LIABILITIES
Payables:
Investment securities purchased		414,419			10,570,978			7,009,519
Collateral for securities on loan (Note 1)		2,587,850			—			—
Due to custodian		—			—			3,378,362
Foreign taxes		—			—			16,037
Deferred foreign capital gains taxes (Note 1)		6,467			16,147			88,042
Securities related to in-kind transactions (Note 4)		—			—			11,969,911
Investment advisory fees (Note 2)		29,710			98,333			130,314
Total Liabilities		3,038,446			10,685,458			22,592,185
NET ASSETS	$	73,661,244		$	255,157,121		$	246,365,102
Net assets consist of:
Paid-in capital	$	72,800,487		$	267,925,301		$	280,202,426
Undistributed net investment income		224,759			734,482			7,203,277
Accumulated net realized loss		(643,087	)		(18,308,578	)		(35,730,525	)
Net unrealized appreciation (depreciation)		1,279,085			4,805,916			(5,310,076	)
NET ASSETS	$	73,661,244		$	255,157,121		$	246,365,102
Shares outstandingc		1,450,000			5,050,000			5,400,000
Net asset value per share	$	50.80		$	50.53		$	45.62

^a  Securities on loan with values of $2,499,236, $  — and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $  —, $  — and $16,265,327, respectively.

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

See notes to financial statements.

58 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

April 30, 2017

	iShares Global High Yield Corporate Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	182,588,151
Affiliated (Note 2)		40,969,897
Total cost of investments	$	223,558,048
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	183,643,075
Affiliated (Note 2)		40,978,711
Total fair value of investments		224,621,786
Foreign currency, at valueb		483,872
Receivables:
Investment securities sold		955,366
Dividends and interest		2,819,854
Total Assets		228,880,878
LIABILITIES
Payables:
Investment securities purchased		2,075,142
Collateral for securities on loan (Note 1)		38,319,873
Investment advisory fees (Note 2)		60,334
Total Liabilities		40,455,349
NET ASSETS	$	188,425,529
Net assets consist of:
Paid-in capital	$	189,737,078
Undistributed net investment income		1,052,687
Accumulated net realized loss		(3,430,697	)
Net unrealized appreciation		1,066,461
NET ASSETS	$	188,425,529
Shares outstandingc		3,800,000
Net asset value per share	$	49.59

^a  Securities on loan with a value of $36,916,945. See Note 1.

^b  Cost of foreign currency: $490,586.

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

See notes to financial statements.

FINANCIAL STATEMENTS 59

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended April 30, 2017

	iShares Emerging Markets Corporate Bond ETF		iShares Emerging Markets High Yield Bond ETF			iShares Emerging Markets Local Currency Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	2,423	$	5,406		$	2,206
Interest — unaffiliateda		1,419,034		5,036,815			7,949,893
Miscellaneous income		—		—			44,763
Securities lending income — affiliated — net (Note 2)		6,370		—			—
		1,427,827		5,042,221			7,996,862
Less: Other foreign taxes (Note 1)		—		—			(117	)
Total investment income		1,427,827		5,042,221			7,996,745
EXPENSES
Investment advisory fees (Note 2)		146,598		397,550			784,579
Total expenses		146,598		397,550			784,579
Net investment income		1,281,229		4,644,671			7,212,166
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		38,173		(801,858	)		(14,240,495	)
Investments — affiliated (Note 2)		164		—			—
In-kind redemptions — unaffiliated		19,503		234,498			(4,072,287	)
Foreign currency transactions		—		—			(406,752	)
Realized gain distributions from affiliated funds		43		16			33
Net realized gain (loss)		57,883		(567,344	)		(18,719,501	)
Net change in unrealized appreciation/depreciation on:
Investmentsc		1,141,151		4,111,817			9,522,793
Translation of assets and liabilities in foreign currencies		—		—			(16,822	)
Net change in unrealized appreciation/depreciation		1,141,151		4,111,817			9,505,971
Net realized and unrealized gain (loss)		1,199,034		3,544,473			(9,213,530	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,480,263	$	8,189,144		$	(2,001,364	)

^a  Net of foreign withholding tax of $  —, $  — and $248,576, respectively.

^b  Net of foreign capital gains taxes of $  —, $  — and $73,182, respectively.

^c  Net of deferred foreign capital gains taxes of $6,467, $16,147 and $88,207, respectively.

See notes to financial statements.

60 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended April 30, 2017

	iShares Global High Yield Corporate Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	4,886
Interest — unaffiliated		3,869,037
Securities lending income — affiliated — net (Note 2)		82,173
Total investment income		3,956,096
EXPENSES
Investment advisory fees (Note 2)		289,504
Total expenses		289,504
Net investment income		3,666,592
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(285,887	)
Investments — affiliated (Note 2)		1,111
In-kind redemptions — unaffiliated		679,954
Foreign currency transactions		(77,950	)
Realized gain distributions from affiliated funds		62
Net realized gain		317,290
Net change in unrealized appreciation/depreciation on:
Investments		2,662,301
Translation of assets and liabilities in foreign currencies		29,542
Net change in unrealized appreciation/depreciation		2,691,843
Net realized and unrealized gain		3,009,133
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,675,725

See notes to financial statements.

FINANCIAL STATEMENTS 61

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Emerging Markets Corporate Bond ETF						iShares Emerging Markets High Yield Bond ETF
	Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016			Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,281,229		$	1,129,020		$	4,644,671		$	4,458,156
Net realized gain (loss)		57,883			(885,163	)		(567,344	)		(9,426,759	)
Net change in unrealized appreciation/depreciation		1,141,151			1,653,164			4,111,817			13,084,861
Net increase in net assets resulting from operations		2,480,263			1,897,021			8,189,144			8,116,258
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,155,855	)		(1,132,294	)		(4,772,541	)		(4,977,922	)
Total distributions to shareholders		(1,155,855	)		(1,132,294	)		(4,772,541	)		(4,977,922	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		42,072,013			12,468,983			165,961,166			59,002,370
Cost of shares redeemed		(2,493,366	)		(9,404,316	)		(21,651,387	)		(113,909,444	)
Net increase (decrease) in net assets from capital share transactions		39,578,647			3,064,667			144,309,779			(54,907,074	)
INCREASE (DECREASE) IN NET ASSETS		40,903,055			3,829,394			147,726,382			(51,768,738	)
NET ASSETS
Beginning of period		32,758,189			28,928,795			107,430,739			159,199,477
End of period	$	73,661,244		$	32,758,189		$	255,157,121		$	107,430,739
Undistributed net investment income included in net assets at end of period	$	224,759		$	99,385		$	734,482		$	862,352
SHARES ISSUED AND REDEEMED
Shares sold		850,000			250,000			3,350,000			1,200,000
Shares redeemed		(50,000	)		(200,000	)		(450,000	)		(2,450,000	)
Net increase (decrease) in shares outstanding		800,000			50,000			2,900,000			(1,250,000	)

See notes to financial statements.

62 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares Emerging Markets Local Currency Bond ETF						iShares Global High Yield Corporate Bond ETF
	Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016			Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	7,212,166		$	20,092,446		$	3,666,592		$	5,362,631
Net realized gain (loss)		(18,719,501	)		(65,625,259	)		317,290			(5,141,727	)
Net change in unrealized appreciation/depreciation		9,505,971			74,309,131			2,691,843			5,170,998
Net increase (decrease) in net assets resulting from operations		(2,001,364	)		28,776,318			6,675,725			5,391,902
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			—			(3,527,340	)		(4,092,928	)
Total distributions to shareholders		—			—			(3,527,340	)		(4,092,928	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		26,893,350			157,898,478			107,380,721			18,646,272
Cost of shares redeemed		(229,937,308	)		(255,796,504	)		(19,650,421	)		(41,329,406	)
Net increase (decrease) in net assets from capital share transactions		(203,043,958	)		(97,898,026	)		87,730,300			(22,683,134	)
INCREASE (DECREASE) IN NET ASSETS		(205,045,322	)		(69,121,708	)		90,878,685			(21,384,160	)
NET ASSETS
Beginning of period		451,410,424			520,532,132			97,546,844			118,931,004
End of period	$	246,365,102		$	451,410,424		$	188,425,529		$	97,546,844
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	7,203,277		$	(8,889	)	$	1,052,687		$	913,435
SHARES ISSUED AND REDEEMED
Shares sold		600,000			3,600,000			2,200,000			400,000
Shares redeemed		(5,200,000	)		(6,200,000	)		(400,000	)		(900,000	)
Net increase (decrease) in shares outstanding		(4,600,000	)		(2,600,000	)		1,800,000			(500,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 63

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Emerging Markets Corporate Bond ETF
	Six months ended Apr. 30, 2017 (Unaudited)			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013			Period from Apr. 17, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	50.40		$	48.21		$	51.18		$	50.48		$	52.93		$	50.00
Income from investment operations:
Net investment incomeb		1.08			2.19			2.19			2.01			1.92			1.07
Net realized and unrealized gain (loss)c		0.35			2.18			(3.02	)		0.75			(2.49	)		2.76
Total from investment operations		1.43			4.37			(0.83	)		2.76			(0.57	)		3.83
Less distributions from:
Net investment income		(1.03	)		(2.18	)		(2.14	)		(2.06	)		(1.88	)		(0.90	)
Total distributions		(1.03	)		(2.18	)		(2.14	)		(2.06	)		(1.88	)		(0.90	)
Net asset value, end of period	$	50.80		$	50.40		$	48.21		$	51.18		$	50.48		$	52.93
Total return		2.88	%d		9.33	%		(1.62	)%		5.61	%		(1.07	)%		7.75	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	73,661		$	32,758		$	28,929		$	25,591		$	35,338		$	21,170
Ratio of expenses to average net assetse		0.50	%		0.50	%		0.53	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assetse		4.37	%		4.51	%		4.47	%		3.99	%		3.74	%		3.87	%
Portfolio turnover ratef		7	%d		22	%		11	%		20	%		33	%		29	%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.

64 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Emerging Markets High Yield Bond ETF
	Six months ended Apr. 30, 2017 (Unaudited)			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	49.97		$	46.82		$	51.03		$	50.90		$	53.62		$	50.02
Income from investment operations:
Net investment incomeb		1.43			3.03			2.99			2.93			2.97			1.60
Net realized and unrealized gain (loss)c		0.71			3.25			(4.11	)		0.15			(2.91	)		3.40
Total from investment operations		2.14			6.28			(1.12	)		3.08			0.06			5.00
Less distributions from:
Net investment income		(1.58	)		(3.13	)		(3.09	)		(2.95	)		(2.78	)		(1.40	)
Total distributions		(1.58	)		(3.13	)		(3.09	)		(2.95	)		(2.78	)		(1.40	)
Net asset value, end of period	$	50.53		$	49.97		$	46.82		$	51.03		$	50.90		$	53.62
Total return		4.39	%d		14.02	%		(2.13	)%		6.24	%		0.14	%		10.21	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	255,157		$	107,431		$	159,199		$	199,005		$	203,604		$	166,231
Ratio of expenses to average net assetse		0.50	%		0.50	%		0.55	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assetse		5.84	%		6.35	%		6.29	%		5.78	%		5.64	%		5.34	%
Portfolio turnover ratef		13	%d		29	%		39	%		24	%		57	%		40	%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 65

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Emerging Markets Local Currency Bond ETF
	Six months ended Apr. 30, 2017 (Unaudited)			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013			Year ended Oct. 31, 2012
Net asset value, beginning of period	$	45.14		$	41.31		$	48.74		$	50.66		$	51.94		$	51.13
Income from investment operations:
Net investment incomea		1.00			1.94			2.03			2.26			2.07			2.31
Net realized and unrealized gain (loss)b		(0.52	)		1.89			(8.87	)		(2.84	)		(1.92	)		0.41
Total from investment operations		0.48			3.83			(6.84	)		(0.58	)		0.15			2.72
Less distributions from:
Net investment income		—			—			—			(1.31	)		(1.39	)		(0.81	)
Return of capital		—			—			(0.59	)		(0.03	)		(0.04	)		(1.10	)
Total distributions		—			—			(0.59	)		(1.34	)		(1.43	)		(1.91	)
Net asset value, end of period	$	45.62		$	45.14		$	41.31		$	48.74		$	50.66		$	51.94
Total return		1.06	%d		9.06	%c		(13.99	)%c		(1.14	)%		0.28	%		5.48	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	246,365		$	451,410		$	520,532		$	584,857		$	638,342		$	207,753
Ratio of expenses to average net assetse		0.50	%		0.50	%		0.50	%		0.59	%		0.60	%		0.60	%
Ratio of expenses to average net assets prior to waived feese		n/a			n/a			0.53	%		0.60	%		n/a			n/a
Ratio of net investment income to average net assetse		4.60	%		4.56	%		4.63	%		4.56	%		4.04	%		4.57	%
Portfolio turnover ratef		28	%d		59	%		46	%		43	%		41	%		61	%

^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  The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the years ended October 31, 2016 and October 31, 2015 were 9.27% and -14.16%, respectively.

^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 six months ended April 30, 2017, the years ended October 31, 2016, October 31, 2015, October 31, 2014, October 31, 2013 and October 30, 2012 were 27%, 33%, 32%, 36%, 39% and 61%, respectively. See Note 4.

See notes to financial statements.

66 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Global High Yield Corporate Bond ETF
	Six months ended Apr. 30, 2017 (Unaudited)			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	48.77		$	47.57		$	52.00		$	53.50		$	51.67		$	50.00
Income from investment operations:
Net investment incomeb		1.22			2.55			2.56			2.84			3.05			1.82
Net realized and unrealized gain (loss)c		0.94			0.57			(4.76	)		(1.28	)		1.70			1.35
Total from investment operations		2.16			3.12			(2.20	)		1.56			4.75			3.17
Less distributions from:
Net investment income		(1.34	)		(1.92	)		(2.23	)		(3.06	)		(2.92	)		(1.50	)
Total distributions		(1.34	)		(1.92	)		(2.23	)		(3.06	)		(2.92	)		(1.50	)
Net asset value, end of period	$	49.59		$	48.77		$	47.57		$	52.00		$	53.50		$	51.67
Total return		4.48	%d		6.82	%		(4.32	)%		2.91	%		9.50	%		6.53	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	188,426		$	97,547		$	118,931		$	104,002		$	74,893		$	36,169
Ratio of expenses to average net assetse		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of expenses to average net assets prior to waived feese		n/a			0.51	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assetse		5.07	%		5.44	%		5.18	%		5.31	%		5.82	%		6.28	%
Portfolio turnover ratef		11	%d		24	%		21	%		21	%		20	%		10	%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 67

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
Emerging Markets Corporate Bond	Diversified
Emerging Markets High Yield Bond	Non-diversified
Emerging Markets Local Currency Bond	Non-diversified
Global High Yield Corporate Bond	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”).

• 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 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;

68 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 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 69

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. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

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

70 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

if any, for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan plus accrued interest, if any. The market value of the loaned securities is determined at the close of each business day of the Funds. 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 April 30, 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 April 30, 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 71

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 April 30, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Emerging Markets Corporate Bond
Barclays Capital Inc.	$	216,337	$	216,337	$	—
Citigroup Global Markets Inc.		624,664		624,664		—
Jefferies LLC		261,909		261,909		—
Merrill Lynch, Pierce, Fenner & Smith		561,267		561,267		—
Morgan Stanley & Co. LLC		461,653		461,653		—
Nomura Securities International Inc.		149,200		149,200		—
SG Americas Securities LLC		203,384		203,384		—
Wells Fargo Securities LLC		20,822		20,822		—
	$	2,499,236	$	2,499,236	$	—
Global High Yield Corporate Bond
Barclays Capital Inc.	$	7,739,068	$	7,739,068	$	—
BMO Capital Markets		1,528,974		1,528,974		—
BNP Paribas New York Branch		266,870		266,870		—
BNP Paribas Prime Brokerage International Ltd.		324,837		324,837		—
Citigroup Global Markets Inc.		4,325,712		4,325,712		—
Credit Suisse Securities (USA) LLC		1,778,371		1,778,371		—
Deutsche Bank Securities Inc.		3,222,155		3,222,155		—
Goldman Sachs & Co.		3,269,282		3,269,282		—
HSBC Securities (USA) Inc.		281,963		281,963		—
Jefferies LLC		1,472,833		1,472,833		—
JPMorgan Securities LLC		5,872,362		5,872,362		—
Merrill Lynch, Pierce, Fenner & Smith		1,760,166		1,760,166		—
Morgan Stanley & Co. LLC		1,605,476		1,605,476		—
SG Americas Securities LLC		840,017		840,017		—
UBS Securities LLC		2,628,859		2,628,859		—
	$	36,916,945	$	36,916,945	$	—

^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.

RECENT ACCOUNTING STANDARD

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, that modernizes and enhances the reporting and disclosure of information by registered investment companies. As part of these changes, the new rule amends Regulation S-X to require standardized, enhanced disclosures related to derivatives and updates to other disclosures in investment company financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is evaluating the impact, if any, of these changes on the Fund’s financial statements.

In March 2017, the Financial Accounting Standards Board issued an update to amend the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for premiums to the

72 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

earliest call date, but do not require an accounting change for securities held at a discount. The amendments are effective for financial statements for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (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).

BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Shares Emerging Markets Local Currency Bond ETF and iShares Global High Yield Corporate Bond ETF.

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Emerging Markets Corporate Bond		0.50	%
Emerging Markets High Yield Bond		0.50
Emerging Markets Local Currency Bond		0.50
Global High Yield Corporate Bond		0.40

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.

NOTES TO FINANCIAL STATEMENTS 73

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended April 30, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Emerging Markets Corporate Bond	$	1,904
Global High Yield Corporate Bond		24,126

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 April 30, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
Emerging Markets Corporate Bond	$	29,838	$	168,899
Emerging Markets High Yield Bond		261,345		156,830
Global High Yield Corporate Bond		325,012		705,447

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 April 30, 2017 were as follows:

iShares ETF	Purchases		Sales
Emerging Markets Corporate Bond	$	15,719,119	$	3,854,656
Emerging Markets High Yield Bond		37,695,949		20,657,164
Emerging Markets Local Currency Bond		81,847,250		177,601,445
Global High Yield Corporate Bond		61,375,523		15,892,814

74 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

In-kind transactions (see Note 4) for the six months ended April 30, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Emerging Markets Corporate Bond	$	28,477,452	$	2,359,777
Emerging Markets High Yield Bond		146,851,384		21,133,183
Emerging Markets Local Currency Bond		—		70,636,094
Global High Yield Corporate Bond		57,530,757		16,901,442

4. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the statements of changes in net assets.

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

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

5. PRINCIPAL RISKS

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

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

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss 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

NOTES TO FINANCIAL STATEMENTS 75

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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.

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.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Mortgage-backed securities and securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than other types of bonds or securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

76 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.

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

6. INCOME TAX INFORMATION

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

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

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

As of October 31, 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
Emerging Markets Corporate Bond	$	679,122
Emerging Markets High Yield Bond		17,583,299
Emerging Markets Local Currency Bond		10,212,040
Global High Yield Corporate Bond		3,723,811

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 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 77

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

7. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. The Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit.

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.

On March 15, 2017, the Board approved several changes for the iShares Emerging Markets Corporate Bond ETF (“CEMB”) and iShares Emerging Market Local Currency Bond ETF (“LEMB”). Effective on or around June 1, 2017, CEMB will track a new underlying index, the J.P. Morgan CEMBI Broad Diversified Core Index, and cease to track the Morningstar Emerging Markets Corporate Bond Index. LEMB will track a new underlying index, the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index, and cease to track the Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index. Concurrently, CEMB and LEMB will change their names to the iShares J.P. Morgan EM Corporate Bond ETF and iShares J.P. Morgan EM Local Currency Bond ETF, respectively.

78 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
Emerging Markets Corporate Bond	$	1.002659	$	—	$	0.029301	$	1.031960		97	%		—	%		3	%		100	%
Emerging Markets High Yield Bond		1.488925		—		0.089090		1.578015		94			—			6			100
Global High Yield Corporate Bond		1.337003		—		—		1.337003		100			—			—			100

SUPPLEMENTAL INFORMATION 79

Notes:

80 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 81

Notes:

82 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 Barclays, Bloomberg Finance L.P., JPMorgan Chase & Co., Markit Indices Limited or Morningstar, Inc. None of these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

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

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

©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-1002-0417

APRIL 30, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares International High Yield Bond ETF  |  HYXU  |  BATS

Table of Contents

Fund Performance Overview	5
About Fund Performance	6
Shareholder Expenses	6
Schedule of Investments	7
Financial Statements	18
Financial Highlights	21
Notes to Financial Statements	22
Supplemental Information	29

Fund Performance Overview

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

Performance as of April 30, 2017

The iShares International High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® Global Developed Markets ex-US High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended April 30, 2017, the total return for the Fund was 3.30%, net of fees, while the total return for the Index was 3.57%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		1.55%		1.27%		1.90%		1.55%		1.27%		1.90%
5 Years		3.15%		3.01%		3.10%		16.78%		15.97%		16.49%
Since Inception		2.98%		3.03%		3.09%		16.09%		16.38%		16.70%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,033.00	$	2.02	$	1,000.00	$	1,022.80	$	2.01		0.40%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 6 for more information.

ALLOCATION BY CREDIT QUALITY

As of 4/30/17

Moody’s Credit Rating ¹ Percentage of
Total Investments  ²

Baa	0.36	%
Ba	50.44
B	29.67
Caa	5.01
Ca	0.26
Not Rated	14.26
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 4/30/17

Country Percentage of
Total Investments  ²

Italy	20.62	%
United Kingdom	13.99
France	13.77
Germany	10.80
United States	10.23
Spain	6.29
Luxembourg	4.96
Canada	2.96
Ireland	2.54
Netherlands	2.44
TOTAL	88.60	%

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

²  Excludes money market funds.

FUND PERFORMANCE OVERVIEW 5

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 the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on November 1, 2016 and held through April 30, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the 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 the 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.

6 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2017

Security	Principal or Shares (000s)			Value
COMMON STOCKS — 0.00%
SOUTH AFRICA — 0.00%
Sentry Holdings Ltd. Class A			25	$	—
TOTAL COMMON STOCKS
(Cost: $159,437)					—
CORPORATE BONDS & NOTES — 97.86%
AUSTRALIA — 0.35%
Origin Energy Finance Ltd. VRN, (5 year EUR Swap + 3.670%)
4.00%, 09/16/74 (Call 09/16/19)a		EUR	200		221,081
					221,081
AUSTRIA — 1.15%
Raiffeisen Bank International AG
6.00%, 10/16/23a		EUR	100		126,533
6.63%, 05/18/21		EUR	100		127,846
VRN, (5 year EUR Swap + 3.300%)
4.50%, 02/21/25 (Call 02/21/20)a		EUR	100		114,813
VRN, (5 year EUR Swap + 4.840%)
5.88%, 04/27/23 (Call 04/27/18)		EUR	100		114,129
Raiffeisenlandesbank Niederoesterreich-Wien AG
5.88%, 11/27/23a		EUR	100		120,191
Wienerberger AG
4.00%, 04/17/20		EUR	100		119,234
					722,746
BELGIUM — 1.48%
Barry Callebaut Services NV
2.38%, 05/24/24a		EUR	100		112,358
5.63%, 06/15/21a		EUR	100		130,286
Ethias SA
5.00%, 01/14/26a		EUR	100		110,840
Nyrstar Netherlands Holdings BV
6.88%, 03/15/24 (Call 03/15/20)a		EUR	100		109,309
8.50%, 09/15/19a		EUR	100		120,293
Ontex Group NV
4.75%, 11/15/21 (Call 11/15/17)a		EUR	100		113,652
Telenet Finance V Luxembourg SCA
6.25%, 08/15/22 (Call 08/15/17)a		EUR	100		113,957
6.75%, 08/15/24 (Call 08/15/18)a		EUR	100		119,822
					930,517

Security	Principal (000s)			Value
CANADA — 2.90%
AutoCanada Inc.
5.63%, 05/25/21 (Call 05/29/17)		CAD	50	$	37,117
Baytex Energy Corp.
6.63%, 07/19/22 (Call 07/19/17)		CAD	75		53,070
Bombardier Inc.
6.13%, 05/15/21a		EUR	200		235,175
Brookfield Residential Properties Inc.
6.13%, 05/15/23 (Call 05/15/18)a		CAD	75		56,498
Canadian Energy Services & Technology Corp.
7.38%, 04/17/20 (Call 05/29/17)		CAD	75		56,892
Cascades Inc.
5.50%, 07/15/21 (Call 07/15/17)b		CAD	50		37,940
Cott Corp.
5.50%, 07/01/24 (Call 07/01/19)a		EUR	100		116,666
DHX Media Ltd.
5.88%, 12/02/21 (Call 12/02/17)		CAD	50		36,386
Entertainment One Ltd.
6.88%, 12/15/22 (Call 12/15/18)a		GBP	100		140,852
Gibson Energy Inc.
5.38%, 07/15/22 (Call 07/15/17)b		CAD	75		55,675
Great Canadian Gaming Corp.
6.63%, 07/25/22 (Call 07/25/17)b		CAD	75		56,910
Iron Mountain Canada Operations ULC
5.38%, 09/15/23		CAD	50		37,757
Mattamy Group Corp.
6.88%, 11/15/20 (Call 05/29/17)b		CAD	50		37,711
Newalta Corp. Series 2
7.75%, 11/14/19 (Call 05/29/17)		CAD	50		36,203
Noralta Lodge Ltd.
7.50%, 09/24/19 (Call 05/30/17)a		CAD	13		8,652
Parkland Fuel Corp.
5.50%, 05/28/21 (Call 05/29/17)		CAD	50		37,711
6.00%, 11/21/22 (Call 11/21/17)		CAD	100		75,880
Quebecor Media Inc.
6.63%, 01/15/23b		CAD	125		98,811
7.38%, 01/15/21 (Call 05/01/17)		CAD	50		37,467
River Cree Enterprises LP
11.00%, 01/20/21 (Call 01/20/18)b		CAD	50		37,666
Russel Metals Inc.
6.00%, 04/19/22 (Call 05/29/17)b		CAD	75		56,121

SCHEDULE OF INVESTMENTS 7

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Sirius XM Canada Holdings Inc.
5.63%, 04/23/21 (Call 05/29/17)b		CAD	50	$	36,751
Southern Pacific Resource Corp.
8.75%, 01/25/18 (Call 05/29/17)b,c		CAD	50		4
Superior Plus LP
5.25%, 02/27/24 (Call 02/27/20)		CAD	50		37,300
6.50%, 12/09/21 (Call 12/09/17)		CAD	50		38,671
Trilogy Energy Corp.
7.25%, 12/13/19 (Call 05/29/17)b		CAD	75		55,401
Videotron Ltd.
5.63%, 06/15/25 (Call 03/15/25)		CAD	75		58,367
5.75%, 01/15/26 (Call 09/15/20)a		CAD	100		77,936
6.88%, 07/15/21 (Call 05/01/17)		CAD	31		23,457
Wajax Corp.
6.13%, 10/23/20 (Call 10/23/17)a		CAD	50		37,574
Western Energy Services Corp.
7.88%, 01/30/19 (Call 05/29/17)		CAD	53		38,375
Yellow Pages Digital & Media Solutions Ltd.
9.25%, 11/30/18 (Call 05/29/17)		CAD	88		64,810
					1,815,806
CYPRUS — 0.19%
Bank of Cyprus PCL VRN, (5 year EUR Swap + 9.176%)
9.25%, 01/19/27 (Call 01/19/22)a		EUR	100		116,986
					116,986
DENMARK — 0.52%
Nassa Topco AS
2.88%, 04/06/24 (Call 01/06/24)a		EUR	100		110,392
TDC A/S VRN, (5 year EUR Swap + 3.110%)
3.50%, 02/26/49 (Call 02/26/21)a		EUR	200		218,350
					328,742
FINLAND — 0.90%
Nokia OYJ
1.00%, 03/15/21 (Call 02/15/21)a		EUR	100		109,113
2.00%, 03/15/24 (Call 12/15/23)a		EUR	100		108,622
Outokumpu OYJ
6.63%, 09/30/19 (Call 05/30/17)		EUR	100		113,389
Stora Enso OYJ
2.13%, 06/16/23 (Call 03/16/23)a		EUR	100		110,517
5.50%, 03/07/19a		EUR	100		119,249
					560,890

Security	Principal (000s)			Value
FRANCE — 13.47%
3AB Optique Developpement SAS
5.63%, 04/15/19 (Call 05/29/17)a		EUR	100	$	110,048
Areva SA
3.25%, 09/04/20a		EUR	200		218,825
3.50%, 03/22/21		EUR	100		109,739
4.38%, 11/06/19		EUR	200		225,836
Autodis SA
4.38%, 05/01/22 (Call 05/01/18)a		EUR	100		112,947
BiSoho SAS
5.88%, 05/01/23 (Call 05/01/19)a		EUR	90		105,554
Burger King France SAS
6.00%, 05/01/24 (Call 05/01/20)a		EUR	100		112,757
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)a		EUR	100		112,979
4.05%, 08/05/26 (Call 05/05/26)a		EUR	200		231,843
4.41%, 08/06/19a		EUR	200		237,203
4.50%, 03/07/24 (Call 12/07/23)a		EUR	200		240,250
4.56%, 01/25/23a		EUR	100		122,225
5.24%, 03/09/20		EUR	100		123,081
5.98%, 05/26/21		EUR	200		256,400
CGG SA
5.88%, 05/15/20 (Call 05/29/17)a		EUR	100		51,741
CMA CGM SA
7.75%, 01/15/21 (Call 01/15/18)a		EUR	100		112,698
8.75%, 12/15/18 (Call 05/30/17)a		EUR	100		111,585
ContourGlobal Power Holdings SA
5.13%, 06/15/21 (Call 06/15/18)a		EUR	100		115,305
Elis SA
3.00%, 04/30/22 (Call 04/30/18)a		EUR	200		224,457
Europcar Groupe SA
5.75%, 06/15/22 (Call 06/15/18)a		EUR	100		114,298
Faurecia
3.13%, 06/15/22 (Call 06/15/18)a		EUR	100		112,641
3.63%, 06/15/23 (Call 06/15/19)a		EUR	200		228,834
Groupama SA
6.00%, 01/23/27		EUR	100		117,548
VRN, (3 mo. Euribor + 5.360%)
7.88%, 10/27/39 (Call 10/27/19)		EUR	200		243,526
Groupe Fnac SA
3.25%, 09/30/23 (Call 09/30/19)a		EUR	100		111,988
Holdikks SAS
6.75%, 07/15/21 (Call 07/15/17)a		EUR	100		66,426

8 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Holding Medi-Partenaires SAS
7.00%, 05/15/20 (Call 05/08/17)a		EUR	100	$	112,702
HomeVi SAS
6.88%, 08/15/21 (Call 08/15/17)a		EUR	100		114,180
La Financiere Atalian SAS
4.00%, 05/15/24 (Call 05/15/20)a		EUR	100		110,626
7.25%, 01/15/20 (Call 05/30/17)a		EUR	100		113,231
Labeyrie Fine Foods SAS
5.63%, 03/15/21 (Call 05/30/17)a		EUR	100		111,937
Loxam SAS
3.50%, 05/03/23 (Call 05/03/19)a		EUR	100		111,485
4.88%, 07/23/21 (Call 07/23/17)a		EUR	100		112,294
6.00%, 04/15/25 (Call 04/15/20)a		EUR	100		113,989
Mobilux Finance SAS
5.50%, 11/15/24 (Call 11/15/19)a		EUR	100		112,955
NEW Areva Holding SA
3.13%, 03/20/23 (Call 12/20/22)a		EUR	200		212,054
4.88%, 09/23/24		EUR	200		226,246
Nexans SA
3.25%, 05/26/21 (Call 02/26/21)a		EUR	100		116,003
Novafives SAS
4.50%, 06/30/21 (Call 06/30/17)a		EUR	100		109,609
Paprec Holding
5.25%, 04/01/22 (Call 04/01/18)a		EUR	100		114,493
Peugeot SA
2.00%, 03/23/24a		EUR	75		82,771
2.38%, 04/14/23a		EUR	150		170,448
6.50%, 01/18/19a		EUR	100		120,414
Rexel SA
2.63%, 06/15/24 (Call 03/15/20)a		EUR	125		135,110
3.25%, 06/15/22 (Call 06/15/18)a		EUR	100		113,007
3.50%, 06/15/23 (Call 06/15/19)a		EUR	200		227,591
SFR Group SA
5.38%, 05/15/22 (Call 05/29/17)a		EUR	200		226,621
5.63%, 05/15/24 (Call 05/15/19)a		EUR	300		352,422
SPCM SA
2.88%, 06/15/23 (Call 06/15/18)a		EUR	100		111,226
SPIE SA
3.13%, 03/22/24 (Call 09/22/23)a		EUR	100		111,759
Synlab Bondco PLC
6.25%, 07/01/22 (Call 07/01/18)a		EUR	100		117,821
Synlab Unsecured Bondco PLC
8.25%, 07/01/23 (Call 07/01/18)a		EUR	150		181,776

Security	Principal (000s)			Value
Tereos Finance Groupe I SA
4.13%, 06/16/23 (Call 03/16/23)a		EUR	100	$	109,091
4.25%, 03/04/20 (Call 03/04/19)		EUR	100		113,971
THOM Europe SAS
7.38%, 07/15/19 (Call 05/08/17)a		EUR	100		112,117
Vallourec SA
2.25%, 09/30/24a		EUR	100		87,656
3.25%, 08/02/19		EUR	100		111,273
Verallia Packaging SASU
5.13%, 08/01/22 (Call 08/01/18)a		EUR	100		115,909
WFS Global Holding SAS
9.50%, 07/15/22 (Call 07/15/18)a		EUR	100		117,665
					8,441,186
GERMANY — 10.57%
Auris Luxembourg II SA
8.00%, 01/15/23 (Call 01/15/18)a		EUR	100		117,525
Bilfinger SE
2.38%, 12/07/19a		EUR	100		113,117
BMBG Bond Finance SCA
3.00%, 06/15/21 (Call 06/15/18)a		EUR	100		112,123
CeramTec Group GmbH
8.25%, 08/15/21 (Call 05/30/17)a		EUR	100		115,347
Deutsche Lufthansa AG VRN, (5 year EUR Swap + 4.783%)
5.13%, 08/12/75 (Call 02/12/21)a		EUR	100		118,866
FMC Finance VII SA
5.25%, 02/15/21a		EUR	100		126,859
FMC Finance VIII SA
5.25%, 07/31/19a		EUR	100		121,057
FTE Verwaltungs GmbH
9.00%, 07/15/20 (Call 05/08/17)a		EUR	100		113,520
Hapag-Lloyd AG
6.75%, 02/01/22 (Call 02/01/19)a		EUR	100		115,005
K+S AG
2.63%, 04/06/23 (Call 01/06/23)a		EUR	100		112,122
3.00%, 06/20/22a		EUR	100		114,980
Kirk Beauty One GmbH
8.75%, 07/15/23 (Call 07/15/18)a		EUR	150		179,172
LANXESS AG VRN, (5 year EUR Swap + 4.510%)
4.50%, 12/06/76 (Call 06/06/23)a		EUR	50		59,098
Norddeutsche Landesbank Girozentrale
6.00%, 06/29/20		EUR	100		120,766

SCHEDULE OF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)			Value
PCF GmbH
7.88%, 08/01/19 (Call 05/30/17)a		EUR	100	$	112,992
Phoenix PIB Dutch Finance BV
3.63%, 07/30/21a		EUR	100		120,451
PrestigeBidCo GmbH
6.25%, 12/15/23 (Call 12/15/19)a		EUR	100		115,368
ProGroup AG
5.13%, 05/01/22 (Call 05/01/18)a		EUR	100		115,480
RWE AG VRN, (5 year EUR Swap + 2.643%)
2.75%, 04/21/75 (Call 10/21/20)a		EUR	200		216,369
VRN, (5 year EUR Swap + 3.245%)
3.50%, 04/21/75 (Call 04/21/25)a		EUR	100		103,944
Schaeffler Finance BV
2.50%, 05/15/20 (Call 05/30/17)a		EUR	100		110,322
3.50%, 05/15/22 (Call 05/29/17)a		EUR	100		110,853
Senvion Holding GmbH
6.63%, 11/15/20 (Call 05/05/17)a		EUR	100		112,495
SGL Carbon SE
4.88%, 01/15/21 (Call 05/30/17)a		EUR	100		111,545
Takko Luxembourg 2 SCA
9.88%, 04/15/19 (Call 05/08/17)a		EUR	100		90,019
Techem Energy Metering Service GmbH & Co. KG
7.88%, 10/01/20 (Call 05/08/17)a		EUR	100		113,435
Techem GmbH
6.13%, 10/01/19 (Call 05/08/17)a		EUR	100		112,383
thyssenkrupp AG
1.38%, 03/03/22 (Call 12/03/21)a		EUR	125		133,547
1.75%, 11/25/20 (Call 08/25/20)a		EUR	200		222,471
2.50%, 02/25/25a		EUR	100		112,515
2.75%, 03/08/21 (Call 12/08/20)a		EUR	200		228,438
3.13%, 10/25/19 (Call 07/25/19)a		EUR	300		343,889
4.00%, 08/27/18		EUR	300		342,167
Trionista Holdco GmbH
5.00%, 04/30/20 (Call 05/30/17)a		EUR	100		110,475
Trionista TopCo GmbH
6.88%, 04/30/21 (Call 05/30/17)a		EUR	100		113,325
TUI AG
2.13%, 10/26/21 (Call 07/26/21)a		EUR	100		112,843
Unitymedia GmbH
3.75%, 01/15/27 (Call 01/15/21)a		EUR	200		220,267
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
3.50%, 01/15/27 (Call 01/15/21)a		EUR	100		111,984

Security	Principal (000s)			Value
4.00%, 01/15/25 (Call 01/15/20)a		EUR	100	$	114,466
4.63%, 02/15/26 (Call 02/15/21)a		EUR	100		117,250
5.13%, 01/21/23 (Call 01/21/18)a		EUR	162		185,205
5.50%, 09/15/22 (Call 09/15/17)a		EUR	81		91,972
5.63%, 04/15/23 (Call 04/15/18)a		EUR	80		92,567
5.75%, 01/15/23 (Call 01/15/18)a		EUR	81		93,246
WEPA Hygieneprodukte GmbH
3.75%, 05/15/24 (Call 05/15/19)a		EUR	100		113,665
ZF North America Capital Inc.
2.25%, 04/26/19a		EUR	300		339,204
2.75%, 04/27/23a		EUR	200		234,887
					6,619,596
GREECE — 1.16%
Frigoglass Finance BV
8.25%, 05/15/18 (Call 05/30/17)a		EUR	100		67,832
Intralot Capital Luxembourg SA
6.75%, 09/15/21 (Call 09/15/18)a		EUR	100		114,746
OTE PLC
3.50%, 07/09/20a		EUR	200		222,174
4.38%, 12/02/19a		EUR	100		113,064
PPC Finance PLC
5.50%, 05/01/19 (Call 05/08/17)a		EUR	100		94,315
Titan Global Finance PLC
3.50%, 06/17/21a		EUR	100		113,669
					725,800
INDIA — 0.18%
Samvardhana Motherson Automotive Systems Group BV
4.13%, 07/15/21 (Call 07/15/17)a		EUR	100		111,465
					111,465
IRELAND — 2.49%
Allied Irish Banks PLC VRN, (5 year EUR Swap + 3.950%)
4.13%, 11/26/25 (Call 11/26/20)a		EUR	200		229,831
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.75%, 03/15/24 (Call 03/15/20)a		EUR	125		135,073
4.13%, 05/15/23 (Call 05/15/19)a		EUR	100		115,182
4.25%, 01/15/22 (Call 06/30/17)a		EUR	105		117,663
6.75%, 05/15/24 (Call 05/15/19)a		EUR	100		119,545
Bank of Ireland
10.00%, 12/19/22a		EUR	100		151,893
VRN, (5 year EUR Swap + 3.550%)
4.25%, 06/11/24 (Call 06/11/19)a		EUR	100		114,572

10 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)			Value
eircom Finance DAC
4.50%, 05/31/22 (Call 05/31/18)a		EUR	200	$	227,599
Smurfit Kappa Acquisitions
2.38%, 02/01/24 (Call 11/01/23)a		EUR	100		110,725
3.25%, 06/01/21 (Call 03/10/21)a		EUR	100		117,602
4.13%, 01/30/20a		EUR	100		119,443
					1,559,128
ITALY — 20.18%
Astaldi SpA
7.13%, 12/01/20 (Call 12/01/17)a		EUR	200		227,160
Autostrada Brescia Verona Vicenza Padova SpA
2.38%, 03/20/20a		EUR	100		115,156
Banca Monte dei Paschi di Siena SpA
3.63%, 04/01/19a		EUR	200		217,098
5.60%, 09/09/20		EUR	100		39,284
Banca Popolare di Milano Scarl
7.13%, 03/01/21a		EUR	100		119,939
Banca Popolare di Vicenza
2.75%, 03/20/20a		EUR	200		178,588
5.00%, 10/25/18a		EUR	100		96,535
Banco BPM SpA
2.75%, 07/27/20a		EUR	200		222,797
4.25%, 01/30/19a		EUR	100		113,987
Banco Popolare SC
2.63%, 09/21/18a		EUR	100		111,102
3.50%, 03/14/19a		EUR	300		337,791
6.00%, 11/05/20a		EUR	100		116,267
6.38%, 05/31/21a		EUR	100		116,860
Bormioli Rocco Holdings SA
10.00%, 08/01/18 (Call 05/29/17)a		EUR	100		111,219
Buzzi Unicem SpA
2.13%, 04/28/23 (Call 01/28/23)a		EUR	100		112,656
6.25%, 09/28/18a		EUR	100		118,188
Enel SpA VRN, (5 year EUR Swap + 3.648%)
5.00%, 01/15/75 (Call 01/15/20)a		EUR	200		235,063
VRN, (5 year EUR Swap + 5.242%)
6.50%, 01/10/74 (Call 01/10/19)a		EUR	300		353,199
Fiat Chrysler Finance Europe
4.75%, 03/22/21a		EUR	200		241,557
4.75%, 07/15/22a		EUR	300		362,542
6.75%, 10/14/19a		EUR	200		247,936
7.38%, 07/09/18		EUR	200		235,366

Security	Principal (000s)			Value
Iccrea Banca SpA
1.88%, 11/25/19a		EUR	100	$	110,738
International Game Technology PLC
4.13%, 02/15/20 (Call 11/15/19)a		EUR	200		233,193
Intesa Sanpaolo SpA
2.86%, 04/23/25a		EUR	200		216,602
3.93%, 09/15/26a		EUR	200		225,991
5.00%, 09/23/19a		EUR	200		237,253
5.15%, 07/16/20		EUR	200		242,081
6.63%, 05/08/18a		EUR	200		230,988
6.63%, 09/13/23a		EUR	300		391,946
Leonardo SpA
4.50%, 01/19/21		EUR	200		246,078
5.25%, 01/21/22		EUR	200		258,023
Manutencoop Facility Management SpA
8.50%, 08/01/20 (Call 05/30/17)a		EUR	100		105,751
Mediobanca SpA
5.00%, 11/15/20		EUR	100		122,693
5.75%, 04/18/23		EUR	100		123,964
Moby SpA
7.75%, 02/15/23 (Call 02/15/19)a		EUR	100		112,348
N&W Global Vending SpA
7.00%, 10/15/23 (Call 10/15/19)a		EUR	100		114,091
Piaggio & C SpA
4.63%, 04/30/21 (Call 05/30/17)a		EUR	100		112,420
Saipem Finance International BV
2.75%, 04/05/22a		EUR	100		109,575
3.00%, 03/08/21a		EUR	100		111,752
3.75%, 09/08/23a		EUR	100		113,693
Salini Costruttori SpA
6.13%, 08/01/18		EUR	100		116,741
Salini Impregilo SpA
3.75%, 06/24/21a		EUR	100		117,430
Schumann SpA
7.00%, 07/31/23 (Call 07/31/19)a		EUR	100		111,599
Snaitech SpA
6.38%, 11/07/21 (Call 11/07/18)a		EUR	100		115,834
Telecom Italia SpA
4.88%, 09/25/20a		EUR	100		124,166
5.25%, 02/10/22a		EUR	200		258,124
6.13%, 12/14/18		EUR	100		119,465

SCHEDULE OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Telecom Italia SpA/Milano
3.00%, 09/30/25a		EUR	100	$	111,529
3.25%, 01/16/23a		EUR	200		235,466
3.63%, 01/19/24a		EUR	100		117,325
3.63%, 05/25/26a		EUR	200		232,336
4.50%, 01/25/21a		EUR	100		123,738
5.38%, 01/29/19a		EUR	200		237,335
6.38%, 06/24/19		GBP	150		211,847
UniCredit SpA
6.70%, 06/05/18a		EUR	200		231,995
6.95%, 10/31/22a		EUR	300		388,962
VRN, (5 year EUR Swap + 4.100%)
5.75%, 10/28/25a		EUR	300		355,258
VRN, (5 year EUR Swap + 4.316%)
4.38%, 01/03/27 (Call 01/03/22)a		EUR	200		227,215
Unione di Banche Italiane SpA VRN, (5 year EUR Swap + 4.182%)
4.25%, 05/05/26 (Call 05/05/21)a		EUR	200		222,691
Unipol Gruppo Finanziario SpA
3.00%, 03/18/25a		EUR	300		324,051
Veneto Banca SCPA
4.00%, 05/20/19a		EUR	100		94,739
Wind Acquisition Finance SA
4.00%, 07/15/20 (Call 05/08/17)a		EUR	600		662,676
7.00%, 04/23/21 (Call 05/29/17)a		EUR	400		452,478
					12,642,470
JAPAN — 1.17%
SoftBank Group Corp.
4.00%, 07/30/22 (Call 04/30/22)a		EUR	100		119,574
4.63%, 04/15/20a		EUR	100		120,057
4.75%, 07/30/25 (Call 04/30/25)a		EUR	200		244,863
5.25%, 07/30/27 (Call 04/30/27)a		EUR	200		248,416
					732,910
LUXEMBOURG — 4.85%
Altice Financing SA
5.25%, 02/15/23 (Call 02/15/18)a		EUR	100		115,937
Altice Finco SA
9.00%, 06/15/23 (Call 06/15/18)a		EUR	100		123,166
Altice Luxembourg SA
6.25%, 02/15/25 (Call 02/15/20)a		EUR	200		235,876
7.25%, 05/15/22 (Call 05/30/17)a		EUR	400		460,137
ArcelorMittal
2.88%, 07/06/20a		EUR	100		114,528

Security	Principal (000s)			Value
3.00%, 03/25/19a		EUR	200	$	228,061
3.00%, 04/09/21a		EUR	100		114,416
3.13%, 01/14/22a		EUR	200		228,789
DEA Finance SA
7.50%, 10/15/22 (Call 04/15/19)a		EUR	100		116,404
Garfunkelux Holdco 3 SA
7.50%, 08/01/22 (Call 08/01/18)a		EUR	100		117,176
8.50%, 11/01/22 (Call 11/01/18)a		GBP	100		139,384
INEOS Group Holdings SA
5.38%, 08/01/24 (Call 08/01/19)a		EUR	200		231,196
LSF9 Balta Issuer SA
7.75%, 09/15/22 (Call 09/15/18)a		EUR	100		119,287
Matterhorn Telecom SA
3.88%, 05/01/22 (Call 05/01/18)a		EUR	200		223,336
Picard Bondco SA
7.75%, 02/01/20 (Call 05/30/17)a		EUR	100		114,032
Swissport Investments SA
6.75%, 12/15/21 (Call 06/15/18)a		EUR	200		238,539
Telenet Finance VI Luxembourg SCA
4.88%, 07/15/27 (Call 07/15/21)a		EUR	100		118,778
					3,039,042
NETHERLANDS — 2.39%
Constellium NV
4.63%, 05/15/21 (Call 05/15/18)a		EUR	100		108,645
Hema Bondco I BV
6.25%, 06/15/19 (Call 05/08/17)a		EUR	100		110,012
InterXion Holding NV
6.00%, 07/15/20 (Call 05/08/17)a		EUR	100		113,292
LGE HoldCo VI BV
7.13%, 05/15/24 (Call 05/15/19)a		EUR	200		246,668
SNS Bank NV
6.25%, 10/26/20c		EUR	50		—
UPC Holding BV
6.38%, 09/15/22 (Call 09/15/17)a		EUR	200		228,584
6.75%, 03/15/23 (Call 03/15/18)a		EUR	100		117,469
UPCB Finance IV Ltd.
4.00%, 01/15/27 (Call 01/15/21)a		EUR	100		112,626
Ziggo Bond Finance BV
4.63%, 01/15/25 (Call 01/15/20)a		EUR	100		114,396
Ziggo Secured Finance BV
3.75%, 01/15/25 (Call 01/15/20)a		EUR	100		113,271
4.25%, 01/15/27 (Call 01/15/22)a		EUR	200		229,768
					1,494,731

12 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)			Value
NORWAY — 0.57%
Lock AS
7.00%, 08/15/21 (Call 08/15/17)a		EUR	100	$	114,256
Lock Lower Holding AS
9.50%, 08/15/22 (Call 08/15/18)a		EUR	100		123,623
Silk Bidco AS
7.50%, 02/01/22 (Call 02/01/18)a		EUR	100		116,652
					354,531
PORTUGAL — 0.38%
EDP – Energias de Portugal SA VRN, (5 year EUR Swap + 5.043%)
5.38%, 09/16/75 (Call 03/16/21)a		EUR	200		235,769
					235,769
SINGAPORE — 0.56%
Lincoln Finance Ltd.
6.88%, 04/15/21 (Call 04/15/18)a		EUR	300		350,519
					350,519
SPAIN — 6.15%
Banco de Sabadell SA
5.63%, 05/06/26a		EUR	100		121,282
6.25%, 04/26/20		EUR	100		123,178
Bankia SA VRN, (5 year EUR Swap + 3.166%)
4.00%, 05/22/24 (Call 05/22/19)a		EUR	200		226,498
VRN, (5 year EUR Swap + 3.350%)
3.38%, 03/15/27 (Call 03/15/22)a		EUR	100		110,950
Bankinter SA VRN, (5 year EUR Swap + 2.400%)
2.50%, 04/06/27 (Call 04/06/22)a		EUR	100		110,285
Befesa Zinc SAU Via Zinc Capital SA
8.88%, 05/15/18 (Call 05/29/17)a		EUR	100		109,354
BPE Financiaciones SA
2.00%, 02/03/20a		EUR	200		209,147
CaixaBank SA VRN, (5 year EUR Swap + 3.350%)
3.50%, 02/15/27 (Call 02/15/22)a		EUR	200		225,927
VRN, (5 year EUR Swap + 3.950%)
5.00%, 11/14/23 (Call 11/14/18)a		EUR	200		231,490
Campofrio Food Group SA
3.38%, 03/15/22 (Call 03/15/18)a		EUR	80		90,160
Cellnex Telecom SA
2.38%, 01/16/24 (Call 10/16/23)a		EUR	200		221,192
2.88%, 04/18/25 (Call 01/18/25)a		EUR	100		110,586
3.13%, 07/27/22a		EUR	100		118,101

Security	Principal (000s)			Value
Cirsa Funding Luxembourg SA
5.75%, 05/15/21 (Call 05/15/18)a		EUR	100	$	115,931
5.88%, 05/15/23 (Call 05/15/18)a		EUR	100		115,366
Codere Finance 2 Luxembourg SA
6.75%, 11/01/21 (Call 10/31/18)a		EUR	100		110,165
eDreams ODIGEO SA
8.50%, 08/01/21 (Call 08/01/18)a		EUR	100		118,602
Ence Energia y Celulosa SA
5.38%, 11/01/22 (Call 11/01/18)a		EUR	100		117,229
Gestamp Funding Luxembourg SA
3.50%, 05/15/23 (Call 05/15/19)a		EUR	100		113,316
Grifols SA
3.20%, 05/01/25 (Call 05/01/20)a		EUR	200		216,366
Grupo Antolin Dutch BV
4.75%, 04/01/21 (Call 05/22/17)a		EUR	100		111,558
5.13%, 06/30/22 (Call 06/30/18)a		EUR	100		116,504
Grupo Isolux Corsan SA
1.00%, 12/30/21 (Call 05/29/17)d		EUR	141		3,852
Ibercaja Banco SA VRN, (5 year EUR Swap + 4.551%)
5.00%, 07/28/25 (Call 07/28/20)a		EUR	100		109,570
Liberbank SA VRN, (5 year EUR Swap + 6.701%)
6.88%, 03/14/27 (Call 03/14/22)a		EUR	100		112,728
Obrascon Huarte Lain SA
5.50%, 03/15/23 (Call 03/15/18)a		EUR	100		91,317
PortAventura Entertainment Barcelona BV
7.25%, 12/01/20 (Call 05/08/17)a		EUR	100		112,842
Repsol International Finance BV VRN, (10 year EUR Swap + 4.200%)
4.50%, 03/25/75 (Call 03/25/25)a		EUR	250		278,565
					3,852,061
SWEDEN — 1.45%
Hoist Kredit AB
3.13%, 12/09/19a		EUR	100		114,298
Perstorp Holding AB
7.63%, 06/30/21 (Call 11/18/18)a		EUR	100		115,484
Verisure Holding AB
6.00%, 11/01/22 (Call 11/01/18)a		EUR	180		212,020
Volvo Car AB
3.25%, 05/18/21a		EUR	100		116,422
Volvo Treasury AB VRN, (5 year EUR Swap + 3.797%)
4.20%, 06/10/75 (Call 06/10/20)a		EUR	200		231,071

SCHEDULE OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)			Value
VRN, (5 year EUR Swap + 4.101%)
4.85%, 03/10/78 (Call 03/10/23)a		EUR	100	$	119,323
					908,618
SWITZERLAND — 1.10%
Dufry Finance SCA
4.50%, 07/15/22 (Call 07/15/17)a		EUR	100		113,356
4.50%, 08/01/23 (Call 08/01/18)a		EUR	200		233,312
Selecta Group BV
6.50%, 06/15/20 (Call 05/29/17)a		EUR	100		108,454
SIG Combibloc Holdings SCA
7.75%, 02/15/23 (Call 02/15/18)a		EUR	200		233,293
					688,415
UNITED KINGDOM — 13.69%
Algeco Scotsman Global Finance PLC
9.00%, 10/15/18 (Call 05/30/17)a		EUR	100		102,130
Alliance Automotive Finance PLC
6.25%, 12/01/21 (Call 11/19/17)a		EUR	100		115,272
Amigo Luxembourg SA
7.63%, 01/15/24 (Call 01/15/20)a		GBP	100		135,355
Anglo American Capital PLC
1.50%, 04/01/20a		EUR	100		111,108
2.50%, 04/29/21a		EUR	200		228,920
2.75%, 06/07/19a		EUR	100		114,140
2.88%, 11/20/20a		EUR	200		232,082
3.25%, 04/03/23a		EUR	200		236,221
3.50%, 03/28/22a		EUR	100		119,092
Arqiva Broadcast Finance PLC
9.50%, 03/31/20 (Call 09/30/17)a		GBP	100		139,481
Boparan Finance PLC
4.38%, 07/15/21 (Call 07/15/17)a		EUR	100		109,010
5.50%, 07/15/21 (Call 07/15/17)a		GBP	100		129,367
Cabot Financial Luxembourg SA
7.50%, 10/01/23 (Call 10/01/19)a		GBP	100		139,420
CNH Industrial Finance Europe SA
2.88%, 05/17/23a		EUR	100		115,265
EC Finance PLC
5.13%, 07/15/21 (Call 05/08/17)a		EUR	100		112,319
Elli Finance UK PLC
8.75%, 06/15/19 (Call 05/30/17)a		GBP	100		128,922
Fiat Chrysler Automobiles NV
3.75%, 03/29/24a		EUR	300		344,022
Iceland Bondco PLC
6.25%, 07/15/21 (Call 07/15/17)a		GBP	100		133,901

Security	Principal (000s)			Value
IDH Finance PLC
6.25%, 08/15/22 (Call 08/15/18)a		GBP	100	$	124,992
Ineos Finance PLC
4.00%, 05/01/23 (Call 05/01/18)a		EUR	100		113,005
Inovyn Finance PLC
6.25%, 05/15/21 (Call 11/15/17)a		EUR	100		114,318
International Personal Finance PLC
5.75%, 04/07/21a		EUR	100		91,150
Interoute Finco PLC
7.38%, 10/15/20 (Call 10/15/17)a		EUR	100		114,746
Iron Mountain Europe PLC
6.13%, 09/15/22 (Call 09/15/17)a		GBP	100		137,022
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24a		EUR	100		108,660
3.88%, 03/01/23a		GBP	100		134,296
5.00%, 02/15/22a		GBP	100		141,944
Jerrold Finco PLC
6.25%, 09/15/21 (Call 09/15/18)a		GBP	100		134,473
Keystone Financing PLC
9.50%, 10/15/19 (Call 05/30/17)a		GBP	100		135,507
Lecta SA
6.50%, 08/01/23 (Call 08/01/19)a		EUR	100		114,283
Matalan Finance PLC
6.88%, 06/01/19 (Call 05/08/17)a		GBP	100		112,272
Merlin Entertainments PLC
2.75%, 03/15/22 (Call 12/15/21)a		EUR	200		227,663
New Look Secured Issuer PLC
6.50%, 07/01/22 (Call 06/24/18)a		GBP	100		113,108
Nomad Foods Bondco PLC
3.25%, 05/15/24 (Call 05/15/20)a		EUR	100		110,424
Pizzaexpress Financing 2 PLC
6.63%, 08/01/21 (Call 08/01/17)a		GBP	150		200,858
Premier Foods Finance PLC
6.50%, 03/15/21 (Call 05/30/17)a		GBP	100		132,053
Royal Bank of Scotland Group PLC VRN, (5 year EUR Swap + 2.650%)
3.63%, 03/25/24 (Call 03/25/19)a		EUR	300		334,829
Stonegate Pub Co. Financing PLC
4.88%, 03/15/22 (Call 03/15/19)a		GBP	100		129,733
Tesco Corporate Treasury Services PLC
1.38%, 07/01/19a		EUR	300		332,216
2.13%, 11/12/20 (Call 08/12/20)a		EUR	100		113,534
2.50%, 07/01/24a		EUR	200		223,092

14 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2017

Security	Principal (000s)			Value
Tesco PLC
3.38%, 11/02/18a		EUR	100	$	113,950
6.13%, 02/24/22		GBP	200		298,325
Thomas Cook Group PLC
6.25%, 06/15/22 (Call 06/15/19)a		EUR	100		118,406
Travis Perkins PLC
4.38%, 09/15/21a		GBP	100		134,387
TVL Finance PLC
8.50%, 05/15/23 (Call 05/15/19)a		GBP	100		141,479
Virgin Media Finance PLC
6.38%, 10/15/24 (Call 10/15/19)a		GBP	100		138,943
7.00%, 04/15/23 (Call 04/15/18)a		GBP	100		138,849
Virgin Media Receivables Financing Notes I DAC
5.50%, 09/15/24 (Call 09/15/19)a		GBP	100		136,082
Virgin Media Secured Finance PLC
4.88%, 01/15/27 (Call 01/15/21)a		GBP	100		131,902
5.00%, 04/15/27 (Call 04/15/22)a		GBP	100		132,411
5.13%, 01/15/25 (Call 01/15/20)a		GBP	100		136,632
6.00%, 01/15/25 (Call 01/15/21)a,d		GBP	100		150,468
6.25%, 03/28/29 (Call 01/15/21)a		GBP	100		140,776
Viridian Group FundCo II Ltd.
7.50%, 03/01/20 (Call 09/01/17)a		EUR	100		114,573
Vue International Bidco PLC
7.88%, 07/15/20 (Call 05/30/17)a		GBP	100		133,580
Worldpay Finance PLC
3.75%, 11/15/22a		EUR	150		176,454
					8,577,422
UNITED STATES — 10.01%
Adient Global Holdings Ltd.
3.50%, 08/15/24 (Call 05/15/24)a		EUR	200		222,496
AMC Entertainment Holdings Inc.
6.38%, 11/15/24 (Call 11/15/19)a		GBP	100		137,660
Avis Budget Finance PLC
4.13%, 11/15/24 (Call 11/15/19)a		EUR	100		107,492
Axalta Coating Systems Dutch Holding B BV
3.75%, 01/15/25 (Call 01/15/20)a		EUR	100		114,854
Ball Corp.
3.50%, 12/15/20		EUR	100		120,120
4.38%, 12/15/23		EUR	100		121,466
Belden Inc.
5.50%, 04/15/23 (Call 04/15/18)a		EUR	100		114,591

Security	Principal (000s)			Value
Catalent Pharma Solutions Inc.
4.75%, 12/15/24 (Call 12/15/19)a		EUR	100	$	115,612
Chemours Co. (The)
6.13%, 05/15/23 (Call 05/15/18)		EUR	100		117,270
CNH Industrial Finance Europe SA
2.75%, 03/18/19a		EUR	200		226,867
2.88%, 09/27/21a		EUR	200		233,862
Colfax Corp.
3.25%, 05/15/25 (Call 05/15/20)a		EUR	100		110,392
Crown European Holdings SA
2.63%, 09/30/24 (Call 03/31/24)a		EUR	100		108,409
3.38%, 05/15/25 (Call 11/15/24)a		EUR	200		223,622
4.00%, 07/15/22 (Call 04/15/22)a		EUR	100		121,527
Darling Global Finance BV
4.75%, 05/30/22 (Call 05/30/18)a		EUR	100		114,923
Federal-Mogul Holdings LLC
4.88%, 04/15/22 (Call 04/15/19)a		EUR	125		135,969
Goodyear Dunlop Tires Europe BV
3.75%, 12/15/23 (Call 12/15/18)a		EUR	100		114,889
Hanesbrands Finance Luxembourg SCA
3.50%, 06/15/24 (Call 03/15/24)a		EUR	100		112,418
Hertz Holdings Netherlands BV
4.38%, 01/15/19a		EUR	100		109,902
Huntsman International LLC
4.25%, 04/01/25 (Call 01/01/25)		EUR	100		114,755
5.13%, 04/15/21 (Call 01/15/21)		EUR	100		120,920
Infor U.S. Inc.
5.75%, 05/15/22 (Call 05/15/18)		EUR	100		112,273
International Game Technology PLC
4.75%, 03/05/20a		EUR	100		119,438
4.75%, 02/15/23 (Call 08/15/22)a		EUR	200		237,740
Iron Mountain Canada Operations ULC
6.13%, 08/15/21 (Call 08/15/17)		CAD	50		37,940
Levi Strauss & Co.
3.38%, 03/15/27 (Call 03/15/22)a		EUR	100		109,658
LKQ Italia Bondco SpA
3.88%, 04/01/24 (Call 01/01/24)a		EUR	100		115,976
MPT Operating Partnership LP/MPT Finance Corp.
3.33%, 03/24/25 (Call 12/24/24)		EUR	100		111,057
4.00%, 08/19/22 (Call 05/19/22)		EUR	100		119,800
OI European Group BV
3.13%, 11/15/24 (Call 08/15/24)a		EUR	100		109,846
4.88%, 03/31/21a		EUR	100		124,095
6.75%, 09/15/20a		EUR	100		130,013

SCHEDULE OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2017

Security	Principal or Shares (000s)			Value
Postmedia Network Inc.
8.25%, 07/15/21 (Call 05/29/17)b		CAD	3	$	1,765
PSPC Escrow Corp.
6.00%, 02/01/23 (Call 02/01/18)a		EUR	100		114,376
PVH Corp.
3.63%, 07/15/24 (Call 04/15/24)a		EUR	100		113,060
Quintiles IMS Inc.
3.25%, 03/15/25 (Call 03/15/20)a		EUR	300		327,750
3.50%, 10/15/24 (Call 10/15/19)a		EUR	200		224,079
Sealed Air Corp.
4.50%, 09/15/23 (Call 06/15/23)a		EUR	100		121,391
Silgan Holdings Inc.
3.25%, 03/15/25 (Call 03/15/20)a		EUR	100		109,819
Spectrum Brands Inc.
4.00%, 10/01/26 (Call 10/01/21)a		EUR	100		113,174
TA MFG. Ltd.
3.63%, 04/15/23 (Call 04/15/18)a		EUR	100		111,580
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.
6.38%, 05/01/22 (Call 05/01/18)a		EUR	100		116,433
Valeant Pharmaceuticals International Inc.
4.50%, 05/15/23 (Call 05/15/18)a		EUR	300		229,294
VWR Funding Inc.
4.63%, 04/15/22 (Call 04/15/18)a		EUR	100		113,693
WMG Acquisition Corp.
4.13%, 11/01/24 (Call 11/01/19)a		EUR	100		114,109
XPO Logistics Inc.
5.75%, 06/15/21 (Call 12/15/17)a		EUR	100		114,479
					6,272,854
TOTAL CORPORATE BONDS & NOTES
(Cost: $66,727,983)					61,303,285
SHORT-TERM INVESTMENTS — 0.02%
MONEY MARKET FUNDS — 0.02%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%e,f			10		9,633
					9,633
TOTAL SHORT-TERM INVESTMENTS
(Cost: $9,633)					9,633

	Value
TOTAL INVESTMENTS IN SECURITIES — 97.88%
(Cost: $66,897,053)g	$	61,312,918
Other Assets, Less Liabilities — 2.12%		1,329,769
NET ASSETS — 100.00%	$	62,642,687

CAD  —  Canadian Dollar

EUR  —  Euro

GBP  —  British Pound

VRN  —  Variable Rate Note

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

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

^c  Issuer is in default of interest payments.

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

^e  Affiliated money market fund.

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

^g  The cost of investments for federal income tax purposes was $66,978,383. Net unrealized depreciation was $5,665,465, of which $1,042,686 represented gross unrealized appreciation on securities and $6,708,151 represented gross unrealized depreciation on securities.

16 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 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 April 30, 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	$	—	$	—	$	0	a	$	0	a
Corporate bonds & notes		—		61,303,281		4			61,303,285
Money market funds		9,633		—		—			9,633
Total	$	9,633	$	61,303,281	$	4		$	61,312,918

^a  Rounds to less than $1.

See notes to financial statements.

SCHEDULE OF INVESTMENTS 17

Statement of Assets and Liabilities (Unaudited)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2017

ASSETS
Investments, at cost:
Unaffiliated	$	66,887,420
Affiliated (Note 2)		9,633
Total cost of investments	$	66,897,053
Investments in securities, at fair value (Note 1):
Unaffiliated	$	61,303,285
Affiliated (Note 2)		9,633
Total fair value of investments		61,312,918
Foreign currency, at valuea		1,017,119
Receivables:
Investment securities sold		826,664
Dividends and interest		969,116
Total Assets		64,125,817
LIABILITIES
Payables:
Investment securities purchased		1,463,008
Investment advisory fees (Note 2)		20,122
Total Liabilities		1,483,130
NET ASSETS	$	62,642,687
Net assets consist of:
Paid-in capital	$	82,037,989
Undistributed net investment income		913,197
Accumulated net realized loss		(14,750,069	)
Net unrealized depreciation		(5,558,430	)
NET ASSETS	$	62,642,687
Shares outstandingb		1,300,000
Net asset value per share	$	48.19

^a  Cost of foreign currency: $1,002,075.

^b  $0.001 par value, number of shares authorized: 500 million.

See notes to financial statements.

18 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement of Operations (Unaudited)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

Six months ended April 30, 2017

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	25
Interest — unaffiliated		1,539,928
Total investment income		1,539,953
EXPENSES
Investment advisory fees (Note 2)		145,887
Total expenses		145,887
Net investment income		1,394,066
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,430,113	)
In-kind redemptions — unaffiliated		(9,153,084	)
Foreign currency transactions		(64,882	)
Net realized loss		(10,648,079	)
Net change in unrealized appreciation/depreciation on:
Investments		9,021,170
Translation of assets and liabilities in foreign currencies		85,827
Net change in unrealized appreciation/depreciation		9,106,997
Net realized and unrealized loss		(1,541,082	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(147,016	)

See notes to financial statements.

FINANCIAL STATEMENTS 19

Statements of Changes in Net Assets

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

	Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,394,066		$	6,445,680
Net realized loss		(10,648,079	)		(12,040,585	)
Net change in unrealized appreciation/depreciation		9,106,997			9,692,594
Net increase (decrease) in net assets resulting from operations		(147,016	)		4,097,689
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(480,882	)		(906,680	)
Return of capital		—			(2,212,307	)
Total distributions to shareholders		(480,882	)		(3,118,987	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			27,637,363
Cost of shares redeemed		(91,525,582	)		(59,575,641	)
Net decrease in net assets from capital share transactions		(91,525,582	)		(31,938,278	)
DECREASE IN NET ASSETS		(92,153,480	)		(30,959,576	)
NET ASSETS
Beginning of period		154,796,167			185,755,743
End of period	$	62,642,687		$	154,796,167
Undistributed net investment income included in net assets at end of period	$	913,197		$	13
SHARES ISSUED AND REDEEMED
Shares sold		—			600,000
Shares redeemed		(2,000,000	)		(1,300,000	)
Net decrease in shares outstanding		(2,000,000	)		(700,000	)

See notes to financial statements.

20 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

(For a share outstanding throughout each period)

	Six months ended Apr. 30, 2017 (Unaudited)			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	46.91		$	46.44		$	52.90		$	56.84		$	52.01		$	50.14
Income from investment operations:
Net investment incomeb		0.88			1.82			1.84			2.43			3.15			1.94
Net realized and unrealized gain (loss)c		0.67			(0.47	)		(6.57	)		(3.55	)		4.51			1.18
Total from investment operations		1.55			1.35			(4.73	)		(1.12	)		7.66			3.12
Less distributions from:
Net investment income		(0.27	)		(0.26	)		(0.05	)		(2.82	)		(2.83	)		(1.25	)
Net realized gain		—			—			(0.02	)		—			—			—
Return of capital		—			(0.62	)		(1.66	)		—			—			—
Total distributions		(0.27	)		(0.88	)		(1.73	)		(2.82	)		(2.83	)		(1.25	)
Net asset value, end of period	$	48.19		$	46.91		$	46.44		$	52.90		$	56.84		$	52.01
Total return		3.30	%d		2.95	%		(9.02	)%		(2.20	)%		15.20	%		6.49	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	62,643		$	154,796		$	185,756		$	142,827		$	51,153		$	26,004
Ratio of expenses to average net assetse		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of expenses to average net assets prior to waived feese		n/a			0.51	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assetse		3.82	%		3.93	%		3.85	%		4.25	%		5.85	%		6.92	%
Portfolio turnover ratef		10	%d		24	%		28	%		25	%		33	%		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 as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 21

Notes to Financial Statements (Unaudited)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

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 fund (the “Fund”):

iShares ETF	Diversification Classification
International High Yield Bond	Diversified

The investment objective of the 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 the Fund’s investment objective.

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the 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. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

The 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 Fund. The investments of the Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Directors of the Company (the “Board”).

• Fixed income investments are valued 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 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.

22 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

• 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”).

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 the 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 the Fund’s investments is included in its schedule of investments.

NOTES TO FINANCIAL STATEMENTS 23

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

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. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

FOREIGN CURRENCY TRANSLATION

The accounting records of the Fund 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.

The 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 Fund as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

FOREIGN TAXES

The Fund 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 Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2017, if any, are disclosed in the Fund’s statement of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

Dividends and distributions paid by the 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 Fund.

RECENT ACCOUNTING STANDARD

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, that modernizes and enhances the reporting and disclosure of information by registered investment companies. As part of these changes, the new rule amends Regulation S-X to require standardized, enhanced disclosures related to derivatives and updates to other disclosures in investment company financial statements. The compliance date for the

24 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

amendments to Regulation S-X is August 1, 2017. Management is evaluating the impact, if any, of these changes on the Fund’s financial statements.

In March 2017, the Financial Accounting Standards Board issued an update to amend the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for premiums to the earliest call date, but do not require an accounting change for securities held at a discount. The amendments are effective for financial statements for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, 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).

BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Fund.

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

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 April 30, 2017, the purchase and sales transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were $ 324,435 and $ 225,342, respectively.

The 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 statement of operations.

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

Certain directors and officers of the Company are also officers of BlackRock Institutional Trust Company, N.A. and/or BFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2017, were $7,690,208 and $9,101,971, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2017, were $  — and $87,062,673, respectively.

NOTES TO FINANCIAL STATEMENTS 25

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

4. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the 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 the Fund are not redeemable. Transactions in capital shares for the 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 statement of changes in net assets.

5. PRINCIPAL RISKS

In the normal course of business, the 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 the Fund is exposed to include market risk and credit risk. The Fund’s prospectus provides details of these and other types of risk.

BFA uses a “passive” or index approach to try to achieve the 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 the 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;

26 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

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.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Mortgage-backed securities and securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than other types of bonds or securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose 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.

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

6. INCOME TAX INFORMATION

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

NOTES TO FINANCIAL STATEMENTS 27

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or NAV per share.

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

As of October 31, 2016, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $4,020,660 available to offset future realized capital gains.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 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 Fund’s financial statements.

7. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. The Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit.

8. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund 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.

28 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

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 the 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
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
$0.069498	$	—	$	0.197624	$	0.267122		26	%		—	%		74	%		100	%

SUPPLEMENTAL INFORMATION 29

Notes:

30 2017 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Markit Indices Limited, 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 Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund 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 Fund’s website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s 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 Fund also discloses its complete schedule of portfolio holdings on a daily basis on the Fund’s 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-1017-0417

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: June 29, 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: June 29, 2017

By: /s/ Jack Gee

Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: June 29, 2017