UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

1 Iron Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

351 West Camden Street, Baltimore, MD 21201

(Name and address of agent for service)

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

Date of fiscal year end: August 31, 2018

Date of reporting period: February 28, 2018

Item 1. Reports to Stockholders.

FEBRUARY 28, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares MSCI Austria ETF  |  EWO  |  NYSE Arca

^Ø  iShares MSCI Belgium ETF  |  EWK  |  NYSE Arca

^Ø  iShares MSCI France ETF  |  EWQ  |  NYSE Arca

^Ø  iShares MSCI Netherlands ETF  |  EWN  |  NYSE Arca

^Ø  iShares MSCI Sweden ETF  |  EWD  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares MSCI Austria ETF	11
iShares MSCI Belgium ETF	13
iShares MSCI France ETF	16
iShares MSCI Netherlands ETF	20
iShares MSCI Sweden ETF	23
Financial Statements	26
Financial Highlights	33
Notes to Financial Statements	38
Supplemental Information	51
General Information	52

Fund Performance Overview

iSHARES^® MSCI AUSTRIA ETF

Performance as of February 28, 2018

The iShares MSCI Austria ETF (the “Fund”) (formerly the iShares MSCI Austria Capped ETF) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 11.80%, net of fees, while the total return for the Index was 12.02%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		48.40%		48.14%		48.68%		48.40%		48.14%		48.68%
5 Years		9.42%		9.41%		9.59%		56.88%		56.74%		58.11%
10 Years		(0.05)%		0.10%		(0.32)%		(0.48)%		0.96%		(3.13)%

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

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,118.00	$	2.47	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	32.80	%
Materials	17.51
Energy	14.92
Real Estate	13.78
Industrials	11.88
Information Technology	2.83
Telecommunication Services	2.67
Consumer Discretionary	1.93
Utilities	1.68
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Erste Group Bank AG	23.07	%
OMV AG	12.52
Voestalpine AG	9.75
Wienerberger AG	4.83
Raiffeisen Bank International AG	4.43
BUWOG AG	4.42
ANDRITZ AG	4.30
CA Immobilien Anlagen AG	3.91
IMMOFINANZ AG	3.59
Oesterreichische Post AG	3.02
TOTAL	73.84	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI BELGIUM ETF

Performance as of February 28, 2018

The iShares MSCI Belgium ETF (the “Fund”) (formerly the iShares MSCI Belgium Capped ETF) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 7.96%, net of fees, while the total return for the Index was 8.06%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		26.16%		25.88%		26.14%		26.16%		25.88%		26.14%
5 Years		11.99%		11.97%		12.04%		76.15%		75.99%		76.57%
10 Years		2.93%		3.02%		3.46%		33.43%		34.71%		40.55%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,079.60	$	2.42	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Consumer Staples	26.45	%
Financials	25.52
Materials	13.75
Health Care	11.62
Real Estate	5.72
Consumer Discretionary	4.54
Information Technology	3.84
Telecommunication Services	3.18
Industrials	2.83
Utilities	1.32
Energy	1.23
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total Investments*

Anheuser-Busch InBev SA/NV	22.78	%
KBC Group NV	10.50
Umicore SA	5.82
Solvay SA	4.90
Ageas	4.47
UCB SA	4.44
Groupe Bruxelles Lambert SA	4.41
Proximus SADP	2.52
Galapagos NV	2.46
Ackermans & van Haaren NV	2.34
TOTAL	64.64	%

* Excludes money market funds.

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI FRANCE ETF

Performance as of February 28, 2018

The iShares MSCI France ETF (the “Fund”) seeks to track the investment results of an index composed of French equities, as represented by the MSCI France Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 7.61%, net of fees, while the total return for the Index was 7.79%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		29.95%		29.57%		29.85%		29.95%		29.57%		29.85%
5 Years		8.94%		8.88%		8.91%		53.41%		53.03%		53.21%
10 Years		2.35%		2.40%		2.37%		26.20%		26.71%		26.43%

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,076.10	$	2.42	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total Investments*

Industrials	21.20	%
Consumer Discretionary	18.71
Financials	15.21
Consumer Staples	9.65
Energy	8.43
Health Care	8.13
Materials	5.47
Information Technology	4.56
Utilities	3.25
Real Estate	2.93
Telecommunication Services	2.46
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total Investments*

TOTAL SA	8.43	%
Sanofi	5.53
BNP Paribas SA	5.49
LVMH Moet Hennessy Louis Vuitton SE	5.14
Airbus SE	4.27
AXA SA	3.75
L’Oreal SA	3.33
Air Liquide SA	3.30
Vinci SA	3.08
Schneider Electric SE	3.03
TOTAL	45.35	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI NETHERLANDS ETF

Performance as of February 28, 2018

The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 5.27%, net of fees, while the total return for the Index was 5.51%.

	Average Annual Total Returns						Cumulative Total Returns
	1 Year		5 Years		10 Years		1 Year		5 Years		10 Years
NAV		27.66%		11.78%		4.14%		27.66%		74.49%		50.02%
MARKET		27.26%		11.73%		4.23%		27.26%		74.10%		51.37%
INDEXa		28.18%		11.96%		4.50%		28.18%		75.91%		55.31%
MSCI Netherlands Investable Market Index		27.89%		11.91%		4.48%		27.89%		75.51%		54.96%
MSCI Netherlands IMI 25/50 Indexb		27.83%		n/a		n/a		27.83%		n/a		n/a

^a  Index performance through August 31, 2017 reflects the performance of the MSCI Netherlands Investable Market Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Netherlands IMI 25/50 index, which, effective as of September 1, 2017, replaced the MSCI Netherlands Investable Market Index as the underlying index of the Fund.

^b  The inception date of the MSCI Netherlands IMI 25/50 Index was July 20, 2016.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,052.70	$	2.39	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total Investments*

Consumer Staples	24.97	%
Information Technology	22.27
Financials	19.55
Industrials	14.04
Materials	8.57
Health Care	4.44
Telecommunication Services	1.93
Energy	1.63
Real Estate	1.37
Consumer Discretionary	1.23
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total Investments*

Unilever NV CVA	14.02	%
ASML Holding NV	12.15
ING Groep NV	11.11
NXP Semiconductors NV	6.68
Koninklijke Ahold Delhaize NV	4.47
Koninklijke Philips NV	4.44
Akzo Nobel NV	4.25
Heineken NV	3.56
RELX NV	3.47
Koninklijke DSM NV	3.34
TOTAL	67.49	%

* Excludes money market funds.

8 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SWEDEN ETF

Performance as of February 28, 2018

The iShares MSCI Sweden ETF (the “Fund”) (formerly the iShares MSCI Sweden Capped ETF) seeks to track the investment results of an index composed of Swedish equities, as represented by the MSCI Sweden 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was -0.63%, net of fees, while the total return for the Index was -0.36%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		15.87%		15.50%		15.17%		15.87%		15.50%		15.17%
5 Years		4.71%		4.69%		4.12%		25.88%		25.77%		22.36%
10 Years		5.13%		5.20%		4.81%		64.97%		65.97%		59.96%

Index performance through November 30, 2016 reflects the performance of the MSCI Sweden Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Sweden 25/50 Index.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	993.70	$	2.32	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total Investments*

Industrials	34.94	%
Financials	31.84
Information Technology	8.55
Consumer Discretionary	7.27
Consumer Staples	6.86
Telecommunication Services	5.80
Materials	2.60
Energy	1.29
Health Care	0.85
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total Investments*

Nordea Bank AB	8.42	%
Volvo AB Class B	7.13
Atlas Copco AB Class A	6.97
Swedbank AB Class A	5.53
Assa Abloy AB Class B	5.25
Svenska Handelsbanken AB Class A	5.09
Investor AB Class B	4.58
Telefonaktiebolaget LM Ericsson Class B	4.57
Sandvik AB	4.54
Skandinaviska Enskilda Banken AB Class A	4.14
TOTAL	56.22	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2017 and held through February 28, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number corresponding to your Fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI AUSTRIA ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.68%
AEROSPACE & DEFENSE — 2.00%
FACC AGa		200,975	$	5,270,064
				5,270,064
AIR FREIGHT & LOGISTICS — 3.01%
Oesterreichische Post AG		164,419		7,941,135
				7,941,135
AUTO COMPONENTS — 0.92%
POLYTEC Holding AG		114,427		2,428,361
				2,428,361
BANKS — 27.41%
Erste Group Bank AG		1,187,329		60,690,979
Raiffeisen Bank International AGa		298,489		11,646,032
				72,337,011
CHEMICALS — 2.91%
Lenzing AG		62,144		7,685,508
				7,685,508
CONSTRUCTION & ENGINEERING — 0.99%
Porr AGb		77,719		2,606,725
				2,606,725
CONSTRUCTION MATERIALS — 4.82%
Wienerberger AG		470,762		12,712,016
				12,712,016
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.66%
Telekom Austria AG		782,724		7,016,676
				7,016,676
ELECTRIC UTILITIES — 1.68%
EVN AG		226,859		4,427,019
				4,427,019
ELECTRICAL EQUIPMENT — 0.86%
Zumtobel Group AG		211,050		2,265,184
				2,265,184
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.82%
AT&S Austria Technologie & Systemtechnik AG		190,052		5,134,304
Kapsch TrafficCom AG		43,330		2,320,003
				7,454,307
ENERGY EQUIPMENT & SERVICES — 2.39%
Schoeller-Bleckmann Oilfield Equipment AGa		60,886		6,300,931
				6,300,931

Security	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 1.01%
DO & CO AGb		43,959	$	2,656,604
				2,656,604
INSURANCE — 5.29%
UNIQA Insurance Group AG		632,308		7,353,342
Vienna Insurance Group AG Wiener Versicherung Gruppe		197,786		6,600,047
				13,953,389
MACHINERY — 4.98%
ANDRITZ AG		194,261		11,301,586
Semperit AG Holdingb		89,363		1,852,858
				13,154,444
METALS & MINING — 9.72%
Voestalpine AG		441,891		25,654,143
				25,654,143
OIL, GAS & CONSUMABLE FUELS — 12.48%
OMV AG		573,372		32,937,664
				32,937,664
REAL ESTATE MANAGEMENT & DEVELOPMENT — 13.73%
BUWOG AG		329,827		11,625,709
CA Immobilien Anlagen AG		349,677		10,295,318
IMMOFINANZ AG		4,029,917		9,436,974
S IMMO AG		273,537		4,884,190
				36,242,191
TOTAL COMMON STOCKS
(Cost: $221,153,912)				263,043,372
SHORT-TERM INVESTMENTS — 1.54%
MONEY MARKET FUNDS — 1.54%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%c,d,e		4,032,211		4,032,614
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%c,d		20,163		20,163
				4,052,777
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,052,854)				4,052,777

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRIA ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.22%
(Cost: $225,206,766)	$	267,096,149
Other Assets, Less Liabilities — (1.22)%		(3,209,128	)
NET ASSETS — 100.00%	$	263,887,021

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Affiliate of the Fund.

^d  Annualized 7-day yield as of period end.

^e  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss)a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		6,611,731		—		(2,579,520	)b		4,032,211	$	4,032,614	$	91,485	c	$	(1,418	)	$	(599	)
BlackRock Cash Funds: Treasury, SL Agency Shares		135,114		—		(114,951	)b		20,163		20,163		696			—			—
										$	4,052,777	$	92,181		$	(1,418	)	$	(599	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	263,043,372	$	—	$	—	$	263,043,372
Money market funds		4,052,777		—		—		4,052,777
Total	$	267,096,149	$	—	$	—	$	267,096,149

See notes to financial statements.

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI BELGIUM ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.92%
AIR FREIGHT & LOGISTICS — 1.95%
bpost SA		44,419	$	1,510,416
				1,510,416
BANKS — 10.49%
KBC Group NV		86,019		8,109,784
				8,109,784
BEVERAGES — 22.76%
Anheuser-Busch InBev SA/NV		164,839		17,587,502
				17,587,502
BIOTECHNOLOGY — 4.56%
Ablynx NVa,b		29,453		1,571,963
Celyad SAa,b		1,382		54,781
Galapagos NVa,b		17,987		1,899,379
				3,526,123
CAPITAL MARKETS — 0.95%
Gimv NV		11,865		736,582
				736,582
CHEMICALS — 11.79%
Recticel SA		5,995		72,753
Solvay SA		27,412		3,781,279
Tessenderlo Group SAa		16,852		764,592
Umicore SA		79,154		4,491,051
				9,109,675
COMMUNICATIONS EQUIPMENT — 0.60%
EVS Broadcast Equipment SA		13,518		466,589
				466,589
CONSTRUCTION & ENGINEERING — 0.87%
Cie. d’Entreprises CFE		4,970		675,269
				675,269
DISTRIBUTORS — 0.90%
D’ieteren SA/NV		16,176		698,014
				698,014
DIVERSIFIED FINANCIAL SERVICES — 9.58%
Ackermans & van Haaren NV		10,005		1,809,646
Groupe Bruxelles Lambert SA		29,727		3,409,566
KBC Ancora		17,272		1,123,861
Sofina SA		6,223		1,061,066
				7,404,139
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.52%
Proximus SADP		60,432		1,945,099
				1,945,099

Security	Shares		Value
ELECTRIC UTILITIES — 1.32%
Elia System Operator SA/NV		16,141	$	1,021,723
				1,021,723
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.93%
Barco NV		5,850		716,350
				716,350
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.72%
Aedifica SA		9,486		867,720
Befimmo SA		12,111		793,213
Cofinimmo SA		9,761		1,230,978
Intervest Offices & Warehouses NV		16,954		468,356
Warehouses De Pauw CVA		8,871		1,058,149
				4,418,416
FOOD & STAPLES RETAILING — 1.89%
Colruyt SA		26,951		1,457,163
				1,457,163
FOOD PRODUCTS — 0.42%
Greenyard NV		14,022		320,832
				320,832
HEALTH CARE EQUIPMENT & SUPPLIES — 1.12%
Biocartis NVa,b,c		30,456		484,380
Ion Beam Applicationsb		14,629		377,185
				861,565
HEALTH CARE PROVIDERS & SERVICES — 0.70%
Fagrona		33,830		544,230
				544,230
HEALTH CARE TECHNOLOGY — 0.79%
AGFA-Gevaert NVa		123,881		610,712
				610,712
HOUSEHOLD DURABLES — 0.07%
Balta Group NVa,c		5,588		52,070
				52,070
INSURANCE — 4.47%
Ageas		65,598		3,452,286
				3,452,286
IT SERVICES — 0.87%
Econocom Group SA/NV		82,415		668,944
				668,944
MEDIA — 2.96%
Kinepolis Group NV		9,882		690,613

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BELGIUM ETF

February 28, 2018

Security	Shares		Value
Telenet Group Holding NVa		23,221	$	1,598,749
				2,289,362
METALS & MINING — 1.95%
Bekaert SA		19,698		980,687
Nyrstar NVa,b		73,302		524,795
				1,505,482
OIL, GAS & CONSUMABLE FUELS — 1.23%
Euronav NV		73,698		597,741
Exmar NVa,b		47,666		354,047
				951,788
PERSONAL PRODUCTS — 1.37%
Ontex Group NV		36,468		1,057,692
				1,057,692
PHARMACEUTICALS — 4.44%
UCB SA		41,277		3,427,386
				3,427,386
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.44%
Melexis NV		10,097		1,114,490
				1,114,490
TEXTILES, APPAREL & LUXURY GOODS — 0.60%
Sioen Industries NV		7,751		284,078
Van de Velde NV		3,674		179,912
				463,990
WIRELESS TELECOMMUNICATION SERVICES — 0.66%
Orange Belgium SA		27,514		512,087
				512,087
TOTAL COMMON STOCKS
(Cost: $73,906,186)				77,215,760
SHORT-TERM INVESTMENTS — 4.95%
MONEY MARKET FUNDS — 4.95%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		3,784,748		3,785,126
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		35,894		35,894
				3,821,020
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,820,934)				3,821,020

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.87%
(Cost: $77,727,120)	$	81,036,780
Other Assets, Less Liabilities — (4.87)%		(3,760,608	)
NET ASSETS — 100.00%	$	77,276,172

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BELGIUM ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold		Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		3,505,275		279,473b		—		3,784,748	$	3,785,126	$	29,286	c	$	143	$	(241	)
BlackRock Cash Funds: Treasury, SL Agency Shares		25,070		10,824b		—		35,894		35,894		277			—		—
									$	3,821,020	$	29,563		$	143	$	(241	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	77,215,760	$	—	$	—	$	77,215,760
Money market funds		3,821,020		—		—		3,821,020
Total	$	81,036,780	$	—	$	—	$	81,036,780

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited)

iSHARES^® MSCI FRANCE ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.84%
AEROSPACE & DEFENSE — 7.52%
Airbus SE		282,566	$	33,891,088
Dassault Aviation SA		1,215		2,114,636
Safran SA		162,314		17,995,142
Thales SA		51,569		5,757,514
				59,758,380
AIR FREIGHT & LOGISTICS — 0.30%
Bollore SA		425,853		2,413,094
				2,413,094
AUTO COMPONENTS — 2.97%
Cie. Generale des Etablissements Michelin SCA Class B		83,276		12,868,617
Faurecia SA		36,926		3,120,151
Valeo SA		116,753		7,612,589
				23,601,357
AUTOMOBILES — 2.10%
Peugeot SA		286,527		6,505,250
Renault SA		93,645		10,219,884
				16,725,134
BANKS — 9.38%
BNP Paribas SA		546,610		43,580,425
Credit Agricole SA		554,621		9,561,533
Societe Generale SA		373,276		21,452,147
				74,594,105
BEVERAGES — 2.33%
Pernod Ricard SA		103,298		17,008,307
Remy Cointreau SA		11,143		1,520,784
				18,529,091
BUILDING PRODUCTS — 1.75%
Cie. de Saint-Gobain		243,460		13,880,279
				13,880,279
CAPITAL MARKETS — 0.80%
Amundi SAa		29,405		2,408,615
Natixis SA		458,533		3,970,675
				6,379,290
CHEMICALS — 3.84%
Air Liquide SA		208,047		26,173,759
Arkema SA		33,199		4,350,777
				30,524,536
COMMERCIAL SERVICES & SUPPLIES — 0.67%
Edenred		108,789		3,838,564

Security	Shares		Value
Societe BIC SA		13,924	$	1,463,035
				5,301,599
CONSTRUCTION & ENGINEERING — 4.23%
Bouygues SA		104,469		5,308,137
Eiffage SA		35,757		3,885,744
Vinci SA		246,301		24,428,621
				33,622,502
CONSTRUCTION MATERIALS — 0.22%
Imerys SA		17,413		1,779,726
				1,779,726
DIVERSIFIED FINANCIAL SERVICES — 0.55%
Eurazeo SA		21,087		2,017,637
Wendel SA		13,598		2,364,994
				4,382,631
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.46%
Iliad SA		12,841		3,021,110
Orange SA		970,511		16,500,558
				19,521,668
ELECTRIC UTILITIES — 0.46%
Electricite de France SA		281,330		3,673,145
				3,673,145
ELECTRICAL EQUIPMENT — 4.31%
Legrand SA		129,602		10,201,783
Schneider Electric SE		275,848		24,082,243
				34,284,026
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.32%
Ingenico Group SA		28,812		2,513,254
				2,513,254
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.92%
Fonciere Des Regions		16,335		1,712,381
Gecina SA		23,564		4,141,412
ICADE		16,211		1,572,843
Klepierre SA		107,203		4,436,354
Unibail-Rodamco SE		48,653		11,378,379
				23,241,369
FOOD & STAPLES RETAILING — 1.01%
Carrefour SA		283,053		6,542,028
Casino Guichard Perrachon SA		27,022		1,470,559
				8,012,587

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRANCE ETF

February 28, 2018

Security	Shares		Value
FOOD PRODUCTS — 2.96%
Danone SA		293,726	$	23,554,482
				23,554,482
HEALTH CARE EQUIPMENT & SUPPLIES — 1.87%
BioMerieux		20,150		1,553,200
Essilor International Cie. Generale d’Optique SA		101,092		13,297,572
				14,850,772
HOTELS, RESTAURANTS & LEISURE — 1.35%
Accor SA		91,448		5,297,893
Sodexo SA		44,089		5,436,468
				10,734,361
HOUSEHOLD DURABLES — 0.28%
SEB SA		10,968		2,246,020
				2,246,020
INSURANCE — 4.45%
AXA SA		944,056		29,775,680
CNP Assurances		83,507		2,036,987
SCOR SE		84,175		3,592,216
				35,404,883
IT SERVICES — 2.00%
Atos SE		45,967		6,082,909
Capgemini SE		78,285		9,829,701
				15,912,610
LIFE SCIENCES TOOLS & SERVICES — 0.39%
Eurofins Scientific SE		5,535		3,129,655
				3,129,655
MACHINERY — 0.40%
Alstom SA		74,963		3,168,003
				3,168,003
MEDIA — 3.60%
Eutelsat Communications SA		84,924		1,988,690
JCDecaux SA		36,069		1,405,971
Lagardere SCA		57,410		1,694,487
Publicis Groupe SA		100,986		7,641,319
SES SA		177,208		2,837,811
Vivendi SA		503,338		13,045,300
				28,613,578
METALS & MINING — 1.40%
ArcelorMittalb		322,918		11,126,181
				11,126,181

Security	Shares		Value
MULTI-UTILITIES — 2.78%
Engie SA		888,264	$	13,948,410
Suez		179,037		2,472,956
Veolia Environnement SA		233,289		5,682,085
				22,103,451
OIL, GAS & CONSUMABLE FUELS — 8.42%
TOTAL SA		1,167,856		66,902,949
				66,902,949
PERSONAL PRODUCTS — 3.33%
L’Oreal SA		122,618		26,478,024
				26,478,024
PHARMACEUTICALS — 5.86%
Ipsen SA		18,306		2,698,209
Sanofi		553,102		43,868,662
				46,566,871
PROFESSIONAL SERVICES — 0.93%
Bureau Veritas SA		129,015		3,384,668
Teleperformance		28,149		4,020,270
				7,404,938
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.90%
STMicroelectronics NV		310,522		7,127,667
				7,127,667
SOFTWARE — 1.34%
Dassault Systemes SE		63,135		8,181,530
Ubisoft Entertainment SAb		29,922		2,481,618
				10,663,148
TEXTILES, APPAREL & LUXURY GOODS — 8.37%
Hermes International		15,429		8,319,433
Kering SA		36,859		17,442,578
LVMH Moet Hennessy Louis Vuitton SE		135,654		40,783,541
				66,545,552
TRADING COMPANIES & DISTRIBUTORS — 0.33%
Rexel SA		147,563		2,605,142
				2,605,142
TRANSPORTATION INFRASTRUCTURE — 0.74%
Aeroports de Paris		14,434		2,922,336
Getlink SE Registered		227,754		2,934,749
				5,857,085
TOTAL COMMON STOCKS (Cost: $744,086,408)				793,733,145

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRANCE ETF

February 28, 2018

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.00%
MONEY MARKET FUNDS — 0.00%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%c,d		22,292	$	22,292
				22,292
TOTAL SHORT-TERM INVESTMENTS
(Cost: $22,292)				22,292
TOTAL INVESTMENTS IN SECURITIES — 99.84%
(Cost: $744,108,700)				793,755,437
Other Assets, Less Liabilities — 0.16%				1,232,851
NET ASSETS — 100.00%			$	794,988,288

^a  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^b  Non-income producing security.

^c  Affiliate of the Fund.

^d  Annualized 7-day yield as of period end.

^e  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		—b		—			—	$	—	$	50,168	c	$	(82	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		218,501		—		(196,209	)b		22,292		22,292		1,254			—			—
										$	22,292	$	51,422		$	(82	)	$	—

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts
CAC 40 Index		17		Mar 2018	$	1,103	$	40,034

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRANCE ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	793,733,145	$	—	$	—	$	793,733,145
Money market funds		22,292		—		—		22,292
Total	$	793,755,437	$	—	$	—	$	793,755,437
Derivative financial instrumentsa
Assets
Futures contracts	$	40,034	$	—	$	—	$	40,034
Total	$	40,034	$	—	$	—	$	40,034

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited)

iSHARES^® MSCI NETHERLANDS ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.81%
AIR FREIGHT & LOGISTICS — 0.40%
PostNL NV		221,803	$	888,665
				888,665
BANKS — 13.49%
ABN AMRO Group NV CVAa		170,928		5,336,894
ING Groep NV		1,395,599		24,643,627
				29,980,521
BEVERAGES — 6.01%
Coca-Cola European Partners PLC		64,644		2,457,765
Heineken Holding NV		22,014		2,194,937
Heineken NV		75,694		7,897,072
Refresco Group NVa		33,518		815,561
				13,365,335
CAPITAL MARKETS — 0.52%
BinckBank NV		66,785		395,054
Flow Tradersa		18,778		771,359
				1,166,413
CHEMICALS — 8.46%
Akzo Nobel NV		96,929		9,429,187
Corbion NV		32,426		1,009,275
Koninklijke DSM NV		71,342		7,408,228
OCI NVb,c		40,767		965,840
				18,812,530
CONSTRUCTION & ENGINEERING — 1.43%
Arcadis NV		44,595		1,072,577
Boskalis Westminster		42,455		1,605,188
Koninklijke BAM Groep NV		101,250		448,268
Koninklijke Volkerwessels NV		2,350		63,629
				3,189,662
DIVERSIFIED FINANCIAL SERVICES — 0.00%
SNS REAAL NVb,c,d		68,952		1
				1
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.93%
Koninklijke KPN NV		1,366,977		4,284,792
				4,284,792
ELECTRICAL EQUIPMENT — 0.93%
Kendrion NV		13,745		615,242
Philips Lighting NVa		1,556		61,792
SIF Holding NVc		3,508		69,569
TKH Group NV		20,902		1,319,270
				2,065,873

Security	Shares		Value
ENERGY EQUIPMENT & SERVICES — 0.92%
Fugro NV CVAb,c		41,294	$	601,097
SBM Offshore NV		84,694		1,444,093
				2,045,190
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.37%
Eurocommercial Properties NV		24,357		994,591
NSI NV		14,669		610,980
VastNed Retail NV		13,512		636,949
Wereldhave NV		21,451		793,777
				3,036,297
FOOD & STAPLES RETAILING — 4.46%
Koninklijke Ahold Delhaize NV		439,899		9,926,749
				9,926,749
FOOD PRODUCTS — 0.45%
ForFarmers NV		6,855		75,414
Wessanen		46,986		921,488
				996,902
HEALTH CARE EQUIPMENT & SUPPLIES — 4.43%
Koninklijke Philips NV		255,914		9,841,321
				9,841,321
HOTELS, RESTAURANTS & LEISURE — 0.05%
Basic-Fit NVa,b		4,696		123,714
				123,714
HOUSEHOLD DURABLES — 0.29%
TomTom NVb		66,451		639,137
				639,137
INSURANCE — 5.51%
Aegon NV		715,717		5,003,604
ASR Nederland NV		40,215		1,811,842
NN Group NV		120,988		5,424,419
				12,239,865
INTERNET SOFTWARE & SERVICES — 0.04%
Takeaway.com NVa,b		1,628		101,265
				101,265
IT SERVICES — 0.85%
InterXion Holding NVb		33,419		1,881,490
				1,881,490
LEISURE PRODUCTS — 0.22%
Accell Group		18,934		486,105
				486,105

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI NETHERLANDS ETF

February 28, 2018

Security	Shares		Value
MACHINERY — 1.03%
Aalberts Industries NV		45,351	$	2,282,741
				2,282,741
MEDIA — 0.66%
Altice NV Class Ab,c		152,922		1,470,829
				1,470,829
METALS & MINING — 0.09%
AMG Advanced Metallurgical Group NV		4,071		204,070
				204,070
OIL, GAS & CONSUMABLE FUELS — 0.71%
Koninklijke Vopak NV		33,281		1,576,968
				1,576,968
PERSONAL PRODUCTS — 14.00%
Unilever NV CVA		593,700		31,118,477
				31,118,477
PROFESSIONAL SERVICES — 8.18%
Brunel International NV		22,252		441,291
Intertrust NVa		26,979		572,546
Randstad Holding NV		49,763		3,572,418
RELX NV		374,196		7,690,144
Wolters Kluwer NV		116,300		5,912,114
				18,188,513
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 20.38%
ASM International NV		23,174		1,665,326
ASML Holding NV		137,017		26,955,304
BE Semiconductor Industries NV		18,691		1,853,354
NXP Semiconductors NVb		118,946		14,827,808
				45,301,792
SOFTWARE — 0.96%
Gemalto NV		35,371		2,129,403
				2,129,403
TRADING COMPANIES & DISTRIBUTORS — 2.04%
AerCap Holdings NVb		59,235		2,938,648
IMCD Group NV		24,725		1,589,214
				4,527,862
TOTAL COMMON STOCKS
(Cost: $195,022,688)				221,872,482

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.89%
MONEY MARKET FUNDS — 0.89%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		1,914,984	$	1,915,175
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%e,f		57,056		57,056
				1,972,231
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,972,216)				1,972,231
TOTAL INVESTMENTS IN SECURITIES — 100.70%
(Cost: $196,994,904)				223,844,713
Other Assets, Less Liabilities — (0.70)%				(1,547,271	)
NET ASSETS — 100.00%			$	222,297,442

^a  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^b  Non-income producing security.

^c  All or a portion of this security is on loan.

^d  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI NETHERLANDS ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold		Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss)a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		1,224,613		690,371b		—		1,914,984	$	1,915,175	$	16,332	c	$	(143	)	$	(210	)
BlackRock Cash Funds: Treasury, SL Agency Shares		32,493		24,563b		—		57,056		57,056		917			—			—
									$	1,972,231	$	17,249		$	(143	)	$	(210	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts
Euro STOXX 50		9		Mar 2018	$	377	$	(3,707	)

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	221,872,481		$	—	$	1	$	221,872,482
Money market funds		1,972,231			—		—		1,972,231
Total	$	223,844,712		$	—	$	1	$	223,844,713
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(3,707	)	$	—	$	—	$	(3,707	)
Total	$	(3,707	)	$	—	$	—	$	(3,707	)

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

See notes to financial statements.

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI SWEDEN ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.20%
BANKS — 22.99%
Nordea Bank AB		3,613,658	$	41,241,627
Skandinaviska Enskilda Banken AB Class A		1,717,953		20,303,175
Svenska Handelsbanken AB Class A		1,808,625		24,928,486
Swedbank AB Class A		1,073,052		27,067,512
				113,540,800
BUILDING PRODUCTS — 5.21%
Assa Abloy AB Class B		1,147,218		25,732,963
				25,732,963
COMMERCIAL SERVICES & SUPPLIES — 1.52%
Securitas AB Class B		435,994		7,519,588
				7,519,588
COMMUNICATIONS EQUIPMENT — 4.54%
Telefonaktiebolaget LM Ericsson Class B		3,328,884		22,402,821
				22,402,821
CONSTRUCTION & ENGINEERING — 1.81%
Skanska AB Class B		446,037		8,917,510
				8,917,510
DIVERSIFIED FINANCIAL SERVICES — 8.59%
Industrivarden AB Class C		241,994		5,813,639
Investor AB Class B		495,791		22,445,381
Kinnevik AB Class B		292,745		10,744,524
L E Lundbergforetagen AB Class B		45,831		3,437,809
				42,441,353
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.48%
Telia Co. AB		3,616,724		17,168,035
				17,168,035
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.94%
Hexagon AB Class B		331,410		19,467,413
				19,467,413
FOOD & STAPLES RETAILING — 0.88%
ICA Gruppen AB		121,833		4,359,844
				4,359,844
HEALTH CARE EQUIPMENT & SUPPLIES — 0.84%
Getinge AB Class B		330,695		4,174,847
				4,174,847

Security	Shares		Value
HOUSEHOLD DURABLES — 3.43%
Electrolux AB Class B		317,221	$	10,471,299
Husqvarna AB Class B		602,502		6,452,963
				16,924,262
HOUSEHOLD PRODUCTS — 3.80%
Essity AB Class Ba		681,400		18,750,733
				18,750,733
MACHINERY — 26.12%
Alfa Laval AB		395,990		9,572,964
Atlas Copco AB Class A		796,523		34,137,387
Atlas Copco AB Class B		459,111		17,509,997
Sandvik AB		1,193,023		22,246,340
SKF AB Class B		502,806		10,586,507
Volvo AB Class B		1,844,017		34,930,719
				128,983,914
METALS & MINING — 2.58%
Boliden AB		357,534		12,725,457
				12,725,457
OIL, GAS & CONSUMABLE FUELS — 1.28%
Lundin Petroleum ABa		268,662		6,334,334
				6,334,334
SPECIALTY RETAIL — 3.78%
Hennes & Mauritz AB Class B		1,125,777		18,671,688
				18,671,688
TOBACCO — 2.13%
Swedish Match AB		246,430		10,516,885
				10,516,885
WIRELESS TELECOMMUNICATION SERVICES — 2.28%
Millicom International Cellular SA SDR		85,240		5,704,614
Tele2 AB Class B		467,637		5,558,251
				11,262,865
TOTAL COMMON STOCKS (Cost: $509,764,757)				489,895,312
SHORT-TERM INVESTMENTS — 0.09%
MONEY MARKET FUNDS — 0.09%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%b,c		431,371		431,371
				431,371
TOTAL SHORT-TERM INVESTMENTS (Cost: $431,371)				431,371

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SWEDEN ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES —99.29%
(Cost: $510,196,128)	$	490,326,683
Other Assets, Less Liabilities — 0.71%		3,523,378
NET ASSETS — 100.00%	$	493,850,061

SDR — Swedish Depositary Receipts

^a  Non-income producing security.

^b  Affiliate of the Fund.

^c  Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss)a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		3,689,579		—		(3,689,579	)b		—	$	—	$	3,318	c	$	(344	)	$	266
BlackRock Cash Funds: Treasury, SL Agency Shares		5,596		425,775b		—			431,371		431,371		3,245			—			—
										$	431,371	$	6,563		$	(344	)	$	266

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts
OMXS 30 Index		208		Mar 2018	$	3,947	$	165,909

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SWEDEN ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	489,895,312	$	—	$	—	$	489,895,312
Money market funds		431,371		—		—		431,371
Total	$	490,326,683	$	—	$	—	$	490,326,683
Derivative financial instrumentsa
Assets
Futures contracts	$	165,909	$	—	$	—	$	165,909
Total	$	165,909	$	—	$	—	$	165,909

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 25

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	221,153,912		$	73,906,186		$	744,086,408
Affiliated (Note 2)		4,052,854			3,820,934			22,292
Total cost of investments in securities	$	225,206,766		$	77,727,120		$	744,108,700
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	263,043,372		$	77,215,760		$	793,733,145
Affiliated (Note 2)		4,052,777			3,821,020			22,292
Foreign currency, at valueb		192,542			38,213			1,474,002
Foreign currency pledged to broker for futures contracts, at valueb		—			—			79,277
Receivables:
Investment securities sold		3,798,362			2,665,847			813,237
Dividends and interest		15,436			8,510			145
Tax reclaims		680,021			39,601			—
Total Assets		271,782,510			83,788,951			796,122,098
LIABILITIES
Payables:
Investment securities purchased		3,764,475			2,702,089			842,142
Collateral for securities on loan (Note 1)		4,034,330			3,783,703			—
Futures variation margin		—			—			5,964
Investment advisory fees (Note 2)		96,684			26,987			285,704
Total Liabilities		7,895,489			6,512,779			1,133,810
NET ASSETS	$	263,887,021		$	77,276,172		$	794,988,288
Net assets consist of:
Paid-in capital	$	282,064,268		$	117,440,027		$	795,087,497
Distributions in excess of net investment income		(1,690,740	)		(513,087	)		(435,868	)
Accumulated net realized loss		(58,430,029	)		(42,962,879	)		(49,339,249	)
Net unrealized appreciation		41,943,522			3,312,111			49,675,908
NET ASSETS	$	263,887,021		$	77,276,172		$	794,988,288
Shares outstandingc		10,400,000			3,520,000			25,000,000
Net asset value per share	$	25.37		$	21.95		$	31.80

^a  Securities on loan with values of $3,763,989, $3,570,237 and $  —, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker for future contracts: $192,439, $38,982 and $1,564,143, respectively.

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

See notes to financial statements.

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Netherlands ETF			iShares MSCI Sweden ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	195,022,688		$	509,764,757
Affiliated (Note 2)		1,972,216			431,371
Total cost of investments in securities	$	196,994,904		$	510,196,128
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	221,872,482		$	489,895,312
Affiliated (Note 2)		1,972,231			431,371
Foreign currency, at valueb		181,082			627,717
Foreign currency pledged to broker for futures contracts, at valueb		27,026			356,889
Receivables:
Investment securities sold		446,124			2,937,588
Due from custodian (Note 4)		—			66,915
Dividends and interest		238,419			588
Tax reclaims		—			1,868,336
Foreign withholding tax claims (Note 8)		—			10,945,276
Total Assets		224,737,364			507,129,992
LIABILITIES
Payables:
Investment securities purchased		445,351			3,177,723
Collateral for securities on loan (Note 1)		1,914,052			—
Futures variation margin		1,529			15,103
IRS compliance fee for foreign withholding tax claims (Note 8)		—			8,773,929
Professional fees (Note 8)		—			1,134,528
Investment advisory fees (Note 2)		78,990			178,648
Total Liabilities		2,439,922			13,279,931
NET ASSETS	$	222,297,442		$	493,850,061
Net assets consist of:
Paid-in capital	$	229,645,901		$	554,006,583
Undistributed (distributions in excess of) net investment income		217,378			(4,175,822	)
Accumulated net realized loss		(34,410,518	)		(36,603,435	)
Net unrealized appreciation (depreciation)		26,844,681			(19,377,265	)
NET ASSETS	$	222,297,442		$	493,850,061
Shares outstandingc		6,950,000			14,475,000
Net asset value per share	$	31.99		$	34.12

^a  Securities on loan with values of $1,824,324 and $  —, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker for future contracts: $204,557 and $1,016,691, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	482,319		$	515,308		$	2,751,755
Dividends — affiliated (Note 2)		696			277			1,254
Securities lending income — affiliated — net (Note 2)		91,485			29,286			50,168
Total investment income		574,500			544,871			2,803,177
EXPENSES
Investment advisory fees (Note 2)		603,896			169,193			1,655,041
Proxy fees		15			10			42
Total expenses		603,911			169,203			1,655,083
Net investment income (loss)		(29,411	)		375,668			1,148,094
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		1,433,871			(349,151	)		(4,140,849	)
Investments — affiliated (Note 2)		(1,418	)		143			(82	)
In-kind redemptions — unaffiliated		16,052,722			1,900,234			5,827,149
Futures contracts		—			—			(59,858	)
Foreign currency transactions		(664	)		16,367			93,095
Net realized gain		17,484,511			1,567,593			1,719,455
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		10,849,553			3,560,395			45,139,173
Investments — affiliated (Note 2)		(599	)		(241	)		—
Futures contracts		—			—			40,034
Translation of assets and liabilities in foreign currencies		16,882			(8,568	)		(25,127	)
Net change in unrealized appreciation/depreciation		10,865,836			3,551,586			45,154,080
Net realized and unrealized gain		28,350,347			5,119,179			46,873,535
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	28,320,936		$	5,494,847		$	48,021,629

^a  Net of foreign withholding tax of $40,549, $90,976 and $353,030, respectively.

See notes to financial statements.

28 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Netherlands ETF			iShares MSCI Sweden ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	916,608	b	$	1,686,612
Dividends — affiliated (Note 2)		917			3,245
Securities lending income — affiliated — net (Note 2)		16,332			3,318
Total investment income		933,857			1,693,175
EXPENSES
Investment advisory fees (Note 2)		481,315			1,137,171
Proxy fees		19			40
Total expenses		481,334			1,137,211
Net investment income		452,523			555,964
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(699,017	)		(3,652,385	)
Investments — affiliated (Note 2)		(143	)		(344	)
In-kind redemptions — unaffiliated		8,119,607			9,937,268
Futures contracts		(8,492	)		(336,002	)
Foreign currency transactions		8,870			10,143
Net realized gain		7,420,825			5,958,680
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		2,419,042			(10,469,938	)
Investments — affiliated (Note 2)		(210	)		266
Futures contracts		(3,707	)		165,909
Translation of assets and liabilities in foreign currencies		(5,123	)		(497,048	)
Net change in unrealized appreciation/depreciation		2,410,002			(10,800,811	)
Net realized and unrealized gain (loss)		9,830,827			(4,842,131	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,283,350		$	(4,286,167	)

^a  Net of foreign withholding tax of $154,292 and $25,738, respectively.

^b  Includes $387,590 related to a special distribution from Akzo Nobel NV.

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Austria ETF						iShares MSCI Belgium ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(29,411	)	$	3,359,266		$	375,668		$	2,097,860
Net realized gain (loss)		17,484,511			(4,516,396	)		1,567,593			(1,924,884	)
Net change in unrealized appreciation/depreciation		10,865,836			52,978,293			3,551,586			12,551,482
Net increase in net assets resulting from operations		28,320,936			51,821,163			5,494,847			12,724,458
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,965,486	)		(3,029,256	)		(909,027	)		(2,204,067	)
Total distributions to shareholders		(1,965,486	)		(3,029,256	)		(909,027	)		(2,204,067	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		52,783,683			135,197,556			19,120,256			14,586,717
Cost of shares redeemed		(48,574,110	)		(11,447,909	)		(20,557,450	)		(83,182,138	)
Net increase (decrease) in net assets from capital share transactions		4,209,573			123,749,647			(1,437,194	)		(68,595,421	)
INCREASE (DECREASE) IN NET ASSETS		30,565,023			172,541,554			3,148,626			(58,075,030	)
NET ASSETS
Beginning of period		233,321,998			60,780,444			74,127,546			132,202,576
End of period	$	263,887,021		$	233,321,998		$	77,276,172		$	74,127,546
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(1,690,740	)	$	304,157		$	(513,087	)	$	20,272
SHARES ISSUED AND REDEEMED
Shares sold		2,200,000			6,900,000			880,000			800,000
Shares redeemed		(2,000,000	)		(600,000	)		(960,000	)		(4,480,000	)
Net increase (decrease) in shares outstanding		200,000			6,300,000			(80,000	)		(3,680,000	)

See notes to financial statements.

30 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI France ETF						iShares MSCI Netherlands ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,148,094		$	10,004,996		$	452,523		$	3,117,660
Net realized gain		1,719,455			3,079,358			7,420,825			3,805,238
Net change in unrealized appreciation/depreciation		45,154,080			76,299,249			2,410,002			35,476,698
Net increase in net assets resulting from operations		48,021,629			89,383,603			10,283,350			42,399,596
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,144,830	)		(9,786,674	)		(1,125,156	)		(4,373,491	)
Total distributions to shareholders		(2,144,830	)		(9,786,674	)		(1,125,156	)		(4,373,491	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		139,637,128			409,375,231			53,920,776			13,981,115
Cost of shares redeemed		(30,726,286	)		(177,825,168	)		(33,321,204	)		(44,054,461	)
Net increase (decrease) in net assets from capital share transactions		108,910,842			231,550,063			20,599,572			(30,073,346	)
INCREASE IN NET ASSETS		154,787,641			311,146,992			29,757,766			7,952,759
NET ASSETS
Beginning of period		640,200,647			329,053,655			192,539,676			184,586,917
End of period	$	794,988,288		$	640,200,647		$	222,297,442		$	192,539,676
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(435,868	)	$	560,868		$	217,378		$	890,011
SHARES ISSUED AND REDEEMED
Shares sold		4,400,000			14,800,000			1,700,000			500,000
Shares redeemed		(1,000,000	)		(7,000,000	)		(1,050,000	)		(1,650,000	)
Net increase (decrease) in shares outstanding		3,400,000			7,800,000			650,000			(1,150,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Sweden ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	555,964		$	9,413,568
Net realized gain (loss)		5,958,680			(670,324	)
Net change in unrealized appreciation/depreciation		(10,800,811	)		64,333,999
Net increase (decrease) in net assets resulting from operations		(4,286,167	)		73,077,243
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(4,699,907	)		(9,859,546	)
Total distributions to shareholders		(4,699,907	)		(9,859,546	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		98,106,984			206,461,394
Cost of shares redeemed		(55,586,188	)		(94,072,500	)
Net increase in net assets from capital share transactions		42,520,796			112,388,894
INCREASE IN NET ASSETS		33,534,722			175,606,591
NET ASSETS
Beginning of period		460,315,339			284,708,748
End of period	$	493,850,061		$	460,315,339
Distributions in excess of net investment income included in net assets at end of period	$	(4,175,822	)	$	(31,879	)
SHARES ISSUED AND REDEEMED
Shares sold		2,775,000			6,300,000
Shares redeemed		(1,575,000	)		(3,000,000	)
Net increase in shares outstanding		1,200,000			3,300,000

See notes to financial statements.

32 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Austria ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	22.87		$	15.58		$	15.59		$	17.55		$	17.87		$	14.53
Income from investment operations:
Net investment income (loss)a		(0.00	)b		0.53			0.38			0.25			0.52			0.32
Net realized and unrealized gain (loss)c		2.69			7.13			(0.06	)		(1.96	)		(0.18	)		3.36
Total from investment operations		2.69			7.66			0.32			(1.71	)		0.34			3.68
Less distributions from:
Net investment income		(0.19	)		(0.37	)		(0.33	)		(0.25	)		(0.66	)		(0.34	)
Total distributions		(0.19	)		(0.37	)		(0.33	)		(0.25	)		(0.66	)		(0.34	)
Net asset value, end of period	$	25.37		$	22.87		$	15.58		$	15.59		$	17.55		$	17.87
Total return		11.80	%d		49.52	%		2.11	%		(9.76	)%		1.56	%		25.49	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	263,887		$	233,322		$	60,780		$	56,130		$	63,170		$	82,223
Ratio of expenses to average net assetse		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%
Ratio of net investment income (loss) to average net assetse		(0.02	)%		2.75	%		2.47	%		1.54	%		2.64	%		1.82	%
Portfolio turnover ratef		6	%d		18	%		15	%		18	%		30	%		26	%

^a  Based on average shares outstanding throughout each period.

^b  Rounds to less than $0.01.

^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 33

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Belgium ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	20.59		$	18.16		$	17.00		$	17.02		$	14.36		$	11.97
Income from investment operations:
Net investment incomea		0.11			0.43			0.34			0.34			0.32			0.42
Net realized and unrealized gain (loss)b		1.51			2.51			1.05			(0.00	)c		2.95			2.36
Total from investment operations		1.62			2.94			1.39			0.34			3.27			2.78
Less distributions from:
Net investment income		(0.26	)		(0.51	)		(0.23	)		(0.36	)		(0.61	)		(0.39	)
Total distributions		(0.26	)		(0.51	)		(0.23	)		(0.36	)		(0.61	)		(0.39	)
Net asset value, end of period	$	21.95		$	20.59		$	18.16		$	17.00		$	17.02		$	14.36
Total return		7.96	%d		16.44	%		8.20	%		1.95	%		23.05	%		23.43	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	77,276		$	74,128		$	132,203		$	153,659		$	164,765		$	71,216
Ratio of expenses to average net assetse		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%
Ratio of net investment income to average net assetse		1.05	%		2.31	%		1.92	%		2.01	%		1.90	%		3.01	%
Portfolio turnover ratef		6	%d		8	%		19	%		7	%		13	%		24	%

^a  Based on average shares outstanding throughout each period.

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

^c  Rounds to less than $0.01.

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

34 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI France ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	29.64		$	23.84		$	25.01		$	27.64		$	24.85		$	20.70
Income from investment operations:
Net investment incomea		0.05			0.69			0.67			0.74			0.66			0.69
Net realized and unrealized gain (loss)b		2.20			5.69			(1.14	)		(2.69	)		2.86			4.14
Total from investment operations		2.25			6.38			(0.47	)		(1.95	)		3.52			4.83
Less distributions from:
Net investment income		(0.09	)		(0.58	)		(0.70	)		(0.68	)		(0.73	)		(0.68	)
Total distributions		(0.09	)		(0.58	)		(0.70	)		(0.68	)		(0.73	)		(0.68	)
Net asset value, end of period	$	31.80		$	29.64		$	23.84		$	25.01		$	27.64		$	24.85
Total return		7.61	%c		26.93	%		(1.87	)%		(7.17	)%		14.07	%		23.56	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	794,988		$	640,201		$	329,054		$	350,139		$	281,923		$	526,839
Ratio of expenses to average net assetsd		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%
Ratio of net investment income to average net assetsd		0.33	%		2.57	%		2.77	%		2.85	%		2.36	%		2.94	%
Portfolio turnover ratee		3	%c		6	%		6	%		6	%		6	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Netherlands ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	30.56		$	24.78		$	24.48		$	24.64		$	22.52		$	18.23
Income from investment operations:
Net investment incomea		0.07	b		0.46			0.71			0.50			0.45			0.44
Net realized and unrealized gain (loss)c		1.54			5.98			0.08			(0.27	)		2.22			4.19
Total from investment operations		1.61			6.44			0.79			0.23			2.67			4.63
Less distributions from:
Net investment income		(0.18	)		(0.66	)		(0.49	)		(0.39	)		(0.55	)		(0.34	)
Total distributions		(0.18	)		(0.66	)		(0.49	)		(0.39	)		(0.55	)		(0.34	)
Net asset value, end of period	$	31.99		$	30.56		$	24.78		$	24.48		$	24.64		$	22.52
Total return		5.27	%d		26.44	%		3.32	%		0.87	%		11.80	%		25.57	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	222,297		$	192,540		$	184,587		$	176,282		$	165,092		$	253,390
Ratio of expenses to average net assetse		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%
Ratio of net investment income to average net assetse		0.44	%b		1.74	%		2.97	%		2.01	%		1.78	%		2.09	%
Portfolio turnover ratef		3	%d		14	%		24	%		6	%		7	%		11	%

^a  Based on average shares outstanding throughout each period.

^b  Includes a special distribution from Akzo Nobel NV. Excluding such special distribution, the net investment income would have been $0.01 per share and 0.06% of average net assets.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

36 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Sweden ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	34.68		$	28.54		$	30.26		$	34.11		$	31.97		$	27.32
Income from investment operations:
Net investment incomea		0.04			0.86			1.05			1.30	b		1.04			0.97
Net realized and unrealized gain (loss)c		(0.26	)		6.04			(1.63	)		(3.75	)		2.33			4.70
Total from investment operations		(0.22	)		6.90			(0.58	)		(2.45	)		3.37			5.67
Less distributions from:
Net investment income		(0.34	)		(0.76	)		(1.14	)		(1.40	)		(1.23	)		(1.02	)
Total distributions		(0.34	)		(0.76	)		(1.14	)		(1.40	)		(1.23	)		(1.02	)
Net asset value, end of period	$	34.12		$	34.68		$	28.54		$	30.26		$	34.11		$	31.97
Total return		(0.63	)%d		24.30	%		(1.91	)%		(7.46	)%b		10.49	%		21.02	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	493,850		$	460,315		$	284,709		$	331,387		$	404,256		$	434,006
Ratio of expenses to average net assetse		0.47	%		0.49	%		0.48	%		0.92	%		0.48	%		0.51	%
Ratio of expenses to average net assets excluding professional fees for foreign withholding tax claims (Note 8)e		n/a			n/a			n/a			0.48	%		n/a			n/a
Ratio of net investment income to average net assetse		0.23	%		2.74	%		3.65	%		3.97	%b		2.97	%		3.13	%
Portfolio turnover ratef		2	%d		9	%		7	%		4	%		7	%		7	%

^a  Based on average shares outstanding throughout each period.

^b  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated IRS compliance fees and professional fees (See Note 8), which resulted in the following increases:

• Net investment income per share by $0.42

• Total return by 1.14%

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

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

^d  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 37

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	Former Name	Diversification Classification
MSCI Austria	iShares MSCI Austria Capped ETF	Non-diversified
MSCI Belgium	iShares MSCI Belgium Capped ETF	Non-diversified
MSCI France	N/A	Non-diversified
MSCI Netherlands	N/A	Non-diversified
MSCI Sweden	iShares MSCI Sweden Capped ETF	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

38 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration inputs 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 inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs 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 to valuation techniques are categorized into a fair value 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 39

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. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily.

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 prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2018, 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.

40 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original 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 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Austria
Barclays Capital Inc.	$	508,066	$	508,066	$	—
Citigroup Global Markets Inc.		244,912		244,912		—
Credit Suisse Securities (USA) LLC		596,382		596,382		—
Deutsche Bank Securities Inc.		1,251,951		1,251,951		—
Goldman Sachs & Co.		342,749		342,749		—
Morgan Stanley & Co. LLC		83,717		83,717		—
UBS AG		736,212		736,212		—
	$	3,763,989	$	3,763,989	$	—
MSCI Belgium
Citigroup Global Markets Inc.	$	349,670	$	349,670	$	—
Deutsche Bank Securities Inc.		390,472		390,472		—
Jefferies LLC		290,557		290,557		—
JPMorgan Securities LLC		2,144,705		2,144,705		—
Morgan Stanley & Co. LLC		394,833		394,833		—
	$	3,570,237	$	3,570,237	$	—
MSCI Netherlands
Citigroup Global Markets Inc.	$	46,312	$	46,312	$	—
Credit Suisse Securities (USA) LLC		1		1		—
JPMorgan Securities LLC		42,241		42,241		—
Merrill Lynch, Pierce, Fenner & Smith		497,018		497,018		—
UBS AG		1,238,752		1,238,752		—
	$	1,824,324	$	1,824,324	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

42 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.59	%	First $7 billion
	0.54		Over $7 billion, up to and including $11 billion
	0.49		Over $11 billion, up to and including $24  billion
	0.44		Over $24 billion, up to and including $48  billion
	0.40		Over $48 billion, up to and including $72  billion
	0.36		Over $72 billion, up to and including $96  billion
	0.32		Over $96 billion

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Austria	$	20,500
MSCI Belgium		6,973
MSCI France		8,855
MSCI Netherlands		3,952
MSCI Sweden		775

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

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Austria	$	411,498	$	1,621,765
MSCI Belgium		—		1,057,784
MSCI France		2,230,515		2,039,195
MSCI Netherlands		454,544		330,677
MSCI Sweden		2,019,932		1,083,317

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.

It is possible that, from time to time, BlackRock and/or funds managed by BFA or an affiliate (collectively, “Affiliates”) may purchase and hold shares of the Fund. Affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units through an authorized participant at any time some or all of the shares of the Fund acquired for their own accounts. A large sale or redemption of shares of the Fund by Affiliates could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund. As of February 28, 2018, the number of affiliated accounts that individually that individually represent more than 10% ownership of the Fund’s total shares outstanding and the aggregate percentage of net assets represented by such holdings were as follows:

iShares ETF	Number of Affiliated Accounts		Aggregate Affiliated Ownership Percentage
MSCI Belgium		1		14	%

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2018 were as follows:

iShares ETF	Purchases		Sales
MSCI Austria	$	15,553,749	$	17,566,796
MSCI Belgium		4,448,543		4,822,012
MSCI France		18,929,047		20,242,573
MSCI Netherlands		6,739,099		6,035,659
MSCI Sweden		7,845,475		9,749,904

44 2018 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 February 28, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Austria	$	52,593,000	$	48,399,750
MSCI Belgium		19,066,753		20,482,579
MSCI France		139,260,631		30,684,663
MSCI Netherlands		51,688,075		32,237,653
MSCI Sweden		94,750,850		55,098,943

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. FUTURES CONTRACTS

Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded.

Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract. Such receipts or payments are known as margin variation and are recorded by the fund as unrealized appreciation or depreciation. When the contract is closed, the fund records a realized gain or loss equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held as of February 28, 2018 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares MSCI France ETF		iShares MSCI Sweden ETF
Futures contracts:
Variation margin/Net assets consist of – net unrealized appreciationa	$	40,034	$	165,909

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

Liabilities
	iShares MSCI Netherlands ETF
Futures contracts:
Variation margin/Net assets consist of – net unrealized appreciation (depreciation)b	$	3,707

^b Represents cumulative depreciation of futures contracts as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on futures contracts held during the six months ended February 28, 2018 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares MSCI France ETF			iShares MSCI Netherlands ETF			iShares MSCI Sweden ETF
Futures contracts	$	(59,858	)	$	(8,492	)	$	(336,002	)
	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI France ETF			iShares MSCI Netherlands ETF			iShares MSCI Sweden ETF
Futures contracts	$	40,034		$	(3,707	)	$	165,909

46 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2018:

	iShares MSCI France ETF		iShares MSCI Netherlands ETF		iShares MSCI Sweden ETF
Average notional value of contracts purchased	$	687,612	$	296,205	$	2,545,613

6. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

MARKET RISK

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

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries. These events have adversely affected the exchange rate of the euro and may continue to significantly affect

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

European countries. The occurrence of terrorist incidents throughout Europe also could impact financial markets. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

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

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

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

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

As of August 31, 2017, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2018		Expiring 2019		Total
MSCI Austria	$	34,763,382	$	16,657,011	$	13,826,937	$	65,247,330
MSCI Belgium		14,428,086		10,826,174		19,023,517		44,277,777
MSCI France		30,506,193		7,008,530		2,858,814		40,373,537
MSCI Netherlands		14,209,375		22,256,170		2,329,005		38,794,550
MSCI Sweden		22,867,464		8,483,510		5,244,977		36,595,951

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

48 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Austria	$	237,335,149	$	48,236,258	$	(18,475,258	)	$	29,761,000
MSCI Belgium		78,332,159		9,756,707		(7,052,086	)		2,704,621
MSCI France		754,793,867		80,210,232		(41,208,628	)		39,001,604
MSCI Netherlands		200,031,697		33,415,818		(9,606,509	)		23,809,309
MSCI Sweden		519,671,115		33,743,467		(62,921,990	)		(29,178,523	)

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. FOREIGN WITHHOLDING TAX CLAIMS

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

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

9. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) 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 putative 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”) in California State Court. 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

NOTES TO FINANCIAL STATEMENTS 49

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

10. 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.

50 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total per Share
MSCI Austria	$	0.176574	$	—	$	0.012415	$	0.188989		93	%		—	%		7	%		100	%
MSCI Belgium		0.212647		—		0.051605		0.264252		80			—			20			100
MSCI France		0.068827		—		0.026077		0.094904		73			—			27			100
MSCI Sweden		0.267134		—		0.071598		0.338732		79			—			21			100

SUPPLEMENTAL INFORMATION 51

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website and 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 iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

52 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 53

Notes:

54 2018 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 Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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

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

©2018 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-802-0218

FEBRUARY 28, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares MSCI Eurozone ETF  |  EZU  |  Cboe BZX

^Ø  iShares MSCI Germany ETF  |  EWG  |  NYSE Arca

^Ø  iShares MSCI Italy ETF  |  EWI  |  NYSE Arca

^Ø  iShares MSCI Spain ETF  |  EWP  |  NYSE Arca

^Ø  iShares MSCI Switzerland ETF  |  EWL  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares MSCI Eurozone ETF	11
iShares MSCI Germany ETF	16
iShares MSCI Italy ETF	20
iShares MSCI Spain ETF	23
iShares MSCI Switzerland ETF	25
Financial Statements	28
Financial Highlights	35
Notes to Financial Statements	40
Supplemental Information	53
General Information	54

Fund Performance Overview

iSHARES^® MSCI EUROZONE ETF

Performance as of February 28, 2018

The iShares MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 5.62%, net of fees, while the total return for the Index was 5.79%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		26.01%		25.66%		26.15%		26.01%		25.66%		26.15%
5 Years		8.37%		8.31%		8.51%		49.47%		49.03%		50.40%
10 Years		1.06%		1.08%		1.16%		11.09%		11.36%		12.23%

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,056.20	$	2.40	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	21.06	%
Industrials	15.03
Consumer Discretionary	14.05
Consumer Staples	9.70
Materials	8.81
Information Technology	8.44
Health Care	7.48
Energy	5.20
Utilities	4.80
Telecommunication Services	3.72
Real Estate	1.71
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total  Investments*

France	32.58	%
Germany	29.47
Netherlands	11.23
Spain	9.84
Italy	7.48
Belgium	3.41
Finland	3.11
Ireland	1.43
Austria	0.82
Portugal	0.46
TOTAL	99.83	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI GERMANY ETF

Performance as of February 28, 2018

The iShares MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of German equities, as represented by the MSCI Germany Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 6.39%, net of fees, while the total return for the Index was 6.61%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		20.64%		20.40%		20.92%		20.64%		20.40%		20.92%
5 Years		7.85%		7.78%		8.03%		45.93%		45.45%		47.16%
10 Years		2.90%		2.97%		3.00%		33.11%		33.94%		34.43%

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,063.90	$	2.41	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Consumer Discretionary	19.44	%
Financials	15.35
Materials	14.92
Industrials	14.19
Health Care	11.99
Information Technology	10.79
Telecommunication Services	4.23
Consumer Staples	3.50
Utilities	3.06
Real Estate	2.53
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Allianz SE Registered	7.19	%
SAP SE	7.11
Siemens AG Registered	6.96
Bayer AG Registered	6.67
BASF SE	6.66
Daimler AG Registered	5.69
Deutsche Telekom AG Registered	3.71
Deutsche Post AG Registered	3.06
adidas AG	2.88
Linde AG	2.87
TOTAL	52.80	%

* Excludes money market funds.

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI ITALY ETF

Performance as of February 28, 2018

The iShares MSCI Italy ETF (the “Fund”) (formerly the iShares MSCI Italy Capped ETF) seeks to track the investment results of an index composed of Italian equities, as represented by the MSCI Italy 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 6.18%, net of fees, while the total return for the Index was 6.17%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		37.81%		37.35%		37.75%		37.81%		37.35%		37.75%
5 Years		7.72%		7.67%		7.70%		45.06%		44.71%		44.93%
10 Years		(3.23)%		(3.20)%		(3.35)%		(28.02)%		(27.77)%		(28.84)%

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

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,061.80	$	2.40	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	36.64	%
Energy	16.53
Utilities	14.44
Industrials	12.49
Consumer Discretionary	12.30
Telecommunication Services	4.62
Consumer Staples	1.53
Health Care	1.45
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Intesa Sanpaolo SpA	12.49	%
Enel SpA	11.57
UniCredit SpA	10.25
Eni SpA	10.25
Assicurazioni Generali SpA	4.52
Ferrari NV	4.45
Fiat Chrysler Automobiles NV	4.43
CNH Industrial NV	4.40
Atlantia SpA	4.23
Snam SpA	3.51
TOTAL	70.10	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI SPAIN ETF

Performance as of February 28, 2018

The iShares MSCI Spain ETF (the “Fund”) (formerly the iShares MSCI Spain Capped ETF) seeks to track the investment results of an index composed of Spanish equities, as represented by the MSCI Spain 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was -0.02%, net of fees, while the total return for the Index was 0.13%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		23.75%		23.46%		24.25%		23.75%		23.46%		24.25%
5 Years		5.73%		5.69%		6.22%		32.11%		31.90%		35.25%
10 Years		(0.75)%		(0.67)%		(0.86)%		(7.22)%		(6.47)%		(8.25)%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	999.80	$	2.33	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	43.99	%
Industrials	16.85
Utilities	13.95
Telecommunication Services	7.47
Energy	6.54
Information Technology	4.58
Consumer Discretionary	4.19
Health Care	2.43
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Banco Santander SA	20.99	%
Banco Bilbao Vizcaya Argentaria SA	9.78
Telefonica SA	7.47
Iberdrola SA	6.91
Repsol SA	4.75
Amadeus IT Group SA	4.58
CaixaBank SA	4.42
Abertis Infraestructuras SA	4.22
Industria de Diseno Textil SA	4.19
Aena SME SA	3.66
TOTAL	70.97	%

* Excludes money market funds.

8 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SWITZERLAND ETF

Performance as of February 28, 2018

The iShares MSCI Switzerland ETF (the “Fund”) (formerly the iShares MSCI Switzerland Capped ETF) seeks to track the investment results of an index composed of Swiss equities, as represented by the MSCI Switzerland 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 2.01%, net of fees, while the total return for the Index was 2.38%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		14.55%		14.84%		14.88%		14.55%		14.84%		14.88%
5 Years		6.25%		6.35%		6.46%		35.44%		36.08%		36.76%
10 Years		5.41%		5.50%		5.42%		69.44%		70.82%		69.51%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,020.10	$	2.35	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Health Care	30.18	%
Financials	21.39
Consumer Staples	21.30
Industrials	11.02
Materials	7.18
Consumer Discretionary	6.71
Telecommunication Services	1.42
Real Estate	0.80
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Nestle SA Registered	19.08	%
Novartis AG Registered	13.88
Roche Holding AG	11.92
UBS Group AG	4.53
Zurich Insurance Group AG	4.46
Cie. Financiere Richemont SA Class A Registered	4.12
Credit Suisse Group AG Registered	4.05
ABB Ltd. Registered	4.04
Swiss Re AG	2.95
LafargeHolcim Ltd. Registered	2.49
TOTAL	71.52	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2017 and held through February 28, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number corresponding to your Fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EUROZONE ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 97.84%
AUSTRIA — 0.82%
ANDRITZ AG		239,087	$	13,909,443
Erste Group Bank AG		975,173		49,846,507
OMV AG		479,629		27,552,547
Raiffeisen Bank International AGa		476,222		18,580,573
Voestalpine AG		368,212		21,376,682
				131,265,752
BELGIUM — 3.40%
Ageas		610,670		32,138,292
Anheuser-Busch InBev SA/NV		2,472,397		263,792,466
Colruyt SA		193,175		10,444,413
Groupe Bruxelles Lambert SA		257,252		29,505,759
KBC Group NV		811,332		76,491,558
Proximus SADP		493,236		15,875,579
Solvay SA		240,533		33,179,717
Telenet Group Holding NVa		174,506		12,014,611
UCB SA		410,095		34,051,749
Umicore SA		679,812		38,571,270
				546,065,414
FINLAND — 3.11%
Elisa OYJ		462,627		19,945,999
Fortum OYJ		1,432,607		31,538,402
Kone OYJ Class B		1,096,814		56,973,911
Metso OYJ		368,505		11,851,926
Neste OYJ		416,920		30,631,841
Nokia OYJ		18,951,976		111,020,324
Nokian Renkaat OYJ		377,731		17,400,632
Orion OYJ Class B		340,393		11,126,301
Sampo OYJ Class A		1,445,980		82,253,850
Stora Enso OYJ Class R		1,797,114		31,946,229
UPM-Kymmene OYJ		1,733,441		59,683,646
Wartsila OYJ Abp		479,634		33,894,080
				498,267,141
FRANCE — 32.49%
Accor SA		604,960		35,047,390
Aeroports de Paris		97,525		19,745,105
Air Liquide SA		1,383,815		174,093,546
Airbus SE		1,886,414		226,257,311
Alstom SA		502,503		21,236,224
Amundi SAb		192,126		15,737,373
Arkema SA		221,833		29,071,536
Atos SE		308,845		40,870,102

Security	Shares		Value
AXA SA		6,285,420	$	198,243,168
BioMerieux		130,757		10,079,000
BNP Paribas SA		3,641,655		290,343,889
Bollore SA		2,832,737		16,051,694
Bouygues SA		694,631		35,294,646
Bureau Veritas SA		867,961		22,770,681
Capgemini SE		523,149		65,688,169
Carrefour SA		1,883,163		43,524,374
Casino Guichard Perrachon SA		180,685		9,833,023
Cie. de Saint-Gobain		1,634,669		93,196,670
Cie. Generale des Etablissements Michelin SCA Class B		556,961		86,067,028
CNP Assurances		554,850		13,534,462
Credit Agricole SA		3,691,132		63,634,230
Danone SA		1,949,432		156,328,893
Dassault Aviation SA		8,091		14,081,911
Dassault Systemes SE		421,633		54,638,521
Edenred		727,357		25,664,420
Eiffage SA		239,684		26,046,667
Electricite de France SA		1,867,117		24,377,750
Engie SA		5,910,087		92,806,099
Essilor International Cie. Generale d’Optique SA		673,080		88,536,478
Eurazeo SA		139,134		13,312,561
Eurofins Scientific SE		36,580		20,683,429
Eutelsat Communications SA		568,775		13,319,169
Faurecia SA		238,905		20,186,849
Fonciere Des Regions		108,206		11,343,123
Gecina SA		154,754		27,198,269
Getlink SE Registered		1,527,347		19,680,794
Hermes International		102,493		55,264,994
ICADE		110,800		10,750,170
Iliad SA		86,117		20,260,797
Imerys SA		115,528		11,807,737
Ingenico Group SA		191,839		16,734,002
Ipsen SA		123,131		18,148,865
JCDecaux SA		244,004		9,511,283
Kering SA		245,697		116,269,816
Klepierre SA		712,953		29,503,950
L’Oreal SA		816,572		176,329,843
Lagardere SCA		388,618		11,470,271
Legrand SA		864,017		68,012,174
LVMH Moet Hennessy Louis Vuitton SE		903,059		271,499,138
Natixis SA		3,067,133		26,559,896

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EUROZONE ETF

February 28, 2018

Security	Shares		Value
Orange SA		6,452,065	$	109,697,546
Pernod Ricard SA		689,808		113,578,833
Peugeot SA		1,905,177		43,254,747
Publicis Groupe SA		670,525		50,736,695
Remy Cointreau SA		73,205		9,990,937
Renault SA		623,384		68,032,594
Rexel SA		988,206		17,446,225
Safran SA		1,083,551		120,129,217
Sanofi		3,683,049		292,116,882
Schneider Electric SE		1,834,765		160,179,726
SCOR SE		558,492		23,833,965
SEB SA		73,789		15,110,461
SES SA		1,187,609		19,018,384
Societe BIC SA		93,106		9,782,917
Societe Generale SA		2,488,302		143,002,548
Sodexo SA		295,133		36,391,867
STMicroelectronics NV		2,069,679		47,507,045
Suez		1,200,384		16,580,355
Teleperformance		182,572		26,075,130
Thales SA		348,982		38,962,727
TOTAL SA		7,784,515		445,951,394
Ubisoft Entertainment SAa		200,302		16,612,294
Unibail-Rodamco SE		323,049		75,550,819
Valeo SA		778,739		50,775,743
Veolia Environnement SA		1,552,869		37,822,331
Vinci SA		1,637,265		162,387,185
Vivendi SA		3,346,225		86,726,033
Wendel SA		92,660		16,115,628
				5,214,017,718
GERMANY — 27.67%
1&1 Drillisch AG		168,589		13,046,568
adidas AG		610,290		135,916,578
Allianz SE Registered		1,447,615		339,027,515
Axel Springer SE		156,938		14,164,304
BASF SE		2,979,459		314,005,189
Bayer AG Registered		2,682,124		314,792,766
Bayerische Motoren Werke AG		1,074,052		113,731,429
Beiersdorf AG		325,569		35,784,886
Brenntag AG		500,369		31,416,973
Commerzbank AGa		3,454,194		53,664,041
Continental AG		356,402		98,108,604
Covestro AGb		524,909		59,756,785
Daimler AG Registered		3,123,723		268,480,157
Deutsche Bank AG Registered		6,709,477		108,018,466
Deutsche Boerse AG		626,209		83,593,109

Security	Shares		Value
Deutsche Lufthansa AG Registered		767,351	$	25,849,559
Deutsche Post AG Registered		3,145,081		144,383,264
Deutsche Telekom AG Registered		10,815,863		174,920,257
Deutsche Wohnen SE Bearer		1,153,845		47,777,416
E.ON SE		7,145,316		72,855,631
Evonik Industries AG		528,386		19,610,500
Fraport AG Frankfurt Airport Services Worldwide		135,177		13,872,052
Fresenius Medical Care AG & Co. KGaA		700,018		74,364,004
Fresenius SE & Co. KGaA		1,348,165		110,331,869
GEA Group AG		592,920		28,166,895
Hannover Rueck SE		195,338		26,659,514
HeidelbergCement AG		482,141		48,654,721
Henkel AG & Co. KGaA		337,204		40,654,142
HOCHTIEF AG		62,923		10,629,054
HUGO BOSS AG		205,190		18,359,080
Infineon Technologies AG		3,686,464		100,714,829
Innogy SEb		452,116		18,092,206
K+S AG Registeredc		621,986		17,409,997
KION Group AG		230,838		19,843,058
Lanxess AG		297,332		24,877,181
Linde AGa		600,837		135,093,737
MAN SE		113,529		12,960,390
Merck KGaA		419,364		42,053,682
METRO AG		585,165		11,451,265
MTU Aero Engines AG		169,249		28,404,029
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		503,066		112,957,263
Osram Licht AG		323,673		25,770,451
ProSiebenSat.1 Media SE Registered		757,983		30,082,396
QIAGEN NVa		704,610		23,804,769
RTL Group SAa		125,387		11,026,132
RWE AGa		1,684,494		33,714,246
SAP SE		3,185,068		334,858,541
Siemens AG Registered		2,481,844		328,245,964
Symrise AG		401,572		32,756,319
Telefonica Deutschland Holding AG		2,417,206		11,173,475
thyssenkrupp AG		1,415,012		38,520,305

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EUROZONE ETF

February 28, 2018

Security	Shares		Value
Uniper SE		645,548	$	19,628,460
United Internet AG Registeredd		398,275		27,182,923
Volkswagen AG		104,956		21,057,586
Vonovia SE		1,568,132		71,817,117
Wirecard AG		378,521		45,575,404
Zalando SEa,b,c		361,786		20,694,742
				4,440,361,795
IRELAND — 1.43%
AIB Group PLC		2,623,060		17,275,769
Bank of Ireland Group PLCa		3,006,321		28,233,290
CRH PLC		2,732,211		90,872,982
Irish Bank Resolution Corp. Ltd.a,e		446,666		5
Kerry Group PLC Class A		521,873		52,161,394
Paddy Power Betfair PLC		263,011		30,666,712
Ryanair Holdings PLCa		42,432		838,386
Ryanair Holdings PLC ADRa		75,132		9,110,506
				229,159,044
ITALY — 7.29%
Assicurazioni Generali SpA		4,064,998		76,549,620
Atlantia SpA		1,486,802		46,023,555
CNH Industrial NV		3,327,897		45,236,121
Davide Campari-Milano SpA		1,819,835		13,095,420
Enel SpA		26,443,821		154,133,360
Eni SpA		8,291,169		138,680,474
EXOR NV		356,778		26,065,154
Ferrari NV		398,965		49,876,282
Fiat Chrysler Automobiles NVa		3,490,839		74,814,611
Intesa Sanpaolo SpA		43,638,721		164,781,469
Leonardo SpA		873,382		9,427,204
Luxottica Group SpA		552,364		33,253,390
Mediobanca Banca di Credito Finanziario SpA		1,979,701		23,792,910
Poste Italiane SpAb		1,716,081		14,780,901
Prysmian SpA		677,551		21,419,651
Recordati SpA		343,142		12,325,217
Snam SpA		7,494,691		33,647,667
Telecom Italia SpA/Milanoa		37,274,176		33,641,486
Tenaris SA		1,534,818		26,581,570
Terna Rete Elettrica Nazionale SpA		4,614,807		25,665,740
UniCredit SpAa		6,498,256		138,270,041
UnipolSai Assicurazioni SpA		3,446,171		8,315,881
				1,170,377,724

Security	Shares		Value
NETHERLANDS — 11.20%
ABN AMRO Group NV CVAb		1,375,025	$	42,932,479
Aegon NV		5,733,752		40,084,871
AerCap Holdings NVa		442,156		21,935,359
Akzo Nobel NV		817,943		79,568,943
Altice NV Class Aa,c		1,726,554		16,606,280
ArcelorMittala		2,156,154		74,290,560
ASML Holding NV		1,258,051		247,495,907
Boskalis Westminster		294,678		11,141,530
Heineken Holding NV		368,488		36,740,623
Heineken NV		839,756		87,610,824
ING Groep NV		12,595,887		222,419,435
Koninklijke Ahold Delhaize NV		4,156,863		93,803,662
Koninklijke DSM NV		586,990		60,953,655
Koninklijke KPN NV		10,979,186		34,414,279
Koninklijke Philips NV		3,050,491		117,308,404
Koninklijke Vopak NV		236,393		11,201,109
NN Group NV		989,307		44,354,939
NXP Semiconductors NVa		1,099,424		137,054,196
Randstad Holding NV		388,004		27,854,276
RELX NV		3,139,020		64,510,349
Unilever NV CVA		5,281,537		276,829,022
Wolters Kluwer NV		944,969		48,037,531
				1,797,148,233
PORTUGAL — 0.45%
EDP – Energias de Portugal SA		7,737,322		25,979,590
Galp Energia SGPS SA		1,640,430		29,751,172
Jeronimo Martins SGPS SA		812,637		16,908,731
				72,639,493
SPAIN — 9.81%
Abertis Infraestructuras SA		2,247,943		53,737,415
ACS Actividades de Construccion y Servicios SA		791,542		27,349,913
Aena SME SAb		220,485		45,083,540
Amadeus IT Group SA		1,425,061		105,257,906
Banco Bilbao Vizcaya Argentaria SA		21,642,850		181,873,355
Banco de Sabadell SA		17,355,403		36,524,567
Banco Santander SA		52,368,684		361,959,749
Bankia SA		3,907,338		18,719,225
Bankinter SA		2,209,418		24,435,701
CaixaBank SA		11,656,370		57,037,391
Enagas SA		567,013		14,813,166
Endesa SA		1,028,820		21,708,055

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EUROZONE ETF

February 28, 2018

Security	Shares		Value
Ferrovial SA		1,603,682	$	34,747,125
Gas Natural SDG SA		1,137,105		26,093,972
Grifols SA		976,343		26,888,202
Iberdrola SA		18,865,740		139,806,388
Industria de Diseno Textil SA		3,541,454		107,810,632
International Consolidated Airlines Group SA		2,019,260		17,121,327
Mapfre SA		3,556,014		12,013,751
Red Electrica Corp. SA		1,405,085		27,419,402
Repsol SA		4,099,432		73,523,153
Siemens Gamesa Renewable Energy SAc		776,548		12,393,028
Telefonica SA		15,140,433		147,599,034
				1,573,915,997
UNITED KINGDOM — 0.17%
Coca-Cola European Partners PLC		706,700		26,868,735
				26,868,735
TOTAL COMMON STOCKS
(Cost: $14,747,736,315)				15,700,087,046
PREFERRED STOCKS — 1.89%
GERMANY — 1.72%
Bayerische Motoren Werke AG, Preference Shares		180,899		16,481,327
Fuchs Petrolub SE, Preference Shares		227,807		12,964,244
Henkel AG & Co. KGaA, Preference Shares		577,109		76,933,132
Porsche Automobil Holding SE, Preference Shares		497,368		41,929,239
Schaeffler AG, Preference Shares		539,610		8,789,401
Volkswagen AG, Preference Shares		602,447		118,386,916
				275,484,259
ITALY — 0.17%
Intesa Sanpaolo SpA, Preference Shares		3,107,494		12,416,225
Telecom Italia SpA/Milano, Preference Shares		19,370,160		14,812,766
				27,228,991
TOTAL PREFERRED STOCKS
(Cost: $309,510,674)				302,713,250

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.37%
MONEY MARKET FUNDS — 0.37%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%f,g,h		56,803,616	$	56,809,296
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%f,g		2,539,008		2,539,008
				59,348,304
TOTAL SHORT-TERM INVESTMENTS
(Cost: $59,345,983)				59,348,304
TOTAL INVESTMENTS IN SECURITIES — 100.10%
(Cost: $15,116,592,972)				16,062,148,600
Other Assets, Less Liabilities — (0.10)%				(15,421,681	)
NET ASSETS — 100.00%			$	16,046,726,919

ADR  —  American Depositary Receipts

^a  Non-income producing security.

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  All or a portion of this security is on loan.

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

^e  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^f  Affiliate of the Fund.

^g  Annualized 7-day yield as of period end.

^h  All or a portion of this security was purchased with cash collateral received from loaned securities.

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EUROZONE ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		57,577,483		—			(773,867	)b		56,803,616	$	56,809,296	$	547,697	c	$	(4,091	)	$	(6,717	)
BlackRock Cash Funds: Treasury, SL Agency Shares		489,933		2,049,075	b		—			2,539,008		2,539,008		37,259			—			—
											$	59,348,304	$	584,956		$	(4,091	)	$	(6,717	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of shares purchased and sold.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts:
Euro STOXX 50		1,045		Mar 2018	$	43,819	$	(1,822,579	)

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	15,700,087,040		$	—	$	5	$	15,700,087,045
Preferred stocks		302,713,250			—		—		302,713,250
Money market funds		59,348,304			—		—		59,348,304
Total	$	16,062,148,594		$	—	$	5	$	16,062,148,599
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(1,822,579	)	$	—	$	—	$	(1,822,579	)
Total	$	(1,822,579	)	$	—	$	—	$	(1,822,579	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited)

iSHARES^® MSCI GERMANY ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 93.53%
AEROSPACE & DEFENSE — 0.60%
MTU Aero Engines AG		155,172	$	26,041,572
				26,041,572
AIR FREIGHT & LOGISTICS — 3.04%
Deutsche Post AG Registered		2,898,591		133,067,488
				133,067,488
AIRLINES — 0.54%
Deutsche Lufthansa AG Registered		701,989		23,647,726
				23,647,726
AUTO COMPONENTS — 2.07%
Continental AG		328,413		90,403,929
				90,403,929
AUTOMOBILES — 8.49%
Bayerische Motoren Werke AG		988,470		104,669,146
Daimler AG Registereda		2,874,535		247,062,754
Volkswagen AG		96,833		19,427,848
				371,159,748
BANKS — 1.13%
Commerzbank AGb		3,178,003		49,373,163
				49,373,163
CAPITAL MARKETS — 4.03%
Deutsche Bank AG Registered		6,170,202		99,336,469
Deutsche Boerse AG		576,187		76,915,635
				176,252,104
CHEMICALS — 12.71%
BASF SE		2,742,053		288,984,970
Covestro AGc		483,656		55,060,453
Evonik Industries AG		486,178		18,043,993
K+S AG Registeredd		569,842		15,950,436
Lanxess AG		273,118		22,851,244
Linde AGb		554,497		124,674,533
Symrise AG		368,175		30,032,118
				555,597,747
CONSTRUCTION & ENGINEERING — 0.22%
HOCHTIEF AG		57,822		9,767,385
				9,767,385
CONSTRUCTION MATERIALS — 1.02%
HeidelbergCement AG		443,709		44,776,399
				44,776,399

Security	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.92%
Deutsche Telekom AG Registered		9,950,490	$	160,924,955
Telefonica Deutschland Holding AG		2,226,508		10,291,979
				171,216,934
ELECTRICAL EQUIPMENT — 0.54%
Osram Licht AG		296,918		23,640,251
				23,640,251
FOOD & STAPLES RETAILING — 0.24%
METRO AG		539,111		10,550,021
				10,550,021
HEALTH CARE PROVIDERS & SERVICES — 3.89%
Fresenius Medical Care AG & Co. KGaA		643,568		68,367,233
Fresenius SE & Co. KGaA		1,241,144		101,573,425
				169,940,658
HOUSEHOLD PRODUCTS — 0.85%
Henkel AG & Co. KGaA		309,772		37,346,872
				37,346,872
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.42%
Uniper SE		602,639		18,323,774
				18,323,774
INDUSTRIAL CONGLOMERATES — 6.91%
Siemens AG Registered		2,283,853		302,059,891
				302,059,891
INSURANCE — 10.08%
Allianz SE Registered		1,332,560		312,081,945
Hannover Rueck SE		179,962		24,561,014
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		463,550		104,084,433
				440,727,392
INTERNET & DIRECT MARKETING RETAIL — 0.43%
Zalando SEb,c,d		331,807		18,979,894
				18,979,894
INTERNET SOFTWARE & SERVICES — 0.57%
United Internet AG Registereda		367,212		25,062,822
				25,062,822
IT SERVICES — 0.97%
Wirecard AG		350,451		42,195,667
				42,195,667

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

February 28, 2018

Security	Shares		Value
LIFE SCIENCES TOOLS & SERVICES — 0.51%
QIAGEN NVb		654,989	$	22,128,358
				22,128,358
MACHINERY — 1.29%
GEA Group AG		545,950		25,935,567
KION Group AG		211,282		18,162,005
MAN SE		105,627		12,058,303
				56,155,875
MEDIA — 1.17%
Axel Springer SE		145,374		13,120,605
ProSiebenSat.1 Media SE Registered		695,415		27,599,233
RTL Group SAb		115,864		10,188,710
				50,908,548
METALS & MINING — 0.81%
thyssenkrupp AG		1,300,970		35,415,785
				35,415,785
MULTI-UTILITIES — 2.62%
E.ON SE		6,571,223		67,002,019
Innogy SEc		413,748		16,556,843
RWE AGb		1,546,968		30,961,737
				114,520,599
PERSONAL PRODUCTS — 0.76%
Beiersdorf AG		300,933		33,077,022
				33,077,022
PHARMACEUTICALS — 7.52%
Bayer AG Registered		2,468,791		289,754,518
Merck KGaA		386,222		38,730,213
				328,484,731
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.52%
Deutsche Wohnen SE Bearer		1,058,823		43,842,827
Vonovia SE		1,445,404		66,196,435
				110,039,262
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.12%
Infineon Technologies AG		3,390,911		92,640,271
				92,640,271
SOFTWARE — 7.06%
SAP SE		2,934,108		308,474,144
				308,474,144
TEXTILES, APPAREL & LUXURY GOODS — 3.25%
adidas AG		562,145		125,194,293
HUGO BOSS AG		188,766		16,889,566
				142,083,859

Security	Shares		Value
TRADING COMPANIES & DISTRIBUTORS — 0.66%
Brenntag AG		461,257	$	28,961,224
				28,961,224
TRANSPORTATION INFRASTRUCTURE — 0.29%
Fraport AG Frankfurt Airport Services Worldwide		124,715		12,798,427
				12,798,427
WIRELESS TELECOMMUNICATION SERVICES — 0.28%
1&1 Drillisch AG		158,776		12,287,171
				12,287,171
TOTAL COMMON STOCKS
(Cost: $4,058,112,615)				4,088,106,713
PREFERRED STOCKS — 5.79%
AUTO COMPONENTS — 0.18%
Schaeffler AG, Preference Shares		497,030		8,095,840
				8,095,840
AUTOMOBILES — 3.72%
Bayerische Motoren Werke AG, Preference Shares		165,191		15,050,204
Porsche Automobil Holding SE, Preference Shares		457,150		38,538,771
Volkswagen AG, Preference Shares		554,055		108,877,399
				162,466,374
CHEMICALS — 0.27%
Fuchs Petrolub SE, Preference Shares		208,305		11,854,407
				11,854,407
HOUSEHOLD PRODUCTS — 1.62%
Henkel AG & Co. KGaA, Preference Shares		531,901		70,906,553
				70,906,553
TOTAL PREFERRED STOCKS
(Cost: $277,964,637)				253,323,174
SHORT-TERM INVESTMENTS — 0.62%
MONEY MARKET FUNDS — 0.62%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		25,385,150		25,387,689

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

February 28, 2018

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%e,f		1,692,113	$	1,692,113
				27,079,802
TOTAL SHORT-TERM INVESTMENTS
(Cost: $27,079,802)				27,079,802
TOTAL INVESTMENTS IN SECURITIES — 99.94%
(Cost: $4,363,157,054)				4,368,509,689
Other Assets, Less Liabilities — 0.06%				2,437,777
NET ASSETS — 100.00%			$	4,370,947,466

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

^b  Non-income producing security.

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d  All or a portion of this security is on loan.

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		69,810,722		—			(44,425,572	)b		25,385,150	$	25,387,689	$	270,933	c	$	(6,615	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		589,306		1,102,807	b		—			1,692,113		1,692,113		7,757			—			—
											$	27,079,802	$	278,690		$	(6,615	)	$	—

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of shares purchased and sold.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts:
DAX Index		75		Mar 2018	$	28,431	$	(1,300,437	)

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	4,088,106,713		$	—	$	—	$	4,088,106,713
Preferred stocks		253,323,174			—		—		253,323,174
Money market funds		27,079,802			—		—		27,079,802
Total	$	4,368,509,689		$	—	$	—	$	4,368,509,689
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(1,300,437	)	$	—	$	—	$	(1,300,437	)
Total	$	(1,300,437	)	$	—	$	—	$	(1,300,437	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited)

iSHARES^® MSCI ITALY ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 97.65%
AEROSPACE & DEFENSE — 1.55%
Leonardo SpA		1,020,041	$	11,010,228
				11,010,228
AUTOMOBILES — 8.86%
Ferrari NV		252,290		31,539,827
Fiat Chrysler Automobiles NVa		1,465,529		31,408,776
				62,948,603
BANKS — 25.31%
Intesa Sanpaolo SpA		23,461,061		88,589,858
Mediobanca Banca di Credito Finanziario SpA		1,536,478		18,466,063
UniCredit SpAa		3,417,689		72,721,665
				179,777,586
BEVERAGES — 1.53%
Davide Campari-Milano SpA		1,505,838		10,835,917
				10,835,917
DIVERSIFIED FINANCIAL SERVICES — 2.93%
EXOR NV		285,172		20,833,830
				20,833,830
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.09%
Telecom Italia SpA/Milanoa		24,314,868		21,945,175
				21,945,175
ELECTRIC UTILITIES — 14.42%
Enel SpA		14,080,985		82,073,976
Terna Rete Elettrica Nazionale SpA		3,662,409		20,368,877
				102,442,853
ELECTRICAL EQUIPMENT — 2.31%
Prysmian SpA		518,250		16,383,614
				16,383,614
ENERGY EQUIPMENT & SERVICES — 2.77%
Tenaris SA		1,137,242		19,695,937
				19,695,937
INSURANCE — 7.68%
Assicurazioni Generali SpA		1,703,224		32,074,099
Poste Italiane SpAb		1,551,208		13,360,821
UnipolSai Assicurazioni SpA		3,789,705		9,144,856
				54,579,776
MACHINERY — 4.39%
CNH Industrial NV		2,293,451		31,174,891
				31,174,891

Security	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 13.73%
Eni SpA		4,346,257	$	72,696,743
Snam SpA		5,540,243		24,873,107
				97,569,850
PHARMACEUTICALS — 1.44%
Recordati SpA		285,364		10,249,906
				10,249,906
TEXTILES, APPAREL & LUXURY GOODS — 3.42%
Luxottica Group SpA		403,182		24,272,343
				24,272,343
TRANSPORTATION INFRASTRUCTURE — 4.22%
Atlantia SpA		969,487		30,010,209
				30,010,209
TOTAL COMMON STOCKS
(Cost: $684,509,930)				693,730,718
PREFERRED STOCKS — 2.19%
BANKS — 0.67%
Intesa Sanpaolo SpA, Preference Shares		1,179,735		4,713,720
				4,713,720
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.52%
Telecom Italia SpA/Milano, Preference Shares		14,152,122		10,822,423
				10,822,423
TOTAL PREFERRED STOCKS
(Cost: $15,842,949)				15,536,143
SHORT-TERM INVESTMENTS — 0.02%
MONEY MARKET FUNDS — 0.02%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%c,d		171,861		171,861
				171,861
TOTAL SHORT-TERM INVESTMENTS
(Cost: $171,861)				171,861

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ITALY ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 99.86%
(Cost: $700,524,740)	$	709,438,722
Other Assets, Less Liabilities — 0.14%		1,017,761
NET ASSETS — 100.00%	$	710,456,483

^a  Non-income producing security.

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  Affiliate of the Fund.

^d  Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		—		—	b		—	$	—	$	1,290	c	$	(205	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		998,621		—		(826,760	)b		171,861		171,861		2,400			—			—
										$	171,861	$	3,690		$	(205	)	$	—

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of shares purchased and sold.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts:
FTSE/MIB Index		7		Mar 2018	$	965	$	(30,878	)

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.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ITALY ETF

February 28, 2018

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	693,730,718		$	—	$	—	$	693,730,718
Preferred stocks		15,536,143			—		—		15,536,143
Money market funds		171,861			—		—		171,861
Total	$	709,438,722		$	—	$	—	$	709,438,722
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(30,878	)	$	—	$	—	$	(30,878	)
Total	$	(30,878	)	$	—	$	—	$	(30,878	)

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

See notes to financial statements.

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI SPAIN ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.82%
AIRLINES — 1.87%
International Consolidated Airlines Group SA		2,383,539	$	20,210,052
				20,210,052
BANKS — 42.34%
Banco Bilbao Vizcaya Argentaria SA		12,580,391		105,717,958
Banco de Sabadell SA		15,837,093		33,329,273
Banco Santander SA		32,830,345		226,915,449
Bankia SA		4,073,322		19,514,419
Bankinter SA		2,289,302		25,319,202
CaixaBank SA		9,765,709		47,785,937
				458,582,238
BIOTECHNOLOGY — 2.42%
Grifols SA		952,269		26,225,211
				26,225,211
CONSTRUCTION & ENGINEERING — 5.46%
ACS Actividades de Construccion y Servicios SA		776,848		26,842,195
Ferrovial SA		1,491,639		32,319,479
				59,161,674
DIVERSIFIED TELECOMMUNICATION SERVICES — 7.46%
Telefonica SA		8,283,098		80,749,161
				80,749,161
ELECTRIC UTILITIES — 11.46%
Endesa SA		1,097,325		23,153,507
Iberdrola SA		10,071,173		74,633,400
Red Electrica Corp. SA		1,346,437		26,274,922
				124,061,829
ELECTRICAL EQUIPMENT — 1.62%
Siemens Gamesa Renewable Energy SAa		1,099,364		17,544,890
				17,544,890
GAS UTILITIES — 2.47%
Gas Natural SDG SA		1,166,543		26,769,507
				26,769,507
INSURANCE — 1.57%
Mapfre SA		5,021,803		16,965,820
				16,965,820
IT SERVICES — 4.57%
Amadeus IT Group SA		670,236		49,504,995
				49,504,995

Security	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 6.53%
Enagas SA		742,527	$	19,398,454
Repsol SA		2,860,367		51,300,570
				70,699,024
SPECIALTY RETAIL — 4.18%
Industria de Diseno Textil SA		1,488,622		45,317,341
				45,317,341
TRANSPORTATION INFRASTRUCTURE — 7.87%
Abertis Infraestructuras SA		1,909,517		45,647,291
Aena SME SAb		193,518		39,569,479
				85,216,770
TOTAL COMMON STOCKS
(Cost: $1,194,053,518)				1,081,008,512
SHORT-TERM INVESTMENTS — 1.65%
MONEY MARKET FUNDS — 1.65%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%c,d,e		15,069,738		15,071,245
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%c,d		2,800,997		2,800,997
				17,872,242
TOTAL SHORT-TERM INVESTMENTS
(Cost: $17,873,539)				17,872,242
TOTAL INVESTMENTS IN SECURITIES — 101.47%
(Cost: $1,211,927,057)				1,098,880,754
Other Assets, Less Liabilities — (1.47)%				(15,931,204	)
NET ASSETS — 100.00%			$	1,082,949,550

^a  All or a portion of this security is on loan.

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  Affiliate of the Fund.

^d  Annualized 7-day yield as of period end.

^e  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SPAIN ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold		Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		10,256,664		4,813,074	b		—		15,069,738	$	15,071,245	$	22,833	c	$	(1,350	)	$	(1,297	)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,301,695		1,499,302	b		—		2,800,997		2,800,997		4,699			—			—
										$	17,872,242	$	27,532		$	(1,350	)	$	(1,297	)

^a Includes realized capital gain distributions from an affiliated fund, if any.

^b Net of shares purchased and sold.

^c Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date	Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts:
IBEX 35 Index		13	Mar 2018	$	1,559	$	1,836

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common stocks	$	1,081,008,512	$	—	$	—	$	1,081,008,512
Money market funds		17,872,242		—		—		17,872,242
Total	$	1,098,880,754	$	—	$	—	$	1,098,880,754
Derivative financial instrumentsa
Assets
Futures contracts	$	1,836	$	—	$	—	$	1,836
Total	$	1,836	$	—	$	—	$	1,836

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

See notes to financial statements.

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI SWITZERLAND ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.56%
BUILDING PRODUCTS — 1.64%
Geberit AG Registered		47,876	$	21,692,506
				21,692,506
CAPITAL MARKETS — 11.29%
Credit Suisse Group AG Registered		2,864,416		53,223,793
Julius Baer Group Ltd.		295,237		19,244,060
Partners Group Holding AG		23,426		17,029,429
UBS Group AG Registered		3,110,071		59,466,677
				148,963,959
CHEMICALS — 4.67%
Clariant AG Registered		148,698		3,729,054
EMS-Chemie Holding AG Registered		13,672		8,766,977
Givaudan SA Registered		11,586		26,444,106
Sika AG Bearer		2,760		22,721,338
				61,661,475
CONSTRUCTION MATERIALS — 2.48%
LafargeHolcim Ltd. Registered		558,106		32,705,053
				32,705,053
DIVERSIFIED FINANCIAL SERVICES — 0.52%
Pargesa Holding SA Bearer		77,415		6,864,586
				6,864,586
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.41%
Swisscom AG Registered		34,418		18,646,649
				18,646,649
ELECTRICAL EQUIPMENT — 4.02%
ABB Ltd. Registered		2,172,546		53,011,915
				53,011,915
FOOD PRODUCTS — 21.20%
Barry Callebaut AG Registered		4,117		8,133,368
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		1,670		10,001,799
Chocoladefabriken Lindt & Spruengli AG Registered		152		10,969,155
Nestle SA Registered		3,147,362		250,709,921
				279,814,243
HEALTH CARE EQUIPMENT & SUPPLIES — 1.74%
Sonova Holding AG Registered		77,615		12,187,785
Straumann Holding AG Registered		15,802		10,709,678
				22,897,463

Security	Shares		Value
INSURANCE — 9.49%
Baloise Holding AG Registered		73,414	$	11,590,253
Swiss Life Holding AG Registered		44,597		16,186,203
Swiss Re AG		379,962		38,798,299
Zurich Insurance Group AG		177,541		58,613,610
				125,188,365
LIFE SCIENCES TOOLS & SERVICES — 1.83%
Lonza Group AG Registered		94,510		24,081,274
				24,081,274
MACHINERY — 1.64%
Schindler Holding AG Participation Certificates		57,953		13,589,106
Schindler Holding AG Registered		35,451		8,035,135
				21,624,241
MARINE — 0.96%
Kuehne + Nagel International AG Registered		77,576		12,698,807
				12,698,807
PHARMACEUTICALS — 26.49%
Novartis AG Registered		2,176,860		182,339,810
Roche Holding AG		674,972		156,628,072
Vifor Pharma AG		75,477		10,638,100
				349,605,982
PROFESSIONAL SERVICES — 2.71%
Adecco Group AG Registered		218,634		17,642,483
SGS SA Registered		7,125		18,147,056
				35,789,539
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.79%
Swiss Prime Site AG Registered		111,859		10,463,294
				10,463,294
SPECIALTY RETAIL — 0.65%
Dufry AG Registereda		59,596		8,588,937
				8,588,937
TEXTILES, APPAREL & LUXURY GOODS — 6.03%
Cie. Financiere Richemont SA Class A Registered		614,633		54,149,879
Swatch Group AG (The) Bearer		41,330		17,484,508
Swatch Group AG (The) Registered		99,155		7,979,195
				79,613,582
TOTAL COMMON STOCKS
(Cost: $1,297,265,346)				1,313,911,870

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SWITZERLAND ETF

February 28, 2018

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.01%
MONEY MARKET FUNDS — 0.01%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%b,c		171,407	$	171,407
				171,407
TOTAL SHORT-TERM INVESTMENTS
(Cost: $171,407)				171,407
TOTAL INVESTMENTS IN SECURITIES — 99.57%
(Cost: $1,297,436,753)				1,314,083,277
Other Assets, Less Liabilities — 0.43%				5,613,691
NET ASSETS — 100.00%			$	1,319,696,968

^a  Non-income producing security.

^b  Affiliate of the Fund.

^c Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		609,567		—		(438,160	)b		171,407	$	171,407	$	5,395	$	—	$	—
										$	171,407	$	5,395	$	—	$	—

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of shares purchased and sold.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts:
Euro STOXX 50		127		Mar 2018	$	5,325	$	(193,892	)

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SWITZERLAND ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common stocks	$	1,313,911,870		$	—	$	—	$	1,313,911,870
Money market funds		171,407			—		—		171,407
Total	$	1,314,083,277		$	—	$	—	$	1,314,083,277
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(193,892	)	$	—	$	—	$	(193,892	)
Total	$	(193,892	)	$	—	$	—	$	(193,892	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 27

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	15,057,246,989		$	4,336,077,252		$	700,352,879
Affiliated (Note 2)		59,345,983			27,079,802			171,861
Total cost of investments in securities	$	15,116,592,972		$	4,363,157,054		$	700,524,740
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	16,002,800,296		$	4,341,429,887		$	709,266,861
Affiliated (Note 2)		59,348,304			27,079,802			171,861
Foreign currency, at valueb,c		28,279,453			13,778,415			734,511
Foreign currency pledged to broker for futures contracts, at valueb		3,135,721			3,126,716			62,900
Receivables:
Investment securities sold		10,990,190			2,217,873			9,967,084
Dividends and interest		4,774,151			477,488			236
Tax reclaims		10,912,030			11,433,759			—
Foreign withholding tax claims (Note 8)		4,147,783			—			—
Total Assets		16,124,387,928			4,399,543,940			720,203,453
LIABILITIES
Payables:
Investment securities purchased		13,776,149			334,498			9,482,816
Collateral for securities on loan (Note 1)		56,813,313			25,403,301			—
Capital shares redeemed		1,021,424			—			—
Futures variation margin		172,706			1,300,437			2,748
Professional fees (Note 8)		41,478			—			—
Investment advisory fees (Note 2)		5,835,939			1,558,238			261,406
Total Liabilities		77,661,009			28,596,474			9,746,970
NET ASSETS	$	16,046,726,919		$	4,370,947,466		$	710,456,483
Net assets consist of:
Paid-in capital	$	15,494,119,968		$	4,413,513,704		$	897,026,658
Undistributed net investment income		16,586,954			299,900			2,039,546
Accumulated net realized loss		(408,649,828	)		(47,705,107	)		(197,482,440	)
Net unrealized appreciation		944,669,825			4,838,969			8,872,719
NET ASSETS	$	16,046,726,919		$	4,370,947,466		$	710,456,483
Shares outstandingc		365,800,000			134,100,000			22,275,000
Net asset value per share	$	43.87		$	32.59		$	31.89

^a  Securities on loan with values of $54,253,279, $24,221,702 and $  —, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker for futures contracts: $31,699,841, $17,125,313 and $744,896, respectively.

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

See notes to financial statements.

28 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Spain ETF			iShares MSCI Switzerland ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	1,194,053,518		$	1,297,265,346
Affiliated (Note 2)		17,873,539			171,407
Total cost of investments in securities	$	1,211,927,057		$	1,297,436,753
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,081,008,512		$	1,313,911,870
Affiliated (Note 2)		17,872,242			171,407
Foreign currency, at valueb		1,242,372			1,079,928
Foreign currency pledged to broker for futures contracts, at valueb		126,917			299,644
Receivables:
Investment securities sold		8,139,180			31,510,192
Due from custodian (Note 4)		42,124,829			—
Dividends and interest		9,230			75,061
Capital shares sold		—			537,085
Tax reclaims		86,626			4,328,129
Total Assets		1,150,609,908			1,351,913,316
LIABILITIES
Payables:
Investment securities purchased		52,224,538			31,726,306
Collateral for securities on loan (Note 1)		15,073,055			—
Futures variation margin		9,996			21,085
Investment advisory fees (Note 2)		352,769			468,957
Total Liabilities		67,660,358			32,216,348
NET ASSETS	$	1,082,949,550		$	1,319,696,968
Net assets consist of:
Paid-in capital	$	1,306,889,417		$	1,361,856,670
Undistributed (distributions in excess of) net investment income		3,979,123			(3,760,168	)
Accumulated net realized loss		(114,845,902	)		(55,081,710	)
Net unrealized appreciation (depreciation)		(113,073,088	)		16,682,176
NET ASSETS	$	1,082,949,550		$	1,319,696,968
Shares outstandingc		32,775,000			37,750,000
Net asset value per share	$	33.04		$	34.96

^a  Securities on loan with values of $14,395,739 and $  —, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker for futures contracts: $1,269,496 and $1,086,756, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	71,774,206		$	10,968,182		$	6,101,061
Dividends — affiliated (Note 2)		37,259			7,757			2,400
Securities lending income — affiliated — net (Note 2)		547,697			270,933			1,290
Non-cash dividends — unaffiliated		8,126,545			—			—
Total investment income		80,485,707			11,246,872			6,104,751
EXPENSES
Investment advisory fees (Note 2)		35,257,572			10,946,495			1,829,604
Proxy fees		1,158			521			64
Total expenses		35,258,730			10,947,016			1,829,668
Net investment income		45,226,977			299,856			4,275,083
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(71,477,636	)		(19,634,095	)		(1,368,563	)
Investments — affiliated (Note 2)		(4,091	)		(6,615	)		(205	)
In-kind redemptions — unaffiliated		180,445,446			182,002,829			39,386,690
Futures contracts		(146,532	)		911,841			16,010
Foreign currency transactions		2,278,391			1,068,271			78,340
Net realized gain		111,095,578			164,342,231			38,112,272
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		591,610,402			150,934,109			4,029,646
Investments — affiliated (Note 2)		(6,717	)		—			—
Futures contracts		(1,822,579	)		249,959			(30,878	)
Translation of assets and liabilities in foreign currencies		(622,227	)		(847,703	)		(15,421	)
Net change in unrealized appreciation/depreciation		589,158,879			150,336,365			3,983,347
Net realized and unrealized gain		700,254,457			314,678,596			42,095,619
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	745,481,434		$	314,978,452		$	46,370,702

^a  Net of foreign withholding tax of $9,674,690, $1,692,110 and $1,048,817, respectively.

See notes to financial statements.

30 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Spain ETF			iShares MSCI Switzerland ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	9,912,823		$	(396,113	)b
Dividends — affiliated (Note 2)		4,699			5,395
Securities lending income — affiliated — net (Note 2)		22,833			—
Non-cash dividends — unaffiliated		5,010,762			—
Total investment income		14,951,117			(390,718	)
EXPENSES
Investment advisory fees (Note 2)		2,596,902			3,000,019
Proxy fees		137			123
Total expenses		2,597,039			3,000,142
Net investment income (loss)		12,354,078			(3,390,860	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(15,584,529	)		(3,517,484	)
Investments — affiliated (Note 2)		(1,350	)		—
In-kind redemptions — unaffiliated		94,495,879			19,944,111
Futures contracts		(187,432	)		301,595
Foreign currency transactions		171,271			(324,520	)
Net realized gain		78,893,839			16,403,702
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		(100,808,097	)		12,737,925
Investments — affiliated (Note 2)		(1,297	)		—
Futures contracts		1,836			(193,892	)
Translation of assets and liabilities in foreign currencies		(35,520	)		289,530
Net change in unrealized appreciation/depreciation		(100,843,078	)		12,833,563
Net realized and unrealized gain (loss)		(21,949,239	)		29,237,265
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,595,161	)	$	25,846,405

^a  Net of foreign withholding tax of $1,750,903 and $1,570,731, respectively.

^b  Includes prior period adjustment for withholding taxes of $1,372,743.

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Eurozone ETF						iShares MSCI Germany ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	45,226,977		$	250,039,419		$	299,856		$	89,451,626
Net realized gain (loss)		111,095,578			(107,531,785	)		164,342,231			81,994,943
Net change in unrealized appreciation/depreciation		589,158,879			1,981,250,890			150,336,365			639,971,332
Net increase in net assets resulting from operations		745,481,434			2,123,758,524			314,978,452			811,417,901
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(68,246,680	)		(251,508,888	)		(11,828,503	)		(101,663,169	)
Total distributions to shareholders		(68,246,680	)		(251,508,888	)		(11,828,503	)		(101,663,169	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,935,443,308			5,075,719,442			217,762,225			1,344,475,553
Cost of shares redeemed		(852,167,067	)		(1,955,344,002	)		(959,864,204	)		(841,232,745	)
Net increase (decrease) in net assets from capital share transactions		2,083,276,241			3,120,375,440			(742,101,979	)		503,242,808
INCREASE (DECREASE) IN NET ASSETS		2,760,510,995			4,992,625,076			(438,952,030	)		1,212,997,540
NET ASSETS
Beginning of period		13,286,215,924			8,293,590,848			4,809,899,496			3,596,901,956
End of period	$	16,046,726,919		$	13,286,215,924		$	4,370,947,466		$	4,809,899,496
Undistributed net investment income included in net assets at end of period	$	16,586,954		$	39,606,657		$	299,900		$	11,828,547
SHARES ISSUED AND REDEEMED
Shares sold		66,900,000			130,800,000			6,600,000			47,700,000
Shares redeemed		(19,600,000	)		(54,800,000	)		(29,100,000	)		(28,500,000	)
Net increase (decrease) in shares outstanding		47,300,000			76,000,000			(22,500,000	)		19,200,000

See notes to financial statements.

32 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Italy ETF						iShares MSCI Spain ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017a			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	4,275,083		$	14,617,536		$	12,354,078		$	29,663,738
Net realized gain (loss)		38,112,272			(44,661,565	)		78,893,839			(76,940,027	)
Net change in unrealized appreciation/depreciation		3,983,347			222,005,377			(100,843,078	)		304,908,943
Net increase (decrease) in net assets resulting from operations		46,370,702			191,961,348			(9,595,161	)		257,632,654
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(4,045,646	)		(15,689,552	)		(17,718,786	)		(28,748,503	)
Total distributions to shareholders		(4,045,646	)		(15,689,552	)		(17,718,786	)		(28,748,503	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		60,641,414			478,934,035			238,884,886			827,558,231
Cost of shares redeemed		(233,140,414	)		(275,606,026	)		(657,154,880	)		(127,852,787	)
Net increase (decrease) in net assets from capital share transactions		(172,499,000	)		203,328,009			(418,269,994	)		699,705,444
INCREASE (DECREASE) IN NET ASSETS		(130,173,944	)		379,599,805			(445,583,941	)		928,589,595
NET ASSETS
Beginning of period		840,630,427			461,030,622			1,528,533,491			599,943,896
End of period	$	710,456,483		$	840,630,427		$	1,082,949,550		$	1,528,533,491
Undistributed net investment income included in net assets at end of period	$	2,039,546		$	1,810,109		$	3,979,123		$	9,343,831
SHARES ISSUED AND REDEEMED
Shares sold		1,950,000			20,625,000			7,200,000			27,300,000
Shares redeemed		(7,500,000	)		(13,200,000	)		(19,875,000	)		(4,500,000	)
Net increase (decrease) in shares outstanding		(5,550,000	)		7,425,000			(12,675,000	)		22,800,000

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

See notes to financial statements.

FINANCIAL STATEMENTS 33

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Switzerland ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(3,390,860	)	$	23,926,958
Net realized gain		16,403,702			30,303,367
Net change in unrealized appreciation/depreciation		12,833,563			106,883,974
Net increase in net assets resulting from operations		25,846,405			161,114,299
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(25,105,668	)
Total distributions to shareholders		—			(25,105,668	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		165,794,422			196,663,250
Cost of shares redeemed		(131,201,522	)		(165,149,192	)
Net increase in net assets from capital share transactions		34,592,900			31,514,058
INCREASE IN NET ASSETS		60,439,305			167,522,689
NET ASSETS
Beginning of period		1,259,257,663			1,091,734,974
End of period	$	1,319,696,968		$	1,259,257,663
Distributions in excess of net investment income included in net assets at end of period	$	(3,760,168	)	$	(369,308	)
SHARES ISSUED AND REDEEMED
Shares sold		4,750,000			5,875,000
Shares redeemed		(3,750,000	)		(5,250,000	)
Net increase in shares outstanding		1,000,000			625,000

See notes to financial statements.

34 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Eurozone ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	41.71		$	34.20		$	36.04		$	39.98		$	34.64		$	29.09
Income from investment operations:
Net investment incomea		0.13			0.99			0.92	b		0.96			1.18			0.92
Net realized and unrealized gain (loss)c		2.22			7.38			(1.84	)		(3.95	)		5.10			5.55
Total from investment operations		2.35			8.37			(0.92	)		(2.99	)		6.28			6.47
Less distributions from:
Net investment income		(0.19	)		(0.86	)		(0.92	)		(0.95	)		(0.94	)		(0.92	)
Total distributions		(0.19	)		(0.86	)		(0.92	)		(0.95	)		(0.94	)		(0.92	)
Net asset value, end of period	$	43.87		$	41.71		$	34.20		$	36.04		$	39.98		$	34.64
Total return		5.62	%d		24.72	%		(2.53	)%b		(7.62	)%		18.02	%		22.43	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	16,046,727		$	13,286,216		$	8,293,591		$	10,134,616		$	8,702,637		$	3,539,980
Ratio of expenses to average net assetse		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%
Ratio of expenses to average net assets excluding professional fees for foreign withholding tax claims (Note 8)e		n/a			0.49	%		0.48	%		n/a			n/a			n/a
Ratio of net investment income to average net assetse		0.61	%		2.63	%		2.69	%b		2.50	%		2.89	%		2.74	%
Portfolio turnover ratef		2	%d		4	%		4	%		5	%		7	%		5	%

^a  Based on average shares outstanding throughout each period.

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

• Net investment income per share by $0.02.

• Total return by 0.08%.

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

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Germany ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	30.71		$	26.18		$	26.34		$	28.97		$	25.61		$	21.34
Income from investment operations:
Net investment incomea		0.00	b		0.59			0.49			0.58			0.59			0.46
Net realized and unrealized gain (loss)c		1.96			4.54			(0.04	)		(2.70	)		3.40			4.24
Total from investment operations		1.96			5.13			0.45			(2.12	)		3.99			4.70
Less distributions from:
Net investment income		(0.08	)		(0.60	)		(0.61	)		(0.51	)		(0.63	)		(0.43	)
Total distributions		(0.08	)		(0.60	)		(0.61	)		(0.51	)		(0.63	)		(0.43	)
Net asset value, end of period	$	32.59		$	30.71		$	26.18		$	26.34		$	28.97		$	25.61
Total return		6.39	%d		19.63	%		1.81	%		(7.50	)%		15.41	%		22.11	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	4,370,947		$	4,809,899		$	3,596,902		$	6,607,056		$	4,797,434		$	4,655,875
Ratio of expenses to average net assetse		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%
Ratio of net investment income to average net assetse		0.01	%		2.08	%		1.90	%		2.03	%		1.95	%		1.88	%
Portfolio turnover ratef		3	%d		3	%		3	%		3	%		6	%		4	%

^a  Based on average shares outstanding throughout each period.

^b  Rounds to less than $0.01.

^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.

36 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Italy ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a
Net asset value, beginning of period	$	30.21		$	22.60		$	29.50		$	32.03		$	26.12		$	23.57
Income from investment operations:
Net investment incomeb		0.17			0.57			0.66			0.70			0.82			0.72
Net realized and unrealized gain (loss)c		1.68			7.76			(6.82	)		(2.49	)		5.77			2.45
Total from investment operations		1.85			8.33			(6.16	)		(1.79	)		6.59			3.17
Less distributions from:
Net investment income		(0.17	)		(0.72	)		(0.72	)		(0.74	)		(0.68	)		(0.60	)
Return of capital		—			—			(0.02	)		—			—			(0.02	)
Total distributions		(0.17	)		(0.72	)		(0.74	)		(0.74	)		(0.68	)		(0.62	)
Net asset value, end of period	$	31.89		$	30.21		$	22.60		$	29.50		$	32.03		$	26.12
Total return		6.18	%d		37.37	%		(20.97	)%		(5.66	)%		25.20	%		13.58	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	710,456		$	840,630		$	461,031		$	1,077,437		$	1,556,860		$	717,122
Ratio of expenses to average net assetse		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%
Ratio of net investment income to average net assetse		1.10	%		2.59	%		2.54	%		2.34	%		2.49	%		2.78	%
Portfolio turnover ratef		4	%d		18	%		16	%		22	%		24	%		45	%

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

^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 37

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Spain ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	33.63		$	26.49		$	31.96		$	40.61		$	30.44		$	26.28
Income from investment operations:
Net investment incomea		0.37			0.94			1.00			1.32			1.80			1.33
Net realized and unrealized gain (loss)b		(0.38	)		7.19			(5.40	)		(8.35	)		9.53			4.07
Total from investment operations		(0.01	)		8.13			(4.40	)		(7.03	)		11.33			5.40
Less distributions from:
Net investment income		(0.58	)		(0.99	)		(1.07	)		(1.62	)		(1.16	)		(1.24	)
Total distributions		(0.58	)		(0.99	)		(1.07	)		(1.62	)		(1.16	)		(1.24	)
Net asset value, end of period	$	33.04		$	33.63		$	26.49		$	31.96		$	40.61		$	30.44
Total return		(0.02	)%c		31.48	%		(13.82	)%		(17.63	)%		37.39	%		20.88	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,082,950		$	1,528,533		$	599,944		$	1,666,091		$	2,473,038		$	417,778
Ratio of expenses to average net assetsd		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%
Ratio of net investment income to average net assetsd		2.25	%		3.10	%		3.53	%		3.70	%		4.48	%		4.45	%
Portfolio turnover ratee		9	%c		16	%		9	%		15	%		15	%		24	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

38 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Switzerland ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	34.27		$	30.22		$	31.90		$	33.64		$	29.36		$	23.85
Income from investment operations:
Net investment income (loss)a		(0.09	)		0.69			0.81			0.83			0.80			0.67
Net realized and unrealized gain (loss)b		0.78			4.11			(1.70	)		(1.77	)		4.27			5.44
Total from investment operations		0.69			4.80			(0.89	)		(0.94	)		5.07			6.11
Less distributions from:
Net investment income		—			(0.75	)		(0.79	)		(0.80	)		(0.79	)		(0.60	)
Total distributions		—			(0.75	)		(0.79	)		(0.80	)		(0.79	)		(0.60	)
Net asset value, end of period	$	34.96		$	34.27		$	30.22		$	31.90		$	33.64		$	29.36
Total return		2.01	%c		15.90	%		(2.76	)%		(2.92	)%		17.21	%		25.71	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,319,697		$	1,259,258		$	1,091,735		$	1,200,164		$	1,072,157		$	902,860
Ratio of expenses to average net assetsd		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%
Ratio of net investment income (loss) to average net assetsd		(0.53	)%		2.18	%		2.68	%		2.49	%		2.41	%		2.38	%
Portfolio turnover ratee		3	%c		13	%		6	%		7	%		5	%		13	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 39

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	Former Name	Diversification Classification
MSCI Eurozone	N/A	Diversified
MSCI Germany	N/A	Non-diversified
MSCI Italy	iShares MSCI Italy Capped ETF	Non-diversified
MSCI Spain	iShares MSCI Spain Capped ETF	Non-diversified
MSCI Switzerland	iShares MSCI Switzerland Capped ETF	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

40 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration inputs 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 inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs 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 to valuation techniques are categorized into a fair value 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 41

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. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily.

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 prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2018, 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.

42 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original 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 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Eurozone
Barclays Capital Inc.	$	6,251,392	$	6,251,392	$	—
Citigroup Global Markets Inc.		3,267,675		3,267,675		—
Credit Suisse Securities (USA) LLC		14,650,762		14,650,762		—
Goldman Sachs & Co.		139,899		139,899		—
Merrill Lynch, Pierce, Fenner & Smith		5,485,924		5,485,924		—
Morgan Stanley & Co. LLC		19,801,628		19,801,628		—
UBS AG		4,655,999		4,655,999		—
	$	54,253,279	$	54,253,279	$	—
MSCI Germany
Goldman Sachs & Co.	$	12,754,230	$	12,754,230	$	—
Morgan Stanley & Co. LLC		11,467,472		11,467,472		—
	$	24,221,702	$	24,221,702	$	—
MSCI Spain
Citigroup Global Markets Inc.	$	3,768,876	$	3,768,876	$	—
Goldman Sachs & Co.		10,626,863		10,626,863		—
	$	14,395,739	$	14,395,739	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.59	%	First $7 billion
	0.54		Over $7 billion, up to and including $11  billion
	0.49		Over $11 billion, up to and including $24  billion
	0.44		Over $24 billion, up to and including $48 billion
	0.40		Over $48 billion, up to and including $72 billion
	0.36		Over $72 billion, up to and including $96 billion
	0.32		Over $96 billion

44 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Eurozone	$	123,223
MSCI Germany		70,721
MSCI Italy		299
MSCI Spain		6,142

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Eurozone	$	38,777,309	$	34,157,805
MSCI Germany		21,940,688		7,836,754
MSCI Italy		5,708,879		4,415,526
MSCI Spain		22,403,278		8,860,253
MSCI Switzerland		6,028,679		9,793,602

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.

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

It is possible that, from time to time, BlackRock and/or funds managed by BFA or an affiliate (collectively, “Affiliates”) may purchase and hold shares of the Fund. Affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units through an authorized participant at any time some or all of the shares of the Fund acquired for their own accounts. A large sale or redemption of shares of the Fund by Affiliates could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund. As of February 28, 2018, the number of affiliated accounts that individually that individually represent more than 10% ownership of the Fund’s total shares outstanding and the aggregate percentage of net assets represented by such holdings were as follows:

iShares ETF	Number of Affiliated Accounts		Aggregate Affiliated Ownership Percentage
MSCI Eurozone		1		13	%
MSCI Germany		1		14	%

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2018 were as follows:

iShares ETF	Purchases		Sales
MSCI Eurozone	$	347,791,751	$	308,468,772
MSCI Germany		131,241,905		134,485,699
MSCI Italy		34,473,904		35,592,529
MSCI Spain		107,096,580		119,570,660
MSCI Switzerland		51,641,864		43,964,885

In-kind transactions (see Note 4) for the six months ended February 28, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Eurozone	$	2,844,178,488	$	843,273,827
MSCI Germany		206,482,802		954,072,574
MSCI Italy		56,954,894		228,052,283
MSCI Spain		216,049,644		642,322,756
MSCI Switzerland		161,748,668		127,026,624

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.

46 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

5. FUTURES CONTRACTS

Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded.

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

The following table shows the value of futures contracts held as of February 28, 2018 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares MSCI Spain ETF
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciation (depreciation) a	$	1,836

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

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Liabilities
	iShares MSCI Eurozone ETF		iShares MSCI Germany ETF		iShares MSCI Italy ETF
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciation (depreciation) b	$	1,822,579	$	1,300,437	$	30,878

Liabilities
	iShares MSCI Switzerland ETF
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciation (depreciation) b	$	193,892

^b  Represents cumulative depreciation of futures contracts as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on futures contracts held during the six months ended February 28, 2018 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF		iShares MSCI Italy ETF
Futures contracts	$	(146,532	)	$	976,061	$	16,010

	Net Realized Gain (Loss)
	iShares MSCI Spain ETF			iShares MSCI Switzerland ETF
Futures contracts	$	(187,432	)	$	301,595

	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF		iShares MSCI Italy ETF
Futures contracts	$	(1,822,579	)	$	249,959	$	(30,878	)

48 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI Spain ETF		iShares MSCI Switzerland ETF
Futures contracts	$	1,836	$	(193,892	)

The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2018:

	iShares MSCI Eurozone ETF		iShares MSCI Germany ETF		iShares MSCI Italy ETF
Average notional value of contracts purchased	$	32,059,059	$	26,512,016	$	721,828

	iShares MSCI Spain ETF		iShares MSCI Switzerland ETF
Average notional value of contracts purchased	$	1,006,227	$	3,749,027

6. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

MARKET RISK

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

NOTES TO FINANCIAL STATEMENTS 49

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries. These events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. The occurrence of terrorist incidents throughout Europe also could impact financial markets. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

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

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

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

50 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

As of August 31, 2017, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2018		Expiring 2019		Total
MSCI Eurozone	$	263,923,287	$	68,035,542	$	30,230,739	$	362,189,568
MSCI Germany		73,191,131		28,490,949		32,215,954		133,898,034
MSCI Italy		181,005,358		18,169,627		9,459,662		208,634,647
MSCI Spain		141,557,230		15,120,672		8,619,903		165,297,805
MSCI Switzerland		31,918,774		22,569,380		6,955,758		61,443,912

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

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

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Eurozone	$	15,276,466,309	$	1,686,771,303	$	(902,911,592	)	$	783,859,711
MSCI Germany		4,442,632,494		501,046,692		(576,469,934	)		(75,423,242	)
MSCI Italy		727,318,910		62,598,867		(80,509,933	)		(17,911,066	)
MSCI Spain		1,240,368,993		35,226,976		(176,713,379	)		(141,486,403	)
MSCI Switzerland		1,307,847,561		90,355,194		(84,313,370	)		6,041,824

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. FOREIGN WITHHOLDING TAX CLAIMS

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

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid

NOTES TO FINANCIAL STATEMENTS 51

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

which the Fund is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

9. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) 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 putative 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”) in California State Court. 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. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

10. SUBSEQUENT EVENTS

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

52 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Eurozone	$	0.168471	$	—	$	0.023018	$	0.191489		88	%		—	%		12	%		100	%
MSCI Germany		0.038888		—		0.045541		0.084429		46			—			54			100
MSCI Spain		0.509667		—		0.070801		0.580468		88			—			12			100

SUPPLEMENTAL INFORMATION 53

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website and 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 iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

54 2018 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 Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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

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

©2018 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-807-0218

FEBRUARY 28, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

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

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

^Ø  iShares MSCI Malaysia ETF  |  EWM  |  NYSE Arca

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

^Ø  iShares MSCI Singapore ETF  |  EWS  |  NYSE Arca

^Ø  iShares MSCI Taiwan ETF  |  EWT  |  NYSE Arca

^Ø  iShares MSCI Thailand ETF  |  THD  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	12
Shareholder Expenses	12
Schedules of Investments	13
iShares MSCI Hong Kong ETF	13
iShares MSCI Japan Small-Cap ETF	16
iShares MSCI Malaysia ETF	29
iShares MSCI Pacific ex Japan ETF	32
iShares MSCI Singapore ETF	36
iShares MSCI Taiwan ETF	39
iShares MSCI Thailand ETF	43
Financial Statements	47
Financial Highlights	57
Notes to Financial Statements	64
Supplemental Information	78
General Information	79

Fund Performance Overview

iSHARES^® MSCI HONG KONG ETF

Performance as of February 28, 2018

The iShares MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 7.35%, net of fees, while the total return for the Index was 7.57%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		24.96%		23.86%		25.50%		24.96%		23.86%		25.50%
5 Years		8.63%		8.45%		9.26%		51.29%		50.05%		55.69%
10 Years		6.42%		6.72%		7.00%		86.30%		91.62%		96.64%

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 page12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,073.50	$	2.42	$	1,000.00	$	1,022.50	$	2.36		0.47%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	34.98	%
Real Estate	25.32
Consumer Discretionary	13.44
Industrials	12.41
Utilities	9.72
Consumer Staples	2.00
Telecommunication Services	1.33
Information Technology	0.80
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

AIA Group Ltd.	18.53	%
Hong Kong Exchanges & Clearing Ltd.	7.83
CK Hutchison Holdings Ltd.	6.20
Sun Hung Kai Properties Ltd.	4.43
CK Asset Holdings Ltd.	4.10
Galaxy Entertainment Group Ltd.	3.80
Hang Seng Bank Ltd.	3.49
Link REIT	3.45
BOC Hong Kong Holdings Ltd.	3.43
Hong Kong & China Gas Co. Ltd.	3.04
TOTAL	58.30	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI JAPAN SMALL-CAP ETF

Performance as of February 28, 2018

The iShares MSCI Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Japanese equities, as represented by the MSCI Japan Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 13.55%, net of fees, while the total return for the Index was 13.73%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		26.00%		25.22%		26.37%		26.00%		25.22%		26.37%
5 Years		14.06%		13.92%		14.47%		93.06%		91.85%		96.57%
10 Years		7.75%		7.70%		8.10%		111.03%		110.06%		117.85%

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 page12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,135.50	$	2.49	$	1,000.00	$	1,022.50	$	2.36		0.47%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Industrials	24.82	%
Consumer Discretionary	17.36
Information Technology	12.51
Materials	10.62
Consumer Staples	10.34
Real Estate	8.88
Financials	7.70
Health Care	6.19
Utilities	0.95
Energy	0.63
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Showa Denko KK	0.79	%
Nihon M&A Center Inc.	0.56
Pigeon Corp.	0.55
CyberAgent Inc.	0.53
Sojitz Corp.	0.50
Haseko Corp.	0.49
Furukawa Electric Co. Ltd.	0.47
Orix JREIT Inc.	0.47
SCREEN Holdings Co. Ltd.	0.46
Ebara Corp.	0.46
TOTAL	5.28	%

* Excludes money market funds.

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI MALAYSIA ETF

Performance as of February 28, 2018

The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 15.09%, net of fees, while the total return for the Index was 15.26%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		26.16%		25.52%		26.62%		26.16%		25.52%		26.62%
5 Years		0.03%		(0.18)%		0.30%		0.15%		(0.87)%		1.50%
10 Years		2.98%		3.12%		3.37%		34.13%		35.93%		39.25%

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 page12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,150.90	$	2.51	$	1,000.00	$	1,022.50	$	2.36		0.47%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	33.29	%
Utilities	13.87
Consumer Staples	11.28
Industrials	10.42
Telecommunication Services	8.96
Consumer Discretionary	8.03
Materials	5.06
Health Care	3.72
Energy	3.22
Real Estate	2.15
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Public Bank Bhd	12.53	%
Tenaga Nasional Bhd	9.98
Malayan Banking Bhd	8.44
CIMB Group Holdings Bhd	6.20
Genting Bhd	3.83
Petronas Chemicals Group Bhd	3.63
Genting Malaysia Bhd	2.93
DiGi.Com Bhd	2.81
Axiata Group Bhd	2.74
Hong Leong Bank Bhd	2.43
TOTAL	55.52	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI PACIFIC ex JAPAN ETF

Performance as of February 28, 2018

The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 6.35%, net of fees, while the total return for the Index was 6.56%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		15.67%		14.55%		16.07%		15.67%		14.55%		16.07%
5 Years		3.61%		3.49%		4.03%		19.41%		18.70%		21.85%
10 Years		4.22%		4.39%		4.53%		51.11%		53.71%		55.68%

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 page12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,063.50	$	2.46	$	1,000.00	$	1,022.40	$	2.41		0.48%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	39.71	%
Real Estate	13.92
Materials	10.39
Industrials	8.65
Consumer Discretionary	6.19
Consumer Staples	5.26
Health Care	5.09
Utilities	4.34
Energy	3.11
Telecommunication Services	2.57
Information Technology	0.77
TOTAL	100.00	%

ALLOCATION BY COUNTRY

As of 2/28/18

Country Percentage of
Total  Investments*

Australia	57.16	%
Hong Kong	30.24
Singapore	11.21
New Zealand	1.39
TOTAL	100.00	%

* Excludes money market funds.

* Excludes money market funds.

8 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SINGAPORE ETF

Performance as of February 28, 2018

The iShares MSCI Singapore ETF (the “Fund”) (formerly the iShares MSCI Singapore Capped ETF) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 11.54%, net of fees, while the total return for the Index was 11.80%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		24.90%		24.01%		25.44%		24.90%		24.01%		25.44%
5 Years		3.27%		3.27%		3.70%		17.47%		17.44%		19.93%
10 Years		4.59%		4.82%		4.88%		56.68%		60.09%		61.05%

Index performance through November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Singapore 25/50 Index.

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 page12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,115.40	$	2.47	$	1,000.00	$	1,022.50	$	2.36		0.47%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	47.58	%
Industrials	18.86
Real Estate	17.03
Consumer Discretionary	6.78
Telecommunication Services	5.57
Consumer Staples	4.18
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

DBS Group Holdings Ltd.	18.01	%
Oversea-Chinese Banking Corp. Ltd.	14.10
United Overseas Bank Ltd.	12.66
Singapore Telecommunications Ltd.	4.54
Keppel Corp. Ltd.	4.53
CapitaLand Ltd.	3.26
Genting Singapore PLC	3.14
Ascendas REIT	3.02
Singapore Airlines Ltd.	2.82
Singapore Exchange Ltd.	2.81
TOTAL	68.89	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI TAIWAN ETF

Performance as of February 28, 2018

The iShares MSCI Taiwan ETF (the “Fund”) (formerly the iShares MSCI Taiwan Capped ETF) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 3.44%, net of fees, while the total return for the Index was 3.69%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		18.47%		16.42%		19.09%		18.47%		16.42%		19.09%
5 Years		9.47%		8.86%		10.19%		57.18%		52.88%		62.48%
10 Years		4.97%		4.86%		5.56%		62.40%		60.68%		71.72%

Index performance through November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Taiwan 25/50 Index.

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 page12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,034.40	$	2.98	$	1,000.00	$	1,021.90	$	2.96		0.59%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Information Technology	56.44	%
Financials	17.96
Materials	9.63
Telecommunication Services	4.29
Consumer Discretionary	3.44
Consumer Staples	3.28
Industrials	3.10
Energy	0.96
Real Estate	0.53
Health Care	0.37
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Taiwan Semiconductor Manufacturing Co. Ltd.	22.90	%
Hon Hai Precision Industry Co. Ltd.	7.72
MediaTek Inc.	2.66
Cathay Financial Holding Co. Ltd.	2.54
Formosa Plastics Corp.	2.45
Chunghwa Telecom Co. Ltd.	2.40
Nan Ya Plastics Corp.	2.21
CTBC Financial Holding Co. Ltd.	2.16
Largan Precision Co. Ltd.	2.09
Fubon Financial Holding Co. Ltd.	2.00
TOTAL	49.13	%

* Excludes money market funds.

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI THAILAND ETF

Performance as of February 28, 2018

The iShares MSCI Thailand ETF (the “Fund”) (formerly the iShares MSCI Thailand Capped ETF) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 22.82%, net of fees, while the total return for the Index was 23.09%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		37.29%		37.33%		37.78%		37.29%		37.33%		37.78%
5 Years		4.96%		4.97%		5.14%		27.39%		27.46%		28.49%
Since Inception		10.20%		10.16%		10.54%		162.40%		161.45%		170.51%

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

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

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,228.20	$	3.26	$	1,000.00	$	1,021.90	$	2.96		0.59%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Energy	21.42	%
Financials	19.46
Industrials	11.18
Consumer Staples	10.88
Materials	9.99
Consumer Discretionary	6.75
Real Estate	5.77
Telecommunication Services	5.58
Health Care	4.19
Utilities	2.98
Information Technology	1.80
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

PTT PCL NVDR	11.45	%
CP ALL PCL NVDR	7.93
Airports of Thailand PCL NVDR	5.81
Kasikornbank PCL Foreign	5.21
Siam Commercial Bank PCL (The) NVDR	4.46
PTT Global Chemical PCL NVDR	4.13
Advanced Info Service PCL NVDR	3.96
PTT Exploration & Production PCL NVDR	3.09
Siam Cement PCL (The) Foreign	2.81
Kasikornbank PCL NVDR	2.77
TOTAL	51.62	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2017 and held through February 28, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number corresponding to your Fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI HONG KONG ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.77%
AUTO COMPONENTS — 0.80%
Minth Group Ltd.		3,086,000	$	18,258,956
				18,258,956
BANKS — 7.89%
Bank of East Asia Ltd. (The)a		5,146,210		22,655,608
BOC Hong Kong Holdings Ltd.		15,419,500		78,030,516
Hang Seng Bank Ltd.		3,186,900		79,211,283
				179,897,407
CAPITAL MARKETS — 8.26%
Hong Kong Exchanges & Clearing Ltd.		4,905,200		178,022,159
Kingston Financial Group Ltd.a		17,058,000		10,310,702
				188,332,861
DIVERSIFIED FINANCIAL SERVICES — 0.25%
First Pacific Co. Ltd./Hong Kong		9,062,999		5,663,433
				5,663,433
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.33%
HKT Trust & HKT Ltd.		15,760,500		20,140,442
PCCW Ltd.		17,721,169		10,100,113
				30,240,555
ELECTRIC UTILITIES — 6.66%
CK Infrastructure Holdings Ltd.		2,763,500		23,201,916
CLP Holdings Ltd.		6,841,700		69,157,536
HK Electric Investments & HK Electric Investments Ltd.a,b		11,023,000		10,339,389
Power Assets Holdings Ltd.		5,779,500		49,151,563
				151,850,404
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.44%
Link REIT		9,164,500		78,349,079
				78,349,079
FOOD PRODUCTS — 1.99%
WH Group Ltd.b		36,641,000		45,419,051
				45,419,051
GAS UTILITIES — 3.04%
Hong Kong & China Gas Co. Ltd.		34,966,802		69,171,290
				69,171,290
HOTELS, RESTAURANTS & LEISURE — 9.90%
Galaxy Entertainment Group Ltd.		9,860,000		86,311,068
Melco Resorts & Entertainment Ltd. ADR		1,026,209		28,169,437

Security	Shares		Value
MGM China Holdings Ltd.		3,969,488	$	11,692,420
Sands China Ltd.		10,091,200		56,934,109
Shangri-La Asia Ltd.		5,212,000		11,735,709
SJM Holdings Ltd.a		8,265,000		7,931,983
Wynn Macau Ltd.		6,492,000		22,814,461
				225,589,187
HOUSEHOLD DURABLES — 1.58%
Techtronic Industries Co. Ltd.		5,733,147		35,972,745
				35,972,745
INDUSTRIAL CONGLOMERATES — 10.93%
CK Hutchison Holdings Ltd.		11,251,267		140,905,034
Jardine Matheson Holdings Ltd.		906,000		59,025,900
Jardine Strategic Holdings Ltd.		924,100		36,806,903
NWS Holdings Ltd.		6,479,000		12,220,623
				248,958,460
INSURANCE — 18.49%
AIA Group Ltd.		50,301,400		421,358,513
				421,358,513
REAL ESTATE MANAGEMENT & DEVELOPMENT — 21.82%
CK Asset Holdings Ltd.		10,784,267		93,299,283
Hang Lung Group Ltd.		3,698,000		12,523,098
Hang Lung Properties Ltd.		8,427,000		20,137,873
Henderson Land Development Co. Ltd.		5,004,862		32,618,297
Hongkong Land Holdings Ltd.		4,896,700		33,738,263
Hysan Development Co. Ltd.		2,619,000		15,177,904
Kerry Properties Ltd.		2,707,000		12,297,784
New World Development Co. Ltd.		24,578,066		37,438,890
Sino Land Co. Ltd.		13,146,000		23,250,309
Sun Hung Kai Properties Ltd.		6,034,000		100,781,286
Swire Pacific Ltd. Class A		2,077,000		21,021,354
Swire Properties Ltd.		4,868,800		16,643,502
Wharf Holdings Ltd. (The)		5,069,150		18,980,243
Wharf Real Estate Investment Co. Ltd.c		5,058,150		34,387,638
Wheelock & Co. Ltd.		3,408,357		24,848,474
				497,144,198
ROAD & RAIL — 1.46%
MTR Corp. Ltd.		6,256,083		33,177,954
				33,177,954
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.80%
ASM Pacific Technology Ltd.		1,269,800		18,255,211
				18,255,211

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI HONG KONG ETF

February 28, 2018

Security	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 1.13%
Li & Fung Ltd.		24,770,000	$	12,503,227
Yue Yuen Industrial Holdings Ltd.		3,098,500		13,264,635
				25,767,862
TOTAL COMMON STOCKS
(Cost: $2,061,606,921)				2,273,407,166
SHORT-TERM INVESTMENTS — 1.43%
MONEY MARKET FUNDS — 1.43%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		31,560,551		31,563,707
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		925,756		925,756
				32,489,463
TOTAL SHORT-TERM INVESTMENTS
(Cost: $32,487,548)				32,489,463

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.20%
(Cost: $2,094,094,469)	$	2,305,896,629
Other Assets, Less Liabilities — (1.20)%		(27,335,823	)
NET ASSETS — 100.00%	$	2,278,560,806

ADR  —   American Depositary Receipts

^a  All or a portion of this security is on loan.

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c Non-income producing security.

^d Affiliate of the Fund.

^e Annualized 7-day yield as of period end.

^f All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		33,422,824		—			(1,862,273	)b		31,560,551	$	31,563,707	$	233,344	c	$	2,125	$	(3,829	)
BlackRock Cash Funds: Treasury, SL Agency Shares		109,004		816,752	b		—			925,756		925,756		18,228			—		—
											$	32,489,463	$	251,572		$	2,125	$	(3,829	)

^a Includes realized capital gain distributions from an affiliated fund, if any.

^b Net of purchases and sales.

^c Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI HONG KONG ETF

February 28, 2018

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
Hang Seng Index		23		Mar 2018	$	4,516	$	(37,226	)

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common stocks	$	2,273,407,166		$	—	$	—	$	2,273,407,166
Money market funds		32,489,463			—		—		32,489,463
Total	$	2,305,896,629		$	—	$	—	$	2,305,896,629
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(37,226	)	$	—	$	—	$	(37,226	)
Total	$	(37,226	)	$	—	$	—	$	(37,226	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.84%
AEROSPACE & DEFENSE — 0.03%
Jamco Corp.a		4,600	$	103,980
				103,980
AIR FREIGHT & LOGISTICS — 0.24%
Kintetsu World Express Inc.		18,400		363,327
Konoike Transport Co. Ltd.		13,800		244,431
Maruwa Unyu Kikan Co. Ltd.a		4,600		157,350
Mitsui-Soko Holdings Co. Ltd.b		46,000		154,332
				919,440
AUTO COMPONENTS — 3.59%
Aisan Industry Co. Ltd.		18,400		212,099
Akebono Brake Industry Co. Ltd.b		41,400		117,560
Daido Metal Co. Ltd.		13,800		172,266
Daikyonishikawa Corp.		18,400		317,114
Eagle Industry Co. Ltd.		9,200		170,714
Exedy Corp.		13,800		452,003
FCC Co. Ltd.		13,800		392,512
Futaba Industrial Co. Ltd.		27,600		247,017
G-Tekt Corp.		9,200		183,905
Ichikoh Industries Ltd.a		9,200		97,427
Kasai Kogyo Co. Ltd.		13,800		192,312
Keihin Corp.		18,400		387,296
KYB Corp.		9,200		492,311
Mitsuba Corp.		13,800		197,226
Musashi Seimitsu Industry Co. Ltd.		9,200		326,339
NHK Spring Co. Ltd.		92,000		974,275
Nifco Inc./Japan		18,400		1,326,048
Nippon Seiki Co. Ltd.		23,000		493,604
Nissin Kogyo Co. Ltd.		18,400		328,839
Pacific Industrial Co. Ltd.		18,400		258,657
Piolax Inc.		13,800		384,623
Press Kogyo Co. Ltd.		41,400		258,010
Riken Corp.		4,600		271,159
Sanden Holdings Corp.b		9,200		152,263
Showa Corp.		23,000		367,077
Sumitomo Riko Co. Ltd.		18,400		189,854
Tachi-S Co. Ltd.		13,800		251,156
Taiho Kogyo Co. Ltd.		9,200		139,157
Tokai Rika Co. Ltd.		23,000		503,088
Topre Corp.		13,800		418,378
Toyo Tire & Rubber Co. Ltd.		46,000		863,483
Toyota Boshoku Corp.		27,600		594,135
TPR Co. Ltd.		9,200		263,399

Security	Shares		Value
TS Tech Co. Ltd.		23,000	$	938,710
Unipres Corp.		18,400		453,167
Yorozu Corp.		9,200		170,714
				13,557,897
AUTOMOBILES — 0.10%
Nissan Shatai Co. Ltd.		36,800		374,880
				374,880
BANKS — 4.94%
77 Bank Ltd. (The)		27,600		695,270
Aichi Bank Ltd. (The)		4,600		230,205
Akita Bank Ltd. (The)		9,200		247,535
Aomori Bank Ltd. (The)		9,200		290,558
Awa Bank Ltd. (The)		92,000		594,049
Bank of Iwate Ltd. (The)		9,200		369,448
Bank of Nagoya Ltd. (The)		4,600		168,989
Bank of Okinawa Ltd. (The)		9,200		370,742
Bank of Saga Ltd. (The)		4,600		111,093
Bank of the Ryukyus Ltd.		18,400		279,694
Chiba Kogyo Bank Ltd. (The)		23,000		106,049
Chugoku Bank Ltd. (The)		73,600		915,301
Chukyo Bank Ltd. (The)		4,600		100,014
Daishi Bank Ltd. (The)		13,800		631,770
Ehime Bank Ltd. (The)		13,800		172,266
Eighteenth Bank Ltd. (The)		92,000		243,138
Gunma Bank Ltd. (The)		161,000		1,000,356
Hiroshima Bank Ltd. (The)		110,400		867,018
Hokkoku Bank Ltd. (The)		9,200		385,399
Hokuetsu Bank Ltd. (The)		9,200		207,271
Hokuhoku Financial Group Inc.		55,200		788,387
Hyakugo Bank Ltd. (The)		92,000		456,099
Hyakujushi Bank Ltd. (The)		92,000		311,251
Iyo Bank Ltd. (The)		110,400		881,503
Jimoto Holdings Inc.		73,600		128,294
Juroku Bank Ltd. (The)		13,800		374,018
Kansai Urban Banking Corp.		13,800		185,845
Keiyo Bank Ltd. (The)		92,000		436,268
Kiyo Bank Ltd. (The)		27,600		456,788
Mie Bank Ltd. (The)		4,600		98,979
Minato Bank Ltd. (The)		9,200		178,646
Miyazaki Bank Ltd. (The)		4,600		151,099
Musashino Bank Ltd. (The)		13,800		465,583
Nanto Bank Ltd. (The)		13,800		384,623
Nishi-Nippon Financial Holdings Inc.		64,400		801,492
North Pacific Bank Ltd.		138,000		483,689
Ogaki Kyoritsu Bank Ltd. (The)		13,800		360,051

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Oita Bank Ltd. (The)		4,600	$	175,671
San-in Godo Bank Ltd. (The)		64,400		611,983
Senshu Ikeda Holdings Inc.		110,400		434,544
Shiga Bank Ltd. (The)		92,000		482,826
Shikoku Bank Ltd. (The)		18,400		261,933
Tochigi Bank Ltd. (The)		41,400		171,102
Toho Bank Ltd. (The)		92,000		348,325
Tokyo TY Financial Group Inc.		9,230		231,128
TOMONY Holdings Inc.		64,400		300,559
Towa Bank Ltd. (The)		13,800		185,716
Tsukuba Bank Ltd.		36,800		121,396
Yamagata Bank Ltd. (The)		9,200		201,321
Yamanashi Chuo Bank Ltd. (The)		46,000		188,820
				18,644,104
BEVERAGES — 0.71%
Ito En Ltd.		23,000		972,119
Sapporo Holdings Ltd.		27,600		787,611
Takara Holdings Inc.		73,600		909,093
				2,668,823
BIOTECHNOLOGY — 0.86%
GNI Group Ltd.a,b		46,000		265,124
HEALIOS KKb		4,600		80,313
Japan Tissue Engineering Co. Ltd.b		9,200		119,672
NanoCarrier Co. Ltd.a,b		18,400		181,577
OncoTherapy Science Inc.a,b		64,400		135,191
PeptiDream Inc.a,b		36,800		1,696,790
SanBio Co. Ltd.b		9,200		335,392
Takara Bio Inc.		23,000		427,000
				3,241,059
BUILDING PRODUCTS — 1.76%
Aica Kogyo Co. Ltd.		23,000		878,356
Bunka Shutter Co. Ltd.		23,000		221,152
Central Glass Co. Ltd.		18,400		414,024
Maeda Kosen Co. Ltd.		9,200		169,593
Nichias Corp.		46,000		615,173
Nichiha Corp.		13,800		547,706
Nippon Sheet Glass Co. Ltd.b		41,400		333,668
Nitto Boseki Co. Ltd.		14,000		328,794
Noritz Corp.		13,800		246,888
Okabe Co. Ltd.		18,400		176,749
Sankyo Tateyama Inc.		13,800		201,753
Sanwa Holdings Corp.		92,000		1,288,974
Sekisui Jushi Corp.		13,800		318,665
Sinko Industries Ltd.		9,200		170,369

Security	Shares		Value
Takara Standard Co. Ltd.		18,400	$	307,974
Takasago Thermal Engineering Co. Ltd.		23,000		424,413
				6,644,251
CAPITAL MARKETS — 1.10%
Ichiyoshi Securities Co. Ltd.		18,400		218,651
Jafco Co. Ltd.		13,800		699,667
kabu.com Securities Co. Ltd.		64,400		235,981
Kyokuto Securities Co. Ltd.		9,200		136,399
M&A Capital Partners Co. Ltd.b		4,600		365,138
Marusan Securities Co. Ltd.		23,000		226,540
Matsui Securities Co. Ltd.		50,600		503,131
Monex Group Inc.		87,400		312,889
Okasan Securities Group Inc.		92,000		597,498
SPARX Group Co. Ltd.a		46,000		134,502
Tokai Tokyo Financial Holdings Inc.		96,600		723,334
				4,153,730
CHEMICALS — 7.03%
Achilles Corp.		9,200		191,406
ADEKA Corp.		41,400		759,288
Chugoku Marine Paints Ltd.		32,200		334,357
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		4,800		213,448
Denka Co. Ltd.		36,800		1,369,158
DIC Corp.		36,800		1,332,946
Fujimi Inc.		9,200		225,549
Fujimori Kogyo Co. Ltd.		9,200		319,873
Fuso Chemical Co. Ltd.		9,200		259,519
Hodogaya Chemical Co. Ltd.		4,600		217,272
Ishihara Sangyo Kaisha Ltd.b		13,800		198,778
JCU Corp.		4,600		221,152
JSP Corp.		4,600		146,788
Kanto Denka Kogyo Co. Ltd.a		18,400		214,168
KH Neochem Co. Ltd.		13,800		434,544
Koatsu Gas Kogyo Co. Ltd.		13,800		117,430
Konishi Co. Ltd.		13,800		234,990
Kumiai Chemical Industry Co. Ltd.		38,049		242,119
Kureha Corp.		4,600		330,219
Lintec Corp.		23,000		672,508
Nihon Nohyaku Co. Ltd.		23,000		139,675
Nihon Parkerizing Co. Ltd.		41,400		738,724
Nippon Kayaku Co. Ltd.		59,800		773,945
Nippon Shokubai Co. Ltd.		13,800		982,897
Nippon Soda Co. Ltd.		46,000		286,247
NOF Corp.		28,400		787,551

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Okamoto Industries Inc.		19,000	$	198,004
Osaka Soda Co. Ltd.a		9,200		248,225
Sakai Chemical Industry Co. Ltd.		9,200		272,452
Sakata INX Corp.		18,400		244,517
Sanyo Chemical Industries Ltd.		4,600		229,774
Sekisui Plastics Co. Ltd.		9,200		104,239
Shikoku Chemicals Corp.		13,800		195,545
Shin-Etsu Polymer Co. Ltd.		18,400		218,651
Showa Denko KK		59,800		2,981,453
Stella Chemifa Corp.a		4,600		124,371
Sumitomo Bakelite Co. Ltd.		92,000		811,321
Sumitomo Seika Chemicals Co. Ltd.		4,600		237,102
T. Hasegawa Co. Ltd.		4,600		88,202
Taiyo Holdings Co. Ltd.		9,200		418,162
Takasago International Corp.		4,600		137,304
Tanaka Chemical Corp.a,b		4,600		80,141
Tayca Corp.		4,600		117,861
Tenma Corp.		9,200		189,164
Toagosei Co. Ltd.		50,600		594,178
Tokai Carbon Co. Ltd.		92,000		1,606,260
Tokuyama Corp.		27,600		832,876
Tokyo Ohka Kogyo Co. Ltd.		18,400		723,378
Toyo Ink SC Holdings Co. Ltd.		92,000		581,116
Toyobo Co. Ltd.		36,800		726,654
Ube Industries Ltd.		50,600		1,593,327
W-Scope Corp.a		13,800		194,381
Zeon Corp.		69,000		1,043,681
				26,536,890
COMMERCIAL SERVICES & SUPPLIES — 1.60%
Aeon Delight Co. Ltd.		9,200		324,183
Bell System24 Holdings Inc.		13,800		195,674
Daiseki Co. Ltd.		18,460		544,086
Duskin Co. Ltd.		18,400		457,133
Itoki Corp.		18,400		126,052
Kokuyo Co. Ltd.		36,800		696,994
Kyodo Printing Co. Ltd.		4,600		136,873
Matsuda Sangyo Co. Ltd.		9,260		172,782
Mitsubishi Pencil Co. Ltd.		18,400		418,335
Nippon Kanzai Co. Ltd.		9,200		183,129
Nippon Parking Development Co. Ltd.		87,400		151,530
Okamura Corp.		32,200		448,727
Oyo Corp.		9,200		133,898
Pilot Corp.		18,400		989,794
Prestige International Inc.		18,400		237,620
Relia Inc.		18,400		235,378

Security	Shares		Value
Sato Holdings Corp.		9,200	$	309,526
Toppan Forms Co. Ltd.		23,000		261,675
				6,023,389
COMMUNICATIONS EQUIPMENT — 0.17%
Denki Kogyo Co. Ltd.		9,200		272,021
Hitachi Kokusai Electric Inc.		9,200		268,141
Icom Inc.		4,600		117,344
				657,506
CONSTRUCTION & ENGINEERING — 4.88%
Chiyoda Corp.		69,000		684,148
Chudenko Corp.		13,800		395,099
COMSYS Holdings Corp.		46,000		1,218,275
Dai-Dan Co. Ltd.		4,600		101,178
Daiho Corp.		46,000		273,745
Fudo Tetra Corp.		82,800		147,434
Fukuda Corp.		4,600		278,487
Hazama Ando Corp.		78,200		566,502
Hibiya Engineering Ltd.		9,200		174,852
Kandenko Co. Ltd.		41,400		465,971
Kinden Corp.		59,800		988,587
Kumagai Gumi Co. Ltd.		13,800		410,618
Kyowa Exeo Corp.		41,400		1,109,251
Kyudenko Corp.		18,400		855,293
Maeda Corp.		55,200		665,266
Maeda Road Construction Co. Ltd.		27,000		595,895
Mirait Holdings Corp.		27,600		444,114
Nippo Corp.		19,000		450,494
Nippon Densetsu Kogyo Co. Ltd.		13,800		291,894
Nippon Koei Co. Ltd.		4,600		127,863
Nippon Road Co. Ltd. (The)		4,600		248,742
Nishimatsu Construction Co. Ltd.		23,200		587,909
Okumura Corp.		14,000		610,093
OSJB Holdings Corp.a		59,800		175,973
Penta-Ocean Construction Co. Ltd.		124,200		902,066
Raito Kogyo Co. Ltd.		18,400		205,374
Sanki Engineering Co. Ltd.		18,400		206,926
Shinnihon Corp.		13,800		136,959
SHO-BOND Holdings Co. Ltd.		9,200		664,749
Sumitomo Densetsu Co. Ltd.		9,200		190,285
Sumitomo Mitsui Construction Co. Ltd.		73,600		433,854
Taihei Dengyo Kaisha Ltd.		4,600		111,654
Taikisha Ltd.		13,800		477,869
Takamatsu Construction Group Co. Ltd.		4,600		128,208
Tekken Corp.		4,600		135,148

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Toa Corp./Tokyob		4,600	$	99,454
Toda Corp.		92,000		707,858
Tokyu Construction Co. Ltd.		36,840		414,301
Toshiba Plant Systems & Services Corp.		23,000		466,229
Totetsu Kogyo Co. Ltd.		13,800		440,364
Toyo Construction Co. Ltd.		32,200		163,557
Toyo Engineering Corp.a		13,800		129,975
Yahagi Construction Co. Ltd.		13,800		106,696
Yokogawa Bridge Holdings Corp.		13,800		335,866
Yurtec Corp.		13,800		109,671
				18,434,746
CONSTRUCTION MATERIALS — 0.23%
Sumitomo Osaka Cement Co. Ltd.		184,000		853,568
				853,568
CONSUMER FINANCE — 0.49%
Aiful Corp.b		147,200		503,519
Hitachi Capital Corp.		23,000		600,731
J Trust Co. Ltd.a		32,200		206,408
Jaccs Co. Ltd.		9,200		216,841
Orient Corp.a		202,400		324,356
				1,851,855
CONTAINERS & PACKAGING — 0.54%
FP Corp.		9,200		544,042
Fuji Seal International Inc.		18,400		604,395
Pack Corp. (The)		4,600		160,152
Rengo Co. Ltd.		82,800		722,429
				2,031,018
DISTRIBUTORS — 0.47%
Arata Corp.		4,600		221,152
Canon Marketing Japan Inc.		23,000		627,243
Doshisha Co. Ltd.		9,200		205,288
PALTAC Corp.		13,800		717,773
				1,771,456
DIVERSIFIED CONSUMER SERVICES — 0.03%
Meiko Network Japan Co. Ltd.		9,200		113,206
				113,206
DIVERSIFIED FINANCIAL SERVICES — 1.07%
Financial Products Group Co. Ltd.		32,200		426,094
Fuyo General Lease Co. Ltd.		9,200		618,190
IBJ Leasing Co. Ltd.		13,800		361,991
Japan Securities Finance Co. Ltd.		41,400		256,846
Ricoh Leasing Co. Ltd.		9,200		312,113
Tokyo Century Corp.		18,480		1,051,250

Security	Shares		Value
Zenkoku Hosho Co. Ltd.		23,000	$	1,018,462
				4,044,946
ELECTRIC UTILITIES — 0.62%
Hokkaido Electric Power Co. Inc.		82,800		496,622
Hokuriku Electric Power Co.a		73,600		574,563
Okinawa Electric Power Co. Inc. (The)		14,430		392,580
Shikoku Electric Power Co. Inc.		78,200		884,564
				2,348,329
ELECTRICAL EQUIPMENT — 1.85%
Chiyoda Integre Co. Ltd.		4,600		107,300
Cosel Co. Ltd.		9,200		143,468
Daihen Corp.		46,000		367,724
Denyo Co. Ltd.		9,200		158,471
FDK Corp.a,b		46,000		98,290
Fujikura Ltd.		115,000		849,257
Furukawa Electric Co. Ltd.		32,200		1,774,387
Futaba Corp.		13,800		298,102
GS Yuasa Corp.		138,000		772,091
Idec Corp./Japan		13,800		387,339
Nissin Electric Co. Ltd.		23,000		226,756
Nitto Kogyo Corp.		13,800		243,138
Sanyo Denki Co. Ltd.		4,600		382,381
Sinfonia Technology Co. Ltd.		46,000		162,523
Tatsuta Electric Wire and Cable Co. Ltd.		18,400		125,535
Toyo Tanso Co. Ltd.		4,600		177,396
Ushio Inc.		50,600		704,194
				6,978,352
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.55%
Ai Holdings Corp.		18,400		503,691
Amano Corp.		27,600		774,678
Anritsu Corp.		64,400		860,638
Azbil Corp.		27,600		1,231,208
Canon Electronics Inc.		9,200		223,049
Citizen Watch Co. Ltd.		128,800		992,208
CMK Corp.		18,400		160,885
CONEXIO Corp.		4,600		103,032
Daiwabo Holdings Co. Ltd.		9,200		383,675
Dexerials Corp.		23,000		303,275
Elematec Corp.		4,600		109,110
Enplas Corp.		4,600		168,774
Horiba Ltd.		18,400		1,369,158
Hosiden Corp.		27,600		408,937
Ibiden Co. Ltd.		50,600		825,116

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Iriso Electronics Co. Ltd.		9,200	$	616,466
Japan Aviation Electronics Industry Ltd.		14,000		214,254
Japan Cash Machine Co. Ltd.		9,200		116,051
Japan Display Inc.a,b		170,200		371,647
Kaga Electronics Co. Ltd.		9,200		244,431
Koa Corp.		13,800		299,396
Macnica Fuji Electronics Holdings Inc.		13,800		381,907
Maruwa Co. Ltd./Aichi		4,600		382,812
Nichicon Corp.		23,000		287,325
Nippon Ceramic Co. Ltd.		9,200		260,381
Nippon Chemi-Con Corp.		4,600		125,449
Nippon Signal Co. Ltd.		23,000		226,540
Nissha Co. Ltd.a		13,800		376,605
Nohmi Bosai Ltd.		9,200		200,287
Oki Electric Industry Co. Ltd.		36,800		509,727
Optex Group Co. Ltd.		4,600		253,053
Osaki Electric Co. Ltd.		9,200		69,579
Riken Keiki Co. Ltd.		4,600		102,902
Ryosan Co. Ltd.		9,400		352,373
Ryoyo Electro Corp.		9,200		165,109
SIIX Corp.a		9,200		446,615
SMK Corp.		46,000		203,908
Taiyo Yuden Co. Ltd.		50,600		897,669
Topcon Corp.		46,000		1,035,490
UKC Holdings Corp.		4,600		101,523
V Technology Co. Ltd.		1,900		511,213
				17,170,146
ENERGY EQUIPMENT & SERVICES — 0.14%
Modec Inc.		9,200		232,188
Shinko Plantech Co. Ltd.		18,400		166,058
Toyo Kanetsu KK		4,600		146,788
				545,034
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.91%
Activia Properties Inc.		276		1,220,861
Advance Residence Investment Corp.		598		1,501,375
AEON REIT Investment Corp.		644		691,649
Comforia Residential REIT Inc.		230		507,615
Daiwa Office Investment Corp.		138		799,250
Frontier Real Estate Investment Corp.		230		955,953
Fukuoka REIT Corp.		322		522,358
Global One Real Estate Investment Corp.		92		359,964
GLP J-REIT		1,150		1,214,610

Security	Shares		Value
Hankyu REIT Inc.		230	$	284,092
Heiwa Real Estate REIT Inc.		414		395,745
Hoshino Resorts REIT Inc.a		92		495,759
Hulic Reit Inc.		414		619,225
Ichigo Office REIT Investment		598		456,745
Industrial & Infrastructure Fund Investment Corp.		552		633,710
Invesco Office J-Reit Inc.		2,944		433,992
Invincible Investment Corp.		1,702		781,575
Japan Excellent Inc.		552		734,586
Japan Hotel REIT Investment Corp.		1,748		1,284,319
Japan Logistics Fund Inc.		368		735,276
Japan Rental Housing Investments Inc.		736		581,461
Kenedix Office Investment Corp.		184		1,165,681
Kenedix Residential Investment Corp.		276		402,470
Kenedix Retail REIT Corp.		230		527,445
LaSalle Logiport REIT		506		533,006
MCUBS MidCity Investment Corp.		690		518,607
Mitsui Fudosan Logistics Park Inc.		92		309,526
Mori Hills REIT Investment Corp.		690		898,187
Mori Trust Hotel Reit Inc.		138		185,716
Mori Trust Sogo REIT Inc.		460		703,547
Nippon Accommodations Fund Inc.		230		1,008,763
NIPPON REIT Investment Corp.		184		572,494
Orix JREIT Inc.		1,150		1,755,635
Premier Investment Corp.		598		638,323
Sekisui House Reit Inc.		414		564,131
Sekisui House Residential Investment Corp.		460		527,229
TOKYU REIT Inc.		414		566,459
				26,087,339
FOOD & STAPLES RETAILING — 3.13%
Ain Holdings Inc.		10,200		684,429
Arcs Co. Ltd.		18,400		436,268
Axial Retailing Inc.		4,600		185,802
Belc Co. Ltd.		4,600		258,226
Cawachi Ltd.		4,600		113,076
Cocokara fine Inc.		9,200		600,084
Cosmos Pharmaceutical Corp.		4,600		874,261
Create SD Holdings Co. Ltd.		13,800		349,963
Daikokutenbussan Co. Ltd.		4,600		225,894
Genky DrugStores Co. Ltd.b		3,600		117,745
Heiwado Co. Ltd.		13,800		320,735
Kansai Super Market Ltd.		4,600		48,671
Kato Sangyo Co. Ltd.		9,200		313,406

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Kobe Bussan Co. Ltd.		4,600	$	185,802
Kusuri no Aoki Holdings Co. Ltd.a		4,900		291,598
Life Corp.		4,600		121,267
Matsumotokiyoshi Holdings Co. Ltd.		36,800		1,558,840
Ministop Co. Ltd.		9,200		188,475
Mitsubishi Shokuhin Co. Ltd.		4,600		138,597
Qol Co. Ltd.		9,200		197,442
San-A Co. Ltd.		9,200		478,516
Shoei Foods Corp.		4,600		177,180
Sogo Medical Co. Ltd.		4,600		271,159
Sugi Holdings Co. Ltd.		18,400		1,013,936
United Super Markets Holdings Inc.		23,000		237,102
Valor Holdings Co. Ltd.		18,400		505,243
Welcia Holdings Co. Ltd.		23,000		1,021,695
Yakuodo Co. Ltd.		4,600		151,099
Yaoko Co. Ltd.		9,200		500,932
Yokohama Reito Co. Ltd.		23,000		238,180
				11,805,623
FOOD PRODUCTS — 4.47%
Ariake Japan Co. Ltd.		9,200		730,275
Chubu Shiryo Co. Ltd.		4,600		87,900
DyDo Group Holdings Inc.		4,600		287,109
Ezaki Glico Co. Ltd.		18,400		901,851
Feed One Co. Ltd.		27,600		64,147
Fuji Oil Holdings Inc.		27,600		822,529
Fujicco Co. Ltd.		9,200		204,253
Fujiya Co. Ltd.		4,600		111,136
Hokuto Corp.		9,200		182,267
House Foods Group Inc.		27,600		931,165
Itoham Yonekyu Holdings Inc.		64,400		546,198
J-Oil Mills Inc.		4,600		159,936
Kagome Co. Ltd.		36,800		1,260,522
Kameda Seika Co. Ltd.		4,600		221,152
Kenko Mayonnaise Co. Ltd.		4,600		156,272
Kewpie Corp.		50,600		1,389,894
KEY Coffee Inc.		9,200		187,009
Kotobuki Spirits Co. Ltd.		9,200		538,007
Marudai Food Co. Ltd.		46,000		219,859
Maruha Nichiro Corp.		18,400		544,904
MEGMILK SNOW BRAND Co. Ltd.		23,000		625,303
Mitsui Sugar Co. Ltd.		9,200		377,208
Morinaga & Co. Ltd./Japan		18,400		843,222
Morinaga Milk Industry Co. Ltd.		18,400		744,932
Nichirei Corp.		50,800		1,302,076

Security	Shares		Value
Nippon Beet Sugar Manufacturing Co. Ltd.		9,200	$	203,908
Nippon Flour Mills Co. Ltd.		23,000		356,300
Nippon Suisan Kaisha Ltd.		128,800		667,508
Nisshin OilliO Group Ltd. (The)		9,200		251,242
Prima Meat Packers Ltd.		46,000		278,056
Riken Vitamin Co. Ltd.		4,600		176,749
Rock Field Co. Ltd.		13,800		277,410
Rokko Butter Co. Ltd.		4,600		97,902
S Foods Inc.		4,600		184,724
Sakata Seed Corp.		13,800		481,102
Showa Sangyo Co. Ltd.		9,200		242,189
Warabeya Nichiyo Holdings Co. Ltd.		9,200		220,635
				16,876,851
GAS UTILITIES — 0.30%
K&O Energy Group Inc.		9,200		147,866
Nippon Gas Co. Ltd.		18,400		795,802
Shizuoka Gas Co. Ltd.		23,000		194,639
				1,138,307
HEALTH CARE EQUIPMENT & SUPPLIES — 1.85%
Asahi Intecc Co. Ltd.		37,200		1,324,774
Eiken Chemical Co. Ltd.		9,200		446,615
Fukuda Denshi Co. Ltd.		4,600		341,427
Hogy Medical Co. Ltd.		4,600		352,636
JEOL Ltd.		46,000		383,244
Mani Inc.		9,200		349,187
Menicon Co. Ltd.		9,200		227,187
Nagaileben Co. Ltd.		9,200		248,138
Nakanishi Inc.		9,200		513,003
Nihon Kohden Corp.		36,800		1,038,077
Nikkiso Co. Ltd.		27,600		310,647
Nipro Corp.		64,400		957,203
Paramount Bed Holdings Co. Ltd.		9,200		478,516
				6,970,654
HEALTH CARE PROVIDERS & SERVICES — 1.10%
AS ONE Corp.		4,600		315,562
BML Inc.		9,200		234,861
Japan Lifeline Co. Ltd.		18,400		602,671
Miraca Holdings Inc.		23,000		864,346
NichiiGakkan Co. Ltd.		18,400		200,545
Ship Healthcare Holdings Inc.		18,400		644,056
Solasto Corp.		4,600		122,776
Toho Holdings Co. Ltd.		23,000		545,551
Tokai Corp./Gifu		9,200		226,583

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Tsukui Corp.		27,600	$	229,946
Vital KSK Holdings Inc.		18,400		177,956
				4,164,853
HOTELS, RESTAURANTS & LEISURE — 3.53%
Arcland Service Holdings Co. Ltd.		4,600		98,936
Atom Corp.a		41,400		381,390
BRONCO BILLY Co. Ltd.		4,600		152,392
Colowide Co. Ltd.		27,600		640,694
Create Restaurants Holdings Inc.a		23,000		258,873
Doutor Nichires Holdings Co. Ltd.		13,800		321,511
Fuji Kyuko Co. Ltd.		9,200		233,567
Fujita Kanko Inc.a		4,600		137,088
Hiday Hidaka Corp.		11,459		291,240
Hiramatsu Inc.		13,800		72,683
HIS Co. Ltd.		18,400		686,303
Ichibanya Co. Ltd.		4,600		193,346
Kappa Create Co. Ltd.a,b		13,800		169,162
Kisoji Co. Ltd.		9,200		235,205
KNT-CT Holdings Co. Ltd.b		4,600		80,960
Komeda Holdings Co. Ltd.		13,800		261,890
Koshidaka Holdings Co. Ltd.		4,600		307,802
Kura Corp.		4,600		279,781
Kyoritsu Maintenance Co. Ltd.		13,880		598,360
Matsuya Foods Co. Ltd.		4,600		170,283
MOS Food Services Inc.		13,800		422,904
Ohsho Food Service Corp.		4,600		221,583
Pepper Food Service Co. Ltd.a		9,200		439,717
Plenus Co. Ltd.		9,200		178,215
Resorttrust Inc.		36,800		833,565
Ringer Hut Co. Ltd.		9,200		205,805
Round One Corp.		32,200		535,032
Royal Holdings Co. Ltd.		13,800		377,122
Saizeriya Co. Ltd.		13,800		392,512
Skylark Co. Ltd.		46,000		633,710
St. Marc Holdings Co. Ltd.		9,200		277,194
Sushiro Global Holdings Ltd.		9,200		417,731
Tokyo Dome Corp.		41,400		381,390
Tokyotokeiba Co. Ltd.		9,200		309,526
Toridoll Holdings Corp.		9,200		318,148
Tosho Co. Ltd.		9,200		341,427
WATAMI Co. Ltd.		9,200		114,585
Yoshinoya Holdings Co. Ltd.		27,600		498,949
Zensho Holdings Co. Ltd.		41,400		865,208
				13,335,789

Security	Shares		Value
HOUSEHOLD DURABLES — 1.94%
Alpine Electronics Inc.		18,400	$	369,017
Chofu Seisakusho Co. Ltd.		9,200		207,874
Clarion Co. Ltd.		46,000		147,866
Cleanup Corp.		9,200		71,044
Foster Electric Co. Ltd.		9,200		258,140
France Bed Holdings Co. Ltd.		13,800		128,811
Fujitsu General Ltd.		27,600		529,730
Funai Electric Co. Ltd.a		9,200		66,561
Haseko Corp.		124,200		1,835,560
JVC Kenwood Corp.		59,800		224,169
Misawa Homes Co. Ltd.		9,200		81,822
Pioneer Corp.a,b		147,200		267,624
Pressance Corp.		18,400		291,075
Sangetsu Corp.		23,000		484,335
Starts Corp. Inc.		13,800		365,870
Sumitomo Forestry Co. Ltd.		59,800		1,010,444
Tamron Co. Ltd.		9,200		213,737
Token Corp.		4,620		523,893
Zojirushi Corp.a		18,400		230,895
				7,308,467
HOUSEHOLD PRODUCTS — 0.63%
Earth Chemical Co. Ltd.		4,600		227,618
Pigeon Corp.		50,600		2,065,161
S.T. Corp.		4,600		100,661
				2,393,440
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.03%
eRex Co. Ltd.a		13,800		104,756
				104,756
INDUSTRIAL CONGLOMERATES — 0.38%
Katakura Industries Co. Ltd.		9,200		121,655
Nisshinbo Holdings Inc.		59,800		915,732
TOKAI Holdings Corp.		36,800		397,642
				1,435,029
INSURANCE — 0.08%
Anicom Holdings Inc.a		9,200		308,664
				308,664
INTERNET & DIRECT MARKETING RETAIL — 0.21%
ASKUL Corp.a		9,200		334,961
Belluna Co. Ltd.		18,400		223,652
Senshukai Co. Ltd.b		13,800		74,364
Yume No Machi Souzou Iinkai Co. Ltd.a		9,200		151,228
				784,205

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
INTERNET SOFTWARE & SERVICES — 1.03%
Ateam Inc.		4,600	$	114,240
COOKPAD Inc.a		27,600		155,712
CROOZ Inc.a		4,600		92,556
Dip Corp.		13,800		430,664
F@N Communications Inc.		18,400		128,639
GMO Internet Inc.		32,200		585,427
Gree Inc.		50,600		320,088
Gurunavi Inc.		13,800		187,526
Infomart Corp.		41,400		363,931
Internet Initiative Japan Inc.		13,800		316,855
Istyle Inc.		18,400		281,591
SMS Co. Ltd.		13,800		572,925
UNITED Inc./Japan		4,600		147,435
ZIGExN Co. Ltd.b		18,400		201,580
				3,899,169
IT SERVICES — 2.24%
Digital Garage Inc.		18,400		553,526
DTS Corp.		9,200		333,237
Future Corp.		4,600		52,464
GMO Payment Gateway Inc.a		9,274		779,605
Hearts United Group Co. Ltd.		4,600		69,751
Ines Corp.		13,800		139,546
Infocom Corp.		4,600		94,539
Information Services International-Dentsu Ltd.		4,600		116,439
Itochu Techno-Solutions Corp.		23,000		947,332
Kanematsu Electronics Ltd.		9,200		291,851
NEC Networks & System Integration Corp.		9,200		241,844
NET One Systems Co. Ltd.		36,800		571,460
Nihon Unisys Ltd.		32,200		674,448
NS Solutions Corp.		18,400		493,173
SCSK Corp.		23,056		950,718
TIS Inc.		36,848		1,370,944
TKC Corp.		9,200		403,936
Transcosmos Inc.		13,800		376,475
				8,461,288
LEISURE PRODUCTS — 0.53%
Fields Corp.a		9,200		99,583
Heiwa Corp.		23,016		499,771
Mars Engineering Corp.		4,600		105,834
Mizuno Corp.		9,200		273,746
Tomy Co. Ltd.		36,800		391,779
Universal Entertainment Corp.a		9,200		462,996

Security	Shares		Value
Yonex Co. Ltd.a		27,600	$	169,420
				2,003,129
LIFE SCIENCES TOOLS & SERVICES — 0.09%
EPS Holdings Inc.		13,800		290,213
Linical Co. Ltd.a		4,600		63,199
				353,412
MACHINERY — 6.87%
Aichi Corp.		13,800		96,608
Aida Engineering Ltd.		23,000		320,304
Anest Iwata Corp.		18,400		197,442
Asahi Diamond Industrial Co. Ltd.		23,000		279,996
Bando Chemical Industries Ltd.		18,400		205,891
CKD Corp.		23,000		586,505
Daiwa Industries Ltd.		13,800		158,945
DMG Mori Co. Ltd.		46,000		939,787
Ebara Corp.		46,000		1,724,380
Fuji Machine Manufacturing Co. Ltd.		32,200		661,171
Fujitec Co. Ltd.		23,000		308,017
Fukushima Industries Corp.		4,600		204,770
Furukawa Co. Ltd.		13,800		288,144
Giken Ltd.		4,600		127,733
Glory Ltd.		27,600		1,046,268
Harmonic Drive Systems Inc.		13,800		848,395
Hirata Corp.		4,600		455,236
Hitachi Zosen Corp.		73,600		373,846
Iseki & Co. Ltd.		9,200		189,854
Japan Steel Works Ltd. (The)		27,600		858,741
Kato Works Co. Ltd.		4,600		115,749
Kitz Corp.		36,800		302,111
Komori Corp.		23,000		305,862
Kyokuto Kaihatsu Kogyo Co. Ltd.		13,800		218,565
Makino Milling Machine Co. Ltd.		46,000		471,187
Max Co. Ltd.		9,200		128,811
Meidensha Corp.		92,000		349,187
METAWATER Co. Ltd.		4,600		138,597
Mitsubishi Logisnext Co. Ltd.		13,800		124,673
Mitsuboshi Belting Ltd.		7,000		78,525
Mitsui Engineering & Shipbuilding Co. Ltd.		32,200		585,729
Miura Co. Ltd.		41,400		1,169,776
Morita Holdings Corp.		13,800		262,408
Nachi-Fujikoshi Corp.		92,000		581,116
Namura Shipbuilding Co. Ltd.		23,000		139,675
Nippon Sharyo Ltd.b		46,000		131,484
Nippon Thompson Co. Ltd.		27,600		223,480

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Nissei ASB Machine Co. Ltd.		4,600	$	350,911
Nitta Corp.		9,200		356,085
Nitto Kohki Co. Ltd.		4,600		129,544
Nittoku Engineering Co. Ltd.		4,600		190,113
Noritake Co. Ltd./Nagoya Japan		4,600		234,516
NTN Corp.		184,000		813,907
Obara Group Inc.		4,600		292,714
Oiles Corp.		9,296		204,119
OKUMA Corp.		9,200		588,014
OSG Corp.		36,800		874,261
Ryobi Ltd.		9,200		252,967
Shibuya Corp.		9,200		375,053
Shima Seiki Manufacturing Ltd.		9,200		618,190
Shinmaywa Industries Ltd.		36,800		321,769
Sintokogio Ltd.		18,400		218,307
Sodick Co. Ltd.		18,400		259,174
Star Micronics Co. Ltd.		18,400		381,605
Tadano Ltd.		46,000		729,413
Takeuchi Manufacturing Co. Ltd.		13,800		334,573
Takuma Co. Ltd.		36,800		443,855
Teikoku Sen-I Co. Ltd.		9,200		172,783
Tocalo Co. Ltd.		19,200		264,145
Toshiba Machine Co. Ltd.		46,000		332,805
Tsubaki Nakashima Co. Ltd.		13,800		404,152
Tsubakimoto Chain Co.		46,000		393,590
Tsugami Corp.		21,000		288,712
Tsukishima Kikai Co. Ltd.		13,800		198,519
Tsurumi Manufacturing Co. Ltd.		9,200		171,490
Union Tool Co.		4,600		164,032
YAMABIKO Corp.		13,800		216,237
Yushin Precision Equipment Co. Ltd.		4,600		158,212
				25,932,735
MARINE — 0.35%
Iino Kaiun Kaisha Ltd.		41,400		218,048
Kawasaki Kisen Kaisha Ltd.a,b		41,400		1,005,659
NS United Kaiun Kaisha Ltd.		4,600		99,195
				1,322,902
MEDIA — 1.93%
Amuse Inc.		4,600		170,283
Avex Inc.		13,800		211,193
CyberAgent Inc.		46,000		1,993,815
D.A. Consortium Holdings Inc.		9,200		218,220
Daiichikosho Co. Ltd.		18,400		982,897
Kadokawa Dwangob		23,008		261,550
Lifull Co. Ltd.		23,000		222,876

Security	Shares		Value
Macromill Inc.a		9,200	$	259,088
Septeni Holdings Co. Ltd.a		46,000		187,526
Shochiku Co. Ltd.		4,600		648,367
SKY Perfect JSAT Holdings Inc.		59,800		270,685
Toei Animation Co. Ltd.		1,600		152,345
Toei Co. Ltd.		4,600		490,586
Tokyo Broadcasting System Holdings Inc.		18,400		416,783
TV Asahi Holdings Corp.		9,200		188,044
Vector Inc.b		13,800		294,869
Zenrin Co. Ltd.		9,200		299,180
				7,268,307
METALS & MINING — 2.25%
Aichi Steel Corp.		4,600		199,166
Asahi Holdings Inc.		13,800		260,856
Daido Steel Co. Ltd.		13,800		752,692
Dowa Holdings Co. Ltd.		23,200		864,252
Godo Steel Ltd.		4,600		89,754
Kyoei Steel Ltd.a		9,200		147,866
Mitsubishi Steel Manufacturing Co. Ltd.		4,600		112,430
Mitsui Mining & Smelting Co. Ltd.		27,600		1,394,162
Nakayama Steel Works Ltd.		4,600		30,737
Neturen Co. Ltd.		13,800		139,416
Nippon Denko Co. Ltd.		50,600		181,146
Nippon Light Metal Holdings Co. Ltd.		262,200		715,057
Nisshin Steel Co. Ltd.		23,000		308,449
Nittetsu Mining Co. Ltd.		4,600		309,957
Osaka Steel Co. Ltd.		4,600		93,763
OSAKA Titanium Technologies Co. Ltd.		9,200		227,704
Pacific Metals Co. Ltd.b		4,600		143,339
Sanyo Special Steel Co. Ltd.		9,200		204,253
Toho Titanium Co. Ltd.		13,800		187,656
Toho Zinc Co. Ltd.		4,600		245,724
Tokyo Steel Manufacturing Co. Ltd.		41,400		337,159
Topy Industries Ltd.		9,200		282,367
Toyo Kohan Co. Ltd.		18,400		122,948
UACJ Corp.		13,814		338,667
Yamato Kogyo Co. Ltd.		18,400		541,455
Yodogawa Steel Works Ltd.		9,200		263,399
				8,494,374
MULTILINE RETAIL — 0.94%
Fuji Co. Ltd./Ehime		9,200		193,044
H2O Retailing Corp.		36,835		727,690

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Izumi Co. Ltd.		18,400	$	1,210,515
Kintetsu Department Store Co. Ltd.b		4,600		167,481
Matsuya Co. Ltd.		13,800		199,942
Parco Co. Ltd.		9,200		129,070
Seria Co. Ltd.		18,400		924,268
				3,552,010
OIL, GAS & CONSUMABLE FUELS — 0.49%
Cosmo Energy Holdings Co. Ltd.		27,600		975,137
ITOCHU Enex Co. Ltd.		23,000		221,367
Japan Petroleum Exploration Co. Ltd.		13,800		327,201
San-Ai Oil Co. Ltd.		23,000		321,166
				1,844,871
PAPER & FOREST PRODUCTS — 0.57%
Daiken Corp.		9,200		235,378
Daio Paper Corp.a		32,200		445,407
Hokuetsu Kishu Paper Co. Ltd.		55,200		358,499
Nippon Paper Industries Co. Ltd.		46,000		909,611
Tokushu Tokai Paper Co. Ltd.		4,600		181,922
				2,130,817
PERSONAL PRODUCTS — 1.38%
Ci:z Holdings Co. Ltd.		13,800		800,544
Euglena Co. Ltd.a,b		32,200		298,145
Fancl Corp.		18,400		663,886
Kobayashi Pharmaceutical Co. Ltd.		23,000		1,506,677
Mandom Corp.		18,400		650,954
Milbon Co. Ltd.		9,200		386,261
Noevir Holdings Co. Ltd.		9,200		688,890
YA-MAN Ltd.a		13,800		229,688
				5,225,045
PHARMACEUTICALS — 2.28%
ASKA Pharmaceutical Co. Ltd.		9,200		184,509
JCR Pharmaceuticals Co. Ltd.		4,600		235,809
Kaken Pharmaceutical Co. Ltd.		13,800		783,731
Kissei Pharmaceutical Co. Ltd.		13,800		377,639
KYORIN Holdings Inc.		18,400		356,602
Mochida Pharmaceutical Co. Ltd.		4,600		331,943
Nichi-Iko Pharmaceutical Co. Ltd.a		18,450		290,137
Nippon Shinyaku Co. Ltd.		23,000		1,297,596
Rohto Pharmaceutical Co. Ltd.		46,000		1,290,699
Sawai Pharmaceutical Co. Ltd.		13,800		642,116
Seikagaku Corp.		18,400		363,499
Sosei Group Corp.a,b		9,200		833,738
Torii Pharmaceutical Co. Ltd.		4,600		126,871
Towa Pharmaceutical Co. Ltd.		4,600		299,611

Security	Shares		Value
Tsumura & Co.		27,600	$	928,579
ZERIA Pharmaceutical Co. Ltd.		13,800		271,073
				8,614,152
PROFESSIONAL SERVICES — 1.97%
Benefit One Inc.a		18,400		474,549
en-japan Inc.		9,200		525,074
FULLCAST Holdings Co. Ltd.		9,200		221,497
Funai Soken Holdings Inc.a		13,800		284,135
JAC Recruitment Co. Ltd.a		4,600		97,859
Link And Motivation Inc.		13,800		142,649
Meitec Corp.		9,400		534,727
Nihon M&A Center Inc.		32,200		2,100,295
Nomura Co. Ltd.		18,400		369,017
Outsourcing Inc.a		32,200		623,148
Pasona Group Inc.		9,200		201,408
Tanseisha Co. Ltd.		18,400		185,371
TechnoPro Holdings Inc.		13,800		825,116
Trust Tech Inc.		4,600		140,752
UT Group Co. Ltd.b		13,800		492,095
Yumeshin Holdings Co. Ltd.		18,400		219,341
				7,437,033
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.95%
Ardepro Co. Ltd.a		69,000		55,611
Daibiru Corp.		23,000		285,816
Daikyo Inc.		13,800		294,740
Goldcrest Co. Ltd.		9,200		194,941
Heiwa Real Estate Co. Ltd.		18,400		346,945
Ichigo Inc.		105,800		438,251
Investors Cloud Co. Ltd.		9,200		182,181
Japan Asset Marketing Co. Ltd.b		59,800		72,855
Kenedix Inc.		115,000		735,017
Leopalace21 Corp.		115,000		910,688
NTT Urban Development Corp.		55,200		687,511
Open House Co. Ltd.		13,800		834,169
Relo Group Inc.		50,600		1,429,727
Sun Frontier Fudousan Co. Ltd.		9,200		105,015
Takara Leben Co. Ltd.		36,800		164,161
TOC Co. Ltd.		27,600		222,704
Tosei Corp.		13,800		172,395
Unizo Holdings Co. Ltd.		9,200		243,310
				7,376,037
ROAD & RAIL — 2.15%
Fukuyama Transporting Co. Ltd.		13,800		603,964
Hamakyorex Co. Ltd.		4,600		154,332

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Hitachi Transport System Ltd.		23,000	$	571,848
Nankai Electric Railway Co. Ltd.		46,000		1,176,458
Nikkon Holdings Co. Ltd.		27,600		711,048
Nishi-Nippon Railroad Co. Ltd.		27,600		737,949
Sakai Moving Service Co. Ltd.a		4,600		245,293
Sankyu Inc.		23,200		1,130,594
Seino Holdings Co. Ltd.		69,000		1,184,003
Senko Group Holdings Co. Ltd.		46,000		328,494
Sotetsu Holdings Inc.		36,800		978,758
Trancom Co. Ltd.		4,600		306,078
				8,128,819
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.23%
Advantest Corp.		73,600		1,563,668
Ferrotec Holdings Corp.		13,800		349,316
Japan Material Co. Ltd.		27,600		385,658
Lasertec Corp.		18,400		764,763
Megachips Corp.		9,200		317,717
Micronics Japan Co. Ltd.a		13,800		138,381
Mimasu Semiconductor Industry Co. Ltd.		4,600		87,986
Mitsui High-Tec Inc.a		9,200		178,560
Sanken Electric Co. Ltd.		46,000		357,809
SCREEN Holdings Co. Ltd.		18,400		1,731,278
Shindengen Electric Manufacturing Co. Ltd.		4,600		364,275
Shinko Electric Industries Co. Ltd.		32,200		261,632
Tokyo Seimitsu Co. Ltd.		18,400		769,936
Ulvac Inc.		18,400		1,143,264
				8,414,243
SOFTWARE — 1.68%
Broadleaf Co. Ltd.		18,400		207,788
Capcom Co. Ltd.		18,400		744,932
COLOPL Inc.a		23,000		212,961
Digital Arts Inc.		4,600		168,127
Fuji Soft Inc.		9,200		348,325
Fukui Computer Holdings Inc.		4,600		104,411
GungHo Online Entertainment Inc.		174,800		615,949
Gunosy Inc.a,b		4,600		115,318
Justsystems Corp.		13,800		303,663
KLab Inc.a		13,800		213,133
Koei Tecmo Holdings Co. Ltd.		18,440		382,089
Marvelous Inc.a		13,800		120,017
Miroku Jyoho Service Co. Ltd.		9,200		279,350
MTI Ltd.		13,800		79,925

Security	Shares		Value
NSD Co. Ltd.		18,400	$	384,020
OBIC Business Consultants Co. Ltd.		4,600		272,452
Square Enix Holdings Co. Ltd.		37,000		1,588,117
Systena Corp.		4,600		198,304
				6,338,881
SPECIALTY RETAIL — 2.91%
Adastria Co. Ltd.		9,200		200,545
Alpen Co. Ltd.		9,200		211,150
AOKI Holdings Inc.		18,400		296,249
Aoyama Trading Co. Ltd.		23,000		960,264
Arcland Sakamoto Co. Ltd.		9,200		152,004
Asahi Co. Ltd.		9,200		114,068
Autobacs Seven Co. Ltd.		32,200		629,485
Bic Camera Inc.		41,400		625,821
Chiyoda Co. Ltd.		9,200		236,757
DCM Holdings Co. Ltd.		46,000		454,805
EDION Corp.a		32,200		391,693
Geo Holdings Corp.		13,800		253,355
IDOM Inc.		27,600		185,198
JINS Inc.a		5,600		272,377
Joshin Denki Co. Ltd.		4,900		177,255
Joyful Honda Co. Ltd.		13,800		472,049
K’s Holdings Corp.		36,800		1,028,420
Keiyo Co. Ltd.		13,800		79,278
Kohnan Shoji Co. Ltd.		13,800		325,520
Komeri Co. Ltd.		13,800		399,625
Laox Co. Ltd.b		13,800		69,320
LIXIL VIVA Corp.		9,400		190,017
Nishimatsuya Chain Co. Ltd.		23,000		274,608
Nojima Corp.		13,800		326,425
PAL GROUP Holdings Co. Ltd.		4,600		130,191
PC Depot Corp.		13,840		102,466
Sac’s Bar Holdings Inc.		9,200		104,153
Sanrio Co. Ltd.a		23,000		417,085
Shimachu Co. Ltd.		18,400		613,017
T-Gaia Corp.		9,200		265,124
United Arrows Ltd.		9,200		377,639
VT Holdings Co. Ltd.		36,800		198,649
Xebio Holdings Co. Ltd.		9,200		187,613
Yellow Hat Ltd.		9,200		275,901
				10,998,126
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.59%
Eizo Corp.		9,200		444,028
Elecom Co. Ltd.		4,600		103,851

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Maxell Holdings Ltd.		18,400	$	376,087
MCJ Co. Ltd.		13,800		185,974
Melco Holdings Inc.		4,600		157,134
Riso Kagaku Corp.		9,200		197,614
Roland DG Corp.		4,600		119,155
Toshiba TEC Corp.		46,000		288,403
Wacom Co. Ltd.		64,400		342,203
				2,214,449
TEXTILES, APPAREL & LUXURY GOODS — 1.16%
Descente Ltd.		18,400		291,765
Fujibo Holdings Inc.		4,600		185,155
Goldwin Inc.		1,800		205,970
Gunze Ltd.		9,200		515,590
Japan Wool Textile Co. Ltd. (The)		32,200		332,848
Kurabo Industries Ltd.		92,000		306,940
Onward Holdings Co. Ltd.		46,000		394,021
Seiko Holdings Corp.		9,200		253,570
Seiren Co. Ltd.		23,000		452,003
TSI Holdings Co. Ltd.		32,200		232,964
Tsutsumi Jewelry Co. Ltd.		4,600		92,729
Unitika Ltd.b		27,600		183,129
Wacoal Holdings Corp.		23,000		685,441
Yondoshi Holdings Inc.		9,200		233,309
				4,365,434
TRADING COMPANIES & DISTRIBUTORS — 2.40%
Hanwa Co. Ltd.		18,400		839,773
Inaba Denki Sangyo Co. Ltd.		9,400		436,502
Inabata & Co. Ltd.		18,400		279,350
Iwatani Corp.		18,400		705,272
Japan Pulp & Paper Co. Ltd.		4,600		189,897
Kamei Corp.		9,200		138,899
Kanamoto Co. Ltd.		13,800		437,777
Kanematsu Corp.		36,800		501,450
MonotaRO Co. Ltd.a		27,600		891,073
Nagase & Co. Ltd.		50,600		884,866
Nippon Steel & Sumikin Bussan Corp.		4,744		271,645
Nishio Rent All Co. Ltd.		9,200		294,007
Sojitz Corp.		565,800		1,866,469
Trusco Nakayama Corp.		18,400		483,171
Wakita & Co. Ltd.		18,400		223,480
Yamazen Corp.		27,600		307,543
Yuasa Trading Co. Ltd.		9,200		322,459
				9,073,633

Security	Shares		Value
TRANSPORTATION INFRASTRUCTURE — 0.29%
Mitsubishi Logistics Corp.		23,000	$	543,180
Nissin Corp.		9,200		238,568
Sumitomo Warehouse Co. Ltd. (The)		46,000		322,890
				1,104,638
TOTAL COMMON STOCKS
(Cost: $357,454,828)				376,936,086
SHORT-TERM INVESTMENTS — 4.55%
MONEY MARKET FUNDS — 4.55%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%c,d,e		16,637,910		16,639,573
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%c,d		535,449		535,449
				17,175,022
TOTAL SHORT-TERM INVESTMENTS
(Cost: $17,175,269)				17,175,022
TOTAL INVESTMENTS IN SECURITIES — 104.39%
(Cost: $374,630,097)				394,111,108
Other Assets, Less Liabilities — (4.39)%				(16,574,161	)
NET ASSETS — 100.00%			$	377,536,947

^a  All or a portion of this security is on loan.

^b  Non-income producing security.

^c  Affiliate of the Fund.

^d  Annualized 7-day yield as of period end.

^e  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold		Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		9,394,924		7,242,986	b		—		16,637,910	$	16,639,573	$	183,071	c	$	(954	)	$	(1,475	)
BlackRock Cash Funds: Treasury, SL Agency Shares		78,081		457,368	b		—		535,449		535,449		1,518			—			—
										$	17,175,022	$	184,589		$	(954	)	$	(1,475	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
TOPIX Index		6		Mar 2018	$	994	$	(31,473	)

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	376,936,086		$	—	$	—	$	376,936,086
Money market funds		17,175,022			—		—		17,175,022
Total	$	394,111,108		$	—	$	—	$	394,111,108
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(31,473	)	$	—	$	—	$	(31,473	)
Total	$	(31,473	)	$	—	$	—	$	(31,473	)

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

See notes to financial statements.

28 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI MALAYSIA ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.83%
AIRLINES — 1.23%
AirAsia Bhd		7,059,300	$	7,893,728
				7,893,728
AUTOMOBILES — 0.57%
UMW Holdings Bhda		2,193,600		3,640,133
				3,640,133
BANKS — 33.23%
Alliance Bank Malaysia Bhd		4,733,600		4,978,921
AMMB Holdings Bhdb		7,781,837		8,224,867
CIMB Group Holdings Bhd		21,642,512		39,726,746
Hong Leong Bank Bhd		3,052,640		15,602,209
Hong Leong Financial Group Bhd		1,077,300		5,253,110
Malayan Banking Bhd		20,238,981		54,046,398
Public Bank Bhd		13,666,480		80,247,393
RHB Bank Bhd		3,772,702		5,181,807
RHB Bank Bhd Newa,c		1,621,200		4
				213,261,455
CHEMICALS — 3.63%
Petronas Chemicals Group Bhd		11,265,700		23,267,683
				23,267,683
CONSTRUCTION & ENGINEERING — 3.07%
Gamuda Bhd		8,067,600		10,215,802
IJM Corp. Bhd		13,625,880		9,461,933
				19,677,735
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.24%
Telekom Malaysia Bhd		5,292,000		7,971,100
				7,971,100
ELECTRIC UTILITIES — 9.97%
Tenaga Nasional Bhd		15,957,812		63,961,616
				63,961,616
ENERGY EQUIPMENT & SERVICES — 2.02%
Dialog Group Bhd		14,565,154		9,853,882
Sapura Energy Bhdb		18,282,800		3,127,260
				12,981,142
FOOD PRODUCTS — 10.50%
Felda Global Ventures Holdings Bhd		6,858,700		3,396,956
Genting Plantations Bhd		1,135,800		2,928,665
IOI Corp. Bhd		10,323,830		12,361,185
Kuala Lumpur Kepong Bhd		2,254,900		14,414,781
Nestle Malaysia Bhd		275,200		9,000,031
PPB Group Bhd		2,225,866		10,058,164

Security	Shares		Value
Sime Darby Plantation Bhda		11,173,155	$	15,260,755
				67,420,537
GAS UTILITIES — 2.28%
Petronas Gas Bhd		3,250,900		14,623,655
				14,623,655
HEALTH CARE EQUIPMENT & SUPPLIES — 1.44%
Hartalega Holdings Bhd		3,106,100		9,261,999
				9,261,999
HEALTH CARE PROVIDERS & SERVICES — 2.27%
IHH Healthcare Bhd		9,668,700		14,588,210
				14,588,210
HOTELS, RESTAURANTS & LEISURE — 6.74%
Genting Bhd		10,848,300		24,510,456
Genting Malaysia Bhdb		13,936,700		18,750,679
				43,261,135
INDUSTRIAL CONGLOMERATES — 2.34%
HAP Seng Consolidated Bhdb		2,921,700		7,123,369
Sime Darby Bhd		11,173,155		7,872,838
				14,996,207
MARINE — 1.71%
MISC Bhd		6,285,920		11,008,785
				11,008,785
MEDIA — 0.71%
Astro Malaysia Holdings Bhd		7,342,300		4,536,218
				4,536,218
METALS & MINING — 1.42%
Press Metal Aluminium Holdings Bhd		6,170,400		9,136,666
				9,136,666
MULTI-UTILITIES — 1.60%
YTL Corp. Bhd		20,485,862		7,478,882
YTL Power International Bhd		9,610,556		2,772,512
				10,251,394
OIL, GAS & CONSUMABLE FUELS — 1.20%
Petronas Dagangan Bhd		1,165,800		7,678,744
				7,678,744
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.15%
IOI Properties Group Bhd		7,753,825		3,662,133
Sime Darby Property Bhda		11,173,155		4,021,994
SP Setia Bhd Group		7,047,000		6,098,884
				13,783,011

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MALAYSIA ETF

February 28, 2018

Security	Shares		Value
TOBACCO — 0.76%
British American Tobacco Malaysia Bhdb		670,100	$	4,858,524
				4,858,524
TRANSPORTATION INFRASTRUCTURE — 2.05%
Malaysia Airports Holdings Bhd		3,894,200		8,649,359
Westports Holdings Bhd		4,802,000		4,511,453
				13,160,812
WIRELESS TELECOMMUNICATION SERVICES — 7.70%
Axiata Group Bhd		12,741,400		17,565,371
DiGi.Com Bhdb		14,598,500		18,038,484
Maxis Bhd		9,165,800		13,829,430
				49,433,285
TOTAL COMMON STOCKS
(Cost: $450,382,727)				640,653,774
SHORT-TERM INVESTMENTS — 2.29%
MONEY MARKET FUNDS — 2.29%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		14,432,237		14,433,680
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		283,679		283,679
				14,717,359
TOTAL SHORT-TERM INVESTMENTS
(Cost: $14,717,067)				14,717,359

	Value
TOTAL INVESTMENTS IN SECURITIES — 102.12%	$	655,371,133
(Cost: $465,099,794)
Other Assets, Less Liabilities — (2.12)%		(13,604,751	)
NET ASSETS — 100.00%	$	641,766,382

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		12,721,787		1,710,450	b		—			14,432,237	$	14,433,680	$	203,045	c	$	(2,811	)	$	(2,343	)
BlackRock Cash Funds: Treasury, SL Agency Shares		290,485		—			(6,806	)b		283,679		283,679		4,802			—			—
											$	14,717,359	$	207,847		$	(2,811	)	$	(2,343	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

30 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MALAYSIA ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	640,653,770	$	—	$	4	$	640,653,774
Money market funds		14,717,359		—		—		14,717,359
Total	$	655,371,129	$	—	$	4	$	655,371,133

See notes to financial statements.

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited)

iSHARES^® MSCI PACIFIC ex JAPAN ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.32%
AUSTRALIA — 56.77%
AGL Energy Ltd.		1,193,105	$	20,323,837
Alumina Ltd.		4,459,582		7,749,540
Amcor Ltd./Australia		2,108,784		22,841,456
AMP Ltd.		5,338,154		22,005,116
APA Group		2,012,833		12,548,003
APA Group Newa		119,304		743,741
Aristocrat Leisure Ltd.		989,189		19,000,852
ASX Ltd.		353,389		16,079,346
Aurizon Holdings Ltd.		3,670,101		13,069,865
AusNet Services		3,179,318		4,211,723
Australia & New Zealand Banking Group Ltd.		5,357,202		121,272,140
Bank of Queensland Ltd.		711,403		7,001,578
Bendigo & Adelaide Bank Ltd.		870,907		7,695,941
BGP Holdings PLCa,b		27,004,595		329
BHP Billiton Ltd.		5,846,685		138,958,916
BlueScope Steel Ltd.		1,020,857		12,990,563
Boral Ltd.		2,141,199		13,031,216
Brambles Ltd.		2,893,282		21,644,068
Caltex Australia Ltd.		474,834		13,013,408
Challenger Ltd./Australia		1,057,473		10,382,853
CIMIC Group Ltd.		177,735		6,481,801
Coca-Cola Amatil Ltd.		986,882		6,690,543
Cochlear Ltd.		105,096		15,060,688
Commonwealth Bank of Australia		3,187,345		189,732,822
Computershare Ltd.		846,033		11,761,400
Crown Resorts Ltd.		693,870		7,299,427
CSL Ltd.		823,571		104,717,253
Dexus		1,857,213		13,459,271
Domino’s Pizza Enterprises Ltd.c		111,268		3,415,334
Flight Centre Travel Group Ltd.c		102,401		4,611,410
Fortescue Metals Group Ltd.		2,843,653		11,168,221
Goodman Group		3,286,250		21,024,256
GPT Group (The)		3,290,191		12,204,077
Harvey Norman Holdings Ltd.		999,984		3,124,743
Healthscope Ltd.		3,173,375		4,673,692
Incitec Pivot Ltd.		3,077,392		9,112,621
Insurance Australia Group Ltd.		4,307,255		27,522,718
James Hardie Industries PLC		804,808		14,330,303
LendLease Group		1,007,384		14,012,323
Macquarie Group Ltd.		589,265		47,594,507
Medibank Pvt Ltd.		5,031,604		12,429,183
Mirvac Group		6,784,333		11,207,788

Security	Shares		Value
National Australia Bank Ltd.		4,896,848	$	115,162,939
Newcrest Mining Ltd.		1,396,035		23,117,035
Oil Search Ltd.		2,480,246		14,592,127
Orica Ltd.		686,276		9,973,659
Origin Energy Ltd.a		3,191,664		22,508,296
QBE Insurance Group Ltd.		2,480,356		19,695,413
Ramsay Health Care Ltd.		258,441		12,868,833
REA Group Ltd.		95,004		5,699,714
Rio Tinto Ltd.		751,234		47,510,998
Santos Ltd.a		3,421,337		13,437,030
Scentre Group		9,677,276		28,957,511
Seek Ltd.		602,919		9,495,157
Sonic Healthcare Ltd.		727,328		13,885,876
South32 Ltd.		9,451,278		24,451,500
Stockland		4,412,112		13,890,081
Suncorp Group Ltd.		2,357,041		24,905,984
Sydney Airport		1,994,951		10,244,589
Tabcorp Holdings Ltd.		3,488,630		12,559,541
Telstra Corp. Ltd.		7,578,272		19,782,988
TPG Telecom Ltd.c		677,231		3,224,445
Transurban Group		4,047,849		36,526,642
Treasury Wine Estates Ltd.		1,325,578		18,076,744
Vicinity Centres		5,995,285		11,586,130
Wesfarmers Ltd.		2,065,144		66,510,870
Westfield Corp.		3,594,004		24,533,502
Westpac Banking Corp.		6,189,226		148,402,330
Woodside Petroleum Ltd.		1,703,999		38,746,413
Woolworths Group Ltd.		2,356,502		50,700,367
				1,877,245,586
HONG KONG — 30.03%
AIA Group Ltd.		22,029,814		184,536,607
ASM Pacific Technology Ltd.		554,500		7,971,739
Bank of East Asia Ltd. (The)		2,292,520		10,092,561
BOC Hong Kong Holdings Ltd.		6,708,000		33,945,894
CK Asset Holdings Ltd.		4,694,732		40,616,124
CK Hutchison Holdings Ltd.		4,896,732		61,324,133
CK Infrastructure Holdings Ltd.		1,206,708		10,131,332
CLP Holdings Ltd.		2,981,000		30,132,660
First Pacific Co. Ltd./Hong Kong		3,970,500		2,481,150
Galaxy Entertainment Group Ltd.		4,268,000		37,360,612
Hang Lung Group Ltd.		1,604,000		5,431,868
Hang Lung Properties Ltd.		3,696,736		8,834,034
Hang Seng Bank Ltd.		1,409,200		35,026,057
Henderson Land Development Co. Ltd.		2,180,002		14,207,775

32 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI PACIFIC ex JAPAN ETF

February 28, 2018

Security	Shares		Value
HK Electric Investments & HK Electric Investments Ltd.c,d		4,862,000	$	4,560,474
HKT Trust & HKT Ltd.		6,837,338		8,737,477
Hong Kong & China Gas Co. Ltd.		15,442,237		30,547,817
Hong Kong Exchanges & Clearing Ltd.		2,129,300		77,277,702
Hongkong Land Holdings Ltd.		2,151,000		14,820,390
Hysan Development Co. Ltd.		1,142,830		6,623,048
Jardine Matheson Holdings Ltd.		393,400		25,630,010
Jardine Strategic Holdings Ltd.		402,700		16,039,541
Kerry Properties Ltd.		1,190,500		5,408,390
Kingston Financial Group Ltd.c		7,434,000		4,493,479
Li & Fung Ltd.		10,841,200		5,472,345
Link REIT		4,003,086		34,223,155
Melco Resorts & Entertainment Ltd. ADR		450,303		12,360,817
MGM China Holdings Ltd.		1,735,600		5,112,338
Minth Group Ltd.		1,352,000		7,999,387
MTR Corp. Ltd.		2,774,286		14,712,902
New World Development Co. Ltd.		10,903,921		16,609,553
NWS Holdings Ltd.		2,837,000		5,351,120
PCCW Ltd.		7,691,867		4,383,950
Power Assets Holdings Ltd.		2,522,500		21,452,516
Sands China Ltd.		4,396,800		24,806,553
Shangri-La Asia Ltd.		2,273,000		5,118,048
Sino Land Co. Ltd.		5,720,800		10,117,934
SJM Holdings Ltd.		3,617,000		3,471,262
Sun Hung Kai Properties Ltd.		2,629,000		43,910,176
Swire Pacific Ltd. Class A		909,000		9,200,005
Swire Properties Ltd.		2,137,200		7,305,803
Techtronic Industries Co. Ltd.		2,494,707		15,653,089
WH Group Ltd.d		16,031,000		19,871,532
Wharf Holdings Ltd. (The)		2,191,600		8,205,932
Wharf Real Estate Investment Co. Ltd.a		2,191,600		14,899,508
Wheelock & Co. Ltd.		1,478,000		10,775,293
Wynn Macau Ltd.		2,884,800		10,137,886
Yue Yuen Industrial Holdings Ltd.		1,345,500		5,760,067
				993,142,045
NEW ZEALAND — 1.39%
Auckland International Airport Ltd.		1,738,007		8,096,528
Fisher & Paykel Healthcare Corp. Ltd.		1,034,550		10,311,412
Fletcher Building Ltd.		1,253,719		5,894,796

Security	Shares		Value
Mercury NZ Ltd.		1,362,018	$	3,118,385
Meridian Energy Ltd.		2,340,818		4,733,837
Ryman Healthcare Ltd.		722,639		5,574,170
Spark New Zealand Ltd.		3,335,848		8,083,257
				45,812,385
SINGAPORE — 11.13%
Ascendas REIT		4,553,525		9,121,851
CapitaLand Commercial Trust		4,573,493		5,981,134
CapitaLand Ltd.		4,694,100		12,880,964
CapitaLand Mall Trust		4,524,500		6,908,939
City Developments Ltd.		751,100		7,244,991
ComfortDelGro Corp. Ltd.		3,973,700		6,097,903
DBS Group Holdings Ltd.		3,251,000		70,532,336
Genting Singapore PLC		11,089,300		9,724,147
Golden Agri-Resources Ltd.		12,922,587		3,516,749
Hutchison Port Holdings Trustc		9,652,000		3,522,980
Jardine Cycle & Carriage Ltd.		179,300		5,038,047
Keppel Corp. Ltd.		2,659,000		16,120,633
Oversea-Chinese Banking Corp. Ltd.c		5,724,224		56,513,108
SATS Ltd.		1,237,600		4,864,890
SembCorp Industries Ltd.		1,857,740		4,493,909
Singapore Airlines Ltd.		978,700		8,204,848
Singapore Exchange Ltd.		1,456,500		8,312,791
Singapore Press Holdings Ltd.c		2,689,717		5,286,513
Singapore Technologies Engineering Ltd.		2,866,900		7,390,202
Singapore Telecommunications Ltd.		14,913,828		38,106,164
StarHub Ltd.		1,164,600		2,200,930
Suntec REIT		4,618,100		6,912,226
United Overseas Bank Ltd.		2,424,000		51,105,840
UOL Group Ltd.		925,100		5,958,236
Wilmar International Ltd.		2,959,100		7,225,228
Yangzijiang Shipbuilding Holdings Ltd.		4,332,900		4,945,896
				368,211,455
TOTAL COMMON STOCKS
(Cost: $3,060,317,622)				3,284,411,471

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI PACIFIC ex JAPAN ETF

February 28, 2018

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.81%
MONEY MARKET FUNDS — 0.81%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		26,237,834	$	26,240,458
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%e,f		480,402		480,402
				26,720,860
TOTAL SHORT-TERM INVESTMENTS
(Cost: $26,720,020)				26,720,860

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.13%
(Cost: $3,087,037,642)	$	3,311,132,331
Other Assets, Less Liabilities — (0.13)%		(4,140,625	)
NET ASSETS — 100.00%	$	3,306,991,706

ADR  —  American Depositary Receipts

^a  Non-income producing security.

^b  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^c  All or a portion of this security is on loan.

^d  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		44,795,138		—		(18,557,304	)b		26,237,834	$	26,240,458	$	253,345	c	$	(6,375	)	$	(3,615	)
BlackRock Cash Funds: Treasury, SL Agency Shares		800,222		—		(319,820	)b		480,402		480,402		19,161			—			—
										$	26,720,860	$	272,506		$	(6,375	)	$	(3,615	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

34 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI PACIFIC ex JAPAN ETF

February 28, 2018

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
ASX SPI 200 Index		122		Mar 2018	$	14,263	$	173,484
Hang Seng Index		23		Mar 2018		4,516		(42,139	)
MSCI Singapore Index		120		Mar 2018		3,634		2,413
Total							$	133,758

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common stocks	$	3,284,411,142		$	—	$	329	$	3,284,411,471
Money market funds		26,720,860			—		—		26,720,860
Total	$	3,311,132,002		$	—	$	329	$	3,311,132,331
Derivative financial instrumentsa
Assets
Futures contracts	$	175,897		$	—	$	—	$	175,897
Liabilities
Futures contracts		(42,139	)		—		—		(42,139	)
Total	$	133,758		$	—	$	—	$	133,758

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited)

iSHARES^® MSCI SINGAPORE ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.64%
AEROSPACE & DEFENSE — 2.55%
Singapore Technologies Engineering Ltd.		6,889,400	$	17,759,273
				17,759,273
AIRLINES — 2.81%
Singapore Airlines Ltd.		2,331,067		19,542,301
				19,542,301
BANKS — 44.61%
DBS Group Holdings Ltd.		5,758,600		124,936,176
Oversea-Chinese Banking Corp. Ltd.a		9,908,850		97,826,345
United Overseas Bank Ltd.		4,167,900		87,872,949
				310,635,470
CAPITAL MARKETS — 2.80%
Singapore Exchange Ltd.		3,415,600		19,494,107
				19,494,107
DISTRIBUTORS — 1.88%
Jardine Cycle & Carriage Ltd.		466,244		13,100,722
				13,100,722
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.53%
Singapore Telecommunications Ltd.		12,328,468		31,500,338
				31,500,338
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 9.15%
Ascendas REIT		10,463,681		20,961,375
CapitaLand Commercial Trust		7,213,783		9,434,059
CapitaLand Mall Trust		10,929,800		16,689,871
Suntec REIT		11,122,700		16,648,105
				63,733,410
FOOD PRODUCTS — 4.16%
Golden Agri-Resources Ltd.		37,205,828		10,125,183
Wilmar International Ltd.		7,718,200		18,845,512
				28,970,695
HOTELS, RESTAURANTS & LEISURE — 3.13%
Genting Singapore PLC		24,885,300		21,821,785
				21,821,785
INDUSTRIAL CONGLOMERATES — 6.22%
Keppel Corp. Ltd.		5,180,000		31,404,619
SembCorp Industries Ltd.		4,921,000		11,903,995
				43,308,614

Security	Shares		Value
MACHINERY — 1.80%
Yangzijiang Shipbuilding Holdings Ltd.		10,981,600	$	12,535,220
				12,535,220
MEDIA — 1.75%
Singapore Press Holdings Ltd.a		6,178,700		12,143,947
				12,143,947
REAL ESTATE MANAGEMENT & DEVELOPMENT — 7.82%
CapitaLand Ltd.		8,236,200		22,600,753
City Developments Ltd.		1,806,900		17,429,069
UOL Group Ltd.		2,238,400		14,416,728
				54,446,550
ROAD & RAIL — 2.17%
ComfortDelGro Corp. Ltd.		9,829,700		15,084,319
				15,084,319
TRANSPORTATION INFRASTRUCTURE — 3.24%
Hutchison Port Holdings Trust		26,792,600		9,779,299
SATS Ltd.		3,258,100		12,807,287
				22,586,586
WIRELESS TELECOMMUNICATION SERVICES — 1.02%
StarHub Ltd.		3,770,900		7,126,469
				7,126,469
TOTAL COMMON STOCKS
(Cost: $650,625,563)				693,789,806
SHORT-TERM INVESTMENTS — 0.99%
MONEY MARKET FUNDS — 0.99%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%b,c,d		6,786,740		6,787,419
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%b,c		110,673		110,673
				6,898,092
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,897,433)				6,898,092

36 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SINGAPORE ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.63%
(Cost: $657,522,996)	$	700,687,898
Other Assets, Less Liabilities — (0.63)%		(4,401,170	)
NET ASSETS — 100.00%	$	696,286,728

^a  All or a portion of this security is on loan.

^b  Affiliate of the Fund.

^c  Annualized 7-day yield as of period end.

^d  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		17,309,109		—		(10,522,369	)b		6,786,740	$	6,787,419	$	23,766	c	$	2,062	$	(3,518	)
BlackRock Cash Funds: Treasury, SL Agency Shares		226,142		—		(115,469	)b		110,673		110,673		4,019			—		—
										$	6,898,092	$	27,785		$	2,062	$	(3,518	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
MSCI Singapore Index		64		Mar 2018	$	1,938	$	4,780

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SINGAPORE ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	693,789,806	$	—	$	—	$	693,789,806
Money market funds		6,898,092		—		—		6,898,092
Total	$	700,687,898	$	—	$	—	$	700,687,898
Derivative financial instrumentsa
Assets
Futures contracts	$	4,780	$	—	$	—	$	4,780
Total	$	4,780	$	—	$	—	$	4,780

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

See notes to financial statements.

38 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI TAIWAN ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.96%
AIRLINES — 0.50%
China Airlines Ltd.a		25,416,761	$	10,011,569
Eva Airways Corp.		19,062,278		9,793,775
				19,805,344
AUTO COMPONENTS — 0.60%
Cheng Shin Rubber Industry Co. Ltd.b		13,767,670		23,672,725
				23,672,725
BANKS — 10.79%
Chang Hwa Commercial Bank Ltd.		38,124,848		21,938,225
China Development Financial Holding Corp.		95,310,508		34,277,897
CTBC Financial Holding Co. Ltd.		117,549,325		85,961,127
E.Sun Financial Holding Co. Ltd.		62,481,058		41,410,782
First Financial Holding Co. Ltd.		67,776,171		46,429,190
Hua Nan Financial Holdings Co. Ltd.		54,513,746		32,115,786
Mega Financial Holding Co. Ltd.		75,189,271		64,255,529
SinoPac Financial Holdings Co. Ltd.		77,799,397		26,914,213
Taishin Financial Holding Co. Ltd.		67,386,469		32,775,183
Taiwan Business Bank		36,006,697		10,655,679
Taiwan Cooperative Financial Holding Co. Ltd.		55,663,014		32,411,544
				429,145,155
BIOTECHNOLOGY — 0.37%
TaiMed Biologics Inc.a,b		2,118,000		14,654,176
				14,654,176
CAPITAL MARKETS — 0.80%
Yuanta Financial Holding Co. Ltd.		70,953,248		31,958,186
				31,958,186
CHEMICALS — 6.64%
Formosa Chemicals & Fibre Corp.		21,180,610		78,714,055
Formosa Plastics Corp.		27,534,518		97,611,708
Nan Ya Plastics Corp.		31,770,938		87,710,010
				264,035,773

Security	Shares		Value
CONSTRUCTION MATERIALS — 1.25%
Asia Cement Corp.		18,003,136	$	17,512,598
Taiwan Cement Corp.		25,416,504		32,210,808
				49,723,406
DIVERSIFIED FINANCIAL SERVICES — 2.72%
Chailease Holding Co. Ltd.		8,472,937		28,498,995
Fubon Financial Holding Co. Ltd.		44,478,515		79,525,218
				108,024,213
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.56%
Asia Pacific Telecom Co. Ltd.a		20,121,000		6,526,549
Chunghwa Telecom Co. Ltd.		25,416,648		95,327,121
				101,853,670
ELECTRICAL EQUIPMENT — 0.34%
Teco Electric and Machinery Co. Ltd.		14,826,092		13,457,260
Ya Hsin Industrial Co. Ltd.a,c		6,845,461		3
				13,457,263
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 14.48%
AU Optronics Corp.b		62,481,830		28,035,552
Delta Electronics Inc.		13,154,180		62,627,152
General Interface Solution Holding Ltd.b		1,458,000		8,914,148
Hon Hai Precision Industry Co. Ltd.		101,664,003		306,780,109
Innolux Corp.b		64,599,873		28,764,650
Largan Precision Co. Ltd.b		656,794		83,124,243
Pacific Electric Wire & Cable Co. Ltd.a,c		197		—
Synnex Technology International Corp.		10,590,364		14,038,023
WPG Holdings Ltd.b		12,708,744		16,323,677
Yageo Corp.		1,586,000		17,953,897
Zhen Ding Technology Holding Ltd.b		4,236,072		9,271,463
				575,832,914
FOOD & STAPLES RETAILING — 1.08%
President Chain Store Corp.		4,236,215		42,731,425
				42,731,425
FOOD PRODUCTS — 2.20%
Standard Foods Corp.b		4,282,056		10,061,449
Uni-President Enterprises Corp.		32,829,189		77,587,781
				87,649,230

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TAIWAN ETF

February 28, 2018

Security	Shares		Value
HOUSEHOLD DURABLES — 0.26%
Nien Made Enterprise Co. Ltd.		1,059,000	$	10,446,541
				10,446,541
INDUSTRIAL CONGLOMERATES — 0.54%
Far Eastern New Century Corp.		24,357,843		21,650,118
				21,650,118
INSURANCE — 3.64%
Cathay Financial Holding Co. Ltd.		54,009,483		100,820,908
China Life Insurance Co. Ltd./Taiwan		18,542,250		18,672,129
Shin Kong Financial Holding Co. Ltd.b		61,422,205		25,351,084
				144,844,121
LEISURE PRODUCTS — 0.28%
Giant Manufacturing Co. Ltd.b		2,118,590		11,102,542
				11,102,542
MACHINERY — 1.17%
Airtac International Group		1,059,000		19,405,902
Hiwin Technologies Corp.		2,118,862		27,215,607
				46,621,509
MARINE — 0.25%
Evergreen Marine Corp. Taiwan Ltd.a		19,062,364		10,087,634
				10,087,634
METALS & MINING — 1.74%
China Steel Corp.		83,661,977		69,060,425
				69,060,425
OIL, GAS & CONSUMABLE FUELS — 0.96%
Formosa Petrochemical Corp.		9,531,950		38,198,974
				38,198,974
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.53%
Highwealth Construction Corp.b		7,413,790		11,211,277
Ruentex Development Co. Ltd.a,b		8,876,127		9,774,365
				20,985,642
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 33.21%
Advanced Semiconductor Engineering Inc.		45,537,864		62,000,311
Globalwafers Co. Ltd.		1,604,000		23,404,429
Macronix Internationala,b		12,708,000		18,912,593
MediaTek Inc.		10,262,175		105,801,054
Nanya Technology Corp.		7,413,000		20,515,847
Novatek Microelectronics Corp.		4,236,544		18,356,350

Security	Shares		Value
Phison Electronics Corp.b		1,059,698	$	10,380,834
Powertech Technology Inc.		5,295,036		16,431,651
Realtek Semiconductor Corp.		3,177,063		12,623,154
Siliconware Precision Industries Co. Ltd.		15,885,834		27,695,671
Taiwan Semiconductor Manufacturing Co. Ltd.		108,018,882		910,162,353
United Microelectronics Corp.b		83,661,501		40,547,695
Vanguard International Semiconductor Corp.b		7,413,000		15,488,448
Win Semiconductors Corp.b		2,478,000		22,789,231
Winbond Electronics Corp.b		22,239,000		15,158,367
				1,320,267,988
SPECIALTY RETAIL — 0.59%
Hotai Motor Co. Ltd.b		2,118,000		23,613,536
				23,613,536
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 8.74%
Acer Inc.b		23,298,737		19,631,413
Advantech Co. Ltd.b		2,320,614		17,288,060
Asustek Computer Inc.b		4,862,857		46,137,637
Catcher Technology Co. Ltd.		4,613,743		55,942,355
Chicony Electronics Co. Ltd.		5,316,050		13,091,880
Compal Electronics Inc.		30,711,554		21,143,746
Foxconn Technology Co. Ltd.b		6,407,499		17,425,816
HTC Corp.a,b		5,295,884		11,065,025
Inventec Corp.		20,121,868		16,093,083
Lite-On Technology Corp.b		15,938,071		22,928,156
Micro-Star International Co. Ltd.		5,295,000		15,506,585
Pegatron Corp.		13,767,037		35,365,991
Quanta Computer Inc.b		19,062,240		38,913,857
Wistron Corp.b		20,121,130		16,885,057
				347,418,661
TEXTILES, APPAREL & LUXURY GOODS — 1.71%
Eclat Textile Co. Ltd.b		1,451,601		15,512,648
Feng TAY Enterprise Co. Ltd.b		3,177,476		15,127,988
Formosa Taffeta Co. Ltd.		7,413,515		8,100,259
Pou Chen Corp.		15,885,103		19,995,463
Ruentex Industries Ltd.b		5,295,262		9,304,411
				68,040,769
TRANSPORTATION INFRASTRUCTURE — 0.29%
Taiwan High Speed Rail Corp.		14,655,000		11,369,415
				11,369,415

40 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TAIWAN ETF

February 28, 2018

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 1.72%
Far EasTone Telecommunications Co. Ltd.		11,649,259	$	29,526,645
Taiwan Mobile Co. Ltd.		10,590,609		38,995,409
				68,522,054
TOTAL COMMON STOCKS
(Cost: $1,991,061,356)				3,974,773,409
SHORT-TERM INVESTMENTS — 4.43%
MONEY MARKET FUNDS — 4.43%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		171,911,012		171,928,203
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		4,115,073		4,115,073
				176,043,276
TOTAL SHORT-TERM INVESTMENTS
(Cost: $176,035,241)				176,043,276

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.39%
(Cost: $2,167,096,597)	$	4,150,816,685
Other Assets, Less Liabilities — (4.39)%		(174,675,997	)
NET ASSETS — 100.00%	$	3,976,140,688

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		176,501,828		—		(4,590,816	)b		171,911,012	$	171,928,203	$	1,243,705	c	$	(8,561	)	$	(23,710	)
BlackRock Cash Funds: Treasury, SL Agency Shares		22,826,941		—		(18,711,868	)b		4,115,073		4,115,073		45,139			—			—
										$	176,043,276	$	1,288,844		$	(8,561	)	$	(23,710	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TAIWAN ETF

February 28, 2018

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
MSCI Taiwan Index		1		Mar 2018	$	40	$	(48	)

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common stocks	$	3,974,773,406		$	—	$	3	$	3,974,773,409
Money market funds		176,043,276			—		—		176,043,276
Total	$	4,150,816,682		$	—	$	3	$	4,150,816,685
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(48	)	$	—	$	—	$	(48	)
Total	$	(48	)	$	—	$	—	$	(48	)

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

See notes to financial statements.

42 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI THAILAND ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.72%
AIRLINES — 0.40%
Bangkok Airways PCL NVDRa		2,135,100	$	1,013,475
Thai Airways International PCL NVDRb		1,912,866		920,175
				1,933,650
AUTO COMPONENTS — 0.17%
Sri Trang Agro-Industry PCL NVDRa		2,233,245		811,054
				811,054
BANKS — 17.49%
Bangkok Bank PCL Foreign		715,700		5,244,059
Kasikornbank PCL Foreign		3,366,600		24,882,166
Kasikornbank PCL NVDR		1,794,000		13,259,254
Kiatnakin Bank PCL NVDR		1,075,173		2,671,663
Krung Thai Bank PCL NVDR		10,082,000		6,520,057
LH Financial Group PCL NVDR		12,443,119		669,923
Siam Commercial Bank PCL (The) NVDR		4,485,800		21,292,902
Thanachart Capital PCL NVDR		1,705,500		3,029,042
Tisco Financial Group PCL NVDRa		924,010		2,605,125
TMB Bank PCL NVDR		37,930,000		3,625,040
				83,799,231
BUILDING PRODUCTS — 0.24%
Dynasty Ceramic PCL NVDR		6,794,640		744,618
Vanachai Group PCL NVDRa		1,202,600		417,596
				1,162,214
CHEMICALS — 6.06%
Eastern Polymer Group PCL NVDRa		2,843,800		661,349
Global Green Chemicals PCL NVDRa		487,500		254,699
Indorama Ventures PCL NVDR		4,411,910		7,589,778
PTT Global Chemical PCL NVDR		6,244,407		19,743,785
Vinythai PCL NVDR		717,900		771,874
				29,021,485
CONSTRUCTION & ENGINEERING — 0.75%
CH Karnchang PCL NVDRa		1,233,000		1,001,640
Italian-Thai Development PCL NVDRa		5,073,048		546,254
Sino-Thai Engineering & Construction PCL NVDRa		2,152,728		1,371,601

Security	Shares		Value
Unique Engineering & Construction PCL NVDRa		1,571,300	$	680,780
				3,600,275
CONSTRUCTION MATERIALS — 3.81%
Siam Cement PCL (The) Foreign		859,700		13,419,974
Siam Cement PCL (The) NVDR		308,700		4,818,828
				18,238,802
CONSUMER FINANCE — 1.92%
Group Lease PCLa		1,220,600		349,965
Krungthai Card PCL NVDR		297,300		2,509,860
Muangthai Leasing PCL NVDRa		1,836,000		2,529,691
Ratchthani Leasing PCL NVDRa		2,491,800		785,881
Srisawad Corp PCL NVDRa		1,536,686		3,010,710
				9,186,107
CONTAINERS & PACKAGING — 0.10%
Polyplex Thailand PCL NVDRa		985,000		486,381
				486,381
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.61%
Jasmine International PCL NVDRa		6,580,568		1,446,509
Thaicom PCL NVDRa		1,336,700		455,645
True Corp. PCL NVDRb		28,886,018		5,797,449
				7,699,603
ELECTRICAL EQUIPMENT — 0.17%
Gunkul Engineering PCL NVDRa		6,465,268		799,147
				799,147
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.74%
Cal-Comp Electronics Thailand PCL NVDR		5,531,612		384,164
Delta Electronics Thailand PCL NVDR		1,439,244		3,117,827
Hana Microelectronics PCL NVDR		1,626,000		2,136,747
KCE Electronics PCL NVDR		761,100		1,697,260
Samart Corp. PCL NVDRa		1,485,137		402,156
SVI PCL NVDRa		4,109,015		575,969
				8,314,123
FOOD & STAPLES RETAILING — 7.90%
CP ALL PCL NVDR		14,149,800		37,865,027
				37,865,027
FOOD PRODUCTS — 2.95%
Charoen Pokphand Foods PCL NVDR		8,696,400		6,344,299
GFPT PCL NVDRa		1,468,300		612,766
Ichitan Group PCL NVDRa,b		1,406,200		403,179

SCHEDULES OF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND ETF

February 28, 2018

Security	Shares		Value
Khon Kaen Sugar Industry PCL NVDRa		4,612,078	$	564,205
Malee Group PCLa		342,900		252,341
Taokaenoi Food & Marketing PCLa		1,027,100		651,140
Thai Union Group PCL NVDR		5,507,400		3,526,561
Thai Vegetable Oil PCL NVDR		1,147,753		1,151,775
Thaifoods Group PCL NVDRa		3,802,400		605,671
				14,111,937
HEALTH CARE PROVIDERS & SERVICES — 3.88%
Bangkok Chain Hospital PCL NVDR		3,521,125		1,783,558
Bangkok Dusit Medical Services PCL NVDR		11,174,600		7,867,431
Bumrungrad Hospital PCL NVDR		1,029,776		6,758,008
Chularat Hospital PCL NVDRa		14,601,500		948,935
Vibhavadi Medical Center PCL NVDR		15,352,000		1,242,245
				18,600,177
HOTELS, RESTAURANTS & LEISURE — 1.88%
Erawan Group PCL (The) NVDRa		3,557,800		974,740
Minor International PCL NVDR		6,235,410		8,045,049
				9,019,789
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 2.30%
BCPG PCL NVDRa		1,743,900		1,277,786
CK Power PCL NVDRa		5,378,460		692,226
Electricity Generating PCL NVDR		378,800		2,872,074
Glow Energy PCL NVDR		1,476,900		3,987,489
Inter Far East Energy Corp. NVDRa,b,c		3,184,500		1
SPCG PCL NVDRa		1,098,600		857,461
Superblock PCL NVDRa,b		31,907,550		1,046,982
Thai Solar Energy PCLa		2,256,500		283,231
				11,017,250
INDUSTRIAL CONGLOMERATES — 1.37%
Berli Jucker PCL NVDR		3,454,300		6,547,654
				6,547,654
IT SERVICES — 0.05%
Forth Smart Service PCL NVDRa		736,000		260,261
				260,261
MARINE — 0.31%
Precious Shipping PCL NVDRa,b		1,649,100		735,502
Thoresen Thai Agencies PCL NVDR		2,662,089		759,022
				1,494,524

Security	Shares		Value
MEDIA — 1.30%
BEC World PCL NVDR		2,863,500	$	921,356
Major Cineplex Group PCL NVDR		1,268,700		1,071,059
Plan B Media PCLa		3,162,000		639,653
RS PCL NVDRb		1,330,200		1,398,426
VGI Global Media PCL NVDR		4,980,240		1,070,934
Workpoint Entertainment PCLa		431,000		1,108,737
				6,210,165
MULTILINE RETAIL — 0.64%
Robinson PCL NVDR		1,441,500		3,088,273
				3,088,273
OIL, GAS & CONSUMABLE FUELS — 21.36%
Bangchak Corp. PCL NVDR		1,004,200		1,295,639
Banpu PCL NVDR		5,928,900		4,438,648
Energy Absolute PCL NVDRa		3,228,200		6,916,102
Energy Earth PCL NVDRa,c		4,419,400		1
Esso Thailand PCL NVDRb		3,496,400		1,982,667
IRPC PCL NVDR		28,892,000		7,501,427
PTT Exploration & Production PCL NVDR		4,009,284		14,752,224
PTT PCL NVDR		3,023,600		54,711,844
Siamgas & Petrochemicals PCL NVDRa		1,083,300		1,069,841
Thai Oil PCL NVDR		2,938,900		9,643,412
				102,311,805
PHARMACEUTICALS — 0.30%
Mega Lifesciences PCL NVDRa		1,009,900		1,431,684
				1,431,684
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.76%
Amata Corp. PCL NVDR		1,518,200		1,221,235
Ananda Development PCL NVDRa		4,446,200		715,301
AP Thailand PCL NVDRa		2,807,786		751,367
Bangkok Land PCL NVDR		29,177,000		1,635,920
Central Pattana PCL NVDR		3,884,000		10,424,562
Golden Land Property Development PCL NVDR		1,441,900		427,196
LPN Development PCL NVDR		1,682,047		551,930
Origin Property PCL NVDRa		1,208,400		827,671
Platinum Group PCL (The) NVDR		2,513,300		700,585
Quality Houses PCL NVDR		12,517,731		1,188,367
Sansiri PCL NVDR		16,260,137		1,004,927
SC Asset Corp. PCL NVDRa		4,440,204		531,863
Siam Future Development PCL NVDRa		2,556,528		716,707

44 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND ETF

February 28, 2018

Security	Shares		Value
Singha Estate PCL NVDRa,b		7,011,200	$	844,292
Supalai PCL NVDR		1,744,700		1,283,930
TICON Industrial Connection PCL NVDR		1,342,491		752,719
U City PCL NVDRb		805,602,000		769,929
Univentures PCL NVDRa		1,959,900		574,421
WHA Corp. PCL NVDR		20,256,140		2,658,659
				27,581,581
ROAD & RAIL — 0.92%
BTS Group Holdings PCL NVDR		16,875,400		4,381,475
				4,381,475
SPECIALTY RETAIL — 2.64%
Beauty Community PCL NVDRa		5,196,600		3,526,205
Big Camera Corp. PCL NVDRa		2,813,800		268,920
Com7 PCL NVDRa		1,061,000		652,351
Home Product Center PCL NVDR		11,384,871		5,222,751
PTG Energy PCL NVDRa		1,705,800		972,725
Siam Global House PCL NVDRa		3,876,903		2,025,524
				12,668,476
TEXTILES, APPAREL & LUXURY GOODS — 0.09%
MC Group PCL NVDRa		1,090,400		448,110
				448,110
TRANSPORTATION INFRASTRUCTURE — 6.99%
Airports of Thailand PCL NVDR		12,312,700		27,751,625
Bangkok Aviation Fuel Services PCL NVDRa		561,300		697,378
Bangkok Expressway & Metro PCL NVDR		21,611,253		5,025,873
				33,474,876
WATER UTILITIES — 0.67%
Eastern Water Resources Development and Management PCL NVDR		1,502,900		588,903
TTW PCL NVDRa		4,031,266		1,708,055
WHA Utilities and Power PCL NVDRb		3,948,300		911,920
				3,208,878
WIRELESS TELECOMMUNICATION SERVICES — 3.95%
Advanced Info Service PCL NVDR		3,002,519		18,939,113
				18,939,113
TOTAL COMMON STOCKS
(Cost: $419,268,020)				477,713,127

Security	Shares		Value
RIGHTS — 0.00%
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.00%
U City PCL (Expires 03/07/18) NVDRb		590,209,600	$	188
				188
TOTAL RIGHTS
(Cost: $0)				188
SHORT-TERM INVESTMENTS — 3.59%
MONEY MARKET FUNDS — 3.59%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		16,621,861		16,623,523
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		604,911		604,911
				17,228,434
TOTAL SHORT-TERM INVESTMENTS
(Cost: $17,227,317)				17,228,434
TOTAL INVESTMENTS IN SECURITIES — 103.31% (Cost: $436,495,337)				494,941,749
Other Assets, Less Liabilities — (3.31)%				(15,870,496	)
NET ASSETS — 100.00%			$	479,071,253

NVDR  —  Non-Voting Depositary Receipts

^a  All or a portion of this security is on loan.

^b  Non-income producing security.

^c  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULES OF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		15,082,493		1,539,368	b		—			16,621,861	$	16,623,523	$	450,405	c	$	610	$	(3,408	)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,168,228		—			(563,317	)b		604,911		604,911		3,470			—		—
											$	17,228,434	$	453,875		$	610	$	(3,408	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	477,713,125	$	—	$	2	$	477,713,127
Rights		—		188		—		188
Money market funds		17,228,434		—		—		17,228,434
Total	$	494,941,559	$	188	$	2	$	494,941,749

See notes to financial statements.

46 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	2,061,606,921		$	357,454,828		$	450,382,727
Affiliated (Note 2)		32,487,548			17,175,269			14,717,067
Total cost of investments in securities	$	2,094,094,469		$	374,630,097		$	465,099,794
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	2,273,407,166		$	376,936,086		$	640,653,774
Affiliated (Note 2)		32,489,463			17,175,022			14,717,359
Foreign currency, at valueb		4,548,717			79,439			394,989
Foreign currency pledged to broker for futures contracts, at valueb		369,730			38,762			—
Receivables:
Investment securities sold		3,513,302			—			1,534,968
Dividends and interest		178,939			850,059			754,344
Tax reclaims		—			3,814			—
Total Assets		2,314,507,317			395,083,182			658,055,434
LIABILITIES
Payables:
Investment securities purchased		3,574,747			—			1,622,870
Collateral for securities on loan (Note 1)		31,533,703			16,640,495			14,435,431
Capital shares redeemed		—			734,328			—
Futures variation margin		37,226			14,585			—
Investment advisory fees (Note 2)		800,835			156,827			230,751
Total Liabilities		35,946,511			17,546,235			16,289,052
NET ASSETS	$	2,278,560,806		$	377,536,947		$	641,766,382
Net assets consist of:
Paid-in capital	$	2,572,629,861		$	338,955,315		$	493,450,090
Distributions in excess of net investment income		(32,880,046	)		(1,190,644	)		(24,463,220	)
Undistributed net realized gain (accumulated net realized loss)		(472,951,788	)		20,298,101			(17,486,648	)
Net unrealized appreciation		211,762,779			19,474,175			190,266,160
NET ASSETS	$	2,278,560,806		$	377,536,947		$	641,766,382
Shares outstandingc		88,425,000			4,600,000			18,225,000
Net asset value per share	$	25.77		$	82.07		$	35.21

^a Securities on loan with values of $29,932,634, $15,211,687 and $13,700,525, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker for futures contracts: $4,920,602, $118,219 and $397,679, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Pacific ex Japan ETF			iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	3,060,317,622		$	650,625,563		$	1,991,061,356
Affiliated (Note 2)		26,720,020			6,897,433			176,035,241
Total cost of investments in securities	$	3,087,037,642		$	657,522,996		$	2,167,096,597
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	3,284,411,471		$	693,789,806		$	3,974,773,409
Affiliated (Note 2)		26,720,860			6,898,092			176,043,276
Foreign currency, at valueb		9,463,502			1,241,343			219,212
Foreign currency pledged to broker for futures contracts, at valueb		1,092,636			23,533			—
Cash pledged to broker for futures contracts		—			—			2,000
Receivables:
Investment securities sold		3,260,008			27,529,002			8,212,854
Dividends and interest		13,659,399			384,251			215,119
Capital shares sold		—			—			14,540,274
Futures variation margin		—			4,780			—
Total Assets		3,338,607,876			729,870,807			4,174,006,144
LIABILITIES
Payables:
Investment securities purchased		3,968,126			26,551,027			24,073,164
Collateral for securities on loan (Note 1)		26,233,463			6,783,186			171,942,516
Futures variation margin		193,336			—			370
Foreign taxes (Note 1)		—			—			101,527
Investment advisory fees (Note 2)		1,221,245			249,866			1,747,879
Total Liabilities		31,616,170			33,584,079			197,865,456
NET ASSETS	$	3,306,991,706		$	696,286,728		$	3,976,140,688
Net assets consist of:
Paid-in capital	$	3,588,836,364		$	916,245,699		$	2,903,704,343
Distributions in excess of net investment income		(26,297,279	)		(15,771,615	)		(26,038,241	)
Accumulated net realized loss		(479,664,158	)		(247,359,793	)		(885,247,703	)
Net unrealized appreciation		224,116,779			43,172,437			1,983,722,289
NET ASSETS	$	3,306,991,706		$	696,286,728		$	3,976,140,688
Shares outstandingc		68,700,000			25,900,000			105,900,000
Net asset value per share	$	48.14		$	26.88		$	37.55

^a  Securities on loan with values of $24,847,510, $6,440,641 and $161,915,367, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker for futures contracts: $10,575,350, $1,264,083 and $219,071, respectively.

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

See notes to financial statements.

48 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Thailand ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	419,268,020
Affiliated (Note 2)		17,227,317
Total cost of investments in securities	$	436,495,337
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	477,713,315
Affiliated (Note 2)		17,228,434
Receivables:
Investment securities sold		2,789,490
Dividends and interest		879,737
Capital shares sold		66,669
Total Assets		498,677,645
LIABILITIES
Payables:
Investment securities purchased		2,797,981
Collateral for securities on loan (Note 1)		16,615,944
Investment advisory fees (Note 2)		192,467
Total Liabilities		19,606,392
NET ASSETS	$	479,071,253
Net assets consist of:
Paid-in capital	$	462,832,266
Undistributed net investment income		657,432
Accumulated net realized loss		(42,865,480	)
Net unrealized appreciation		58,447,035
NET ASSETS	$	479,071,253
Shares outstandingb		4,750,000
Net asset value per share	$	100.86

^a  Securities on loan with a value of $15,528,080. See Note 1.

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

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	15,812,300		$	1,851,360		$	6,407,179
Dividends — affiliated (Note 2)		18,228			1,518			4,802
Securities lending income — affiliated — net (Note 2)		233,344			183,071			203,045
Total investment income		16,063,872			2,035,949			6,615,026
EXPENSES
Investment advisory fees (Note 2)		4,709,506			670,941			1,181,031
Proxy fees		186			14			42
Total expenses		4,709,692			670,955			1,181,073
Net investment income		11,354,180			1,364,994			5,433,953
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		21,636,690			(118,045	)		11,660,588
Investments — affiliated (Note 2)		2,125			(954	)		(2,811	)
In-kind redemptions — unaffiliated		—			24,530,939			—
Futures contracts		711,227			187,486			—
Foreign currency transactions		11,018			(13,237	)		(172,716	)
Net realized gain		22,361,060			24,586,189			11,485,061
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		100,575,721			5,509,243			53,101,226
Investments — affiliated (Note 2)		(3,829	)		(1,475	)		(2,343	)
Futures contracts		(143,728	)		(31,473	)		—
Translation of assets and liabilities in foreign currencies		7,024			21,969			(9,486	)
Net change in unrealized appreciation/depreciation		100,435,188			5,498,264			53,089,397
Net realized and unrealized gain		122,796,248			30,084,453			64,574,458
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	134,150,428		$	31,449,447		$	70,008,411

^a  Net of foreign withholding tax of $  —, $202,127 and $  —, respectively.

See notes to financial statements.

50 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Pacific ex Japan ETF			iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	53,070,792		$	4,801,004		$	3,609,637
Dividends — affiliated (Note 2)		19,161			4,019			45,139
Interest — unaffiliated		—			—			1,850
Securities lending income — affiliated — net (Note 2)b		253,345			23,766			1,243,705
		53,343,298			4,828,789			4,900,331
Less: Other foreign taxes (Note 1)		—			—			(270,099	)
Total investment income		53,343,298			4,828,789			4,630,232
EXPENSES
Investment advisory fees (Note 2)		7,762,557			1,510,169			11,227,200
Proxy fees		321			58			373
Total expenses		7,762,878			1,510,227			11,227,573
Net investment income (loss)		45,580,420			3,318,562			(6,597,341	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		8,538,488			1,166,030			25,561,734
Investments — affiliated (Note 2)		(6,375	)		2,062			(8,561	)
In-kind redemptions — unaffiliated		35,034,162			6,523,893			—
Futures contracts		761,482			263,656			295,666
Foreign currency transactions		(425,333	)		62,482			(105,784	)
Net realized gain		43,902,424			8,018,123			25,743,055
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		110,121,740			57,569,562			106,310,162
Investments — affiliated (Note 2)		(3,615	)		(3,518	)		(23,710	)
Futures contracts		133,758			(24,176	)		(122,636	)
Translation of assets and liabilities in foreign currencies		(206,151	)		(10,829	)		(57,788	)
Net change in unrealized appreciation/depreciation		110,045,732			57,531,039			106,106,028
Net realized and unrealized gain		153,948,156			65,549,162			131,849,083
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	199,528,576		$	68,867,724		$	125,251,742

^a  Net of foreign withholding tax of $291,633, $143,078 and $615,856, respectively.

^b  Net of securities lending income tax paid of $  —, $  — and $302,780, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Thailand ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	1,998,703
Dividends — affiliated (Note 2)		3,470
Securities lending income — affiliated — net (Note 2)		450,405
Total investment income		2,452,578
EXPENSES
Investment advisory fees (Note 2)		1,183,330
Proxy fees		47
Total expenses		1,183,377
Net investment income		1,269,201
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,335,112	)
Investments — affiliated (Note 2)		610
In-kind redemptions — unaffiliated		9,320,234
Foreign currency transactions		4,987
Net realized gain		7,990,719
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		73,886,244
Investments — affiliated (Note 2)		(3,408	)
Translation of assets and liabilities in foreign currencies		(763	)
Net change in unrealized appreciation/depreciation		73,882,073
Net realized and unrealized gain		81,872,792
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	83,141,993

^a  Net of foreign withholding tax of $213,999.

See notes to financial statements.

52 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Hong Kong ETF						iShares MSCI Japan Small-Cap ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	11,354,180		$	54,584,827		$	1,364,994		$	2,245,390
Net realized gain (loss)		22,361,060			(4,934,210	)		24,586,189			11,931,619
Net change in unrealized appreciation/depreciation		100,435,188			243,779,429			5,498,264			19,303,879
Net increase in net assets resulting from operations		134,150,428			293,430,046			31,449,447			33,480,888
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(56,561,270	)		(47,903,550	)		(1,964,563	)		(4,653,375	)
Total distributions to shareholders		(56,561,270	)		(47,903,550	)		(1,964,563	)		(4,653,375	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		345,524,418			465,624,058			248,816,950			116,995,181
Cost of shares redeemed		—			(452,279,138	)		(89,980,849	)		(121,160,138	)
Net increase (decrease) in net assets from capital share transactions		345,524,418			13,344,920			158,836,101			(4,164,957	)
INCREASE IN NET ASSETS		423,113,576			258,871,416			188,320,985			24,662,556
NET ASSETS
Beginning of period		1,855,447,230			1,596,575,814			189,215,962			164,553,406
End of period	$	2,278,560,806		$	1,855,447,230		$	377,536,947		$	189,215,962
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(32,880,046	)	$	12,327,044		$	(1,190,644	)	$	(591,075	)
SHARES ISSUED AND REDEEMED
Shares sold		13,275,000			21,225,000			3,100,000			1,800,000
Shares redeemed		—			(21,825,000	)		(1,100,000	)		(1,900,000	)
Net increase (decrease) in shares outstanding		13,275,000			(600,000	)		2,000,000			(100,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 53

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Malaysia ETF						iShares MSCI Pacific ex Japan ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017a			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	5,433,953		$	9,215,501		$	45,580,420		$	96,552,726
Net realized gain (loss)		11,485,061			(5,180,434	)		43,902,424			1,737,386
Net change in unrealized appreciation/depreciation		53,089,397			3,247,154			110,045,732			333,667,268
Net increase in net assets resulting from operations		70,008,411			7,282,221			199,528,576			431,957,380
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(21,685,305	)		(15,799,041	)		(83,284,164	)		(98,968,999	)
Total distributions to shareholders		(21,685,305	)		(15,799,041	)		(83,284,164	)		(98,968,999	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		177,363,893			158,537,129			198,596,574			627,289,205
Cost of shares redeemed		(21,144,492	)		(48,251,620	)		(128,275,536	)		(197,813,415	)
Net increase in net assets from capital share transactions		156,219,401			110,285,509			70,321,038			429,475,790
INCREASE IN NET ASSETS		204,542,507			101,768,689			186,565,450			762,464,171
NET ASSETS
Beginning of period		437,223,875			335,455,186			3,120,426,256			2,357,962,085
End of period	$	641,766,382		$	437,223,875		$	3,306,991,706		$	3,120,426,256
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(24,463,220	)	$	(8,211,868	)	$	(26,297,279	)	$	11,406,465
SHARES ISSUED AND REDEEMED
Shares sold		5,175,000			6,900,000			4,200,000			14,400,000
Shares redeemed		(600,000	)		(3,375,000	)		(2,700,000	)		(4,800,000	)
Net increase in shares outstanding		4,575,000			3,525,000			1,500,000			9,600,000

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

See notes to financial statements.

54 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Singapore ETF						iShares MSCI Taiwan ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017a			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017a
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,318,562		$	16,847,836		$	(6,597,341	)	$	97,355,721
Net realized gain (loss)		8,018,123			(26,854,229	)		25,743,055			7,103,672
Net change in unrealized appreciation/depreciation		57,531,039			116,883,844			106,106,028			637,093,016
Net increase in net assets resulting from operations		68,867,724			106,877,451			125,251,742			741,552,409
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(16,209,761	)		(23,963,560	)		(104,132,193	)		(64,888,894	)
Total distributions to shareholders		(16,209,761	)		(23,963,560	)		(104,132,193	)		(64,888,894	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		80,201,105			74,734,333			190,530,742			500,883,331
Cost of shares redeemed		(36,840,000	)		(119,799,002	)		—			(69,945,562	)
Net increase (decrease) in net assets from capital share transactions		43,361,105			(45,064,669	)		190,530,742			430,937,769
INCREASE IN NET ASSETS		96,019,068			37,849,222			211,650,291			1,107,601,284
NET ASSETS
Beginning of period		600,267,660			562,418,438			3,764,490,397			2,656,889,113
End of period	$	696,286,728		$	600,267,660		$	3,976,140,688		$	3,764,490,397
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(15,771,615	)	$	(2,880,416	)	$	(26,038,241	)	$	84,691,293
SHARES ISSUED AND REDEEMED
Shares sold		3,050,000			3,400,000			5,100,000			15,300,000
Shares redeemed		(1,450,000	)		(5,600,000	)		—			(2,200,000	)
Net increase (decrease) in shares outstanding		1,600,000			(2,200,000	)		5,100,000			13,100,000

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

See notes to financial statements.

FINANCIAL STATEMENTS 55

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Thailand ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,269,201		$	10,325,846
Net realized gain		7,990,719			18,501,262
Net change in unrealized appreciation/depreciation		73,882,073			8,462,392
Net increase in net assets resulting from operations		83,141,993			37,289,500
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,646,025	)		(10,761,008	)
Total distributions to shareholders		(2,646,025	)		(10,761,008	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		88,091,830			125,837,713
Cost of shares redeemed		(45,106,572	)		(244,851,266	)
Net increase (decrease) in net assets from capital share transactions		42,985,258			(119,013,553	)
INCREASE (DECREASE) IN NET ASSETS		123,481,226			(92,485,061	)
NET ASSETS
Beginning of period		355,590,027			448,075,088
End of period	$	479,071,253		$	355,590,027
Undistributed net investment income included in net assets at end of period	$	657,432		$	2,034,256
SHARES ISSUED AND REDEEMED
Shares sold		950,000			1,700,000
Shares redeemed		(500,000	)		(3,300,000	)
Net increase (decrease) in shares outstanding		450,000			(1,600,000	)

See notes to financial statements.

56 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Hong Kong ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	24.69		$	21.08		$	19.42		$	21.89		$	18.91		$	16.94
Income from investment operations:
Net investment incomea		0.14			0.68			0.54			0.52			0.66			0.48
Net realized and unrealized gain (loss)b		1.65			3.54			1.72			(2.50	)		3.04			2.05
Total from investment operations		1.79			4.22			2.26			(1.98	)		3.70			2.53
Less distributions from:
Net investment income		(0.71	)		(0.61	)		(0.60	)		(0.49	)		(0.72	)		(0.56	)
Total distributions		(0.71	)		(0.61	)		(0.60	)		(0.49	)		(0.72	)		(0.56	)
Net asset value, end of period	$	25.77		$	24.69		$	21.08		$	19.42		$	21.89		$	18.91
Total return		7.35	%c		20.38	%		11.94	%		(9.29	)%		19.87	%		15.04	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,278,561		$	1,855,447		$	1,596,576		$	2,722,224		$	3,221,312		$	2,124,856
Ratio of expenses to average net assetsd		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%
Ratio of net investment income to average net assetsd		1.14	%		3.08	%		2.73	%		2.36	%		3.24	%		2.47	%
Portfolio turnover ratee		5	%c		8	%		9	%		7	%		6	%		12	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 57

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Japan Small-Cap ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	72.78		$	60.95		$	56.79		$	56.61		$	49.44		$	42.82
Income from investment operations:
Net investment incomea		0.37			1.02			0.84			0.70			0.70			0.65
Net realized and unrealized gainb		9.47			12.62			4.29			0.71			7.61			6.97
Total from investment operations		9.84			13.64			5.13			1.41			8.31			7.62
Less distributions from:
Net investment income		(0.55	)		(1.81	)		(0.97	)		(1.23	)		(1.14	)		(1.00	)
Total distributions		(0.55	)		(1.81	)		(0.97	)		(1.23	)		(1.14	)		(1.00	)
Net asset value, end of period	$	82.07		$	72.78		$	60.95		$	56.79		$	56.61		$	49.44
Total return		13.55	%c		22.81	%		9.10	%		2.63	%		16.94	%		18.07	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	377,537		$	189,216		$	164,553		$	159,004		$	169,837		$	88,988
Ratio of expenses to average net assetsd		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%
Ratio of net investment income to average net assetsd		0.96	%		1.53	%		1.44	%		1.26	%		1.31	%		1.36	%
Portfolio turnover ratee		1	%c		8	%		12	%		10	%		14	%		17	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

58 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Malaysia ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a
Net asset value, beginning of period	$	32.03		$	33.13		$	40.75		$	64.53		$	58.40		$	58.09
Income from investment operations:
Net investment incomeb		0.36			0.56			1.00			1.44			2.16			1.64
Net realized and unrealized gain (loss)c		4.31			(0.05	)		2.79			(23.47	)		6.06			0.15
Total from investment operations		4.67			0.51			3.79			(22.03	)		8.22			1.79
Less distributions from:
Net investment income		(1.49	)		(1.61	)		(1.81	)		(1.57	)		(2.09	)		(1.48	)
Net realized gain		—			—			(9.60	)		(0.18	)		—			—
Total distributions		(1.49	)		(1.61	)		(11.41	)		(1.75	)		(2.09	)		(1.48	)
Net asset value, end of period	$	35.21		$	32.03		$	33.13		$	40.75		$	64.53		$	58.40
Total return		15.09	%d		2.14	%		12.58	%		(34.62	)%		14.17	%		3.02	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	641,766		$	437,224		$	335,455		$	263,579		$	786,461		$	809,138
Ratio of expenses to average net assetse		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%
Ratio of net investment income to average net assetse		2.17	%		2.73	%		2.86	%		2.61	%		3.48	%		2.71	%
Portfolio turnover ratef		12	%d		24	%		72	%		24	%		16	%		17	%

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

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e Annualized for periods of less than one year.

^f  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018 and the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 8%, 10%, 17%, 5%, 10%, and 8%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Pacific ex Japan ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	46.43		$	40.94		$	38.01		$	51.21		$	44.56		$	43.21
Income from investment operations:
Net investment incomea		0.67			1.60			1.54			1.97			1.88			1.69
Net realized and unrealized gain (loss)b		2.27			5.55			2.98			(13.09	)		6.51			1.71
Total from investment operations		2.94			7.15			4.52			(11.12	)		8.39			3.40
Less distributions from:
Net investment income		(1.23	)		(1.66	)		(1.59	)		(2.08	)		(1.74	)		(2.05	)
Total distributions		(1.23	)		(1.66	)		(1.59	)		(2.08	)		(1.74	)		(2.05	)
Net asset value, end of period	$	48.14		$	46.43		$	40.94		$	38.01		$	51.21		$	44.56
Total return		6.35	%c		18.06	%		12.20	%		(22.19	)%		19.25	%		7.87	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,306,992		$	3,120,426		$	2,357,962		$	1,984,205		$	3,472,048		$	3,008,067
Ratio of expenses to average net assetsd		0.48	%		0.49	%		0.49	%		0.49	%		0.49	%		0.50	%
Ratio of net investment income to average net assetsd		2.83	%		3.69	%		4.00	%		4.31	%		3.90	%		3.59	%
Portfolio turnover ratee		2	%c		3	%		6	%		7	%		8	%		8	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

60 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Singapore ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a
Net asset value, beginning of period	$	24.70		$	21.22		$	21.25		$	27.93		$	24.98		$	26.19
Income from investment operations:
Net investment incomeb		0.13			0.56			0.84			0.82			0.80			0.88
Net realized and unrealized gain (loss)c		2.69			3.84			(0.24	)		(6.64	)		3.05			(0.92	)
Total from investment operations		2.82			4.40			0.60			(5.82	)		3.85			(0.04	)
Less distributions from:
Net investment income		(0.64	)		(0.92	)		(0.63	)		(0.86	)		(0.90	)		(1.17	)
Total distributions		(0.64	)		(0.92	)		(0.63	)		(0.86	)		(0.90	)		(1.17	)
Net asset value, end of period	$	26.88		$	24.70		$	21.22		$	21.25		$	27.93		$	24.98
Total return		11.54	%d		21.51	%		2.87	%		(21.27	)%		15.65	%		(0.38	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	696,287		$	600,268		$	562,418		$	609,927		$	984,455		$	1,135,477
Ratio of expenses to average net assetse		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%
Ratio of net investment income to average net assetse		1.04	%		3.00	%		3.96	%		3.15	%		2.99	%		3.23	%
Portfolio turnover ratef		11	%d		12	%		7	%		10	%		4	%		10	%

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

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 61

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Taiwan ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a
Net asset value, beginning of period	$	37.35		$	30.30		$	27.17		$	32.89		$	27.21		$	25.16
Income from investment operations:
Net investment income (loss)b		(0.06	)		0.87			0.68			0.74			0.58			0.48
Net realized and unrealized gain (loss)c		1.28			6.88			3.25			(5.88	)		5.62			2.11
Total from investment operations		1.22			7.75			3.93			(5.14	)		6.20			2.59
Less distributions from:
Net investment income		(1.02	)		(0.70	)		(0.80	)		(0.58	)		(0.52	)		(0.54	)
Total distributions		(1.02	)		(0.70	)		(0.80	)		(0.58	)		(0.52	)		(0.54	)
Net asset value, end of period	$	37.55		$	37.35		$	30.30		$	27.17		$	32.89		$	27.21
Total return		3.44	%d		26.17	%		15.02	%		(15.79	)%		23.24	%		10.30	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,976,141		$	3,764,490		$	2,656,889		$	3,276,410		$	3,298,664		$	2,641,997
Ratio of expenses to average net assetse		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%
Ratio of net investment income (loss) to average net assetse		(0.35	)%		3.10	%		2.51	%		2.36	%		1.98	%		1.80	%
Portfolio turnover ratef		6	%d		11	%		27	%		14	%		11	%		21	%

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

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018 and the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 4%, 8%, 9%, 4%, 4% and 6% respectively. See Note 4.

See notes to financial statements.

62 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Thailand ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	82.70		$	75.94		$	65.01		$	83.41		$	67.73		$	70.53
Income from investment operations:
Net investment incomea		0.29			1.99			2.05			1.66			1.67			1.84
Net realized and unrealized gain (loss)b		18.50			6.90			10.54			(17.98	)		15.84			(2.75	)
Total from investment operations		18.79			8.89			12.59			(16.32	)		17.51			(0.91	)
Less distributions from:
Net investment income		(0.63	)		(2.13	)		(1.66	)		(2.08	)		(1.83	)		(1.89	)
Total distributions		(0.63	)		(2.13	)		(1.66	)		(2.08	)		(1.83	)		(1.89	)
Net asset value, end of period	$	100.86		$	82.70		$	75.94		$	65.01		$	83.41		$	67.73
Total return		22.82	%c		12.01	%		19.87	%		(19.92	)%		26.18	%		(1.65	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	479,071		$	355,590		$	448,075		$	237,304		$	571,370		$	541,873
Ratio of expenses to average net assetsd		0.59	%		0.62	%		0.63	%		0.62	%		0.62	%		0.61	%
Ratio of net investment income to average net assetsd		0.63	%		2.63	%		3.08	%		2.09	%		2.24	%		2.22	%
Portfolio turnover ratee		2	%c		7	%		16	%		13	%		9	%		24	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 63

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	Former Name	Diversification Classification
MSCI Hong Kong	N/A	Non-diversified
MSCI Japan Small-Cap	N/A	Diversified
MSCI Malaysia	N/A	Non-diversified
MSCI Pacific ex Japan	N/A	Diversified
MSCI Singapore	iShares MSCI Singapore Capped ETF	Non-diversified
MSCI Taiwan	iShares MSCI Taiwan Capped ETF	Non-diversified
MSCI Thailand	iShares MSCI Thailand Capped ETF	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

64 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration inputs 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 inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs 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 to valuation techniques are categorized into a fair value 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 65

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. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily.

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 prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2018, 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.

66 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original 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 67

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Hong Kong
Citigroup Global Markets Inc.	$	448,260	$	448,260	$	—
Credit Suisse Securities (USA) LLC		2,021,281		2,021,281		—
Goldman Sachs & Co.		787,413		787,413		—
Macquarie Bank Limited		2,061,325		2,061,325		—
Morgan Stanley & Co. LLC		24,411,857		24,411,857		—
State Street Bank & Trust Company		202,498		202,498		—
	$	29,932,634	$	29,932,634	$	—
MSCI Japan Small-Cap
Barclays Capital Inc.	$	1,095,678	$	1,095,678	$	—
Citigroup Global Markets Inc.		534,535		534,535		—
Credit Suisse Securities (USA) LLC		344,888		344,888		—
Deutsche Bank Securities Inc.		279,060		279,060		—
Goldman Sachs & Co.		1,430,355		1,430,355		—
HSBC Bank PLC		147,896		147,896		—
JPMorgan Securities LLC		5,861,776		5,861,776		—
Macquarie Bank Limited		792,662		792,662		—
Merrill Lynch, Pierce, Fenner & Smith		1,462,314		1,462,314		—
Morgan Stanley & Co. LLC		2,338,779		2,338,779		—
State Street Bank & Trust Company		509,372		509,372		—
UBS AG		414,372		414,372		—
	$	15,211,687	$	15,211,687	$	—
MSCI Malaysia
JPMorgan Securities PLC	$	1,717,848	$	1,717,848	$	—
Macquarie Bank Limited		4,643,264		4,643,264		—
Morgan Stanley & Co. International PLC		7,327,551		7,327,551		—
UBS AG		11,862		11,862		—
	$	13,700,525	$	13,700,525	$	—
MSCI Pacific ex Japan
Deutsche Bank Securities Inc.	$	169,306	$	169,306	$	—
Goldman Sachs & Co.		7,557,431		7,557,431		—
JPMorgan Securities LLC		1,709,799		1,709,799		—
Macquarie Bank Limited		3,149,417		3,149,417		—
Merrill Lynch, Pierce, Fenner & Smith		2,403,082		2,403,082		—
Morgan Stanley & Co. LLC		6,094,924		6,094,924		—
Scotia Capital (USA) Inc.		677,224		677,224		—
UBS Securities LLC		3,086,327		3,086,327		—
	$	24,847,510	$	24,847,510	$	—

68 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Singapore
Goldman Sachs & Co.	$	340,316	$	340,316	$	—
JPMorgan Securities LLC		16,882		16,882		—
Morgan Stanley & Co. LLC		6,083,443		6,083,443		—
	$	6,440,641	$	6,440,641	$	—
MSCI Taiwan
Citigroup Global Markets Ltd.	$	26,870,883	$	26,870,883	$	—
Credit Suisse Securities (Europe) Ltd.		25,454,973		25,454,973		—
JPMorgan Securities PLC		22,289,808		22,289,808		—
Morgan Stanley & Co. International PLC		86,955,814		86,955,814		—
UBS Ltd.		343,889		343,889		—
	$	161,915,367	$	161,915,367	$	—
MSCI Thailand
Barclays Capital Inc.	$	1,154,902	$	1,154,902	$	—
Credit Suisse Securities (USA) LLC		2,805,742		2,805,742		—
Deutsche Bank Securities Inc.		999,277		999,277		—
Goldman Sachs & Co.		1,472,936		1,472,936		—
JPMorgan Securities LLC		1,771,612		1,771,612		—
Macquarie Bank Limited		177,095		177,095		—
Merrill Lynch, Pierce, Fenner & Smith		821,175		821,175		—
Morgan Stanley & Co. LLC		4,396,172		4,396,172		—
Scotia Capital (USA) Inc.		127,429		127,429		—
UBS AG		1,771,857		1,771,857		—
UBS Securities LLC		29,883		29,883		—
	$	15,528,080	$	15,528,080	$	—

^a Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

NOTES TO FINANCIAL STATEMENTS 69

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.59	%	First $7 billion
	0.54		Over $7 billion, up to and including $11  billion
	0.49		Over $11 billion, up to and including $24 billion
	0.44		Over $24 billion, up to and including $48 billion
	0.40		Over $48 billion, up to and including $72 billion
	0.36		Over $72 billion, up to and including $96 billion
	0.32		Over $96 billion

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

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

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

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

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

70 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Hong Kong	$	54,794
MSCI Japan Small-Cap		40,559
MSCI Malaysia		42,419
MSCI Pacific ex Japan		61,482
MSCI Singapore		6,534
MSCI Taiwan		342,632
MSCI Thailand		95,454

For the six months ended February 28, 2018, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Taiwan ETF in the amount of $32,584, related to the foreign tax on the securities lending income. The voluntary waiver was discontinued effective January 1, 2018. Such reimbursement is included in “Securities lending income – affiliated – net” in the Fund’s statement of operations.

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

NOTES TO FINANCIAL STATEMENTS 71

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Hong Kong	$	9,612,154	$	8,236,300
MSCI Japan Small-Cap		2,218,995		295,496
MSCI Pacific ex Japan		7,779,088		2,799,534
MSCI Singapore		1,911,123		8,128,246

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

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2018 were as follows:

iShares ETF	Purchases		Sales
MSCI Hong Kong	$	130,002,654	$	92,622,487
MSCI Japan Small-Cap		11,572,406		2,624,483
MSCI Malaysia		215,860,687		59,501,183
MSCI Pacific ex Japan		117,724,799		66,017,822
MSCI Singapore		75,681,946		70,293,970
MSCI Taiwan		354,310,254		245,176,541
MSCI Thailand		9,720,307		9,817,831

In-kind transactions (see Note 4) for the six months ended February 28, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Hong Kong	$	300,002,788	$	—
MSCI Japan Small-Cap		238,141,079		88,860,030
MSCI Pacific ex Japan		123,736,113		123,920,334
MSCI Singapore		62,584,122		35,645,075
MSCI Thailand		87,655,152		44,764,736

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.

72 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

5. FUTURES CONTRACTS

Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded.

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

The following table shows the value of futures contracts held as of February 28, 2018 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares MSCI Pacific ex Japan ETF		iShares MSCI Singapore ETF
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciationa	$	175,897	$	4,780

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

NOTES TO FINANCIAL STATEMENTS 73

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Liabilities
	iShares MSCI Hong Kong ETF		iShares MSCI Japan Small-Cap ETF		iShares MSCI Pacific ex Japan ETF		iShares MSCI Taiwan ETF
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciationb	$	37,226	$	31,473	$	42,139	$	48

^b  Represents cumulative depreciation of futures contracts as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities for the iShares MSCI Japan Small-Cap ETF, iShares MSCI Pacific ex Japan ETF and iShares MSCI Taiwan ETF.

The following table shows the realized and unrealized gains (losses) on futures contracts held during the six months ended February 28, 2018 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Pacific ex Japan ETF
Futures contracts	$	711,227		$	187,486		$	761,482
	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI Hong Kong ETF			Shares MSCI Japan Small-Cap ETF			iShares MSCI Pacific ex Japan ETF
Futures contracts	$	(143,728	)	$	(31,473	)	$	133,758

	Net Realized Gain (Loss)
	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF
Futures contracts	$	263,656		$	295,666
	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF
Futures contracts	$	(24,176	)	$	(122,636	)

74 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2018:

	iShares MSCI Hong Kong ETF		iShares MSCI Japan  Small-Cap ETF		iShares MSCI Pacific ex Japan ETF
Average notional value of contracts purchased	$	6,607,316	$	920,184	$	13,237,862

	iShares MSCI Singapore ETF		iShares MSCI Taiwan ETF
Average notional value of contracts purchased	$	3,011,786	$	10,318,247

6. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

MARKET RISK

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

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the

NOTES TO FINANCIAL STATEMENTS 75

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

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

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

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

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

As of August 31, 2017, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2018		Expiring 2019		Total
MSCI Hong Kong	$	324,895,525	$	114,836,904	$	34,565,959	$	474,298,388
MSCI Japan Small-Cap		2,856,676		541,322		203,697		3,601,695
MSCI Malaysia		14,406,515		—		—		14,406,515
MSCI Pacific ex Japan		322,330,812		104,799,503		36,600,987		463,731,302
MSCI Singapore		101,383,410		132,420,824		11,588,528		245,392,762
MSCI Taiwan		335,557,692		363,052,013		19,669,958		718,279,663
MSCI Thailand		37,227,149		2,321,428		1,304,910		40,853,487

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

76 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Hong Kong	$	2,115,108,929	$	320,932,214	$	(130,181,740	)	$	190,750,474
MSCI Japan Small-Cap		376,877,755		29,901,797		(12,699,917	)		17,201,880
MSCI Malaysia		491,769,856		199,438,365		(35,837,088	)		163,601,277
MSCI Pacific ex Japan		3,164,748,282		494,486,473		(347,968,666	)		146,517,807
MSCI Singapore		672,572,705		96,396,443		(68,276,470	)		28,119,973
MSCI Taiwan		2,378,874,794		2,016,248,035		(244,306,192	)		1,771,941,843
MSCI Thailand		446,498,049		88,289,417		(39,845,717	)		48,443,700

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) 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 putative 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”) in California State Court. 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. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

9. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 77

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Japan Small-Cap	$	0.498695	$	—	$	0.047017	$	0.545712		91	%		—	%		9	%		100	%
MSCI Pacific ex Japan		1.095348		—		0.133032		1.228380		89			—			11			100
MSCI Singapore		0.136941		—		0.503761		0.640702		21			—			79			100
MSCI Taiwan		0.990806		—		0.028100		1.018906		97			—			3			100

78 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website and 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 iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

GENERAL INFORMATION 79

Notes:

80 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 81

Notes:

82 2018 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 Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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

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

©2018 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-803-0218

FEBRUARY 28, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares MSCI Brazil ETF  |  EWZ  |  NYSE Arca

^Ø  iShares MSCI Chile ETF  |  ECH  |  Cboe BZX

^Ø  iShares MSCI Colombia ETF  |  ICOL  |  NYSE Arca

^Ø  iShares MSCI Israel ETF  |  EIS  |  NYSE Arca

^Ø  iShares MSCI Russia ETF  |  ERUS  |  NYSE Arca

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

^Ø  iShares MSCI Turkey ETF  |  TUR  |  NASDAQ

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

Table of Contents

Fund Performance Overviews	5
About Fund Performance	13
Shareholder Expenses	13
Schedules of Investments	14
iShares MSCI Brazil ETF	14
iShares MSCI Chile ETF	17
iShares MSCI Colombia ETF	20
iShares MSCI Israel ETF	22
iShares MSCI Russia ETF	25
iShares MSCI South Africa ETF	27
iShares MSCI Turkey ETF	30
iShares MSCI USA Equal Weighted ETF	33
Financial Statements	43
Financial Highlights	53
Notes to Financial Statements	61
Supplemental Information	74
General Information	75

Fund Performance Overview

iSHARES^® MSCI BRAZIL ETF

Performance as of February 28, 2018

The iShares MSCI Brazil ETF (the “Fund”) (formerly the iShares MSCI Brazil Capped ETF) seeks to track the investment results of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 14.67%, net of fees, while the total return for the Index was 14.92%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		20.25%		22.85%		20.91%		20.25%		22.85%		20.91%
5 Years		(1.30)%		(1.18)%		(0.69)%		(6.31)%		(5.75)%		(3.39)%
10 Years		(2.89)%		(2.93)%		(2.38)%		(25.38)%		(25.70)%		(21.43)%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,146.70	$	3.14	$	1,000.00	$	1,021.90	$	2.96		0.59%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	36.37	%
Materials	16.09
Energy	11.79
Consumer Staples	10.59
Industrials	6.02
Utilities	5.76
Consumer Discretionary	4.77
Telecommunication Services	2.85
Information Technology	2.32
Health Care	1.96
Real Estate	1.48
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Itau Unibanco Holding SA (Preferred)	11.62	%
Vale SA	10.21
Banco Bradesco SA (Preferred)	8.29
Petroleo Brasileiro SA (Preferred)	5.05
Ambev SA	4.49
B3 SA — Brasil Bolsa Balcao	4.17
Petroleo Brasileiro SA	3.92
Itausa-Investimentos Itau SA (Preferred)	3.43
Banco do Brasil SA	2.79
Cielo SA	2.32
TOTAL	56.29	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI CHILE ETF

Performance as of February 28, 2018

The iShares MSCI Chile ETF (the “Fund”) (formerly the iShares MSCI Chile Capped ETF) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 12.91%, net of fees, while the total return for the Index was 13.14%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		35.82%		35.54%		36.10%		35.82%		35.54%		36.10%
5 Years		(2.44)%		(2.46)%		(2.22)%		(11.62)%		(11.69)%		(10.60)%
10 Years		2.55%		2.41%		3.09%		28.63%		26.95%		35.59%

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

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,129.10	$	3.11	$	1,000.00	$	1,021.90	$	2.96		0.59%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Utilities	24.08	%
Financials	19.28
Materials	12.08
Consumer Discretionary	11.25
Consumer Staples	10.95
Energy	8.30
Industrials	7.22
Real Estate	2.76
Telecommunication Services	2.55
Information Technology	1.53
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

SACI Falabella	8.97	%
Empresas COPEC SA	8.30
Enel Americas SA	8.04
Banco Santander Chile	6.53
Sociedad Quimica y Minera de Chile SA Series B (Preferred)	5.88
Cencosud SA	4.58
LATAM Airlines Group SA	4.54
Empresas CMPC SA	4.45
Banco de Credito e Inversiones SA	4.36
Banco de Chile	4.01
TOTAL	59.66	%

* Excludes money market funds.

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI COLOMBIA ETF

Performance as of February 28, 2018

The iShares MSCI Colombia ETF (the “Fund”) (formerly the iShares MSCI Colombia Capped ETF) seeks to track the investment results of a broad-based index composed of Colombian equities, as represented by the MSCI All Colombia Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 1.52%, net of fees, while the total return for the Index was 1.79%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		13.41%		14.74%		13.89%		13.41%		14.74%		13.89%
Since Inception		(9.23)%		(8.92)%		(8.94)%		(36.58)%		(35.56)%		(35.61)%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,015.20	$	3.05	$	1,000.00	$	1,021.80	$	3.06		0.61%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	34.13	%
Materials	17.37
Energy	17.19
Utilities	15.88
Consumer Staples	9.23
Industrials	4.84
Telecommunication Services	1.36
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Bancolombia SA (Preferred)	12.70	%
Ecopetrol SA	11.34
Bancolombia SA	6.05
Grupo Argos SA/Colombia	4.82
Grupo Energia Bogota SA ESP	4.70
Interconexion Electrica SA ESP	4.68
Grupo Nutresa SA	4.67
Almacenes Exito SA	4.57
Grupo de Inversiones Suramericana SA	4.37
Banco Davivienda SA (Preferred)	4.27
TOTAL	62.17	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI ISRAEL ETF

Performance as of February 28, 2018

The iShares MSCI Israel ETF (the “Fund”) (formerly the iShares MSCI Israel Capped ETF) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 8.70%, net of fees, while the total return for the Index was 8.96%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		4.59%		4.24%		5.06%		4.59%		4.24%		5.06%
5 Years		5.64%		5.48%		6.04%		31.59%		30.59%		34.09%
Since Inception		2.65%		2.61%		3.10%		29.72%		29.19%		35.37%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,087.00	$	3.05	$	1,000.00	$	1,021.90	$	2.96		0.59%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Information Technology	27.13	%
Financials	23.68
Health Care	15.90
Real Estate	8.97
Materials	6.42
Industrials	5.52
Telecommunication Services	4.43
Energy	3.49
Consumer Staples	2.03
Consumer Discretionary	1.76
Utilities	0.67
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Teva Pharmaceutical Industries Ltd. ADR	14.98	%
Check Point Software Technologies Ltd.	11.89
Bank Leumi Le-Israel BM	7.50
Bank Hapoalim BM	6.49
Nice Ltd.	4.55
Frutarom Industries Ltd.	3.34
Elbit Systems Ltd.	3.15
Israel Discount Bank Ltd. Class A	3.04
Bezeq The Israeli Telecommunication Corp. Ltd.	2.98
Mizrahi Tefahot Bank Ltd.	2.45
TOTAL	60.37	%

* Excludes money market funds.

8 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI RUSSIA ETF

Performance as of February 28, 2018

The iShares MSCI Russia ETF (the “Fund”) (formerly the iShares MSCI Russia Capped ETF) seeks to track the investment results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 21.31%, net of fees, while the total return for the Index was 21.70%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		24.82%		23.65%		24.95%		24.82%		23.65%		24.95%
5 Years		0.01%		(0.21)%		0.62%		0.04%		(1.05)%		3.15%
Since Inception		(0.69)%		(0.89)%		(0.10)%		(4.91)%		(6.30)%		(0.72)%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,213.10	$	3.24	$	1,000.00	$	1,021.90	$	2.96		0.59%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of Total Investments*

Energy	41.80	%
Financials	27.09
Materials	19.05
Consumer Staples	4.41
Telecommunication Services	3.93
Utilities	3.72
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of Total Investments*

Sberbank of Russia PJSC ADR	14.76	%
Lukoil PJSC	11.49
Gazprom PJSC	10.33
Sberbank of Russia PJSC	6.88
Tatneft PJSC Class S	4.70
Novatek PJSC GDR	4.66
MMC Norilsk Nickel PJSC	4.63
Magnit PJSC GDR	4.41
Mobile TeleSystems PJSC ADR	3.93
Severstal PJSC	3.15
TOTAL	68.94	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI SOUTH AFRICA ETF

Performance as of February 28, 2018

The iShares MSCI South Africa ETF (the “Fund”) seeks to track the investment results of an index composed of South African equities, as represented by the MSCI South Africa 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 15.98%, net of fees, while the total return for the Index was 16.41%.

	Average Annual Total Returns						Cumulative Total Returns
	1 Year		5 Years		10 years		1 Year		5 Years		10 years
NAV		32.30%		4.85%		4.98%		32.30%		26.70%		62.52%
MARKET		32.14%		4.79%		5.09%		32.14%		26.38%		64.22%
INDEX a		33.37%		5.53%		5.82%		33.37%		30.87%		76.11%
MSCI South Africa Index		33.34%		5.52%		5.82%		33.34%		30.84%		76.07%
MSCI South Africa 25/50 Index b		n/a		n/a		n/a		n/a		n/a		n/a

^a  Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI South Africa 25/50 Index, which, effective as of September 1, 2017, replaced the MSCI South Africa Index as the underlying index of the Fund.

^b  The inception date of the MSCI South Africa 25/50 Index was May 12, 2017.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,159.80	$	3.16	$	1,000.00	$	1,021.90	$	2.96		0.59%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of Total Investments*

Financials	30.82	%
Consumer Discretionary	28.95
Materials	10.97
Consumer Staples	8.79
Telecommunication Services	7.53
Real Estate	6.23
Health Care	4.07
Industrials	1.79
Energy	0.85
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of Total Investments*

Naspers Ltd. Class N	22.03	%
Standard Bank Group Ltd.	6.17
FirstRand Ltd.	5.46
Sasol Ltd.	5.05
MTN Group Ltd.	4.79
Barclays Africa Group Ltd.	3.12
Sanlam Ltd.	2.91
Remgro Ltd.	2.91
Shoprite Holdings Ltd.	2.64
Aspen Pharmacare Holdings Ltd.	2.39
TOTAL	57.47	%

* Excludes money market funds.

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI TURKEY ETF

Performance as of February 28, 2018

The iShares MSCI Turkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was -2.67%, net of fees, while the total return for the Index was -2.52%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		30.06%		30.73%		30.48%		30.06%		30.73%		30.48%
5 Years		(5.49)%		(5.45)%		(5.16)%		(24.62)%		(24.42)%		(23.26)%
Since Inception		0.94%		0.90%		1.29%		9.73%		9.35%		13.56%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	973.30	$	2.89	$	1,000.00	$	1,021.90	$	2.96		0.59%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	34.51	%
Industrials	18.62
Materials	12.30
Consumer Staples	10.85
Telecommunication Services	7.56
Consumer Discretionary	6.62
Energy	5.64
Real Estate	2.08
Utilities	1.35
Information Technology	0.30
Health Care	0.17
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Turkiye Garanti Bankasi AS	10.08	%
Akbank Turk AS	8.70
Turkcell Iletisim Hizmetleri AS	6.28
BIM Birlesik Magazalar AS	5.95
Eregli Demir ve Celik Fabrikalari TAS	5.92
Tupras Turkiye Petrol Rafinerileri AS	5.45
KOC Holding AS	5.09
Turkiye Is Bankasi AS Class C	4.45
Turk Hava Yollari AO	3.92
Haci Omer Sabanci Holding AS	3.67
TOTAL	59.51	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

Fund Performance Overview

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

Performance as of February 28, 2018

The iShares MSCI USA Equal Weighted ETF (the “Fund”) seeks to track the investment results of an index composed of equal weighted U.S. equities, as represented by the MSCI USA Equal Weighted Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 9.16%, net of fees, while the total return for the Index was 9.24%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		12.81%		12.76%		12.95%		12.81%		12.76%		12.95%
5 Years		13.34%		13.35%		13.50%		87.05%		87.15%		88.37%
Since Inception		12.89%		12.88%		13.06%		158.08%		157.99%		161.18%

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

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,091.60	$	0.78	$	1,000.00	$	1,024.10	$	0.75		0.15%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of Total Investments*

Information Technology	16.13	%
Consumer Discretionary	15.33
Financials	14.42
Industrials	13.85
Health Care	10.91
Real Estate	6.39
Energy	6.15
Consumer Staples	5.89
Utilities	5.11
Materials	4.86
Telecommunication Services	0.96
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total Investments*

Veeva Systems Inc. Class A	0.19	%
Hewlett Packard Enterprise Co.	0.18
Macy’s Inc.	0.18
Booking Holdings Inc.	0.18
Micron Technology Inc.	0.18
Worldpay Inc. Class A	0.18
Macquarie Infrastructure Corp.	0.17
TJX Companies Inc. (The)	0.17
Arista Networks Inc.	0.17
Activision Blizzard Inc.	0.17
TOTAL	1.77	%

* Excludes money market funds.

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2017 and held through February 28, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number corresponding to your Fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 13

Schedule of Investments (Unaudited)

iSHARES^® MSCI BRAZIL ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 63.60%
AEROSPACE & DEFENSE — 1.20%
Embraer SA		15,704,887	$	105,190,717
				105,190,717
BANKS — 6.08%
Banco Bradesco SA		15,988,786		181,259,558
Banco do Brasil SA		18,729,387		240,981,416
Banco Santander Brasil SA Units		9,683,475		109,599,500
				531,840,474
BEVERAGES — 4.44%
Ambev SA		57,343,555		388,321,111
				388,321,111
CAPITAL MARKETS — 4.13%
B3 SA — Brasil Bolsa Balcao		45,765,377		360,910,799
				360,910,799
CONTAINERS & PACKAGING — 0.92%
Klabin SA Units		14,609,144		80,493,629
				80,493,629
DIVERSIFIED CONSUMER SERVICES — 1.71%
Kroton Educacional SA		31,398,819		149,805,831
				149,805,831
ELECTRIC UTILITIES — 2.74%
Centrais Eletricas Brasileiras SAa		6,349,300		48,410,054
Cia. Energetica de Minas Geraisa		2,390,550		5,997,070
EDP — Energias do Brasil SA		9,602,645		39,312,098
Equatorial Energia SA		4,710,900		103,824,683
Transmissora Alianca de Energia Eletrica SA Units		6,637,000		41,880,262
				239,424,167
FOOD & STAPLES RETAILING — 2.04%
Atacadao Distribuicao Comercio e Industria Ltdaa		11,285,300		51,584,981
Raia Drogasil SA		5,301,800		126,867,851
				178,452,832
FOOD PRODUCTS — 2.46%
BRF SAa		10,635,650		97,951,103
JBS SA		21,214,107		64,711,597
M. Dias Branco SA		2,853,500		52,550,952
				215,213,652

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 0.92%
Odontoprev SA		5,181,465	$	24,418,078
Qualicorp SA		6,298,505		55,738,982
				80,157,060
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.63%
Engie Brasil Energia SA		4,530,375		54,594,592
				54,594,592
INSURANCE — 2.65%
BB Seguridade Participacoes SA		15,859,095		142,054,533
Porto Seguro SA		3,373,320		47,545,771
Sul America SA Units		6,420,749		42,195,611
				231,795,915
IT SERVICES — 2.30%
Cielo SA		27,000,696		201,045,583
				201,045,583
MACHINERY — 1.12%
WEG SA		13,568,370		97,771,617
				97,771,617
METALS & MINING — 10.73%
Cia. Siderurgica Nacional SAa		17,739,969		55,424,605
Vale SA		63,683,831		883,095,525
				938,520,130
MULTILINE RETAIL — 1.94%
Lojas Renner SA		15,978,090		169,777,196
				169,777,196
OIL, GAS & CONSUMABLE FUELS — 6.66%
Cosan SA Industria e Comercio		4,308,050		57,511,390
Petroleo Brasileiro SAa		47,616,969		339,309,837
Ultrapar Participacoes SA		8,005,455		185,650,167
				582,471,394
PAPER & FOREST PRODUCTS — 2.12%
Fibria Celulose SA		5,856,551		111,173,066
Suzano Papel e Celulose SA		11,120,430		74,449,974
				185,623,040
PERSONAL PRODUCTS — 0.58%
Natura Cosmeticos SA		4,831,465		51,054,773
				51,054,773
PHARMACEUTICALS — 1.02%
Hypera SA		8,382,700		89,071,429
				89,071,429

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRAZIL ETF

February 28, 2018

Security	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.46%
BR Malls Participacoes SA		20,735,838	$	76,145,763
Multiplan Empreendimentos Imobiliarios SA		2,387,646		51,592,997
				127,738,760
ROAD & RAIL — 2.39%
Localiza Rent a Car SA		12,027,831		96,037,533
Rumo SAa		25,699,590		112,647,068
				208,684,601
TRANSPORTATION INFRASTRUCTURE — 1.25%
CCR SA		27,969,265		109,337,335
				109,337,335
WATER UTILITIES — 1.09%
Cia. de Saneamento Basico do Estado de Sao Paulo		8,242,100		95,518,296
				95,518,296
WIRELESS TELECOMMUNICATION SERVICES — 1.02%
TIM Participacoes SA		20,633,625		89,552,632
				89,552,632
TOTAL COMMON STOCKS
(Cost: $3,719,186,892)				5,562,367,565
PREFERRED STOCKS — 35.26%
BANKS — 23.08%
Banco Bradesco SA, Preference Shares		60,060,718		716,753,840
Itau Unibanco Holding SA, Preference Shares		64,800,698		1,004,897,011
Itausa-Investimentos Itau SA, Preference Shares		73,513,292		296,881,690
				2,018,532,541
CHEMICALS — 0.74%
Braskem SA Class A, Preference Shares		4,509,156		64,457,162
				64,457,162
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.80%
Telefonica Brasil SA, Preference Shares		10,085,464		157,238,554
				157,238,554
ELECTRIC UTILITIES — 1.24%
Centrais Eletricas Brasileiras SA Class B, Preference Shares		6,495,246		55,780,643

Security	Shares		Value
Cia. Energetica de Minas Gerais, Preference Shares		20,884,420	$	52,777,557
				108,558,200
FOOD & STAPLES RETAILING — 0.95%
Cia. Brasileira de Distribuicao, Preference Shares		3,947,764		83,226,581
				83,226,581
METALS & MINING — 1.40%
Gerdau SA, Preference Shares		23,990,026		122,728,505
				122,728,505
MULTILINE RETAIL — 1.06%
Lojas Americanas SA, Preference Shares		17,863,717		92,817,097
				92,817,097
OIL, GAS & CONSUMABLE FUELS — 4.99%
Petroleo Brasileiro SA, Preference Shares		66,153,483		436,984,608
				436,984,608
TOTAL PREFERRED STOCKS
(Cost: $1,804,041,562)				3,084,543,248
RIGHTS — 0.04%
DIVERSIFIED FINANCIAL SERVICES — 0.04%
Itausa-Investimentos Itau SA (Expires 03/29/18)a		1,962,733		3,262,411
				3,262,411
TOTAL RIGHTS
(Cost: $0)				3,262,411
SHORT-TERM INVESTMENTS — 0.07%
MONEY MARKET FUNDS — 0.07%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%b,c		6,244,689		6,244,689
				6,244,689
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,244,689)				6,244,689
TOTAL INVESTMENTS IN SECURITIES — 98.97%
(Cost: $5,529,473,143)				8,656,417,913
Other Assets, Less Liabilities — 1.03%				89,844,090
NET ASSETS — 100.00%			$	8,746,262,003

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRAZIL ETF

February 28, 2018

^a  Non-income producing security.

^b  Affiliate of the Fund.

^c  Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold		Shares held at 02/28/18		Value at 02/28/18		Income		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		16,859		6,227,830	b		—		6,244,689	$	6,244,689	$	31,463	$	—	$	—

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
MSCI Emerging Markets E-Mini		1,978		Mar 2018	$	116,999	$	54,106

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	5,562,367,565	$	—	$	—	$	5,562,367,565
Preferred stocks		3,084,543,248		—		—		3,084,543,248
Rights		3,262,411		—		—		3,262,411
Money market funds		6,244,689		—		—		6,244,689
Total	$	8,656,417,913	$	—	$	—	$	8,656,417,913
Derivative financial instrumentsa
Assets
Futures contracts	$	54,106	$	—	$	—	$	54,106
Total	$	54,106	$	—	$	—	$	54,106

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

See notes to financial statements.

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI CHILE ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 92.15%
AIRLINES — 4.54%
Latam Airlines Group SA		1,371,504	$	22,469,630
				22,469,630
BANKS — 17.19%
Banco de Chile		116,934,593		19,846,652
Banco de Credito e Inversiones SA		289,416		21,570,780
Banco Santander Chile		393,425,980		32,305,296
Itau CorpBanca		1,111,889,521		11,362,525
				85,085,253
BEVERAGES — 4.45%
Cia. Cervecerias Unidas SA		1,012,175		14,277,204
Vina Concha y Toro SA		3,606,935		7,772,861
				22,050,065
CAPITAL MARKETS — 0.80%
Sociedad de Inversiones Oro Blanco SA		365,605,357		3,947,655
				3,947,655
CONSTRUCTION & ENGINEERING — 2.17%
Besalco SA		3,990,764		4,523,810
Salfacorp SA		3,104,208		6,223,345
				10,747,155
DIVERSIFIED FINANCIAL SERVICES — 1.28%
Inversiones La Construccion SA		318,707		6,345,521
				6,345,521
ELECTRIC UTILITIES — 12.62%
Enel Americas SA		172,352,081		39,796,298
Enel Chile SA		111,600,530		13,780,461
Engie Energia Chile SA		3,953,351		8,916,928
				62,493,687
FOOD & STAPLES RETAILING — 4.58%
Cencosud SA		7,449,871		22,660,176
				22,660,176
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 7.69%
AES Gener SA		22,769,033		6,957,406
Colbun SA		54,965,624		13,361,748
Enel Generacion Chile SA		18,981,833		17,773,025
				38,092,179
IT SERVICES — 1.53%
SONDA SA		3,750,120		7,581,969
				7,581,969

Security	Shares		Value
MARINE — 0.50%
Cia. Sud Americana de Vapores SAa		49,345,945	$	2,491,901
				2,491,901
METALS & MINING — 1.76%
CAP SA		610,776		8,714,704
				8,714,704
MULTILINE RETAIL — 10.36%
Ripley Corp. SA		6,440,619		6,908,933
SACI Falabella		4,384,338		44,372,005
				51,280,938
OIL, GAS & CONSUMABLE FUELS — 8.30%
Empresas COPEC SA		2,540,581		41,063,192
				41,063,192
PAPER & FOREST PRODUCTS — 4.44%
Empresas CMPC SA		5,698,674		21,997,589
				21,997,589
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.76%
Parque Arauco SA		4,275,323		13,644,770
				13,644,770
TEXTILES, APPAREL & LUXURY GOODS — 0.88%
Forus SA		952,930		4,375,334
				4,375,334
WATER UTILITIES — 3.75%
Aguas Andinas SA Series A		18,363,444		12,275,750
Inversiones Aguas Metropolitanas SA		3,335,860		6,272,092
				18,547,842
WIRELESS TELECOMMUNICATION SERVICES — 2.55%
Empresa Nacional de Telecomunicaciones SA		1,065,897		12,636,724
				12,636,724
TOTAL COMMON STOCKS
(Cost: $271,029,717)				456,226,284
PREFERRED STOCKS — 7.78%
BEVERAGES — 1.91%
Embotelladora Andina SA Class B, Preference Shares		1,912,046		9,458,144
				9,458,144

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHILE ETF

February 28, 2018

Security	Shares		Value
CHEMICALS — 5.87%
Sociedad Quimica y Minera de Chile SA Series B, Preference Shares		573,765	$	29,083,354
				29,083,354
TOTAL PREFERRED STOCKS
(Cost: $18,237,466)				38,541,498
RIGHTS — 0.00%
ELECTRIC UTILITIES — 0.00%
Enel Chile SA (Expires 03/16/18)a		12,277,008		2,085
				2,085
TOTAL RIGHTS
(Cost: $0)				2,085

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.06%
MONEY MARKET FUNDS — 0.06%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%b,c		275,371	$	275,371
				275,371
TOTAL SHORT-TERM INVESTMENTS
(Cost: $275,371)				275,371
TOTAL INVESTMENTS IN SECURITIES — 99.99%
(Cost: $289,542,554)				495,045,238
Other Assets, Less Liabilities — 0.01%				34,893
NET ASSETS — 100.00%			$	495,080,131

^a  Non-income producing security.

^b  Affiliate of the Fund.

^c  Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold		Shares held at 02/28/18		Value at 02/28/18		Income		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		227,709		47,662	b		—		275,371	$	275,371	$	3,601	$	—	$	—

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHILE ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	456,226,284	$	—	$	—	$	456,226,284
Preferred stocks		38,541,498		—		—		38,541,498
Rights		2,085		—		—		2,085
Money market funds		275,371		—		—		275,371
Total	$	495,045,238	$	—	$	—	$	495,045,238

See notes to financial statements.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited)

iSHARES^® MSCI COLOMBIA ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 72.91%
BANKS — 7.03%
Banco de Bogota SA		6,948	$	159,915
Bancolombia SA		122,351		1,286,453
Grupo Aval Acciones y Valores SA		114,753		50,207
				1,496,575
CAPITAL MARKETS — 1.92%
Bolsa de Valores de Colombia		46,658,766		408,284
				408,284
CONSTRUCTION & ENGINEERING — 1.89%
Constructora Conconcreto SA		1,167,946		401,879
				401,879
CONSTRUCTION MATERIALS — 11.67%
Cementos Argos SA		234,726		854,312
Cemex Latam Holdings SAa		184,092		605,204
Grupo Argos SA/Colombia		152,279		1,025,657
				2,485,173
DIVERSIFIED FINANCIAL SERVICES — 5.06%
Corp. Financiera Colombiana SA		17,835		150,717
Grupo de Inversiones Suramericana SA		69,281		927,954
				1,078,671
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.35%
Empresa de Telecomunicaciones de Bogotaa		1,923,019		288,945
				288,945
ELECTRIC UTILITIES — 9.33%
Celsia SA ESP		234,419		371,434
Enel Americas SA		2,687,111		620,457
Interconexion Electrica SA ESP		208,481		995,731
				1,987,622
FOOD & STAPLES RETAILING — 4.56%
Almacenes Exito SA		165,938		970,717
				970,717
FOOD PRODUCTS — 4.66%
Grupo Nutresa SA		105,386		991,977
				991,977
GAS UTILITIES — 6.52%
Grupo Energia Bogota SA ESP		1,412,706		999,776
Promigas SA ESP		150,394		387,987
				1,387,763

Security	Shares		Value
METALS & MINING — 1.76%
Mineros SA		448,282	$	375,075
				375,075
OIL, GAS & CONSUMABLE FUELS — 17.16%
Canacol Energy Ltd.a		185,890		613,661
Ecopetrol SA		2,754,449		2,410,257
Empresas COPEC SA		38,976		629,966
				3,653,884
TOTAL COMMON STOCKS
(Cost: $12,701,774)				15,526,565
PREFERRED STOCKS — 26.91%
AIRLINES — 2.94%
Avianca Holdings SA, Preference Shares		541,894		626,257
				626,257
BANKS — 19.83%
Banco Davivienda SA, Preference Shares		87,725		908,312
Bancolombia SA, Preference Shares		256,537		2,699,133
Grupo Aval Acciones y Valores SA, Preference Shares		1,422,682		615,013
				4,222,458
CONSTRUCTION MATERIALS — 3.91%
Cementos Argos SA, Preference Shares		78,764		236,695
Grupo Argos SA/Colombia, Preference Shares		103,269		595,471
				832,166
DIVERSIFIED FINANCIAL SERVICES — 0.23%
Grupo de Inversiones Suramericana SA, Preference Shares		3,973		49,226
				49,226
TOTAL PREFERRED STOCKS
(Cost: $4,903,406)				5,730,107

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI COLOMBIA ETF

February 28, 2018

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.05%
MONEY MARKET FUNDS — 0.05%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%b,c		11,069	$	11,069
				11,069
TOTAL SHORT-TERM INVESTMENTS
(Cost: $11,069)				11,069

	Value
TOTAL INVESTMENTS IN SECURITIES — 99.87%
(Cost: $17,616,249)	$	21,267,741
Other Assets, Less Liabilities — 0.13%		26,857
NET ASSETS — 100.00%	$	21,294,598

^a  Non-income producing security.

^b  Affiliate of the Fund.

^c  Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17	Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	59,106		—		(59,106	)b		—	$	—	$	806	c	$	(15	)	$	4
BlackRock Cash Funds: Treasury, SL Agency Shares	57,311		—		(46,242	)b		11,069		11,069		210			—			—
									$	11,069	$	1,016		$	(15	)	$	4

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	15,526,565	$	—	$	—	$	15,526,565
Preferred stocks		5,730,107		—		—		5,730,107
Money market funds		11,069		—		—		11,069
Total	$	21,267,741	$	—	$	—	$	21,267,741

See notes to financial statements.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited)

iSHARES^® MSCI ISRAEL ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.96%
AEROSPACE & DEFENSE — 3.15%
Elbit Systems Ltd.		26,213	$	3,748,001
				3,748,001
AIRLINES — 0.09%
El Al Israel Airlines		294,706		106,447
				106,447
BANKS — 20.44%
Bank Hapoalim BM		1,074,937		7,703,424
Bank Leumi Le-Israel BM		1,468,956		8,912,116
First International Bank of Israel Ltd.		52,321		1,153,771
Israel Discount Bank Ltd. Class Aa		1,253,655		3,608,107
Mizrahi Tefahot Bank Ltd.		156,727		2,905,801
				24,283,219
BUILDING PRODUCTS — 0.50%
Caesarstone Ltd.b		27,694		599,575
				599,575
CHEMICALS — 6.42%
Frutarom Industries Ltd.		43,129		3,972,106
Israel Chemicals Ltd.		652,129		2,800,295
Israel Corp. Ltd. (The)a		4,345		856,607
				7,629,008
COMMUNICATIONS EQUIPMENT — 1.55%
Ituran Location and Control Ltd.		21,542		744,276
Radware Ltd.a		53,223		1,100,120
				1,844,396
CONSTRUCTION & ENGINEERING — 1.39%
Electra Ltd./Israel		2,474		640,831
Shapir Engineering and Industry Ltd.		131,627		504,604
Shikun & Binui Ltd.		268,260		500,920
				1,646,355
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.28%
B Communications Ltd.a		20,655		361,495
Bezeq The Israeli Telecommunication Corp. Ltd.		2,307,353		3,539,506
				3,901,001
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.41%
Orbotech Ltd.a		52,195		2,868,637
				2,868,637

Security	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.74%
REIT 1 Ltd.		207,170	$	875,295
				875,295
FOOD & STAPLES RETAILING — 1.00%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		8,966		510,677
Shufersal Ltd.		94,128		674,287
				1,184,964
FOOD PRODUCTS — 1.03%
Strauss Group Ltd.		54,314		1,227,108
				1,227,108
HEALTH CARE EQUIPMENT & SUPPLIES — 0.92%
Mazor Robotics Ltd.a		33,361		1,087,855
				1,087,855
HOUSEHOLD DURABLES — 1.08%
SodaStream International Ltd.a,b		15,811		1,279,426
				1,279,426
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.67%
Kenon Holdings Ltd./Singaporea		25,741		798,630
				798,630
INSURANCE — 3.24%
Clal Insurance Enterprises Holdings Ltd.a		28,338		516,593
Harel Insurance Investments & Financial Services Ltd.		134,599		1,076,932
IDI Insurance Co. Ltd.		9,046		613,906
Menora Mivtachim Holdings Ltd.		37,024		512,223
Migdal Insurance & Financial Holding Ltd.		511,069		565,852
Phoenix Holdings Ltd. (The)a		93,935		559,356
				3,844,862
INTERNET SOFTWARE & SERVICES — 2.00%
Wix.com Ltd.a,b		31,647		2,375,107
				2,375,107
IT SERVICES — 0.62%
Formula Systems 1985 Ltd.		5,384		192,300
Matrix IT Ltd.		47,589		538,681
				730,981
MACHINERY — 0.39%
Kornit Digital Ltd.a,b		35,778		457,958
				457,958

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ISRAEL ETF

February 28, 2018

Security	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 3.48%
Delek Group Ltd.		5,158	$	889,221
Jerusalem Oil Explorationa		11,470		684,683
Naphtha Israel Petroleum Corp. Ltd.		54,051		360,124
Oil Refineries Ltd.		1,754,993		837,455
Paz Oil Co. Ltd.a		8,376		1,369,261
				4,140,744
PHARMACEUTICALS — 14.97%
Teva Pharmaceutical Industries Ltd. ADRb		950,296		17,789,541
				17,789,541
REAL ESTATE MANAGEMENT & DEVELOPMENT — 8.23%
Africa Israel Properties Ltd.a		19,187		472,852
Airport City Ltd.a		95,182		1,137,125
Alony Hetz Properties & Investments Ltd.		124,093		1,203,590
Amot Investments Ltd.		155,890		897,325
Azrieli Group Ltd.		47,823		2,363,244
Bayside Land Corp.		1,020		475,572
Big Shopping Centers Ltd.		2,960		196,535
Blue Square Real Estate Ltd.		4,609		179,343
Brack Capital Properties NVa		1,186		146,161
Gazit-Globe Ltd.		117,123		1,193,293
Jerusalem Economy Ltd.a		86,476		216,280
Melisron Ltd.		21,428		945,406
Norstar Holdings Inc.		18,880		353,577
				9,780,303
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.68%
Nova Measuring Instruments Ltd.a		11,257		308,919
Tower Semiconductor Ltd.a		97,875		2,881,690
				3,190,609
SOFTWARE — 17.85%
Check Point Software Technologies Ltd.a,b		135,900		14,118,651
CyberArk Software Ltd.a,b		26,791		1,326,422
Nice Ltd.		55,413		5,406,458
Sapiens International Corp. NVb		37,253		358,104
				21,209,635
SPECIALTY RETAIL — 0.31%
Delek Automotive Systems Ltd.		55,330		364,031
				364,031

Security	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 0.37%
Delta-Galil Industries Ltd.b		13,388	$	441,187
				441,187
WIRELESS TELECOMMUNICATION SERVICES — 1.15%
Cellcom Israel Ltd.a		73,334		610,387
Partner Communications Co. Ltd.a		143,467		753,144
				1,363,531
TOTAL COMMON STOCKS
(Cost: $122,629,790)				118,768,406
SHORT-TERM INVESTMENTS — 9.19%
MONEY MARKET FUNDS — 9.19%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%c,d,e		10,911,435		10,912,526
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%c,d		9,100		9,100
				10,921,626
TOTAL SHORT-TERM INVESTMENTS
(Cost: $10,921,381)				10,921,626
TOTAL INVESTMENTS IN SECURITIES — 109.15%
(Cost: $133,551,171)				129,690,032
Other Assets, Less Liabilities — (9.15)%				(10,869,912	)
NET ASSETS — 100.00%			$	118,820,120

ADR  —  American Depositary Receipts

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Affiliate of the Fund.

^d  Annualized 7-day yield as of period end.

^e  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ISRAEL ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		15,525,641		—		(4,614,206	)b		10,911,435	$	10,912,526	$	26,894	c	$	(1,679	)	$	(301	)
BlackRock Cash Funds: Treasury, SL Agency Shares		40,997		—		(31,897	)b		9,100		9,100		120			—			—
										$	10,921,626	$	27,014		$	(1,679	)	$	(301	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	118,768,406	$	—	$	—	$	118,768,406
Money market funds		10,921,626		—		—		10,921,626
Total	$	129,690,032	$	—	$	—	$	129,690,032

See notes to financial statements.

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI RUSSIA ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 96.48%
BANKS — 24.68%
Sberbank of Russia PJSC		11,591,520	$	56,086,506
Sberbank of Russia PJSC ADR		5,885,786		120,364,324
VTB Bank PJSC		7,757,295,000		7,269,859
VTB Bank PJSC GDR		8,306,686		17,776,308
				201,496,997
CAPITAL MARKETS — 2.38%
Moscow Exchange MICEX-RTS PJSC		9,781,210		19,432,983
				19,432,983
CHEMICALS — 1.78%
PhosAgro PJSC GDR		944,317		14,542,482
				14,542,482
ELECTRIC UTILITIES — 3.71%
Inter RAO UES PJSC		237,861,000		15,717,268
RusHydro PJSC		1,052,364,000		14,608,508
				30,325,776
FOOD & STAPLES RETAILING — 4.40%
Magnit PJSC GDR		1,736,143		35,938,160
				35,938,160
METALS & MINING — 17.25%
Alrosa PJSC		16,469,300		25,246,247
Magnitogorsk Iron & Steel Works PJSC		18,076,400		15,309,432
MMC Norilsk Nickel PJSC		190,612		37,782,127
Novolipetsk Steel PJSC		7,705,710		19,997,411
Polyus PJSC		203,665		16,807,631
Severstal PJSC		1,576,255		25,713,976
				140,856,824
OIL, GAS & CONSUMABLE FUELS — 38.35%
Gazprom PJSC		33,122,290		84,227,311
Gazprom PJSC ADR		1,446,864		7,240,107
LUKOIL PJSC		1,397,683		93,758,157
LUKOIL PJSC ADR		61,068		4,097,663
Novatek PJSC GDR		278,459		38,009,654
Rosneft Oil Co. PJSC		1,363,360		8,003,739
Rosneft Oil Co. PJSC GDR		3,485,602		20,390,772

Security	Shares		Value
Surgutneftegas OJSC		30,493,746	$	15,553,584
Surgutneftegas OJSC ADR		696,229		3,481,145
Tatneft PJSC Class S		3,633,415		38,336,489
				313,098,621
WIRELESS TELECOMMUNICATION SERVICES — 3.93%
Mobile TeleSystems PJSC ADR		2,681,715		32,073,311
				32,073,311
TOTAL COMMON STOCKS
(Cost: $658,564,978)				787,765,154
PREFERRED STOCKS — 3.41%
OIL, GAS & CONSUMABLE FUELS — 3.41%
Surgutneftegas OJSC, Preference Shares		35,955,200		18,840,595
Transneft PJSC, Preference Shares		2,740		9,003,952
				27,844,547
TOTAL PREFERRED STOCKS
(Cost: $26,754,310)				27,844,547
SHORT-TERM INVESTMENTS — 0.16%
MONEY MARKET FUNDS — 0.16%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%a,b		1,290,488		1,290,488
				1,290,488
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,290,488)				1,290,488
TOTAL INVESTMENTS IN SECURITIES — 100.05%
(Cost: $686,609,776)				816,900,189
Other Assets, Less Liabilities — (0.05)%				(381,846	)
NET ASSETS — 100.00%			$	816,518,343

ADR — American Depositary Receipts

GDR — Global Depositary Receipts

^a  Affiliate of the Fund.

^b  Annualized 7-day yield as of period end.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI RUSSIA ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold		Shares held at 02/28/18		Value at 02/28/18		Income		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,026,049		264,439	b		—		1,290,488	$	1,290,488	$	9,867	$	—	$	—

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	787,765,154	$	—	$	—	$	787,765,154
Preferred stocks		27,844,547		—		—		27,844,547
Money market funds		1,290,488		—		—		1,290,488
Total	$	816,900,189	$	—	$	—	$	816,900,189

See notes to financial statements.

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI SOUTH AFRICA ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.75%
BANKS — 11.70%
Barclays Africa Group Ltd.		958,156	$	16,113,012
Capitec Bank Holdings Ltd.		65,442		4,615,300
Nedbank Group Ltd.		328,772		8,009,461
Standard Bank Group Ltd.		1,728,547		31,896,204
				60,633,977
CAPITAL MARKETS — 1.90%
Brait SEa		741,515		2,817,490
Coronation Fund Managers Ltd.		434,740		2,944,612
Investec Ltd.		472,088		4,099,462
				9,861,564
CHEMICALS — 5.04%
Sasol Ltd.		739,385		26,105,153
				26,105,153
DISTRIBUTORS — 0.98%
Imperial Holdings Ltd.		240,276		5,102,411
				5,102,411
DIVERSIFIED FINANCIAL SERVICES — 10.71%
FirstRand Ltd.		4,510,018		28,235,970
PSG Group Ltd.		245,701		4,527,372
Remgro Ltd.		733,591		15,008,978
RMB Holdings Ltd.		1,044,446		7,708,748
				55,481,068
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.47%
Telkom SA SOC Ltd.		557,850		2,445,726
				2,445,726
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.13%
Fortress REIT Ltd. Series A		2,070,675		2,792,769
Fortress REIT Ltd. Series B		1,367,117		1,853,129
Growthpoint Properties Ltd.		3,229,034		8,070,020
Hyprop Investments Ltd.		421,489		3,897,535
Redefine Properties Ltd.		7,558,494		7,261,533
Resilient REIT Ltd.		477,037		2,681,874
				26,556,860
FOOD & STAPLES RETAILING — 6.56%
Bid Corp. Ltd.		474,778		10,855,287
Pick n Pay Stores Ltd.		629,310		3,873,825
Shoprite Holdings Ltd.		619,325		13,639,710
SPAR Group Ltd. (The)		302,430		5,600,864
				33,969,686

Security	Shares		Value
FOOD PRODUCTS — 2.21%
Pioneer Foods Group Ltd.		256,007	$	2,852,053
Tiger Brands Ltd.		238,511		8,619,635
				11,471,688
HEALTH CARE PROVIDERS & SERVICES — 1.67%
Life Healthcare Group Holdings Ltd.		2,119,230		4,876,271
Netcare Ltd.		1,755,628		3,792,737
				8,669,008
HOUSEHOLD DURABLES — 0.39%
Steinhoff International Holdings NV Class Hb		4,067,720		1,998,753
				1,998,753
INDUSTRIAL CONGLOMERATES — 1.78%
Bidvest Group Ltd. (The)		484,365		9,237,353
				9,237,353
INSURANCE — 6.43%
Discovery Ltd.		524,757		7,947,987
Liberty Holdings Ltd.		252,305		2,849,500
MMI Holdings Ltd./South Africa		1,728,011		3,195,805
Rand Merchant Investment Holdings Ltd.		1,133,114		4,287,186
Sanlam Ltd.		1,944,474		15,031,939
				33,312,417
MEDIA — 21.98%
Naspers Ltd. Class N		410,886		113,862,807
				113,862,807
METALS & MINING — 3.88%
Anglo American Platinum Ltd.a		100,820		3,124,342
AngloGold Ashanti Ltd.		621,768		5,698,431
Gold Fields Ltd.		1,291,329		5,011,609
Kumba Iron Ore Ltd.		116,379		3,454,767
Sibanye Gold Ltd.		2,939,322		2,826,331
				20,115,480
MULTILINE RETAIL — 1.56%
Woolworths Holdings Ltd./South Africa		1,460,351		8,085,052
				8,085,052
OIL, GAS & CONSUMABLE FUELS — 0.85%
Exxaro Resources Ltd.		392,750		4,406,054
				4,406,054
PAPER & FOREST PRODUCTS — 2.02%
Mondi Ltd.		190,110		4,961,100
Sappi Ltd.		848,338		5,505,258
				10,466,358

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH AFRICA ETF

February 28, 2018

Security	Shares		Value
PHARMACEUTICALS — 2.39%
Aspen Pharmacare Holdings Ltd.		540,181	$	12,360,723
				12,360,723
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.09%
NEPI Rockcastle PLC		559,875		5,655,313
				5,655,313
SPECIALTY RETAIL — 3.97%
Foschini Group Ltd. (The)		342,782		6,229,100
Mr. Price Group Ltd.		355,152		8,508,303
Truworths International Ltd.		677,508		5,813,238
				20,550,641
WIRELESS TELECOMMUNICATION SERVICES — 7.04%
MTN Group Ltd.		2,274,757		24,763,848
Vodacom Group Ltd.		849,901		11,718,428
				36,482,276
TOTAL COMMON STOCKS
(Cost: $508,919,910)				516,830,368

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.40%
MONEY MARKET FUNDS — 0.40%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%c,d,e		2,053,061	$	2,053,266
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%c,d		19,174		19,174
				2,072,440
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,072,618)				2,072,440
TOTAL INVESTMENTS IN SECURITIES — 100.15%
(Cost: $510,992,528)				518,902,808
Other Assets, Less Liabilities — (0.15)%				(769,608	)
NET ASSETS — 100.00%			$	518,133,200

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Affiliate of the Fund.

^d  Annualized 7-day yield as of period end.

^e  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		2,053,061	b		—			2,053,061	$	2,053,266	$	16,842	c	$	(1,001	)	$	(178	)
BlackRock Cash Funds: Treasury, SL Agency Shares		225,602		—			(206,428	)b		19,174		19,174		1,603			—			—
											$	2,072,440	$	18,445		$	(1,001	)	$	(178	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

28 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH AFRICA ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	516,830,368	$	—	$	—	$	516,830,368
Money market funds		2,072,440		—		—		2,072,440
Total	$	518,902,808	$	—	$	—	$	518,902,808

See notes to financial statements.

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited)

iSHARES^® MSCI TURKEY ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.83%
AEROSPACE & DEFENSE — 2.32%
Aselsan Elektronik Sanayi Ve Ticaret ASa		1,096,130	$	8,973,035
				8,973,035
AIRLINES — 4.38%
Pegasus Hava Tasimaciligi ASb		196,134		1,827,139
Turk Hava Yollari AOb		3,025,323		15,156,618
				16,983,757
AUTO COMPONENTS — 0.29%
Goodyear Lastikleri TASa		445,334		476,168
Kordsa Teknik Tekstil ASa		322,266		640,900
				1,117,068
AUTOMOBILES — 3.05%
Ford Otomotiv Sanayi AS		384,647		6,335,921
Tofas Turk Otomobil Fabrikasi AS		685,092		5,467,849
				11,803,770
BANKS — 29.89%
Akbank Turk AS		12,057,453		33,671,984
Albaraka Turk Katilim Bankasi ASa		1,736,138		729,767
Turkiye Garanti Bankasi AS		12,660,326		39,014,206
Turkiye Halk Bankasi AS		3,425,410		8,666,001
Turkiye Is Bankasi AS Class C		8,631,983		17,234,712
Turkiye Sinai Kalkinma Bankasi AS		5,919,366		2,628,099
Turkiye Vakiflar Bankasi TAO Class D		4,110,527		7,937,152
Yapi ve Kredi Bankasi ASb		4,764,742		5,958,353
				115,840,274
BEVERAGES — 3.02%
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,135,798		7,662,597
Coca-Cola Icecek AS		418,213		4,056,384
				11,718,981
BUILDING PRODUCTS — 0.71%
Trakya Cam Sanayii AS		2,167,675		2,761,950
				2,761,950
CAPITAL MARKETS — 0.24%
Verusa Holding ASa		135,431		932,179
				932,179
CHEMICALS — 3.16%
Gubre Fabrikalari TASa,b		442,098		526,135
Petkim Petrokimya Holding AS		3,699,469		7,843,191
Sasa Polyester Sanayi ASa		450,297		1,224,388

Security	Shares		Value
Soda Sanayii AS		1,978,616	$	2,635,417
				12,229,131
CONSTRUCTION & ENGINEERING — 1.00%
Tekfen Holding AS		811,090		3,871,719
				3,871,719
CONSTRUCTION MATERIALS — 0.59%
Adana Cimento Sanayii TAS Class Aa		291,304		474,480
Akcansa Cimento AS		264,559		756,191
Cimsa Cimento Sanayi VE Ticaret ASa		294,461		1,038,150
				2,268,821
CONTAINERS & PACKAGING — 0.23%
Anadolu Cam Sanayii AS		1,036,416		876,738
				876,738
DIVERSIFIED FINANCIAL SERVICES — 3.66%
Haci Omer Sabanci Holding AS		5,032,243		14,198,608
				14,198,608
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.28%
Turk Telekomunikasyon ASb		2,877,225		4,943,465
				4,943,465
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.07%
Emlak Konut Gayrimenkul Yatirim Ortakligi ASa,b		10,413,290		7,222,237
Is Gayrimenkul Yatirim Ortakligi AS		2,257,109		818,298
				8,040,535
FOOD & STAPLES RETAILING — 6.25%
BIM Birlesik Magazalar AS		1,164,747		23,010,672
Migros Ticaret ASb		194,389		1,229,725
				24,240,397
FOOD PRODUCTS — 1.29%
Ulker Biskuvi Sanayi AS		843,437		4,998,867
				4,998,867
GAS UTILITIES — 0.43%
Aygaz AS		410,663		1,684,102
				1,684,102
HEALTH CARE PROVIDERS & SERVICES — 0.17%
Selcuk Ecza Deposu Ticaret ve Sanayi AS		686,520		676,339
				676,339

30 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TURKEY ETF

February 28, 2018

Security	Shares		Value
HOUSEHOLD DURABLES — 2.00%
Arcelik AS		1,296,208	$	6,453,032
Vestel Elektronik Sanayi ve Ticaret ASb		457,785		1,304,883
				7,757,915
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.92%
Aksa Enerji Uretim ASa,b		834,920		1,046,269
Zorlu Enerji Elektrik Uretim ASa,b		4,384,689		2,499,645
				3,545,914
INDUSTRIAL CONGLOMERATES — 8.02%
AG Anadolu Grubu Holding ASa		477,511		3,665,586
Alarko Holding ASa		432,331		776,877
Dogan Sirketler Grubu Holding ASa,b		7,127,357		1,497,954
Enka Insaat ve Sanayi AS		1		2
KOC Holding AS		4,169,515		19,705,915
Turkiye Sise ve Cam Fabrikalari AS		4,315,834		5,419,666
				31,066,000
INSURANCE — 0.66%
Anadolu Anonim Turk Sigorta Sirketi		953,009		1,031,511
Anadolu Hayat Emeklilik AS		475,373		934,149
AvivaSA Emeklilik ve Hayat ASa		130,430		608,213
				2,573,873
MACHINERY — 0.75%
Otokar Otomotiv Ve Savunma Sanayi ASa		45,944		1,436,335
Turk Traktor ve Ziraat Makineleri AS		73,013		1,488,476
				2,924,811
MEDIA — 0.31%
Besiktas Futbol Yatirimlari Sanayi ve Ticaret ASa,b		663,303		665,664
Fenerbahce Futbol ASa,b		54,472		518,038
				1,183,702
METALS & MINING — 8.31%
Borusan Mannesmann Boru Sanayi ve Ticaret ASa		235,064		836,768
Eregli Demir ve Celik Fabrikalari TAS		7,672,922		22,899,132
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Ab		1,129,042		937,297
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Db		4,274,411		3,862,910
Koza Altin Isletmeleri ASb		250,748		2,159,366

Security	Shares		Value
Koza Anadolu Metal Madencilik Isletmeleri ASb		1,061,853	$	1,520,340
				32,215,813
OIL, GAS & CONSUMABLE FUELS — 5.63%
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim ASa,b		574,389		752,986
Tupras Turkiye Petrol Rafinerileri AS		686,230		21,074,830
				21,827,816
PERSONAL PRODUCTS — 0.26%
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret ASa		933,194		1,024,774
				1,024,774
SOFTWARE — 0.30%
Logo Yazilim Sanayi Ve Ticaret ASa,b		81,876		1,176,586
				1,176,586
TEXTILES, APPAREL & LUXURY GOODS — 0.96%
Aksa Akrilik Kimya Sanayii AS		405,166		1,639,206
Mavi Giyim Sanayi Ve Ticaret AS Class Bb,c		149,688		2,097,980
				3,737,186
TRANSPORTATION INFRASTRUCTURE — 1.41%
TAV Havalimanlari Holding AS		895,921		5,460,565
				5,460,565
WIRELESS TELECOMMUNICATION SERVICES — 6.27%
Turkcell Iletisim Hizmetleri AS		6,028,725		24,295,772
				24,295,772
TOTAL COMMON STOCKS
(Cost: $508,406,593)				386,950,463
SHORT-TERM INVESTMENTS — 4.56%
MONEY MARKET FUNDS — 4.56%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		17,534,009		17,535,763
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		140,120		140,120
				17,675,883
TOTAL SHORT-TERM INVESTMENTS
(Cost: $17,674,992)				17,675,883

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TURKEY ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.39%
(Cost: $526,081,585)	$	404,626,346
Other Assets, Less Liabilities — (4.39)%		(17,007,397	)
NET ASSETS — 100.00%	$	387,618,949

^a  All or a portion of this security is on loan.

^b  Non-income producing security.

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold		Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		15,951,030		1,582,979	b		—		17,534,009	$	17,535,763	$	572,786	c	$	(500	)	$	(3,039	)
BlackRock Cash Funds: Treasury, SL Agency Shares		100,988		39,132	b		—		140,120		140,120		961			—			—
										$	17,675,883	$	573,747		$	(500	)	$	(3,039	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	386,950,463	$	—	$	—	$	386,950,463
Money market funds		17,675,883		—		—		17,675,883
Total	$	404,626,346	$	—	$	—	$	404,626,346

See notes to financial statements.

32 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.91%
AEROSPACE & DEFENSE — 2.24%
Arconic Inc.		9,319	$	227,290
Boeing Co. (The)		667		241,594
General Dynamics Corp.		1,049		233,350
Harris Corp.		1,471		229,697
Huntington Ingalls Industries Inc.		879		230,307
L3 Technologies Inc.		1,088		225,814
Lockheed Martin Corp.		650		229,086
Northrop Grumman Corp.		662		231,726
Raytheon Co.		1,071		232,953
Rockwell Collins Inc.		1,687		232,334
Spirit AeroSystems Holdings Inc. Class A		2,526		230,599
Textron Inc.		3,874		231,859
TransDigm Group Inc.		787		226,900
United Technologies Corp.		1,726		232,561
				3,236,070
AIR FREIGHT & LOGISTICS — 0.65%
CH Robinson Worldwide Inc.		2,559		238,908
Expeditors International of Washington Inc.		3,584		232,817
FedEx Corp.		941		231,872
United Parcel Service Inc. Class B		2,194		229,075
				932,672
AIRLINES — 0.65%
American Airlines Group Inc.		4,352		236,096
Delta Air Lines Inc.		4,464		240,610
Southwest Airlines Co.		4,056		234,599
United Continental Holdings Inc.a		3,457		234,350
				945,655
AUTO COMPONENTS — 0.78%
Aptiv PLC		2,481		226,590
Autoliv Inc.b		1,578		226,348
BorgWarner Inc.		4,414		216,639
Goodyear Tire & Rubber Co. (The)		7,916		229,089
Lear Corp.		1,219		227,429
				1,126,095
AUTOMOBILES — 0.63%
Ford Motor Co.		21,692		230,152
General Motors Co.		5,636		221,777
Harley-Davidson Inc.		4,941		224,222
Tesla Inc.a		666		228,478
				904,629

Security	Shares		Value
BANKS — 3.52%
Bank of America Corp.		7,276	$	233,560
BB&T Corp.		4,286		232,944
CIT Group Inc.		4,320		229,176
Citigroup Inc.		3,107		234,547
Citizens Financial Group Inc.		5,073		220,625
Comerica Inc.		2,385		231,870
East West Bancorp. Inc.		3,522		230,867
Fifth Third Bancorp.		7,015		231,846
First Republic Bank/CA		2,411		223,741
Huntington Bancshares Inc./OH		14,659		230,146
JPMorgan Chase & Co.		2,026		234,003
KeyCorp		11,231		237,311
M&T Bank Corp.		1,220		231,605
People’s United Financial Inc.		11,867		227,134
PNC Financial Services Group Inc. (The)c		1,478		233,021
Regions Financial Corp.		11,941		231,775
Signature Bank/New York NYa		1,565		228,787
SunTrust Banks Inc.		3,289		229,704
SVB Financial Groupa		946		235,535
U.S. Bancorp.		4,315		234,563
Wells Fargo & Co.		3,936		229,902
Zions BanCorp.		4,214		231,644
				5,084,306
BEVERAGES — 1.12%
Brown-Forman Corp. Class B		3,395		236,937
Coca-Cola Co. (The)		5,298		228,980
Constellation Brands Inc. Class A		1,082		233,149
Dr Pepper Snapple Group Inc.		2,008		233,430
Molson Coors Brewing Co. Class B		2,939		224,099
Monster Beverage Corp.a		3,623		229,590
PepsiCo Inc.		2,110		231,530
				1,617,715
BIOTECHNOLOGY — 2.38%
AbbVie Inc.		1,961		227,143
Alexion Pharmaceuticals Inc.a		2,061		242,064
Alkermes PLCa,b		4,077		232,715
Alnylam Pharmaceuticals Inc.a		1,924		231,188
Amgen Inc.		1,264		232,285
Biogen Inc.a		810		234,082
BioMarin Pharmaceutical Inc.a		2,705		219,565
Celgene Corp.a		2,459		214,228
Gilead Sciences Inc.		2,904		228,632
Incyte Corp.a		2,707		230,528

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2018

Security	Shares		Value
Regeneron Pharmaceuticals Inc.a		730	$	233,921
Seattle Genetics Inc.a,b		4,287		231,498
TESARO Inc.a,b		3,787		209,156
United Therapeutics Corp.a		1,962		227,298
Vertex Pharmaceuticals Inc.a		1,463		242,902
				3,437,205
BUILDING PRODUCTS — 1.09%
Allegion PLC		2,708		227,770
AO Smith Corp.		3,517		225,756
Fortune Brands Home & Security Inc.		3,645		221,106
Johnson Controls International PLC		6,061		223,469
Lennox International Inc.		1,139		233,073
Masco Corp.		5,415		222,665
Owens Corning		2,712		220,486
				1,574,325
CAPITAL MARKETS — 3.90%
Affiliated Managers Group Inc.		1,234		233,670
Ameriprise Financial Inc.		1,459		228,246
Bank of New York Mellon Corp. (The)		4,135		235,819
BlackRock Inc.c		428		235,156
Cboe Global Markets Inc.		2,097		234,885
Charles Schwab Corp. (The)		4,432		234,985
CME Group Inc.		1,444		239,935
E*TRADE Financial Corp.a		4,544		237,333
Eaton Vance Corp. NVS		4,252		225,058
Franklin Resources Inc.		5,955		230,280
Goldman Sachs Group Inc. (The)		882		231,904
Intercontinental Exchange Inc.		3,297		240,945
Invesco Ltd.		7,000		227,780
Moody’s Corp.		1,388		231,630
Morgan Stanley		4,203		235,452
MSCI Inc.		1,614		228,413
Nasdaq Inc.		2,896		233,852
Northern Trust Corp.		2,220		235,031
Raymond James Financial Inc.		2,634		244,198
S&P Global Inc.		1,230		235,914
SEI Investments Co.		3,133		228,176
State Street Corp.		2,257		239,581
T Rowe Price Group Inc.		2,088		233,647
TD Ameritrade Holding Corp.		4,215		242,363
				5,624,253
CHEMICALS — 2.80%
Air Products & Chemicals Inc.		1,385		222,694
Albemarle Corp.		2,028		203,672
Axalta Coating Systems Ltd.a,b		7,462		229,830

Security	Shares		Value
Celanese Corp. Series A		2,249	$	226,834
CF Industries Holdings Inc.		5,366		221,294
Chemours Co. (The)		4,599		218,498
DowDuPont Inc.		3,143		220,953
Eastman Chemical Co.		2,272		229,654
Ecolab Inc.		1,781		232,331
FMC Corp.		2,760		216,605
International Flavors & Fragrances Inc.		1,616		228,260
LyondellBasell Industries NV Class A		2,143		231,915
Monsanto Co.		1,892		233,416
Mosaic Co. (The)		8,400		221,088
PPG Industries Inc.		1,990		223,756
Praxair Inc.		1,466		219,534
Sherwin-Williams Co. (The)		568		228,097
WR Grace & Co.		3,466		229,380
				4,037,811
COMMERCIAL SERVICES & SUPPLIES — 0.98%
Cintas Corp.		1,380		235,511
Republic Services Inc.		3,588		241,042
Rollins Inc.		4,577		230,086
Stericycle Inc.a		3,803		238,334
Waste Connections Inc.		3,249		229,964
Waste Management Inc.		2,791		240,919
				1,415,856
COMMUNICATIONS EQUIPMENT — 1.16%
Arista Networks Inc.a,b		925		249,509
Cisco Systems Inc.		5,370		240,469
CommScope Holding Co. Inc.a		6,028		233,344
F5 Networks Inc.a		1,603		238,078
Juniper Networks Inc.		8,858		227,296
Motorola Solutions Inc.		2,202		233,742
Palo Alto Networks Inc.a		1,424		246,879
				1,669,317
CONSTRUCTION & ENGINEERING — 0.31%
Fluor Corp.		3,968		225,779
Jacobs Engineering Group Inc.		3,683		224,884
				450,663
CONSTRUCTION MATERIALS — 0.30%
Martin Marietta Materials Inc.		1,088		221,876
Vulcan Materials Co.		1,828		215,210
				437,086
CONSUMER FINANCE — 0.81%
Ally Financial Inc.		8,432		235,253
American Express Co.		2,398		233,829

34 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2018

Security	Shares		Value
Capital One Financial Corp.		2,391	$	234,151
Discover Financial Services		2,966		233,810
Synchrony Financial		6,347		230,967
				1,168,010
CONTAINERS & PACKAGING — 1.13%
Avery Dennison Corp.		1,950		230,393
Ball Corp.		5,830		232,908
Crown Holdings Inc.a		4,533		225,925
International Paper Co.		4,071		242,591
Packaging Corp. of America		1,941		231,367
Sealed Air Corp.		5,498		232,950
WestRock Co.		3,532		232,264
				1,628,398
DISTRIBUTORS — 0.32%
Genuine Parts Co.		2,481		227,855
LKQ Corp.a		5,878		232,063
				459,918
DIVERSIFIED CONSUMER SERVICES — 0.15%
H&R Block Inc.		8,717		220,802
				220,802
DIVERSIFIED FINANCIAL SERVICES — 0.48%
Berkshire Hathaway Inc. Class Ba		1,150		238,280
Leucadia National Corp.		9,419		225,962
Voya Financial Inc.		4,547		231,988
				696,230
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.63%
AT&T Inc.		6,426		233,264
CenturyLink Inc.		12,824		226,600
Verizon Communications Inc.		4,760		227,243
Zayo Group Holdings Inc.a		6,284		225,281
				912,388
ELECTRIC UTILITIES — 2.55%
Alliant Energy Corp.		5,974		230,895
American Electric Power Co. Inc.		3,511		230,251
Duke Energy Corp.		3,052		229,938
Edison International		3,860		233,877
Entergy Corp.		3,073		232,995
Eversource Energy		4,012		228,684
Exelon Corp.		6,192		229,352
FirstEnergy Corp.		7,004		226,439
NextEra Energy Inc.		1,514		230,355
OGE Energy Corp.		7,327		229,628
PG&E Corp.		5,752		236,350
Pinnacle West Capital Corp.		3,005		231,265

Security	Shares		Value
PPL Corp.		7,811	$	223,785
Southern Co. (The)		5,360		230,802
Westar Energy Inc.		4,639		226,059
Xcel Energy Inc.		5,287		228,821
				3,679,496
ELECTRICAL EQUIPMENT — 0.94%
Acuity Brands Inc.		1,576		224,706
AMETEK Inc.		3,022		228,886
Eaton Corp. PLC		2,824		227,897
Emerson Electric Co.		3,199		227,321
Rockwell Automation Inc.		1,247		225,458
Sensata Technologies Holding NVa,b		4,306		227,615
				1,361,883
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.78%
Amphenol Corp. Class A		2,555		233,501
Arrow Electronics Inc.a		2,837		231,442
Avnet Inc.		5,569		237,796
CDW Corp./DE		3,226		235,272
Cognex Corp.		4,229		227,140
Corning Inc.		7,894		229,558
Flex Ltd.a		13,057		236,332
FLIR Systems Inc.		4,750		233,225
IPG Photonics Corp.a		962		236,306
TE Connectivity Ltd.		2,347		241,952
Trimble Inc.a		6,039		229,059
				2,571,583
ENERGY EQUIPMENT & SERVICES — 0.94%
Baker Hughes a GE Co.		8,223		217,087
Halliburton Co.		4,892		227,087
Helmerich & Payne Inc.		3,526		227,603
National Oilwell Varco Inc.		6,569		230,506
Schlumberger Ltd.		3,610		236,961
TechnipFMC PLC		7,550		217,591
				1,356,835
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.04%
Alexandria Real Estate Equities Inc.		1,922		233,158
American Tower Corp.		1,659		231,148
AvalonBay Communities Inc.		1,468		229,037
Boston Properties Inc.		1,946		231,321
Brixmor Property Group Inc.		14,934		232,074
Camden Property Trust		2,869		228,688
Colony NorthStar Inc. Class Ab		29,299		227,946
Crown Castle International Corp.		2,126		233,988

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2018

Security	Shares		Value
Digital Realty Trust Inc.		2,287	$	230,164
Duke Realty Corp.		9,260		229,370
Equinix Inc.		591		231,731
Equity Residential		4,105		230,824
Essex Property Trust Inc.		1,041		233,007
Extra Space Storage Inc.b		2,731		232,272
Federal Realty Investment Trust		2,021		230,273
GGP Inc.		10,836		229,398
HCP Inc.		10,534		227,956
Host Hotels & Resorts Inc.		12,066		223,945
Invitation Homes Inc.		10,636		231,333
Iron Mountain Inc.		7,301		229,689
Kimco Realty Corp.		15,382		230,115
Liberty Property Trust		5,857		229,946
Macerich Co. (The)		3,921		231,104
Mid-America Apartment Communities Inc.		2,684		230,341
National Retail Properties Inc.		6,062		225,749
Prologis Inc.		3,847		233,436
Public Storage		1,194		232,161
Realty Income Corp.		4,677		230,015
Regency Centers Corp.		3,956		229,883
SBA Communications Corp.a		1,317		207,125
Simon Property Group Inc.		1,497		229,804
SL Green Realty Corp.		2,404		232,996
UDR Inc.		6,895		231,810
Ventas Inc.		4,642		224,301
VEREIT Inc.		33,859		231,934
Vornado Realty Trust		3,466		230,385
Welltower Inc.		4,291		225,278
Weyerhaeuser Co.		6,614		231,688
				8,725,393
FOOD & STAPLES RETAILING — 0.96%
Costco Wholesale Corp.		1,236		235,952
CVS Health Corp.		3,391		229,672
Kroger Co. (The)		8,471		229,734
Sysco Corp.		3,928		234,305
Walgreens Boots Alliance Inc.		3,310		228,026
Walmart Inc.		2,486		223,765
				1,381,454
FOOD PRODUCTS — 2.23%
Archer-Daniels-Midland Co.		5,522		229,273
Bunge Ltd.		3,050		230,062
Campbell Soup Co.		5,245		225,797
Conagra Brands Inc.		6,308		227,908

Security	Shares		Value
General Mills Inc.		4,168	$	210,692
Hershey Co. (The)		2,375		233,368
Hormel Foods Corp.		6,987		226,798
Ingredion Inc.		1,801		235,283
JM Smucker Co. (The)		1,877		237,065
Kellogg Co.		3,443		227,927
Kraft Heinz Co. (The)		3,409		228,573
McCormick & Co. Inc./MD NVS		2,255		240,789
Mondelez International Inc. Class A		5,306		232,933
Tyson Foods Inc. Class A		3,087		229,611
				3,216,079
GAS UTILITIES — 0.32%
Atmos Energy Corp.		2,852		229,557
UGI Corp.		5,341		230,144
				459,701
HEALTH CARE EQUIPMENT & SUPPLIES — 2.91%
Abbott Laboratories		3,986		240,475
Align Technology Inc.a		881		231,280
Baxter International Inc.		3,488		236,451
Becton Dickinson and Co.		1,072		238,005
Boston Scientific Corp.a		8,708		237,380
Cooper Companies Inc. (The)		1,013		233,517
Danaher Corp.		2,384		233,108
DENTSPLY SIRONA Inc.		4,037		226,314
Edwards Lifesciences Corp.a		1,725		230,581
Hologic Inc.a		5,921		229,912
IDEXX Laboratories Inc.a		1,261		236,097
Intuitive Surgical Inc.a		563		240,091
Medtronic PLC		2,868		229,125
ResMed Inc.		2,459		234,269
Stryker Corp.		1,447		234,646
Teleflex Inc.		926		231,343
Varian Medical Systems Inc.a,b		1,924		229,610
Zimmer Biomet Holdings Inc.		1,979		230,059
				4,202,263
HEALTH CARE PROVIDERS & SERVICES — 2.73%
Aetna Inc.		1,317		233,188
AmerisourceBergen Corp.		2,374		225,910
Anthem Inc.		1,015		238,911
Cardinal Health Inc.		3,399		235,245
Centene Corp.a		2,301		233,367
Cigna Corp.		1,202		235,460
DaVita Inc.a		3,199		230,392
Envision Healthcare Corp.a		6,123		235,735
Express Scripts Holding Co.a		3,086		232,839

36 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2018

Security	Shares		Value
HCA Healthcare Inc.		2,293	$	227,580
Henry Schein Inc.a,b		3,392		224,516
Humana Inc.		861		234,037
Laboratory Corp. of America Holdingsa		1,354		233,836
McKesson Corp.		1,547		230,859
Quest Diagnostics Inc.		2,286		235,572
UnitedHealth Group Inc.		1,017		230,005
Universal Health Services Inc. Class B		1,976		225,659
				3,943,111
HEALTH CARE TECHNOLOGY — 0.35%
Cerner Corp.a		3,665		235,146
Veeva Systems Inc. Class Aa		3,853		268,554
				503,700
HOTELS, RESTAURANTS & LEISURE — 2.69%
Aramark		5,412		225,735
Carnival Corp.		3,351		224,215
Chipotle Mexican Grill Inc.a,b		735		234,031
Darden Restaurants Inc.		2,459		226,695
Domino’s Pizza Inc.		1,016		225,969
Hilton Worldwide Holdings Inc.		2,765		223,384
Las Vegas Sands Corp.		3,161		230,152
Marriott International Inc./MD Class A		1,640		231,584
McDonald’s Corp.		1,435		226,357
MGM Resorts International		6,625		226,774
Norwegian Cruise Line Holdings Ltd.a,b		4,031		229,364
Royal Caribbean Cruises Ltd.		1,785		225,981
Starbucks Corp.		4,162		237,650
Vail Resorts Inc.		1,089		224,193
Wyndham Worldwide Corp.		1,926		222,992
Wynn Resorts Ltd.		1,403		235,003
Yum! Brands Inc.		2,944		239,583
				3,889,662
HOUSEHOLD DURABLES — 1.53%
DR Horton Inc.		5,210		218,299
Garmin Ltd.		3,818		226,178
Leggett & Platt Inc.		5,198		225,905
Lennar Corp. Class A		3,946		223,265
Mohawk Industries Inc.a		926		222,129
Newell Brands Inc.		8,633		221,782
NVR Inc.a		75		213,238
PulteGroup Inc.		7,899		221,725
Toll Brothers Inc.		4,987		218,580
Whirlpool Corp.		1,334		216,681
				2,207,782

Security	Shares		Value
HOUSEHOLD PRODUCTS — 0.95%
Church & Dwight Co. Inc.		4,787	$	235,473
Clorox Co. (The)		1,811		233,764
Colgate-Palmolive Co.		3,323		229,187
Kimberly-Clark Corp.		2,044		226,720
Procter & Gamble Co. (The)		2,852		223,939
Spectrum Brands Holdings Inc.		2,224		219,531
				1,368,614
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.33%
AES Corp./VA		22,387		243,347
Vistra Energy Corp.a		12,317		233,407
				476,754
INDUSTRIAL CONGLOMERATES — 0.63%
3M Co.		968		227,974
General Electric Co.		15,772		222,543
Honeywell International Inc.		1,495		225,909
Roper Technologies Inc.		825		226,949
				903,375
INSURANCE — 5.23%
Aflac Inc.		2,632		233,932
Alleghany Corp.a		314		190,331
Allstate Corp. (The)		2,485		229,266
American Financial Group Inc./OH		2,062		232,594
American International Group Inc.		3,789		217,261
Aon PLC		1,613		226,336
Arch Capital Group Ltd.a		2,622		231,365
Arthur J Gallagher & Co.		3,421		236,425
Assurant Inc.		2,625		224,359
Athene Holding Ltd. Class Aa		4,875		230,149
Axis Capital Holdings Ltd.		4,631		228,494
Brighthouse Financial Inc.a		4,179		226,794
Chubb Ltd.		1,612		228,775
Cincinnati Financial Corp.		3,083		229,961
Everest Re Group Ltd.		963		231,351
FNF Group		5,906		235,827
Hartford Financial Services Group Inc. (The)		4,333		228,999
Lincoln National Corp.		3,058		232,928
Loews Corp.		4,531		223,514
Markel Corp.a		208		231,296
Marsh & McLennan Companies Inc.		2,815		233,701
MetLife Inc.		4,945		228,410
Principal Financial Group Inc.		3,697		230,434
Progressive Corp. (The)		4,056		233,544

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2018

Security	Shares		Value
Prudential Financial Inc.		2,139	$	227,418
Reinsurance Group of America Inc.		1,506		231,608
RenaissanceRe Holdings Ltd.		1,797		230,519
Torchmark Corp.		2,640		225,377
Travelers Companies Inc. (The)		1,722		239,358
Unum Group		4,498		229,218
Willis Towers Watson PLC		1,473		232,587
WR Berkley Corp.		3,379		231,056
XL Group Ltd.		5,350		226,359
				7,549,546
INTERNET & DIRECT MARKETING RETAIL — 0.99%
Amazon.com Inc.a		155		234,430
Booking Holdings Inc.a		127		258,323
Expedia Inc.		2,206		232,005
Liberty Interactive Corp. QVC Group Series Aa		8,168		235,810
Netflix Inc.a		829		241,554
TripAdvisor Inc.a,b		5,536		221,883
				1,424,005
INTERNET SOFTWARE & SERVICES — 1.45%
Akamai Technologies Inc.a		3,533		238,336
Alphabet Inc. Class Aa		104		114,808
Alphabet Inc. Class Ca		111		122,625
eBay Inc.a		5,384		230,758
Facebook Inc. Class Aa		1,288		229,676
IAC/InterActiveCorp.a		1,529		227,684
MercadoLibre Inc.		624		242,093
Twitter Inc.a		7,181		228,787
VeriSign Inc.a,b		2,006		232,736
Zillow Group Inc. Class Ca,b		4,821		229,817
				2,097,320
IT SERVICES — 3.85%
Accenture PLC Class A		1,438		231,532
Alliance Data Systems Corp.		966		232,767
Automatic Data Processing Inc.		2,037		234,907
Broadridge Financial Solutions Inc.		2,309		231,777
Cognizant Technology Solutions Corp. Class A		2,825		231,707
DXC Technology Co.		2,288		234,612
Fidelity National Information Services Inc.		2,352		228,567
First Data Corp. Class Aa		14,715		229,848
Fiserv Inc.a		1,623		232,722
FleetCor Technologies Inc.a		1,130		225,921
Gartner Inc.a		1,996		226,366

Security	Shares		Value
Global Payments Inc.		2,058	$	233,357
International Business Machines Corp.		1,472		229,382
Jack Henry & Associates Inc.		1,954		229,204
Leidos Holdings Inc.		3,507		222,028
Mastercard Inc. Class A		1,333		234,288
Paychex Inc.		3,459		225,285
PayPal Holdings Inc.a		2,968		235,689
Sabre Corp.		9,862		226,530
Square Inc. Class Aa		5,135		236,467
Total System Services Inc.		2,656		233,595
Visa Inc. Class A		1,919		235,922
Western Union Co. (The)		11,382		225,591
Worldpay Inc. Class Aa		3,089		251,074
				5,559,138
LEISURE PRODUCTS — 0.47%
Hasbro Inc.		2,362		225,737
Mattel Inc.		13,857		220,326
Polaris Industries Inc.		1,985		226,270
				672,333
LIFE SCIENCES TOOLS & SERVICES — 0.96%
Agilent Technologies Inc.		3,224		221,134
Illumina Inc.a		1,041		237,369
IQVIA Holdings Inc.a		2,344		230,486
Mettler-Toledo International Inc.a		369		227,385
Thermo Fisher Scientific Inc.		1,103		230,064
Waters Corp.a		1,144		234,108
				1,380,546
MACHINERY — 2.98%
AGCO Corp.		3,413		227,306
Caterpillar Inc.		1,454		224,832
Cummins Inc.		1,398		235,102
Deere & Co.		1,409		226,666
Dover Corp.		2,259		226,126
Flowserve Corp.		5,291		224,074
Fortive Corp.		3,012		231,322
IDEX Corp.		1,712		234,201
Illinois Tool Works Inc.		1,403		226,500
Ingersoll-Rand PLC		2,553		226,706
Middleby Corp. (The)a		1,734		208,513
PACCAR Inc.		3,340		239,110
Parker-Hannifin Corp.		1,227		218,983
Pentair PLC		3,233		222,075
Snap-on Inc.		1,401		223,067
Stanley Black & Decker Inc.		1,446		230,189
WABCO Holdings Inc.a		1,644		226,823

38 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2018

Security	Shares		Value
Wabtec Corp./DEb		2,802	$	227,915
Xylem Inc./NY		3,072		229,110
				4,308,620
MEDIA — 2.99%
CBS Corp. Class B NVS		4,245		224,858
Charter Communications Inc. Class Aa		647		221,229
Comcast Corp. Class A		5,962		215,884
Discovery Communications Inc. Class Aa,b		4,249		103,336
Discovery Communications Inc. Class C NVSa		5,728		131,629
DISH Network Corp. Class Aa,b		5,256		219,122
Interpublic Group of Companies Inc. (The)		9,632		225,389
Liberty Broadband Corp. Class Ca		2,544		223,567
Liberty Global PLC Series Aa		1,971		61,377
Liberty Global PLC Series C NVSa		5,496		165,045
Liberty Media Corp.-Liberty Formula One Class Ca		6,701		220,664
Liberty Media Corp.-Liberty SiriusXM Class Aa		1,869		78,404
Liberty Media Corp.-Liberty SiriusXM Class Ca		3,620		151,171
Live Nation Entertainment Inc.a		4,941		221,357
News Corp. Class A		14,182		228,756
Omnicom Group Inc.		3,003		228,919
Scripps Networks Interactive Inc. Class A		2,627		236,062
Sirius XM Holdings Inc.b		37,493		235,456
Time Warner Inc.		2,499		232,307
Twenty-First Century Fox Inc. Class A		4,395		161,824
Twenty-First Century Fox Inc. Class B		1,831		66,685
Viacom Inc. Class B NVS		7,002		233,447
Walt Disney Co. (The)		2,179		224,785
				4,311,273
METALS & MINING — 0.63%
Freeport-McMoRan Inc.a		12,035		223,851
Newmont Mining Corp.		6,096		232,867
Nucor Corp.		3,444		225,238
Steel Dynamics Inc.		4,804		222,185
				904,141
MORTGAGE REAL ESTATE INVESTMENT — 0.31%
AGNC Investment Corp.b		12,397		222,402
Annaly Capital Management Inc.		22,650		227,180
				449,582

Security	Shares		Value
MULTI-UTILITIES — 1.75%
Ameren Corp.		4,224	$	229,363
CenterPoint Energy Inc.		8,540		231,007
CMS Energy Corp.		5,361		227,575
Consolidated Edison Inc.		3,042		227,815
Dominion Energy Inc.		3,134		232,136
DTE Energy Co.		2,264		228,166
NiSource Inc.		9,991		231,092
Public Service Enterprise Group Inc.		4,689		227,088
SCANA Corp.		5,775		229,094
Sempra Energy		2,162		235,615
WEC Energy Group Inc.		3,821		228,954
				2,527,905
MULTILINE RETAIL — 0.98%
Dollar General Corp.		2,399		226,921
Dollar Tree Inc.a		2,155		221,189
Kohl’s Corp.		3,561		235,347
Macy’s Inc.		8,811		259,132
Nordstrom Inc.		4,587		235,359
Target Corp.		3,073		231,735
				1,409,683
OIL, GAS & CONSUMABLE FUELS — 5.21%
Anadarko Petroleum Corp.		3,956		225,650
Andeavor		2,494		223,512
Antero Resources Corp.a,b		12,484		234,824
Apache Corp.		6,616		225,936
Cabot Oil & Gas Corp.		9,656		233,289
Cheniere Energy Inc.a		4,100		215,332
Chevron Corp.		2,098		234,808
Cimarex Energy Co.		2,416		232,153
Concho Resources Inc.a		1,592		240,074
ConocoPhillips		4,199		228,048
Continental Resources Inc./OKa		4,786		227,383
Devon Energy Corp.		7,582		232,540
Diamondback Energy Inc.a		1,870		233,077
EOG Resources Inc.		2,199		223,023
EQT Corp.		4,537		228,256
Exxon Mobil Corp.		3,040		230,250
Hess Corp.		5,037		228,781
HollyFrontier Corp.		5,078		217,491
Kinder Morgan Inc./DE		13,840		224,208
Marathon Oil Corp.		14,778		214,577
Marathon Petroleum Corp.		3,469		222,224
Newfield Exploration Co.a		9,829		229,311
Noble Energy Inc.		7,846		234,046

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2018

Security	Shares		Value
Occidental Petroleum Corp.		3,395	$	222,712
ONEOK Inc.		4,033		227,179
Parsley Energy Inc. Class Aa		9,209		232,803
Phillips 66		2,558		231,166
Pioneer Natural Resources Co.		1,300		221,299
Plains GP Holdings LP Class A		11,071		230,277
Range Resources Corp.		17,737		235,725
Targa Resources Corp.		5,154		230,126
Valero Energy Corp.		2,505		226,502
Williams Companies Inc. (The)		7,966		221,136
				7,517,718
PERSONAL PRODUCTS — 0.31%
Coty Inc. Class A		11,161		215,630
Estee Lauder Companies Inc. (The) Class A		1,645		227,734
				443,364
PHARMACEUTICALS — 1.57%
Allergan PLC		1,447		223,156
Bristol-Myers Squibb Co.		3,504		231,965
Eli Lilly & Co.		2,987		230,059
Jazz Pharmaceuticals PLCa,b		1,616		233,997
Johnson & Johnson		1,775		230,537
Merck & Co. Inc.		4,114		223,061
Mylan NVa		5,586		225,227
Perrigo Co. PLC		2,586		210,656
Pfizer Inc.		6,325		229,661
Zoetis Inc.		2,855		230,855
				2,269,174
PROFESSIONAL SERVICES — 1.28%
CoStar Group Inc.a		656		224,437
Equifax Inc.		2,035		229,955
IHS Markit Ltd.a		4,925		231,721
ManpowerGroup Inc.		1,900		225,074
Nielsen Holdings PLC		7,203		235,034
Robert Half International Inc.		4,090		233,416
TransUniona		4,057		231,533
Verisk Analytics Inc. Class Aa		2,383		243,519
				1,854,689
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.33%
CBRE Group Inc. Class Aa		5,220		244,035
Jones Lang LaSalle Inc.		1,490		239,309
				483,344
ROAD & RAIL — 1.26%
AMERCO		661		227,384
CSX Corp.		4,193		225,248

Security	Shares		Value
JB Hunt Transport Services Inc.		1,926	$	228,366
Kansas City Southern		2,107		217,105
Knight-Swift Transportation Holdings Inc.		4,821		232,179
Norfolk Southern Corp.		1,635		227,396
Old Dominion Freight Line Inc.		1,657		230,190
Union Pacific Corp.		1,726		224,812
				1,812,680
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.80%
Advanced Micro Devices Inc.a		19,653		237,998
Analog Devices Inc.		2,604		234,751
Applied Materials Inc.		4,112		236,810
Broadcom Ltd.		925		227,975
Intel Corp.		4,997		246,302
KLA-Tencor Corp.		2,135		241,917
Lam Research Corp.		1,224		234,837
Marvell Technology Group Ltd.		9,969		234,172
Maxim Integrated Products Inc.		3,778		230,231
Microchip Technology Inc.		2,748		244,380
Micron Technology Inc.a		5,211		254,349
NVIDIA Corp.		954		230,868
Qorvo Inc.a		2,937		237,045
QUALCOMM Inc.		3,708		241,020
Skyworks Solutions Inc.		2,150		234,887
Texas Instruments Inc.		2,251		243,896
Xilinx Inc.		3,345		238,331
				4,049,769
SOFTWARE — 3.90%
Activision Blizzard Inc.		3,389		247,838
Adobe Systems Inc.a		1,141		238,617
ANSYS Inc.a		1,475		235,912
Autodesk Inc.a		2,052		241,048
CA Inc.		6,633		232,818
Cadence Design Systems Inc.a		5,943		230,410
CDK Global Inc.		3,267		224,378
Citrix Systems Inc.a		2,517		231,564
Dell Technologies Inc. Class Va		3,268		242,780
Electronic Arts Inc.a		1,869		231,195
Fortinet Inc.a		4,687		236,553
Intuit Inc.		1,340		223,592
Microsoft Corp.		2,518		236,113
Oracle Corp.		4,564		231,258
Red Hat Inc.a		1,594		234,956
salesforce.com Inc.a		2,087		242,614

40 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2018

Security	Shares		Value
ServiceNow Inc.a		1,478	$	237,973
Splunk Inc.a		2,474		230,577
SS&C Technologies Holdings Inc.		4,597		227,643
Symantec Corp.		8,546		224,674
Synopsys Inc.a		2,733		231,403
Take-Two Interactive Software Inc.a		2,123		237,500
VMware Inc. Class Aa,b		1,802		237,413
Workday Inc. Class Aa		1,854		234,846
				5,623,675
SPECIALTY RETAIL — 2.38%
Advance Auto Parts Inc.		2,087		238,440
AutoNation Inc.a,b		4,448		223,334
AutoZone Inc.a		325		216,034
Best Buy Co. Inc.		3,234		234,271
CarMax Inc.a		3,778		233,934
Gap Inc. (The)		7,123		224,944
Home Depot Inc. (The)		1,243		226,562
L Brands Inc.		4,792		236,389
Lowe’s Companies Inc.		2,380		213,224
O’Reilly Automotive Inc.a		932		227,585
Ross Stores Inc.		2,937		229,350
Tiffany & Co.		2,265		228,856
TJX Companies Inc. (The)		3,018		249,528
Tractor Supply Co.		3,479		225,891
Ulta Beauty Inc.a		1,130		229,786
				3,438,128
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.18%
Apple Inc.		1,337		238,147
Hewlett Packard Enterprise Co.		14,051		261,208
HP Inc.		10,533		246,367
NetApp Inc.		3,964		240,020
Seagate Technology PLC		4,513		240,994
Western Digital Corp.		2,696		234,660
Xerox Corp.		7,850		238,012
				1,699,408
TEXTILES, APPAREL & LUXURY GOODS — 1.42%
Hanesbrands Inc.		11,284		218,910
Lululemon Athletica Inc.a		2,853		231,378
Michael Kors Holdings Ltd.a		3,616		227,555
NIKE Inc. Class B		3,435		230,248
PVH Corp.		1,544		222,768
Ralph Lauren Corp.		2,145		227,027
Tapestry Inc.		4,633		235,866
Under Armour Inc. Class Aa,b		7,231		119,890

Security	Shares		Value
Under Armour Inc. Class Ca,b		7,375	$	110,994
VF Corp.		3,026		225,649
				2,050,285
THRIFTS & MORTGAGE FINANCE — 0.16%
New York Community Bancorp. Inc.		16,577		225,779
				225,779
TOBACCO — 0.32%
Altria Group Inc.		3,640		229,138
Philip Morris International Inc.		2,239		231,848
				460,986
TRADING COMPANIES & DISTRIBUTORS — 0.64%
Fastenal Co.		4,255		232,833
HD Supply Holdings Inc.a		6,383		231,384
United Rentals Inc.a		1,319		230,944
WW Grainger Inc.		875		228,856
				924,017
TRANSPORTATION INFRASTRUCTURE — 0.17%
Macquarie Infrastructure Corp.		6,164		249,642
				249,642
WATER UTILITIES — 0.16%
American Water Works Co. Inc.		2,928		232,366
				232,366
WIRELESS TELECOMMUNICATION SERVICES — 0.32%
Sprint Corp.a,b		44,088		228,817
T-Mobile U.S. Inc.a		3,926		237,955
				466,772
TOTAL COMMON STOCKS
(Cost: $127,200,226)				144,222,977
SHORT-TERM INVESTMENTS — 2.83%
MONEY MARKET FUNDS — 2.83%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%c,d,e		3,976,113		3,976,511
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%c,d		111,858		111,858
				4,088,369
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,088,169)				4,088,369

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA EQUAL WEIGHTED ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 102.74%
(Cost: $131,288,395)	$	148,311,346
Other Assets, Less Liabilities — (2.74)%		(3,959,743	)
NET ASSETS — 100.00%	$	144,351,603

NVS — Non-Voting Shares

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Affiliate of the Fund.

^d  Annualized 7-day yield as of period end.

^e  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		7,464,215		—			(3,488,102	)b		3,976,113	$	3,976,511	$	16,293	c	$	(706	)	$	(498	)
BlackRock Cash Funds: Treasury, SL Agency Shares		69,879		41,979	b		—			111,858		111,858		796			—			—
BlackRock Inc.		515		83			(170	)		428		235,156		1,100			18,268			43,032
PNC Financial Services Group Inc. (The)		1,677		328			(527	)		1,478		233,021		2,378			19,053			32,819
											$	4,556,546	$	20,567		$	36,615		$	75,353

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common stocks	$	144,222,977	$	—	$	—	$	144,222,977
Money market funds		4,088,369		—		—		4,088,369
Total	$	148,311,346	$	—	$	—	$	148,311,346

See notes to financial statements.

42 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Colombia ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	5,523,228,454		$	289,267,183		$	17,605,180
Affiliated (Note 2)		6,244,689			275,371			11,069
Total cost of investments in securities	$	5,529,473,143		$	289,542,554		$	17,616,249
Investments in securities, at fair value(Note 1):
Unaffiliated	$	8,650,173,224		$	494,769,867		$	21,256,672
Affiliated (Note 2)		6,244,689			275,371			11,069
Foreign currency, at valuea		16,810,392			—			16,834
Cash pledged to broker for futures contracts		5,195,000			—			—
Receivables:
Investment securities sold		507,627,805			7,284,920			1,468,485
Dividends		104,488,080			436			2,859
Total Assets		9,290,539,190			502,330,594			22,755,919
LIABILITIES
Payables:
Investment securities purchased		538,882,490			7,018,692			1,451,000
Futures variation margin		1,542,840			—			—
Investment advisory fees (Note 2)		3,851,857			231,771			10,321
Total Liabilities		544,277,187			7,250,463			1,461,321
NET ASSETS	$	8,746,262,003		$	495,080,131		$	21,294,598
Net assets consist of:
Paid-in capital	$	8,328,507,464		$	484,793,226		$	30,036,160
Undistributed net investment income		68,618,662			593,609			33,189
Accumulated net realized loss		(2,778,182,111	)		(195,809,388	)		(12,426,051	)
Net unrealized appreciation		3,127,317,988			205,502,684			3,651,300
NET ASSETS	$	8,746,262,003		$	495,080,131		$	21,294,598
Shares outstandingb		192,450,000			9,150,000			1,450,000
Net asset value per share	$	45.45		$	54.11		$	14.69

^a  Cost of foreign currency: $16,864,639, $  — and $17,007, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 43

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Israel ETF			iShares MSCI Russia ETF			iShares MSCI South Africa ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	122,629,790		$	685,319,288		$	508,919,910
Affiliated (Note 2)		10,921,381			1,290,488			2,072,618
Total cost of investments in securities	$	133,551,171		$	686,609,776		$	510,992,528
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	118,768,406		$	815,609,701		$	516,830,368
Affiliated (Note 2)		10,921,626			1,290,488			2,072,440
Foreign currency, at valueb		179,412			—			143,355
Receivables:
Investment securities sold		859,975			27,958,693			12,607,638
Due from custodian (Note 4)		447,596			—			—
Dividends and interest		34,331			1,376			467,075
Tax reclaims		—			—			4,671
Total Assets		131,211,346			844,860,258			532,125,547
LIABILITIES
Payables:
Investment securities purchased		1,383,810			27,984,718			11,710,125
Collateral for securities on loan (Note 1)		10,911,032			—			2,054,004
Deferred foreign capital gains taxes (Note 1)		44,253			—			—
Investment advisory fees (Note 2)		52,131			357,197			228,218
Total Liabilities		12,391,226			28,341,915			13,992,347
NET ASSETS	$	118,820,120		$	816,518,343		$	518,133,200
Net assets consist of:
Paid-in capital	$	177,512,261		$	804,092,500		$	611,873,598
Distributions in excess of net investment income		(1,209,653	)		(617,128	)		(58,482	)
Accumulated net realized loss		(53,576,414	)		(117,247,442	)		(101,595,918	)
Net unrealized appreciation (depreciation)		(3,906,074	)		130,290,413			7,914,002
NET ASSETS	$	118,820,120		$	816,518,343		$	518,133,200
Shares outstandingc		2,300,000			21,600,000			7,200,000
Net asset value per share	$	51.66		$	37.80		$	71.96

^a  Securities on loan with values of $10,523,308, $  — and $1,940,911, respectively. See Note 1.

^b  Cost of foreign currency: $180,092, $  — and $141,131, respectively.

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

See notes to financial statements.

44 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	508,406,593		$	126,891,461
Affiliated (Note 2)		17,674,992			4,396,934
Total cost of investments in securities	$	526,081,585		$	131,288,395
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	386,950,463		$	143,754,800
Affiliated (Note 2)		17,675,883			4,556,546
Foreign currency, at valueb		96,927			—
Receivables:
Investment securities sold		2,505,949			6,169,848
Dividends and interest		71,496			197,891
Total Assets		407,300,718			154,679,085
LIABILITIES
Payables:
Investment securities purchased		1,985,501			6,333,344
Collateral for securities on loan (Note 1)		17,527,624			3,977,386
Investment advisory fees (Note 2)		168,644			16,752
Total Liabilities		19,681,769			10,327,482
NET ASSETS	$	387,618,949		$	144,351,603
Net assets consist of:
Paid-in capital	$	601,639,394		$	122,686,461
Undistributed (distributions in excess of) net investment income		(100,978	)		298,786
Undistributed net realized gain (accumulated net realized loss)		(92,464,475	)		4,343,405
Net unrealized appreciation (depreciation)		(121,454,992	)		17,022,951
NET ASSETS	$	387,618,949		$	144,351,603
Shares outstandingc		8,650,000			2,600,000
Net asset value per share	$	44.81		$	55.52

^a  Securities on loan with values of $16,728,164 and $3,839,338, respectively. See Note 1.

^b  Cost of foreign currency: $96,672 and $  —, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Colombia ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	141,611,900		$	2,775,336		$	220,469
Dividends — affiliated (Note 2)		31,463			3,601			210
Interest — unaffiliated		249			—			—
Securities lending income — affiliated — net (Note 2)		—			—			806
Total investment income		141,643,612			2,778,937			221,485
EXPENSES
Investment advisory fees (Note 2)		21,920,144			1,573,032			67,546
Proxy fees		620			55			2
Commitment fees (Note 6)		—			—			36
Total expenses		21,920,764			1,573,087			67,584
Net investment income		119,722,848			1,205,850			153,901
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		63,265,557			15,897,003			15,341
Investments — affiliated (Note 2)		—			—			(15	)
In-kind redemptions — unaffiliated		—			—			17,544
Futures contracts		570,869			—			—
Foreign currency transactions		(436,389	)		31,551			8,190
Net realized gain		63,400,037			15,928,554			41,060
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		904,929,177			46,958,390			189,177
Investments — affiliated (Note 2)		—			—			4
Futures contracts		54,106			—			—
Translation of assets and liabilities in foreign currencies		(57,609	)		(185	)		(234	)
Net change in unrealized appreciation/depreciation		904,925,674			46,958,205			188,947
Net realized and unrealized gain		968,325,711			62,886,759			230,007
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,088,048,559		$	64,092,609		$	383,908

^a  Net of foreign withholding tax of $15,244,357, $572,033 and $1,160, respectively.

See notes to financial statements.

46 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Israel ETF			iShares MSCI Russia ETF			iShares MSCI South Africa ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	601,916		$	8,403,102		$	5,118,284
Dividends — affiliated (Note 2)		120			9,867			1,603
Securities lending income — affiliated — net (Note 2)		26,894			—			16,842
Total investment income		628,930			8,412,969			5,136,729
EXPENSES
Investment advisory fees (Note 2)		300,495			1,982,769			1,324,289
Proxy fees		11			57			48
Total expenses		300,506			1,982,826			1,324,337
Net investment income		328,424			6,430,143			3,812,392
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		(712,497	)		(8,219,337	)		(20,327,525	)
Investments — affiliated (Note 2)		(1,679	)		—			(1,001	)
In-kind redemptions — unaffiliated		—			—			21,492,671
Foreign currency transactions		755			63,003			57,040
Net realized gain (loss)		(713,421	)		(8,156,334	)		1,221,185
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliatedc		9,051,762			132,988,675			67,373,621
Investments — affiliated (Note 2)		(301	)		—			(178	)
Translation of assets and liabilities in foreign currencies		(805	)		(282	)		(1,845	)
Net change in unrealized appreciation/depreciation		9,050,656			132,988,393			67,371,598
Net realized and unrealized gain		8,337,235			124,832,059			68,592,783
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,665,659		$	131,262,202		$	72,405,175

^a  Net of foreign withholding tax of $143,815, $920,660 and $870,681, respectively.

^b  Net of foreign capital gains taxes of $3,696, $  — and $  —, respectively.

^c  Net of deferred foreign capital gains taxes of $44,253, $  — and $  —, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	1,648,645		$	1,153,693
Dividends — affiliated (Note 2)		961			4,274
Securities lending income — affiliated — net (Note 2)		572,786			16,293
Total investment income		2,222,392			1,174,260
EXPENSES
Investment advisory fees (Note 2)		1,117,211			101,548
Proxy fees		44			14
Total expenses		1,117,255			101,562
Net investment income		1,105,137			1,072,698
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,931,477	)		(254,198	)
Investments — affiliated (Note 2)		(500	)		3,303
In-kind redemptions — unaffiliated		6,962,587			6,681,730
In-kind redemptions — affiliated (Note 2)		—			33,312
Foreign currency transactions		(13,011	)		(6	)
Net realized gain (loss)		(1,982,401	)		6,464,141
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		(11,317,038	)		3,934,993
Investments — affiliated (Note 2)		(3,039	)		75,353
Translation of assets and liabilities in foreign currencies		(6,872	)		—
Net change in unrealized appreciation/depreciation		(11,326,949	)		4,010,346
Net realized and unrealized gain (loss)		(13,309,350	)		10,474,487
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,204,213	)	$	11,547,185

^a  Net of foreign withholding tax of $287,020 and $315, respectively.

See notes to financial statements.

48 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Brazil ETF						iShares MSCI Chile ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	119,722,848		$	104,757,147		$	1,205,850		$	6,990,238
Net realized gain (loss)		63,400,037			(57,957,125	)		15,928,554			(1,199,111	)
Net change in unrealized appreciation/depreciation		904,925,674			984,438,707			46,958,205			110,031,708
Net increase in net assets resulting from operations		1,088,048,559			1,031,238,729			64,092,609			115,822,835
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(78,425,641	)		(93,579,029	)		(533,885	)		(6,944,133	)
Return of capital		—			—			—			(462,190	)
Total distributions to shareholders		(78,425,641	)		(93,579,029	)		(533,885	)		(7,406,323	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,408,720,049			1,830,568,929			107,541,239			222,913,747
Cost of shares redeemed		—			(339,939,142	)		(143,664,880	)		(190,929,443	)
Net increase (decrease) in net assets from capital share transactions		1,408,720,049			1,490,629,787			(36,123,641	)		31,984,304
INCREASE IN NET ASSETS		2,418,342,967			2,428,289,487			27,435,083			140,400,816
NET ASSETS
Beginning of period		6,327,919,036			3,899,629,549			467,645,048			327,244,232
End of period	$	8,746,262,003		$	6,327,919,036		$	495,080,131		$	467,645,048
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	68,618,662		$	27,321,455		$	593,609		$	(78,356	)
SHARES ISSUED AND REDEEMED
Shares sold		34,500,000			50,950,000			2,200,000			5,400,000
Shares redeemed		—			(9,350,000	)		(2,800,000	)		(4,550,000	)
Net increase (decrease) in shares outstanding		34,500,000			41,600,000			(600,000	)		850,000

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Colombia ETF						iShares MSCI Israel ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	153,901		$	309,200		$	328,424		$	1,230,124
Net realized gain (loss)		41,060			(151,505	)		(713,421	)		2,010,978
Net change in unrealized appreciation/depreciation		188,947			1,966,444			9,050,656			(2,512,946	)
Net increase in net assets resulting from operations		383,908			2,124,139			8,665,659			728,156
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(168,036	)		(229,358	)		(1,498,969	)		(1,597,362	)
Total distributions to shareholders		(168,036	)		(229,358	)		(1,498,969	)		(1,597,362	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			3,562,888			22,501,440			14,260,227
Cost of shares redeemed		(1,515,157	)		—			—			(18,031,594	)
Net increase (decrease) in net assets from capital share transactions		(1,515,157	)		3,562,888			22,501,440			(3,771,367	)
INCREASE (DECREASE) IN NET ASSETS		(1,299,285	)		5,457,669			29,668,130			(4,640,573	)
NET ASSETS
Beginning of period		22,593,883			17,136,214			89,151,990			93,792,563
End of period	$	21,294,598		$	22,593,883		$	118,820,120		$	89,151,990
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	33,189		$	47,324		$	(1,209,653	)	$	(39,108	)
SHARES ISSUED AND REDEEMED
Shares sold		—			250,000			450,000			300,000
Shares redeemed		(100,000	)		—			—			(350,000	)
Net increase (decrease) in shares outstanding		(100,000	)		250,000			450,000			(50,000	)

See notes to financial statements.

50 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Russia ETF						iShares MSCI South Africa ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017a			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	6,430,143		$	18,805,766		$	3,812,392		$	7,839,110
Net realized gain (loss)		(8,156,334	)		(22,078,447	)		1,221,185			2,780,139
Net change in unrealized appreciation/depreciation		132,988,393			66,063,307			67,371,598			67,112,331
Net increase in net assets resulting from operations		131,262,202			62,790,626			72,405,175			77,731,580
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(19,835,594	)		(13,531,335	)		(4,319,700	)		(7,473,325	)
Total distributions to shareholders		(19,835,594	)		(13,531,335	)		(4,319,700	)		(7,473,325	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		175,015,286			189,716,789			139,903,195			87,244,010
Cost of shares redeemed		—			(28,528,183	)		(109,442,180	)		(144,358,566	)
Net increase (decrease) in net assets from capital share transactions		175,015,286			161,188,606			30,461,015			(57,114,556	)
INCREASE IN NET ASSETS		286,441,894			210,447,897			98,546,490			13,143,699
NET ASSETS
Beginning of period		530,076,449			319,628,552			419,586,710			406,443,011
End of period	$	816,518,343		$	530,076,449		$	518,133,200		$	419,586,710
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(617,128	)	$	12,788,323		$	(58,482	)	$	448,826
SHARES ISSUED AND REDEEMED
Shares sold		5,100,000			6,000,000			2,200,000			1,600,000
Shares redeemed		—			(950,000	)		(1,700,000	)		(2,600,000	)
Net increase (decrease) in shares outstanding		5,100,000			5,050,000			500,000			(1,000,000	)

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

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Turkey ETF						iShares MSCI USA Equal Weighted ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,105,137		$	9,674,627		$	1,072,698		$	1,912,769
Net realized gain (loss)		(1,982,401	)		(373,124	)		6,464,141			3,014,793
Net change in unrealized appreciation/depreciation		(11,326,949	)		90,151,289			4,010,346			8,677,766
Net increase (decrease) in net assets resulting from operations		(12,204,213	)		99,452,792			11,547,185			13,605,328
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,038,822	)		(10,121,626	)		(1,171,420	)		(1,736,320	)
Total distributions to shareholders		(1,038,822	)		(10,121,626	)		(1,171,420	)		(1,736,320	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		30,914,959			103,777,923			24,803,303			60,481,105
Cost of shares redeemed		(54,779,558	)		(136,607,007	)		(26,772,660	)		(10,078,303	)
Net increase (decrease) in net assets from capital share transactions		(23,864,599	)		(32,829,084	)		(1,969,357	)		50,402,802
INCREASE (DECREASE) IN NET ASSETS		(37,107,634	)		56,502,082			8,406,408			62,271,810
NET ASSETS
Beginning of period		424,726,583			368,224,501			135,945,195			73,673,385
End of period	$	387,618,949		$	424,726,583		$	144,351,603		$	135,945,195
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(100,978	)	$	(167,293	)	$	298,786		$	397,508
SHARES ISSUED AND REDEEMED
Shares sold		750,000			3,150,000			450,000			1,250,000
Shares redeemed		(1,300,000	)		(3,600,000	)		(500,000	)		(200,000	)
Net increase (decrease) in shares outstanding		(550,000	)		(450,000	)		(50,000	)		1,050,000

See notes to financial statements.

52 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Brazil ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	40.06		$	33.52		$	24.71		$	53.61		$	42.52		$	52.61
Income from investment operations:
Net investment incomea		0.67			0.76			0.63			1.00			1.56			1.59
Net realized and unrealized gain (loss)b		5.14			6.45			8.62			(28.87	)		11.08			(10.32	)
Total from investment operations		5.81			7.21			9.25			(27.87	)		12.64			(8.73	)
Less distributions from:
Net investment income		(0.42	)		(0.67	)		(0.44	)		(1.03	)		(1.55	)		(1.36	)
Total distributions		(0.42	)		(0.67	)		(0.44	)		(1.03	)		(1.55	)		(1.36	)
Net asset value, end of period	$	45.45		$	40.06		$	33.52		$	24.71		$	53.61		$	42.52
Total return		14.67	%c		22.03	%		38.22	%		(52.49	)%		30.33	%		(16.85	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	8,746,262		$	6,327,919		$	3,899,630		$	1,989,135		$	5,449,685		$	4,983,630
Ratio of expenses to average net assetsd		0.59	%		0.62	%		0.63	%		0.62	%		0.62	%		0.61	%
Ratio of net investment income to average net assetsd		3.23	%		2.10	%		2.41	%		2.73	%		3.37	%		3.02	%
Portfolio turnover ratee		9	%c		20	%		18	%		63	%		54	%		56	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 9%, 13%, 4%, 48%, 11% and 20%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 53

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Chile ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	47.96		$	36.77		$	34.75		$	43.52		$	47.70		$	60.31
Income from investment operations:
Net investment incomea		0.11			0.69			0.78			0.66			0.69			0.68
Net realized and unrealized gain (loss)b		6.09			11.21			2.03			(8.81	)		(4.18	)		(12.58	)
Total from investment operations		6.20			11.90			2.81			(8.15	)		(3.49	)		(11.90	)
Less distributions from:
Net investment income		(0.05	)		(0.67	)		(0.75	)		(0.62	)		(0.69	)		(0.68	)
Return of capital		—			(0.04	)		(0.04	)		—			—			(0.03	)
Total distributions		(0.05	)		(0.71	)		(0.79	)		(0.62	)		(0.69	)		(0.71	)
Net asset value, end of period	$	54.11		$	47.96		$	36.77		$	34.75		$	43.52		$	47.70
Total return		12.91	%c		32.65	%		8.17	%		(18.85	)%		(7.40	)%		(19.87	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	495,080		$	467,645		$	327,244		$	234,536		$	352,499		$	364,890
Ratio of expenses to average net assetsd		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%
Ratio of net investment income to average net assetsd		0.45	%		1.68	%		2.20	%		1.64	%		1.49	%		1.12	%
Portfolio turnover ratee		24	%c		54	%		73	%		71	%		91	%		34	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 4%, 8%, 11%, 10%, 11% and 16%, respectively. See Note 4.

See notes to financial statements.

54 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Colombia ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Period from Jun. 18, 2013a to Aug. 31, 2013
Net asset value, beginning of period	$	14.58		$	13.18		$	11.88		$	28.22		$	25.98		$	25.28
Income from investment operations:
Net investment incomeb		0.10			0.23			0.25			0.46	c		0.67			0.03
Net realized and unrealized gain (loss)d		0.12			1.34			1.23			(16.34	)		2.24			0.67
Total from investment operations		0.22			1.57			1.48			(15.88	)		2.91			0.70
Less distributions from:
Net investment income		(0.11	)		(0.17	)		(0.18	)		(0.45	)		(0.63	)		—
Net realized gain		—			—			—			—			(0.03	)		—
Return of capital		—			—			—			(0.01	)		(0.01	)		—
Total distributions		(0.11	)		(0.17	)		(0.18	)		(0.46	)		(0.67	)		—
Net asset value, end of period	$	14.69		$	14.58		$	13.18		$	11.88		$	28.22		$	25.98
Total return		1.52	%e		12.05	%		12.49	%		(56.73	)%		11.44	%		2.77	%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	21,295		$	22,594		$	17,136		$	14,251		$	25,396		$	18,188
Ratio of expenses to average net assetsf		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Ratio of net investment income to average net assetsf		1.39	%		1.72	%		2.16	%		2.60	%c		2.54	%		0.61	%
Portfolio turnover rateg		14	%e		14	%		68	%		86	%		34	%		2	%e

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

^c  Includes a distribution from Ecopetrol SA. Excluding such distribution, the net investment income would have been $0.33 per share and 1.87% of average net assets.

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

^e  Not annualized.

^f  Annualized for periods of less than one year.

^g Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and for the period ended August 31, 2013 were 14%, 14%, 32%, 49%, 33% and 2%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 55

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Israel ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	48.19		$	49.36		$	50.51		$	50.69		$	42.85		$	37.25
Income from investment operations:
Net investment incomea		0.16			0.62			0.71			1.23			0.87			0.95
Net realized and unrealized gain (loss)b		4.01			(0.98	)		(0.87	)		(0.34	)		7.95			5.68
Total from investment operations		4.17			(0.36	)		(0.16	)		0.89			8.82			6.63
Less distributions from:
Net investment income		(0.70	)		(0.81	)		(0.99	)		(1.07	)		(0.98	)		(1.03	)
Total distributions		(0.70	)		(0.81	)		(0.99	)		(1.07	)		(0.98	)		(1.03	)
Net asset value, end of period	$	51.66		$	48.19		$	49.36		$	50.51		$	50.69		$	42.85
Total return		8.70	%c		(0.77	)%		(0.23	)%		1.80	%		20.67	%		17.82	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	118,820		$	89,152		$	93,793		$	126,285		$	121,645		$	70,710
Ratio of expenses to average net assetsd		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%
Ratio of net investment income to average net assetsd		0.65	%		1.25	%		1.46	%		2.45	%		1.74	%		2.20	%
Portfolio turnover ratee		4	%c		28	%		46	%		14	%		15	%		14	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

56 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Russia ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a
Net asset value, beginning of period	$	32.13		$	27.92		$	25.03		$	36.68		$	39.68		$	42.31
Income from investment operations:
Net investment incomeb		0.33			1.14			1.06			0.94			1.26			1.24
Net realized and unrealized gain (loss)c		6.37			4.07			2.65			(11.27	)		(4.01	)		(2.71	)
Total from investment operations		6.70			5.21			3.71			(10.33	)		(2.75	)		(1.47	)
Less distributions from:
Net investment income		(1.03	)		(1.00	)		(0.82	)		(1.32	)		(0.25	)		(1.16	)
Total distributions		(1.03	)		(1.00	)		(0.82	)		(1.32	)		(0.25	)		(1.16	)
Net asset value, end of period	$	37.80		$	32.13		$	27.92		$	25.03		$	36.68		$	39.68
Total return		21.31	%d		18.73	%		15.62	%		(27.57	)%		(7.00	)%		(3.40	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	816,518		$	530,076		$	319,629		$	210,912		$	289,775		$	310,511
Ratio of expenses to average net assetse		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%
Ratio of net investment income to average net assetse		1.92	%		4.27	%		4.17	%		3.33	%		3.14	%		2.87	%
Portfolio turnover ratef		11	%d		18	%		23	%		19	%		15	%		14	%

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

^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 57

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI South Africa ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	62.62		$	52.78		$	57.44		$	70.77		$	58.88		$	64.65
Income from investment operations:
Net investment incomea		0.55			1.07			1.02			1.28			1.57			1.32
Net realized and unrealized gain (loss)b		9.41			9.79			(3.24	)		(13.24	)		11.86			(5.31	)
Total from investment operations		9.96			10.86			(2.22	)		(11.96	)		13.43			(3.99	)
Less distributions from:
Net investment income		(0.62	)		(1.02	)		(2.44	)		(1.37	)		(1.54	)		(1.78	)
Total distributions		(0.62	)		(1.02	)		(2.44	)		(1.37	)		(1.54	)		(1.78	)
Net asset value, end of period	$	71.96		$	62.62		$	52.78		$	57.44		$	70.77		$	58.88
Total return		15.98	%c		20.91	%		(3.64	)%		(17.07	)%		23.13	%		(6.35	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	518,133		$	419,587		$	406,443		$	373,346		$	587,396		$	547,569
Ratio of expenses to average net assetsd		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%
Ratio of net investment income to average net assetsd		1.70	%		1.91	%		1.96	%		1.94	%		2.40	%		2.08	%
Portfolio turnover ratee		9	%c		13	%		12	%		9	%		6	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

58 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Turkey ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	46.17		$	38.16		$	38.27		$	55.72		$	49.00		$	56.13
Income from investment operations:
Net investment incomea		0.12			0.97			0.96			1.13	b		0.85			1.07
Net realized and unrealized gain (loss)c		(1.36	)		8.12			(0.17	)		(17.49	)		6.75			(7.08	)
Total from investment operations		(1.24	)		9.09			0.79			(16.36	)		7.60			(6.01	)
Less distributions from:
Net investment income		(0.12	)		(1.08	)		(0.90	)		(1.09	)		(0.88	)		(1.12	)
Total distributions		(0.12	)		(1.08	)		(0.90	)		(1.09	)		(0.88	)		(1.12	)
Net asset value, end of period	$	44.81		$	46.17		$	38.16		$	38.27		$	55.72		$	49.00
Total return		(2.67	)%d		24.23	%		1.98	%		(29.69	)%		15.52	%		(11.05	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	387,619		$	424,727		$	368,225		$	371,225		$	515,367		$	436,076
Ratio of expenses to average net assetse		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%
Ratio of net investment income to average net assetse		0.59	%		2.58	%		2.45	%		2.31	%b		1.64	%		1.67	%
Portfolio turnover ratef		3	%d		6	%		6	%		6	%		8	%		9	%

^a  Based on average shares outstanding throughout each period.

^b  Includes a special distribution from Turkcell Iletisim Hizmetleri AS. Excluding such special distribution, the net investment income would have been $0.76 per share and 1.55% of average net assets.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI USA Equal Weighted ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	51.30		$	46.05		$	42.51		$	43.08		$	35.26		$	30.31
Income from investment operations:
Net investment incomea		0.43			0.85			0.77			0.80			0.71			0.69
Net realized and unrealized gain (loss)b		4.26			5.18			3.63			(0.57	)		8.01			4.96
Total from investment operations		4.69			6.03			4.40			0.23			8.72			5.65
Less distributions from:
Net investment income		(0.47	)		(0.78	)		(0.86	)		(0.80	)		(0.90	)		(0.70	)
Total distributions		(0.47	)		(0.78	)		(0.86	)		(0.80	)		(0.90	)		(0.70	)
Net asset value, end of period	$	55.52		$	51.30		$	46.05		$	42.51		$	43.08		$	35.26
Total return		9.16	%c		13.22	%		10.54	%		0.48	%		24.98	%		18.85	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	144,352		$	135,945		$	73,673		$	44,632		$	47,391		$	179,830
Ratio of expenses to average net assetsd		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Ratio of net investment income to average net assetsd		1.58	%		1.72	%		1.79	%		1.82	%		1.82	%		2.10	%
Portfolio turnover ratee		12	%c		27	%		28	%		39	%		6	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

60 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Former Name	Diversification Classification
MSCI Brazil	iShares MSCI Brazil Capped ETF	Non-diversified
MSCI Chile	iShares MSCI Chile Capped ETF	Non-diversified
MSCI Colombia	iShares MSCI Colombia Capped ETF	Non-diversified
MSCI Israel	iShares MSCI Israel Capped ETF	Non-diversified
MSCI Russia	iShares MSCI Russia Capped ETF	Non-diversified
MSCI South Africa	N/A	Non-diversified
MSCI Turkey	N/A	Non-diversified
MSCI USA Equal Weighted	N/A	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”).

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration inputs 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 inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs 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 to valuation techniques are categorized into a fair value 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

62 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily.

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 prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2018, if any, are disclosed in the Funds’ statements of assets and liabilities.

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original 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.

64 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount  b
MSCI Israel
Barclays Capital Inc.	$	50,496	$	50,496	$	—
BNP Paribas New York Branch		21,116		21,116		—
Citigroup Global Markets Inc.		29,505		29,505		—
Goldman Sachs & Co.		3,744,000		3,744,000		—
HSBC Bank PLC		12,990		12,990		—
JPMorgan Securities LLC		2,981,359		2,981,359		—
Merrill Lynch, Pierce, Fenner & Smith		2,023,597		2,023,597		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		854,669		854,669		—
Nomura Securities International Inc.		453,152		453,152		—
Scotia Capital (USA) Inc.		256,296		256,296		—
UBS AG		96,128		96,128		—
	$	10,523,308	$	10,523,308	$	—
MSCI South Africa
UBS Securities LLC	$	1,940,911	$	1,940,911	$	—
MSCI Turkey
Citigroup Global Markets Inc.	$	1,230,830	$	1,230,830	$	—
Credit Suisse Securities (USA) LLC		5,298,927		5,298,927		—
Deutsche Bank Securities Inc.		5,180,563		5,180,563		—
Goldman Sachs & Co.		151,015		151,015		—
JPMorgan Securities LLC		763,480		763,480		—
Merrill Lynch, Pierce, Fenner & Smith		882,548		882,548		—
Morgan Stanley & Co. LLC		1,291,270		1,291,270		—
UBS AG		1,257,043		1,257,043		—
UBS Securities LLC		672,488		672,488		—
	$	16,728,164	$	16,728,164	$	—
MSCI USA Equal Weighted
Barclays Capital Inc.	$	212,000	$	212,000	$	—
Citigroup Global Markets Inc.		326,828		326,828		—
Credit Suisse Securities (USA) LLC		194,346		194,346		—
Deutsche Bank Securities Inc.		121,506		121,506		—
Goldman Sachs & Co.		806,215		806,215		—
HSBC Bank PLC		256,853		256,853		—
Merrill Lynch, Pierce, Fenner & Smith		674,630		674,630		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		909,232		909,232		—
Scotia Capital (USA) Inc.		158,380		158,380		—
SG Americas Securities LLC		155,628		155,628		—
State Street Bank & Trust Company		18,753		18,507		(246	)
UBS Securities LLC		4,967		4,967		—
	$	3,839,338	$	3,839,092	$	(246	)

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^b Additional collateral is delivered to the Funds on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

NOTES TO FINANCIAL STATEMENTS 65

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

For its investment advisory services to each of the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Israel, iShares MSCI Russia, iShares MSCI South Africa and iShares MSCI Turkey ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

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

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, 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
MSCI Colombia		0.61	%
MSCI USA Equal Weighted		0.15

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 71.5% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.

66 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Pursuant to a securities lending agreement, the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Colombia, iShares MSCI Israel, iShares MSCI Russia, iShares MSCI South Africa and iShares MSCI Turkey ETFs (the “Group 2 Funds”), retain 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, the Group 1 Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 75% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Colombia	$	155
MSCI Israel		8,063
MSCI South Africa		4,109
MSCI Turkey		118,376
MSCI USA Equal Weighted		6,982

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Israel	$	282,510	$	25,883
MSCI Russia		3,119,477		2,437,336
MSCI USA Equal Weighted		5,914,047		4,760,000

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.

It is possible that, from time to time, BlackRock and/or funds managed by BFA or an affiliate (collectively, “Affiliates”) may purchase and hold shares of a Fund. Affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units through an authorized participant at any time some or all of the shares of a Fund acquired for their own accounts. A large sale or redemption of shares of a Fund by Affiliates could significantly reduce the asset size of the Fund,

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

which might have an adverse effect on the Fund. As of February 28, 2018, the number of affiliated accounts that individually that individually represent more than 10% ownership of a Fund’s total shares outstanding and the aggregate percentage of net assets represented by such holdings were as follows:

iShares ETF	Number of Affiliated Accounts		Aggregate Affiliated Ownership Percentage
MSCI USA Equal Weighted		1		34	%

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2018 were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil	$	2,057,317,895	$	685,282,153
MSCI Chile		127,266,567		162,570,141
MSCI Colombia		2,995,671		4,488,644
MSCI Israel		4,230,833		4,144,687
MSCI Russia		99,624,081		76,162,604
MSCI South Africa		42,187,619		43,772,754
MSCI Turkey		11,144,523		11,412,033
MSCI USA Equal Weighted		16,372,045		16,152,612

In-kind transactions (see Note 4) for the six months ended February 28, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Colombia	$	—	$	46,315
MSCI Israel		21,357,194		—
MSCI Russia		139,078,626		—
MSCI South Africa		139,754,109		108,818,016
MSCI Turkey		30,808,591		54,714,478
MSCI USA Equal Weighted		24,695,397		26,641,859

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.

68 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

5. FUTURES CONTRACTS

Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded.

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

The following table shows the value of futures contracts held by the iShares MSCI Brazil ETF as of February 28, 2018 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciationa	$	54,106

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

NOTES TO FINANCIAL STATEMENTS 69

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI Brazil ETF during the six months ended February 28, 2018 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Futures contracts	$	570,869	$	54,106

The following table shows the average quarter-end balances of open futures contracts for the iShares MSCI Brazil ETF for the six months ended February 28, 2018:

Average notional value of contracts purchased $ 38,999,567

6. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

MARKET RISK

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

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the

70 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

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

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia, Norway, Switzerland and Canada, have imposed economic sanctions, which consist of asset freezes and sectorial sanctions, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

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

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

NOTES TO FINANCIAL STATEMENTS 71

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of August 31, 2017, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2018		Expiring 2019		Total
MSCI Brazil	$	2,141,732,429	$	198,226,310		—	$	2,339,958,739
MSCI Chile		150,400,264		11,712,090		976,991		163,089,345
MSCI Colombia		8,287,339		—		—		8,287,339
MSCI Israel		33,128,188		10,801,191		7,130,249		51,059,628
MSCI Russia		70,987,197		—		—		70,987,197
MSCI South Africa		63,988,602		14,856,365		6,137,142		84,982,109
MSCI Turkey		70,376,752		5,982,737		3,859,184		80,218,673
MSCI USA Equal Weighted		885,021		—		—		885,021

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

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

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Brazil	$	6,034,006,807	$	3,141,530,134	$	(519,064,922	)	$	2,622,465,212
MSCI Chile		338,191,151		206,733,632		(49,879,545	)		156,854,087
MSCI Colombia		21,796,021		3,836,447		(4,364,727	)		(528,280	)
MSCI Israel		136,238,336		20,847,704		(27,396,008	)		(6,548,304	)
MSCI Russia		724,786,142		160,261,097		(68,147,050	)		92,114,047
MSCI South Africa		528,649,321		95,449,637		(105,196,150	)		(9,746,513	)
MSCI Turkey		536,512,279		28,067,345		(159,953,278	)		(131,885,933	)
MSCI USA Equal Weighted		132,524,110		22,431,579		(6,644,343	)		15,787,236

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. LINE OF CREDIT

The iShares MSCI Colombia ETF, along with certain other iShares funds, is a party to a credit agreement with State Street Bank and Trust Company. Effective October 25, 2017, certain terms of the credit agreement were amended, including (i) increasing the maximum borrowing amount from $250 million to $275 million and (ii) extending the expiration date from October 25, 2017 to October 24, 2018. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts

72 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Fund did not borrow under the credit agreement during the six months ended February 28, 2018.

9. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) 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 putative 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”) in California State Court. 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. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

10. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 73

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Brazil	$	0.266181	$	—	$	0.149369	$	0.415550		64	%		—	%		36	%		100	%
MSCI Chile		0.048433		—		0.000773		0.049206		98			—			2			100
MSCI Colombia		0.100316		—		0.008094		0.108410		93			—			7			100
MSCI Israel		0.529123		—		0.168072		0.697195		76			—			24			100
MSCI Russia		0.823930		—		0.203821		1.027751		80			—			20			100
MSCI South Africa		0.599240		—		0.017860		0.617100		97			—			3			100
MSCI USA Equal Weighted		0.416583		—		0.048800		0.465383		90			—			10			100

74 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website and 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 iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

GENERAL INFORMATION 75

Notes:

76 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 77

Notes:

78 2018 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 Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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

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

©2018 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-804-0218

FEBRUARY 28, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares Edge MSCI Min Vol Global ETF  |  ACWV  |  Cboe BZX

^Ø  iShares MSCI Australia ETF  |  EWA  |  NYSE Arca

^Ø  iShares MSCI Canada ETF  |  EWC  |  NYSE Arca

^Ø  iShares MSCI Japan ETF  |  EWJ  |  NYSE Arca

^Ø  iShares MSCI Mexico ETF  |  EWW  |  NYSE Arca

^Ø  iShares MSCI South Korea ETF  |  EWY  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	11
Shareholder Expenses	11
Schedules of Investments	12
iShares Edge MSCI Min Vol Global ETF	12
iShares MSCI Australia ETF	20
iShares MSCI Canada ETF	23
iShares MSCI Japan ETF	27
iShares MSCI Mexico ETF	34
iShares MSCI South Korea ETF	38
Financial Statements	43
Financial Highlights	50
Notes to Financial Statements	56
Supplemental Information	71
General Information	72

Fund Performance Overview

iSHARES^® EDGE MSCI MIN VOL GLOBAL ETF

Performance as of February 28, 2018

The iShares Edge MSCI Min Vol Global ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 4.19%, net of fees, while the total return for the Index was 4.05%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		11.64%		11.57%		11.29%		11.64%		11.57%		11.29%
5 Years		9.69%		9.58%		9.40%		58.79%		58.01%		56.74%
Since Inception		10.86%		10.80%		10.56%		92.74%		92.10%		89.57%

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,041.90	$	1.01	$	1,000.00	$	1,023.80	$	1.00		0.20%

^a Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Health Care	15.37	%
Information Technology	13.95
Financials	13.72
Consumer Staples	13.40
Industrials	11.93
Consumer Discretionary	8.03
Utilities	7.36
Telecommunication Services	7.30
Real Estate	4.51
Materials	3.00
Energy	1.43
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total  Investments*

United States	56.49	%
Japan	13.34
Switzerland	4.88
Taiwan	4.28
China	4.22
Hong Kong	3.49
Canada	2.94
Singapore	1.32
Denmark	1.00
Malaysia	0.96
TOTAL	92.92	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI AUSTRALIA ETF

Performance as of February 28, 2018

The iShares MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed of Australian equities, as represented by the MSCI Australia Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 4.91%, net of fees, while the total return for the Index was 5.02%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		9.88%		8.91%		10.18%		9.88%		8.91%		10.18%
5 Years		1.52%		1.39%		1.88%		7.83%		7.16%		9.78%
10 Years		3.10%		3.21%		3.38%		35.72%		37.17%		39.48%

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,049.10	$	2.39	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	40.99	%
Materials	17.85
Health Care	8.05
Real Estate	8.03
Consumer Staples	7.59
Energy	5.45
Industrials	5.19
Consumer Discretionary	2.66
Utilities	2.03
Telecommunication Services	1.23
Information Technology	0.93
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Commonwealth Bank of Australia	10.12	%
Westpac Banking Corp.	7.90
BHP Billiton Ltd.	7.40
Australia & New Zealand Banking Group Ltd.	6.45
National Australia Bank Ltd.	6.13
CSL Ltd.	5.58
Wesfarmers Ltd.	3.54
Woolworths Group Ltd.	2.72
Macquarie Group Ltd.	2.53
Rio Tinto Ltd.	2.53
TOTAL	54.90	%

* Excludes money market funds.

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI CANADA ETF

Performance as of February 28, 2018

The iShares MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of Canadian equities, as represented by the MSCI Canada Custom Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 1.07%, net of fees, while the total return for the Index was 1.18%.

	Average Annual Total Returns						Cumulative Total Returns
	1 Year		5 Years		10 years		1 Year		5 Years		10 years
NAV		6.21%		1.68%		0.58%		6.21%		8.71%		5.91%
MARKET		6.13%		1.78%		0.61%		6.13%		9.24%		6.22%
INDEXa		6.41%		1.86%		0.78%		6.41%		9.64%		8.06%
MSCI Canada Index		6.33%		1.84%		0.77%		6.33%		9.57%		7.98%
MSCI Canada Custom Capped Indexb		n/a		n/a		n/a		n/a		n/a		n/a

^a  Index performance through August 31, 2017 reflects the performance of the MSCI Canada Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Canada Custom Capped Index, which, effective as of September 1, 2017, replaced the MSCI Canada Index as the underlying index of the Fund.

^b  The inception date of the MSCI Canada Custom Capped Index was May 12, 2017.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,010.70	$	2.34	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	42.90	%
Energy	19.82
Materials	10.58
Industrials	7.96
Consumer Discretionary	5.25
Information Technology	4.13
Consumer Staples	4.09
Telecommunication Services	2.24
Utilities	1.95
Real Estate	0.68
Health Care	0.40
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Royal Bank of Canada	8.56	%
Toronto-Dominion Bank (The)	7.94
Bank of Nova Scotia (The)	5.53
Canadian National Railway Co.	4.30
Suncor Energy Inc.	4.06
Enbridge Inc.	3.92
Bank of Montreal	3.67
Canadian Imperial Bank of Commerce	2.97
TransCanada Corp.	2.81
Manulife Financial Corp.	2.80
TOTAL	46.56	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI JAPAN ETF

Performance as of February 28, 2018

The iShares MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities, as represented by the MSCI Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 13.71%, net of fees, while the total return for the Index was 13.94%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		21.36%		20.71%		21.77%		21.36%		20.71%		21.77%
5 Years		10.01%		9.89%		10.44%		61.16%		60.23%		64.28%
10 Years		3.40%		3.53%		3.89%		39.74%		41.49%		46.43%

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,137.10	$	2.49	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total Investments*

Industrials	21.36	%
Consumer Discretionary	20.47
Information Technology	13.03
Financials	12.45
Consumer Staples	7.54
Health Care	7.40
Materials	6.36
Telecommunication Services	4.87
Real Estate	3.88
Utilities	1.62
Energy	1.02
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total Investments*

Toyota Motor Corp.	4.79	%
Mitsubishi UFJ Financial Group Inc.	2.29
SoftBank Group Corp.	1.84
Sony Corp.	1.73
Honda Motor Co. Ltd.	1.66
Sumitomo Mitsui Financial Group Inc.	1.57
Keyence Corp.	1.56
Nintendo Co. Ltd.	1.36
FANUC Corp.	1.29
Mizuho Financial Group Inc.	1.21
TOTAL	19.30	%

* Excludes money market funds.

8 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI MEXICO ETF

Performance as of February 28, 2018

The iShares MSCI Mexico ETF (the “Fund”) (formerly the iShares MSCI Mexico Capped ETF) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was -10.86%, net of fees, while the total return for the Index was -10.71%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		10.20%		10.81%		10.45%		10.20%		10.81%		10.45%
5 Years		(5.15)%		(5.15)%		(4.88)%		(23.21)%		(23.22)%		(22.15)%
10 Years		0.56%		0.58%		0.30%		5.78%		5.96%		3.09%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	891.40	$	2.20	$	1,000.00	$	1,022.50	$	2.36		0.47%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total Investments*

Consumer Staples	25.84	%
Telecommunication Services	17.12
Financials	15.95
Materials	14.53
Industrials	10.96
Consumer Discretionary	7.51
Real Estate	6.05
Utilities	1.43
Health Care	0.61
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total Investments*

America Movil SAB de CV Series L	16.09	%
Fomento Economico Mexicano SAB de CV	8.98
Grupo Financiero Banorte SAB de CV Series O	7.33
Wal-Mart de Mexico SAB de CV	5.82
Grupo Mexico SAB de CV Series B	5.78
Grupo Televisa SAB CPO	4.31
Cemex SAB de CV CPO	4.26
Fibra Uno Administracion SA de CV	2.49
Grupo Bimbo SAB de CV Series A	2.30
Grupo Financiero Inbursa SAB de CV Series O	2.22
TOTAL	59.58	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI SOUTH KOREA ETF

Performance as of February 28, 2018

The iShares MSCI South Korea ETF (the “Fund”) (formerly the iShares MSCI South Korea Capped ETF) seeks to track the investment results of an index composed of South Korean equities, as represented by the MSCI Korea 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 10.20%, net of fees, while the total return for the Index was 10.46%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		27.06%		26.87%		27.80%		27.06%		26.87%		27.80%
5 Years		5.11%		5.08%		5.61%		28.30%		28.09%		31.38%
10 Years		3.67%		3.87%		4.23%		43.42%		46.18%		51.30%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,102.00	$	3.07	$	1,000.00	$	1,021.90	$	2.96		0.59%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total Investments*

Information Technology	36.15	%
Financials	14.35
Consumer Discretionary	12.05
Industrials	10.13
Materials	8.95
Consumer Staples	6.88
Health Care	6.73
Energy	2.76
Utilities	1.25
Telecommunication Services	0.75
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total Investments*

Samsung Electronics Co. Ltd.	22.25	%
SK Hynix Inc.	5.17
Celltrion Inc.	3.35
POSCO	3.12
KB Financial Group Inc.	2.97
Hyundai Motor Co.	2.91
NAVER Corp.	2.63
Shinhan Financial Group Co. Ltd.	2.38
LG Chem Ltd.	2.07
Hyundai Mobis Co. Ltd.	1.84
TOTAL	48.69	%

* Excludes money market funds.

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2017 and held through February 28, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number corresponding to your Fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 11

Schedule of Investments (Unaudited)

iShares^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.62%
BELGIUM — 0.31%
Colruyt SA		36,192	$	1,956,797
Proximus SADP		139,360		4,485,521
UCB SA		53,664		4,455,926
				10,898,244
CANADA — 2.92%
Agnico Eagle Mines Ltd.		207,584		7,920,382
Barrick Gold Corp.		596,960		6,885,760
BCE Inc.		225,056		9,835,826
Fairfax Financial Holdings Ltd.		12,896		6,311,980
First Capital Realty Inc.		121,056		1,886,673
Franco-Nevada Corp.		274,560		19,267,519
Goldcorp Inc.		529,152		6,632,209
Intact Financial Corp.		210,496		16,304,466
RioCan REIT		98,592		1,807,411
Rogers Communications Inc. Class B		86,944		3,923,285
Shaw Communications Inc. Class B		174,720		3,387,088
TELUS Corp.		303,264		10,962,804
Thomson Reuters Corp.		169,312		6,680,778
				101,806,181
CHILE — 0.51%
Banco de Chile		37,665,472		6,392,749
SACI Falabella		1,106,976		11,203,229
				17,595,978
CHINA — 4.21%
Agricultural Bank of China Ltd. Class H		7,488,000		4,162,499
Alibaba Group Holding Ltd. ADRa,b		13,728		2,555,330
Alibaba Pictures Group Ltd.a,b		20,800,000		2,844,108
ANTA Sports Products Ltd.		416,000		2,062,643
China Conch Venture Holdings Ltd.		1,872,000		5,633,726
China Construction Bank Corp. Class H		8,736,000		9,098,488
China Huarong Asset Management Co. Ltd. Class Hc		6,240,000		2,830,818
China Huishan Dairy Holdings Co. Ltd.a,b,d		3,106,800		4
China Mobile Ltd.		2,288,000		21,461,056

Security	Shares		Value
China Resources Beer Holdings Co. Ltd.		832,000	$	3,210,918
China Resources Pharmaceutical Group Ltd.a,c		2,912,000		3,929,654
China Telecom Corp. Ltd. Class H		8,320,000		3,668,102
China Unicom Hong Kong Ltd.b		1,664,000		2,156,206
COSCO SHIPPING Ports Ltd.a		1,664,000		1,618,218
CSPC Pharmaceutical Group Ltd.		5,824,000		13,456,087
Fullshare Holdings Ltd.a		1,117,500		628,347
Guangdong Investment Ltd.		5,364,000		8,211,918
Jiangsu Expressway Co. Ltd. Class H		1,860,000		2,895,071
Kingboard Chemical Holdings Ltd.		416,000		2,113,146
Lenovo Group Ltd.a		4,160,000		2,174,281
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		3,328,000		2,275,287
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		1,747,431		2,540,765
Shenzhou International Group Holdings Ltd.a		832,000		8,239,940
Sihuan Pharmaceutical Holdings Group Ltd.		4,992,000		1,824,482
Sinopec Shanghai Petrochemical Co. Ltd. Class H		5,824,000		3,497,987
Tencent Holdings Ltd.		332,800		18,380,913
Yum China Holdings Inc.		247,104		10,704,545
Zijin Mining Group Co. Ltd. Class H		9,152,000		4,210,343
				146,384,882
CZECH REPUBLIC — 0.07%
Komercni Banka AS		51,168		2,275,531
				2,275,531
DENMARK — 0.99%
Chr Hansen Holding A/S		42,016		3,503,169
Coloplast A/S Class B		58,240		4,937,922
H Lundbeck A/S		107,744		5,660,054
Orsted A/Sc		232,544		14,509,240
William Demant Holding A/Sa,b		163,488		5,870,228
				34,480,613
GERMANY — 0.22%
MAN SE		49,920		5,698,832

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iShares^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2018

Security	Shares		Value
Uniper SE		65,312	$	1,985,869
				7,684,701
HONG KONG — 3.47%
CK Infrastructure Holdings Ltd.a		1,040,000		8,731,678
CLP Holdings Ltd.		2,288,000		23,127,650
Hang Seng Bank Ltd.		1,164,800		28,951,427
HK Electric Investments & HK Electric Investments Ltd.a,c		4,160,000		3,902,010
HKT Trust & HKT Ltd.		5,824,000		7,442,526
Hong Kong & China Gas Co. Ltd.		4,992,852		9,876,854
Jardine Strategic Holdings Ltd.		41,600		1,656,928
Link REIT		1,040,000		8,891,161
MTR Corp. Ltd.a		2,288,000		12,133,976
PCCW Ltd.a		6,656,000		3,793,562
Power Assets Holdings Ltd.		832,000		7,075,716
Yue Yuen Industrial Holdings Ltd.		1,248,000		5,342,670
				120,926,158
INDIA — 0.37%
Wipro Ltd. ADRa		2,335,131		12,866,572
				12,866,572
INDONESIA — 0.85%
Bank Central Asia Tbk PT		8,361,600		14,094,634
Hanjaya Mandala Sampoerna Tbk PT		11,356,800		3,981,509
Kalbe Farma Tbk PT		13,977,600		1,626,662
Telekomunikasi Indonesia Persero Tbk PT		18,844,800		5,482,722
Unilever Indonesia Tbk PT		1,164,800		4,566,514
				29,752,041
IRELAND — 0.39%
Kerry Group PLC Class A		94,432		9,438,512
Ryanair Holdings PLC ADRb		34,112		4,136,421
				13,574,933
ISRAEL — 0.43%
Azrieli Group Ltd.		56,992		2,816,344
Bank Hapoalim BM		344,032		2,465,470
Bank Leumi Le-Israel BM		393,120		2,385,048
Check Point Software Technologies Ltd.a,b		33,280		3,457,459
Mizrahi Tefahot Bank Ltd.		214,240		3,972,123
				15,096,444
ITALY — 0.45%
Luxottica Group SpA		69,056		4,157,306
Recordati SpA		47,424		1,703,409

Security	Shares		Value
Snam SpA		2,179,008	$	9,782,729
				15,643,444
JAPAN — 13.29%
ABC-Mart Inc.		46,500		2,963,310
Ajinomoto Co. Inc.		208,000		3,814,779
ANA Holdings Inc.		166,400		6,710,269
Asahi Group Holdings Ltd.		41,600		2,140,721
Astellas Pharma Inc.		790,400		11,707,298
Benesse Holdings Inc.		124,800		4,508,730
Canon Inc.		582,400		22,356,126
Chugai Pharmaceutical Co. Ltd.		83,200		4,327,445
Daiichi Sankyo Co. Ltd.		226,600		8,086,714
Daito Trust Construction Co. Ltd.		41,600		6,920,013
Daiwa House REIT Investment Corp.		1,248		3,006,989
Eisai Co. Ltd.		83,200		4,441,284
FamilyMart UNY Holdings Co. Ltd.		83,200		6,307,933
FUJIFILM Holdings Corp.		93,000		3,901,982
Hankyu Hanshin Holdings Inc.		41,600		1,559,440
Japan Airlines Co. Ltd.		166,400		6,376,548
Japan Prime Realty Investment Corp.		1,248		4,304,053
Japan Real Estate Investment Corp.		1,248		6,479,471
Japan Retail Fund Investment Corp.		2,496		4,802,294
Kajima Corp.		447,000		4,281,280
KDDI Corp.		83,200		2,054,952
Keikyu Corp.a		374,400		6,729,761
Keyence Corp.		20,000		12,233,728
Kintetsu Group Holdings Co. Ltd.		46,500		1,795,417
Kirin Holdings Co. Ltd.		332,800		8,665,806
Konami Holdings Corp.		124,800		6,608,125
Kyowa Hakko Kirin Co. Ltd.		89,400		1,901,860
Kyushu Railway Co.		214,800		6,642,988
Lawson Inc.		83,200		5,450,241
LINE Corp.a,b		41,600		1,693,941
McDonald’s Holdings Co. Japan Ltd.a		97,600		4,367,555
MEIJI Holdings Co. Ltd.		83,200		6,105,206
Mitsubishi Tanabe Pharma Corp.		332,800		7,157,828
Nagoya Railroad Co. Ltd.		291,200		7,458,410
NH Foods Ltd.		416,000		9,376,130
Nippon Building Fund Inc.		832		4,522,375

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iShares^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2018

Security	Shares		Value
Nippon Prologis REIT Inc.		2,912	$	6,604,227
Nippon Telegraph & Telephone Corp.		416,000		19,422,820
Nissin Foods Holdings Co. Ltd.		83,200		5,707,549
Nitori Holdings Co. Ltd.		47,800		8,070,072
Nomura Real Estate Master Fund Inc.		5,408		7,419,813
Nomura Research Institute Ltd.		166,430		7,517,854
NTT Data Corp.		956,800		9,971,057
NTT DOCOMO Inc.		748,800		19,262,977
Obayashi Corp.		166,400		1,893,160
Oracle Corp. Japan		46,500		3,625,697
Oriental Land Co. Ltd./Japan		139,500		13,622,511
Otsuka Corp.		83,200		7,773,806
Otsuka Holdings Co. Ltd.		249,600		12,594,034
Park24 Co. Ltd.		166,400		4,013,997
Recruit Holdings Co. Ltd.		457,600		11,115,685
Sankyo Co. Ltd.		83,200		2,994,124
Santen Pharmaceutical Co. Ltd.		208,000		3,352,795
Secom Co. Ltd.		208,000		14,970,620
Shimadzu Corp.		124,800		3,222,192
Shimamura Co. Ltd.		41,600		4,966,815
Shionogi & Co. Ltd.		41,600		2,179,707
Suntory Beverage & Food Ltd.		208,000		9,707,511
Taisho Pharmaceutical Holdings Co. Ltd.		46,500		4,261,937
Takeda Pharmaceutical Co. Ltd.		249,600		14,296,942
Terumo Corp.		124,800		6,748,475
Tobu Railway Co. Ltd.		291,200		9,033,054
Toho Co. Ltd./Tokyo		83,200		2,709,526
Toyo Suisan Kaisha Ltd.		124,800		4,900,539
Tsuruha Holdings Inc.		41,600		6,050,626
United Urban Investment Corp.		4,576		7,238,919
USS Co. Ltd.		92,500		1,917,530
Yahoo Japan Corp.		915,200		4,254,151
Yamada Denki Co. Ltd.a		956,800		6,070,508
Yamazaki Baking Co. Ltd.a		166,400		3,263,907
				462,516,139
MALAYSIA — 0.96%
Hong Leong Bank Bhda		998,400		5,102,877
IHH Healthcare Bhda		2,995,200		4,519,181
Malayan Banking Bhd		2,246,400		5,998,811
Maxis Bhda		2,828,800		4,268,115
Petronas Dagangan Bhd		332,800		2,192,045
Public Bank Bhd		1,486,160		8,726,495

Security	Shares		Value
Telekom Malaysia Bhda		1,664,000	$	2,506,408
				33,313,932
PERU — 0.15%
Cia. de Minas Buenaventura SAA ADR		138,528		2,154,110
Credicorp Ltd.		13,728		2,971,426
				5,125,536
PHILIPPINES — 0.46%
Aboitiz Equity Ventures Inc.		1,747,200		2,596,645
Bank of the Philippine Islands		1,214,729		2,796,583
BDO Unibank Inc.		3,556,809		10,640,377
				16,033,605
QATAR — 0.18%
Qatar National Bank QPSC		191,360		6,263,015
				6,263,015
SINGAPORE — 1.32%
CapitaLand Commercial Trust		3,952,000		5,168,356
CapitaLand Mall Trust		2,537,600		3,874,931
Oversea-Chinese Banking Corp. Ltd.		416,000		4,107,011
SATS Ltd.		1,248,000		4,905,772
Singapore Airlines Ltd.		956,800		8,021,251
Singapore Press Holdings Ltd.a		1,439,500		2,829,270
Singapore Telecommunications Ltd.		5,948,800		15,199,716
StarHub Ltd.		956,800		1,808,217
				45,914,524
SOUTH KOREA — 0.49%
DB Insurance Co. Ltd.		28,288		1,815,510
Hanmi Science Co. Ltd.		17,472		1,355,294
KT&G Corp.		25,792		2,376,989
NAVER Corp.		2,496		1,850,853
S-1 Corp.		32,032		2,839,664
Samsung Fire & Marine Insurance Co. Ltd.		14,144		3,774,694
SK Telecom Co. Ltd.		13,728		3,042,497
				17,055,501
SPAIN — 0.09%
Amadeus IT Group SA		44,512		3,287,747
				3,287,747
SWITZERLAND — 4.86%
Chocoladefabriken Lindt & Spruengli AG Registered		146		10,536,162
EMS-Chemie Holding AG Registered		11,232		7,202,362

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iShares^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2018

Security	Shares		Value
Givaudan SA Registered		832	$	1,898,972
Kuehne + Nagel International AG Registered		83,616		13,687,525
Nestle SA Registered		430,560		34,297,187
Novartis AG Registered		211,744		17,736,263
Partners Group Holding AG		12,896		9,374,691
Roche Holding AG		78,624		18,244,795
Schindler Holding AG Registered		31,200		7,071,626
Sika AG Bearer		447		3,679,869
Sonova Holding AG Registered		76,128		11,954,283
Straumann Holding AG Registered		12,064		8,176,278
Swiss Prime Site AG Registered		63,954		5,982,259
Swisscom AG Registered		35,360		19,156,997
				168,999,269
TAIWAN — 4.27%
Asustek Computer Inc.		930,000		8,823,620
Chang Hwa Commercial Bank Ltd.		7,488,361		4,309,036
Chicony Electronics Co. Ltd.		832,956		2,051,328
Chunghwa Telecom Co. Ltd.		5,824,000		21,843,366
Compal Electronics Inc.		3,328,000		2,291,202
CTBC Financial Holding Co. Ltd.		2,912,000		2,129,479
E.Sun Financial Holding Co. Ltd.		7,904,557		5,238,930
Far EasTone Telecommunications Co. Ltd.		2,496,000		6,326,454
First Financial Holding Co. Ltd.		14,144,894		9,689,777
Formosa Petrochemical Corp.		1,664,000		6,668,425
Hon Hai Precision Industry Co. Ltd.		2,912,400		8,788,424
Hua Nan Financial Holdings Co. Ltd.		11,232,261		6,617,283
Innolux Corp.		5,408,000		2,408,042
Mega Financial Holding Co. Ltd.		14,560,000		12,442,740
Quanta Computer Inc.		832,000		1,698,454
Siliconware Precision Industries Co. Ltd.		3,328,000		5,802,100
Standard Foods Corp.		832,000		1,954,931
Synnex Technology International Corp.		2,496,250		3,308,896
Taiwan Cooperative Financial Holding Co. Ltd.		12,480,454		7,267,138
Taiwan Mobile Co. Ltd.		2,496,000		9,190,457
Taiwan Semiconductor Manufacturing Co. Ltd.		2,080,000		17,525,989

Security	Shares		Value
WPG Holdings Ltd.		1,664,000	$	2,137,316
				148,513,387
THAILAND — 0.90%
Airports of Thailand PCL NVDR		2,080,000		4,688,117
Bangkok Dusit Medical Services PCL NVDR		6,822,400		4,803,283
Bangkok Expressway & Metro PCL NVDR		9,692,800		2,254,140
BTS Group Holdings PCL NVDRa		9,068,800		2,354,594
Bumrungrad Hospital PCL NVDR		624,000		4,095,062
CP ALL PCL NVDR		1,071,500		2,867,346
Home Product Center PCL NVDR		7,737,600		3,549,584
Krung Thai Bank PCL NVDR		5,241,600		3,389,757
Siam Cement PCL (The) Foreign		208,000		3,246,894
				31,248,777
UNITED ARAB EMIRATES — 0.25%
Emirates Telecommunications Group Co. PJSC		1,366,144		6,397,495
First Abu Dhabi Bank PJSC		789,152		2,481,576
				8,879,071
UNITED KINGDOM — 0.93%
AstraZeneca PLC		26,208		1,724,287
Compass Group PLC		437,216		9,313,389
GlaxoSmithKline PLC		494,208		8,901,311
Kingfisher PLC		426,400		2,102,718
Randgold Resources Ltd.		65,728		5,296,146
TUI AG		231,296		4,922,188
				32,260,039
UNITED STATES — 56.28%
3M Co.		24,544		5,780,357
Abbott Laboratories		193,024		11,645,138
Accenture PLC Class A		29,952		4,822,572
Adobe Systems Inc.b		23,712		4,958,891
Aetna Inc.		69,056		12,227,055
AGNC Investment Corp.		599,872		10,761,704
Alleghany Corp.b		18,384		11,143,462
Allstate Corp. (The)		171,392		15,812,626
Alphabet Inc. Class Cb		1,664		1,838,271
Altria Group Inc.		423,488		26,658,570
Ameren Corp.		46,592		2,529,946
American Tower Corp.		16,640		2,318,451
American Water Works Co. Inc.		84,448		6,701,793
Amphenol Corp. Class A		80,704		7,375,539
Annaly Capital Management Inc.		1,637,376		16,422,881

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iShares^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2018

Security	Shares		Value
ANSYS Inc.b		76,544	$	12,242,447
Aon PLC		65,312		9,164,580
Apple Inc.		20,384		3,630,798
Aramark		106,080		4,424,597
Arch Capital Group Ltd.b		201,344		17,766,595
AT&T Inc.		589,888		21,412,934
Athene Holding Ltd. Class Ab		165,984		7,836,105
Automatic Data Processing Inc.		135,200		15,591,264
AutoZone Inc.b		13,728		9,125,276
AvalonBay Communities Inc.		108,160		16,875,123
Axis Capital Holdings Ltd.		118,144		5,829,225
Baxter International Inc.		201,760		13,677,310
Becton Dickinson and Co.		151,120		33,551,662
Berkshire Hathaway Inc. Class Bb		136,032		28,185,830
Boston Scientific Corp.b		148,928		4,059,777
Bristol-Myers Squibb Co.		76,544		5,067,213
Broadridge Financial Solutions Inc.		120,224		12,068,085
Campbell Soup Co.		116,896		5,032,373
Cboe Global Markets Inc.		42,016		4,706,212
CH Robinson Worldwide Inc.		143,936		13,437,865
Charter Communications Inc. Class Ab		32,864		11,237,188
Chevron Corp.		17,056		1,908,908
Chubb Ltd.		116,480		16,530,842
Church & Dwight Co. Inc.		330,304		16,247,654
Cigna Corp.		11,648		2,281,727
Cincinnati Financial Corp.		96,096		7,167,801
Cintas Corp.		39,520		6,744,483
Cisco Systems Inc.		182,624		8,177,903
Clorox Co. (The)		176,384		22,767,647
CMS Energy Corp.		32,032		1,359,758
Coca-Cola Co. (The)		592,384		25,602,836
Colgate-Palmolive Co.		131,456		9,066,520
Comcast Corp. Class A		344,032		12,457,399
Consolidated Edison Inc.		464,256		34,768,132
Constellation Brands Inc. Class A		32,448		6,991,895
Cooper Companies Inc. (The)		8,736		2,013,823
Costco Wholesale Corp.		38,688		7,385,539
Crown Castle International Corp.		112,736		12,407,724
CVS Health Corp.		47,008		3,183,852
Danaher Corp.		69,888		6,833,649
Darden Restaurants Inc.		38,272		3,528,296
Dell Technologies Inc. Class Vb		152,672		11,342,003
Dollar General Corp.		19,968		1,888,773
Dominion Energy Inc.		259,584		19,227,387

Security	Shares		Value
Dr Pepper Snapple Group Inc.		106,912	$	12,428,520
Duke Energy Corp.		298,272		22,471,812
eBay Inc.b		91,104		3,904,717
Ecolab Inc.		24,128		3,147,498
Edison International		30,368		1,839,997
Eli Lilly & Co.		266,656		20,537,845
Equity Residential		122,304		6,877,154
Essex Property Trust Inc.		12,896		2,886,512
Everest Re Group Ltd.		42,848		10,293,804
Eversource Energy		70,304		4,007,328
Expeditors International of Washington Inc.		225,056		14,619,638
Exxon Mobil Corp.		312,416		23,662,388
F5 Networks Inc.b		14,144		2,100,667
Facebook Inc. Class Ab		93,184		16,616,571
Federal Realty Investment Trust		13,312		1,516,769
Fidelity National Information Services Inc.		130,208		12,653,613
Fiserv Inc.b		124,800		17,895,072
FNF Group		115,648		4,617,825
Gartner Inc.b		93,184		10,567,997
General Dynamics Corp.		6,656		1,480,627
General Mills Inc.		260,832		13,185,058
Genuine Parts Co.		35,360		3,247,462
Gilead Sciences Inc.		24,128		1,899,597
Harris Corp.		88,608		13,836,139
Henry Schein Inc.b		128,960		8,535,862
Hershey Co. (The)		57,824		5,681,786
Home Depot Inc. (The)		48,672		8,871,445
Hormel Foods Corp.		130,208		4,226,552
Humana Inc.		21,632		5,880,010
Intel Corp.		78,208		3,854,872
International Business Machines Corp.		72,800		11,344,424
Intuit Inc.		16,224		2,707,137
Intuitive Surgical Inc.b		72,384		30,868,157
Jack Henry & Associates Inc.		120,224		14,102,275
JM Smucker Co. (The)		64,064		8,091,283
Johnson & Johnson		372,320		48,356,922
Kellogg Co.		220,896		14,623,315
Kimberly-Clark Corp.		94,016		10,428,255
Kraft Heinz Co. (The)		78,624		5,271,739
L3 Technologies Inc.		13,728		2,849,246
Laboratory Corp. of America Holdingsb		77,792		13,434,678

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iShares^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2018

Security	Shares		Value
Liberty Broadband Corp. Class Cb		36,192	$	3,180,553
Lockheed Martin Corp.		100,256		35,334,225
Lowe’s Companies Inc.		21,632		1,938,011
Markel Corp.b		21,632		24,054,784
Marsh & McLennan Companies Inc.		280,800		23,312,016
Mastercard Inc. Class A		49,742		8,742,654
McCormick & Co. Inc./MD NVS		179,712		19,189,647
McDonald’s Corp.		236,288		37,272,069
Medtronic PLC		158,496		12,662,245
Merck & Co. Inc.		373,568		20,254,857
Microsoft Corp.		29,952		2,808,599
Monsanto Co.		86,944		10,726,281
Motorola Solutions Inc.		148,096		15,720,390
Newmont Mining Corp.		302,848		11,568,794
NextEra Energy Inc.		105,248		16,013,483
Northrop Grumman Corp.		131,456		46,014,858
O’Reilly Automotive Inc.b		19,552		4,774,403
Occidental Petroleum Corp.		83,616		5,485,210
Oracle Corp.		65,728		3,330,438
Paychex Inc.		288,704		18,803,292
PepsiCo Inc.		274,976		30,173,117
Pfizer Inc.		605,696		21,992,822
PG&E Corp.		101,088		4,153,706
Philip Morris International Inc.		39,520		4,092,296
Procter & Gamble Co. (The)		427,232		33,546,257
Progressive Corp. (The)		141,856		8,168,068
Public Storage		64,480		12,537,491
Raytheon Co.		153,088		33,298,171
Realty Income Corp.a		101,920		5,012,426
RenaissanceRe Holdings Ltd.		59,904		7,684,485
Republic Services Inc.		363,584		24,425,573
Rollins Inc.		39,104		1,965,758
Ross Stores Inc.		58,240		4,547,962
Sherwin-Williams Co. (The)		7,488		3,007,031
Southern Co. (The)		576,992		24,845,276
Starbucks Corp.		191,360		10,926,656
Stryker Corp.		127,296		20,642,319
Synopsys Inc.b		209,248		17,717,028
Sysco Corp.		126,880		7,568,392
Texas Instruments Inc.		20,384		2,208,606
Time Warner Inc.		88,192		8,198,328
TJX Companies Inc. (The)		295,360		24,420,365
Travelers Companies Inc. (The)		107,328		14,918,592
Tyson Foods Inc. Class A		33,280		2,475,366

Security	Shares		Value
UDR Inc.		254,176	$	8,545,397
Ulta Beauty Inc.b		8,320		1,691,872
United Parcel Service Inc. Class B		124,800		13,030,368
UnitedHealth Group Inc.		86,528		19,569,172
Varian Medical Systems Inc.b		51,168		6,106,389
VeriSign Inc.b		30,784		3,571,560
Verizon Communications Inc.		585,728		27,962,655
Visa Inc. Class A		274,976		33,805,549
VMware Inc. Class Aa,b		70,304		9,262,552
Walmart Inc.		265,824		23,926,818
Walt Disney Co. (The)		35,776		3,690,652
Waste Management Inc.		418,496		36,124,575
Waters Corp.b		11,648		2,383,647
WEC Energy Group Inc.		317,408		19,019,087
Welltower Inc.		49,504		2,598,960
Westar Energy Inc.		40,352		1,966,353
Worldpay Inc. Class Ab		63,232		5,139,497
WR Berkley Corp.		150,592		10,297,481
Xcel Energy Inc.		438,048		18,958,717
				1,958,591,035
TOTAL COMMON STOCKS (Cost: $3,033,823,334)				3,466,987,299
SHORT-TERM INVESTMENTS — 1.97%
MONEY MARKET FUNDS — 1.97%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		63,759,914		63,766,290
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%e,f		4,724,502		4,724,502
				68,490,792
TOTAL SHORT-TERM INVESTMENTS (Cost: $68,486,190)				68,490,792

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iShares^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.59% (Cost: $3,102,309,524)	$	3,535,478,091
Other Assets, Less Liabilities — (1.59)%		(55,347,028	)
NET ASSETS — 100.00%	$	3,480,131,063

ADR — American Depositary Receipts

NVDR — Non-Voting Depositary Receipts

NVS — Non-Voting Shares

^a  All or a portion of this security is on loan.

^b  Non-income producing security.

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold		Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		56,910,361		6,849,553	b		—		63,759,914	$	63,766,290	$	231,448	c	$	(5,766	)	$	(9,204	)
BlackRock Cash Funds: Treasury, SL Agency Shares		2,465,143		2,259,359	b		—		4,724,502		4,724,502		33,643			—			—
										$	68,490,792	$	265,091		$	(5,766	)	$	(9,204	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
MSCI EAFE E-Mini		38		Mar 2018	$	3,869	$	(45,538	)
MSCI Emerging Markets E-Mini		25		Mar 2018		1,479		14,892
S&P 500 E-Mini		43		Mar 2018		5,836		54,267
Total							$	23,621

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iShares^® EDGE MSCI MIN VOL GLOBAL ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common stocks	$	3,460,724,280		$	6,263,015	$	4	$	3,466,987,299
Money market funds		68,490,792			—		—		68,490,792
Total	$	3,529,215,072		$	6,263,015	$	4	$	3,535,478,091
Derivative financial instrumentsa
Assets
Futures contracts	$	69,159		$	—	$	—	$	69,159
Liabilities
Futures contracts		(45,538	)		—		—		(45,538	)
Total	$	23,621		$	—	$	—	$	23,621

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 98.95%
BANKS — 31.04%
Australia & New Zealand Banking Group Ltd.		4,730,551	$	107,086,506
Bank of Queensland Ltd.		632,614		6,226,142
Bendigo & Adelaide Bank Ltd.		769,123		6,796,507
Commonwealth Bank of Australia		2,822,256		168,000,199
National Australia Bank Ltd.		4,324,801		101,709,670
Westpac Banking Corp.		5,466,441		131,071,734
				520,890,758
BEVERAGES — 1.31%
Coca-Cola Amatil Ltd.		887,231		6,014,961
Treasury Wine Estates Ltd.		1,170,268		15,958,801
				21,973,762
BIOTECHNOLOGY — 5.52%
CSL Ltd.		728,697		92,654,001
				92,654,001
CAPITAL MARKETS — 3.35%
ASX Ltd.		311,603		14,178,066
Macquarie Group Ltd.		520,723		42,058,419
				56,236,485
CHEMICALS — 1.01%
Incitec Pivot Ltd.		2,724,547		8,067,794
Orica Ltd.		607,554		8,829,591
				16,897,385
COMMERCIAL SERVICES & SUPPLIES — 1.14%
Brambles Ltd.		2,559,760		19,149,056
				19,149,056
CONSTRUCTION & ENGINEERING — 0.34%
CIMIC Group Ltd.		155,983		5,688,529
				5,688,529
CONSTRUCTION MATERIALS — 1.44%
Boral Ltd.		1,884,733		11,470,378
James Hardie Industries PLC		710,349		12,648,379
				24,118,757
CONTAINERS & PACKAGING — 1.20%
Amcor Ltd./Australia		1,865,124		20,202,234
				20,202,234
DIVERSIFIED FINANCIAL SERVICES — 1.70%
AMP Ltd.		4,700,039		19,374,657
Challenger Ltd./Australia		931,231		9,143,339
				28,517,996

Security	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.21%
Telstra Corp. Ltd.		6,703,732	$	17,500,011
TPG Telecom Ltd.a		599,461		2,854,165
				20,354,176
ELECTRIC UTILITIES — 0.23%
AusNet Services		2,896,950		3,837,663
				3,837,663
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.21%
BGP Holdings PLCb,c		18,888,372		230
Dexus		1,637,008		11,863,440
Goodman Group		2,900,034		18,553,384
GPT Group (The)		2,901,331		10,761,706
Mirvac Group		5,968,594		9,860,178
Scentre Group		8,582,208		25,680,717
Stockland		3,889,395		12,244,479
Vicinity Centres		5,299,128		10,240,778
Westfield Corp.		3,180,938		21,713,818
				120,918,730
FOOD & STAPLES RETAILING — 6.20%
Wesfarmers Ltd.		1,825,989		58,808,546
Woolworths Group Ltd.		2,100,925		45,201,603
				104,010,149
GAS UTILITIES — 0.71%
APA Group		1,803,811		11,244,960
APA Group Newc		106,106		661,465
				11,906,425
HEALTH CARE EQUIPMENT & SUPPLIES — 0.79%
Cochlear Ltd.		92,575		13,266,377
				13,266,377
HEALTH CARE PROVIDERS & SERVICES — 1.65%
Healthscope Ltd.		2,795,819		4,117,634
Ramsay Health Care Ltd.		227,742		11,340,204
Sonic Healthcare Ltd.		640,485		12,227,902
				27,685,740
HOTELS, RESTAURANTS & LEISURE — 2.46%
Aristocrat Leisure Ltd.		873,883		16,785,995
Crown Resorts Ltd.		608,210		6,398,294
Domino’s Pizza Enterprises Ltd.a		100,424		3,082,481
Flight Centre Travel Group Ltd.a		88,832		4,000,359
Tabcorp Holdings Ltd.		3,080,393		11,089,833
				41,356,962
INSURANCE — 4.46%
Insurance Australia Group Ltd.		3,814,570		24,374,534

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2018

Security	Shares		Value
Medibank Pvt Ltd.		4,426,613	$	10,934,721
QBE Insurance Group Ltd.		2,209,584		17,545,332
Suncorp Group Ltd.		2,082,838		22,008,582
				74,863,169
INTERNET SOFTWARE & SERVICES — 0.30%
REA Group Ltd.		84,816		5,088,491
				5,088,491
IT SERVICES — 0.62%
Computershare Ltd.		746,298		10,374,902
				10,374,902
METALS & MINING — 14.02%
Alumina Ltd.		3,939,511		6,845,798
BHP Billiton Ltd.		5,172,257		122,929,699
BlueScope Steel Ltd.		902,470		11,484,070
Fortescue Metals Group Ltd.		2,502,488		9,828,323
Newcrest Mining Ltd.		1,235,389		20,456,887
Rio Tinto Ltd.		664,265		42,010,736
South32 Ltd.		8,376,909		21,671,988
				235,227,501
MULTI-UTILITIES — 1.07%
AGL Energy Ltd.		1,056,172		17,991,265
				17,991,265
MULTILINE RETAIL — 0.17%
Harvey Norman Holdings Ltd.		891,010		2,784,222
				2,784,222
OIL, GAS & CONSUMABLE FUELS — 5.40%
Caltex Australia Ltd.		419,991		11,510,369
Oil Search Ltd.		2,207,133		12,985,310
Origin Energy Ltd.c		2,827,073		19,937,123
Santos Ltd.c		3,015,309		11,842,387
Woodside Petroleum Ltd.		1,507,250		34,272,632
				90,547,821
PROFESSIONAL SERVICES — 0.50%
Seek Ltd.		535,327		8,430,675
				8,430,675
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.74%
LendLease Group		891,128		12,395,247
				12,395,247

Security	Shares		Value
ROAD & RAIL — 0.69%
Aurizon Holdings Ltd.		3,243,785	$	11,551,680
				11,551,680
TRANSPORTATION INFRASTRUCTURE — 2.47%
Sydney Airport		1,771,747		9,098,379
Transurban Group		3,577,953		32,286,433
				41,384,812
TOTAL COMMON STOCKS
(Cost: $1,809,572,197)				1,660,304,970
SHORT-TERM INVESTMENTS — 0.46%
MONEY MARKET FUNDS — 0.46%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		7,499,021		7,499,771
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		171,691		171,691
				7,671,462
TOTAL SHORT-TERM INVESTMENTS
(Cost: $7,671,773)				7,671,462
TOTAL INVESTMENTS IN SECURITIES — 99.41%
(Cost: $1,817,243,970)				1,667,976,432
Other Assets, Less Liabilities — 0.59%				9,852,532
NET ASSETS — 100.00%			$	1,677,828,964

^a  All or a portion of this security is on loan.

^b  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^c  Non-income producing security.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		6,985,447		513,574	b		—			7,499,021	$	7,499,771	$	41,771	c	$	(1,096	)	$	(629	)
BlackRock Cash Funds: Treasury, SL Agency Shares		183,299		—			(11,608	)b		171,691		171,691		9,672			—			—
											$	7,671,462	$	51,443		$	(1,096	)	$	(629	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
ASX SPI 200 Index		147		Mar 2018	$	17,185	$	273,900

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common stocks	$	1,660,304,740	$	—	$	230	$	1,660,304,970
Money market funds		7,671,462		—		—		7,671,462
Total	$	1,667,976,202	$	—	$	230	$	1,667,976,432
Derivative financial instrumentsa
Assets
Futures contracts	$	273,900	$	—	$	—	$	273,900
Total	$	273,900	$	—	$	—	$	273,900

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

See notes to financial statements.

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI CANADA ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.62%
AEROSPACE & DEFENSE — 0.82%
Bombardier Inc. Class Ba		4,117,707	$	13,047,091
CAE Inc.		574,893		10,615,342
				23,662,433
AUTO COMPONENTS — 1.60%
Linamar Corp.		104,175		5,712,206
Magna International Inc.		732,006		40,332,168
				46,044,374
BANKS — 29.78%
Bank of Montreal		1,383,074		105,175,581
Bank of Nova Scotia (The)		2,556,559		158,618,988
Canadian Imperial Bank of Commerce		929,596		85,026,457
National Bank of Canada		725,507		35,251,934
Royal Bank of Canada		3,108,296		245,223,899
Toronto-Dominion Bank (The)		3,939,604		227,518,396
				856,815,255
CAPITAL MARKETS — 3.90%
Brookfield Asset Management Inc. Class A		1,790,330		69,511,779
CI Financial Corp.		586,472		13,062,716
IGM Financial Inc.		183,622		5,616,066
Thomson Reuters Corp.		607,060		23,953,606
				112,144,167
CHEMICALS — 2.69%
Methanex Corp.		178,831		9,885,355
Nutrien Ltd.a		1,372,961		67,557,803
				77,443,158
CONSTRUCTION & ENGINEERING — 0.57%
SNC-Lavalin Group Inc.		375,332		16,306,811
				16,306,811
CONTAINERS & PACKAGING — 0.52%
CCL Industries Inc. Class B		298,450		14,876,499
				14,876,499
DIVERSIFIED FINANCIAL SERVICES — 0.55%
Element Fleet Management Corp.		831,239		3,159,273
Onex Corp.		174,164		12,798,441
				15,957,714
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.02%
BCE Inc.		326,010		14,247,911
TELUS Corp.		418,187		15,117,198
				29,365,109

Security	Shares		Value
ELECTRIC UTILITIES — 1.51%
Emera Inc.		120,188	$	3,884,173
Fortis Inc./Canada		891,913		29,186,336
Hydro One Ltd.b		642,836		10,309,658
				43,380,167
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.49%
H&R REIT		297,483		4,638,631
RioCan REIT		344,248		6,310,833
SmartCentres Real Estate Investment Trust		139,277		3,195,648
				14,145,112
FOOD & STAPLES RETAILING — 3.57%
Alimentation Couche-Tard Inc. Class B		918,976		44,745,708
Empire Co. Ltd. Class A		367,610		6,816,571
George Weston Ltd.		109,967		9,003,503
Jean Coutu Group PJC Inc. (The) Class A		174,637		3,310,518
Loblaw Companies Ltd.		456,011		23,459,824
Metro Inc.		485,892		15,350,145
				102,686,269
FOOD PRODUCTS — 0.51%
Saputo Inc.c		456,437		14,608,406
				14,608,406
HOTELS, RESTAURANTS & LEISURE — 0.98%
Restaurant Brands International Inc.		479,003		28,115,515
				28,115,515
INSURANCE — 8.51%
Fairfax Financial Holdings Ltd.		59,605		29,173,818
Great-West Lifeco Inc.		634,849		16,776,046
Industrial Alliance Insurance & Financial Services Inc.		227,921		9,674,658
Intact Financial Corp.		297,593		23,050,771
Manulife Financial Corp.		4,217,365		80,374,647
Power Corp. of Canada		755,648		17,933,629
Power Financial Corp.		531,868		13,905,317
Sun Life Financial Inc.		1,304,728		53,824,421
				244,713,307
INTERNET SOFTWARE & SERVICES — 0.90%
Shopify Inc. Class Aa,c		186,384		25,818,988
				25,818,988

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CANADA ETF

February 28, 2018

Security	Shares		Value
IT SERVICES — 1.10%
CGI Group Inc. Class Aa		540,031	$	31,609,104
				31,609,104
MEDIA — 0.61%
Shaw Communications Inc. Class B		912,526		17,690,050
				17,690,050
METALS & MINING — 6.97%
Agnico Eagle Mines Ltd.		494,942		18,884,547
Barrick Gold Corp.		2,488,270		28,701,472
First Quantum Minerals Ltd.		1,473,790		24,050,376
Franco-Nevada Corp.		396,710		27,839,516
Goldcorp Inc.		1,843,084		23,100,581
Kinross Gold Corp.a		2,660,760		9,572,797
Lundin Mining Corp.		1,388,623		9,049,051
Teck Resources Ltd. Class B		1,214,569		34,787,281
Turquoise Hill Resources Ltd.a		2,171,389		6,608,980
Wheaton Precious Metals Corp.c		945,478		18,070,594
				200,665,195
MULTI-UTILITIES — 0.44%
Atco Ltd./Canada Class I		162,188		5,346,565
Canadian Utilities Ltd. Class A		272,013		7,194,381
				12,540,946
MULTILINE RETAIL — 1.56%
Canadian Tire Corp. Ltd. Class A		136,078		18,520,032
Dollarama Inc.		226,243		26,370,150
				44,890,182
OIL, GAS & CONSUMABLE FUELS — 19.75%
AltaGas Ltd.		366,440		7,555,582
ARC Resources Ltd.		746,020		7,207,810
Cameco Corp.		845,214		7,466,986
Canadian Natural Resources Ltd.		2,337,833		72,524,183
Cenovus Energy Inc.		2,231,482		16,265,690
Crescent Point Energy Corp.		1,160,321		8,358,187
Enbridge Inc.		3,527,474		112,347,301
Encana Corp.		2,079,354		21,842,670
Husky Energy Inc.a		752,839		9,952,856
Imperial Oil Ltd.		624,783		16,944,012
Inter Pipeline Ltd.		797,590		13,887,098
Keyera Corp.		427,032		10,897,839
Pembina Pipeline Corp.		1,074,247		34,591,198
PrairieSky Royalty Ltd.		454,901		10,107,333
Seven Generations Energy Ltd. Class Aa,c		529,414		6,197,534

Security	Shares		Value
Suncor Energy Inc.		3,528,145	$	116,306,118
Tourmaline Oil Corp.a		489,188		7,127,748
TransCanada Corp.		1,857,220		80,443,056
Vermilion Energy Inc.		245,917		8,112,469
				568,135,670
PAPER & FOREST PRODUCTS — 0.35%
West Fraser Timber Co. Ltd.		146,214		10,199,093
				10,199,093
PHARMACEUTICALS — 0.40%
Valeant Pharmaceuticals International Inc.a		705,114		11,561,591
				11,561,591
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.18%
First Capital Realty Inc.		333,078		5,191,062
				5,191,062
ROAD & RAIL — 6.21%
Canadian National Railway Co.		1,591,076		123,277,813
Canadian Pacific Railway Ltd.		309,064		55,355,826
				178,633,639
SOFTWARE — 2.12%
BlackBerry Ltd.a,c		1,080,730		13,132,217
Constellation Software Inc./Canada		43,078		27,923,796
Open Text Corp.		564,231		19,837,364
				60,893,377
TEXTILES, APPAREL & LUXURY GOODS — 0.47%
Gildan Activewear Inc.		468,907		13,620,571
				13,620,571
TRADING COMPANIES & DISTRIBUTORS — 0.33%
Finning International Inc.		358,888		9,573,334
				9,573,334
WIRELESS TELECOMMUNICATION SERVICES — 1.21%
Rogers Communications Inc. Class B		771,410		34,809,323
				34,809,323
TOTAL COMMON STOCKS
(Cost: $3,329,516,798)				2,866,096,421
SHORT-TERM INVESTMENTS — 0.06%
MONEY MARKET FUNDS — 0.06%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		997,231		997,331

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CANADA ETF

February 28, 2018

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		629,153	$	629,153
				1,626,484
TOTAL SHORT-TERM INVESTMENTS (Cost: $1,626,384)				1,626,484
TOTAL INVESTMENTS IN SECURITIES — 99.68%
(Cost: $3,331,143,182)				2,867,722,905
Other Assets, Less Liabilities — 0.32%				9,317,623
NET ASSETS — 100.00%			$	2,877,040,528

^a  Non-income producing security.

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  All or a portion of this security is on loan.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		43,796,579		—			(42,799,348	)b		997,231	$	997,331	$	35,956	c	$	(3,339	)	$	(2,587	)
BlackRock Cash Funds: Treasury, SL Agency Shares		412,255		216,898	b		—			629,153		629,153		12,549			—			—
											$	1,626,484	$	48,505		$	(3,339	)	$	(2,587	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
S&P/TSX 60 Index		72		Mar 2018	$	10,257	$	(313,006	)

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CANADA ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common stocks	$	2,866,096,421		$	—	$	—	$	2,866,096,421
Money market funds		1,626,484			—		—		1,626,484
Total	$	2,867,722,905		$	—	$	—	$	2,867,722,905
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(313,006	)	$	—	$	—	$	(313,006	)
Total	$	(313,006	)	$	—	$	—	$	(313,006	)

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

See notes to financial statements.

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI JAPAN ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.62%
AIR FREIGHT & LOGISTICS — 0.24%
Yamato Holdings Co. Ltd.		2,221,200	$	55,745,968
				55,745,968
AIRLINES — 0.26%
ANA Holdings Inc.		740,400		29,857,469
Japan Airlines Co. Ltd.		740,400		28,372,575
				58,230,044
AUTO COMPONENTS — 3.15%
Aisin Seiki Co. Ltd.		1,023,500		60,140,996
Bridgestone Corp.		3,948,800		176,966,043
Denso Corp.		2,961,600		174,440,336
Koito Manufacturing Co. Ltd.		740,400		51,693,735
NGK Spark Plug Co. Ltd.		987,200		25,275,577
NOK Corp.		493,600		10,630,175
Stanley Electric Co. Ltd.		740,400		29,246,858
Sumitomo Electric Industries Ltd.		4,689,200		74,619,386
Sumitomo Rubber Industries Ltd.		1,234,000		23,799,934
Toyoda Gosei Co. Ltd.		493,600		12,064,184
Toyota Industries Corp.		987,200		62,541,324
Yokohama Rubber Co. Ltd. (The)		740,400		18,394,643
				719,813,191
AUTOMOBILES — 9.01%
Honda Motor Co. Ltd.		10,365,600		377,398,960
Isuzu Motors Ltd.		3,455,600		54,632,840
Mazda Motor Corp.		3,455,200		48,457,962
Mitsubishi Motors Corp.		4,195,600		33,382,357
Nissan Motor Co. Ltd.		14,067,600		148,315,918
Subaru Corp.		3,724,100		131,925,383
Suzuki Motor Corp.		2,080,500		119,832,744
Toyota Motor Corp.		16,042,000		1,087,707,886
Yamaha Motor Co. Ltd.		1,727,600		55,128,419
				2,056,782,469
BANKS — 7.18%
Aozora Bank Ltd.		740,400		30,495,834
Bank of Kyoto Ltd. (The)		363,700		20,348,522
Chiba Bank Ltd. (The)		3,815,000		31,748,465
Concordia Financial Group Ltd.		7,650,800		44,884,502
Fukuoka Financial Group Inc.		4,936,000		25,488,365
Hachijuni Bank Ltd. (The)		2,468,000		15,010,843

Security	Shares		Value
Japan Post Bank Co. Ltd.		2,468,000	$	33,907,389
Kyushu Financial Group Inc.		2,221,300		12,490,324
Mebuki Financial Group Inc.		6,170,080		25,037,671
Mitsubishi UFJ Financial Group Inc.		72,806,080		520,126,281
Mizuho Financial Group Inc.		147,092,880		274,872,970
Resona Holdings Inc.		13,574,000		77,852,847
Seven Bank Ltd.		3,702,000		12,836,699
Shinsei Bank Ltd.		987,200		15,690,841
Shizuoka Bank Ltd. (The)		3,062,000		31,192,484
Sumitomo Mitsui Financial Group Inc.		8,144,400		357,665,137
Sumitomo Mitsui Trust Holdings Inc.		1,998,232		81,105,316
Suruga Bank Ltd.		987,200		16,319,955
Yamaguchi Financial Group Inc.		922,000		11,215,557
				1,638,290,002
BEVERAGES — 1.47%
Asahi Group Holdings Ltd.		2,468,000		127,002,371
Coca-Cola Bottlers Japan Holdings Inc.		740,400		28,240,739
Kirin Holdings Co. Ltd.		5,429,600		141,381,787
Suntory Beverage & Food Ltd.		810,900		37,845,293
				334,470,190
BUILDING PRODUCTS — 1.38%
Asahi Glass Co. Ltd.		1,239,700		51,758,245
Daikin Industries Ltd.		1,492,100		176,890,164
LIXIL Group Corp.		1,727,600		42,435,121
TOTO Ltd.		846,500		44,901,270
				315,984,800
CAPITAL MARKETS — 1.26%
Daiwa Securities Group Inc.		9,872,000		66,316,007
Japan Exchange Group Inc.		3,208,400		55,806,105
Nomura Holdings Inc.		22,212,000		137,304,111
SBI Holdings Inc./Japan		1,234,010		28,668,861
				288,095,084
CHEMICALS — 4.57%
Air Water Inc.		987,200		19,770,830
Asahi Kasei Corp.		7,650,800		99,197,618
Daicel Corp.		1,727,600		19,930,421
Hitachi Chemical Co. Ltd.		740,400		16,646,077
JSR Corp.		1,234,000		29,952,298
Kaneka Corp.		1,370,000		14,007,497

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2018

Security	Shares		Value
Kansai Paint Co. Ltd.		1,234,000	$	31,224,404
Kuraray Co. Ltd.		2,221,200		39,009,688
Mitsubishi Chemical Holdings Corp.		8,884,800		91,091,994
Mitsubishi Gas Chemical Co. Inc.		1,015,700		25,510,295
Mitsui Chemicals Inc.		1,052,200		32,392,831
Nippon Paint Holdings Co. Ltd.		987,200		36,174,050
Nissan Chemical Industries Ltd.		740,400		29,559,102
Nitto Denko Corp.		996,800		83,168,646
Shin-Etsu Chemical Co. Ltd.		2,337,600		249,193,571
Sumitomo Chemical Co. Ltd.		9,872,000		61,893,707
Taiyo Nippon Sanso Corp.		740,400		10,900,786
Teijin Ltd.		1,234,000		24,482,246
Toray Industries Inc.		8,884,800		90,425,873
Tosoh Corp.		1,764,200		37,200,225
				1,041,732,159
COMMERCIAL SERVICES & SUPPLIES — 0.84%
Dai Nippon Printing Co. Ltd.		1,583,100		33,396,355
Park24 Co. Ltd.		740,400		17,860,359
Secom Co. Ltd.		1,241,800		89,377,480
Sohgo Security Services Co. Ltd.		493,600		23,406,738
Toppan Printing Co. Ltd.		3,113,000		26,810,806
				190,851,738
CONSTRUCTION & ENGINEERING — 0.96%
JGC Corp.		1,234,000		28,460,466
Kajima Corp.		5,242,000		50,206,869
Obayashi Corp.		3,948,800		44,926,135
Shimizu Corp.		3,455,200		32,316,101
Taisei Corp.		1,257,900		64,247,739
				220,157,310
CONSTRUCTION MATERIALS — 0.12%
Taiheiyo Cement Corp.		740,400		27,755,026
				27,755,026
CONSUMER FINANCE — 0.20%
Acom Co. Ltd.a,b		2,468,000		11,240,785
AEON Financial Service Co. Ltd.		740,470		17,362,410
Credit Saison Co. Ltd.		987,200		17,106,348
				45,709,543
CONTAINERS & PACKAGING — 0.06%
Toyo Seikan Group Holdings Ltd.		987,200		14,756,422
				14,756,422
DIVERSIFIED CONSUMER SERVICES — 0.08%
Benesse Holdings Inc.		493,600		17,832,604
				17,832,604

Security	Shares		Value
DIVERSIFIED FINANCIAL SERVICES — 0.72%
Mitsubishi UFJ Lease & Finance Co. Ltd.		2,714,800	$	17,376,959
ORIX Corp.		8,144,400		145,783,272
				163,160,231
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.86%
Nippon Telegraph & Telephone Corp.		4,219,200		196,992,216
				196,992,216
ELECTRIC UTILITIES — 0.98%
Chubu Electric Power Co. Inc.		3,948,800		54,048,286
Chugoku Electric Power Co. Inc. (The)		1,727,600		20,254,230
Kansai Electric Power Co. Inc. (The)		4,195,600		51,312,103
Kyushu Electric Power Co. Inc.		2,468,000		27,778,155
Tohoku Electric Power Co. Inc.		2,714,800		35,720,718
Tokyo Electric Power Co. Holdings Inc.a		8,638,000		33,352,289
				222,465,781
ELECTRICAL EQUIPMENT — 2.09%
Fuji Electric Co. Ltd.		2,935,000		22,499,695
Mabuchi Motor Co. Ltd.		270,000		13,992,784
Mitsubishi Electric Corp.		11,846,400		201,723,526
Nidec Corp.		1,480,800		239,525,870
				477,741,875
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.65%
Alps Electric Co. Ltd.		1,234,700		34,192,760
Hamamatsu Photonics KK		987,200		39,643,428
Hirose Electric Co. Ltd.		246,860		36,900,023
Hitachi High-Technologies Corp.		493,600		24,285,647
Hitachi Ltd.		29,616,000		227,036,109
Keyence Corp.		579,652		354,565,260
Kyocera Corp.		1,974,400		117,551,785
Murata Manufacturing Co. Ltd.		1,132,500		159,041,399
Nippon Electric Glass Co. Ltd.		493,700		15,060,152
Omron Corp.		1,234,000		73,550,818
Shimadzu Corp.		1,481,500		38,250,621
TDK Corp.		759,200		69,512,994
Yaskawa Electric Corp.		1,480,800		69,526,339
Yokogawa Electric Corp.		1,480,800		30,225,223
				1,289,342,558

28 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2018

Security	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.05%
Daiwa House REIT Investment Corp.		9,872	$	23,786,057
Japan Prime Realty Investment Corp.		4,936		17,023,082
Japan Real Estate Investment Corp.		7,404		38,440,710
Japan Retail Fund Investment Corp.		14,808		28,490,534
Nippon Building Fund Inc.		7,811		42,457,055
Nippon Prologis REIT Inc.		12,340		27,986,318
Nomura Real Estate Master Fund Inc.		22,212		30,475,018
United Urban Investment Corp.		19,744		31,233,655
				239,892,429
FOOD & STAPLES RETAILING — 1.64%
Aeon Co. Ltd.		3,702,400		62,681,089
FamilyMart UNY Holdings Co. Ltd.		493,600		37,423,026
Lawson Inc.		290,800		19,049,641
Seven & i Holdings Co. Ltd.		4,689,280		196,044,029
Sundrug Co. Ltd.		493,600		22,874,767
Tsuruha Holdings Inc.		246,800		35,896,500
				373,969,052
FOOD PRODUCTS — 1.34%
Ajinomoto Co. Inc.		3,208,400		58,842,967
Calbee Inc.		495,400		16,620,889
Kikkoman Corp.		987,200		39,412,136
MEIJI Holdings Co. Ltd.		740,456		54,334,572
NH Foods Ltd.		854,000		19,248,114
Nisshin Seifun Group Inc.		1,234,075		24,541,560
Nissin Foods Holdings Co. Ltd.		329,100		22,576,374
Toyo Suisan Kaisha Ltd.		493,600		19,382,260
Yakult Honsha Co. Ltd.		514,900		37,011,227
Yamazaki Baking Co. Ltd.		740,400		14,522,817
				306,492,916
GAS UTILITIES — 0.53%
Osaka Gas Co. Ltd.		2,242,300		44,507,674
Toho Gas Co. Ltd.		493,600		14,525,130
Tokyo Gas Co. Ltd.		2,468,000		62,101,870
				121,134,674
HEALTH CARE EQUIPMENT & SUPPLIES — 1.74%
CYBERDYNE Inc.a,b		493,600		7,415,218

Security	Shares		Value
Hoya Corp.		2,468,000	$	131,165,625
Olympus Corp.		1,733,900		69,953,981
Sysmex Corp.		987,200		82,432,426
Terumo Corp.		1,974,400		106,764,331
				397,731,581
HEALTH CARE PROVIDERS & SERVICES — 0.30%
Alfresa Holdings Corp.		1,234,000		27,859,107
Medipal Holdings Corp.		987,200		20,261,169
Suzuken Co. Ltd./Aichi Japan		493,640		20,262,810
				68,383,086
HEALTH CARE TECHNOLOGY — 0.21%
M3 Inc.		1,234,000		48,340,003
				48,340,003
HOTELS, RESTAURANTS & LEISURE — 0.65%
McDonald’s Holdings Co. Japan Ltd.		493,600		22,088,374
Oriental Land Co. Ltd./Japan		1,282,100		125,200,150
				147,288,524
HOUSEHOLD DURABLES — 3.72%
Casio Computer Co. Ltd.		1,234,400		18,358,960
Iida Group Holdings Co. Ltd.		987,280		18,717,656
Nikon Corp.		1,974,400		40,374,310
Panasonic Corp.		13,574,015		213,395,906
Rinnai Corp.		246,800		22,227,150
Sekisui Chemical Co. Ltd.		2,468,000		46,836,605
Sekisui House Ltd.		3,455,200		60,843,642
Sharp Corp./Japana,b		987,200		34,693,782
Sony Corp.		7,699,600		392,682,847
				848,130,858
HOUSEHOLD PRODUCTS — 0.43%
Lion Corp.		1,480,800		27,963,188
Unicharm Corp.		2,468,000		69,456,952
				97,420,140
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.11%
Electric Power Development Co. Ltd.		987,200		25,183,060
				25,183,060
INDUSTRIAL CONGLOMERATES — 0.70%
Keihan Holdings Co. Ltd.		493,600		15,519,685
Seibu Holdings Inc.		1,480,800		25,340,338
Toshiba Corp.a		39,817,000		118,288,637
				159,148,660

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2018

Security	Shares		Value
INSURANCE — 3.05%
Dai-ichi Life Holdings Inc.		6,664,700	$	133,162,836
Japan Post Holdings Co. Ltd.		9,625,200		116,453,148
MS&AD Insurance Group Holdings Inc.		2,961,640		92,480,994
Sompo Holdings Inc.		2,221,250		86,243,745
Sony Financial Holdings Inc.		987,200		18,503,350
T&D Holdings Inc.		3,208,400		53,505,907
Tokio Marine Holdings Inc.		4,195,600		195,261,231
				695,611,211
INTERNET & DIRECT MARKETING RETAIL — 0.37%
Rakuten Inc.		5,676,400		51,989,557
Start Today Co. Ltd.		1,234,700		32,214,093
				84,203,650
INTERNET SOFTWARE & SERVICES — 0.36%
DeNA Co. Ltd.		740,400		13,565,269
Kakaku.com Inc.		987,200		16,847,300
Mixi Inc.		251,900		10,233,696
Yahoo Japan Corp.		8,884,800		41,299,478
				81,945,743
IT SERVICES — 0.94%
Fujitsu Ltd.		12,340,000		74,464,421
Nomura Research Institute Ltd.		773,304		34,931,121
NTT Data Corp.		3,702,000		38,579,485
Obic Co. Ltd.		493,600		41,354,988
Otsuka Corp.		270,800		25,302,245
				214,632,260
LEISURE PRODUCTS — 0.78%
Bandai Namco Holdings Inc.		1,234,098		40,074,500
Sankyo Co. Ltd.		246,800		8,881,608
Sega Sammy Holdings Inc.		987,200		14,423,362
Shimano Inc.		493,600		71,607,966
Yamaha Corp.		987,200		43,760,424
				178,747,860
MACHINERY — 6.04%
Amada Holdings Co. Ltd.		1,974,400		26,570,811
Daifuku Co. Ltd.		593,600		39,274,786
FANUC Corp.		1,149,700		294,253,381
Hino Motors Ltd.		1,480,800		19,636,681
Hitachi Construction Machinery Co. Ltd.		740,400		31,883,586
Hoshizaki Corp.		301,300		27,333,152
IHI Corp.		987,200		33,861,131
JTEKT Corp.		1,480,800		23,092,181

Security	Shares		Value
Kawasaki Heavy Industries Ltd.		987,200	$	36,266,567
Komatsu Ltd.		5,676,400		208,319,970
Kubota Corp.		6,416,800		117,084,575
Kurita Water Industries Ltd.		493,600		15,242,135
Makita Corp.		1,480,800		70,358,990
MINEBEA MITSUMI Inc.		2,468,000		56,897,802
Mitsubishi Heavy Industries Ltd.		1,974,400		81,081,681
Nabtesco Corp.		740,400		32,230,523
NGK Insulators Ltd.		1,480,800		27,810,536
NSK Ltd.		2,353,000		35,480,783
SMC Corp./Japan		329,300		138,966,112
Sumitomo Heavy Industries Ltd.		740,400		29,316,246
THK Co. Ltd.		741,000		32,499,695
				1,377,461,324
MARINE — 0.20%
Mitsui OSK Lines Ltd.		740,400		23,383,609
Nippon Yusen KKa		987,200		21,574,907
				44,958,516
MEDIA — 0.46%
Dentsu Inc.		1,290,900		59,823,818
Hakuhodo DY Holdings Inc.		1,481,500		21,548,081
Toho Co. Ltd./Tokyo		740,400		24,112,179
				105,484,078
METALS & MINING — 1.45%
Hitachi Metals Ltd.		1,234,000		15,912,881
JFE Holdings Inc.		3,208,450		74,795,177
Kobe Steel Ltd.a		1,980,000		22,081,439
Maruichi Steel Tube Ltd.		293,700		9,275,751
Mitsubishi Materials Corp.		740,400		23,383,609
Nippon Steel & Sumitomo Metal Corp.		4,689,670		112,357,822
Sumitomo Metal Mining Co. Ltd.		1,525,100		71,920,746
				329,727,425
MULTILINE RETAIL — 0.76%
Don Quijote Holdings Co. Ltd.		740,400		41,701,926
Isetan Mitsukoshi Holdings Ltd.		1,974,460		23,351,938
J Front Retailing Co. Ltd.		1,480,800		27,075,027
Marui Group Co. Ltd.		1,234,000		23,834,628
Ryohin Keikaku Co. Ltd.		123,100		42,281,196
Takashimaya Co. Ltd.		1,522,000		15,533,087
				173,777,802
OIL, GAS & CONSUMABLE FUELS — 1.02%
Idemitsu Kosan Co. Ltd.		740,400		28,622,370
Inpex Corp.		5,923,200		72,801,432

30 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2018

Security	Shares		Value
JXTG Holdings Inc.		18,756,895	$	115,313,464
Showa Shell Sekiyu KK		1,234,000		16,109,479
				232,846,745
PAPER & FOREST PRODUCTS — 0.14%
Oji Holdings Corp.		4,936,000		32,473,380
				32,473,380
PERSONAL PRODUCTS — 1.79%
Kao Corp.		3,001,900		220,897,979
Kose Corp.		145,400		27,443,475
Pola Orbis Holdings Inc.		513,000		21,706,527
Shiseido Co. Ltd.		2,285,800		138,405,452
				408,453,433
PHARMACEUTICALS — 5.12%
Astellas Pharma Inc.		12,586,850		186,434,717
Chugai Pharmaceutical Co. Ltd.		1,480,800		77,020,196
Daiichi Sankyo Co. Ltd.		3,455,669		123,323,064
Eisai Co. Ltd.		1,727,600		92,220,698
Hisamitsu Pharmaceutical Co. Inc.		307,400		22,297,699
Kyowa Hakko Kirin Co. Ltd.		1,480,800		31,501,954
Mitsubishi Tanabe Pharma Corp.		1,234,000		26,540,743
Ono Pharmaceutical Co. Ltd.		2,476,900		72,655,424
Otsuka Holdings Co. Ltd.		2,468,000		124,527,548
Santen Pharmaceutical Co. Ltd.		2,221,200		35,803,983
Shionogi & Co. Ltd.		1,769,400		92,710,889
Sumitomo Dainippon Pharma Co. Ltd.		987,200		15,200,502
Taisho Pharmaceutical Holdings Co. Ltd.		142,700		13,079,106
Takeda Pharmaceutical Co. Ltd.		4,442,400		254,458,074
				1,167,774,597
PROFESSIONAL SERVICES — 0.82%
Persol Holdings Co. Ltd.		987,200		25,451,358
Recruit Holdings Co. Ltd.		6,663,600		161,867,309
				187,318,667
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.82%
Aeon Mall Co. Ltd.		740,400		15,521,998
Daito Trust Construction Co. Ltd.		384,200		63,910,314
Daiwa House Industry Co. Ltd.		3,455,200		128,778,693
Hulic Co. Ltd.		1,727,600		19,331,375
Mitsubishi Estate Co. Ltd.		7,650,800		134,474,255
Mitsui Fudosan Co. Ltd.		5,429,600		131,179,502

Security	Shares		Value
Nomura Real Estate Holdings Inc.		740,400	$	17,957,502
Sumitomo Realty & Development Co. Ltd.		2,468,000		90,226,962
Tokyo Tatemono Co. Ltd.		1,234,000		19,231,920
Tokyu Fudosan Holdings Corp.		2,961,600		21,981,980
				642,594,501
ROAD & RAIL — 3.58%
Central Japan Railway Co.		855,700		159,985,146
East Japan Railway Co.		1,999,200		188,481,814
Hankyu Hanshin Holdings Inc.		1,480,800		55,510,051
Keikyu Corp.		1,480,800		26,617,070
Keio Corp.		740,400		32,577,461
Keisei Electric Railway Co. Ltd.		762,700		25,017,103
Kintetsu Group Holdings Co. Ltd.		1,090,600		42,109,292
Kyushu Railway Co.		987,200		30,530,528
Nagoya Railroad Co. Ltd.		1,107,200		28,358,349
Nippon Express Co. Ltd.		493,600		33,306,031
Odakyu Electric Railway Co. Ltd.		1,727,600		35,327,522
Tobu Railway Co. Ltd.		1,234,000		38,278,806
Tokyu Corp.		3,233,200		51,904,518
West Japan Railway Co.		987,200		68,841,715
				816,845,406
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.64%
Disco Corp.		144,500		34,139,403
Renesas Electronics Corp.a		4,195,600		48,638,369
Rohm Co. Ltd.		539,700		57,507,980
Sumco Corp.		1,480,800		40,008,869
Tokyo Electron Ltd.		987,252		194,850,543
				375,145,164
SOFTWARE — 1.99%
Konami Holdings Corp.		546,500		28,937,022
LINE Corp.a		247,700		10,086,280
Nexon Co. Ltd.a		1,234,700		44,896,078
Nintendo Co. Ltd.		672,300		309,230,908
Oracle Corp. Japan		246,800		19,243,484
Trend Micro Inc./Japan		740,400		42,187,639
				454,581,411
SPECIALTY RETAIL — 1.34%
ABC-Mart Inc.		246,800		15,727,848
Fast Retailing Co. Ltd.		309,400		123,435,247
Hikari Tsushin Inc.		93,100		13,506,284
Nitori Holdings Co. Ltd.		493,600		83,334,464

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2018

Security	Shares		Value
Shimamura Co. Ltd.		108,100	$	12,906,555
USS Co. Ltd.		1,480,800		30,697,058
Yamada Denki Co. Ltd.		3,948,800		25,053,536
				304,660,992
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.39%
Brother Industries Ltd.		1,480,800		37,274,999
Canon Inc.		6,472,950		248,471,985
FUJIFILM Holdings Corp.		2,468,000		103,549,375
Konica Minolta Inc.		2,962,300		27,511,731
NEC Corp.		1,642,900		50,193,093
Ricoh Co. Ltd.		4,195,600		45,453,480
Seiko Epson Corp.		1,727,600		33,255,147
				545,709,810
TEXTILES, APPAREL & LUXURY GOODS — 0.07%
Asics Corp.		987,200		15,811,113
				15,811,113
TOBACCO — 0.84%
Japan Tobacco Inc.		6,721,300		191,992,150
				191,992,150
TRADING COMPANIES & DISTRIBUTORS — 4.06%
ITOCHU Corp.		9,131,600		176,804,139
Marubeni Corp.		10,118,800		77,731,881
MISUMI Group Inc.		1,727,600		50,190,338
Mitsubishi Corp.		9,131,600		258,103,234
Mitsui & Co. Ltd.		10,365,600		189,573,763
Sumitomo Corp.		7,157,200		126,704,004
Toyota Tsusho Corp.		1,234,000		46,200,553
				925,307,912
TRANSPORTATION INFRASTRUCTURE — 0.11%
Japan Airport Terminal Co. Ltd.		246,800		9,367,321
Kamigumi Co. Ltd.		740,400		16,299,139
				25,666,460
WIRELESS TELECOMMUNICATION SERVICES — 3.98%
KDDI Corp.		11,106,000		274,306,387
NTT DOCOMO Inc.		8,391,200		215,864,711
SoftBank Group Corp.		5,024,800		418,870,681
				909,041,779
TOTAL COMMON STOCKS
(Cost: $20,713,590,423)				22,731,797,583

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.17%
MONEY MARKET FUNDS — 0.17%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%c,d,e		34,703,366	$	34,706,836
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%c,d		3,566,449		3,566,449
				38,273,285
TOTAL SHORT-TERM INVESTMENTS
(Cost: $38,271,158)				38,273,285
TOTAL INVESTMENTS IN SECURITIES — 99.79%
(Cost: $20,751,861,581)				22,770,070,868
Other Assets, Less Liabilities — 0.21%				48,850,792
NET ASSETS — 100.00%			$	22,818,921,660

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Affiliate of the Fund.

^d  Annualized 7-day yield as of period end.

^e  All or a portion of this security was purchased with cash collateral received from loaned securities.

32 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional,
SL Agency Shares		40,539,970		—		(5,836,604	)b		34,703,366	$	34,706,836	$	2,253,488	c	$	(5,338	)	$	(4,685	)
BlackRock Cash Funds: Treasury,
SL Agency Shares		5,281,032		—		(1,714,583	)b		3,566,449		3,566,449		70,791			—			—
										$	38,273,285	$	2,324,279		$	(5,338	)	$	(4,685	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
TOPIX Index		500		Mar 2018	$	82,845	$	(857,895	)

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	22,731,797,583		$	—	$	—	$	22,731,797,583
Money market funds		38,273,285			—		—		38,273,285
Total	$	22,770,070,868		$	—	$	—	$	22,770,070,868
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(857,895	)	$	—	$	—	$	(857,895	)
Total	$	(857,895	)	$	—	$	—	$	(857,895	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited)

iSHARES^® MSCI MEXICO ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.77%
AIRLINES — 0.70%
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa,b		4,002,900	$	3,560,113
Grupo Aeromexico SAB de CVa		1,888,743		2,923,162
				6,483,275
AUTO COMPONENTS — 0.24%
Rassini SAB de CV		534,299		2,201,537
				2,201,537
BANKS — 13.35%
Banco del Bajio SAa,c		3,924,830		8,539,475
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B		10,271,350		14,486,703
Banregio Grupo Financiero SAB de CV		1,424,800		8,771,427
Grupo Financiero Banorte SAB de CV Series O		11,282,794		67,671,647
Grupo Financiero Inbursa SAB de CV Series Ob		12,858,392		20,527,629
Grupo Financiero Interacciones SA de CV Series O		751,000		3,500,845
				123,497,726
BEVERAGES — 11.78%
Arca Continental SAB de CV		2,418,229		16,770,079
Coca-Cola Femsa SAB de CV Series L		1,395,147		9,391,195
Fomento Economico Mexicano SAB de CV		8,958,410		82,865,411
				109,026,685
BUILDING PRODUCTS — 0.35%
Elementia SAB de CVa,c		2,625,090		3,253,013
				3,253,013
CAPITAL MARKETS — 0.55%
Bolsa Mexicana de Valores SAB de CV		2,739,787		5,073,841
				5,073,841
CHEMICALS — 1.82%
Mexichem SAB de CV		6,013,218		16,840,963
				16,840,963
CONSTRUCTION MATERIALS — 4.25%
Cemex SAB de CV CPOa		59,603,029		39,330,986
				39,330,986

Security	Shares		Value
CONSUMER FINANCE — 1.24%
Credito Real SAB de CV SOFOM ER		1,747,374	$	2,420,039
Gentera SAB de CVb		5,920,206		4,832,309
Unifin Financiera SAB de CV SOFOM ENR		1,191,648		4,232,381
				11,484,729
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.03%
Axtel SAB de CV CPOa,b		8,917,677		2,074,978
Telesites SAB de CVa,b		9,510,046		7,490,289
				9,565,267
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.23%
Concentradora Fibra Danhos SA de CV		1,925,600		3,107,782
Concentradora Fibra Hotelera Mexicana SA de CVc		7,368,890		4,100,988
Fibra Uno Administracion SA de CV		16,291,100		22,951,049
Macquarie Mexico Real Estate Management SA de CV		5,278,500		5,584,293
PLA Administradora Industrial S. de RL de CV		5,198,700		7,786,891
Prologis Property Mexico SA de CV		2,613,100		4,898,783
				48,429,786
FOOD & STAPLES RETAILING — 6.74%
Grupo Comercial Chedraui SA de CV		2,316,600		4,824,255
La Comer SAB de CVa,b		3,790,555		3,767,048
Wal-Mart de Mexico SAB de CV		23,048,533		53,751,813
				62,343,116
FOOD PRODUCTS — 5.56%
Gruma SAB de CV Series B		1,227,305		14,193,987
Grupo Bimbo SAB de CV Series A		9,083,504		21,236,729
Grupo Herdez SAB de CV		1,729,344		4,233,762
Grupo Lala SAB de CVb		3,881,000		5,679,462
Industrias Bachoco SAB de CV Series Bb		1,249,900		6,072,287
				51,416,227
GAS UTILITIES — 1.43%
Infraestructura Energetica Nova SAB de CV		2,786,800		13,190,292
				13,190,292

34 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MEXICO ETF

February 28, 2018

Security	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 1.65%
Alsea SAB de CVb		3,237,766	$	11,027,659
Hoteles City Express SAB de CVa,b		2,910,000		4,230,736
				15,258,395
HOUSEHOLD DURABLES — 0.30%
Consorcio ARA SAB de CV		7,141,819		2,774,661
				2,774,661
HOUSEHOLD PRODUCTS — 1.70%
Kimberly-Clark de Mexico SAB de CV Series A		8,621,454		15,696,557
				15,696,557
INDUSTRIAL CONGLOMERATES — 3.05%
Alfa SAB de CV Class A		15,747,851		18,688,418
Grupo Carso SAB de CV Series A1b		2,725,533		9,561,829
				28,250,247
INSURANCE — 0.54%
Qualitas Controladora SAB de CV		1,887,100		4,959,051
				4,959,051
MACHINERY — 0.24%
Grupo Rotoplas SAB de CVb		1,449,600		2,208,168
				2,208,168
MEDIA — 4.49%
Grupo Televisa SAB CPOb		11,632,047		39,772,267
TV Azteca SAB de CV CPOb		12,011,139		1,750,709
				41,522,976
METALS & MINING — 8.42%
Grupo Mexico SAB de CV Series B		15,651,086		53,381,427
Industrias CH SAB de CV Series Ba,b		1,007,283		4,396,019
Industrias Penoles SAB de CV		783,173		17,099,713
Minera Frisco SAB de CV Series A1a		5,043,003		3,071,188
				77,948,347
MORTGAGE REAL ESTATE INVESTMENT — 0.24%
Concentradora Hipotecaria SAPI de CVb		2,431,200		2,249,894
				2,249,894

Security	Shares		Value
MULTILINE RETAIL — 0.82%
El Puerto de Liverpool SAB de CV Series C1b		1,113,565	$	7,596,111
				7,596,111
PHARMACEUTICALS — 0.61%
Genomma Lab Internacional SAB de CV Series Ba,b		5,244,493		5,667,844
				5,667,844
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.80%
Corp Inmobiliaria Vesta SAB de CVb		3,581,549		4,916,633
Grupo GICSA SA de CVa,b		4,273,666		2,464,488
				7,381,121
TRANSPORTATION INFRASTRUCTURE — 6.59%
Grupo Aeroportuario del Centro Norte SAB de CV		1,583,292		7,729,741
Grupo Aeroportuario del Pacifico SAB de CV Series B		1,996,249		19,269,458
Grupo Aeroportuario del Sureste SAB de CV Series B		1,150,525		20,369,421
Promotora y Operadora de Infraestructura SAB de CV		1,332,360		13,585,595
				60,954,215
WIRELESS TELECOMMUNICATION SERVICES — 16.05%
America Movil SAB de CV Series L		161,554,218		148,478,833
				148,478,833
TOTAL COMMON STOCKS
(Cost: $1,296,542,107)				923,083,863
SHORT-TERM INVESTMENTS — 1.72%
MONEY MARKET FUNDS — 1.72%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		15,540,436		15,541,990
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		405,078		405,078
				15,947,068
TOTAL SHORT-TERM INVESTMENTS
(Cost: $15,945,705)				15,947,068

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MEXICO ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.49%
(Cost: $1,312,487,812)	$	939,030,931
Other Assets, Less Liabilities — (1.49)%		(13,765,188	)
NET ASSETS — 100.00%	$	925,265,743

CPO — Certificates of Participation (Ordinary)

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		27,657,667		—		(12,117,231	)b		15,540,436	$	15,541,990	$	175,303	c	$	465	$	(5,109	)
BlackRock Cash Funds: Treasury, SL Agency Shares		431,254		—		(26,176	)b		405,078		405,078		4,302			—		—
										$	15,947,068	$	179,605		$	465	$	(5,109	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
MEX BOLSA Index		81		Mar 2018	$	2,036	$	(40,618	)

36 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MEXICO ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	923,083,863		$	—	$	—	$	923,083,863
Money market funds		15,947,068			—		—		15,947,068
Total	$	939,030,931		$	—	$	—	$	939,030,931
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(40,618	)	$	—	$	—	$	(40,618	)
Total	$	(40,618	)	$	—	$	—	$	(40,618	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited)

iSHARES^® MSCI SOUTH KOREA ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 96.71%
AEROSPACE & DEFENSE — 0.63%
Hanwha Techwin Co. Ltd.a,b		281,406	$	7,575,016
Korea Aerospace Industries Ltd. Class Aa,b		411,249		19,102,248
				26,677,264
AIR FREIGHT & LOGISTICS — 0.37%
Hyundai Glovis Co. Ltd.		118,918		15,648,550
				15,648,550
AIRLINES — 0.24%
Korean Air Lines Co. Ltd.		333,942		10,068,526
				10,068,526
AUTO COMPONENTS — 2.88%
Hankook Tire Co. Ltd.		437,028		23,810,742
Hanon Systems		1,217,850		14,057,738
Hyundai Mobis Co. Ltd.		362,890		76,404,950
Hyundai Wia Corp.b		135,641		7,277,442
				121,550,872
AUTOMOBILES — 3.95%
Hyundai Motor Co.		809,244		120,687,881
Kia Motors Corp.		1,443,020		45,773,143
				166,461,024
BANKS — 8.98%
BNK Financial Group Inc.		1,629,986		16,858,291
DGB Financial Group Inc.		1,127,376		12,909,283
Hana Financial Group Inc.		1,578,083		71,625,062
Industrial Bank of Korea		1,480,628		23,517,224
KB Financial Group Inc.		2,081,435		123,013,981
Shinhan Financial Group Co. Ltd.		2,250,428		98,504,282
Woori Bank		2,092,626		32,078,300
				378,506,423
BIOTECHNOLOGY — 4.33%
Celltrion Inc.a,b		426,484		139,023,781
Medy-Tox Inc.b		26,827		14,963,069
SillaJen Inc.a,b		300,902		28,453,564
				182,440,414
BUILDING PRODUCTS — 0.31%
KCC Corp.		38,412		12,858,390
				12,858,390
CAPITAL MARKETS — 1.52%
Korea Investment Holdings Co. Ltd.a		239,578		17,367,137
Mirae Asset Daewoo Co. Ltd.		2,213,907		18,972,257

Security	Shares		Value
NH Investment & Securities Co. Ltd.a		944,168	$	12,468,005
Samsung Securities Co. Ltd.		422,464		15,448,864
				64,256,263
CHEMICALS — 4.38%
Hanwha Chemical Corp.		646,727		19,827,626
Hyosung Corp.		132,422		15,285,576
Kumho Petrochemical Co. Ltd.		129,643		10,846,482
LG Chem Ltd.		243,247		86,031,583
Lotte Chemical Corp.		86,135		36,509,341
OCI Co. Ltd.b		105,579		16,038,180
				184,538,788
COMMERCIAL SERVICES & SUPPLIES — 0.42%
KEPCO Plant Service & Engineering Co. Ltd.a		193,070		7,193,992
S-1 Corp.		120,815		10,710,352
				17,904,344
CONSTRUCTION & ENGINEERING — 1.40%
Daelim Industrial Co. Ltd.		183,164		12,550,345
Daewoo Engineering & Construction Co. Ltd.a		1,232,795		5,942,552
GS Engineering & Construction Corp.b		362,006		9,761,359
Hyundai Development Co. Engineering & Construction		391,672		13,671,809
Hyundai Engineering & Construction Co. Ltd.a		480,862		17,095,934
				59,021,999
CONSUMER FINANCE — 0.19%
Samsung Card Co. Ltd.		236,063		7,913,092
				7,913,092
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.13%
KT Corp.		205,716		5,300,098
				5,300,098
ELECTRIC UTILITIES — 1.02%
Korea Electric Power Corp.a		1,403,729		42,906,482
				42,906,482
ELECTRICAL EQUIPMENT — 0.16%
Doosan Heavy Industries & Construction Co. Ltd.a,b		482,144		6,656,250
				6,656,250
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.90%
LG Display Co. Ltd.b		1,295,760		35,717,459
LG Innotek Co. Ltd.b		97,241		11,853,183

38 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA ETF

February 28, 2018

Security	Shares		Value
Samsung Electro-Mechanics Co. Ltd.		319,941	$	27,358,516
Samsung SDI Co. Ltd.		299,307		47,263,364
				122,192,522
FOOD & STAPLES RETAILING — 1.34%
BGF retail Co. Ltd.b		51,967		8,350,040
Dongsuh Cos. Inc.		292,320		7,517,880
E-MART Inc.		117,707		33,043,612
GS Retail Co. Ltd.b		226,775		7,538,923
				56,450,455
FOOD PRODUCTS — 0.85%
CJ CheilJedang Corp.b		48,972		15,285,378
Orion Corp./Republic of Korea		139,638		13,926,405
Ottogi Corp.		10,393		6,785,346
				35,997,129
GAS UTILITIES — 0.21%
Korea Gas Corp.a		210,202		8,909,661
				8,909,661
HEALTH CARE PROVIDERS & SERVICES — 0.54%
Celltrion Healthcare Co. Ltd.a,b		204,685		22,606,266
				22,606,266
HOTELS, RESTAURANTS & LEISURE — 0.44%
Kangwon Land Inc.a		694,025		18,489,816
				18,489,816
HOUSEHOLD DURABLES — 2.08%
Coway Co. Ltd.		303,983		24,309,657
Hanssem Co. Ltd.b		74,080		10,227,131
LG Electronics Inc.		576,243		53,159,734
				87,696,522
INDUSTRIAL CONGLOMERATES — 4.14%
CJ Corp.		92,029		14,149,809
Hanwha Corp.		305,664		12,461,969
LG Corp.		523,386		41,662,086
Lotte Corp.a		201,125		11,645,154
Samsung C&T Corp.		412,783		48,982,007
SK Holdings Co. Ltd.		173,284		45,525,255
				174,426,280
INSURANCE — 3.43%
DB Insurance Co. Ltd.		300,493		19,285,496
Hanwha Life Insurance Co. Ltd.		1,779,786		11,028,132
Hyundai Marine & Fire Insurance Co. Ltd.		398,319		15,191,222
ING Life Insurance Korea Ltd.c		229,343		11,182,298

Security	Shares		Value
Samsung Fire & Marine Insurance Co. Ltd.		168,512	$	44,971,805
Samsung Life Insurance Co. Ltd.		384,121		43,097,887
				144,756,840
INTERNET SOFTWARE & SERVICES — 3.32%
Kakao Corp.		259,667		30,692,932
NAVER Corp.		147,212		109,161,729
				139,854,661
IT SERVICES — 1.00%
Samsung SDS Co. Ltd.b		191,464		42,080,000
				42,080,000
LIFE SCIENCES TOOLS & SERVICES — 0.91%
Samsung Biologics Co. Ltd.a,c		91,844		38,165,851
				38,165,851
MACHINERY — 1.58%
Doosan Bobcat Inc.		270,834		8,503,422
Hyundai Heavy Industries Co. Ltd.a,b		180,845		21,877,085
Hyundai Robotics Co. Ltd.a		57,763		23,603,405
Samsung Heavy Industries Co. Ltd.a,b		1,581,288		12,485,006
				66,468,918
MARINE — 0.21%
Pan Ocean Co. Ltd.a,b		1,627,509		8,912,299
				8,912,299
MEDIA — 0.46%
Cheil Worldwide Inc.		516,882		8,878,018
CJ E&M Corp.		133,834		10,702,765
				19,580,783
METALS & MINING — 4.18%
Hyundai Steel Co.		466,752		23,102,694
Korea Zinc Co. Ltd.a		49,591		23,446,848
POSCO		388,047		129,540,115
				176,089,657
MULTILINE RETAIL — 0.90%
Hyundai Department Store Co. Ltd.		106,723		9,007,741
Lotte Shopping Co. Ltd.		72,520		13,828,959
Shinsegae Inc.		47,552		15,061,719
				37,898,419
OIL, GAS & CONSUMABLE FUELS — 2.72%
GS Holdings Corp.		312,431		19,070,726
S-Oil Corp.		257,953		29,418,409

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA ETF

February 28, 2018

Security	Shares		Value
SK Innovation Co. Ltd.		347,712	$	65,984,686
				114,473,821
PERSONAL PRODUCTS — 2.78%
Amorepacific Corp.b		175,368		45,586,935
AMOREPACIFIC Groupb		169,287		19,697,259
LG Household & Health Care Ltd.		50,902		51,705,790
				116,989,984
PHARMACEUTICALS — 0.85%
Hanmi Pharm Co. Ltd.		38,631		16,516,902
Hanmi Science Co. Ltd.b		102,168		7,925,119
Yuhan Corp.		58,918		11,316,783
				35,758,804
ROAD & RAIL — 0.18%
CJ Logistics Corp.a,b		63,246		7,738,568
				7,738,568
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.09%
SK Hynix Inc.		3,021,796		214,307,815
				214,307,815
SOFTWARE — 1.14%
NCSoft Corp.		97,826		33,876,397
Netmarble Games Corp.c		104,201		14,193,044
				48,069,441
SPECIALTY RETAIL — 0.36%
Hotel Shilla Co. Ltd.		199,198		15,047,000
				15,047,000
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 21.90%
Samsung Electronics Co. Ltd.		424,789		923,010,912
				923,010,912
TOBACCO — 1.37%
KT&G Corp.		628,085		57,884,276
				57,884,276
TRADING COMPANIES & DISTRIBUTORS — 0.31%
Posco Daewoo Corp.b		340,846		6,358,010
SK Networks Co. Ltd.b		1,225,320		6,766,473
				13,124,483
WIRELESS TELECOMMUNICATION SERVICES — 0.61%
SK Telecom Co. Ltd.		116,595		25,840,613
				25,840,613
TOTAL COMMON STOCKS (Cost: $1,740,118,700)				4,075,530,575

Security	Shares		Value
PREFERRED STOCKS — 1.71%
AUTOMOBILES — 0.78%
Hyundai Motor Co., Preference Shares		155,450	$	12,890,766
Hyundai Motor Co. Series 2, Preference Sharesb		223,460		20,160,718
				33,051,484
CHEMICALS — 0.26%
LG Chem Ltd., Preference Shares		54,273		10,750,354
				10,750,354
PERSONAL PRODUCTS — 0.43%
Amorepacific Corp., Preference Shares		66,041		9,269,768
LG Household & Health Care Ltd. Preference Shares		15,889		9,009,000
				18,278,768
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS —0.24%
Samsung Electronics Co. Ltd. Preference Shares		5,410		9,966,710
				9,966,710
TOTAL PREFERRED STOCKS
(Cost: $46,215,303)				72,047,316
RIGHTS — 0.01%
MACHINERY — 0.01%
Hyundai Heavy Industries Co. Ltd. (Expires 03/09/18)a		32,117		741,458
				741,458
TOTAL RIGHTS
(Cost: $0)				741,458
SHORT-TERM INVESTMENTS — 6.28%
MONEY MARKET FUNDS — 6.28%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		254,204,049		254,229,469
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		10,335,766		10,335,766
				264,565,235
TOTAL SHORT-TERM INVESTMENTS
(Cost: $264,565,198)				264,565,235

40 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.71%
(Cost: $2,050,899,201)	$	4,412,884,584
Other Assets, Less Liabilities — (4.71)%		(198,613,516	)
NET ASSETS — 100.00%	$	4,214,271,068

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold		Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional,
SL Agency Shares		140,876,705		113,327,344	b		—		254,204,049	$	254,229,469	$	2,265,344	c	$	(18,334	)	$	(19,804	)
BlackRock Cash Funds: Treasury,
SL Agency Shares		4,974,415		5,361,351	b		—		10,335,766		10,335,766		46,903			—			—
										$	264,565,235	$	2,312,247		$	(18,334	)	$	(19,804	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
KOSPI 200 Index		861		Mar 2018	$	62,206	$	(1,872,855	)

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	4,075,530,575		$	—	$	—	$	4,075,530,575
Preferred stocks		72,047,316			—		—		72,047,316
Rights		—			741,458		—		741,458
Money market funds		264,565,235			—		—		264,565,235
Total	$	4,412,143,126		$	741,458	$	—	$	4,412,884,584
Derivative financial instrumentsa
Liabilities
Futures contracts	$	(1,872,855	)	$	—	$	—	$	(1,872,855	)
Total	$	(1,872,855	)	$	—	$	—	$	(1,872,855	)

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

See notes to financial statements.

42 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2018

	iShares Edge MSCI Min Vol Global ETF		iShares MSCI Australia ETF			iShares MSCI Canada ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	3,033,823,334	$	1,809,572,197		$	3,329,516,798
Affiliated (Note 2)		68,486,190		7,671,773			1,626,384
Total cost of investments in securities	$	3,102,309,524	$	1,817,243,970		$	3,331,143,182
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	3,466,987,299	$	1,660,304,970		$	2,866,096,421
Affiliated (Note 2)		68,490,792		7,671,462			1,626,484
Foreign currency, at valueb		3,174,072		6,104,808			7,760,482
Foreign currency pledged to broker for futures contracts, at valueb		—		346,350			623,627
Cash pledged to broker for futures contracts		491,000		—			—
Receivables:
Investment securities sold		6,346,893		2,222,195			8,696,638
Dividends and interest		6,082,558		11,970,648			4,254,169
Futures variation margin		—		273,900			—
Tax reclaims		988,833		—			—
Total Assets		3,552,561,447		1,688,894,333			2,889,057,821
LIABILITIES
Payables:
Investment securities purchased		—		2,954,925			9,469,465
Collateral for securities on loan (Note 1)		63,751,367		7,501,367			1,003,131
Capital shares redeemed		7,997,798		—			177,869
Futures variation margin		131,515		—			313,006
Investment advisory fees (Note 2)		549,704		609,077			1,053,822
Total Liabilities		72,430,384		11,065,369			12,017,293
NET ASSETS	$	3,480,131,063	$	1,677,828,964		$	2,877,040,528
Net assets consist of:
Paid-in capital	$	2,978,890,230	$	2,041,352,461		$	3,786,466,980
Undistributed (distributions in excess of) net investment income		5,749,102		(1,317,550	)		(2,101,962	)
Undistributed net realized gain (accumulated net realized loss)		62,191,530		(213,079,501	)		(443,332,020	)
Net unrealized appreciation (depreciation)		433,300,201		(149,126,446	)		(463,992,470	)
NET ASSETS	$	3,480,131,063	$	1,677,828,964		$	2,877,040,528
Shares outstandingc		41,600,000		72,600,000			103,600,000
Net asset value per share	$	83.66	$	23.11		$	27.77

^a  Securities on loan with values of $61,023,031, $7,130,294 and $951,710, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker for futures contracts: $3,176,647, $6,500,976 and $8,586,321, respectively.

^c  $0.001 par value, number of shares authorized: 500 million, 627.8 million and 340.2 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 43

Statements of Assets and Liabilities (Unaudited)(Continued)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Japan ETF			iShares MSCI Mexico ETF			iShares MSCI South Korea ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	20,713,590,423		$	1,296,542,107		$	1,786,334,003
Affiliated (Note 2)		38,271,158			15,945,705			264,565,198
Total cost of investments in securities	$	20,751,861,581		$	1,312,487,812		$	2,050,899,201
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	22,731,797,583		$	923,083,863		$	4,148,319,349
Affiliated (Note 2)		38,273,285			15,947,068			264,565,235
Foreign currency, at valueb		71,797,419			1,250,761			194
Foreign currency pledged to broker for futures contracts, at valueb		3,501,483			92,384			—
Cash pledged to broker for futures contracts		—			—			7,307,807
Receivables:
Investment securities sold		—			12,933,537			112,524,142
Due from custodian (Note 4)		41,055			—			—
Dividends and interest		30,692,652			430,698			50,323,357
Capital shares sold		672,973			—			—
Total Assets		22,876,776,450			953,738,311			4,583,040,084
LIABILITIES
Payables:
Investment securities purchased		14,349,319			12,429,450			109,619,145
Collateral for securities on loan (Note 1)		34,708,457			15,542,248			254,243,057
Capital shares redeemed		—			115,803			—
Futures variation margin		857,895			13,503			2,268,255
Due to custodian		—			—			742,277
Foreign taxes (Note 1)		—			—			2,607
Investment advisory fees (Note 2)		7,939,119			371,564			1,893,675
Total Liabilities		57,854,790			28,472,568			368,769,016
NET ASSETS	$	22,818,921,660		$	925,265,743		$	4,214,271,068
Net assets consist of:
Paid-in capital	$	21,882,215,113		$	1,612,166,320		$	3,042,643,903
Undistributed (distributions in excess of) net investment income		(44,341,940	)		1,913,321			(153,686,762	)
Accumulated net realized loss		(1,038,665,327	)		(315,117,964	)		(1,034,393,569	)
Net unrealized appreciation (depreciation)		2,019,713,814			(373,695,934	)		2,359,707,496
NET ASSETS	$	22,818,921,660		$	925,265,743		$	4,214,271,068
Shares outstandingc		370,200,000			18,500,000			57,750,000
Net asset value per share	$	61.64		$	50.01		$	72.97

^a  Securities on loan with values of $33,180,121, $14,212,483 and $239,457,457, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker for futures contracts: $74,312,965, $1,353,579 and $196 , respectively.

^c  $0.001 par value, number of shares authorized: 2.5246 billion, 255 million and 200 million, respectively.

See notes to financial statements.

44 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares Edge MSCI Min Vol Global ETF			iShares MSCI Australia ETF			iShares MSCI Canada ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	33,599,807		$	38,573,981		$	36,508,547
Dividends — affiliated (Note 2)		33,643			9,672			12,549
Interest — unaffiliated		—			370			945
Securities lending income — affiliated — net (Note 2)		231,448			41,771			35,956
Total investment income		33,864,898			38,625,794			36,557,997
EXPENSES
Investment advisory fees (Note 2)		5,546,026			4,148,819			7,297,412
Proxy fees		342			210			339
Commitment fees (Note 8)		910			—			—
Total expenses		5,547,278			4,149,029			7,297,751
Less investment advisory fees waived (Note 2)		(1,936,533	)		—			—
Net expenses		3,610,745			4,149,029			7,297,751
Net investment income		30,254,153			34,476,765			29,260,246
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(16,282,124	)		(2,039,508	)		(31,665,750	)
Investments — affiliated (Note 2)		(5,766	)		(1,096	)		(3,339	)
In-kind redemptions — unaffiliated		184,233,762			32,076,154			125,800,320
Futures contracts		1,076,686			378,163			758,649
Foreign currency transactions		126,696			(259,205	)		(176,426	)
Net realized gain		169,149,254			30,154,508			94,713,454
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		(47,643,397	)		18,361,760			(78,597,785	)
Investments — affiliated (Note 2)		(9,204	)		(629	)		(2,587	)
Futures contracts		23,621			354,553			(360,278	)
Translation of assets and liabilities in foreign currencies		46,925			(352,708	)		(258,664	)
Net change in unrealized appreciation/depreciation		(47,582,055	)		18,362,976			(79,219,314	)
Net realized and unrealized gain		121,567,199			48,517,484			15,494,140
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	151,821,352		$	82,994,249		$	44,754,386

^a  Net of foreign withholding tax of $1,244,512, $521,670 and $6,440,767, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Operations (Unaudited)(Continued)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Japan ETF			iShares MSCI Mexico ETF			iShares MSCI South Korea ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	150,237,121		$	8,074,388		$	55,467,282
Dividends — affiliated (Note 2)		70,791			4,302			46,903
Interest — unaffiliated		—			90			73
Securities lending income — affiliated — net (Note 2)		2,253,488			175,303			2,265,344
		152,561,400			8,254,083			57,779,602
Less: Other foreign taxes (Note 1)		—			—			(2,607	)
Total investment income		152,561,400			8,254,083			57,776,995
EXPENSES
Investment advisory fees (Note 2)		43,960,060			2,660,390			11,942,434
Proxy fees		1,749			144			352
Total expenses		43,961,809			2,660,534			11,942,786
Net investment income		108,599,591			5,593,549			45,834,209
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(58,768,119	)		(12,909,335	)		33,646,648
Investments — affiliated (Note 2)		(5,338	)		465			(18,334	)
In-kind redemptions — unaffiliated		199,483,255			(16,565,116	)		—
Futures contracts		11,611,324			46,219			(395,400	)
Foreign currency transactions		1,572,548			(68,101	)		207,471
Net realized gain (loss)		153,893,670			(29,495,868	)		33,440,385
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		1,982,200,192			(124,247,935	)		290,238,432
Investments — affiliated (Note 2)		(4,685	)		(5,109	)		(19,804	)
Futures contracts		(1,500,127	)		(40,618	)		(1,872,855	)
Translation of assets and liabilities in foreign currencies		2,226,317			(34,812	)		(408,421	)
Net change in unrealized appreciation/depreciation		1,982,921,697			(124,328,474	)		287,937,352
Net realized and unrealized gain (loss)		2,136,815,367			(153,824,342	)		321,377,737
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,245,414,958		$	(148,230,793	)	$	367,211,946

^a  Net of foreign withholding tax of $16,702,777, $446,324 and $10,186,884, respectively.

See notes to financial statements.

46 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Edge MSCI Min Vol Global ETF						iShares MSCI Australia ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	30,254,153		$	77,633,946		$	34,476,765		$	70,264,196
Net realized gain		169,149,254			74,390,587			30,154,508			78,995,511
Net change in unrealized appreciation/depreciation		(47,582,055	)		141,521,669			18,362,976			127,209,450
Net increase in net assets resulting from operations		151,821,352			293,546,202			82,994,249			276,469,157
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(37,306,327	)		(82,291,396	)		(42,703,016	)		(83,656,742	)
Total distributions to shareholders		(37,306,327	)		(82,291,396	)		(42,703,016	)		(83,656,742	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		384,705,829			684,634,417			123,049,709			624,267,864
Cost of shares redeemed		(694,463,723	)		(488,203,636	)		(251,424,304	)		(719,870,284	)
Net increase (decrease) in net assets from capital share transactions		(309,757,894	)		196,430,781			(128,374,595	)		(95,602,420	)
INCREASE (DECREASE) IN NET ASSETS		(195,242,869	)		407,685,587			(88,083,362	)		97,209,995
NET ASSETS
Beginning of period		3,675,373,932			3,267,688,345			1,765,912,326			1,668,702,331
End of period	$	3,480,131,063		$	3,675,373,932		$	1,677,828,964		$	1,765,912,326
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	5,749,102		$	12,801,276		$	(1,317,550	)	$	6,908,701
SHARES ISSUED AND REDEEMED
Shares sold		4,600,000			8,700,000			5,400,000			29,400,000
Shares redeemed		(8,300,000	)		(6,500,000	)		(11,000,000	)		(33,400,000	)
Net increase (decrease) in shares outstanding		(3,700,000	)		2,200,000			(5,600,000	)		(4,000,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Canada ETF						iShares MSCI Japan ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017a
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	29,260,246		$	62,223,555		$	108,599,591		$	227,669,417
Net realized gain		94,713,454			139,294,992			153,893,670			455,582,391
Net change in unrealized appreciation/depreciation		(79,219,314	)		156,684,789			1,982,921,697			1,310,254,903
Net increase in net assets resulting from operations		44,754,386			358,203,336			2,245,414,958			1,993,506,711
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(38,937,254	)		(60,198,481	)		(126,892,875	)		(288,645,468	)
Total distributions to shareholders		(38,937,254	)		(60,198,481	)		(126,892,875	)		(288,645,468	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		518,215,666			1,022,753,433			5,762,886,952			4,661,723,572
Cost of shares redeemed		(774,911,972	)		(1,290,632,177	)		(1,080,176,274	)		(4,364,075,580	)
Net increase (decrease) in net assets from capital share transactions		(256,696,306	)		(267,878,744	)		4,682,710,678			297,647,992
INCREASE (DECREASE) IN NET ASSETS		(250,879,174	)		30,126,111			6,801,232,761			2,002,509,235
NET ASSETS
Beginning of period		3,127,919,702			3,097,793,591			16,017,688,899			14,015,179,664
End of period	$	2,877,040,528		$	3,127,919,702		$	22,818,921,660		$	16,017,688,899
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(2,101,962	)	$	7,575,046		$	(44,341,940	)	$	(26,048,656	)
SHARES ISSUED AND REDEEMED
Shares sold		18,000,000			38,600,000			95,400,000			113,100,000
Shares redeemed		(26,800,000	)		(48,500,000	)		(18,750,000	)		(105,300,000	)
Net increase (decrease) in shares outstanding		(8,800,000	)		(9,900,000	)		76,650,000			7,800,000

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

See notes to financial statements.

48 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Mexico ETF						iShares MSCI South Korea ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	5,593,549		$	25,577,881		$	45,834,209		$	35,160,671
Net realized gain (loss)		(29,495,868	)		(7,878,835	)		33,440,385			166,328,669
Net change in unrealized appreciation/depreciation		(124,328,474	)		189,275,345			287,937,352			392,652,094
Net increase (decrease) in net assets resulting from operations		(148,230,793	)		206,974,391			367,211,946			594,141,434
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(10,834,245	)		(21,098,710	)		(118,169,941	)		(34,948,193	)
Total distributions to shareholders		(10,834,245	)		(21,098,710	)		(118,169,941	)		(34,948,193	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		499,037,658			2,161,693,065			280,251,197			330,287,930
Cost of shares redeemed		(735,348,472	)		(2,344,445,161	)		(99,659,897	)		(557,813,596	)
Net increase (decrease) in net assets from capital share transactions		(236,310,814	)		(182,752,096	)		180,591,300			(227,525,666	)
INCREASE (DECREASE) IN NET ASSETS		(395,375,852	)		3,123,585			429,633,305			331,667,575
NET ASSETS
Beginning of period		1,320,641,595			1,317,518,010			3,784,637,763			3,452,970,188
End of period	$	925,265,743		$	1,320,641,595		$	4,214,271,068		$	3,784,637,763
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	1,913,321		$	7,154,017		$	(153,686,762	)	$	(81,351,030	)
SHARES ISSUED AND REDEEMED
Shares sold		9,600,000			45,200,000			3,700,000			4,750,000
Shares redeemed		(14,400,000	)		(48,000,000	)		(1,450,000	)		(9,950,000	)
Net increase (decrease) in shares outstanding		(4,800,000	)		(2,800,000	)		2,250,000			(5,200,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 49

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol Global ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	81.13		$	75.82		$	67.59		$	68.25		$	59.99		$	55.65
Income from investment operations:
Net investment incomea		0.69			1.84			1.79			1.70			1.72			1.68
Net realized and unrealized gain (loss)b		2.71			5.40			8.07			(0.89	)		8.18			4.20
Total from investment operations		3.40			7.24			9.86			0.81			9.90			5.88
Less distributions from:
Net investment income		(0.87	)		(1.93	)		(1.63	)		(1.47	)		(1.64	)		(1.54	)
Total distributions		(0.87	)		(1.93	)		(1.63	)		(1.47	)		(1.64	)		(1.54	)
Net asset value, end of period	$	83.66		$	81.13		$	75.82		$	67.59		$	68.25		$	59.99
Total return		4.19	%c		9.75	%		14.76	%		1.15	%		16.70	%		10.69	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,480,131		$	3,675,374		$	3,267,688		$	2,115,632		$	1,283,012		$	1,007,760
Ratio of expenses to average net assetsd		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of expenses to average net assets prior to waived feesd		0.31	%		0.32	%		0.32	%		0.33	%		0.33	%		0.34	%
Ratio of net investment income to average net assetsd		1.68	%		2.40	%		2.49	%		2.41	%		2.67	%		2.83	%
Portfolio turnover ratee		11	%c		24	%		24	%		22	%		24	%		13	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 11%, 24%, 23%, 22%, 23% and 13%, respectively. See Note 4.

See notes to financial statements.

50 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Australia ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	22.58		$	20.30		$	18.66		$	27.15		$	23.61		$	23.39
Income from investment operations:
Net investment incomea		0.45			0.84			0.84			1.23			1.10			1.02
Net realized and unrealized gain (loss)b		0.64			2.45			1.59			(8.49	)		3.43			0.64
Total from investment operations		1.09			3.29			2.43			(7.26	)		4.53			1.66
Less distributions from:
Net investment income		(0.56	)		(1.01	)		(0.79	)		(1.23	)		(0.99	)		(1.44	)
Total distributions		(0.56	)		(1.01	)		(0.79	)		(1.23	)		(0.99	)		(1.44	)
Net asset value, end of period	$	23.11		$	22.58		$	20.30		$	18.66		$	27.15		$	23.61
Total return		4.91	%c		16.70	%		13.36	%		(27.31	)%		19.76	%		7.06	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,677,829		$	1,765,912		$	1,668,702		$	1,228,063		$	2,047,113		$	1,916,849
Ratio of expenses to average net assetsd		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%
Ratio of net investment income to average net assetsd		3.93	%		3.90	%		4.41	%		5.37	%		4.28	%		4.05	%
Portfolio turnover ratee		1	%c		4	%		7	%		9	%		6	%		6	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 51

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Canada ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	27.83		$	25.33		$	24.02		$	32.93		$	27.34		$	27.52
Income from investment operations:
Net investment incomea		0.27			0.51			0.51			0.54			0.59			0.60
Net realized and unrealized gain (loss)b		0.04			2.47			1.29			(8.85	)		5.62			(0.10	)
Total from investment operations		0.31			2.98			1.80			(8.31	)		6.21			0.50
Less distributions from:
Net investment income		(0.37	)		(0.48	)		(0.49	)		(0.60	)		(0.62	)		(0.68	)
Total distributions		(0.37	)		(0.48	)		(0.49	)		(0.60	)		(0.62	)		(0.68	)
Net asset value, end of period	$	27.77		$	27.83		$	25.33		$	24.02		$	32.93		$	27.34
Total return		1.07	%c		11.88	%		7.73	%		(25.48	)%		23.00	%		1.84	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,877,041		$	3,127,920		$	3,097,794		$	1,931,454		$	3,786,906		$	3,428,223
Ratio of expenses to average net assetsd		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.51	%
Ratio of net investment income to average net assetsd		1.89	%		1.93	%		2.18	%		1.92	%		1.97	%		2.12	%
Portfolio turnover ratee		2	%c		6	%		4	%		5	%		6	%		7	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

52 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Japan ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a
Net asset value, beginning of period	$	54.57		$	49.05		$	48.61		$	47.32		$	43.87		$	36.09
Income from investment operations:
Net investment incomeb		0.34			0.49			0.72			0.60			0.60			0.52
Net realized and unrealized gainc		7.13			5.96			0.44			1.22			3.53			7.85
Total from investment operations		7.47			6.45			1.16			1.82			4.13			8.37
Less distributions from:
Net investment income		(0.40	)		(0.93	)		(0.72	)		(0.53	)		(0.68	)		(0.59	)
Total distributions		(0.40	)		(0.93	)		(0.72	)		(0.53	)		(0.68	)		(0.59	)
Net asset value, end of period	$	61.64		$	54.57		$	49.05		$	48.61		$	47.32		$	43.87
Total return		13.71	%d		13.31	%		2.44	%		3.84	%		9.39	%		23.46	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	22,818,922		$	16,017,689		$	14,015,180		$	19,147,802		$	14,729,189		$	10,461,942
Ratio of expenses to average net assetse		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%
Ratio of net investment income to average net assetse		1.17	%		1.45	%		1.53	%		1.20	%		1.31	%		1.18	%
Portfolio turnover ratef		1	%d		4	%		4	%		2	%		2	%		4	%

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

^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 53

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Mexico ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	56.68		$	50.48		$	52.70		$	71.51		$	61.93		$	60.96
Income from investment operations:
Net investment incomea		0.26			0.88			0.93			0.68			1.06			0.75
Net realized and unrealized gain (loss)b		(6.42	)		6.10			(1.82	)		(18.56	)		9.61			0.85
Total from investment operations		(6.16	)		6.98			(0.89	)		(17.88	)		10.67			1.60
Less distributions from:
Net investment income		(0.51	)		(0.78	)		(1.33	)		(0.93	)		(1.09	)		(0.63	)
Total distributions		(0.51	)		(0.78	)		(1.33	)		(0.93	)		(1.09	)		(0.63	)
Net asset value, end of period	$	50.01		$	56.68		$	50.48		$	52.70		$	71.51		$	61.93
Total return		(10.86	)%c		14.03	%		(1.68	)%		(25.10	)%		17.42	%		2.53	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	925,266		$	1,320,642		$	1,317,518		$	1,206,942		$	3,275,152		$	2,217,052
Ratio of expenses to average net assetsd		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%
Ratio of net investment income to average net assetsd		0.99	%		1.79	%		1.82	%		1.10	%		1.61	%		1.09	%
Portfolio turnover ratee		3	%c		8	%		8	%		13	%		19	%		32	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

54 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI South Korea ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	68.19		$	56.89		$	48.15		$	66.42		$	57.67		$	55.97
Income from investment operations:
Net investment incomea		0.83			0.64			0.56			0.46			0.25			0.23
Net realized and unrealized gain (loss)b		6.13			11.31			9.38			(18.07	)		9.40			1.83
Total from investment operations		6.96			11.95			9.94			(17.61	)		9.65			2.06
Less distributions from:
Net investment income		(2.18	)		(0.65	)		(1.20	)		(0.66	)		(0.90	)		(0.36	)
Total distributions		(2.18	)		(0.65	)		(1.20	)		(0.66	)		(0.90	)		(0.36	)
Net asset value, end of period	$	72.97		$	68.19		$	56.89		$	48.15		$	66.42		$	57.67
Total return		10.20	%c		21.28	%		20.92	%		(26.58	)%		16.83	%		3.65	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	4,214,271		$	3,784,638		$	3,452,970		$	3,160,954		$	4,891,619		$	3,376,516
Ratio of expenses to average net assetsd		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%		0.61	%
Ratio of net investment income to average net assetsd		2.27	%		1.05	%		1.09	%		0.81	%		0.39	%		0.40	%
Portfolio turnover ratee		8	%c		16	%		22	%		24	%		13	%		13	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014, and August 31, 2013 were 6%, 6%, 10%, 10%, 10%, and 11%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 55

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
Edge MSCI Min Vol Global	Diversified
MSCI Australia	Non-diversified
MSCI Canada	Diversified
MSCI Japan	Diversified
MSCI Mexicoa	Non-diversified
MSCI South Koreab	Non-diversified

^a  Formerly the iShares MSCI Mexico Capped ETF.

^b  Formerly the iShares MSCI South Korea Capped ETF.

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

56 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

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

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration inputs 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 inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs 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 to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

NOTES TO FINANCIAL STATEMENTS 57

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily.

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 prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2018, if any, are disclosed in the Funds’ statements of assets and liabilities.

58 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original 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 59

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount  b
Edge MSCI Min Vol Global
Citigroup Global Markets Inc.	$	3,664,403	$	3,664,403	$	—
Deutsche Bank AG		1,336,420		1,336,420		—
Goldman Sachs & Co.		2,546,514		2,546,514		—
Jefferies LLC		1,165,988		1,164,047		(1,941	)
JPMorgan Securities LLC		6,909,958		6,909,958		—
JPMorgan Securities PLC		529,819		529,819		—
Macquarie Bank Limited		70,116		70,116		—
Merrill Lynch, Pierce, Fenner & Smith		7,129,331		7,129,331		—
Morgan Stanley & Co. International PLC		3,863,829		3,863,829		—
Morgan Stanley & Co. LLC		12,887,013		12,887,013		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		10,591,322		10,591,322		—
Nomura Securities International Inc.		6,070,508		6,070,508		—
State Street Bank & Trust Company		3,831,861		3,831,861		—
UBS Securities LLC		425,949		425,949		—
	$	61,023,031	$	61,021,185	$	(1,941	)
MSCI Australia
Deutsche Bank Securities Inc.	$	1,331,598	$	1,331,598	$	—
JPMorgan Securities LLC		1,669,526		1,669,526		—
Macquarie Bank Limited		72,723		72,723		—
Morgan Stanley & Co. LLC		468,117		468,117		—
State Street Bank & Trust Company		56,087		56,087		—
UBS Securities LLC		3,532,243		3,532,243		—
	$	7,130,294	$	7,130,294	$	—
MSCI Canada
Citigroup Global Markets Inc.	$	77,421	$	77,421	$	—
Credit Suisse Securities (USA) LLC		100,272		100,272		—
Merrill Lynch, Pierce, Fenner & Smith		554,267		554,267		—
State Street Bank & Trust Company		208,044		208,044		—
UBS AG		11,706		11,706		—
	$	951,710	$	951,710	$	—
MSCI Japan
Barclays Capital Inc.	$	4,001,242	$	4,001,242	$	—
Citigroup Global Markets Inc.		4,806,066		4,806,066		—
Credit Suisse Securities (USA) LLC		4,893,573		4,893,573		—
Deutsche Bank Securities Inc.		6,196,921		6,196,921		—
Goldman Sachs & Co.		1,557,616		1,557,616		—
JPMorgan Securities LLC		787,493		787,493		—
Merrill Lynch, Pierce, Fenner & Smith		9,274,120		9,274,120		—
Morgan Stanley & Co. LLC		1,663,090		1,663,090		—
	$	33,180,121	$	33,180,121	$	—

60 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Mexico
Credit Suisse Securities (USA) LLC	$	106,968	$	106,968	$	—
Deutsche Bank Securities Inc.		32,397		32,397		—
Goldman Sachs & Co.		6,153,594		6,153,594		—
JPMorgan Securities LLC		1,754,215		1,754,215		—
Morgan Stanley & Co. LLC		5,983,820		5,983,820		—
UBS Securities LLC		181,489		181,489		—
	$	14,212,483	$	14,212,483	$	—
MSCI South Korea
Citigroup Global Markets Inc.	$	46,871,272	$	46,871,272	$	—
Credit Suisse Securities (USA) LLC		5,775,873		5,775,873		—
Deutsche Bank Securities Inc.		1,509,993		1,509,993		—
Goldman Sachs & Co.		121,882,968		121,882,968		—
HSBC Bank PLC		13,233,321		13,233,321		—
Jefferies LLC		756,487		756,487		—
JPMorgan Securities LLC		10,387,848		10,387,848		—
Macquarie Bank Limited		413,015		413,015		—
Morgan Stanley & Co. LLC		35,970,405		35,970,405		—
UBS Securities LLC		2,656,275		2,656,275		—
	$	239,457,457	$	239,457,457	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in each Fund’s statement of assets and liabilities.

^b  Additional collateral is delivered to the Funds on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

For its investment advisory services to the iShares Edge MSCI Min Vol Global ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.350	%	First $30 billion
	0.320		Over $30 billion, up to and including $60 billion
	0.280		Over $60 billion, up to and including $90 billion
	0.252		Over $90 billion, up to and including $120 billion
	0.227		Over $120 billion

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

In addition, the iShares Edge MSCI Min Vol Global ETF may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses are a fund’s total annual operating expenses. BFA has contractually agreed to waive through December 31, 2023 a portion of its investment advisory fee for the Fund necessary to limit total annual operating expenses after fee waiver to 0.20% of average daily net assets.

For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Canada, iShares MSCI Japan and iShares MSCI Mexico ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.59	%	First $7 billion
	0.54		Over $7 billion, up to and including $11 billion
	0.49		Over $11 billion, up to and including $24 billion
	0.44		Over $24 billion, up to and including $48 billion
	0.40		Over $48 billion, up to and including $72 billion
	0.36		Over $72 billion, up to and including $96 billion
	0.32		Over $96 billion

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

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

The U.S. Securities and Exchange Commission 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 (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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

62 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Edge MSCI Min Vol Global	$	61,223
MSCI Australia		10,028
MSCI Canada		12,399
MSCI Japan		449,859
MSCI Mexico		39,769
MSCI South Korea		520,307

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Min Vol Global	$	59,776,134	$	46,630,156
MSCI Australia		1,436,358		—
MSCI Japan		5,055,713		10,435,130
MSCI South Korea		19,574,912		4,872,193

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

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

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

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2018 were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Min Vol Global	$	652,235,450	$	407,846,533
MSCI Australia		49,461,544		14,735,199
MSCI Canada		93,619,388		59,800,058
MSCI Japan		378,115,171		235,315,311
MSCI Mexico		41,148,903		37,483,207
MSCI South Korea		385,681,644		327,776,256

In-kind transactions (see Note 4) for the six months ended February 28, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Edge MSCI Min Vol Global	$	109,121,742	$	655,524,094
MSCI Australia		81,401,338		249,444,155
MSCI Canada		477,363,023		768,957,012
MSCI Japan		5,528,370,786		1,032,801,297
MSCI Mexico		487,964,633		732,982,071

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. FUTURES CONTRACTS

Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is

64 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded.

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

The following table shows the value of futures contracts held as of February 28, 2018 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares Edge MSCI Min Vol Global ETF		iShares MSCI Australia ETF
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciation (depreciation)a	$	69,159	$	273,900

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

Liabilities
	iShares Edge MSCI Min Vol Global ETF		iShares MSCI Canada ETF		iShares MSCI Japan ETF
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciation (depreciation)b	$	45,538	$	313,006	$	857,895
Liabilities
			iShares MSCI Mexico ETF		iShares MSCI South Korea ETF
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciation (depreciation)b			$	40,618	$	1,872,855

^b Represents cumulative depreciation of futures contracts as reported in the schedules of investments. Only current day’s variation margin is reported separately within the statements of assets and liabilities.

NOTES TO FINANCIAL STATEMENTS 65

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the realized and unrealized gains (losses) on futures contracts held during the six months ended February 28, 2018 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares Edge MSCI Min Vol Global ETF			iShares MSCI Australia ETF			iShares MSCI Canada ETF
Futures contracts	$	1,076,686		$	378,163		$	758,649
	Net Realized Gain (Loss)
	iShares MSCI Japan ETF			iShares MSCI Mexico ETF			iShares MSCI South Korea ETF
Futures contracts	$	11,611,324		$	46,219		$	(395,400	)
	Net Change in Unrealized Appreciation/Depreciation
	iShares Edge MSCI Min Vol Global ETF			iShares MSCI Australia ETF			iShares MSCI Canada ETF
Futures contracts	$	23,621		$	354,553		$	(360,278	)
	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI Japan ETF			iShares MSCI Mexico ETF			iShares MSCI South Korea ETF
Futures contracts	$	(1,500,127	)	$	(40,618	)	$	(1,872,855	)

The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2018 :

	iShares Edge MSCI Min Vol Global ETF		iShares MSCI Australia ETF		iShares MSCI Canada ETF
Average notional value of contracts purchased	$	7,376,950	$	18,176,482	$	12,189,361
	iShares MSCI Japan ETF		iShares MSCI Mexico ETF		iShares MSCI South Korea ETF
Average notional value of contracts purchased	$	89,046,355	$	1,405,131	$	22,630,121

66 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

6. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

MARKET RISK

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

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries. These events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. The occurrence of terrorist incidents throughout Europe also could impact financial markets. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

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

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

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

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

As of August 31, 2017, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiringa		Expiring 2018		Expiring 2019		Total
Edge MSCI Min Vol Global	$	86,612,072	$	—	$	—	$	86,612,072
MSCI Australia		160,958,058		23,348,244		12,127,364		196,433,666
MSCI Canada		380,840,433		68,928,677		14,903,919		464,673,029
MSCI Japan		686,418,449		173,577,101		139,228,194		999,223,744
MSCI Mexico		218,505,597		2,789,471		22,863,665		244,158,733
MSCI South Korea		326,749,122		226,591,665		78,503,704		631,844,491

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

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

68 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Edge MSCI Min Vol Global	$	3,123,431,022	$	499,606,280	$	(87,535,590	)	$	412,070,690
MSCI Australia		1,875,573,006		115,393,011		(322,715,685	)		(207,322,674	)
MSCI Canada		3,405,939,793		198,536,635		(737,066,529	)		(538,529,894	)
MSCI Japan		20,973,173,335		2,915,270,912		(1,119,231,274	)		1,796,039,638
MSCI Mexico		1,354,311,339		6,623,984		(421,945,010	)		(415,321,026	)
MSCI South Korea		2,610,570,146		2,393,983,366		(593,541,783	)		1,800,441,583

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. LINE OF CREDIT

The iShares Edge MSCI Min Vol Global ETF, along with certain other iShares funds, is a party to a $275 million credit agreement with State Street Bank and Trust Company, which expires on October 24, 2018. The Fund became a party to the credit agreement effective October 25, 2017. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Fund did not borrow under the credit agreement during the six months ended February 28, 2018.

9. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) 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 putative 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”) in California State Court. 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. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

NOTES TO FINANCIAL STATEMENTS 69

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

10. SUBSEQUENT EVENTS

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

70 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Edge MSCI Min Vol Global	$	0.751591	$	—	$	0.115998	$	0.867589		87	%		—	%		13	%		100	%
MSCI Australia		0.512974		—		0.045966		0.558940		92			—			8			100
MSCI Canada		0.249748		—		0.118976		0.368724		68			—			32			100
MSCI Japan		0.312537		—		0.086874		0.399411		78			—			22			100
MSCI South Korea		0.962801		—		1.213441		2.176242		44			—			56			100

SUPPLEMENTAL INFORMATION 71

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website and 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 iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

72 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 73

Notes:

74 2018 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 Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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

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

©2018 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-815-0218

FEBRUARY 28, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares Core MSCI Emerging Markets ETF  |  IEMG  |  NYSE Arca

^Ø  iShares MSCI BRIC ETF  |  BKF  |  NYSE Arca

^Ø  iShares MSCI Emerging Markets Asia ETF  |  EEMA  |  NASDAQ

^Ø  iShares MSCI Emerging Markets Small-Cap ETF  |  EEMS  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	9
Shareholder Expenses	9
Consolidated Schedules of Investments	10
iShares Core MSCI Emerging Markets ETF	10
iShares MSCI BRIC ETF	41
iShares MSCI Emerging Markets Asia ETF	47
iShares MSCI Emerging Markets Small-Cap ETF	57
Consolidated Financial Statements	75
Consolidated Financial Highlights	81
Notes to Consolidated Financial Statements	85
Supplemental Information	99
General Information	100

Fund Performance Overview

iSHARES^® CORE MSCI EMERGING MARKETS ETF

Performance as of February 28, 2018

The iShares Core MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 10.54%, net of fees, while the total return for the Index was 10.62%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		29.41%		28.66%		29.54%		29.41%		28.66%		29.54%
5 Years		4.99%		4.77%		4.99%		27.58%		26.26%		27.58%
Since Inception		5.58%		5.36%		5.58%		33.82%		32.37%		33.86%

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,105.40	$	0.73	$	1,000.00	$	1,024.10	$	0.70		0.14%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Information Technology	26.00	%
Financials	22.34
Consumer Discretionary	10.67
Materials	8.05
Energy	6.60
Consumer Staples	6.35
Industrials	6.29
Telecommunication Services	4.09
Health Care	3.65
Real Estate	3.46
Utilities	2.50
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total  Investments*

China	28.96	%
South Korea	14.69
Taiwan	12.15
India	8.94
Brazil	7.24
South Africa	6.90
Russia	3.30
Mexico	2.81
Thailand	2.61
Malaysia	2.55
TOTAL	90.15	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI BRIC ETF

Performance as of February 28, 2018

The iShares MSCI BRIC ETF (the “Fund”) seeks to track the investment of an index composed of Chinese equities that are available to international investors, and Brazilian, Russian, and Indian equities, as represented by the MSCI BRIC Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 13.19%, net of fees, while the total return for the Index was 13.55%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		35.57%		33.64%		36.36%		35.57%		33.64%		36.36%
5 Years		5.80%		5.63%		6.41%		32.55%		31.50%		36.40%
10 Years		0.81%		0.70%		1.26%		8.44%		7.23%		13.30%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,131.90	$	3.54	$	1,000.00	$	1,021.50	$	3.36		0.67%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total Investments*

Information Technology	28.25	%
Financials	25.65
Energy	10.70
Consumer Discretionary	8.38
Materials	5.82
Consumer Staples	5.02
Industrials	4.25
Telecommunication Services	3.64
Real Estate	3.24
Health Care	2.72
Utilities	2.33
TOTAL	100.00	%

ALLOCATION BY COUNTRY

As of 2/28/18

Country Percentage of
Total  Investments*

China	61.04	%
India	16.59
Brazil	15.03
Russia	7.34
TOTAL	100.00	%

* Excludes money market funds.

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

Performance as of February 28, 2018

The iShares MSCI Emerging Markets Asia ETF (the “Fund”) seeks to track the investment results of an index composed of Asian emerging market equities, as represented by the MSCI Emerging Markets Asia Index (the “Index”) The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 10.39%, net of fees, while the total return for the Index was 10.75%.

Special note: Effective on or around May 31, 2018, the Fund will track a new underlying index, the MSCI EM Asia Custom Capped Index, and will cease to track the MSCI Emerging Markets Asia Index.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		32.23%		30.53%		33.09%		32.23%		30.53%		33.09%
5 Years		7.82%		7.62%		8.17%		45.71%		44.38%		48.07%
Since Inception		7.41%		7.19%		7.81%		54.21%		52.25%		57.70%

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,103.90	$	2.61	$	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 SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Information Technology	37.46	%
Financials	20.98
Consumer Discretionary	8.80
Materials	5.52
Industrials	5.47
Energy	5.26
Consumer Staples	4.90
Telecommunication Services	3.86
Health Care	3.20
Real Estate	2.62
Utilities	1.93
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total  Investments*

China	41.81	%
South Korea	19.92
Taiwan	15.69
India	11.35
Thailand	3.36
Malaysia	3.35
Indonesia	3.00
Philippines	1.42
Pakistan	0.10
TOTAL	100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

Performance as of February 28, 2018

The iShares MSCI Emerging Markets Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 11.14%, net of fees, while the total return for the Index was 10.87%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		23.56%		22.31%		23.30%		23.56%		22.31%		23.30%
5 Years		4.44%		3.90%		4.92%		24.26%		21.07%		27.12%
Since Inception		3.79%		3.57%		4.38%		27.53%		25.78%		32.39%

The inception date of the Fund was 8/16/11. The first day of secondary market trading was 8/18/11.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,111.40	$	3.46	$	1,000.00	$	1,021.50	$	3.31		0.66%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Information Technology	16.46	%
Consumer Discretionary	16.21
Industrials	14.02
Materials	11.99
Health Care	9.45
Financials	8.98
Real Estate	8.78
Consumer Staples	6.98
Utilities	3.75
Energy	2.42
Telecommunication Services	0.96
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total  Investments*

China	19.84	%
Taiwan	17.47
South Korea	16.32
India	13.84
South Africa	5.76
Brazil	5.72
Thailand	3.66
Malaysia	3.39
Mexico	2.68
Indonesia	2.57
TOTAL	91.25	%

* Excludes money market funds.

8 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2017 and held through February 28, 2018, 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

Consolidated Schedule of Investments (Unaudited)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 96.09%
BRAZIL — 4.64%
AES Tiete Energia SA		1,185,600	$	4,142,073
Aliansce Shopping Centers SAa		878,200		4,844,123
Alupar Investimento SA Units		1,393,024		7,803,936
Ambev SA		35,570,500		240,877,568
Arezzo Industria e Comercio SA		451,200		7,791,403
Atacadao Distribuicao Comercio e Industria Ltdaa		2,390,600		10,927,406
B2W Cia. Digitala		1,597,727		11,699,862
B3 SA – Brasil Bolsa Balcao		15,592,178		122,961,631
Banco ABC Brasil SAa		28,958		169,358
Banco Bradesco SA		7,095,966		80,444,610
Banco do Brasil SA		6,489,200		83,493,208
Banco Santander Brasil SA Units		3,153,300		35,689,678
BB Seguridade Participacoes SA		5,183,200		46,427,432
BR Malls Participacoes SA		6,101,065		22,404,219
BR Properties SA		957,800		2,647,493
BRF SAa		3,416,800		31,467,689
CCR SA		9,084,100		35,511,526
Centrais Eletricas Brasileiras SAa		1,716,400		13,086,642
Cia. de Saneamento Basico do Estado de Sao Paulo		2,533,600		29,362,075
Cia. de Saneamento de Minas Gerais-COPASA		567,200		7,690,699
Cia. Energetica de Minas Geraisa		796,974		1,999,335
Cia. Hering		989,736		7,006,981
Cia. Siderurgica Nacional SAa		4,773,200		14,912,806
Cielo SA		9,169,896		68,278,502
Cosan SA Industria e Comercio		1,306,800		17,445,453
CVC Brasil Operadora e Agencia de Viagens SA		905,600		15,649,214
Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,976,500		9,332,669
Duratex SA		2,572,329		9,018,492
EcoRodovias Infraestrutura e Logistica SA		1,923,300		5,949,724
EDP – Energias do Brasil SA		2,299,400		9,413,473
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		877,600		4,727,357

Security	Shares		Value
Embraer SA		5,090,900	$	34,098,648
Engie Brasil Energia SA		988,800		11,915,820
Equatorial Energia SA		1,531,076		33,743,760
Estacio Participacoes SA		2,089,800		21,806,609
Ez Tec Empreendimentos e Participacoes SA		578,623		4,329,765
Fibria Celulose SA		1,890,700		35,890,564
Fleury SA		1,313,800		10,971,418
Gafisa SAa		1		5
Hypera SA		2,528,700		26,869,019
Iguatemi Empresa de Shopping Centers SA		704,900		8,568,373
Instituto Hermes Pardini SA		214,600		1,942,052
Iochpe Maxion SA		791,909		5,384,616
JBS SA		6,248,200		19,059,534
JSL SAa		954,500		2,171,221
Klabin SA Units		4,516,600		24,885,614
Kroton Educacional SA		10,511,956		50,153,234
Light SAa		786,100		3,694,882
Linx SA		973,200		5,685,675
Localiza Rent a Car SA		3,835,433		30,624,435
Lojas Renner SA		5,486,260		58,294,943
M. Dias Branco SA		859,200		15,823,297
Magazine Luiza SA		592,600		16,608,305
Magnesita Refratarios SA		436,260		7,385,702
Marfrig Global Foods SAa		2,089,700		3,840,095
Minerva SA		1,215,500		3,397,227
MRV Engenharia e Participacoes SA		2,277,800		10,643,172
Multiplan Empreendimentos Imobiliarios SA		583,811		12,615,170
Multiplus SA		457,700		4,850,669
Natura Cosmeticos SA		1,364,200		14,415,694
Odontoprev SA		2,184,100		10,292,750
Petroleo Brasileiro SAa		22,578,000		160,886,710
Porto Seguro SA		966,601		13,623,905
Qualicorp SA		1,797,100		15,903,540
Raia Drogasil SA		1,800,100		43,074,959
Rumo SAa		8,368,900		36,682,766
Sao Martinho SA		1,587,400		8,966,153
SLC Agricola SA		644,300		6,885,755
Smiles Fidelidade SA		509,300		13,212,406
Sonae Sierra Brasil SA		376,900		2,714,724
Sul America SA Units		1,559,532		10,248,867
Suzano Papel e Celulose SA		3,312,800		22,178,807

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
TIM Participacoes SA		6,585,300	$	28,581,063
TOTVS SA		778,500		7,318,319
Transmissora Alianca de Energia Eletrica SA Units		1,411,400		8,906,102
Ultrapar Participacoes SA		2,702,900		62,681,489
Vale SA		23,787,863		329,863,248
Via Varejo SA		936,900		7,898,943
WEG SA		4,203,360		30,288,775
				2,263,055,436
CHILE — 1.15%
AES Gener SA		23,232,113		7,098,907
Aguas Andinas SA Series A		19,168,364		12,813,829
Banco de Chile		200,603,578		34,047,319
Banco de Credito e Inversiones SA		329,449		24,554,524
Banco Santander Chile		504,754,371		41,446,779
CAP SA		616,764		8,800,143
Cencosud SA		10,254,095		31,189,747
Cia. Cervecerias Unidas SA		1,137,270		16,041,728
Cia. Sud Americana de Vapores SAa		136,100,880		6,872,903
Colbun SA		62,778,866		15,261,091
Empresa Nacional de Telecomunicaciones SA		1,118,750		13,263,321
Empresas CMPC SA		9,082,537		35,059,720
Empresas COPEC SA		3,330,185		53,825,493
Enel Americas SA		218,037,417		50,345,095
Enel Chile SA		151,824,889		18,747,375
Enel Generacion Chile SA		25,231,305		23,624,515
Engie Energia Chile SA		3,974,070		8,963,661
Inversiones Aguas Metropolitanas SA		3,794,627		7,134,667
Inversiones La Construccion SA		429,217		8,545,797
Itau CorpBanca		1,103,240,233		11,274,137
Latam Airlines Group SA		2,253,594		36,921,091
Parque Arauco SA		4,921,927		15,708,419
SACI Falabella		5,261,864		53,253,069
Salfacorp SA		5,290,134		10,605,710
SONDA SA		3,494,200		7,064,551
Vina Concha y Toro SA		3,651,217		7,868,288
				560,331,879
CHINA — 28.85%
21Vianet Group Inc. ADRa		670,772		5,117,990
361 Degrees International Ltd.		8,480,000		3,110,117

Security	Shares		Value
3SBio Inc.a,b,c		9,582,500	$	18,245,850
51job Inc. ADRa		252,856		16,554,482
58.com Inc. ADRa		695,518		52,421,192
AAC Technologies Holdings Inc.		5,584,500		111,257,530
Agile Group Holdings Ltd.		12,872,500		22,207,296
Agricultural Bank of China Ltd. Class H		194,718,000		108,241,639
AGTech Holdings Ltd.a,b		25,484,000		2,996,087
Air China Ltd. Class H		13,374,000		20,406,318
Ajisen (China) Holdings Ltd.		8,993,000		4,206,149
Alibaba Group Holding Ltd. ADRa,b		8,698,105		1,619,065,265
Alibaba Health Information Technology Ltd.a,b		28,222,000		13,885,052
Alibaba Pictures Group Ltd.a,b		115,430,000		15,783,433
Aluminum Corp. of China Ltd. Class Ha,b		30,644,000		18,601,076
Anhui Conch Cement Co. Ltd. Class H		9,428,000		50,541,781
Anhui Expressway Co. Ltd. Class H		3,838,000		3,016,332
ANTA Sports Products Ltd.		8,642,000		42,849,424
APT Satellite Holdings Ltd.		6,681,500		2,954,262
Asia Cement China Holdings Corp.b		6,171,500		2,358,093
Autohome Inc. ADR		409,399		32,019,096
AVIC International Holding HK Ltd.a,b		44,806,000		2,290,315
AviChina Industry & Technology Co. Ltd. Class Hb		17,195,000		9,580,489
Baidu Inc. ADRa		2,071,023		522,601,944
Bank of China Ltd. Class H		592,535,000		323,326,192
Bank of Communications Co. Ltd. Class H		62,561,000		50,206,775
Baozun Inc. ADRa,b		219,641		7,722,578
Beijing Capital International Airport Co. Ltd. Class H		11,942,000		17,641,435
Beijing Capital Land Ltd. Class H		9,276,000		5,559,460
Beijing Enterprises Holdings Ltd.		3,698,000		20,580,412
Beijing Enterprises Medical & Health Group Ltd.a,b		73,260,000		3,651,157

CONSOLIDATED SCHEDULES OF INVESTMENTS 11

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Beijing Enterprises Water Group Ltd.		41,708,000	$	27,182,447
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.b		3,766,000		6,400,751
Bitauto Holdings Ltd. ADRa,b		197,690		5,612,419
Bosideng International Holdings Ltd.		44,618,000		3,820,181
Brilliance China Automotive Holdings Ltd.		23,044,000		62,135,433
BYD Co. Ltd. Class Hb		4,869,500		45,083,930
BYD Electronic International Co. Ltd.b		5,586,000		13,848,466
C C Land Holdings Ltd.a		22,641,500		5,237,002
CGN Power Co. Ltd. Class Hc		82,889,000		22,350,043
Changyou.com Ltd. ADRa		76,530		2,165,799
Chaowei Power Holdings Ltd.b		8,167,000		5,030,470
Cheetah Mobile Inc. ADRa,b		374,748		5,328,917
China Aerospace International Holdings Ltd.b		37,566,000		4,224,513
China Agri-Industries Holdings Ltd.		18,825,200		8,107,156
China Aircraft Leasing Group Holdings Ltd.b		3,859,500		3,777,973
China Animal Healthcare Ltd.a,b,d		1,237,000		12,646
China Aoyuan Property Group Ltd.b		18,332,000		14,829,024
China BlueChemical Ltd. Class H		16,796,000		5,086,900
China Cinda Asset Management Co. Ltd. Class H		67,665,000		25,422,041
China CITIC Bank Corp. Ltd. Class H		67,179,000		49,019,474
China Communications Construction Co. Ltd. Class H		33,465,000		37,462,257
China Communications Services Corp. Ltd. Class H		19,912,000		11,857,682
China Conch Venture Holdings Ltd.		12,790,000		38,491,112
China Construction Bank Corp. Class H		635,864,000		662,248,297
China Datang Corp. Renewable Power Co. Ltd. Class H		29,413,000		3,645,945

Security	Shares		Value
China Dongxiang Group Co. Ltd.		34,401,000	$	6,682,111
China Everbright Bank Co. Ltd. Class H		19,832,000		10,213,405
China Everbright International Ltd.		19,200,000		29,737,390
China Everbright Ltd.		7,152,000		15,738,367
China Everbright Water Ltd.b		9,725,300		3,308,300
China Evergrande Groupa,b		24,952,000		73,976,257
China Fiber Optic Network System Group Ltd.a,d		10,394,800		650,895
China First Capital Group Ltd.a		18,564,000		8,042,115
China Foods Ltd.b		9,878,000		5,225,988
China Galaxy Securities Co. Ltd. Class H		24,833,000		17,422,101
China Gas Holdings Ltd.b		13,491,200		42,066,794
China Huarong Asset Management Co. Ltd. Class Hc		68,579,000		31,111,325
China Huishan Dairy Holdings Co. Ltd.a,d		24,638,800		32
China Huiyuan Juice Group Ltd.a,b		10,577,000		2,838,447
China Innovationpay Group Ltd.a,b		68,824,000		3,869,827
China Internet Nationwide Financial Services Inc.a,b		88,675		3,332,407
China Investment Fund International Holdings Co. Ltd.a		3,112,000		3,459,855
China Jinmao Holdings Group Ltd.		34,736,000		21,262,500
China Lesso Group Holdings Ltd.b		10,422,000		6,858,945
China Life Insurance Co. Ltd. Class H		55,538,000		165,010,734
China Lilang Ltd.		6,234,000		5,815,521
China Logistics Property Holdings Co. Ltd.a,b		8,353,000		2,508,473
China Longyuan Power Group Corp. Ltd. Class H		24,070,000		15,994,786
China Lumena New Materials Corp.a,b,d		2,584,000		3
China Maple Leaf Educational Systems Ltd.b		6,850,000		8,736,151

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
China Medical System Holdings Ltd.		10,414,000	$	20,920,358
China Mengniu Dairy Co. Ltd.		21,082,000		69,642,020
China Merchants Bank Co. Ltd. Class H		29,360,964		124,005,452
China Merchants Land Ltd.b		20,038,000		3,636,149
China Merchants Port Holdings Co. Ltd.		9,648,270		22,587,799
China Metal Recycling Holdings Ltd.a,d		62,400		—
China Minsheng Banking Corp. Ltd. Class H		39,878,600		41,686,191
China Mobile Ltd.		46,273,500		434,037,660
China Molybdenum Co. Ltd. Class H		28,248,000		23,102,910
China National Building Material Co. Ltd. Class Hb		21,610,000		21,457,286
China National Materials Co. Ltd. Class H		10,829,000		9,050,344
China Oil and Gas Group Ltd.		59,268,000		5,074,510
China Oilfield Services Ltd. Class H		14,680,000		15,495,483
China Overseas Grand Oceans Group Ltd.		12,411,500		6,217,408
China Overseas Land & Investment Ltd.		28,322,000		99,530,369
China Pacific Insurance Group Co. Ltd. Class H		19,565,400		96,260,578
China Petroleum & Chemical Corp. Class H		188,102,200		151,437,499
China Power Clean Energy Development Co. Ltd.b		4,773,000		2,671,558
China Power International Development Ltd.b		28,884,000		7,271,476
China Railway Construction Corp. Ltd. Class H		14,747,500		15,830,575
China Railway Group Ltd. Class H		29,758,000		21,637,895
China Resources Beer Holdings Co. Ltd.		12,344,000		47,638,915
China Resources Gas Group Ltd.b		6,730,000		22,704,816
China Resources Land Ltd.		20,659,777		73,791,518
China Resources Pharmaceutical Group Ltd.c		11,340,500		15,303,654

Security	Shares		Value
China Resources Phoenix Healthcare Holdings Co. Ltd.b		5,970,500	$	7,644,999
China Resources Power Holdings Co. Ltd.		14,098,000		24,537,687
China SCE Property Holdings Ltd.		15,839,200		7,792,790
China Shenhua Energy Co. Ltd. Class H		25,236,500		71,755,987
China Shineway Pharmaceutical Group Ltd.		4,627,000		6,504,160
China Singyes Solar Technologies Holdings Ltd.b		7,877,000		3,150,679
China South City Holdings Ltd.b		25,122,000		5,939,159
China Southern Airlines Co. Ltd. Class H		13,144,000		17,636,640
China State Construction International Holdings Ltd.b		14,880,000		20,270,252
China Suntien Green Energy Corp. Ltd. Class H		19,643,000		4,694,058
China Taiping Insurance Holdings Co. Ltd.		12,510,308		48,280,743
China Telecom Corp. Ltd. Class H		101,818,000		44,889,282
China Traditional Chinese Medicine Holdings Co. Ltd.b		16,924,000		10,229,706
China Travel International Investment Hong Kong Ltd.		21,158,000		7,949,155
China Unicom Hong Kong Ltd.a		44,930,000		58,220,158
China Vanke Co. Ltd. Class H		9,127,387		40,998,767
China Water Affairs Group Ltd.		9,346,000		8,252,829
China Yuhua Education Corp Ltd. Class Lb,c		9,502,000		5,367,058
China ZhengTong Auto Services Holdings Ltd.b		7,488,500		6,775,278
Chinasoft International Ltd.b		17,714,000		12,993,541
Chong Sing Holdings FinTech Group Ltd.a,b		124,504,000		15,433,131
Chongqing Rural Commercial Bank Co. Ltd. Class H		17,431,000		14,167,017
CIFI Holdings Group Co. Ltd.		26,752,000		21,058,914
CIMC Enric Holdings Ltd.a,b		6,562,000		6,012,490
CITIC Ltd.		42,648,000		62,021,167

CONSOLIDATED SCHEDULES OF INVESTMENTS 13

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
CITIC Resources Holdings Ltd.b		30,178,000	$	3,008,043
CITIC Securities Co. Ltd. Class H		16,476,000		37,309,077
CNOOC Ltd.		133,463,000		194,430,654
Colour Life Services Group Co. Ltd.b		6,515,000		4,221,059
Comba Telecom Systems Holdings Ltd.b		21,855,524		3,519,093
Concord New Energy Group Ltd.b		93,880,000		4,198,944
Coolpad Group Ltd.a,b,d		22,836,000		175,094
COSCO SHIPPING International Hong Kong Co. Ltd.b		9,152,000		3,906,263
COSCO SHIPPING Ports Ltd.		13,068,000		12,708,456
Country Garden Holdings Co. Ltd.b		40,704,733		73,239,702
CPMC Holdings Ltd.b		4,813,000		3,315,153
CRRC Corp. Ltd. Class H		29,454,750		26,988,174
CSPC Pharmaceutical Group Ltd.		34,236,000		79,100,722
CT Environmental Group Ltd.b		25,622,000		4,485,725
Ctrip.com International Ltd. ADRa,b		2,950,925		135,683,532
Dah Chong Hong Holdings Ltd.b		9,946,000		4,931,502
Dawnrays Pharmaceutical Holdings Ltd.		6,336,000		3,457,340
Dazhong Transportation Group Co. Ltd. Class B		7,006,083		4,343,771
Digital China Holdings Ltd.a,b		8,028,000		4,544,751
Dongfeng Motor Group Co. Ltd. Class H		20,284,000		25,687,762
Dongjiang Environmental Co. Ltd. Class Hb		2,417,900		3,361,756
Eastern Communications Co. Ltd. Class B		3,662,249		2,222,985
ENN Energy Holdings Ltd.		5,846,000		45,047,960
Fang Holdings Ltd. ADRa,b		1,987,635		10,057,433
Fantasia Holdings Group Co. Ltd.b		31,879,500		5,255,333
Far East Horizon Ltd.		16,903,000		17,064,355
FDG Electric Vehicles Ltd.a,b		179,480,000		7,339,476
First Tractor Co. Ltd. Class Hb		6,850,000		2,713,634

Security	Shares		Value
Fosun International Ltd.b		19,463,000	$	42,928,882
Fu Shou Yuan International Group Ltd.		9,925,000		8,751,422
Fufeng Group Ltd.		14,014,400		9,635,090
Fullshare Holdings Ltd.b		50,035,000		28,133,618
Future Land Development Holdings Ltd.		10,876,000		8,519,786
Fuyao Glass Industry Group Co. Ltd. Class Hc		4,004,000		16,066,553
GCL New Energy Holdings Ltd.a,b		54,804,000		3,431,684
GCL-Poly Energy Holdings Ltd.a		102,276,000		16,206,694
GDS Holdings Ltd. ADRa		467,341		12,244,334
Geely Automobile Holdings Ltd.		37,999,000		124,068,656
Genscript Biotech Corp.b		5,514,000		16,558,982
GF Securities Co. Ltd. Class H		9,853,400		18,988,316
Glorious Property Holdings Ltd.a,b		28,394,000		2,830,220
Golden Eagle Retail Group Ltd.b		5,833,000		7,767,096
GOME Retail Holdings Ltd.b		95,206,000		11,193,120
Great Wall Motor Co. Ltd. Class H		23,651,500		27,987,795
Greatview Aseptic Packaging Co. Ltd.		12,579,000		8,953,654
Greentown China Holdings Ltd.b		5,905,500		8,874,890
Guangdong Investment Ltd.		21,746,000		33,291,641
Guangdong Land Holdings Ltd.a		9,534,000		2,119,939
Guangzhou Automobile Group Co. Ltd. Class H		16,198,000		36,017,175
Guangzhou R&F Properties Co. Ltd. Class H		7,507,600		17,672,165
Haier Electronics Group Co. Ltd.		9,881,000		33,903,473
Haitian International Holdings Ltd.		5,549,000		16,983,189
Haitong Securities Co. Ltd. Class H		24,178,400		34,605,457
Hanergy Thin Film Power Group Ltd.a,d		8,046		—
Hangzhou Steam Turbine Co. Ltd. Class Ba		3,023,101		2,920,609

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Harbin Electric Co. Ltd. Class H		7,182,000	$	2,909,402
HC International Inc.b		4,547,500		2,830,093
Hengan International Group Co. Ltd.		5,575,500		54,505,993
HengTen Networks Group Ltd.a,b		161,908,000		7,241,614
Hi Sun Technology (China) Ltd.a		26,730,000		5,567,825
Hisense Kelon Electrical Holdings Co. Ltd. Class H		3,316,000		4,089,223
Hopson Development Holdings Ltd.		6,010,000		5,721,761
Hua Han Health Industry Holdings Ltd. Class Ha,b,d		22,424,288		143,281
Hua Hong Semiconductor Ltd.c		3,426,000		6,628,454
Huabao International Holdings Ltd.b		9,456,000		7,117,406
Huadian Fuxin Energy Corp. Ltd. Class H		20,412,000		4,956,078
Huaneng Power International Inc. Class H		30,206,000		18,759,812
Huaneng Renewables Corp. Ltd. Class H		37,326,000		12,497,172
Huangshi Dongbei Electrical Appliance Co. Ltd. Class B		1,740,203		2,323,171
Huatai Securities Co. Ltd. Class Hc		12,114,200		24,428,722
Hutchison China MediTech Ltd.a		109,160		7,144,294
IGG Inc.b		12,922,000		16,513,105
iKang Healthcare Group Inc. ADRa,b		473,815		7,798,995
Industrial & Commercial Bank of China Ltd. Class H		558,312,000		482,305,997
Inner Mongolia Yitai Coal Co. Ltd. Class B		9,486,603		13,622,762
JA Solar Holdings Co. Ltd. ADRa,b		483,014		3,579,134
JD.com Inc. ADRa		4,923,921		232,162,875
Jiangsu Expressway Co. Ltd. Class H		9,966,000		15,511,978
Jiangxi Copper Co. Ltd. Class H		9,946,000		15,735,049
JinkoSolar Holding Co. Ltd. ADRa		221,228		3,953,344

Security	Shares		Value
Ju Teng International Holdings Ltd.		9,518,000	$	2,700,211
Jumei International Holding Ltd. ADRa,b		861,943		2,456,538
Kaisa Group Holdings Ltd.a,b		19,374,000		10,324,151
Kama Co. Ltd. Class Ba		3,150,600		2,400,757
Kingboard Chemical Holdings Ltd.		5,338,200		27,116,334
Kingboard Laminates Holdings Ltd.		7,915,500		13,938,838
Kingdee International Software Group Co. Ltd.a,b		17,002,000		12,254,007
Kingsoft Corp. Ltd.		5,795,000		19,143,132
Konka Group Co. Ltd. Class Ba		8,000,818		3,322,896
KuangChi Science Ltd.a,b		16,442,000		4,223,278
Kunlun Energy Co. Ltd.		25,424,000		23,912,264
KWG Property Holding Ltd.		10,044,500		14,093,851
Lao Feng Xiang Co. Ltd. Class B		1,761,986		6,503,490
Launch Tech Co. Ltd.		2,202,500		2,592,236
Lee & Man Paper Manufacturing Ltd.		12,785,000		14,622,538
Lee’s Pharmaceutical Holdings Ltd.		882,000		1,375,078
Lenovo Group Ltd.b		53,550,000		27,988,639
Li Ning Co. Ltd.a		13,255,500		12,196,286
Lianhua Supermarket Holdings Co. Ltd. Class Ha,b		5,644,000		1,846,401
Lifetech Scientific Corp.a,b		23,362,000		5,582,782
Livzon Pharmaceutical Group Inc. Class H		1,108,451		8,293,587
Longfor Properties Co. Ltd.		11,523,000		33,279,210
Lonking Holdings Ltd.		18,310,000		7,651,298
Luthai Textile Co. Ltd. Class B		2,995,721		3,242,528
Luye Pharma Group Ltd.b		11,446,500		9,917,482
Meitu Inc.a,c		16,257,000		20,941,122
MIE Holdings Corp.a		17,604,000		1,147,309
MMG Ltd.a,b		18,443,999		12,939,766
Momo Inc. ADRa		813,647		26,891,033
NetDragon Websoft Holdings Ltd.b		1,661,500		4,331,412
NetEase Inc. ADR		595,819		174,783,504
New China Life Insurance Co. Ltd. Class H		5,997,000		35,903,985
New Oriental Education & Technology Group Inc. ADR		1,011,258		92,418,869

CONSOLIDATED SCHEDULES OF INVESTMENTS 15

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Nexteer Automotive Group Ltd.		7,193,000	$	16,030,813
Nine Dragons Paper Holdings Ltd.		12,821,000		23,134,259
Noah Holdings Ltd. ADRa,b		259,582		12,054,988
North Mining Shares Co. Ltd.a,b		141,200,000		2,778,782
NQ Mobile Inc. ADRa,b		979,707		2,165,152
Panda Green Energy Group Ltd.a,b		49,388,852		5,617,175
Parkson Retail Group Ltd.b		24,675,000		2,869,443
PAX Global Technology Ltd.b		8,122,000		4,037,491
People’s Insurance Co. Group of China Ltd. (The) Class H		49,026,000		26,501,218
PetroChina Co. Ltd. Class H		155,864,000		110,146,310
Phoenix New Media Ltd. ADRa		320,188		1,658,574
Phoenix Satellite Television Holdings Ltd.b		25,810,000		3,199,328
PICC Property & Casualty Co. Ltd. Class H		33,967,360		67,367,823
Ping An Insurance Group Co. of China Ltd. Class H		39,322,500		419,340,169
Poly Property Group Co. Ltd.a		17,175,000		8,779,216
Pou Sheng International Holdings Ltd.b		19,803,000		4,985,356
Q Technology Group Co. Ltd.b		3,307,000		4,733,160
Renhe Commercial Holdings Co. Ltd.a,b		154,898,000		3,939,108
Renren Inc. ADRa,b		210,289		1,924,144
Road King Infrastructure Ltd.		4,240,000		7,726,528
Ronshine China Holdings Ltd.a		1,006,000		1,470,696
Sany Heavy Equipment International Holdings Co. Ltd.b		15,928,000		4,477,988
Semiconductor Manufacturing International Corp.a,b		21,657,200		29,170,369
Shandong Airlines Co. Ltd. Class B		1,609,024		3,289,891
Shandong Chenming Paper Holdings Ltd. Class H		3,801,000		6,499,097
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		14,232,000		9,730,132
Shang Gong Group Co. Ltd. Class Ba		3,931,800		3,353,825
Shanghai Baosight Software Co. Ltd. Class B		2,361,080		4,101,196

Security	Shares		Value
Shanghai Chlor-Alkali Chemical Co. Ltd. Class Ba		4,809,547	$	3,818,780
Shanghai Electric Group Co. Ltd. Class Ha		22,898,000		8,632,142
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		3,774,500		21,970,848
Shanghai Greencourt Investment Group Co. Ltd. Class Ba		5,033,510		2,682,861
Shanghai Haixin Group Co. Class B		4,799,000		2,865,003
Shanghai Industrial Holdings Ltd.		3,668,000		10,288,756
Shanghai Industrial Urban Development Group Ltd.b		20,214,000		5,011,330
Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H		12,430,000		5,416,572
Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B		1,857,142		2,258,285
Shanghai Jinjiang International Travel Co. Ltd. Class B		993,700		2,560,765
Shanghai Lingyun Industries Development Co. Ltd. Class Ba		2,785,634		2,261,935
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		7,291,653		10,602,063
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		5,530,900		13,938,040
Shanghai Shibei Hi-Tech Co. Ltd. Class B		5,363,400		2,762,151
Shenzhen Expressway Co. Ltd. Class H		6,624,000		6,687,232
Shenzhen International Holdings Ltd.		7,709,750		15,881,969
Shenzhen Investment Ltd.		24,986,000		10,441,034
Shenzhou International Group Holdings Ltd.b		5,649,000		55,946,417
Shimao Property Holdings Ltd.		9,184,500		22,910,488
Shougang Concord International Enterprises Co. Ltd.a,b		207,780,000		6,399,113

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Shougang Fushan Resources Group Ltd.b		23,522,000	$	7,424,551
Shui On Land Ltd.		30,225,666		8,497,625
Sihuan Pharmaceutical Holdings Group Ltd.		33,543,000		12,259,336
SINA Corp./Chinaa		424,920		49,685,896
Sino Biopharmaceutical Ltd.		34,380,000		65,110,807
Sino Oil And Gas Holdings Ltd.a,b		127,860,000		1,013,037
Sino-Ocean Group Holding Ltd.		23,798,000		16,969,680
Sinofert Holdings Ltd.a,b		27,992,000		3,970,598
Sinolink Worldwide Holdings Ltd.a,b		26,672,000		3,306,179
Sinopec Kantons Holdings Ltd.b		9,634,000		5,835,579
Sinopec Shanghai Petrochemical Co. Ltd. Class H		27,165,000		16,315,732
Sinopharm Group Co. Ltd. Class H		8,926,800		39,413,306
Sinosoft Technology Group Ltd.b		8,905,600		2,412,671
Sinotrans Ltd. Class H		17,392,000		9,668,026
Sinotrans Shipping Ltd.b		17,571,500		5,074,769
Sinotruk Hong Kong Ltd.		3,367,000		4,285,500
Skyfame Realty Holdings Ltd.a		10,320,000		6,040,101
Skyworth Digital Holdings Ltd.b		16,278,000		7,176,607
SMI Holdings Group Ltd.b		12,987,999		6,207,445
SOHO China Ltd.		16,644,000		9,571,262
Sohu.com Inc.a		221,548		7,455,090
SSY Group Ltd.		19,380,411		14,711,211
Sun Art Retail Group Ltd.		18,992,500		25,241,460
Sunac China Holdings Ltd.b		17,951,000		65,836,926
Sunny Optical Technology Group Co. Ltd.		5,390,000		90,025,047
Superb Summit International Group Ltd.a,b,d		6,035,000		38,561
TAL Education Group Class A ADR		2,341,865		88,428,822
Tarena International Inc. ADR		351,749		4,315,960
TCL Multimedia Technology Holdings Ltd.b		6,506,000		3,009,689
Tencent Holdings Ltd.		42,954,400		2,372,419,163
Tian Ge Interactive Holdings Ltd.b,c		4,640,000		4,174,358

Security	Shares		Value
Tianjin Capital Environmental Protection Group Co. Ltd. Class Hb		4,600,000	$	2,680,536
Tianjin Development Holdings Ltd.		8,038,000		3,667,036
Tianjin Port Development Holdings Ltd.		31,868,000		4,642,572
Tianneng Power International Ltd.		6,356,000		6,294,839
Tibet Water Resources Ltd.a,b		19,505,000		8,175,584
Tingyi Cayman Islands Holding Corp.b		15,368,000		32,286,292
Tong Ren Tang Technologies Co. Ltd. Class H		5,082,000		8,598,479
Tongda Group Holdings Ltd.b		24,530,000		5,893,244
Tongda Hong Tai Holdings Ltd.a		610,000		1
Towngas China Co. Ltd.		9,774,000		7,906,332
TravelSky Technology Ltd. Class H		7,198,000		22,995,923
Truly International Holdings Ltd.b		31,314,000		10,444,269
Tsingtao Brewery Co. Ltd. Class H		2,812,000		15,451,932
Tuniu Corp. ADRa		313,217		2,414,903
Universal Medical Financial & Technical Advisory Services Co. Ltd.b,c		5,321,500		4,386,244
Vinda International Holdings Ltd.b		2,282,000		4,525,915
Vipshop Holdings Ltd. ADRa		3,127,926		54,394,633
Viva China Holdings Ltd.a,b		27,456,000		3,017,413
Want Want China Holdings Ltd.b		39,239,000		33,145,028
Wasion Group Holdings Ltd.		5,008,000		2,643,099
Weibo Corp. ADRa,b		357,941		46,002,577
Weichai Power Co. Ltd. Class H		15,561,000		17,539,011
West China Cement Ltd.a		25,120,000		4,269,434
Xiamen International Port Co. Ltd. Class H		18,736,000		3,495,656
Xingda International Holdings Ltd.		10,925,000		4,132,493
Xinhua Winshare Publishing and Media Co. Ltd. Class H		3,703,000		2,853,448
Xinyi Solar Holdings Ltd.		25,540,800		10,574,955
Xtep International Holdings Ltd.		9,869,000		4,388,857
Xunlei Ltd. ADRa,b		184,614		2,357,521

CONSOLIDATED SCHEDULES OF INVESTMENTS 17

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. Class Hb,c		909,000	$	3,961,113
Yanzhou Coal Mining Co. Ltd. Class H		14,298,000		21,414,203
YiChang HEC ChangJiang Pharmaceutical Co. Ltd. Class Hc		652,400		3,868,396
Yirendai Ltd. ADRb		87,735		3,322,524
Yuexiu Property Co. Ltd.		57,408,880		11,371,291
Yuexiu REIT		13,215,000		8,798,404
Yuexiu Transport Infrastructure Ltd.b		8,858,000		6,655,980
Yum China Holdings Inc.		2,904,604		125,827,445
Yuzhou Properties Co. Ltd.		14,710,400		9,079,682
YY Inc. ADRa		334,108		43,210,188
Zhaojin Mining Industry Co. Ltd. Class Hb		9,301,000		7,190,913
Zhejiang Expressway Co. Ltd. Class H		11,314,000		12,361,788
Zhongsheng Group Holdings Ltd.		4,745,000		12,066,694
Zhuzhou CRRC Times Electric Co. Ltd. Class H		4,188,500		22,694,644
Zijin Mining Group Co. Ltd. Class H		45,336,000		20,856,657
ZTE Corp. Class Ha		5,604,640		19,767,685
				14,058,104,281
COLOMBIA — 0.28%
Almacenes Exito SA		1,482,220		8,670,809
Bancolombia SA		1,451,892		15,265,837
Cementos Argos SA		3,557,047		12,946,283
Corp. Financiera Colombiana SA		979,542		8,277,719
Ecopetrol SA		37,818,241		33,092,535
Grupo Argos SA/Colombia		2,126,735		14,324,368
Grupo de Inversiones Suramericana SA		2,014,105		26,977,050
Interconexion Electrica SA ESP		3,070,881		14,666,907
				134,221,508
CZECH REPUBLIC — 0.18%
CEZ AS		1,241,176		30,085,938
Komercni Banka AS		669,049		29,753,780
Moneta Money Bank ASc		4,853,941		19,582,630
Philip Morris CR AS		8,945		7,264,731
				86,687,079

Security	Shares		Value
EGYPT — 0.14%
Commercial International Bank Egypt SAE		7,243,541	$	31,664,857
Egyptian Financial Group-Hermes Holding Co.		6,896,860		8,630,838
Ezz Steela		3,019,447		4,017,951
Global Telecom Holding SAEa		31,999,368		12,267,028
Heliopolis Housing		1,210,300		2,537,107
Medinet Nasr Housing		4,109,309		2,547,958
Oriental Weavers		845,133		768,085
Six of October Development & Investmenta		3,040,730		3,397,146
Telecom Egypt Co.		2,992,258		2,058,660
				67,889,630
GREECE — 0.38%
Alpha Bank AEa		12,180,259		29,131,948
Athens Water Supply & Sewage Co. SA		303,914		2,309,267
Eurobank Ergasias SAa		9,782,461		9,902,882
FF Groupa,b		310,972		6,637,350
Hellenic Exchanges-Athens Stock Exchange SA		742,716		4,637,972
Hellenic Telecommunications Organization SA		2,033,733		28,996,385
Holding Co. ADMIE IPTO SAa		1,102,441		2,595,064
JUMBO SA		879,212		16,020,631
Motor Oil Hellas Corinth Refineries SA		534,228		12,536,235
Mytilineos Holdings SAa		954,361		11,232,474
National Bank of Greece SAa,b		43,154,793		16,063,825
OPAP SA		2,029,697		24,779,965
Piraeus Bank SAa		967,644		4,208,549
Piraeus Port Authority SA		50,540		1,047,899
Public Power Corp. SAa,b		1,300,079		4,468,339
Titan Cement Co. SA		393,251		10,743,685
				185,312,470
HUNGARY — 0.30%
Magyar Telekom Telecommunications PLC		3,228,789		5,706,235
MOL Hungarian Oil & Gas PLC		2,916,572		31,900,974
OTP Bank PLC		1,876,808		83,833,244
Richter Gedeon Nyrt		1,044,471		23,043,227
				144,483,680

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
INDIA — 8.90%
5Paisa Capital Ltd.a		1	$	3
ACC Ltd.		458,126		11,413,725
Adani Enterprises Ltd.		2,511,835		7,848,249
Adani Ports & Special Economic Zone Ltd.		5,767,949		36,154,682
Adani Power Ltd.a		10,158,786		4,935,443
AIA Engineering Ltd.		388,101		8,576,245
Ajanta Pharma Ltd.		310,034		6,651,957
Amara Raja Batteries Ltd.		404,525		5,105,753
Ambuja Cements Ltd.		5,287,778		20,482,695
Apollo Hospitals Enterprise Ltd.		647,748		11,961,905
Apollo Tyres Ltd.		2,324,357		9,795,686
Arvind Ltd.		1,216,041		7,838,923
Ashok Leyland Ltd.		10,015,870		21,754,830
Asian Paints Ltd.		2,299,503		39,453,836
Aurobindo Pharma Ltd.		2,256,409		21,263,073
Avanti Feeds Ltd.		94,436		3,475,996
Axis Bank Ltd.		13,394,423		108,713,873
Bajaj Auto Ltd.		668,082		30,976,587
Bajaj Finance Ltd.		1,326,381		33,395,574
Bajaj Finserv Ltd.		331,310		25,691,099
Balkrishna Industries Ltd.		792,155		13,213,882
Bata India Ltd.		642,784		7,202,259
Bayer CropScience Ltd./India		115,363		6,726,856
BEML Ltd.		134,201		2,544,301
Bharat Forge Ltd.		1,694,067		20,539,307
Bharat Heavy Electricals Ltd.		6,979,888		9,632,050
Bharat Petroleum Corp. Ltd.		5,984,488		39,459,475
Bharti Airtel Ltd.		9,909,349		65,186,431
Bharti Infratel Ltd.		3,344,308		17,797,979
Biocon Ltd.		1,379,815		13,344,628
Blue Dart Express Ltd.		77,079		5,068,872
Bosch Ltd.		61,480		17,635,631
Britannia Industries Ltd.		165,153		12,660,980
Cadila Healthcare Ltd.		1,763,116		10,963,613
Canara Bank		1,178,218		5,412,157
Care Ratings Ltd.		274,967		5,770,630
Ceat Ltd.		200,294		4,926,778
Century Textiles & Industries Ltd.		336,190		6,297,152
CESC Ltd.		691,679		10,866,303
CG Power and Industrial Solutions Ltd.a		4,349,308		5,574,645
Cipla Ltd./India		2,877,440		26,044,208
Coal India Ltd.		5,672,273		26,917,638

Security	Shares		Value
Container Corp. of India Ltd.		444,255	$	8,893,454
CRISIL Ltd.		231,116		6,836,851
Crompton Greaves Consumer Electricals Ltd.		3,443,764		12,290,425
Dabur India Ltd.		4,661,721		23,259,856
DCB Bank Ltd.		2,255,104		5,677,028
Dewan Housing Finance Corp. Ltd.		1,343,218		11,261,825
Dish TV India Ltd.a		4,441,907		5,018,314
Divi’s Laboratories Ltd.		648,574		10,213,513
Dr. Reddy’s Laboratories Ltd.		900,995		30,941,935
Edelweiss Financial Services Ltd.		3,603,267		14,864,678
Eicher Motors Ltd.		104,781		44,130,781
Escorts Ltd.		454,389		6,227,545
Exide Industries Ltd.		2,388,677		7,604,607
Federal Bank Ltd.		12,099,697		17,505,174
Finolex Cables Ltd.		1,016,931		11,191,568
Fortis Healthcare Ltd.a		1,624,191		4,015,211
GAIL India Ltd.		4,024,543		28,262,999
Gateway Distriparks Ltd.		1,162,555		3,725,208
GE T&D India Ltd.		932,393		5,835,127
Glenmark Pharmaceuticals Ltd.		1,251,992		10,465,257
GMR Infrastructure Ltd.a		21,516,170		6,258,709
Godrej Consumer Products Ltd.		1,987,216		32,652,921
Godrej Industries Ltd.		834,371		7,066,626
Grasim Industries Ltd.		2,728,364		48,275,767
GRUH Finance Ltd.		1,230,465		10,123,825
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		501,763		3,339,631
Gujarat Pipavav Port Ltd.		1,838,034		4,006,383
Havells India Ltd.		2,218,614		17,288,476
HCL Technologies Ltd.		4,275,262		61,707,755
Hero MotoCorp Ltd.		419,966		23,186,165
Hexaware Technologies Ltd.		1,147,125		6,094,287
Hindalco Industries Ltd.		9,452,574		35,606,987
Hindustan Petroleum Corp. Ltd.		4,848,582		28,293,086
Hindustan Unilever Ltd.		5,080,233		102,760,743
Housing Development & Infrastructure Ltd.a		3,565,269		2,730,885
Housing Development Finance Corp. Ltd.		11,433,880		317,446,649
ICICI Bank Ltd.		18,304,679		88,016,435
Idea Cellular Ltd.a		11,400,082		14,681,841
IDFC Bank Ltd.		13,766,426		10,882,759
IDFC Ltd.		4,861,049		3,950,996

CONSOLIDATED SCHEDULES OF INVESTMENTS 19

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
IFCI Ltd.a		8,668,287	$	3,013,784
IIFL Holdings Ltd.		395,088		4,585,468
India Cements Ltd. (The)		1,823,630		4,457,863
Indiabulls Housing Finance Ltd.		2,473,464		47,615,499
Indiabulls Real Estate Ltd.a		1,475,627		4,877,891
Indiabulls Ventures Ltd.		1,025,293		4,070,718
Indian Hotels Co. Ltd. (The)		3,988,526		8,396,897
Indian Oil Corp. Ltd.		4,475,766		26,059,183
Infibeam Incorporation Ltd.		1,285,848		3,126,478
Infosys Ltd.		13,175,413		237,150,861
IRB Infrastructure Developers Ltd.		1,779,072		6,242,813
ITC Ltd.		26,008,117		105,815,015
Jain Irrigation Systems Ltd.		3,482,542		6,251,830
Jaiprakash Associates Ltd.a		11,337,588		3,080,382
Jammu & Kashmir Bank Ltd. (The)a		2,608,026		2,666,225
Jindal Steel & Power Ltd.a		2,760,846		10,781,269
JSW Steel Ltd.		7,057,981		33,823,922
Jubilant Foodworks Ltd.		327,134		10,213,797
Jubilant Life Sciences Ltd.		648,421		8,734,032
Just Dial Ltd.a		350,157		2,428,934
Kajaria Ceramics Ltd.		731,679		6,454,645
Karur Vysya Bank Ltd. (The)		3,957,807		6,549,135
KPIT Technologies Ltd.		1,902,950		6,312,374
Larsen & Toubro Infotech Ltd.c		47,699		1,029,633
Larsen & Toubro Ltd.		3,653,643		73,926,734
LIC Housing Finance Ltd.		2,504,976		19,525,710
Lupin Ltd.		1,752,719		22,060,241
Mahanagar Gas Ltd.		162,405		2,600,998
Mahindra & Mahindra Financial Services Ltd.		2,332,150		15,488,301
Mahindra & Mahindra Ltd.		5,827,835		65,156,530
Manappuram Finance Ltd.		3,827,102		6,341,665
Marico Ltd.		3,902,806		18,460,766
Maruti Suzuki India Ltd.		829,829		112,742,867
Max Financial Services Ltd.a		1,120,935		8,524,930
Max India Ltd.a		1,559,439		2,298,001
Mindtree Ltd.		821,598		10,279,710
Motherson Sumi Systems Ltd.		5,086,238		25,764,469
Mphasis Ltd.		562,031		7,416,821
Natco Pharma Ltd.		402,463		4,934,239
National Aluminium Co. Ltd.		2,858,147		3,007,479
NCC Ltd./India		4,282,455		8,657,433
Nestle India Ltd.		200,661		23,907,139

Security	Shares		Value
NIIT Technologies Ltd.		567,280	$	7,266,653
NTPC Ltd.		12,993,551		32,560,542
Oil & Natural Gas Corp. Ltd.		10,277,538		29,706,398
Page Industries Ltd.		52,037		17,483,282
PC Jeweller Ltd.		813,010		4,157,634
Persistent Systems Ltd.		526,106		6,906,801
Petronet LNG Ltd.		3,201,364		12,152,615
PI Industries Ltd.		620,329		8,308,983
Piramal Enterprises Ltd.		625,747		24,806,077
Piramal Enterprises Ltd. Newa		26,382		1,045,844
Power Finance Corp. Ltd.		5,973,209		9,636,537
PTC India Ltd.		4,262,715		6,723,241
Rain Industries Ltd.		699,535		4,090,072
Rajesh Exports Ltd.		793,555		10,202,306
Rallis India Ltd.		1,372,337		4,874,552
Ramco Cements Ltd. (The)		822,312		9,499,733
Raymond Ltd.		422,220		6,185,895
RBL Bank Ltd.c		666,777		5,017,236
Redington India Ltd.		3,384,518		7,483,774
Reliance Capital Ltd.		883,384		6,403,716
Reliance Communications Ltd.a		5,673,399		2,429,731
Reliance Industries Ltd.		21,464,226		314,502,783
Reliance Infrastructure Ltd.		1,098,249		7,680,599
Rural Electrification Corp. Ltd.		5,887,843		13,041,668
Shree Cement Ltd.		75,608		19,292,988
Shriram Transport Finance Co. Ltd.		1,157,728		23,704,135
Siemens Ltd.		681,564		12,218,640
Sintex Plastics Technology Ltd. Class La		4,484,440		4,508,791
Sobha Ltd.		655,811		5,584,529
SRF Ltd.		205,626		5,993,167
State Bank of India		13,326,464		54,822,685
Sterlite Technologies Ltd.		839,361		4,629,958
Strides Shasun Ltd.		448,085		4,935,065
Sun Pharma Advanced Research Co. Ltd.a		992,652		6,481,179
Sun Pharmaceutical Industries Ltd.		7,502,360		61,651,874
Sundaram Finance Holdings Ltd.a		368,186		879,572
Sundaram Finance Ltd.		378,218		10,201,443
Suzlon Energy Ltd.a		27,423,587		5,388,214
Tata Communications Ltd.		717,659		7,076,206
Tata Consultancy Services Ltd.		3,512,723		163,651,629

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Tata Elxsi Ltd.		251,995	$	4,074,121
Tata Global Beverages Ltd.		3,158,328		13,356,400
Tata Motors Ltd.a		12,202,072		69,283,289
Tata Motors Ltd. Class Aa		2,669,646		8,478,612
Tata Power Co. Ltd. (The)		9,410,464		12,206,139
Tata Steel Ltd.		2,455,419		25,313,190
Tech Mahindra Ltd.		3,627,951		34,118,068
Thermax Ltd.		386,187		6,844,173
TI Financial Holdings Ltd.		817,588		8,413,546
Titan Co. Ltd.		2,537,393		31,788,373
Torrent Power Ltd.		1,320,003		5,362,378
TTK Prestige Ltd.		50,248		5,335,580
Tube Investments of India Ltd.		707,916		2,839,434
TV18 Broadcast Ltd.a		6,488,990		6,240,347
UltraTech Cement Ltd.		701,861		44,770,859
Union Bank of Indiaa		1,930,386		3,127,613
United Spirits Ltd.a		457,236		23,104,907
UPL Ltd.		2,866,062		32,060,828
VA Tech Wabag Ltd.		440,111		3,719,709
Vakrangee Ltd.		3,249,027		8,114,307
Vedanta Ltd.		11,798,409		59,719,867
Vijaya Bank		4,018,307		3,694,711
Voltas Ltd.		1,109,042		10,374,353
Welspun India Ltd.		2,451,370		2,427,052
Wipro Ltd.		8,842,985		39,744,820
Wockhardt Ltd.a		378,790		4,768,435
Yes Bank Ltd.		12,306,774		60,885,673
Zee Entertainment Enterprises Ltd.		4,402,040		38,201,636
				4,338,256,039
INDONESIA — 2.21%
Ace Hardware Indonesia Tbk PT		84,331,700		8,158,065
Adaro Energy Tbk PT		115,677,600		19,772,510
Adhi Karya Persero Tbk PT		22,218,700		4,007,883
AKR Corporindo Tbk PT		16,092,200		7,139,864
Alam Sutera Realty Tbk PT		111,012,300		3,165,205
Aneka Tambang Persero Tbk PTa		73,647,643		5,115,722
Astra International Tbk PT		150,791,400		88,565,338
Bank Bukopin Tbk PT		59,405,300		2,722,140
Bank Central Asia Tbk PT		78,957,000		133,092,954
Bank Danamon Indonesia Tbk PT		28,446,500		13,655,810
Bank Mandiri Persero Tbk PT		142,939,900		86,293,135

Security	Shares		Value
Bank Negara Indonesia Persero Tbk PT		59,291,000	$	41,939,483
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		22,682,700		3,745,116
Bank Rakyat Indonesia Persero Tbk PT		422,069,700		116,043,457
Bank Tabungan Negara Persero Tbk PT		40,038,276		10,891,599
Bukit Asam Persero Tbk PT		30,821,600		7,106,555
Bumi Resources Tbk PTa		175,841,600		4,041,601
Bumi Serpong Damai Tbk PT		66,631,700		9,377,920
Charoen Pokphand Indonesia Tbk PT		60,290,800		15,085,308
Ciputra Development Tbk PT		114,529,927		10,746,162
Delta Dunia Makmur Tbk PTa		16,700,000		1,293,632
Eagle High Plantations Tbk PTa		134,400,800		2,267,955
Gudang Garam Tbk PT		3,714,500		21,546,451
Hanjaya Mandala Sampoerna Tbk PT		68,980,200		24,183,334
Hanson International Tbk PTa		567,044,600		6,269,104
Indika Energy Tbk PTa		12,217,800		3,839,029
Indocement Tunggal Prakarsa Tbk PT		13,128,300		20,983,700
Indofood CBP Sukses Makmur Tbk PT		19,651,700		12,828,600
Indofood Sukses Makmur Tbk PT		33,618,500		18,522,758
Inti Agri Resources Tbk PTa		212,614,700		3,494,994
Jasa Marga Persero Tbk PT		20,743,380		8,071,941
Kalbe Farma Tbk PT		170,350,300		19,824,743
Kawasan Industri Jababeka Tbk PT		202,880,688		4,102,326
Krakatau Steel Persero Tbk PTa		42,911,214		1,591,790
Link Net Tbk PT		11,558,600		4,665,980
Lippo Karawaci Tbk PT		106,196,500		3,977,976
Matahari Department Store Tbk PT		18,885,900		14,629,584
Medco Energi Internasional Tbk PTa		19,200,000		2,094,774
Media Nusantara Citra Tbk PT		49,009,800		5,471,873
Mitra Adiperkasa Tbk PT		9,649,700		5,334,234
Modernland Realty Tbk PT		116,191,200		2,805,795

CONSOLIDATED SCHEDULES OF INVESTMENTS 21

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Pakuwon Jati Tbk PT		189,587,200	$	9,308,023
Panin Financial Tbk PTa		191,961,000		3,853,601
Perusahaan Gas Negara Persero Tbk PT		83,284,900		16,174,178
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		34,297,100		3,467,503
PP Persero Tbk PT		29,904,250		6,742,785
Ramayana Lestari Sentosa Tbk PT		37,036,400		3,178,743
Salim Ivomas Pratama Tbk PT		41,775,400		1,595,235
Semen Indonesia Persero Tbk PT		22,892,800		18,524,377
Siloam International Hospitals Tbk PTa		2,706,871		1,683,365
Sugih Energy Tbk PTa		82,105,800		298,599
Summarecon Agung Tbk PT		80,291,100		6,482,389
Surya Citra Media Tbk PT		51,633,900		10,703,467
Telekomunikasi Indonesia Persero Tbk PT		379,357,900		110,370,702
Timah Tbk PT		36,936,152		3,129,841
Tower Bersama Infrastructure Tbk PT		19,858,400		8,124,777
Unilever Indonesia Tbk PT		11,749,300		46,062,281
United Tractors Tbk PT		13,056,300		33,807,636
Waskita Karya Persero Tbk PT		47,503,200		10,054,501
Wijaya Karya Persero Tbk PT		29,454,523		4,124,083
				1,076,152,486
MALAYSIA — 2.54%
AEON Credit Service M Bhd		2,218,000		7,531,121
AirAsia Bhd		12,554,200		14,038,140
Alliance Bank Malaysia Bhd		9,465,300		9,955,843
AMMB Holdings Bhd		13,097,900		13,843,581
Astro Malaysia Holdings Bhd		15,023,600		9,281,877
Axiata Group Bhdb		20,855,900		28,752,070
Berjaya Corp. Bhda		37,466,506		3,156,484
Berjaya Sports Toto Bhdb		6,125,673		3,518,704
British American Tobacco Malaysia Bhdb		1,160,900		8,417,044
Bursa Malaysia Bhdb		4,376,500		12,625,594
Cahya Mata Sarawak Bhdb		6,331,100		6,950,148
Carlsberg Brewery Malaysia Bhd		1,597,600		7,537,311
CIMB Group Holdings Bhd		35,171,800		64,560,950
Dialog Group Bhdb		33,132,696		22,415,533

Security	Shares		Value
DiGi.Com Bhdb		24,894,100	$	30,760,134
DRB-Hicom Bhdb		5,611,900		3,753,683
Eastern & Oriental Bhdb		9,316,929		3,425,167
Felda Global Ventures Holdings Bhdb		13,877,700		6,873,306
Gamuda Bhdb		13,754,600		17,417,109
Genting Bhd		16,879,900		38,138,145
Genting Malaysia Bhdb		23,323,800		31,380,247
Genting Plantations Bhd		2,382,200		6,142,512
HAP Seng Consolidated Bhdb		5,515,400		13,447,044
Hartalega Holdings Bhd		5,705,900		17,014,274
Hengyuan Refining Co. Bhda		544,800		1,780,301
Hong Leong Bank Bhd		5,867,600		29,989,623
Hong Leong Financial Group Bhd		2,260,900		11,024,557
IHH Healthcare Bhdb		18,111,500		27,326,772
IJM Corp. Bhd		20,640,600		14,333,018
Inari Amertron Bhdb		14,665,700		12,655,110
IOI Corp. Bhd		17,822,600		21,339,799
IOI Properties Group Bhd		17,117,141		8,084,430
Kossan Rubber Industries		2,819,800		6,169,437
KPJ Healthcare Bhd		23,322,800		5,864,937
Kuala Lumpur Kepong Bhd		3,576,800		22,865,221
Lafarge Malaysia Bhda,b		4,140,200		5,549,158
Magnum Bhd		7,891,700		3,948,872
Mah Sing Group Bhd		13,321,023		4,080,987
Malayan Banking Bhd		29,274,100		78,173,879
Malaysia Airports Holdings Bhdb		6,791,100		15,083,628
Malaysia Building Society Bhdb		13,823,200		4,305,413
Malaysian Resources Corp. Bhdb		24,489,300		6,752,220
Maxis Bhdb		14,572,600		21,987,252
MISC Bhd		9,239,400		16,181,334
My EG Services Bhdb		20,540,200		14,105,984
Nestle Malaysia Bhd		163,300		5,340,498
OSK Holdings Bhd		10,633,200		2,823,214
Pavilion REIT		11,973,300		4,096,048
Petronas Chemicals Group Bhd		18,294,200		37,784,038
Petronas Dagangan Bhd		2,147,400		14,144,223
Petronas Gas Bhd		5,077,300		22,839,425
Pos Malaysia Bhdb		3,505,600		3,553,033
PPB Group Bhd		3,668,400		16,576,635
Press Metal Aluminium Holdings Bhd		9,210,900		13,638,810
Public Bank Bhd		21,893,960		128,557,845

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
QL Resources Bhd		8,521,995	$	10,747,678
RHB Bank Bhd		7,005,066		9,621,459
RHB Bank Bhd Newa,d		1,769,000		5
Sapura Energy Bhdb		32,692,000		5,591,943
Sime Darby Bhd		17,511,300		12,338,828
Sime Darby Plantation Bhda		17,511,300		23,917,655
Sime Darby Property Bhda		17,511,300		6,303,532
SP Setia Bhd Group		1,978,800		1,667,102
Sunway Bhdb		17,208,354		7,248,860
Sunway Construction Group Bhd		6,837,270		4,189,290
Sunway REITb		16,240,200		7,006,877
Supermax Corp. Bhd		5,874,000		3,928,997
Ta Ann Holdings Bhd		4,241,360		3,714,032
Telekom Malaysia Bhdb		8,273,100		12,461,396
Tenaga Nasional Bhd		25,687,300		102,959,053
TIME dotCom Bhdb		3,564,200		7,597,924
Top Glove Corp. Bhdb		5,929,400		14,698,615
UEM Sunrise Bhda,b		13,693,600		3,810,575
UOA Development Bhd		8,284,100		5,498,764
VS Industry Bhdb		3,122,300		2,359,461
WCT Holdings Bhda,b		10,228,779		4,021,527
Westports Holdings Bhdb		10,273,500		9,651,897
YTL Corp. Bhd		32,810,166		11,978,182
YTL Power International Bhd		15,567,300		4,490,949
				1,237,696,323
MEXICO — 2.80%
Alfa SAB de CV Class A		23,365,700		27,728,734
Alsea SAB de CV		4,265,300		14,527,385
America Movil SAB de CV Series L		254,617,400		234,009,949
Arca Continental SAB de CV		3,485,700		24,172,841
Axtel SAB de CV CPOa,b		13,121,300		3,053,082
Banco del Bajio SAa,c		2,164,200		4,708,772
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B		13,499,800		19,040,106
Banregio Grupo Financiero SAB de CV		1,903,800		11,720,272
Bolsa Mexicana de Valores SAB de CV		3,888,300		7,200,785
Cemex SAB de CV CPOa		109,652,186		72,357,540
Coca-Cola Femsa SAB de CV Series L		3,721,800		25,052,663

Security	Shares		Value
Concentradora Fibra Hotelera Mexicana SA de CVc		5,223,200	$	2,906,853
Consorcio ARA SAB de CV		10,612,100		4,122,897
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa,b		5,415,400		4,816,368
Corp Inmobiliaria Vesta SAB de CV		4,780,000		6,561,828
El Puerto de Liverpool SAB de CV Series C1b		1,423,735		9,711,915
Fibra Uno Administracion SA de CV		23,447,000		33,032,345
Fomento Economico Mexicano SAB de CV		14,686,200		135,847,545
Genomma Lab Internacional SAB de CV Series Ba,b		6,728,000		7,271,104
Gentera SAB de CV		7,868,400		6,422,503
Gruma SAB de CV Series B		1,697,865		19,636,092
Grupo Aeromexico SAB de CVa,b		3,955,100		6,121,213
Grupo Aeroportuario del Centro Norte SAB de CV		2,425,000		11,839,018
Grupo Aeroportuario del Pacifico SAB de CV Series B		2,749,500		26,540,464
Grupo Aeroportuario del Sureste SAB de CV Series B		1,642,250		29,075,145
Grupo Bimbo SAB de CV Series A		12,640,800		29,553,490
Grupo Carso SAB de CV Series A1		4,252,448		14,918,616
Grupo Comercial Chedraui SA de CV		3,235,800		6,738,463
Grupo Financiero Banorte SAB de CV Series O		18,828,000		112,926,087
Grupo Financiero Inbursa SAB de CV Series O		18,185,100		29,031,389
Grupo Herdez SAB de CV		2,697,900		6,604,972
Grupo Lala SAB de CV		5,548,400		8,119,538
Grupo Mexico SAB de CV Series B		29,184,500		99,540,074
Grupo Televisa SAB CPO		18,708,600		63,968,399
Industrias Bachoco SAB de CV Series B		1,568,300		7,619,143
Industrias CH SAB de CV Series Ba,b		1,424,700		6,217,724

CONSOLIDATED SCHEDULES OF INVESTMENTS 23

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Industrias Penoles SAB de CV		1,064,300	$	23,237,809
Infraestructura Energetica Nova SAB de CV		4,111,800		19,461,692
Kimberly-Clark de Mexico SAB de CV Series Ab		11,856,000		21,585,498
La Comer SAB de CVa		3,991,900		3,967,145
Macquarie Mexico Real Estate Management SA de CV		6,942,900		7,345,115
Mexichem SAB de CV		7,676,583		21,499,478
PLA Administradora Industrial S. de RL de CV		5,500,400		8,238,793
Promotora y Operadora de Infraestructura SAB de CV		1,821,745		18,575,677
Qualitas Controladora SAB de CV		2,873,100		7,550,130
Telesites SAB de CVa,b		12,444,995		9,801,909
Wal-Mart de Mexico SAB de CV		39,137,200		91,272,423
				1,365,250,983
PAKISTAN — 0.17%
DG Khan Cement Co. Ltd.		2,593,000		3,370,935
Engro Corp. Ltd./Pakistan		2,656,600		7,225,173
Engro Fertilizers Ltd.		5,597,347		3,502,867
Fauji Cement Co. Ltd.		7,333,000		1,655,721
Fauji Fertilizer Co. Ltd.		4,923,820		3,949,479
Habib Bank Ltd.		4,466,900		8,419,002
Hub Power Co. Ltd. (The)		6,139,995		5,445,986
Lucky Cement Ltd.		1,204,000		6,543,064
MCB Bank Ltd.		2,943,500		5,815,107
National Bank of Pakistan		4,329,500		1,833,708
Nishat Mills Ltd.		3,161,900		4,563,582
Oil & Gas Development Co. Ltd.		5,795,000		8,556,334
Pakistan Oilfields Ltd.		956,350		5,402,778
Pakistan State Oil Co. Ltd.		1,841,382		4,960,213
Searle Co. Ltd. (The)		1,012,711		3,311,545
SUI Northern Gas Pipeline		2,720,400		2,832,248
United Bank Ltd./Pakistan		3,771,400		6,436,404
				83,824,146
PERU — 0.36%
Cia. de Minas Buenaventura SAA ADR		1,564,773		24,332,220
Credicorp Ltd.		531,606		115,066,119
Southern Copper Corp.		718,224		37,871,951
				177,270,290

Security	Shares		Value
PHILIPPINES — 1.01%
Aboitiz Equity Ventures Inc.		15,428,160	$	22,928,947
Aboitiz Power Corp.		10,351,600		7,652,392
Alliance Global Group Inc.a		25,322,100		7,225,161
Ayala Corp.		1,993,915		40,467,899
Ayala Land Inc.		54,413,200		42,941,293
Bank of the Philippine Islands		6,744,775		15,528,005
BDO Unibank Inc.		15,528,186		46,453,367
Bloomberry Resorts Corp.a		3,603,300		985,234
Cebu Air Inc.		2,403,290		4,628,456
Cosco Capital Inc.		23,503,100		3,303,431
D&L Industries Inc.		24,156,300		5,473,202
DMCI Holdings Inc.		32,020,600		8,558,501
DoubleDragon Properties Corp.a		5,671,400		3,484,731
Filinvest Land Inc.		98,737,000		3,355,693
First Gen Corp.		10,903,500		3,035,729
First Philippine Holdings Corp.		1,721,060		2,057,143
Globe Telecom Inc.		286,120		9,460,419
GT Capital Holdings Inc.		705,620		18,290,841
International Container Terminal Services Inc.		4,084,130		8,626,235
JG Summit Holdings Inc.		22,270,793		30,789,115
Jollibee Foods Corp.		3,372,120		19,321,056
Lopez Holdings Corp.		16,480,300		1,705,622
Manila Electric Co.		776,720		5,020,045
Manila Water Co. Inc.		10,665,600		5,324,608
Megaworld Corp.		90,471,600		8,425,255
Melco Resorts And Entertainment (Philippines) Corp.a		16,870,400		2,478,083
Metro Pacific Investments Corp.		110,567,400		11,952,659
Metropolitan Bank & Trust Co.		5,712,932		10,733,687
Nickel Asia Corp.		15,599,324		1,878,029
PLDT Inc.		681,095		19,878,349
Robinsons Land Corp.		18,115,313		6,748,024
Security Bank Corp.		1,779,390		8,411,786
SM Investments Corp.		1,864,382		33,650,520
SM Prime Holdings Inc.		65,244,096		44,222,669
Universal Robina Corp.		7,141,200		20,430,853
Vista Land & Lifescapes Inc.		39,966,700		4,988,163
				490,415,202
POLAND — 1.22%
Alior Bank SAa		727,244		17,689,002
Asseco Poland SA		570,849		7,872,860

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Bank Handlowy w Warszawie SA		266,576	$	6,519,025
Bank Millennium SAa		4,870,244		11,881,590
Bank Pekao SA		1,135,256		43,879,669
Bank Zachodni WBK SA		265,980		29,044,931
Budimex SA		107,367		6,072,146
CCC SA		234,773		17,264,988
CD Projekt SA		535,594		16,723,881
Ciech SAa		241,134		4,084,870
Cyfrowy Polsat SA		1,778,932		12,126,899
Dino Polska SAa,c		269,317		6,707,874
Enea SA		1,799,497		5,314,339
Eurocash SAb		727,335		4,440,315
Getin Noble Bank SAa		4,951,350		2,196,265
Globe Trade Centre SAb		2,040,709		5,329,932
Grupa Azoty SA		351,278		5,955,863
Grupa Lotos SA		784,619		12,863,470
Jastrzebska Spolka Weglowa SAa		422,453		11,366,504
KGHM Polska Miedz SA		1,079,727		33,084,215
KRUK SA		139,915		8,656,009
LPP SA		10,275		27,031,188
Lubelski Wegiel Bogdanka SA		145,336		2,230,882
mBank SAa		115,237		15,401,925
Netia SA		2,875,054		4,513,837
Orange Polska SAa		4,831,735		8,037,029
PGE Polska Grupa Energetyczna SAa		6,276,372		18,572,237
PLAY Communications SAa,c		463,932		4,576,027
Polski Koncern Naftowy ORLEN SA		2,280,939		64,246,365
Polskie Gornictwo Naftowe i Gazownictwo SA		13,872,960		24,533,490
Powszechna Kasa Oszczednosci Bank Polski SAa		6,988,649		87,838,655
Powszechny Zaklad Ubezpieczen SA		4,648,102		57,959,699
Tauron Polska Energia SAa		8,119,558		6,042,131
Warsaw Stock Exchange		448,208		5,755,060
				595,813,172
QATAR — 0.50%
Al Meera Consumer Goods Co. QSC		89,225		3,658,245
Barwa Real Estate Co.		837,228		7,727,482
Commercial Bank PQSC (The)a		1,740,092		13,463,409

Security	Shares		Value
Doha Bank QPSC		392,500	$	3,515,214
Ezdan Holding Group QSC		6,420,713		16,002,544
Gulf International Services QSCa		323,091		1,556,521
Industries Qatar QSC		1,105,133		31,266,498
Masraf Al Rayan QSC		3,111,446		32,041,622
Mazaya Qatar Real Estate Development QSCa		12		25
Ooredoo QPSC		661,784		15,768,845
Qatar Electricity & Water Co. QSC		259,967		12,182,393
Qatar Gas Transport Co. Ltd.		1,322,782		6,173,369
Qatar Industrial Manufacturing Co. QSC		255,610		3,073,313
Qatar Insurance Co. SAQ		1,358,626		14,419,029
Qatar Islamic Bank SAQ		575,858		15,142,454
Qatar National Bank QPSC		1,742,788		57,039,649
Qatar National Cement Co. QSC		193,670		3,182,570
United Development Co. QSC		1,563,939		7,067,538
				243,280,720
RUSSIA — 3.21%
Aeroflot PJSC		4,638,200		11,653,686
Alrosa PJSC		20,032,200		30,707,915
Gazprom PJSC		61,583,720		156,602,431
Gazprom PJSC ADR		9,615,007		48,113,495
Inter RAO UES PJSC		264,063,000		17,448,632
LSR Group PJSC GDRe		2,260,653		6,940,205
LUKOIL PJSC		2,444,539		163,982,442
LUKOIL PJSC ADR		831,593		55,799,890
M.Video PJSCa		367,615		2,716,423
Magnit PJSC GDRe		2,702,512		55,941,998
Magnitogorsk Iron & Steel Works PJSC		15,368,000		13,015,609
Mechel PJSC ADRa		821,217		4,048,600
MMC Norilsk Nickel PJSC		497,720		98,655,491
Mobile TeleSystems PJSC ADR		3,972,281		47,508,481
Moscow Exchange MICEX-RTS PJSC		12,878,830		25,587,231
Novatek PJSC GDRe		714,568		97,538,532
Novolipetsk Steel PJSC		9,372,670		24,323,408
PhosAgro PJSC GDRe		1,052,443		16,207,622
Polyus PJSC		152,615		12,594,685
Rosneft Oil Co. PJSC		1,206,660		7,083,816
Rosneft Oil Co. PJSC GDR		7,231,536		42,304,486

CONSOLIDATED SCHEDULES OF INVESTMENTS 25

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
RusHydro PJSC		871,605,000	$	12,099,282
Sberbank of Russia PJSC		12,641,030		61,164,644
Sberbank of Russia PJSC ADR		16,276,071		332,845,652
Severstal PJSC		1,660,810		27,093,351
Surgutneftegas OJSC		48,054,750		24,510,718
Surgutneftegas OJSC ADR		1,311,499		6,557,495
Tatneft PJSC Class S		11,845,800		124,986,104
VTB Bank PJSC		5,421,870,000		5,081,182
VTB Bank PJSC GDRe		15,679,506		33,554,143
				1,566,667,649
SOUTH AFRICA — 6.88%
Adcock Ingram Holdings Ltd.		980,921		5,650,969
Advtech Ltd.		4,881,437		7,009,667
AECI Ltd.		1,141,017		10,938,683
African Rainbow Minerals Ltd.		942,877		9,746,890
Anglo American Platinum Ltd.a		414,360		12,840,728
AngloGold Ashanti Ltd.		3,136,649		28,747,024
Aspen Pharmacare Holdings Ltd.		2,949,813		67,499,269
Astral Foods Ltd.		423,732		10,230,954
Attacq Ltd.a		4,612,219		7,381,113
AVI Ltd.		2,812,600		28,951,045
Barclays Africa Group Ltd.		4,922,571		82,781,349
Barloworld Ltd.		1,663,237		25,085,764
Bid Corp. Ltd.		2,562,879		58,597,461
Bidvest Group Ltd. (The)		2,527,327		48,198,800
Blue Label Telecoms Ltd.		4,851,571		5,343,253
Brait SEa,b		1,024,103		3,891,223
Capitec Bank Holdings Ltd.		325,490		22,955,197
Cashbuild Ltd.		220,063		8,788,910
City Lodge Hotels Ltd.		490,447		7,105,067
Clicks Group Ltd.		2,001,663		28,667,257
Coronation Fund Managers Ltd.		1,807,657		12,243,751
DataTec Ltd.		1,638,593		3,470,492
Discovery Ltd.		2,621,585		39,706,616
Emira Property Fund Ltd.		5,481,981		7,272,928
EOH Holdings Ltd.		1,112,004		6,735,850
Exxaro Resources Ltd.		1,711,648		19,202,070
Famous Brands Ltd.a,b		709,840		7,396,829
FirstRand Ltd.		25,332,240		158,598,118
Fortress REIT Ltd. Series A		7,400,549		9,981,298
Fortress REIT Ltd. Series B		6,566,808		8,901,318

Security	Shares		Value
Foschini Group Ltd. (The)		1,625,941	$	29,546,910
Gold Fields Ltd.		6,445,349		25,014,206
Grindrod Ltd.a		4,158,786		4,869,166
Growthpoint Properties Ltd.		17,292,484		43,217,476
Harmony Gold Mining Co. Ltd.		3,295,319		6,594,128
Hosken Consolidated Investments Ltd.		630,159		8,234,843
Hudaco Industries Ltd.		519,885		6,958,961
Hyprop Investments Ltd.		1,980,905		18,317,550
Impala Platinum Holdings Ltd.a,b		4,914,690		12,532,642
Imperial Holdings Ltd.		1,113,340		23,642,470
Investec Ltd.		1,947,671		16,912,954
JSE Ltd.		802,483		13,869,027
KAP Industrial Holdings Ltd.		9,453,196		7,047,601
Kumba Iron Ore Ltd.		440,747		13,083,787
Liberty Holdings Ltd.		1,036,562		11,706,795
Life Healthcare Group Holdings Ltd.		9,312,874		21,428,585
Massmart Holdings Ltd.		914,169		12,622,367
Metair Investments Ltd.		2,466,694		4,981,975
MMI Holdings Ltd./South Africa		6,938,793		12,832,689
Mondi Ltd.		881,030		22,991,310
Mpact Ltd.		2,042,033		4,790,333
Mr. Price Group Ltd.		1,765,278		42,290,400
MTN Group Ltd.		12,732,694		138,612,829
Murray & Roberts Holdings Ltd.		4,038,130		3,817,899
Nampak Ltd.a		4,817,230		6,476,708
Naspers Ltd. Class N		3,307,694		916,612,693
Nedbank Group Ltd.		1,652,276		40,252,334
NEPI Rockcastle PLC		2,773,100		28,011,159
Netcare Ltd.		7,839,896		16,936,766
Northam Platinum Ltd.a		2,746,305		9,920,783
Omnia Holdings Ltd.		588,576		7,746,291
Pick n Pay Stores Ltd.		2,896,770		17,831,563
Pioneer Foods Group Ltd.		1,044,637		11,637,807
PPC Ltd.a		12,586,754		8,903,899
PSG Group Ltd.		796,406		14,674,854
Rand Merchant Investment Holdings Ltd.		5,551,634		21,004,848
Redefine Properties Ltd.		39,243,348		37,701,541
Remgro Ltd.		3,926,733		80,339,385
Resilient REIT Ltd.b		2,250,322		12,651,180
Reunert Ltd.		1,559,476		10,106,950
RMB Holdings Ltd.		5,217,068		38,505,641
Royal Bafokeng Platinum Ltd.a		593,062		1,607,793
SA Corporate Real Estate Ltd.		20,080,760		7,961,703

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Sanlam Ltd.		10,347,413	$	79,991,650
Sappi Ltd.		4,264,665		27,675,386
Sasol Ltd.		4,141,436		146,219,926
Shoprite Holdings Ltd.		3,388,682		74,630,670
Sibanye Gold Ltd.		13,482,773		12,964,479
SPAR Group Ltd. (The)		1,463,889		27,110,548
Standard Bank Group Ltd.		9,734,808		179,632,619
Steinhoff International Holdings NV Class Hb		23,632,564		11,612,316
Super Group Ltd./South Africaa		3,181,187		10,583,519
Telkom SA SOC Ltd.		2,098,026		9,198,165
Tiger Brands Ltd.		1,224,940		44,268,551
Tongaat Hulett Ltd.		961,556		8,792,998
Trencor Ltd.		1,617,708		6,052,143
Truworths International Ltd.		3,320,619		28,491,987
Tsogo Sun Holdings Ltd.		3,534,086		7,634,793
Vodacom Group Ltd.		4,462,204		61,524,829
Vukile Property Fund Ltd.		5,696,763		10,202,653
Wilson Bayly Holmes-Ovcon Ltd.		538,732		7,915,019
Woolworths Holdings Ltd./South Africa		7,515,709		41,609,792
Zeder Investments Ltd.		13,040,884		7,126,015
				3,351,958,752
SOUTH KOREA — 13.98%
Advanced Process Systems Corp.a,b		121,491		3,651,798
Ahnlab Inc.b		50,377		3,433,210
AK Holdings Inc.		47,998		3,630,101
Amorepacific Corp.b		243,393		63,270,043
AMOREPACIFIC Group		224,427		26,113,032
Aprogen pharmaceuticals Inc.a,b		917,158		3,646,103
Asiana Airlines Inc.a		856,542		3,986,492
ATGen Co. Ltd.a,b		221,205		4,330,544
BGF Co. Ltd.b		123,217		1,427,993
BGF retail Co. Ltd.		60,609		9,738,633
BH Co. Ltd.a,b		196,709		3,669,334
Binggrae Co. Ltd.a		65,599		3,773,957
BNK Financial Group Inc.		1,699,423		17,576,450
Boditech Med Inc.b		204,405		3,576,946
Bukwang Pharmaceutical Co. Ltd.		264,291		5,820,796
Caregen Co. Ltd.		36,236		2,877,732
Cell Biotech Co. Ltd.b		80,269		3,587,607
Celltrion Healthcare Co. Ltd.a,b		249,748		27,583,212
Celltrion Inc.a,b		612,596		199,691,927

Security	Shares		Value
Chabiotech Co. Ltd.a,b		411,206	$	12,398,075
Cheil Worldwide Inc.		543,067		9,327,774
Chong Kun Dang Pharmaceutical Corp.		56,225		6,723,739
CJ CGV Co. Ltd.		127,362		8,315,166
CJ CheilJedang Corp.		57,956		18,089,508
CJ Corp.		103,225		15,871,237
CJ E&M Corp.		158,729		12,693,629
CJ Freshway Corp.b		82,470		2,794,948
CJ Logistics Corp.a,b		66,247		8,105,760
CJ O Shopping Co. Ltd.		26,911		5,238,562
Com2uSCorp.		74,337		11,196,200
Cosmax Inc.b		68,884		8,142,166
Coway Co. Ltd.		403,895		32,299,665
CrystalGenomics Inc.a,b		200,419		5,145,118
Daeduck Electronics Co.		477,717		3,952,668
Daeduck GDS Co. Ltd.		289,196		5,314,434
Daekyo Co. Ltd.		323,949		2,408,154
Daelim Industrial Co. Ltd.		205,556		14,084,639
Daesang Corp.		179,764		4,050,459
Daewoo Engineering & Construction Co. Ltd.a		991,915		4,781,417
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a,b		44,738		1,032,829
Daewoong Pharmaceutical Co. Ltd.b		44,866		7,581,936
Daishin Securities Co. Ltd.a		317,794		4,313,946
Daou Technology Inc.		216,984		4,648,655
DB HiTek Co. Ltd.		329,457		4,654,808
DB Insurance Co. Ltd.		375,030		24,069,245
Dentium Co. Ltd.a,b		55,309		3,907,229
DGB Financial Group Inc.		1,121,910		12,846,693
DIO Corp.a		109,241		3,803,108
Dong-A Socio Holdings Co. Ltd.		35,450		4,337,543
Dong-A ST Co. Ltd.		52,899		5,275,734
Dongjin Semichem Co. Ltd.a,b		256,804		3,818,030
DongKook Pharmaceutical Co. Ltd.		65,524		4,090,334
Dongkuk Steel Mill Co. Ltd.		486,448		4,828,993
Dongsuh Cos. Inc.		299,321		7,697,931
Dongwon Industries Co. Ltd.		15,700		4,429,172
Doosan Bobcat Inc.		213,703		6,709,670
Doosan Heavy Industries & Construction Co. Ltd.a,b		483,283		6,671,974
Doosan Infracore Co. Ltd.a,b		1,072,973		9,254,380
DoubleUGames Co. Ltd.b		94,671		5,411,520

CONSOLIDATED SCHEDULES OF INVESTMENTS 27

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Douzone Bizon Co. Ltd.		179,919	$	9,221,077
E-MART Inc.		160,927		45,176,663
E1 Corp.		32,842		1,819,669
Ecopro Co. Ltd.a,b		162,626		5,263,682
Emerson Pacific Inc.a,b		84,220		2,103,750
Eo Technics Co Ltd.		71,215		5,247,906
Fila Korea Ltd.b		95,209		8,765,664
Foosung Co. Ltd.a,b		484,135		4,206,954
G-treeBNT Co. Ltd.a		167,284		6,148,216
GemVax & Kael Co. Ltd.a,b		284,769		3,970,830
Genexine Co. Ltd.a,b		99,239		8,229,441
Grand Korea Leisure Co. Ltd.		256,049		5,497,404
Green Cross Cell Corp.		101,283		4,900,941
Green Cross Corp./South Korea		45,247		9,066,949
Green Cross Holdings Corp.		215,421		8,176,012
GS Engineering & Construction Corp.b		332,771		8,973,048
GS Holdings Corp.		381,937		23,313,358
GS Home Shopping Inc.		29,555		5,510,347
GS Retail Co. Ltd.b		210,498		6,997,810
Gwangju Shinsegae Co. Ltd.		11,228		2,312,165
Halla Holdings Corp.		69,794		3,473,909
Hana Financial Group Inc.		2,091,677		94,935,751
Hana Tour Service Inc.b		88,602		8,386,467
Hanall Biopharma Co. Ltd.a,b		252,296		7,595,207
Hancom Inc.b		209,117		3,244,220
Handsome Co. Ltd.		147,805		3,978,683
Hanil Cement Co. Ltd.		29,526		3,476,374
Hanjin Heavy Industries & Construction Co. Ltd.a,b		678,518		2,099,026
Hanjin Kal Corp.a		358,277		6,716,246
Hanjin Transportation Co. Ltd.		95,356		2,192,598
Hankook Shell Oil Co. Ltd.		11,110		3,708,805
Hankook Tire Co. Ltd.		555,719		30,277,423
Hankook Tire Worldwide Co. Ltd.		236,100		4,338,711
Hanmi Pharm Co. Ltd.b		48,472		20,724,477
Hanmi Science Co. Ltd.b		107,154		8,311,881
Hanon Systems		1,447,784		16,711,885
Hansae Co. Ltd.b		141,938		2,942,569
Hansol Chemical Co. Ltd.b		75,371		5,136,559
Hansol Technics Co. Ltd.a		205,142		2,604,767
Hanssem Co. Ltd.b		83,923		11,586,008
Hanwha Chemical Corp.		786,115		24,101,042
Hanwha Corp.		324,690		13,237,661
Hanwha General Insurance Co. Ltd.		762,002		6,121,911

Security	Shares		Value
Hanwha Investment & Securities Co. Ltd.a,b		1,232,524	$	3,534,017
Hanwha Life Insurance Co. Ltd.		1,863,061		11,544,131
Hanwha Techwin Co. Ltd.a,b		290,701		7,825,223
Hite Jinro Co. Ltd.a		228,683		4,645,882
HLB Inc.a,b		250,414		9,226,631
HMC Investment Securities Co. Ltd.		349,532		3,550,514
Homecast Co. Ltd.a,b		265,874		2,933,968
Hotel Shilla Co. Ltd.		240,121		18,138,238
HS Industries Co. Ltd.a,b		337,610		2,774,706
Huchems Fine Chemical Corp.		191,118		4,738,682
Hugel Inc.a,b		19,427		10,010,404
Humedix Co. Ltd.b		126,228		4,866,580
Huons Co. Ltd.		71,995		6,269,396
Huons Global Co. Ltd.b		83,512		4,827,640
Hy-Lok Corp.b		146,745		3,340,349
Hyosung Corp.		158,444		18,289,316
Hyundai Construction Equipment Co. Ltd.a		43,619		6,847,567
Hyundai Department Store Co. Ltd.		100,358		8,470,515
Hyundai Development Co. Engineering & Construction		445,538		15,552,070
Hyundai Electric & Energy System Co. Ltd.a		46,826		3,913,337
Hyundai Elevator Co. Ltd.a		112,956		6,122,927
Hyundai Engineering & Construction Co. Ltd.a		588,761		20,932,033
Hyundai Glovis Co. Ltd.		141,046		18,560,398
Hyundai Greenfood Co. Ltd.		396,891		5,387,661
Hyundai Heavy Industries Co. Ltd.a		238,364		28,835,242
Hyundai Home Shopping Network Corp.		57,688		5,859,895
Hyundai Livart Furniture Co. Ltd.b		126,396		2,935,506
Hyundai Marine & Fire Insurance Co. Ltd.		482,487		18,401,249
Hyundai Merchant Marine Co. Ltd.a,b		1,444,438		5,822,303
Hyundai Mipo Dockyard Co. Ltd.a,b		94,598		9,521,823
Hyundai Mobis Co. Ltd.		507,804		106,915,977
Hyundai Motor Co.		1,165,623		173,837,025
Hyundai Robotics Co. Ltd.a		73,874		30,186,762
Hyundai Rotem Co. Ltd.a,b		218,310		3,114,682

28 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Hyundai Steel Co.		576,110	$	28,515,556
Hyundai Wia Corp.b		122,910		6,594,396
Il Dong Pharmaceutical Co. Ltd.		162,437		3,600,044
Iljin Materials Co. Ltd.a,b		138,038		4,155,544
Ilyang Pharmaceutical Co. Ltd.a		131,189		4,658,064
iMarketKorea Inc.		225,408		2,143,967
InBody Co. Ltd.		121,646		4,751,709
Industrial Bank of Korea		1,724,214		27,386,167
ING Life Insurance Korea Ltd.c		176,565		8,608,950
Innocean Worldwide Inc.		85,487		5,091,801
Innox Advanced Materials Co. Ltd.a,b		56,062		3,794,759
Interflex Co. Ltd.a,b		84,037		2,157,382
iNtRON Biotechnology Inc.a,b		114,501		4,277,002
IS Dongseo Co. Ltd.a		127,772		3,999,881
It’s Hanbul Co. Ltd.a,b		71,071		3,721,235
Jayjun Cosmetic Co. Ltd.a		113,728		1,732,858
JB Financial Group Co. Ltd.		897,770		5,264,419
Jeil Pharmaceutical Co. Ltd.b		38,135		2,074,200
Jenax Inc.a,b		143,590		4,369,093
Jusung Engineering Co. Ltd.b		347,919		3,742,965
JW Holdings Corp.b		325,090		2,467,670
JW Pharmaceutical Corp.		105,095		4,134,312
Kakao Corp.b		313,033		37,000,853
Kangwon Land Inc.a		836,976		22,298,234
KB Financial Group Inc.		2,902,379		171,532,234
KC Co. Ltd.		81,723		1,886,670
KC Tech Co. Ltd./New		121,456		2,254,378
KCC Corp.		38,898		13,021,078
KEPCO Engineering & Construction Co. Inc.a,b		141,171		3,043,996
KEPCO Plant Service & Engineering Co. Ltd.a		188,074		7,007,836
Kia Motors Corp.		1,927,386		61,137,417
KISWIRE Ltd.		80,528		2,383,343
KIWOOM Securities Co. Ltd.a,b		92,029		8,421,898
Koh Young Technology Inc.		116,681		9,869,775
Kolon Corp.b		55,996		2,875,037
Kolon Industries Inc.b		120,484		7,910,622
Kolon Life Science Inc.a,b		67,445		5,630,278
Komipharm International Co. Ltd.a,b		304,296		10,959,040
Korea Aerospace Industries Ltd. Class Aa,b		519,382		24,124,956
Korea Electric Power Corp.a		1,835,089		56,091,464
Korea Gas Corp.a		184,359		7,814,275

Security	Shares		Value
Korea Investment Holdings Co. Ltd.a		289,510	$	20,986,735
Korea Kolmar Co. Ltd.a,b		119,652		8,574,194
Korea Line Corp.a,b		115,903		3,531,996
Korea Petrochemical Ind. Co Ltd.		25,284		7,308,054
Korea REIT Co. Ltd.		1,436,246		3,912,573
Korea Zinc Co. Ltd.a		65,951		31,181,930
Korean Air Lines Co. Ltd.		338,620		10,209,570
Korean Reinsurance Co.		731,528		8,038,769
KT Corp.		51,660		1,330,976
KT Skylife Co. Ltd.		269,839		3,251,823
KT&G Corp.		862,276		79,467,305
Kukdo Chemical Co. Ltd.b		80,835		4,583,312
Kumho Industrial Co. Ltd.a,b		286,457		2,684,956
Kumho Petrochemical Co. Ltd.		123,986		10,373,194
Kumho Tire Co. Inc.a,b		961,786		4,973,683
Kwang Dong Pharmaceutical Co. Ltd.		535,146		5,015,913
Kwangju Bank Co. Ltd.		369,735		4,233,737
L&F Co. Ltd.b		108,901		3,308,563
LF Corp.		165,783		4,462,623
LG Chem Ltd.		345,592		122,228,956
LG Corp.		707,572		56,323,489
LG Display Co. Ltd.		1,671,169		46,065,560
LG Electronics Inc.		766,000		70,665,251
LG Hausys Ltd.		52,950		4,112,194
LG Household & Health Care Ltd.		70,952		72,072,398
LG Innotek Co. Ltd.b		114,909		14,006,822
LG International Corp.		230,466		5,778,144
LIG Nex1 Co. Ltd.b		85,743		3,879,774
Lock&Lock Co. Ltd.		140,506		3,023,169
Loen Entertainment Inc.b		64,941		6,536,678
Lotte Chemical Corp.		116,701		49,465,102
Lotte Confectionery Co. Ltd.a		18,038		2,898,340
Lotte Corp.a		201,646		11,675,320
LOTTE Fine Chemical Co. Ltd.		146,234		9,533,771
Lotte Food Co. Ltd.a		5,891		3,182,413
LOTTE Himart Co. Ltd.		65,377		4,226,050
Lotte Shopping Co. Ltd.		79,636		15,185,921
LS Corp.		136,665		9,591,412
LS Industrial Systems Co. Ltd.		122,308		6,302,324
Maeil Dairies Co. Ltd.a		51,975		3,258,937
Mando Corp.b		51,079		12,145,944
Medipost Co. Ltd.a,b		72,969		6,940,444
Medy-Tox Inc.		33,480		18,673,857

CONSOLIDATED SCHEDULES OF INVESTMENTS 29

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Meritz Fire & Marine Insurance Co. Ltd.		468,577	$	9,887,325
Meritz Securities Co. Ltd.		2,924,419		13,192,157
Mirae Asset Daewoo Co. Ltd.b		2,779,053		23,815,322
Modetour Network Inc.		194,638		7,189,510
Muhak Co. Ltd.		161,443		2,787,870
Namhae Chemical Corp.		390,188		4,431,907
Namyang Dairy Products Co. Ltd.a		4,909		3,109,774
Naturalendo Tech Co. Ltd.a,b		108,692		2,052,592
NAVER Corp.		211,597		156,904,969
NCSoft Corp.b		134,744		46,660,818
Netmarble Games Corp.b,c		153,884		20,960,283
Nexen Corp.		415,748		2,794,945
Nexen Tire Corp.		310,131		3,408,033
NH Investment & Securities Co. Ltd.a		970,313		12,813,257
NHN Entertainment Corp.a,b		88,240		6,412,862
NHN KCP Corp.a,b		175,692		3,001,479
NICE Holdings Co. Ltd.a		231,111		3,190,608
NICE Information Service Co. Ltd.a		409,505		3,490,379
Nong Shim Holdings Co. Ltd.		32,287		3,145,515
NongShim Co. Ltd.		24,098		6,876,242
NS Shopping Co. Ltd.		227,255		2,969,488
NUTRIBIOTECH Co. Ltd.a,b		135,590		3,073,908
OCI Co. Ltd.b		127,272		19,333,497
Orion Corp./Republic of Korea		156,091		15,567,299
Orion Holdings Corp.		135,035		3,179,788
Osstem Implant Co. Ltd.a,b		101,092		4,686,322
Ottogi Corp.		10,129		6,612,986
Pan Ocean Co. Ltd.a,b		1,673,133		9,162,137
Paradise Co. Ltd.b		396,792		6,705,415
Partron Co. Ltd.b		343,435		2,958,951
Poongsan Corp.		192,958		7,670,922
POSCO		541,683		180,827,781
POSCO Chemtech Co. Ltd.b		217,033		8,928,636
Posco Daewoo Corp.b		311,544		5,811,422
Posco ICT Co. Ltd.b		430,745		3,106,583
S&T Motiv Co. Ltd.		98,215		4,022,380
S-1 Corp.		127,188		11,275,324
S-Oil Corp.		340,446		38,826,375
Samchully Co. Ltd.		24,618		2,773,475
Samjin Pharmaceutical Co. Ltd.		150,191		5,755,773
Samsung Biologics Co. Ltd.a,b,c		131,384		54,596,731
Samsung C&T Corp.		567,944		67,393,854

Security	Shares		Value
Samsung Card Co. Ltd.		176,837	$	5,927,771
Samsung Electro-Mechanics Co. Ltd.		414,830		35,472,581
Samsung Electronics Co. Ltd.		726,937		1,579,538,980
Samsung Engineering Co. Ltd.a,b		919,193		13,623,647
Samsung Fire & Marine Insurance Co. Ltd.		228,022		60,853,595
Samsung Heavy Industries Co. Ltd.a,b		1,950,863		15,402,972
Samsung Life Insurance Co. Ltd.		525,816		58,995,885
Samsung SDI Co. Ltd.b		418,374		66,065,153
Samsung SDS Co. Ltd.		260,819		57,322,857
Samsung Securities Co. Ltd.		443,991		16,236,073
Samyang Corp.b		34,857		2,877,658
Samyang Holdings Corp.b		32,813		3,378,566
Seah Besteel Corp.		118,865		3,128,315
Sebang Global Battery Co. Ltd.		107,929		3,418,566
Seegene Inc.a,b		141,732		4,489,249
Seobu T&Da,b		390,790		3,897,435
Seoul Semiconductor Co. Ltd.b		304,881		6,714,758
SFA Engineering Corp.		158,386		5,477,473
Shinhan Financial Group Co. Ltd.		3,097,031		135,561,242
Shinsegae Food Co. Ltd.b		23,941		2,851,961
Shinsegae Inc.		56,953		18,039,412
Shinsegae International Inc.		35,890		2,651,399
Silicon Works Co. Ltd.		114,961		4,644,514
SillaJen Inc.a,b		405,389		38,333,949
Sindoh Co. Ltd.		68,653		4,203,245
SK Chemicals Co. Ltd./Newa		60,527		6,092,384
SK Discovery Co. Ltd.b		74,907		3,112,767
SK Gas Ltd.b		43,454		3,780,004
SK Holdings Co. Ltd.		261,882		68,801,763
SK Hynix Inc.		4,375,541		310,316,325
SK Innovation Co. Ltd.		485,123		92,060,926
SK Materials Co. Ltd.b		48,555		7,523,805
SK Networks Co. Ltd.b		1,036,191		5,722,063
SK Securities Co. Ltd.a,b		3,263,882		3,616,824
SK Telecom Co. Ltd.		150,624		33,382,362
SKC Co. Ltd.		172,623		6,256,767
SKCKOLONPI Inc.b		105,285		3,874,418
SL Corp.		153,116		3,393,466
SM Entertainment Co.a,b		205,850		6,985,860
Songwon Industrial Co. Ltd.		167,071		3,695,032
Soulbrain Co. Ltd.b		79,698		4,283,335
SPC Samlip Co. Ltd.a,b		23,982		2,956,503

30 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Ssangyong Cement Industrial Co. Ltd.		240,701	$	4,645,536
Ssangyong Motor Co.a		473,964		2,367,850
Sungwoo Hitech Co. Ltd.		410,620		2,631,547
Taekwang Industrial Co. Ltd.		3,497		4,256,206
Taewoong Co. Ltd.a,b		97,480		1,948,880
Taeyoung Engineering & Construction Co. Ltd.		589,063		5,521,276
TELCON Inc.a,b		450,286		5,093,733
Tera Resource Co. Ltd.a,d		49,111		—
Texcell-NetCom Co. Ltd.a		198,136		5,800,084
Tongyang Inc.a		1,488,911		2,791,107
Tongyang Life Insurance Co. Ltd.		427,671		2,839,555
Toptec Co. Ltd.a,b		174,884		4,731,832
Value Added Technology Co. Ltd.a,b		101,057		3,784,155
Vieworks Co. Ltd.		74,600		2,883,009
ViroMed Co. Ltd.a,b		107,751		23,283,529
Webzen Inc.a,b		146,276		3,579,568
Wonik Holdings Co. Ltd.a		279,913		2,034,274
WONIK IPS Co. Ltd.		181,485		5,966,263
Woori Bank		3,049,976		46,753,718
YG Entertainment Inc.b		142,148		3,563,873
Youlchon Chemical Co. Ltd.		289,625		4,787,411
Youngone Corp.		180,473		4,874,721
Youngone Holdings Co. Ltd.		71,462		3,556,932
Yuanta Securities Korea Co. Ltd.a		765,937		3,197,004
Yuhan Corp.		64,863		12,458,679
Yungjin Pharmaceutical Co. Ltd.a,b		747,443		6,060,162
				6,813,684,865
TAIWAN — 12.10%
A-DATA Technology Co. Ltd.b		1,975,820		4,974,149
AcBel Polytech Inc.b		4,562,000		3,351,712
Accton Technology Corp.b		3,786,000		14,523,882
Acer Inc.b		21,219,872		17,879,771
Advanced Ceramic X Corp.b		338,000		4,092,514
Advanced Semiconductor Engineering Inc.		52,496,444		71,474,496
Advanced Wireless Semiconductor Co.b		1,607,000		3,737,401
Advantech Co. Ltd.b		2,322,165		17,299,614
Airtac International Groupb		884,880		16,215,198
Alpha Networks Inc.b		3,811,700		3,244,361

Security	Shares		Value
AmTRAN Technology Co. Ltd.b		6,270,000	$	3,650,905
Ardentec Corp.b		4,950,546		6,028,049
Asia Cement Corp.		16,646,050		16,192,489
Asia Optical Co. Inc.b		2,308,000		8,695,861
Asia Pacific Telecom Co. Ltd.a		16,171,000		5,245,307
Asia Polymer Corp.b		8,513,977		5,234,570
Asustek Computer Inc.b		4,894,000		46,433,115
AU Optronics Corp.b		58,827,000		26,395,633
Bank of Kaohsiung Co. Ltd.b		18,663,149		6,162,345
BES Engineering Corp.b		18,097,000		4,667,514
Bizlink Holding Inc.b		927,926		8,454,327
Brogent Technologies Inc.b		338,799		2,576,198
Capital Securities Corp.		19,477,000		7,605,206
Casetek Holdings Ltd.b		1,167,485		3,846,896
Catcher Technology Co. Ltd.		4,846,000		58,758,507
Cathay Financial Holding Co. Ltd.		60,685,078		113,282,415
Cathay Real Estate Development Co. Ltd.b		6,508,900		3,544,776
Center Laboratories Inc.a,b		2,970,409		4,644,523
Chailease Holding Co. Ltd.		8,468,945		28,485,568
Chang Hwa Commercial Bank Ltd.		38,101,470		21,924,773
Cheng Loong Corp.b		9,551,000		5,528,657
Cheng Shin Rubber Industry Co. Ltd.b		13,613,650		23,407,896
Cheng Uei Precision Industry Co. Ltd.b		2,898,000		4,188,851
Chicony Electronics Co. Ltd.		3,698,326		9,107,898
Chin-Poon Industrial Co. Ltd.b		2,341,000		4,410,097
China Airlines Ltd.a		19,070,000		7,511,603
China Bills Finance Corp.b		12,980,000		6,802,213
China Development Financial Holding Corp.		105,049,000		37,780,292
China Life Insurance Co. Ltd./Taiwan		24,616,622		24,789,049
China Man-Made Fiber Corp.a		15,516,550		5,144,635
China Metal Productsb		3,102,146		3,086,686
China Motor Corp.b		4,398,000		4,052,207
China Petrochemical Development Corp.a,b		17,876,900		8,235,663
China Steel Chemical Corp.b		1,429,000		7,268,466
China Steel Corp.b		91,318,529		75,380,677
China Synthetic Rubber Corp.b		5,647,005		9,671,020
Chipbond Technology Corp.b		5,202,000		12,205,203

CONSOLIDATED SCHEDULES OF INVESTMENTS 31

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Chlitina Holding Ltd.		525,000	$	2,679,351
Chong Hong Construction Co. Ltd.b		1,859,122		5,285,305
Chroma ATE Inc.		2,957,000		16,205,237
Chunghwa Precision Test Tech Co. Ltd.b		115,000		4,175,301
Chunghwa Telecom Co. Ltd.		28,666,000		107,514,069
Cleanaway Co. Ltd.b		670,000		4,050,453
Clevo Co.		3,271,175		3,288,486
CMC Magnetics Corp.a,b		31,683,566		4,840,085
Compal Electronics Inc.		28,745,000		19,789,848
Compeq Manufacturing Co. Ltd.b		8,616,000		10,033,875
Concraft Holding Co. Ltd.b		283,000		2,534,791
Continental Holdings Corp.b		8,826,600		4,822,122
Coretronic Corp.		3,406,200		5,232,590
CSBC Corp. Taiwana,b		7,834,000		3,689,524
CTBC Financial Holding Co. Ltd.		127,755,599		93,424,741
CTCI Corp.b		4,631,000		7,137,915
Cub Elecparts Inc.b		417,067		4,921,292
Darwin Precisions Corp.b		5,558,000		5,692,117
Delta Electronics Inc.		14,380,000		68,463,291
Depo Auto Parts Ind. Co. Ltd.b		1,001,000		3,003,463
E Ink Holdings Inc.		6,758,000		10,937,148
E.Sun Financial Holding Co. Ltd.		67,373,926		44,653,644
Eclat Textile Co. Ltd.b		1,191,683		12,735,014
Egis Technology Inc.a,b		513,000		2,864,106
Elan Microelectronics Corp.		3,335,000		5,174,616
Elite Advanced Laser Corp.b		1,066,560		4,493,394
Elite Material Co. Ltd.b		2,053,000		7,699,937
Elite Semiconductor Memory Technology Inc.b		3,765,000		5,429,142
Ennoconn Corp.b		377,000		6,417,736
Epistar Corp.a,b		7,442,000		13,458,841
Eternal Materials Co. Ltd.b		6,951,145		7,404,587
Eva Airways Corp.		14,210,963		7,301,277
Evergreen Marine Corp. Taiwan Ltd.a		15,621,808		8,266,922
Everlight Chemical Industrial Corp.b		7,475,781		4,570,660
Everlight Electronics Co. Ltd.b		2,995,000		4,729,136
Far Eastern Department Stores Ltd.b		6,811,167		3,709,392

Security	Shares		Value
Far Eastern International Bankb		18,869,201	$	6,236,844
Far Eastern New Century Corp.		20,815,916		18,501,927
Far EasTone Telecommunications Co. Ltd.		11,679,000		29,602,028
Faraday Technology Corp.b		2,309,000		5,370,043
Farglory Land Development Co. Ltd.		2,189,782		2,433,883
Feng Hsin Steel Co. Ltd.		3,696,000		7,785,583
Feng TAY Enterprise Co. Ltd.b		2,373,506		11,300,280
Firich Enterprises Co. Ltd.b		2,215,798		3,176,214
First Financial Holding Co. Ltd.		68,748,052		47,094,965
FLEXium Interconnect Inc.b		2,306,616		8,848,658
Formosa Chemicals & Fibre Corp.		21,375,210		79,437,252
Formosa Petrochemical Corp.		10,003,000		40,086,691
Formosa Plastics Corp.		30,164,800		106,936,233
Formosa Taffeta Co. Ltd.		4,181,000		4,568,303
Foxconn Technology Co. Ltd.b		6,449,424		17,539,835
Foxsemicon Integrated Technology Inc.b		392,000		3,195,561
Fubon Financial Holding Co. Ltd.		49,082,000		87,756,004
General Interface Solution Holding Ltd.b		1,176,000		7,190,012
Genius Electronic Optical Co. Ltd.a,b		434,000		3,627,134
Getac Technology Corp.		3,899,000		5,742,563
Giant Manufacturing Co. Ltd.b		2,196,000		11,508,212
Gigabyte Technology Co. Ltd.b		3,647,000		8,781,631
Gigasolar Materials Corp.b		309,800		2,122,245
Ginko International Co. Ltd.b		285,000		2,103,663
Gintech Energy Corp.a,b		5,123,762		2,930,822
Global Unichip Corp.b		592,000		6,285,900
Globalwafers Co. Ltd.b		1,668,000		24,338,271
Gloria Material Technology Corp.b		7,254,048		5,018,985
Goldsun Building Materials Co. Ltd.a,b		14,122,000		4,575,846
Gourmet Master Co. Ltd.b		519,855		7,282,653
Grand Pacific Petrochemical		8,351,000		8,352,287
Grape King Bio Ltd.b		908,000		6,717,748
Great Wall Enterprise Co. Ltd.b		5,114,500		5,947,399
Greatek Electronics Inc.b		3,231,000		6,285,928
HannStar Display Corp.b		20,180,640		6,946,805
Highwealth Construction Corp.b		6,142,230		9,288,399

32 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Hiwin Technologies Corp.		1,649,621	$	21,188,467
Ho Tung Chemical Corp.a		19,553,920		6,054,612
Holy Stone Enterprise Co. Ltd.b		2,894,330		9,249,405
Hon Hai Precision Industry Co. Ltd.		117,922,410		355,841,288
Hota Industrial Manufacturing Co. Ltd.b		1,832,219		8,127,018
Hotai Motor Co. Ltd.b		1,908,000		21,272,251
HTC Corp.a,b		5,010,000		10,467,709
Hu Lane Associate Inc.		613,000		3,012,981
Hua Nan Financial Holdings Co. Ltd.		53,434,182		31,479,780
Huaku Development Co. Ltd.		2,616,000		6,442,445
Hung Sheng Construction Ltd.		7,293,000		7,294,124
IEI Integration Corp.b		3,149,582		4,379,888
Innolux Corp.b		63,588,241		28,314,197
International Games System Co. Ltd.b		389,000		2,051,892
Inventec Corp.		18,725,000		14,975,895
ITEQ Corp.		2,959,000		7,753,370
Kenda Rubber Industrial Co. Ltd.b		3,480,889		4,327,937
Kerry TJ Logistics Co. Ltd.b		2,990,000		3,937,782
Kindom Construction Corp.b		4,802,000		3,470,473
King Slide Works Co. Ltd.b		424,000		6,186,707
King Yuan Electronics Co. Ltd.		8,352,000		9,011,252
King’s Town Bank Co. Ltd.		7,843,000		10,597,741
Kinpo Electronicsb		14,766,000		5,234,646
Kinsus Interconnect Technology Corp.b		1,964,000		3,424,076
LandMark Optoelectronics Corp.b		408,900		5,231,085
Largan Precision Co. Ltd.b		731,000		92,515,799
LCY Chemical Corp.b		4,210,000		6,431,334
Lealea Enterprise Co. Ltd.a,b		14,042,173		5,579,257
Lien Hwa Industrial Corp.b		6,326,405		8,212,593
Lite-On Technology Corp.		15,717,238		22,610,471
Long Chen Paper Co. Ltd.b		4,627,000		5,792,566
Lotes Co. Ltd.		216,000		1,479,680
Macronix Internationala,b		13,587,000		20,220,758
Makalot Industrial Co. Ltd.b		1,556,208		7,355,815
Masterlink Securities Corp.		18,238,344		5,722,225
MediaTek Inc.		11,222,572		115,702,563
Mega Financial Holding Co. Ltd.		79,332,958		67,796,657

Security	Shares		Value
Merida Industry Co. Ltd.b		1,616,850	$	7,116,344
Merry Electronics Co. Ltd.b		1,239,070		8,148,565
Micro-Star International Co. Ltd.		5,120,000		14,994,092
Microbio Co. Ltd.a		6,389,141		4,519,044
Mitac Holdings Corp.b		5,202,560		5,782,503
Motech Industries Inc.a,b		4,642,948		3,466,845
Nan Kang Rubber Tire Co. Ltd.b		4,680,000		4,304,019
Nan Ya Plastics Corp.		34,371,440		94,889,215
Nan Ya Printed Circuit Board Corp.b		2,089,000		1,981,994
Nanya Technology Corp.b		7,791,000		21,561,980
Neo Solar Power Corp.a,b		8,563,806		4,018,569
Nien Made Enterprise Co. Ltd.b		999,000		9,854,669
Novatek Microelectronics Corp.		4,007,000		17,361,768
OBI Pharma Inc.a		879,000		5,148,362
Oriental Union Chemical Corp.		5,237,000		5,793,876
Pan-International Industrial Corp.b		2,873,366		2,184,882
Parade Technologies Ltd.b		471,000		8,953,606
PChome Online Inc.b		734,070		4,073,208
Pegatron Corp.		14,286,000		36,699,149
PharmaEngine Inc.b		609,793		2,715,250
PharmaEssentia Corp.a		1,025,000		6,056,156
Pharmally International Holding Co. Ltd.		212,704		2,775,778
Phison Electronics Corp.		1,026,000		10,050,727
Pixart Imaging Inc.b		1,477,000		6,551,404
Pou Chen Corp.		14,998,000		18,878,817
Powertech Technology Inc.		4,904,000		15,218,181
Poya International Co. Ltd.b		399,447		5,164,880
President Chain Store Corp.		4,302,000		43,395,010
President Securities Corp.a,b		11,285,135		5,701,418
Primax Electronics Ltd.		3,500,000		8,991,112
Prince Housing & Development Corp.b		10,561,995		4,305,038
Qisda Corp.b		14,708,000		10,251,847
Quanta Computer Inc.b		19,850,000		40,521,998
Radiant Opto-Electronics Corp.b		3,442,000		9,726,328
Radium Life Tech Co. Ltd.a		12,271,196		5,190,843
Realtek Semiconductor Corp.		3,422,110		13,596,779
Ritek Corp.a		16,683,503		3,000,065
Ruentex Development Co. Ltd.a,b		7,072,986		7,788,752
Ruentex Industries Ltd.b		4,338,906		7,623,979
Sanyang Motor Co. Ltd.b		5,216,000		3,778,610

CONSOLIDATED SCHEDULES OF INVESTMENTS 33

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
ScinoPharm Taiwan Ltd.b		2,069,027	$	2,278,407
Sercomm Corp.		2,049,000		5,958,456
Shin Kong Financial Holding Co. Ltd.b		61,577,443		25,415,156
Shin Zu Shing Co. Ltd.b		1,112,000		3,450,778
Shining Building Business Co. Ltd.a,b		8,155,281		2,988,868
Shinkong Synthetic Fibers Corp.b		13,957,000		4,508,041
Sigurd Microelectronics Corp.b		5,960,000		7,461,355
Silergy Corp.b		431,000		9,595,657
Siliconware Precision Industries Co. Ltd.		14,422,819		25,145,022
Simplo Technology Co. Ltd.		989,400		6,269,425
Sinbon Electronics Co. Ltd.b		2,048,809		5,628,076
Sino-American Silicon Products Inc.		4,299,000		13,222,935
SinoPac Financial Holdings Co. Ltd.		71,832,746		24,850,088
Sinyi Realty Inc.b		3,040,087		4,118,287
Sitronix Technology Corp.b		1,247,000		3,583,542
Soft-World International Corp.b		1,422,000		3,248,699
St. Shine Optical Co. Ltd.		311,000		9,629,703
Standard Foods Corp.		4,199,096		9,866,520
Sunny Friend Environmental Technology Co. Ltd.b		663,000		5,302,547
Synnex Technology International Corp.		8,932,250		11,840,115
TA Chen Stainless Pipeb		8,500,099		7,336,833
Taichung Commercial Bank Co. Ltd.b		20,681,200		7,189,950
Taigen Biopharmaceuticals Holdings Ltd.a		2,588,000		2,207,231
TaiMed Biologics Inc.a,b		1,515,000		10,482,095
Tainan Spinning Co. Ltd.b		9,261,894		4,250,976
Taishin Financial Holding Co. Ltd.		68,407,448		33,271,763
Taiwan Acceptance Corp.		1,754,000		6,788,786
Taiwan Business Bank		29,748,718		8,803,717
Taiwan Cement Corp.		26,710,000		33,850,080
Taiwan Cogeneration Corp.b		4,680,000		4,127,691
Taiwan Cooperative Financial Holding Co. Ltd.		57,836,966		33,677,396
Taiwan Fertilizer Co. Ltd.		3,659,000		4,881,507
Taiwan Glass Industry Corp.a,b		9,966,053		6,127,336

Security	Shares		Value
Taiwan High Speed Rail Corp.		11,902,000	$	9,233,625
Taiwan Hon Chuan Enterprise Co. Ltd.		2,977,674		5,609,497
Taiwan Land Development Corp.a,b		13,936,973		4,721,161
Taiwan Mobile Co. Ltd.		11,434,000		42,100,837
Taiwan Paiho Ltd.b		1,813,000		6,054,615
Taiwan PCB Techvest Co. Ltd.b		4,794,042		4,942,565
Taiwan Secom Co. Ltd.b		2,232,185		6,949,894
Taiwan Semiconductor Co. Ltd.b		2,948,000		7,169,187
Taiwan Semiconductor Manufacturing Co. Ltd.		186,144,000		1,568,441,164
Taiwan Shin Kong Security Co. Ltd.b		4,629,770		6,073,545
Taiwan Surface Mounting Technology Corp.b		5,137,261		5,199,639
Taiwan TEA Corp.b		8,234,000		4,202,244
Tatung Co. Ltd.a,b		15,702,000		13,606,912
TCI Co. Ltd.		590,000		6,668,836
Teco Electric and Machinery Co. Ltd.		13,952,000		12,663,869
Test Research Inc.		2,250,400		4,293,377
Test Rite International Co. Ltd.b		7,296,000		5,710,250
Ton Yi Industrial Corp.b		7,453,000		3,446,267
Tong Hsing Electronic Industries Ltd.		1,042,000		4,050,864
Tong Yang Industry Co. Ltd.b		2,968,400		5,337,843
Topco Scientific Co. Ltd.b		1,878,639		5,353,659
TPK Holding Co. Ltd.a		2,320,000		5,769,108
Transcend Information Inc.		1,475,000		4,284,222
Tripod Technology Corp.		3,549,000		11,876,395
TSRC Corp.b		5,022,900		5,686,042
TTY Biopharm Co. Ltd.		1,862,124		6,250,558
Tung Ho Steel Enterprise Corp.b		7,259,000		6,290,445
Tung Thih Electronic Co. Ltd.b		405,000		2,046,120
TWi Pharmaceuticals Inc.a,b		799,000		2,044,332
TXC Corp.		3,234,000		4,375,435
U-Ming Marine Transport Corp.		4,269,000		5,454,049
Uni-President Enterprises Corp.		35,826,369		84,671,249

34 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Unimicron Technology Corp.b		10,662,000	$	7,376,904
United Integrated Services Co. Ltd.b		2,817,000		5,605,922
United Microelectronics Corp.b		88,494,000		42,889,832
UPC Technology Corp.b		10,458,099		6,608,961
USI Corp.b		9,495,040		4,975,908
Vanguard International Semiconductor Corp.		6,408,000		13,388,639
Visual Photonics Epitaxy Co. Ltd.b		2,044,000		7,841,208
Voltronic Power Technology Corp.b		357,974		6,124,506
Wafer Works Corp.a,b		3,449,000		5,351,499
Wah Lee Industrial Corp.		2,034,000		3,943,224
Walsin Lihwa Corp.b		22,578,000		13,108,085
Walsin Technology Corp.b		2,627,597		7,776,006
Waterland Financial Holdings Co. Ltd.		23,344,938		7,996,074
Win Semiconductors Corp.b		2,578,427		23,712,820
Winbond Electronics Corp.b		23,368,480		15,928,234
Wistron Corp.b		19,834,825		16,644,798
Wistron NeWeb Corp.b		2,142,736		5,988,843
Wowprime Corp.b		587,260		2,584,745
WPG Holdings Ltd.b		9,859,000		12,663,339
WT Microelectronics Co. Ltd.b		3,433,734		5,533,633
XinTec Inc.a,b		1,254,000		2,456,844
XPEC Entertainment Inc.a,d		31,000		—
Yageo Corp.b		1,616,370		18,297,693
Yang Ming Marine Transport Corp.a		9,539,677		3,398,217
Yeong Guan Energy Technology Group Co. Ltd.b		532,937		1,423,818
YFY Inc.a		11,920,000		5,736,364
Yieh Phui Enterprise Co. Ltd.b		11,733,900		4,642,035
Yuanta Financial Holding Co. Ltd.		76,111,912		34,281,709
Yulon Motor Co. Ltd.		5,345,000		4,274,828
YungShin Global Holding Corp.b		3,132,650		4,345,612
Yungtay Engineering Co. Ltd.b		3,386,000		6,923,814
Zhen Ding Technology Holding Ltd.		2,915,950		6,382,121
Zinwell Corp.b		3,236,000		2,981,569
				5,898,744,451
THAILAND — 2.60%
Advanced Info Service PCL NVDR		8,013,400		50,546,454

Security	Shares		Value
Airports of Thailand PCL NVDR		32,237,400	$	72,659,957
Amata Corp. PCL NVDRb		6,917,900		5,564,733
AP Thailand PCL NVDRb		19,012,790		5,087,844
Bangchak Corp. PCL NVDRb		4,185,000		5,399,570
Bangkok Airways PCL NVDRb		6,332,100		3,005,680
Bangkok Bank PCL Foreign		1,955,700		14,329,755
Bangkok Chain Hospital PCL NVDR		12,595,050		6,379,780
Bangkok Dusit Medical Services PCL NVDR		28,926,800		20,365,794
Bangkok Expressway & Metro PCL NVDR		61,869,485		14,388,252
Bangkok Land PCL NVDRb		98,074,700		5,498,932
Banpu PCL NVDR		16,605,300		12,431,493
Beauty Community PCL NVDRb		18,160,400		12,322,922
Berli Jucker PCL NVDR		9,678,700		18,346,055
BTS Group Holdings PCL NVDR		46,414,900		12,051,017
Bumrungrad Hospital PCL NVDR		2,710,200		17,785,957
Central Pattana PCL NVDR		10,793,700		28,970,029
Charoen Pokphand Foods PCL NVDRb		24,305,200		17,731,414
Chularat Hospital PCL NVDRb		57,340,100		3,726,467
CP ALL PCL NVDR		38,238,400		102,326,397
Delta Electronics Thailand PCL NVDR		3,947,600		8,551,666
Dynasty Ceramic PCL NVDRb		36,281,920		3,976,101
Eastern Polymer Group PCL NVDRb		9,651,500		2,244,535
Electricity Generating PCL NVDR		1,022,600		7,753,386
Energy Absolute PCL NVDR		10,008,600		21,442,445
Esso Thailand PCL NVDRa,b		12,349,400		7,002,846
Glow Energy PCL NVDR		3,623,100		9,782,024
Gunkul Engineering PCL NVDRb		26,507,835		3,276,534
Hana Microelectronics PCL NVDR		5,008,300		6,581,471
Home Product Center PCL NVDR		37,520,574		17,212,369
Indorama Ventures PCL NVDR		11,430,100		19,663,122
Inter Far East Energy Corp. NVDRa,b,d		7,049,000		2
IRPC PCL NVDR		79,560,400		20,656,810

CONSOLIDATED SCHEDULES OF INVESTMENTS 35

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Italian-Thai Development PCL NVDRb		20,651,500	$	2,223,704
Jasmine International PCL NVDRb		18,741,000		4,119,557
Kasikornbank PCL Foreign		9,118,300		67,392,342
Kasikornbank PCL NVDR		4,336,700		32,052,068
KCE Electronics PCL NVDRb		2,178,300		4,857,630
Khon Kaen Sugar Industry PCL NVDRb		16,401,686		2,006,450
Kiatnakin Bank PCL NVDR		3,375,400		8,387,423
Krung Thai Bank PCL NVDR		25,457,500		16,463,436
Krungthai Card PCL NVDR		1,233,000		10,409,207
LPN Development PCL NVDRb		8,210,500		2,694,111
Major Cineplex Group PCL NVDRb		4,320,100		3,647,106
Minor International PCL NVDR		16,317,860		21,053,626
Muangthai Leasing PCL NVDRb		6,667,700		9,186,939
PTG Energy PCL NVDRb		6,689,600		3,814,713
PTT Exploration & Production PCL NVDR		10,689,001		39,330,348
PTT Global Chemical PCL NVDR		16,266,500		51,431,989
PTT PCL NVDR		7,971,500		144,243,772
Quality Houses PCL NVDRb		46,153,417		4,381,560
Robinson PCL NVDR		4,441,000		9,514,407
Siam Cement PCL (The) Foreign		2,640,900		41,224,626
Siam Cement PCL (The) NVDR		284,400		4,439,503
Siam Commercial Bank PCL (The) NVDR		13,211,600		62,711,959
Siam Global House PCL NVDRb		15,222,295		7,953,031
Singha Estate PCL NVDRa,b		23,079,700		2,779,269
Sino-Thai Engineering & Construction PCL NVDRb		7,282,128		4,639,776
Sri Trang Agro-Industry PCL NVDRb		8,144,960		2,958,029
Srisawad Corp PCL NVDRb		4,895,430		9,591,238
Supalai PCL NVDR		6,880,800		5,063,602
Superblock PCL NVDRa,b		107,777,900		3,536,516
Thai Airways International PCL NVDRa,b		5,794,600		2,787,463

Security	Shares		Value
Thai Oil PCL NVDR		7,874,000	$	25,836,954
Thai Union Group PCL NVDR		15,869,300		10,161,610
Thai Vegetable Oil PCL NVDRb		4,818,400		4,835,285
Thaicom PCL NVDRb		15,700		5,352
Thanachart Capital PCL NVDR		5,325,200		9,457,786
Thoresen Thai Agencies PCL NVDRb		12,014,723		3,425,670
TICON Industrial Connection PCL NVDRb		6,316,960		3,541,844
Tisco Financial Group PCL NVDR		3,158,450		8,904,837
TMB Bank PCL NVDR		120,011,000		11,469,672
True Corp. PCL NVDRa		87,543,611		17,570,078
TTW PCL NVDRb		14,331,000		6,072,071
Unique Engineering & Construction PCL NVDRb		6,708,000		2,906,301
VGI Global Media PCL NVDR		26,799,900		5,762,960
Vibhavadi Medical Center PCL NVDR		50,216,700		4,063,409
WHA Corp. PCL NVDR		67,156,900		8,814,477
				1,264,785,519
TURKEY — 1.08%
AG Anadolu Grubu Holding ASb		560,632		4,303,660
Akbank Turk AS		16,405,298		45,813,900
Aksa Akrilik Kimya Sanayii AS		976,860		3,952,145
Albaraka Turk Katilim Bankasi ASb		10,344,815		4,348,331
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,642,847		11,083,375
Arcelik AS		1,856,472		9,242,245
Aselsan Elektronik Sanayi Ve Ticaret ASb		1,709,520		13,994,311
BIM Birlesik Magazalar AS		1,673,153		33,054,711
Cimsa Cimento Sanayi VE Ticaret ASb		825,910		2,911,824
Coca-Cola Icecek AS		707,581		6,863,059
Emlak Konut Gayrimenkul Yatirim Ortakligi ASa,b		19,440,524		13,483,162
Eregli Demir ve Celik Fabrikalari TAS		11,006,372		32,847,505
Ford Otomotiv Sanayi AS		587,641		9,679,647
Haci Omer Sabanci Holding AS		6,293,298		17,756,708

36 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Is Gayrimenkul Yatirim Ortakligi ASb		7,999,336	$	2,900,099
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da		9,322,833		8,425,316
KOC Holding AS		5,113,511		24,167,417
Koza Altin Isletmeleri ASa		340,232		2,929,975
Koza Anadolu Metal Madencilik Isletmeleri ASa,b		1,752,001		2,508,480
Otokar Otomotiv Ve Savunma Sanayi ASb		90,578		2,831,715
Petkim Petrokimya Holding AS		5,729,310		12,146,628
Soda Sanayii AS		3,714,516		4,947,549
TAV Havalimanlari Holding AS		1,428,155		8,704,487
Tekfen Holding AS		1,601,866		7,646,470
Tofas Turk Otomobil Fabrikasi AS		1,002,517		8,001,278
Trakya Cam Sanayii AS		5,544,296		7,064,282
Tupras Turkiye Petrol Rafinerileri AS		969,568		29,776,432
Turk Hava Yollari AOa		4,136,053		20,721,284
Turk Telekomunikasyon ASa		4,272,478		7,340,700
Turkcell Iletisim Hizmetleri AS		7,623,950		30,724,532
Turkiye Garanti Bankasi AS		16,827,477		51,855,746
Turkiye Halk Bankasi AS		5,047,425		12,769,563
Turkiye Is Bankasi AS Class C		12,538,548		25,034,603
Turkiye Sinai Kalkinma Bankasi AS		14,595,521		6,480,167
Turkiye Sise ve Cam Fabrikalari AS		6,086,247		7,642,885
Turkiye Vakiflar Bankasi TAO Class D		6,375,538		12,310,737
Ulker Biskuvi Sanayi AS		1,421,323		8,423,872
Yapi ve Kredi Bankasi ASa		6,761,140		8,454,866
Zorlu Enerji Elektrik Uretim ASa,b		8,695,240		4,957,026
				528,100,692
UNITED ARAB EMIRATES — 0.61%
Abu Dhabi Commercial Bank PJSC		16,345,901		32,487,531
Agthia Group PJSC		1,720,319		2,056,167
Air Arabia PJSC		20,545,169		7,327,672
Al Waha Capital PJSC		10,021,778		5,866,353
Aldar Properties PJSC		25,339,331		14,901,634
Amanat Holdings PJSC		6,967,217		2,788,442

Security	Shares		Value
Amlak Finance PJSCa		10,081,949	$	2,497,876
DAMAC Properties Dubai Co. PJSC		11,151,322		9,108,201
Dana Gas PJSCa		34,930,002		7,132,551
Deyaar Development PJSCa		19,582,343		2,815,033
DP World Ltd.		1,313,060		32,104,317
Dubai Investments PJSC		6,512,517		3,918,557
Dubai Islamic Bank PJSC		10,572,043		17,442,813
DXB Entertainments PJSCa		30,706,389		4,639,880
Emaar Malls PJSC		13,909,600		8,028,520
Emaar Properties PJSC		26,303,431		44,185,782
Emirates Telecommunications Group Co. PJSC		13,419,102		62,840,102
Eshraq Properties Co. PJSCa		12,066,071		2,398,135
First Abu Dhabi Bank PJSC		11,463,169		36,047,211
				298,586,777
TOTAL COMMON STOCKS (Cost: $37,557,542,096)				46,830,574,029
PREFERRED STOCKS — 3.51%
BRAZIL — 2.57%
Alpargatas SA, Preference Shares		1,316,500		6,941,638
Banco ABC Brasil SA, Preference Shares		877,547		5,089,030
Banco Bradesco SA, Preference Shares		22,758,562		271,596,598
Banco do Estado do Rio Grande do Sul SA Class B, Preference Shares		1,461,900		8,167,291
Bradespar SA, Preference Shares		1,830,400		19,251,949
Braskem SA Class A, Preference Shares		1,311,400		18,746,107
Centrais Eletricas Brasileiras SA Class B, Preference Shares		1,681,900		14,444,020
Cia. Brasileira de Distribuicao, Preference Shares		1,186,400		25,011,631
Cia. de Saneamento do Parana, Preference Shares		2,062,275		6,557,384
Cia. Energetica de Minas Gerais, Preference Shares		5,597,120		14,144,626
Cia. Energetica de Sao Paulo Class B, Preference Shares		1,487,300		6,958,664

CONSOLIDATED SCHEDULES OF INVESTMENTS 37

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Cia. Energetica do Ceara Class A, Preference Shares		93,400	$	1,701,972
Cia. Paranaense de Energia Class B, Preference Shares		805,300		6,283,757
Gerdau SA, Preference Shares		7,587,500		38,816,237
Gol Linhas Aereas Inteligentes SA, Preference Shares		769,700		4,548,900
Itau Unibanco Holding SA, Preference Shares		24,282,113		376,554,937
Itausa-Investimentos Itau SA, Preference Shares		29,919,492		120,829,160
Lojas Americanas SA, Preference Shares		5,496,810		28,560,570
Marcopolo SA, Preference Shares		4,460,900		5,616,031
Metalurgica Gerdau SA, Preference Shares		5,181,200		12,567,251
Petroleo Brasileiro SA, Preference Shares		29,453,100		194,555,914
Telefonica Brasil SA, Preference Shares		3,278,200		51,109,144
Usinas Siderurgicas de Minas Gerais SA Class A, Preference Shares		3,350,500		12,705,859
				1,250,758,670
CHILE — 0.10%
Embotelladora Andina SA Class B, Preference Shares		2,174,647		10,757,128
Sociedad Quimica y Minera de Chile SA Series B, Preference Shares		721,229		36,558,101
				47,315,229
COLOMBIA — 0.13%
Avianca Holdings SA, Preference Shares		3,412,328		3,943,568
Bancolombia SA, Preference Shares		3,701,943		38,949,685
Grupo Aval Acciones y Valores SA, Preference Shares		30,985,687		13,394,848
Grupo de Inversiones Suramericana SA, Preference Shares		628,716		7,789,811
				64,077,912

Security	Shares		Value
RUSSIA — 0.07%
Surgutneftegas OJSC, Preference Shares		51,953,800	$	27,223,893
Transneft PJSC, Preference Shares		2,068		6,795,684
				34,019,577
SOUTH KOREA — 0.64%
Amorepacific Corp., Preference Shares		72,738		10,209,785
Hyundai Motor Co., Preference Shares		161,786		13,416,181
Hyundai Motor Co. Series 2, Preference Shares		263,328		23,757,637
LG Chem Ltd., Preference Shares		57,151		11,320,426
LG Household & Health Care Ltd., Preference Shares		16,454		9,329,353
Samsung Electronics Co. Ltd., Preference Shares		133,618		246,161,151
				314,194,533
TOTAL PREFERRED STOCKS (Cost: $1,285,436,891)				1,710,365,921
RIGHTS — 0.01%
BRAZIL — 0.01%
Itausa-Investimentos Itau SA (Expires 03/29/18)a		700,624		1,164,561
				1,164,561
CHILE — 0.00%
Enel Chile SA (Expires 03/16/18)a		15,875,973		2,696
				2,696
SOUTH KOREA — 0.00%
Hyundai Heavy Industries Co. Ltd. (Expires 03/09/18)a		40,839		942,816
				942,816
TOTAL RIGHTS (Cost: $0)				2,110,073

38 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
SHORT-TERM INVESTMENTS — 5.79%
MONEY MARKET FUNDS — 5.79%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%f,g,h		2,748,098,082	$	2,748,372,892
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%f,g		72,760,236		72,760,236
				2,821,133,128
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,821,074,522)				2,821,133,128

	Value
TOTAL INVESTMENTS IN SECURITIES — 105.40%
(Cost: $41,664,053,509)	$	51,364,183,151
Other Assets, Less Liabilities — (5.40)%		(2,630,033,234	)
NET ASSETS — 100.00%	$	48,734,149,917

ADR  —   American Depositary Receipts

CPO  —   Certificates of Participation (Ordinary)

GDR  —   Global Depositary Receipts

NVDR  —   Non-Voting Depositary Receipts

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^f  Affiliate of the Fund.

^g  Annualized 7-day yield as of period end.

^h  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		2,544,586,672		203,511,410	b		—			2,748,098,082	$	2,748,372,892	$	23,269,381	c	$	(192,538	)	$	(247,254	)
BlackRock Cash Funds: Treasury, SL Agency Shares		111,111,661		—			(38,351,425	)b		72,760,236		72,760,236		542,718			—			—
											$	2,821,133,128	$	23,812,099		$	(192,538	)	$	(247,254	)

^a Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

CONSOLIDATED SCHEDULES OF INVESTMENTS 39

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2018

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
MSCI Emerging Markets E-Mini		2,682		Mar 2018	$	158,640	$	2,453,352

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common stocks	$	46,584,347,373	$	245,206,137	$	1,020,519	$	46,830,574,029
Preferred stocks		1,710,365,921		—		—		1,710,365,921
Rights		1,167,257		942,816		—		2,110,073
Money market funds		2,821,133,128		—		—		2,821,133,128
Total	$	51,117,013,679	$	246,148,953	$	1,020,519	$	51,364,183,151
Derivative financial instrumentsa
Assets
Futures contracts	$	2,453,352	$	—	$	—	$	2,453,352
Total	$	2,453,352	$	—	$	—	$	2,453,352

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

See notes to consolidated financial statements.

40 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI BRIC ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 94.19%
BRAZIL — 9.54%
Ambev SA		580,065	$	3,928,105
Atacadao Distribuicao Comercio e Industria Ltdaa		43,500		198,838
B3 SA – Brasil Bolsa Balcao		261,069		2,058,819
Banco Bradesco SA		117,218		1,328,861
Banco do Brasil SA		101,589		1,307,094
Banco Santander Brasil SA Units		58,000		656,456
BB Seguridade Participacoes SA		87,000		779,284
BR Malls Participacoes SA		89,718		329,461
BRF SAa		58,000		534,162
CCR SA		145,000		566,833
Centrais Eletricas Brasileiras SAa		29,000		221,110
Cia. de Saneamento Basico do Estado de Sao Paulo		43,500		504,125
Cia. Energetica de Minas Geraisa		13,255		33,252
Cia. Siderurgica Nacional SAa		72,500		226,510
Cielo SA		145,021		1,079,818
Cosan SA Industria e Comercio		14,500		193,571
EDP – Energias do Brasil SA		29,000		118,723
Embraer SA		91,100		610,184
Engie Brasil Energia SA		14,500		174,736
Equatorial Energia SA		29,000		639,138
Fibria Celulose SA		29,041		551,276
Hypera SA		43,500		462,215
JBS SA		101,552		309,775
Klabin SA Units		72,500		399,461
Kroton Educacional SA		174,064		830,471
Localiza Rent a Car SA		46,179		368,721
Lojas Renner SA		87,060		925,067
M. Dias Branco SA		14,500		267,036
Multiplan Empreendimentos Imobiliarios SA		15,010		324,341
Natura Cosmeticos SA		14,500		153,224
Odontoprev SA		29,000		136,665
Petroleo Brasileiro SAa		362,500		2,583,109
Porto Seguro SA		14,500		204,372
Qualicorp SA		29,000		256,637
Raia Drogasil SA		29,050		695,143
Rumo SAa		130,500		572,011
Sul America SA Units		29,089		191,166
Suzano Papel e Celulose SA		58,000		388,303
TIM Participacoes SA		116,069		503,755

Security	Shares		Value
Transmissora Alianca de Energia Eletrica SA Units		19,500	$	123,047
Ultrapar Participacoes SA		43,500		1,008,785
Vale SA		387,929		5,379,362
WEG SA		72,940		525,595
				32,648,617
CHINA — 60.92%
3SBio Inc.a,b,c		145,000		276,092
58.com Inc. ADRa		10,875		819,649
AAC Technologies Holdings Inc.		86,500		1,723,301
Agile Group Holdings Ltd.		290,000		500,300
Agricultural Bank of China Ltd. Class H		3,190,000		1,773,287
Air China Ltd. Class H		290,000		442,488
Alibaba Group Holding Ltd. ADRa,c		141,520		26,342,533
Alibaba Health Information Technology Ltd.a,c		368,000		181,054
Alibaba Pictures Group Ltd.a		1,450,000		198,267
Aluminum Corp. of China Ltd. Class Ha,c		580,000		352,063
Anhui Conch Cement Co. Ltd. Class H		145,000		777,318
ANTA Sports Products Ltd.		145,040		719,148
Autohome Inc. ADR		6,525		510,320
AviChina Industry & Technology Co. Ltd. Class Hc		290,000		161,578
Baidu Inc. ADRa		33,640		8,488,718
Bank of China Ltd. Class H		9,860,000		5,380,267
Bank of Communications Co. Ltd. Class H		1,160,200		931,090
Beijing Capital International Airport Co. Ltd. Class H		290,000		428,405
Beijing Enterprises Holdings Ltd.		72,500		403,483
Beijing Enterprises Water Group Ltd.c		580,000		378,005
Brilliance China Automotive Holdings Ltd.		290,000		781,951
BYD Co. Ltd. Class Hc		72,500		671,236
BYD Electronic International Co. Ltd.		72,500		179,738
CGN Power Co. Ltd. Class Hb		1,740,000		469,170
China Cinda Asset Management Co. Ltd. Class H		1,160,000		435,817
China CITIC Bank Corp. Ltd. Class H		1,160,000		846,434

CONSOLIDATED SCHEDULES OF INVESTMENTS 41

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2018

Security	Shares		Value
China Communications Construction Co. Ltd. Class H		590,000	$	660,473
China Communications Services Corp. Ltd. Class H		290,800		173,173
China Conch Venture Holdings Ltd.		217,500		654,560
China Construction Bank Corp. Class H		10,295,370		10,722,562
China Everbright Bank Co. Ltd. Class H		444,000		228,658
China Everbright International Ltd.		290,000		449,158
China Evergrande Groupa		435,000		1,289,663
China Galaxy Securities Co. Ltd. Class H		362,500		254,319
China Gas Holdings Ltd.c		203,000		632,973
China Huarong Asset Management Co. Ltd. Class Hb		1,160,000		526,242
China Huishan Dairy Holdings Co. Ltd.a,d		51,450		—
China Jinmao Holdings Group Ltd.c		580,000		355,028
China Life Insurance Co. Ltd. Class H		870,000		2,584,885
China Longyuan Power Group Corp. Ltd. Class H		435,000		289,062
China Medical System Holdings Ltd.		145,000		291,286
China Mengniu Dairy Co. Ltd.		290,000		957,982
China Merchants Bank Co. Ltd. Class H		435,456		1,839,140
China Merchants Port Holdings Co. Ltd.		290,000		678,926
China Minsheng Banking Corp. Ltd. Class H		652,500		682,076
China Mobile Ltd.		725,000		6,800,378
China Molybdenum Co. Ltd. Class H		435,000		355,769
China National Building Material Co. Ltd. Class H		290,000		287,951
China Oilfield Services Ltd. Class H		290,000		306,110
China Overseas Land & Investment Ltd.		580,800		2,041,072
China Pacific Insurance Group Co. Ltd. Class H		319,000		1,569,461
China Petroleum & Chemical Corp. Class H		3,190,600		2,568,691

Security	Shares		Value
China Railway Construction Corp. Ltd. Class H		229,500	$	246,355
China Railway Group Ltd. Class H		435,000		316,301
China Resources Beer Holdings Co. Ltd.		290,000		1,119,190
China Resources Gas Group Ltd.		89,000		300,257
China Resources Land Ltd.		318,444		1,137,402
China Resources Pharmaceutical Group Ltd.b		217,500		293,510
China Resources Power Holdings Co. Ltd.		290,200		505,096
China Shenhua Energy Co. Ltd. Class H		435,000		1,236,854
China Southern Airlines Co. Ltd. Class H		290,000		389,122
China State Construction International Holdings Ltd.		290,000		395,052
China Taiping Insurance Holdings Co. Ltd.		203,040		783,588
China Telecom Corp. Ltd. Class H		2,030,000		894,982
China Unicom Hong Kong Ltd.a		623,900		808,448
China Vanke Co. Ltd. Class H		145,001		651,321
Chongqing Rural Commercial Bank Co. Ltd. Class H		290,000		235,697
CIFI Holdings Group Co. Ltd.		290,000		236,809
CITIC Ltd.		725,000		1,054,337
CITIC Securities Co. Ltd. Class H		290,000		656,690
CNOOC Ltd.		2,175,000		3,168,569
COSCO SHIPPING Ports Ltd.		290,000		282,021
Country Garden Holdings Co. Ltd.		580,046		1,043,672
CRRC Corp. Ltd. Class H		510,400		467,658
CSPC Pharmaceutical Group Ltd.		580,000		1,340,064
Ctrip.com International Ltd. ADRa		48,285		2,220,144
Dongfeng Motor Group Co. Ltd. Class H		290,000		367,257
ENN Energy Holdings Ltd.		74,000		570,227
Far East Horizon Ltd.		290,000		292,768
Fosun International Ltd.		290,000		639,643
Fullshare Holdings Ltd.c		810,000		455,446
Fuyao Glass Industry Group Co. Ltd. Class Hb		58,000		232,732
GCL-Poly Energy Holdings Ltd.a		1,740,000		275,721
Geely Automobile Holdings Ltd.		580,000		1,893,729
GF Securities Co. Ltd. Class H		174,000		335,312
GOME Retail Holdings Ltd.c		1,595,400		187,567
Great Wall Motor Co. Ltd. Class H		407,000		481,620

42 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2018

Security	Shares		Value
Guangdong Investment Ltd.		290,000	$	443,970
Guangzhou Automobile Group Co. Ltd. Class H		290,454		645,841
Guangzhou R&F Properties Co. Ltd. Class H		116,000		273,053
Haier Electronics Group Co. Ltd.		165,000		566,144
Haitong Securities Co. Ltd. Class H		406,000		581,090
Hanergy Thin Film Power Group Ltd.a,d		7,709		—
Hengan International Group Co. Ltd.		72,500		708,759
Huaneng Power International Inc. Class H		580,000		360,216
Huaneng Renewables Corp. Ltd. Class H		580,000		194,191
Huatai Securities Co. Ltd. Class Hb		203,000		409,357
Industrial & Commercial Bank of China Ltd. Class H		9,135,050		7,891,447
JD.com Inc. ADRa		80,765		3,808,070
Jiangxi Copper Co. Ltd. Class H		145,000		229,397
Kingboard Chemical Holdings Ltd.		72,500		368,277
Kingsoft Corp. Ltd.		145,000		478,991
Kunlun Energy Co. Ltd.		290,000		272,756
Lee & Man Paper Manufacturing Ltd.		145,000		165,840
Lenovo Group Ltd.		870,000		454,717
Longfor Properties Co. Ltd.		145,000		418,770
Meitu Inc.a,b		145,000		186,779
Momo Inc. ADRa		13,340		440,887
NetEase Inc. ADR		9,860		2,892,431
New China Life Insurance Co. Ltd. Class H		101,500		607,680
New Oriental Education & Technology Group Inc. ADR		16,530		1,510,677
Nexteer Automotive Group Ltd.		145,000		323,157
Nine Dragons Paper (Holdings) Ltd.		145,000		261,639
People’s Insurance Co. Group of China Ltd. (The) Class H		870,000		470,282
PetroChina Co. Ltd. Class H		2,610,000		1,844,440
PICC Property & Casualty Co. Ltd. Class H		581,548		1,153,390
Ping An Insurance Group Co. of China Ltd. Class H		652,500		6,958,343
Semiconductor Manufacturing International Corp.a,c		390,700		526,239
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		184,000		125,797

Security	Shares		Value
Shanghai Electric Group Co. Ltd. Class Ha		294,000	$	110,833
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		76,000		442,386
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		116,080		168,780
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		116,000		292,324
Shenzhou International Group Holdings Ltd.		55,000		544,708
Shimao Property Holdings Ltd.		145,000		361,699
Sihuan Pharmaceutical Holdings Group Ltd.		435,000		158,984
SINA Corp./Chinaa		7,105		830,788
Sino Biopharmaceutical Ltd.		580,000		1,098,437
Sino-Ocean Group Holding Ltd.		362,500		258,488
Sinopec Shanghai Petrochemical Co. Ltd. Class H		291,000		174,779
Sinopharm Group Co. Ltd. Class H		174,000		768,239
SOHO China Ltd.		290,000		166,767
Sun Art Retail Group Ltd.		290,000		385,417
Sunac China Holdings Ltd.		290,000		1,063,601
Sunny Optical Technology Group Co. Ltd.		87,000		1,453,094
TAL Education Group Class A ADR		39,150		1,478,304
Tencent Holdings Ltd.		696,000		38,440,852
Tingyi Cayman Islands Holding Corp.		290,000		609,255
TravelSky Technology Ltd. Class H		145,000		463,241
Tsingtao Brewery Co. Ltd. Class H		40,000		219,800
Vipshop Holdings Ltd. ADRa		50,170		872,456
Want Want China Holdings Ltd.		580,000		489,924
Weibo Corp. ADRa		5,800		745,416
Weichai Power Co. Ltd. Class H		291,100		328,103
Yanzhou Coal Mining Co. Ltd. Class H		290,000		434,335
Yum China Holdings Inc.		47,850		2,072,862
YY Inc. ADRa		5,365		693,855
Zhuzhou CRRC Times Electric Co. Ltd. Class H		72,500		392,828
Zijin Mining Group Co. Ltd. Class H		611,000		281,088
ZTE Corp. Class Ha		87,048		307,020
				208,567,761
INDIA — 16.55%
ACC Ltd.		5,510		137,276
Adani Ports & Special Economic Zone Ltd.		87,146		546,249

CONSOLIDATED SCHEDULES OF INVESTMENTS 43

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2018

Security	Shares		Value
Ambuja Cements Ltd.		74,675	$	289,260
Ashok Leyland Ltd.		141,252		306,804
Asian Paints Ltd.		36,685		629,425
Aurobindo Pharma Ltd.		33,207		312,923
Axis Bank Ltd.		217,355		1,764,130
Bajaj Auto Ltd.		10,295		477,343
Bajaj Finance Ltd.		20,300		511,113
Bajaj Finserv Ltd.		4,495		348,560
Bharat Forge Ltd.		24,038		291,443
Bharat Heavy Electricals Ltd.		110,595		152,618
Bharat Petroleum Corp. Ltd.		93,960		619,537
Bharti Airtel Ltd.		165,010		1,085,481
Bharti Infratel Ltd.		47,560		253,108
Bosch Ltd.		870		249,561
Britannia Industries Ltd.		2,320		177,856
Cadila Healthcare Ltd.		23,635		146,970
Cipla Ltd./India		40,745		368,790
Coal India Ltd.		86,710		411,480
Container Corp. of India Ltd.		5,532		110,744
Dabur India Ltd.		69,165		345,102
Dr. Reddy’s Laboratories Ltd.		14,358		493,082
Eicher Motors Ltd.		1,595		671,769
GAIL India Ltd.		60,610		425,643
Glenmark Pharmaceuticals Ltd.		16,240		135,748
Godrej Consumer Products Ltd.		30,740		505,104
Grasim Industries Ltd.		40,600		718,378
Havells India Ltd.		29,290		228,241
HCL Technologies Ltd.		69,310		1,000,398
Hero MotoCorp Ltd.		6,090		336,227
Hindalco Industries Ltd.		147,611		556,037
Hindustan Petroleum Corp. Ltd.		75,027		437,807
Hindustan Unilever Ltd.		81,055		1,639,545
Housing Development Finance Corp. Ltd.		185,890		5,160,992
ICICI Bank Ltd.		297,105		1,428,603
Idea Cellular Ltd.a		171,535		220,915
IDFC Bank Ltd.		190,820		150,849
Indiabulls Housing Finance Ltd.		38,715		745,284
Indian Oil Corp. Ltd.		71,195		414,518
Infosys Ltd.		215,704		3,882,564
ITC Ltd.		422,095		1,717,310
JSW Steel Ltd.		103,385		495,451
Larsen & Toubro Ltd.		58,435		1,182,357
LIC Housing Finance Ltd.		37,120		289,342
Lupin Ltd.		27,405		344,927

Security	Shares		Value
Mahindra & Mahindra Financial Services Ltd.		35,469	$	235,557
Mahindra & Mahindra Ltd.		91,350		1,021,314
Marico Ltd.		60,900		288,065
Maruti Suzuki India Ltd.		13,050		1,773,009
Motherson Sumi Systems Ltd.		74,157		375,644
Nestle India Ltd.		2,900		345,512
NTPC Ltd.		201,405		504,701
Oil & Natural Gas Corp. Ltd.		155,440		449,287
Petronet LNG Ltd.		56,550		214,668
Piramal Enterprises Ltd.		9,135		362,133
Piramal Enterprises Ltd. Newa		380		15,064
Power Finance Corp. Ltd.		82,940		133,807
Reliance Industries Ltd.		343,505		5,033,178
Rural Electrification Corp. Ltd.		83,810		185,641
Shree Cement Ltd.		1,015		258,999
Shriram Transport Finance Co. Ltd.		18,995		388,917
Siemens Ltd.		9,863		176,818
State Bank of India		212,135		872,685
Sun Pharmaceutical Industries Ltd.		120,350		988,996
Tata Consultancy Services Ltd.		56,840		2,648,076
Tata Motors Ltd.a		198,654		1,127,956
Tata Motors Ltd. Class Aa		51,620		163,942
Tata Power Co. Ltd. (The)		132,965		172,466
Tata Steel Ltd.		38,135		393,138
Tech Mahindra Ltd.		58,580		550,900
Titan Co. Ltd.		38,135		477,754
UltraTech Cement Ltd.		10,730		684,454
United Spirits Ltd.a		6,815		344,373
UPL Ltd.		44,515		497,961
Vakrangee Ltd.		51,414		128,404
Vedanta Ltd.		187,146		947,275
Wipro Ltd.		142,357		639,824
Yes Bank Ltd.		200,970		994,265
Zee Entertainment Enterprises Ltd.		64,815		562,475
				56,674,122
RUSSIA — 7.18%
Alrosa PJSC		333,500		511,231
Gazprom PJSC		1,000,504		2,544,201
Gazprom PJSC ADR		163,850		819,905
Inter RAO UES PJSC		3,625,000		239,531
LUKOIL PJSC		31,030		2,081,528
LUKOIL PJSC ADR		21,895		1,469,155
Magnit PJSC GDRe		43,645		903,452
Magnitogorsk Iron & Steel Works PJSC		304,500		257,890

44 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2018

Security	Shares		Value
MMC Norilsk Nickel PJSC		7,830	$	1,552,022
Mobile TeleSystems PJSC ADR		64,960		776,922
Moscow Exchange MICEX-RTS PJSC		208,580		414,400
Novatek PJSC GDRe		11,165		1,524,022
Novolipetsk Steel PJSC		141,770		367,913
PhosAgro PJSC GDRe		14,355		221,067
Polyus PJSC		3,480		287,190
Rosneft Oil Co. PJSC		97,602		572,982
Rosneft Oil Co. PJSC GDR		36,105		211,214
RusHydro PJSC		14,355,200		199,273
Sberbank of Russia PJSC		878,900		4,252,629
Sberbank of Russia PJSC ADR		100,630		2,057,883
Severstal PJSC		27,550		449,432
Surgutneftegas OJSC		696,010		355,006
Surgutneftegas OJSC ADR		18,560		92,800
Tatneft PJSC Class S		191,403		2,019,510
VTB Bank PJSC		434,186,001		406,904
				24,588,062
TOTAL COMMON STOCKS
(Cost: $253,657,660)				322,478,562
PREFERRED STOCKS — 5.61%
BRAZIL — 5.46%
Banco Bradesco SA, Preference Shares		377,093		4,500,160
Braskem SA Class A, Preference Shares		14,500		207,274
Centrais Eletricas Brasileiras SA Class B, Preference Shares		29,082		249,754
Cia. Brasileira de Distribuicao, Preference Shares		14,856		313,194
Cia. Energetica de Minas Gerais, Preference Shares		87,032		219,941
Gerdau SA, Preference Shares		116,000		593,434
Itau Unibanco Holding SA, Preference Shares		398,071		6,173,087
Itausa-Investimentos Itau SA, Preference Shares		478,531		1,932,536
Lojas Americanas SA, Preference Shares		87,104		452,579
Petroleo Brasileiro SA, Preference Shares		478,514		3,160,880
Telefonica Brasil SA, Preference Shares		58,064		905,253
				18,708,092

Security	Shares		Value
RUSSIA — 0.15%
Surgutneftegas OJSC, Preference Shares		971,500	$	509,068
				509,068
TOTAL PREFERRED STOCKS
(Cost: $13,493,498)				19,217,160
RIGHTS — 0.01%
BRAZIL — 0.01%
Itausa-Investimentos Itau SA (Expires 03/29/18)a		11,246		18,693
				18,693
TOTAL RIGHTS
(Cost: $0)				18,693
SHORT-TERM INVESTMENTS — 8.80%
MONEY MARKET FUNDS — 8.80%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%f,g,h		30,149,367		30,152,382
				30,152,382
TOTAL SHORT-TERM INVESTMENTS
(Cost: $30,151,750)				30,152,382
TOTAL INVESTMENTS IN SECURITIES — 108.61%
(Cost: $297,302,908)				371,866,797
Other Assets, Less Liabilities — (8.61)%				(29,486,556	)
NET ASSETS — 100.00%			$	342,380,241

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

^a Non-income producing security.

^b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  All or a portion of this security is on loan.

^d  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^f Affiliate of the Fund.

^g  Annualized 7-day yield as of period end.

^h All or a portion of this security was purchased with cash collateral received from loaned securities.

CONSOLIDATED SCHEDULES OF INVESTMENTS 45

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		25,497,132		4,652,235	b		—			30,149,367	$	30,152,382	$	64,717	c	$	(2,186	)	$	(1,505	)
BlackRock Cash Funds: Treasury, SL Agency Shares		159,468		—			(159,468	)b		—		—		2,750			—			—
											$	30,152,382	$	67,467		$	(2,186	)	$	(1,505	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3			Total
Investments
Assets
Common stocks	$	322,463,498	$	15,064	$	0	a	$	322,478,562
Preferred stocks		19,217,160		—		—			19,217,160
Rights		18,693		—		—			18,693
Money market funds		30,152,382		—		—			30,152,382
Total	$	371,851,733	$	15,064	$	0	a	$	371,866,797

^a  Rounds to less than $1.

See notes to consolidated financial statements.

46 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 98.71%
CHINA — 41.70%
3SBio Inc.a,b,c		160,500	$	305,605
58.com Inc. ADRa		14,017		1,056,461
AAC Technologies Holdings Inc.		113,000		2,251,249
Agile Group Holdings Ltd.		240,000		414,042
Agricultural Bank of China Ltd. Class H		4,025,000		2,237,454
Air China Ltd. Class H		280,000		427,230
Alibaba Group Holding Ltd. ADRa		177,303		33,003,180
Alibaba Health Information Technology Ltd.a,c		492,000		242,061
Alibaba Pictures Group Ltd.a,c		1,820,000		248,859
Aluminum Corp. of China Ltd. Class Ha,c		608,000		369,059
Anhui Conch Cement Co. Ltd. Class H		193,500		1,037,318
ANTA Sports Products Ltd.		167,000		828,032
Autohome Inc. ADR		8,100		633,501
AviChina Industry & Technology Co. Ltd. Class Hc		305,000		169,936
Baidu Inc. ADRa		42,258		10,663,384
Bank of China Ltd. Class H		12,228,000		6,672,404
Bank of Communications Co. Ltd. Class H		1,351,000		1,084,211
Beijing Capital International Airport Co. Ltd. Class H		250,000		369,315
Beijing Enterprises Holdings Ltd.		76,000		422,961
Beijing Enterprises Water Group Ltd.c		820,000		534,420
Brilliance China Automotive Holdings Ltd.		462,000		1,245,729
BYD Co. Ltd. Class Hc		100,500		930,472
BYD Electronic International Co. Ltd.c		105,500		261,549
CGN Power Co. Ltd. Class Hb		1,680,000		452,992
China Cinda Asset Management Co. Ltd. Class H		1,340,000		503,444
China CITIC Bank Corp. Ltd. Class H		1,397,000		1,019,369
China Communications Construction Co. Ltd. Class H		692,000		774,657
China Communications Services Corp. Ltd. Class H		360,000		214,382
China Conch Venture Holdings Ltd.		250,500		753,872

Security	Shares		Value
China Construction Bank Corp. Class H		12,952,000	$	13,489,425
China Everbright Bank Co. Ltd. Class H		425,000		218,873
China Everbright International Ltd.		377,000		583,906
China Everbright Ltd.		116,000		255,264
China Evergrande Groupa,c		507,000		1,503,124
China Galaxy Securities Co. Ltd. Class H		512,500		359,555
China Gas Holdings Ltd.c		268,200		836,272
China Huarong Asset Management Co. Ltd. Class Hb		1,569,000		711,787
China Huishan Dairy Holdings Co. Ltd.a,d		20,200		—
China Jinmao Holdings Group Ltd.		814,000		498,263
China Life Insurance Co. Ltd. Class H		1,148,000		3,410,860
China Longyuan Power Group Corp. Ltd. Class H		463,000		307,669
China Medical System Holdings Ltd.		202,000		405,791
China Mengniu Dairy Co. Ltd.		422,000		1,394,030
China Merchants Bank Co. Ltd. Class H		606,331		2,560,827
China Merchants Port Holdings Co. Ltd.		190,000		444,814
China Minsheng Banking Corp. Ltd. Class H		864,800		903,999
China Mobile Ltd.		946,000		8,873,321
China Molybdenum Co. Ltd. Class H		579,000		473,541
China National Building Material Co. Ltd. Class Hc		450,000		446,820
China Oilfield Services Ltd. Class H		264,000		278,665
China Overseas Land & Investment Ltd.		598,000		2,101,517
China Pacific Insurance Group Co. Ltd. Class H		407,800		2,006,351
China Petroleum & Chemical Corp. Class H		3,906,600		3,145,129
China Railway Construction Corp. Ltd. Class H		305,000		327,400
China Railway Group Ltd. Class H		601,000		437,004
China Resources Beer Holdings Co. Ltd.		248,000		957,101

CONSOLIDATED SCHEDULES OF INVESTMENTS 47

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2018

Security	Shares		Value
China Resources Gas Group Ltd.c		136,000	$	458,819
China Resources Land Ltd.		429,777		1,535,055
China Resources Pharmaceutical Group Ltd.b,c		283,000		381,900
China Resources Power Holdings Co. Ltd.		290,000		504,747
China Shenhua Energy Co. Ltd. Class H		528,500		1,502,706
China Southern Airlines Co. Ltd. Class H		280,000		375,704
China State Construction International Holdings Ltd.		310,000		422,297
China Taiping Insurance Holdings Co. Ltd.		249,500		962,890
China Telecom Corp. Ltd. Class H		2,122,000		935,542
China Unicom Hong Kong Ltd.a		942,000		1,220,641
China Vanke Co. Ltd. Class H		183,900		826,049
Chongqing Rural Commercial Bank Co. Ltd. Class H		395,000		321,036
CIFI Holdings Group Co. Ltd.		512,000		418,090
CITIC Ltd.		913,000		1,327,737
CITIC Securities Co. Ltd. Class H		356,000		806,144
CNOOC Ltd.		2,747,000		4,001,866
COSCO SHIPPING Ports Ltd.		238,000		231,452
Country Garden Holdings Co. Ltd.		821,828		1,478,709
CRRC Corp. Ltd. Class H		653,750		599,004
CSPC Pharmaceutical Group Ltd.		728,000		1,682,011
Ctrip.com International Ltd. ADRa		60,674		2,789,791
Dongfeng Motor Group Co. Ltd. Class H		420,000		531,890
ENN Energy Holdings Ltd.		116,000		893,870
Far East Horizon Ltd.		323,000		326,083
Fosun International Ltd.		388,000		855,798
Fullshare Holdings Ltd.c		652,500		366,887
Fuyao Glass Industry Group Co. Ltd. Class Hb		79,200		317,800
GCL-Poly Energy Holdings Ltd.a		2,345,000		371,590
Geely Automobile Holdings Ltd.		757,000		2,471,643
GF Securities Co. Ltd. Class H		221,200		426,271
GOME Retail Holdings Ltd.c		1,413,000		166,123
Great Wall Motor Co. Ltd. Class H		494,000		584,571
Guangdong Investment Ltd.		454,000		695,043
Guangzhou Automobile Group Co. Ltd. Class H		320,000		711,538
Guangzhou R&F Properties Co. Ltd. Class H		153,200		360,618

Security	Shares		Value
Haier Electronics Group Co. Ltd.		192,000	$	658,786
Haitian International Holdings Ltd.		92,000		281,574
Haitong Securities Co. Ltd. Class H		512,400		733,375
Hanergy Thin Film Power Group Ltd.a,d		2,513		—
Hengan International Group Co. Ltd.		111,000		1,085,134
Huaneng Power International Inc. Class H		632,000		392,511
Huaneng Renewables Corp. Ltd. Class H		706,000		236,377
Huatai Securities Co. Ltd. Class Hb		243,800		491,632
Industrial & Commercial Bank of China Ltd. Class H		11,372,000		9,823,869
JD.com Inc. ADRa		100,863		4,755,690
Jiangsu Expressway Co. Ltd. Class H		190,000		295,733
Jiangxi Copper Co. Ltd. Class H		196,000		310,081
Kingboard Chemical Holdings Ltd.		96,500		490,189
Kingsoft Corp. Ltd.		116,000		383,193
Kunlun Energy Co. Ltd.		482,000		453,340
Lee & Man Paper Manufacturing Ltd.		239,000		273,351
Lenovo Group Ltd.		1,094,000		571,794
Longfor Properties Co. Ltd.		228,500		659,924
Meitu Inc.a,b,c		193,000		248,609
Momo Inc. ADRa		16,564		547,440
NetEase Inc. ADR		12,249		3,593,244
New China Life Insurance Co. Ltd. Class H		126,400		756,756
New Oriental Education & Technology Group Inc. ADR		20,708		1,892,504
Nexteer Automotive Group Ltd.		131,000		291,956
Nine Dragons Paper Holdings Ltd.		245,000		442,079
People’s Insurance Co. Group of China Ltd. (The) Class H		1,062,000		574,069
PetroChina Co. Ltd. Class H		3,270,000		2,310,851
PICC Property & Casualty Co. Ltd. Class H		717,160		1,422,351
Ping An Insurance Group Co. of China Ltd. Class H		803,000		8,563,295
Semiconductor Manufacturing International Corp.a,c		475,300		640,188
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		268,000		183,226

48 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2018

Security	Shares		Value
Shanghai Electric Group Co. Ltd. Class Ha		440,000	$	165,872
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		70,500		410,371
Shanghai Industrial Holdings Ltd.		64,000		179,520
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		150,380		218,653
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		119,600		301,396
Shenzhou International Group Holdings Ltd.		117,000		1,158,742
Shimao Property Holdings Ltd.		181,500		452,747
Sihuan Pharmaceutical Holdings Group Ltd.		613,000		224,040
SINA Corp./Chinaa		8,768		1,025,242
Sino Biopharmaceutical Ltd.		684,000		1,295,398
Sino-Ocean Group Holding Ltd.		457,000		325,874
Sinopec Shanghai Petrochemical Co. Ltd. Class H		511,000		306,915
Sinopharm Group Co. Ltd. Class H		182,000		803,560
SOHO China Ltd.		320,000		184,019
Sun Art Retail Group Ltd.		379,000		503,700
Sunac China Holdings Ltd.c		371,000		1,360,676
Sunny Optical Technology Group Co. Ltd.		111,200		1,857,289
TAL Education Group Class A ADR		49,002		1,850,316
Tencent Holdings Ltd.		877,100		48,443,206
Tingyi Cayman Islands Holding Corp.		300,000		630,263
TravelSky Technology Ltd. Class H		144,000		460,046
Tsingtao Brewery Co. Ltd. Class H		54,000		296,730
Vipshop Holdings Ltd. ADRa		62,680		1,090,005
Want Want China Holdings Ltd.c		788,000		665,620
Weibo Corp. ADRa		7,188		923,802
Weichai Power Co. Ltd. Class H		286,200		322,580
Yanzhou Coal Mining Co. Ltd. Class H		282,000		422,353
Yum China Holdings Inc.		59,391		2,572,818
YY Inc. ADRa		6,637		858,363
Zhejiang Expressway Co. Ltd. Class H		206,000		225,078
Zhuzhou CRRC Times Electric Co. Ltd. Class H		85,400		462,725
Zijin Mining Group Co. Ltd. Class H		884,000		406,681
ZTE Corp. Class Ha		111,960		394,885
				262,082,977
INDIA — 11.32%
ACC Ltd.		6,744		168,020

Security	Shares		Value
Adani Ports & Special Economic Zone Ltd.		112,676	$	706,276
Ambuja Cements Ltd.		89,757		347,682
Ashok Leyland Ltd.		172,869		375,478
Asian Paints Ltd.		44,334		760,663
Aurobindo Pharma Ltd.		38,941		366,957
Axis Bank Ltd.		276,599		2,244,975
Bajaj Auto Ltd.		13,398		621,218
Bajaj Finance Ltd.		26,031		655,408
Bajaj Finserv Ltd.		5,853		453,865
Bharat Forge Ltd.		30,523		370,069
Bharat Heavy Electricals Ltd.		130,466		180,039
Bharat Petroleum Corp. Ltd.		117,111		772,186
Bharti Airtel Ltd.		212,829		1,400,048
Bharti Infratel Ltd.		51,271		272,858
Bosch Ltd.		1,119		320,987
Britannia Industries Ltd.		4,597		352,416
Cadila Healthcare Ltd.		30,573		190,113
Cipla Ltd./India		53,475		484,011
Coal India Ltd.		107,061		508,055
Container Corp. of India Ltd.		6,567		131,463
Dabur India Ltd.		85,009		424,156
Dr. Reddy’s Laboratories Ltd.		17,837		612,558
Eicher Motors Ltd.		2,072		872,667
GAIL India Ltd.		78,031		547,985
Glenmark Pharmaceuticals Ltd.		20,525		171,566
Godrej Consumer Products Ltd.		37,415		614,784
Grasim Industries Ltd.		50,541		894,274
Havells India Ltd.		38,685		301,452
HCL Technologies Ltd.		86,956		1,255,095
Hero MotoCorp Ltd.		7,853		433,561
Hindalco Industries Ltd.		174,904		658,847
Hindustan Petroleum Corp. Ltd.		91,635		534,721
Hindustan Unilever Ltd.		100,507		2,033,012
Housing Development Finance Corp. Ltd.		234,048		6,498,035
ICICI Bank Ltd.		365,777		1,758,806
Idea Cellular Ltd.a		218,552		281,467
IDFC Bank Ltd.		169,543		134,029
Indiabulls Housing Finance Ltd.		49,023		943,719
Indian Oil Corp. Ltd.		88,568		515,668
Infosys Ltd.		268,656		4,835,674
ITC Ltd.		524,842		2,135,340
JSW Steel Ltd.		132,582		635,372
Larsen & Toubro Ltd.		74,651		1,510,466

CONSOLIDATED SCHEDULES OF INVESTMENTS 49

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2018

Security	Shares		Value
LIC Housing Finance Ltd.		42,147	$	328,526
Lupin Ltd.		34,071		428,828
Mahindra & Mahindra Financial Services Ltd.		41,794		277,563
Mahindra & Mahindra Ltd.		114,189		1,276,659
Marico Ltd.		74,842		354,012
Maruti Suzuki India Ltd.		16,397		2,227,742
Motherson Sumi Systems Ltd.		95,884		485,703
Nestle India Ltd.		3,650		434,868
NTPC Ltd.		255,736		640,849
Oil & Natural Gas Corp. Ltd.		203,333		587,718
Petronet LNG Ltd.		83,617		317,416
Piramal Enterprises Ltd.		11,707		464,093
Piramal Enterprises Ltd. Newa		569		22,556
Power Finance Corp. Ltd.		91,930		148,310
Reliance Industries Ltd.		436,464		6,395,252
Rural Electrification Corp. Ltd.		99,533		220,467
Shree Cement Ltd.		1,349		344,226
Shriram Transport Finance Co. Ltd.		22,233		455,214
Siemens Ltd.		11,032		197,775
State Bank of India		265,981		1,094,198
Sun Pharmaceutical Industries Ltd.		148,297		1,218,655
Tata Consultancy Services Ltd.		70,796		3,298,262
Tata Motors Ltd.a		246,509		1,399,677
Tata Motors Ltd. Class Aa		55,687		176,858
Tata Power Co. Ltd. (The)		163,707		212,341
Tata Steel Ltd.		52,423		540,435
Tech Mahindra Ltd.		73,003		686,537
Titan Co. Ltd.		48,319		605,339
UltraTech Cement Ltd.		13,711		874,608
United Spirits Ltd.a		8,817		445,538
UPL Ltd.		55,405		619,781
Vakrangee Ltd.		64,647		161,453
Vedanta Ltd.		227,961		1,153,867
Wipro Ltd.		176,656		793,981
Yes Bank Ltd.		258,867		1,280,700
Zee Entertainment Enterprises Ltd.		82,733		717,971
				71,174,019
INDONESIA — 2.99%
Adaro Energy Tbk PT		2,194,800		375,152
AKR Corporindo Tbk PT		238,600		105,863
Astra International Tbk PT		3,126,200		1,836,132
Bank Central Asia Tbk PT		1,519,400		2,561,159
Bank Danamon Indonesia Tbk PT		497,700		238,922
Bank Mandiri Persero Tbk PT		2,880,400		1,738,904

Security	Shares		Value
Bank Negara Indonesia Persero Tbk PT		1,153,000	$	815,574
Bank Rakyat Indonesia Persero Tbk PT		8,579,800		2,358,922
Bank Tabungan Negara Persero Tbk PT		613,600		166,917
Bumi Serpong Damai Tbk PT		1,240,800		174,633
Charoen Pokphand Indonesia Tbk PT		1,155,500		289,117
Gudang Garam Tbk PT		74,000		429,247
Hanjaya Mandala Sampoerna Tbk PT		1,486,600		521,178
Indocement Tunggal Prakarsa Tbk PT		283,600		453,294
Indofood CBP Sukses Makmur Tbk PT		337,500		220,320
Indofood Sukses Makmur Tbk PT		685,000		377,414
Jasa Marga Persero Tbk PT		299,498		116,545
Kalbe Farma Tbk PT		3,316,400		385,950
Matahari Department Store Tbk PT		382,500		296,296
Pakuwon Jati Tbk PT		3,336,700		163,820
Perusahaan Gas Negara Persero Tbk PT		1,640,800		318,648
Semen Indonesia Persero Tbk PT		467,800		378,534
Surya Citra Media Tbk PT		893,700		185,260
Telekomunikasi Indonesia Persero Tbk PT		7,790,600		2,266,604
Tower Bersama Infrastructure Tbk PT		309,000		126,423
Unilever Indonesia Tbk PT		236,900		928,749
United Tractors Tbk PT		261,700		677,639
Waskita Karya Persero Tbk PT		752,100		159,189
XL Axiata Tbk PTa		515,600		110,632
				18,777,037
MALAYSIA — 3.34%
AirAsia Bhd		220,400		246,452
Alliance Bank Malaysia Bhd		151,700		159,562
AMMB Holdings Bhd		248,100		262,225
Astro Malaysia Holdings Bhd		235,500		145,497
Axiata Group Bhdc		424,900		585,770
British American Tobacco Malaysia Bhdc		22,500		163,135
CIMB Group Holdings Bhd		695,500		1,276,652
Dialog Group Bhd		466,778		315,793
DiGi.Com Bhdc		510,900		631,288
Felda Global Ventures Holdings Bhd		198,300		98,213

50 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2018

Security	Shares		Value
Gamuda Bhdc		265,800	$	336,576
Genting Bhd		354,800		801,629
Genting Malaysia Bhdc		451,300		607,187
Genting Plantations Bhd		34,900		89,990
HAP Seng Consolidated Bhdc		100,600		245,272
Hartalega Holdings Bhd		101,900		303,853
Hong Leong Bank Bhd		103,800		530,527
Hong Leong Financial Group Bhd		34,300		167,253
IHH Healthcare Bhdc		335,800		506,658
IJM Corp. Bhd		448,500		311,442
IOI Corp. Bhd		342,800		410,450
IOI Properties Group Bhdc		275,943		130,328
Kuala Lumpur Kepong Bhd		72,100		460,910
Malayan Banking Bhd		666,400		1,779,562
Malaysia Airports Holdings Bhd		124,600		276,748
Maxis Bhdc		318,500		480,555
MISC Bhdc		201,500		352,895
Nestle Malaysia Bhd		9,400		307,414
Petronas Chemicals Group Bhd		390,100		805,695
Petronas Dagangan Bhd		41,000		270,054
Petronas Gas Bhd		110,200		495,717
PPB Group Bhdc		53,600		242,206
Press Metal Aluminium Holdings Bhd		203,300		301,031
Public Bank Bhd		450,810		2,647,085
RHB Bank Bhd		124,962		171,635
RHB Bank Bhd Newa,d		28,800		—
Sapura Energy Bhdc		622,800		106,529
Sime Darby Bhd		360,200		253,804
Sime Darby Plantation Bhda		339,700		463,976
Sime Darby Property Bhda		320,700		115,442
SP Setia Bhd Group		135,900		114,493
Telekom Malaysia Bhdc		176,300		265,553
Tenaga Nasional Bhdc		528,400		2,117,917
UMW Holdings Bhda,c		71,000		117,820
Westports Holdings Bhdc		162,200		152,386
YTL Corp. Bhdc		703,008		256,651
YTL Power International Bhd		344,281		99,320
				20,981,150
PAKISTAN — 0.11%
Habib Bank Ltd.		77,300		145,691
Lucky Cement Ltd.		19,900		108,145
MCB Bank Ltd.		66,300		130,981
Oil & Gas Development Co. Ltd.		105,200		155,328
United Bank Ltd./Pakistan		70,600		120,489
				660,634

Security	Shares		Value
PHILIPPINES — 1.41%
Aboitiz Equity Ventures Inc.		288,250	$	428,390
Aboitiz Power Corp.		225,000		166,331
Alliance Global Group Inc.a		588,400		167,888
Ayala Corp.		38,610		783,617
Ayala Land Inc.		1,152,100		909,203
Bank of the Philippine Islands		116,920		269,176
BDO Unibank Inc.		300,789		899,826
DMCI Holdings Inc.		591,500		158,097
Globe Telecom Inc.		5,145		170,117
GT Capital Holdings Inc.		12,885		334,001
International Container Terminal Services Inc.		76,680		161,958
JG Summit Holdings Inc.		426,646		589,833
Jollibee Foods Corp.		66,860		383,084
Manila Electric Co.		34,650		223,948
Megaworld Corp.		1,716,500		159,851
Metro Pacific Investments Corp.		2,188,100		236,540
Metropolitan Bank & Trust Co.		93,646		175,946
PLDT Inc.		13,385		390,653
Robinsons Land Corp.		354,190		131,937
Security Bank Corp.		34,370		162,479
SM Investments Corp.		37,279		672,854
SM Prime Holdings Inc.		1,352,250		916,560
Universal Robina Corp.		136,600		390,810
				8,883,099
SOUTH KOREA — 18.85%
Amorepacific Corp.		4,971		1,292,212
AMOREPACIFIC Group		4,397		511,610
BGF retail Co. Ltd.		1,288		206,955
BNK Financial Group Inc.		40,311		416,920
Celltrion Healthcare Co. Ltd.a,c		5,464		603,467
Celltrion Inc.a		12,564		4,095,569
Cheil Worldwide Inc.		10,377		178,236
CJ CheilJedang Corp.		1,270		396,399
CJ Corp.		2,199		338,105
CJ E&M Corp.		2,809		224,637
CJ Logistics Corp.a		1,329		162,612
Coway Co. Ltd.		8,233		658,397
Daelim Industrial Co. Ltd.c		4,279		293,196
Daewoo Engineering & Construction Co. Ltd.a		20,713		99,845
DB Insurance Co. Ltd.		7,614		488,663
DGB Financial Group Inc.		25,351		290,288
Dongsuh Cos. Inc.		5,696		146,490

CONSOLIDATED SCHEDULES OF INVESTMENTS 51

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2018

Security	Shares		Value
Doosan Bobcat Inc.		5,893	$	185,024
Doosan Heavy Industries & Construction Co. Ltd.a		6,075		83,869
E-MART Inc.		3,234		907,873
GS Engineering & Construction Corp.c		7,449		200,860
GS Holdings Corp.		7,871		480,444
GS Retail Co. Ltd.		4,221		140,323
Hana Financial Group Inc.		45,440		2,062,403
Hankook Tire Co. Ltd.		11,553		629,446
Hanmi Pharm Co. Ltd.		965		412,591
Hanmi Science Co. Ltd.		1,893		146,839
Hanon Systems		29,398		339,343
Hanssem Co. Ltd.		1,582		218,403
Hanwha Chemical Corp.		16,318		500,284
Hanwha Corp.		6,728		274,302
Hanwha Life Insurance Co. Ltd.		38,928		241,211
Hanwha Techwin Co. Ltd.a		5,649		152,062
Hotel Shilla Co. Ltd.		4,703		355,255
Hyosung Corp.		3,149		363,492
Hyundai Department Store Co. Ltd.		2,182		184,167
Hyundai Development Co. Engineering & Construction		9,018		314,785
Hyundai Engineering & Construction Co. Ltd.a,c		12,243		435,271
Hyundai Glovis Co. Ltd.		3,011		396,221
Hyundai Heavy Industries Co. Ltd.a		4,714		570,259
Hyundai Marine & Fire Insurance Co. Ltd.		9,361		357,013
Hyundai Mobis Co. Ltd.		10,570		2,225,469
Hyundai Motor Co.		23,637		3,525,141
Hyundai Robotics Co. Ltd.a		1,503		614,163
Hyundai Steel Co.		12,226		605,147
Hyundai Wia Corp.		2,189		117,445
Industrial Bank of Korea		38,732		615,191
ING Life Insurance Korea Ltd.b		4,895		238,670
Kakao Corp.		7,095		838,637
Kangwon Land Inc.a		18,650		496,863
KB Financial Group Inc.		61,180		3,615,772
KCC Corp.		877		293,575
KEPCO Plant Service & Engineering Co. Ltd.a		3,611		134,550
Kia Motors Corp.		39,482		1,252,384
Korea Aerospace Industries Ltd. Class Aa		10,430		484,467
Korea Electric Power Corp.a		38,488		1,176,427

Security	Shares		Value
Korea Gas Corp.a		4,350	$	184,380
Korea Investment Holdings Co. Ltd.a		6,091		441,540
Korea Zinc Co. Ltd.a		1,373		649,161
Korean Air Lines Co. Ltd.		7,654		230,772
KT Corp.		1,558		40,141
KT&G Corp.		17,819		1,642,198
Kumho Petrochemical Co. Ltd.		2,960		247,646
LG Chem Ltd.		7,140		2,525,275
LG Corp.		14,856		1,182,553
LG Display Co. Ltd.		36,087		994,734
LG Electronics Inc.c		16,321		1,505,650
LG Household & Health Care Ltd.		1,435		1,457,660
LG Innotek Co. Ltd.		2,103		256,345
Lotte Chemical Corp.		2,418		1,024,898
Lotte Corp.a		4,344		251,518
Lotte Shopping Co. Ltd.		1,719		327,799
Medy-Tox Inc.		669		373,142
Mirae Asset Daewoo Co. Ltd.		57,058		488,963
NAVER Corp.		4,327		3,208,589
NCSoft Corp.		2,715		940,184
Netmarble Games Corp.b		3,804		518,136
NH Investment & Securities Co. Ltd.a		21,593		285,142
OCI Co. Ltd.		2,510		381,286
Orion Corp./Republic of Korea		3,337		332,806
Ottogi Corp.		161		105,113
Pan Ocean Co. Ltd.a		32,571		178,360
POSCO		11,394		3,803,612
Posco Daewoo Corp.		5,604		104,535
S-1 Corp.		2,746		243,435
S-Oil Corp.		7,006		799,004
Samsung Biologics Co. Ltd.a,b		2,540		1,055,499
Samsung C&T Corp.		11,839		1,404,849
Samsung Card Co. Ltd.		4,524		151,649
Samsung Electro-Mechanics Co. Ltd.		8,629		737,875
Samsung Electronics Co. Ltd.		14,889		32,351,849
Samsung Fire & Marine Insurance Co. Ltd.		4,666		1,245,243
Samsung Heavy Industries Co. Ltd.a,c		39,355		310,726
Samsung Life Insurance Co. Ltd.		10,974		1,231,269
Samsung SDI Co. Ltd.		8,465		1,336,702
Samsung SDS Co. Ltd.		5,385		1,183,516
Samsung Securities Co. Ltd.		10,235		374,278
Shinhan Financial Group Co. Ltd.		65,933		2,885,977
Shinsegae Inc.		1,162		368,054
SillaJen Inc.a		8,184		773,886

52 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2018

Security	Shares		Value
SK Holdings Co. Ltd.		4,934	$	1,296,263
SK Hynix Inc.		90,313		6,405,059
SK Innovation Co. Ltd.		10,023		1,902,047
SK Networks Co. Ltd.		18,349		101,327
SK Telecom Co. Ltd.		3,189		706,769
Woori Bank		69,239		1,061,379
Yuhan Corp.		1,316		252,773
				118,450,808
TAIWAN — 15.64%
Acer Inc.		444,062		374,165
Advanced Semiconductor Engineering Inc.		1,212,969		1,651,471
Advantech Co. Ltd.		61,282		456,537
Airtac International Group		18,000		329,845
Asia Cement Corp.		365,229		355,277
Asia Pacific Telecom Co. Ltd.a		128,000		41,519
Asustek Computer Inc.		111,000		1,053,142
AU Optronics Corp.		1,350,000		605,744
Catcher Technology Co. Ltd.		101,000		1,224,641
Cathay Financial Holding Co. Ltd.		1,254,944		2,342,637
Chailease Holding Co. Ltd.		182,496		613,831
Chang Hwa Commercial Bank Ltd.		717,294		412,753
Cheng Shin Rubber Industry Co. Ltd.		320,776		551,556
Chicony Electronics Co. Ltd.		80,173		197,443
China Airlines Ltd.a		412,000		162,285
China Development Financial Holding Corp.		1,906,200		685,554
China Life Insurance Co. Ltd./Taiwan		381,640		384,313
China Steel Corp.		1,939,867		1,601,301
Chunghwa Telecom Co. Ltd.		603,000		2,261,599
Compal Electronics Inc.		669,000		460,581
CTBC Financial Holding Co. Ltd.		2,668,265		1,951,241
Delta Electronics Inc.		310,000		1,475,912
E.Sun Financial Holding Co. Ltd.		1,384,766		917,786
Eclat Textile Co. Ltd.		27,604		294,992
Eva Airways Corp.		332,628		170,897
Evergreen Marine Corp. Taiwan Ltd.a		289,437		153,168
Far Eastern New Century Corp.		502,460		446,604
Far EasTone Telecommunications Co. Ltd.		254,000		643,798
Feng TAY Enterprise Co. Ltd.		55,064		262,160
First Financial Holding Co. Ltd.		1,410,817		966,462

Security	Shares		Value
Formosa Chemicals & Fibre Corp.		462,950	$	1,720,473
Formosa Petrochemical Corp.		213,000		853,590
Formosa Plastics Corp.		641,400		2,273,806
Formosa Taffeta Co. Ltd.		138,000		150,784
Foxconn Technology Co. Ltd.		136,521		371,282
Fubon Financial Holding Co. Ltd.		1,012,396		1,810,110
General Interface Solution Holding Ltd.		25,000		152,849
Giant Manufacturing Co. Ltd.		45,000		235,824
Globalwafers Co. Ltd.		38,000		554,469
Highwealth Construction Corp.		123,840		187,273
Hiwin Technologies Corp.		31,540		405,114
Hon Hai Precision Industry Co. Ltd.		2,407,314		7,264,283
Hotai Motor Co. Ltd.		41,000		457,108
HTC Corp.a		94,000		196,400
Hua Nan Financial Holdings Co. Ltd.		1,098,011		646,873
Innolux Corp.		1,397,620		622,324
Inventec Corp.		392,980		314,298
Largan Precision Co. Ltd.		16,000		2,024,970
Lite-On Technology Corp.		322,032		463,268
Macronix Internationala		296,000		440,520
MediaTek Inc.		246,176		2,538,027
Mega Financial Holding Co. Ltd.		1,658,542		1,417,363
Micro-Star International Co. Ltd.		103,000		301,639
Nan Ya Plastics Corp.		726,090		2,004,516
Nanya Technology Corp.		189,000		523,067
Nien Made Enterprise Co. Ltd.		25,000		246,613
Novatek Microelectronics Corp.		132,000		571,937
Pegatron Corp.		302,000		775,804
Phison Electronics Corp.		34,000		333,065
Pou Chen Corp.		343,000		431,753
Powertech Technology Inc.		169,000		524,444
President Chain Store Corp.		91,000		917,933
Quanta Computer Inc.		415,000		847,185
Realtek Semiconductor Corp.		119,140		473,369
Ruentex Development Co. Ltd.a		134,065		147,632
Ruentex Industries Ltd.		80,855		142,072
Shin Kong Financial Holding Co. Ltd.		1,287,138		531,247
Siliconware Precision Industries Co. Ltd.		411,438		717,309
SinoPac Financial Holdings Co. Ltd.		1,587,529		549,196
Standard Foods Corp.		90,987		213,790
Synnex Technology International Corp.		219,050		290,361

CONSOLIDATED SCHEDULES OF INVESTMENTS 53

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2018

Security	Shares		Value
TaiMed Biologics Inc.a		22,000	$	152,215
Taishin Financial Holding Co. Ltd.		1,465,305		712,690
Taiwan Business Bank		274,768		81,314
Taiwan Cement Corp.		551,000		698,293
Taiwan Cooperative Financial Holding Co. Ltd.		1,335,948		777,898
Taiwan High Speed Rail Corp.		291,000		225,759
Taiwan Mobile Co. Ltd.		258,000		949,975
Taiwan Semiconductor Manufacturing Co. Ltd.		3,519,000		29,650,939
Teco Electric and Machinery Co. Ltd.		274,000		248,703
Uni-President Enterprises Corp.		747,650		1,766,980
United Microelectronics Corp.		2,193,000		1,062,868
Vanguard International Semiconductor Corp.		182,000		380,264
Win Semiconductors Corp.		59,000		542,601
Winbond Electronics Corp.		533,000		363,299
Wistron Corp.		418,119		350,873
WPG Holdings Ltd.		257,000		330,102
Yageo Corp.		33,000		373,568
Yuanta Financial Holding Co. Ltd.		1,584,893		713,855
Zhen Ding Technology Holding Ltd.		110,455		241,752
				98,317,102
THAILAND — 3.35%
Advanced Info Service PCL NVDR		159,700		1,007,346
Airports of Thailand PCL NVDR		668,500		1,506,734
Bangkok Bank PCL Foreign		41,100		301,147
Bangkok Dusit Medical Services PCL NVDR		569,400		400,884
Bangkok Expressway & Metro PCL NVDR		1,153,800		268,325
Banpu PCL NVDR		334,600		250,497
Berli Jucker PCL NVDRc		185,600		351,806
BTS Group Holdings PCL NVDR		654,700		169,984
Bumrungrad Hospital PCL NVDR		58,700		385,225
Central Pattana PCL NVDR		217,800		584,570
Charoen Pokphand Foods PCL NVDRc		454,800		331,791
CP ALL PCL NVDR		756,900		2,025,473
Delta Electronics Thailand PCL NVDR		77,800		168,538
Electricity Generating PCL NVDR		21,000		159,223
Energy Absolute PCL NVDRc		168,900		361,852
Glow Energy PCL NVDR		77,600		209,512

Security	Shares		Value
Home Product Center PCL NVDR		631,045	$	289,489
Indorama Ventures PCL NVDR		221,400		380,873
IRPC PCL NVDR		1,501,700		389,897
Kasikornbank PCL Foreign		182,800		1,351,054
Kasikornbank PCL NVDR		89,300		660,006
KCE Electronics PCL NVDRc		67,100		149,634
Krung Thai Bank PCL NVDR		564,850		365,290
Minor International PCL NVDR		334,680		431,811
PTT Exploration & Production PCL NVDR		217,810		801,435
PTT Global Chemical PCL NVDR		351,000		1,109,804
PTT PCL NVDR		163,200		2,953,093
Robinson PCL NVDR		73,900		158,323
Siam Cement PCL (The) Foreign		45,700		713,380
Siam Cement PCL (The) NVDR		17,300		270,054
Siam Commercial Bank PCL (The) NVDR		285,200		1,353,769
Thai Oil PCL NVDR		169,800		557,165
Thai Union Group PCL NVDR		279,400		178,908
TMB Bank PCL NVDR		1,950,100		186,375
True Corp. PCL NVDRa		1,442,005		289,412
				21,072,679
TOTAL COMMON STOCKS
(Cost: $501,562,277)				620,399,505
PREFERRED STOCKS — 1.01%
SOUTH KOREA — 1.01%
Amorepacific Corp., Preference Shares		1,509		211,809
Hyundai Motor Co., Preference Shares		3,655		303,093
Hyundai Motor Co. Series 2, Preference Shares		5,667		511,281
LG Chem Ltd., Preference Shares		1,203		238,289
LG Household & Health Care Ltd., Preference Shares		345		195,614
Samsung Electronics Co. Ltd., Preference Shares		2,664		4,907,821
				6,367,907
TOTAL PREFERRED STOCKS
(Cost: $4,852,608)				6,367,907

54 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2018

Security	Shares		Value
RIGHTS — 0.01%
SOUTH KOREA — 0.01%
Hyundai Heavy Industries Co. Ltd. (Expires 03/09/18)a		931	$	21,493
				21,493
TOTAL RIGHTS
(Cost: $0)				21,493
SHORT-TERM INVESTMENTS — 2.38%
MONEY MARKET FUNDS — 2.38%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		14,934,281		14,935,775
				14,935,775
TOTAL SHORT-TERM INVESTMENTS
(Cost: $14,936,072)				14,935,775

	Value
TOTAL INVESTMENTS IN SECURITIES — 102.11%
(Cost: $521,350,957)	$	641,724,680
Other Assets, Less Liabilities — (2.11)%		(13,231,400	)
NET ASSETS — 100.00%	$	628,493,280

ADR  —  American Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income producing security.

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  All or a portion of this security is on loan.

^d  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		9,807,306		5,126,975	b		—			14,934,281	$	14,935,775	$	95,232	c	$	(940	)	$	(1,568	)
BlackRock Cash Funds: Treasury, SL Agency Shares		768,227		—			(768,227	)b		—		—		9,056			—			—
											$	14,935,775	$	104,288		$	(940	)	$	(1,568	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

CONSOLIDATED SCHEDULES OF INVESTMENTS 55

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3			Total
Investments
Assets
Common stocks	$	620,376,949	$	22,556	$	0	a	$	620,399,505
Preferred stocks		6,367,907		—		—			6,367,907
Rights		—		21,493		—			21,493
Money market funds		14,935,775		—		—			14,935,775
Total	$	641,680,631	$	44,049	$	0	a	$	641,724,680

^a  Rounds to less than $1.

See notes to consolidated financial statements.

56 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 98.16%
BRAZIL — 4.19%
AES Tiete Energia SA		57,300	$	200,186
Aliansce Shopping Centers SAa		41,600		229,464
Alupar Investimento SA Units		69,908		391,635
Anima Holding SA		15,200		126,513
Arezzo Industria e Comercio SA		19,600		338,456
B2W Cia. Digitala		76,123		557,435
Banco ABC Brasil SAa		1,187		6,942
BR Properties SA		41,241		113,996
Cia. de Saneamento de Minas Gerais-COPASA		24,100		326,773
Cia. Hering		55,200		390,797
Cosan Logistica SAa		57,422		179,226
CVC Brasil Operadora e Agencia de Viagens SA		39,300		679,123
Cyrela Brazil Realty SA Empreendimentos e Participacoes		101,700		480,209
Duratex SA		109,900		385,305
EcoRodovias Infraestrutura e Logistica SA		86,200		266,660
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		42,000		226,241
Estacio Participacoes SA		104,000		1,085,217
Even Construtora e Incorporadora SAa		84,900		158,105
Ez Tec Empreendimentos e Participacoes SA		25,344		189,646
Fleury SA		69,300		578,718
Guararapes Confeccoes SA		2,800		135,745
Iguatemi Empresa de Shopping Centers SA		30,600		371,957
Instituto Hermes Pardini SA		20,500		185,518
Iochpe Maxion SA		40,405		274,735
Light SAa		37,200		174,850
Linx SA		55,400		323,661
Magazine Luiza SA		29,600		829,574
Magnesita Refratarios SA		11,400		192,997
Mahle-Metal Leve SA		17,700		126,399
Marfrig Global Foods SAa		87,700		161,160
Minerva SA		46,200		129,125
MRV Engenharia e Participacoes SA		111,300		520,057
Multiplus SA		19,100		202,420
Prumo Logistica SAa		33,100		115,640
Santos Brasil Participacoes SAa		144,100		166,333
Sao Martinho SA		67,800		382,957

Security	Shares		Value
Ser Educacional SAb		17,135	$	163,504
SLC Agricola SA		28,600		305,654
Smiles Fidelidade SA		24,200		627,803
TOTVS SA		43,100		405,163
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		29,440		179,517
Via Varejo SA		47,100		397,097
Wiz Solucoes e Corretagem de Seguros SA		27,100		103,020
				13,385,533
CHILE — 1.34%
Besalco SA		128,799		146,003
CAP SA		31,074		443,372
Cia. Sud Americana de Vapores SAa		5,290,792		267,177
Engie Energia Chile SA		200,086		451,301
Forus SA		35,947		165,049
Inversiones Aguas Metropolitanas SA		169,647		318,971
Inversiones La Construccion SA		13,184		262,496
Parque Arauco SA		223,523		713,378
Ripley Corp. SA		286,459		307,288
Salfacorp SA		193,813		388,558
Sociedad de Inversiones Oro Blanco SA		12,069,704		130,324
SONDA SA		161,861		327,249
Vina Concha y Toro SA		161,925		348,945
				4,270,111
CHINA — 19.79%
21Vianet Group Inc. ADRa		29,772		227,160
361 Degrees International Ltd.		310,000		113,695
500.com Ltd. ADRa,c		9,381		168,201
51job Inc. ADRa		9,893		647,695
AGTech Holdings Ltd.a,c		1,244,000		146,254
Ajisen China Holdings Ltd.		417,000		195,037
Anhui Expressway Co. Ltd. Class H		252,000		198,050
Anhui Gujing Distillery Co. Ltd. Class B		43,500		234,696
Anton Oilfield Services Group/Hong Konga,c		1,090,000		140,685
Anxin-China Holdings Ltd.a,d		1,084,000		20,779
APT Satellite Holdings Ltd.		279,000		123,361
Asia Cement China Holdings Corp.c		398,500		152,264

CONSOLIDATED SCHEDULES OF INVESTMENTS 57

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
AVIC International Holding HK Ltd.a,c		2,290,000	$	117,056
AVIC International Holdings Ltd. Class H		128,000		101,742
Baozun Inc. ADRa,c		10,501		369,215
Beijing Beida Jade Bird Universal Sci-Tech Co. Ltd. Class Ha		323,000		60,263
Beijing Capital Land Ltd. Class H		442,000		264,907
Beijing Enterprises Medical & Health Group Ltd.a		2,208,000		110,043
Beijing Gas Blue Sky Holdings Ltd.a,c		2,328,000		175,523
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		144,000		244,745
Best Pacific International Holdings Ltd.c		146,000		78,361
Bitauto Holdings Ltd. ADRa,c		9,388		266,525
Boshiwa International Holding Ltd.a,d		32,000		245
Bosideng International Holdings Ltd.		1,464,000		125,347
Boyaa Interactive International Ltd.a,c		281,000		111,318
C C Land Holdings Ltd.a		937,000		216,729
C.banner International Holdings Ltd.a,c		498,000		155,917
Canvest Environment Protection Group Co. Ltd.c		304,000		175,206
Capital Environment Holdings Ltd.a,c		3,728,000		150,067
Carnival Group International Holdings Ltd.a,c		3,777,500		193,092
CGN Meiya Power Holdings Co. Ltd.a,b		1,032,000		139,793
Changyou.com Ltd. ADRa		6,521		184,544
Chaowei Power Holdings Ltd.c		310,000		190,945
Cheetah Mobile Inc. ADRa,c		12,453		177,082
Chiho Environmental Group Ltd.a,c		238,000		124,698
China Aerospace International Holdings Ltd.		1,778,000		199,946
China Agri-Industries Holdings Ltd.		793,000		341,509
China Aircraft Leasing Group Holdings Ltd.		162,500		159,067
China All Access Holdings Ltd.		626,000		181,593
China Animal Healthcare Ltd.a,c,d		126,000		1,288
China Animation Characters Co. Ltd.c		318,000		124,350
China Aoyuan Property Group Ltd.		423,000		342,171

Security	Shares		Value
China Beidahuang Industry Group Holdings Ltd.a		2,260,000	$	102,526
China BlueChemical Ltd. Class H		726,000		219,879
China Chengtong Development Group Ltd.a,c		1,722,000		97,925
China Datang Corp. Renewable Power Co. Ltd. Class H		1,257,000		155,814
China Dongxiang Group Co. Ltd.		1,473,000		286,118
China Electronics Huada Technology Co. Ltd.c		560,000		83,013
China Electronics Optics Valley Union Holding Co Ltd.		2,036,000		174,322
China Everbright Greentech Ltd. Class La,b,c		187,000		165,844
China Fangda Group Co. Ltd. Class B		386,300		258,182
China First Capital Group Ltd.a		1,262,000		546,711
China Foods Ltd.c		404,000		213,737
China Goldjoy Group Ltd.c		3,212,000		258,592
China Greenland Broad Greenstate Group Co Ltd.c		420,000		59,039
China Harmony New Energy Auto Holding Ltd.a,c		283,500		204,330
China High Speed Transmission Equipment Group Co. Ltd.c		137,000		236,349
China Huiyuan Juice Group Ltd.a		379,000		101,709
China Innovationpay Group Ltd.a,c		2,328,000		130,898
China Internet Nationwide Financial Services Inc.a,c		2,803		105,337
China Investment Fund International Holdings Co. Ltd.a		328,000		364,663
China Lesso Group Holdings Ltd.		415,000		273,120
China Lilang Ltd.		221,000		206,165
China Logistics Property Holdings Co. Ltd.a,c		591,000		177,482
China Lumena New Materials Corp.a,c,d		210,000		—
China Maple Leaf Educational Systems Ltd.c		262,000		334,142
China Merchants Land Ltd.c		682,000		123,758
China Metal Recycling Holdings Ltd.a,d		12,000		—
China Metal Resources Utilization Ltd.a,b,c		408,000		263,300
China Minsheng Financial Holding Corp. Ltd.a,c		4,010,000		124,523

58 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
China Modern Dairy Holdings Ltd.a		692,000	$	123,804
China National Materials Co. Ltd. Class H		432,000		361,044
China NT Pharma Group Co.Ltd.		609,500		136,305
China Oil & Gas Group Ltd.		2,670,000		228,605
China Overseas Grand Oceans Group Ltd.		561,000		281,027
China Overseas Property Holdings Ltd.c		590,000		199,801
China Power Clean Energy Development Co. Ltd.		276,000		154,484
China Power International Development Ltd.		1,806,000		454,656
China Rapid Finance Ltd. ADRa,c		23,869		111,468
China Regenerative Medicine International Ltd.a,c		4,960,000		109,655
China Resources Phoenix Healthcare Holdings Co. Ltd.c		218,000		279,141
China SCE Property Holdings Ltd.		696,000		342,428
China Shengmu Organic Milk Ltd.a,b,c		1,565,000		235,991
China Shineway Pharmaceutical Group Ltd.		228,000		320,499
China Silver Group Ltd.c		496,000		114,725
China Singyes Solar Technologies Holdings Ltd.c		314,000		125,595
China South City Holdings Ltd.		1,090,000		257,690
China Suntien Green Energy Corp. Ltd. Class H		787,000		188,068
China Traditional Chinese Medicine Holdings Co. Ltd.		780,000		471,471
China Travel International Investment Hong Kong Ltd.c		884,000		332,123
China Water Affairs Group Ltd.		392,000		346,149
China Water Industry Group Ltd.a,c		900,000		186,319
China Yuhua Education Corp Ltd. Class Lb,c		440,000		248,527
China ZhengTong Auto Services Holdings Ltd.c		444,500		402,165
Chinasoft International Ltd.c		800,000		586,815
Chong Sing Holdings FinTech Group Ltd.a,c		6,212,000		770,020
Chongqing Machinery & Electric Co. Ltd. Class H		1,746,000		171,804
CIMC Enric Holdings Ltd.a,c		292,000		267,548
CITIC Resources Holdings Ltd.c		1,426,000		142,139

Security	Shares		Value
Citychamp Watch & Jewellery Group Ltd.c		764,000	$	167,927
COFCO Meat Holdings Ltd.a,c		1,036,000		184,024
Cogobuy Groupb		236,000		130,888
Colour Life Services Group Co. Ltd.c		208,000		134,763
Comba Telecom Systems Holdings Ltd.c		1,032,894		166,313
Concord New Energy Group Ltd.		3,790,000		169,514
Coolpad Group Ltd.a,d		1,024,000		7,851
COSCO SHIPPING International Hong Kong Co. Ltd.		640,000		273,165
Cosmo Lady China Holdings Co. Ltd.b,c		268,000		112,676
Crown International Corp Ltd.a,c		588,000		99,186
CSMall Group Ltd.a		8,266		—
CT Environmental Group Ltd.c		1,036,000		181,376
Dah Chong Hong Holdings Ltd.c		375,000		185,935
Dawnrays Pharmaceutical Holdings Ltd.		268,000		146,238
Dazhong Transportation Group Co. Ltd. Class B		527,100		326,802
Digital China Holdings Ltd.a,c		306,000		173,230
eHi Car Services Ltd. ADRa		16,950		192,043
Fang Holdings Ltd. ADRa,c		94,458		477,957
Fantasia Holdings Group Co. Ltd.c		1,186,500		195,594
FDG Electric Vehicles Ltd.a,c		5,790,000		236,770
First Tractor Co. Ltd. Class H		310,000		122,807
Fu Shou Yuan International Group Ltd.c		453,000		399,435
Fufeng Group Ltd.		605,400		416,221
Future Land Development Holdings Ltd.		670,000		524,849
GCL New Energy Holdings Ltd.a,c		3,232,000		202,379
GDS Holdings Ltd. ADRa		26,992		707,190
Genscript Biotech Corp.c		300,000		900,924
Glorious Property Holdings Ltd.a		1,101,000		109,744
Golden Eagle Retail Group Ltd.c		194,000		258,326
Golden Meditech Holdings Ltd.a,c		1,040,000		175,431
Greatview Aseptic Packaging Co. Ltd.		491,000		349,491
Greenland Hong Kong Holdings Ltd.		371,000		181,582
Greentown China Holdings Ltd.		246,500		370,445
Greentown Service Group Co. Ltd.c		292,000		212,695
Gridsum Holding Inc. ADRa		6,461		70,360
Ground International Development Ltd.a,c		490,000		101,440

CONSOLIDATED SCHEDULES OF INVESTMENTS 59

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Guorui Properties Ltd.c		500,000	$	139,931
Haichang Ocean Park Holdings Ltd.a,b		759,000		192,046
Hangzhou Steam Turbine Co. Ltd. Class Ba		125,380		121,129
Harbin Electric Co. Ltd. Class H		272,000		110,186
Harmonicare Medical Holdings Ltd.b		278,000		89,880
HC International Inc.c		252,000		156,830
HengTen Networks Group Ltd.a,c		9,060,000		405,224
Hi Sun Technology China Ltd.a		822,000		171,222
Hilong Holding Ltd.c		404,000		68,148
Hisense Kelon Electrical Holdings Co. Ltd. Class H		155,000		191,143
Honghua Group Ltd.a,c		898,000		94,100
Hopewell Highway Infrastructure Ltd.		536,500		324,287
Hopson Development Holdings Ltd.		288,000		274,188
Hua Han Health Industry Holdings Ltd. Class Ha,d		1,112,400		7,108
Hua Hong Semiconductor Ltd.b		159,000		307,625
Huabao International Holdings Ltd.		413,000		310,860
Huadian Fuxin Energy Corp. Ltd. Class H		970,000		235,518
Huangshi Dongbei Electrical Appliance Co. Ltd. Class B		69,200		92,382
Huanxi Media Group Ltd.a,c		530,000		101,594
Huayi Tencent Entertainment Co. Ltd.a,c		2,550,000		131,976
Hutchison China MediTech Ltd.a,c		8,983		587,919
IGG Inc.c		311,000		397,429
iKang Healthcare Group Inc. ADRa,c		20,453		336,656
IMAX China Holding Inc.a,b,c		49,800		141,280
Inner Mongolia Yitai Coal Co. Ltd. Class B		413,000		593,068
JA Solar Holdings Co. Ltd. ADRa,c		18,000		133,380
Jiayuan International Group Ltd.a		406,000		425,441
JinkoSolar Holding Co. Ltd. ADRa		11,041		197,303
Ju Teng International Holdings Ltd.		420,000		119,152
Jumei International Holding Ltd. ADRa,c		29,622		84,423
Kaisa Group Holdings Ltd.a		1,012,000		539,282
Kama Co. Ltd. Class Ba		125,500		95,631
Kingboard Laminates Holdings Ltd.		415,500		731,677
Kingdee International Software Group Co. Ltd.a,c		740,000		533,347

Security	Shares		Value
Kong Sun Holdings Ltd.a		1,900,000	$	65,557
Konka Group Co. Ltd. Class Ba		370,400		153,834
KuangChi Science Ltd.a,c		755,000		193,929
KWG Property Holding Ltd.		481,000		674,911
Lao Feng Xiang Co. Ltd. Class B		70,200		259,108
Launch Tech Co. Ltd.		93,000		109,456
Lee’s Pharmaceutical Holdings Ltd.c		145,000		219,762
Li Ning Co. Ltd.a		564,000		518,932
Lifestyle China Group Ltd.a		381,500		107,742
Lifetech Scientific Corp.a,c		988,000		236,101
Livzon Pharmaceutical Group Inc. Class H		42,590		318,664
Lonking Holdings Ltd.		780,000		325,943
Luthai Textile Co. Ltd. Class B		190,700		206,411
Luye Pharma Group Ltd.c		475,000		411,550
MMG Ltd.a		768,000		538,806
Nam Tai Property Inc.		10,074		138,014
Nan Hai Corp. Ltd.c		6,400,000		204,465
National Agricultural Holdings Ltd.a,c,d		354,000		42,976
NetDragon Websoft Holdings Ltd.c		91,500		238,534
New Provenance Everlasting Holdings Ltd. Class Ha		9,250,000		200,951
Noah Holdings Ltd. ADRa,c		10,222		474,710
North Mining Shares Co. Ltd.a,c		5,940,000		116,898
NQ Mobile Inc. ADRa,c		38,424		84,917
NVC Lighting Holding Ltd.		855,000		79,761
O-Net Technologies Group Ltd.a,c		189,000		135,254
Panda Green Energy Group Ltd.a,c		1,828,000		207,905
PAX Global Technology Ltd.c		393,000		195,362
Phoenix Satellite Television Holdings Ltd.		928,000		115,032
Poly Property Group Co. Ltd.a		734,000		375,193
Pou Sheng International Holdings Ltd.		912,000		229,594
Powerlong Real Estate Holdings Ltd.		486,000		243,456
Q Technology Group Co. Ltd.c		131,000		187,494
Qingdao Port International Co. Ltd.b		483,000		350,586
Realord Group Holdings Ltd.a,c		176,000		113,580
Renhe Commercial Holdings Co. Ltd.a,c		6,222,000		158,228
Ronshine China Holdings Ltd.a,c		197,000		282,461
Seaspan Corp.		22,746		139,888
Shandong Airlines Co. Ltd. Class B		65,400		133,720

60 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Shandong Chenming Paper Holdings Ltd. Class B		256,900	$	434,005
Shang Gong Group Co. Ltd. Class Ba		187,000		159,511
Shanghai Baosight Software Co. Ltd. Class B		90,900		157,893
Shanghai Dasheng Agricultural Finance Technology Co. Ltd.c		1,360,000		79,946
Shanghai Haixin Group Co. Class B		192,700		115,042
Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H		554,000		241,414
Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B		132,600		161,242
Shanghai Jinjiang International Travel Co. Ltd. Class B		62,700		161,578
Shanghai Lingyun Industries Development Co. Ltd. Class Ba		132,400		107,509
Shanghai Shibei Hi-Tech Co. Ltd. Class B		273,000		140,595
Shanghai Zhongyida Co. Ltd.a		324,600		88,616
Shenzhen Expressway Co. Ltd. Class H		306,000		308,921
Shenzhen International Holdings Ltd.		352,000		725,115
Shenzhen Investment Ltd.		1,248,000		521,508
Shougang Concord International Enterprises Co. Ltd.a,c		8,984,000		276,685
Shougang Fushan Resources Group Ltd.c		1,044,000		329,531
Shui On Land Ltd.		1,418,500		398,796
Sino Oil And Gas Holdings Ltd.a,c		13,170,000		104,346
Sinolink Worldwide Holdings Ltd.a		1,020,000		126,436
Sinopec Kantons Holdings Ltd.		362,000		219,273
Sinosoft Technology Group Ltd.c		362,800		98,288
Sinotrans Ltd. Class H		779,000		433,038
Sinotrans Shipping Ltd.c		716,000		206,786
Sinotruk Hong Kong Ltd.		276,000		351,291
Skyfame Realty Holdings Ltd.a		300,000		175,584
Skyworth Digital Holdings Ltd.		780,000		343,885
SMI Holdings Group Ltd.c		516,800		246,998
Sohu.com Inc.a		10,970		369,140
SSY Group Ltd.		679,970		516,149
Superb Summit International Group Ltd.a,c,d		238,250		1,522

Security	Shares		Value
Tarena International Inc. ADR		13,639	$	167,351
TCL Multimedia Technology Holdings Ltd.c		214,000		98,997
Texhong Textile Group Ltd.		115,000		150,486
Tian Ge Interactive Holdings Ltd.b		187,000		168,234
Tianjin Development Holdings Ltd.		328,000		149,638
Tianjin Port Development Holdings Ltd.		1,510,000		219,979
Tianneng Power International Ltd.		288,000		285,229
Tibet Water Resources Ltd.a,c		854,000		357,957
Tong Ren Tang Technologies Co. Ltd. Class H		226,000		382,380
Tongda Group Holdings Ltd.		1,200,000		288,296
Tongda Hong Tai Holdings Ltd.a		30,000		—
Towngas China Co. Ltd.		434,000		351,069
TPV Technology Ltd.		468,000		65,787
Truly International Holdings Ltd.c		682,000		227,470
Tuniu Corp. ADRa		13,849		106,776
Universal Medical Financial & Technical Advisory Services Co. Ltd.b		335,500		276,536
Vinda International Holdings Ltd.c		87,000		172,548
Viva China Holdings Ltd.a		1,128,000		123,967
Wasion Group Holdings Ltd.		212,000		111,888
West China Cement Ltd.a		1,030,000		175,060
Wisdom Education International Holdings Co. Ltd.		256,000		187,453
Xiamen International Port Co. Ltd. Class H		914,000		170,529
Xingda International Holdings Ltd.		398,000		150,548
Xinjiang Xinxin Mining Industry Co. Ltd. Class Ha		580,000		95,613
Xinyi Solar Holdings Ltd.		1,197,400		495,773
Xinyuan Real Estate Co. Ltd. ADR		22,286		133,716
Xtep International Holdings Ltd.		378,500		168,323
Xunlei Ltd. ADRa,c		10,908		139,295
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. Class Hb,c		69,500		302,857
Yihai International Holding Ltd.c		192,000		258,117
Yirendai Ltd. ADRc		4,628		175,262
Yuexiu Property Co. Ltd.		2,522,000		499,546
Yuexiu REIT		585,000		389,487
Yuexiu Transport Infrastructure Ltd.c		374,000		281,027
Yuzhou Properties Co. Ltd.		651,000		401,816
Zhaojin Mining Industry Co. Ltd. Class Hc		433,000		334,767

CONSOLIDATED SCHEDULES OF INVESTMENTS 61

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Zhongsheng Group Holdings Ltd.		219,500	$	558,196
Zhou Hei Ya International Holdings Co. Ltd.b,c		242,000		251,423
Zhuguang Holdings Group Co. Ltd.a		932,000		165,550
				63,204,918
COLOMBIA — 0.30%
Almacenes Exito SA		71,807		420,063
Cemex Latam Holdings SAa		70,743		232,568
Corp. Financiera Colombiana SA		35,025		295,982
				948,613
CZECH REPUBLIC — 0.14%
Central European Media Enterprises Ltd. AS Class Aa,c		27,693		125,748
Philip Morris CR AS		376		305,370
				431,118
EGYPT — 0.45%
Alexandria Mineral Oils Co.		211,394		107,971
Ezz Steela		88,085		117,214
Heliopolis Housing		58,049		121,686
Juhayna Food Industries		200,233		128,802
Medinet Nasr Housing		251,884		156,179
Oriental Weavers		104,075		94,587
Palm Hills Developments SAEa		600,894		139,846
Pioneers Holding For Financial Investments SAEa		199,588		90,414
Sidi Kerir Petrochemicals Co.		67,250		109,748
Six of October Development & Investmenta		93,147		104,065
Talaat Moustafa Group		347,485		194,403
Telecom Egypt Co.		122,975		84,606
				1,449,521
GREECE — 0.78%
Aegean Airlines SA		22,702		253,904
Grivalia Properties REIC AE		26,676		307,785
Hellenic Exchanges-Athens Stock Exchange SA		39,536		246,887
Hellenic Petroleum SA		29,451		296,339
Motor Oil Hellas Corinth Refineries SA		26,169		614,084
Mytilineos Holdings SAa		51,343		604,288
Public Power Corp. SAa		49,828		171,257
				2,494,544
HUNGARY — 0.09%
Magyar Telekom Telecommunications PLC		159,868		282,534
				282,534

Security	Shares		Value
INDIA — 13.80%
Adani Enterprises Ltd.		104,032	$	325,049
Adani Power Ltd.a		366,753		178,180
Aditya Birla Fashion and Retail Ltd.a		79,248		185,267
Aegis Logistics Ltd.		34,075		132,123
AIA Engineering Ltd.		16,361		361,545
Ajanta Pharma Ltd.		10,979		235,561
Alembic Pharmaceuticals Ltd.		28,859		244,862
Allcargo Logistics Ltd.		36,014		99,369
Amara Raja Batteries Ltd.		18,443		232,780
Andhra Banka		139,423		98,554
Apollo Hospitals Enterprise Ltd.		35,546		656,425
Apollo Tyres Ltd.		109,303		460,643
Arvind Ltd.		53,756		346,525
Asahi India Glass Ltd.		24,823		134,620
Avanti Feeds Ltd.		4,605		169,501
Balkrishna Industries Ltd.		30,958		516,408
Balrampur Chini Mills Ltd.		60,673		111,527
Bayer CropScience Ltd./India		5,197		303,039
Biocon Ltd.		56,497		546,400
Birla Corp. Ltd.		8,677		119,913
Blue Dart Express Ltd.		3,246		213,464
Can Fin Homes Ltd.		17,330		144,035
Canara Bank		46,137		211,931
Care Ratings Ltd.		11,027		231,420
Ceat Ltd.		8,811		216,731
Century Plyboards India Ltd.		25,490		128,885
Century Textiles & Industries Ltd.		11,352		212,634
Cera Sanitaryware Ltd.		2,320		119,639
CESC Ltd.		30,580		480,413
CG Power and Industrial Solutions Ltd.a		164,959		211,433
Chennai Petroleum Corp. Ltd.		20,084		112,434
Coromandel International Ltd.		30,700		263,309
Cox & Kings Ltd.		43,935		161,014
CRISIL Ltd.		8,870		262,391
Crompton Greaves Consumer Electricals Ltd.		152,745		545,131
Dalmia Bharat Ltd.		8,431		340,689
DCB Bank Ltd.		80,513		202,684
Delta Corp. Ltd.		28,770		153,177
Dewan Housing Finance Corp. Ltd.		55,861		468,350
Dilip Buildcon Ltd.b		14,889		216,149
Dish TV India Ltd.a		152,801		172,629
Divi’s Laboratories Ltd.		31,402		494,508
Dr Lal PathLabs Ltd.b		9,138		127,869

62 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
eClerx Services Ltd.		14,308	$	300,551
Edelweiss Financial Services Ltd.		175,870		725,522
EID Parry India Ltd.		38,080		185,033
Endurance Technologies Ltd.b		13,037		275,954
Engineers India Ltd.		73,282		194,717
Eris Lifesciences Ltd.a,b		15,226		176,097
Escorts Ltd.		22,488		308,205
Eveready Industries India Ltd.a		18,148		109,437
Exide Industries Ltd.		108,176		344,390
Federal Bank Ltd.		578,966		837,616
Finolex Cables Ltd.		39,689		436,787
Force Motors Ltd.		2,299		104,779
Fortis Healthcare Ltd.a		141,512		347,121
Gateway Distriparks Ltd.		54,133		173,460
Gayatri Highways Ltd.a		79,435		10,986
Gayatri Projects Ltd.a		79,435		258,133
GE T&D India Ltd.		37,332		233,632
Gillette India Ltd.		3,993		407,696
GMR Infrastructure Ltd.a		851,605		247,718
Godfrey Phillips India Ltd.		6,990		93,686
Godrej Industries Ltd.		30,224		255,979
Godrej Properties Ltd.a		21,221		254,145
Great Eastern Shipping Co. Ltd. (The)		50,407		282,884
GRUH Finance Ltd.		35,878		295,191
Gujarat Fluorochemicals Ltd.		16,212		192,527
Gujarat Gas Ltd.		21,624		288,779
Gujarat Mineral Development Corp. Ltd.		63,221		136,542
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		22,772		151,566
Gujarat Pipavav Port Ltd.		97,513		212,550
Gujarat State Petronet Ltd.		82,653		262,691
Hexaware Technologies Ltd.		54,104		287,436
Hindustan Construction Co. Ltd.a		230,261		119,820
Housing Development & Infrastructure Ltd.a		127,374		97,565
IDFC Ltd.		339,576		276,003
IIFL Holdings Ltd.		42,950		498,486
India Cements Ltd. (The)		72,137		176,339
Indiabulls Real Estate Ltd.a		65,300		215,858
Indiabulls Ventures Ltd.		41,876		166,260
Indian Hotels Co. Ltd. (The)		198,563		418,027
Infibeam Incorporation Ltd.		51,175		124,430
Info Edge India Ltd.		26,928		529,952
Inox Leisure Ltd.a		26,616		114,743

Security	Shares		Value
Ipca Laboratories Ltd.		24,539	$	253,446
IRB Infrastructure Developers Ltd.		74,501		261,426
Jain Irrigation Systems Ltd.		149,788		268,898
Jaiprakash Associates Ltd.a		434,407		118,027
Jammu & Kashmir Bank Ltd. (The)a		97,410		99,584
Jindal Steel & Power Ltd.a		125,521		490,167
JK Cement Ltd.		7,973		123,830
JM Financial Ltd.		73,637		166,781
Jubilant Foodworks Ltd.		14,568		454,843
Jubilant Life Sciences Ltd.		28,409		382,661
Just Dial Ltd.a		16,747		116,169
Kajaria Ceramics Ltd.		29,767		262,595
Karnataka Bank Ltd. (The)		75,429		156,482
Karur Vysya Bank Ltd. (The)		129,266		213,901
Kaveri Seed Co. Ltd.		15,538		119,326
KPIT Technologies Ltd.		99,245		329,211
KRBL Ltd.		27,262		230,642
Larsen & Toubro Infotech Ltd.b		14,544		321,505
Laurus Labs Ltd.b		29,434		245,584
Mahanagar Gas Ltd.		13,340		213,647
Manappuram Finance Ltd.		170,632		282,744
Marksans Pharma Ltd.		140,981		82,559
Max Financial Services Ltd.a		54,836		417,039
Max India Ltd.a		86,628		127,656
Minda Industries Ltd.		8,857		153,433
Mindtree Ltd.		41,738		522,220
MOIL Ltd.		35,806		121,659
Motilal Oswal Financial Services Ltd.		14,149		246,737
Mphasis Ltd.		33,920		447,624
Muthoot Finance Ltd.		37,568		225,940
Natco Pharma Ltd.		34,894		427,804
National Aluminium Co. Ltd.		183,232		192,805
NCC Ltd./India		179,899		363,685
NIIT Technologies Ltd.		11,428		146,389
Oberoi Realty Ltd.		43,635		347,727
Page Industries Ltd.		2,311		776,445
PC Jeweller Ltd.		46,228		236,404
Persistent Systems Ltd.		25,849		339,350
PI Industries Ltd.		24,817		332,411
Prestige Estates Projects Ltd.		44,126		227,111
PTC India Ltd.		162,145		255,738
PVR Ltd.		12,524		253,849
Radico Khaitan Ltd.		21,673		115,374
Rain Industries Ltd.		33,547		196,144
Rajesh Exports Ltd.		32,985		424,070

CONSOLIDATED SCHEDULES OF INVESTMENTS 63

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Ramco Cements Ltd. (The)		25,249	$	291,688
Raymond Ltd.		11,000		161,160
RBL Bank Ltd.b		46,738		351,685
Redington India Ltd.		151,023		333,939
Reliance Capital Ltd.		39,071		283,229
Reliance Communications Ltd.a		381,958		166,218
Reliance Infrastructure Ltd.		55,115		385,447
Repco Home Finance Ltd.		16,842		145,964
Sadbhav Engineering Ltd.		44,590		274,400
Shilpa Medicare Ltd.		12,950		86,898
Sintex Plastics Technology Ltd. Class La		163,960		164,850
Somany Ceramics Ltd.		7,528		78,341
SpiceJet Ltd.a		60,632		128,484
SRF Ltd.		6,859		199,912
Sterlite Technologies Ltd.		41,104		226,732
Strides Shasun Ltd.		20,244		222,961
Sun Pharma Advanced Research Co. Ltd.a		34,313		224,035
Sundaram Finance Holdings Ltd.a		14,044		33,550
Sundaram Finance Ltd.		14,044		378,800
Sundram Fasteners Ltd.		27,483		238,101
Supreme Industries Ltd.		19,413		354,326
Suzlon Energy Ltd.a		1,085,106		213,203
Symphony Ltd.		10,167		278,856
Syndicate Banka		162,525		152,431
Syngene International Ltd.b		18,211		164,985
Tata Communications Ltd.		27,225		268,442
Tata Global Beverages Ltd.		142,174		601,246
Thermax Ltd.		17,944		318,011
TI Financial Holdings Ltd.		37,591		386,837
Time Technoplast Ltd.		43,385		115,445
Torrent Power Ltd.		57,622		234,084
TTK Prestige Ltd.		1,526		162,038
Tube Investments of India Ltd.		36,903		148,017
Union Bank of Indiaa		67,303		109,044
V-Guard Industries Ltd.		41,356		153,816
VA Tech Wabag Ltd.		12,533		105,926
Voltas Ltd.		46,890		438,625
VRL Logistics Ltd.		14,558		91,118
WABCO India Ltd.		3,591		446,051
Welspun India Ltd.		126,932		125,673
Whirlpool of India Ltd.		13,432		295,356
Wockhardt Ltd.a		13,014		163,828
				44,073,897

Security	Shares		Value
INDONESIA — 2.57%
Ace Hardware Indonesia Tbk PT		3,283,200	$	317,610
Alam Sutera Realty Tbk PT		5,677,900		161,889
Aneka Tambang Persero Tbk PTa		3,698,400		256,899
Bank Bukopin Tbk PT		2,933,600		134,427
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		863,800		142,621
Bukit Asam Persero Tbk PT		1,421,000		327,641
Bumi Resources Tbk PTa		9,696,900		222,877
Ciputra Development Tbk PT		4,925,063		462,111
Delta Dunia Makmur Tbk PTa		1,777,800		143,532
Eagle High Plantations Tbk PTa		3,964,800		66,904
Global Mediacom Tbk PT		3,284,900		144,551
Hanson International Tbk PTa		27,717,200		306,434
Harum Energy Tbk PTa		387,500		95,829
Indika Energy Tbk PTa		770,200		242,009
Indo Tambangraya Megah Tbk PT		150,100		336,261
Indofarma Persero Tbk PTa		212,100		68,034
Inti Agri Resources Tbk PTa		12,051,200		198,099
Japfa Comfeed Indonesia Tbk PT		1,853,000		218,341
Kawasan Industri Jababeka Tbk PT		12,673,098		256,255
Krakatau Steel Persero Tbk PTa		1,824,800		67,691
Kresna Graha Investama Tbk PTa		6,039,900		261,391
Link Net Tbk PT		491,000		198,207
Lippo Karawaci Tbk PT		5,189,000		194,373
Medco Energi Internasional Tbk PTa		3,013,066		345,171
Media Nusantara Citra Tbk PT		1,918,600		214,209
Mitra Adiperkasa Tbk PT		384,200		212,381
Panin Financial Tbk PTa		7,952,600		159,648
Pelat Timah Nusantara Tbk PTa		247,400		64,961
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,413,300		142,887
PP Persero Tbk PT		1,322,925		298,292
PP Properti Tbk PT		8,497,169		115,574
Ramayana Lestari Sentosa Tbk PT		1,541,000		132,260
Sawit Sumbermas Sarana Tbk PT		1,626,700		170,970
Sentul City Tbk PTa		8,087,700		121,182
Siloam International Hospitals Tbk PTa		150,425		93,547
Sri Rejeki Isman Tbk PT		2,978,100		72,782
Sugih Energy Tbk PTa		5,450,300		19,821
Summarecon Agung Tbk PT		3,853,000		311,076
Timah Tbk PT		1,656,796		140,391

64 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Totalindo Eka Persada Tbk PTa		644,200	$	222,566
Tunas Baru Lampung Tbk PT		1,374,200		120,943
Visi Media Asia Tbk PTa		4,073,500		91,849
Waskita Beton Precast Tbk PT		4,410,800		153,994
Wijaya Karya Persero Tbk PT		1,176,448		164,721
				8,193,211
MALAYSIA — 3.38%
AirAsia X Bhda,c		755,400		81,962
Bumi Armada Bhda,c		987,300		216,767
Bursa Malaysia Bhdc		179,400		517,544
Cahya Mata Sarawak Bhdc		312,800		343,385
Carlsberg Brewery Malaysia Bhd		88,100		415,647
DRB-Hicom Bhdc		309,700		207,152
Eastern & Oriental Bhd		452,481		166,345
Globetronics Technology BHDc		123,500		195,481
Hengyuan Refining Co. Bhda		46,300		155,555
IGB REITc		957,100		376,292
Inari Amertron Bhdc		648,700		559,767
Iskandar Waterfront City Bhda		167,400		58,122
Karex Bhdc		288,500		76,599
Kossan Rubber Industriesc		125,500		274,581
KPJ Healthcare Bhd		1,323,200		332,742
Lafarge Malaysia Bhda		128,000		171,560
Magnum Bhd		436,700		218,517
Mah Sing Group Bhd		506,257		155,095
Malaysia Building Society Bhd		578,600		180,212
Malaysian Pacific Industries Bhd		66,600		155,746
Malaysian Resources Corp. Bhdc		974,000		268,553
My EG Services Bhdc		836,400		574,398
OSK Holdings Bhd		771,480		204,835
Padini Holdings Bhd		155,800		197,286
Pos Malaysia Bhdc		168,200		170,476
QL Resources Bhdc		394,730		497,821
Scientex BHD		112,100		246,694
Serba Dinamik Holdings Bhdc		270,600		254,227
Sunway Bhdc		977,435		411,736
Sunway Construction Group Bhd		507,720		311,087
Sunway REITc		803,800		346,802
Supermax Corp. Bhd		273,700		183,072
TIME dotCom Bhdc		159,800		340,651
Top Glove Corp. Bhdc		292,900		726,081
UMW Oil & Gas Corp. Bhda		1,779,700		145,393
Unisem M Bhd		302,700		209,425
VS Industry Bhdc		471,700		356,454
WCT Holdings Bhda		501,915		197,332

Security	Shares		Value
Yinson Holdings BHD		282,900	$	306,951
				10,808,345
MEXICO — 2.67%
Alsea SAB de CV		210,059		715,450
Axtel SAB de CV CPOa,c		337,400		78,507
Banco del Bajio SAa,b		286,100		622,484
Banregio Grupo Financiero SAB de CVc		84,600		520,819
Bolsa Mexicana de Valores SAB de CV		147,600		273,342
Concentradora Fibra Danhos SA de CV		132,400		213,684
Concentradora Fibra Hotelera Mexicana SA de CVb		347,500		193,393
Consorcio ARA SAB de CV		461,700		179,375
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa,c		284,000		252,585
Corp Inmobiliaria Vesta SAB de CV		215,400		295,694
Credito Real SAB de CV SOFOM ER		110,800		153,453
Genomma Lab Internacional SAB de CV Series Ba,c		293,100		316,760
Grupo Aeromexico SAB de CVa		134,600		208,317
Grupo Aeroportuario del Centro Norte SAB de CV		118,300		577,549
Grupo Comercial Chedraui SA de CV		115,100		239,693
Grupo Financiero Interacciones SA de CV Series O		40,000		186,463
Grupo Herdez SAB de CVc		97,600		238,943
Industrias Bachoco SAB de CV Series B		72,500		352,221
Industrias CH SAB de CV Series Ba,c		67,600		295,022
La Comer SAB de CVa,c		169,100		168,051
Macquarie Mexico Real Estate Management SA de CV		333,100		352,397
Minera Frisco SAB de CV Series A1a		303,000		184,527
PLA Administradora Industrial S. de RL de CV		301,300		451,303
Prologis Property Mexico SA de CV		144,800		271,457
Qualitas Controladora SAB de CV		132,500		348,193
Rassini SAB de CV		38,200		157,400
Telesites SAB de CVa,c		514,900		405,545
TV Azteca SAB de CV CPOc		515,100		75,079
Unifin Financiera SAB de CV SOFOM ENR		60,800		215,944
Urbi Desarrollos Urbanos SAB de CVa		1		—
				8,543,650

CONSOLIDATED SCHEDULES OF INVESTMENTS 65

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
PAKISTAN — 0.78%
Bank Alfalah Ltd.a		242,000	$	103,613
DG Khan Cement Co. Ltd.		78,773		102,406
Engro Corp. Ltd./Pakistan		99,100		269,523
Engro Fertilizers Ltd.		171,500		107,326
Fauji Cement Co. Ltd.		260,500		58,818
Fauji Fertilizer Co. Ltd.		209,500		168,044
Honda Atlas Cars Pakistan Ltd.		11,250		48,328
Hub Power Co. Ltd. (The)		214,400		190,166
Indus Motor Co. Ltd.		6,340		98,625
International Steels Ltd.		66,500		72,374
Kot Addu Power Co. Ltd.		161,000		87,065
Maple Leaf Cement Factory Ltd.		91,037		55,588
Millat Tractors Ltd.		11,430		142,191
National Bank of Pakistan		156,500		66,284
National Refinery Ltd.		10,700		41,323
Nishat Mills Ltd.		57,564		83,082
Packages Ltd.		16,500		83,671
Pak Elektron Ltd.		100,300		44,341
Pakistan Oilfields Ltd.		37,400		211,287
Pakistan State Oil Co. Ltd.		61,798		166,468
Searle Co. Ltd. (The)		37,750		123,442
SUI Northern Gas Pipeline		97,200		101,196
Thal Ltd.		18,000		78,969
				2,504,130
PERU — 0.09%
Grana y Montero SAA SP ADRa		112,588		275,841
				275,841
PHILIPPINES — 0.88%
Bloomberry Resorts Corp.a		1,600,400		442,507
Cebu Air Inc.		97,610		187,986
Cosco Capital Inc.		1,396,800		196,324
D&L Industries Inc.		1,092,400		247,510
DoubleDragon Properties Corp.a		280,910		172,602
Filinvest Land Inc.		5,735,000		194,911
First Gen Corp.		560,700		156,109
First Philippine Holdings Corp.		159,270		190,372
Manila Water Co. Inc.		579,100		289,105
Megawide Construction Corp.		315,500		128,126
Melco Resorts And Entertainment (Philippines) Corp.a		643,300		94,494
Petron Corp.		880,600		155,390
Premium Leisure Corp.		3,085,000		74,637
Vista Land & Lifescapes Inc.		2,142,100		267,351
				2,797,424

Security	Shares		Value
POLAND — 0.92%
Asseco Poland SA		27,909	$	384,907
Boryszew SAa		50,239		144,702
Budimex SA		4,682		264,791
Ciech SAa		12,557		212,719
Enea SA		81,095		239,493
Energa SA		83,540		254,027
Eurocash SA		33,787		206,266
Globe Trade Centre SA		81,895		213,894
KRUK SA		6,549		405,162
Netia SA		130,213		204,434
PKP Cargo SAa		13,337		232,743
Warsaw Stock Exchange		14,628		187,826
				2,950,964
QATAR — 0.41%
Gulf International Services QSCa		16,484		79,413
Gulf Warehousing Co.		12,171		135,637
Medicare Group		4,866		99,967
Qatar First Banka		93,324		170,228
Qatar National Cement Co. QSC		13,962		229,437
United Development Co. QSC		71,777		324,365
Vodafone Qatar QSCa		119,168		283,951
				1,322,998
RUSSIA — 0.71%
Aeroflot PJSC		189,456		476,017
Detsky Mir PJSCb		125,200		201,263
DIXY Group OJSCa		47,330		279,369
LSR Group PJSC GDRe		101,119		310,435
M.Video PJSCa		27,820		205,571
Mechel PJSC ADRa		31,477		155,181
Ros Agro PLC GDRe		12,868		131,543
Sistema PJSC FC GDRe		65,168		281,526
TMK PJSC GDRe		39,597		225,703
				2,266,608
SOUTH AFRICA — 5.74%
Adcock Ingram Holdings Ltd.		35,563		204,874
Advtech Ltd.		190,329		273,309
AECI Ltd.		48,237		462,438
African Rainbow Minerals Ltd.		45,302		468,305
Alexander Forbes Group Holdings Ltd.		315,729		184,563
ArcelorMittal South Africa Ltd.a		87,694		22,288
Arrowhead Properties Ltd. Class A		465,820		282,166
Ascendis Health Ltd.		98,742		99,129
Assore Ltd.		13,848		431,475
Astral Foods Ltd.		17,373		419,469

66 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Attacq Ltd.a		209,006	$	334,480
AVI Ltd.		119,776		1,232,895
Barloworld Ltd.		80,536		1,214,684
Blue Label Telecoms Ltd.		180,416		198,700
Cashbuild Ltd.		8,200		327,493
City Lodge Hotels Ltd.		21,078		305,355
Clicks Group Ltd.		91,957		1,316,982
Curro Holdings Ltd.a		82,364		244,222
DataTec Ltd.		67,328		142,599
Delta Property Fund Ltd.		328,658		167,061
Dis-Chem Pharmacies Ltd.b		107,203		312,879
Emira Property Fund Ltd.		229,143		304,003
EOH Holdings Ltd.		50,739		307,346
Famous Brands Ltd.a		25,943		270,337
Grindrod Ltd.a		171,521		200,819
Harmony Gold Mining Co. Ltd.		158,019		316,205
Hosken Consolidated Investments Ltd.		23,047		301,175
Hudaco Industries Ltd.		14,028		187,773
Impala Platinum Holdings Ltd.a		258,235		658,509
Invicta Holdings Ltd.		27,043		127,451
JSE Ltd.		30,750		531,441
KAP Industrial Holdings Ltd.		588,503		438,744
Massmart Holdings Ltd.		40,824		563,676
Metair Investments Ltd.		89,178		180,113
Mpact Ltd.		82,650		193,886
Murray & Roberts Holdings Ltd.		155,859		147,359
Nampak Ltd.a		212,109		285,178
Northam Platinum Ltd.a		145,142		524,313
Oceana Group Ltd.		20,752		142,405
Omnia Holdings Ltd.		25,352		333,660
PPC Ltd.a		563,804		398,836
Raubex Group Ltd.		78,484		151,067
Reunert Ltd.		65,130		422,107
SA Corporate Real Estate Ltd.		878,184		348,186
Stadio Holdings Ltd.a,c		97,284		55,632
Sun International Ltd./South Africaa		46,416		259,532
Super Group Ltd./South Africaa		128,402		427,182
Tongaat Hulett Ltd.		42,029		384,336
Trencor Ltd.		65,815		246,226
Vukile Property Fund Ltd.		243,188		435,539
Wilson Bayly Holmes-Ovcon Ltd.		20,895		306,988
Zeder Investments Ltd.		454,751		248,493
				18,343,883
SOUTH KOREA — 16.27%
Advanced Process Systems Corp.a		7,296		219,304

Security	Shares		Value
Ahnlab Inc.		2,601	$	177,259
AK Holdings Inc.		2,404		181,815
Amicogen Inc.a		3,501		157,123
Aprogen pharmaceuticals Inc.a		38,691		153,814
APS Holdings Corp.a		1		8
Asiana Airlines Inc.a		42,489		197,751
ATGen Co. Ltd.a		8,800		172,278
BH Co. Ltd.a		10,885		203,045
Binggrae Co. Ltd.a		4,255		244,793
Bukwang Pharmaceutical Co. Ltd.		12,915		284,442
Caregen Co. Ltd.		1,849		146,841
Cell Biotech Co. Ltd.		3,597		160,767
Celltrion Pharm Inc.a,c		7,518		618,574
Chabiotech Co. Ltd.a,c		23,345		703,864
Chong Kun Dang Pharmaceutical Corp.		2,609		312,001
CJ CGV Co. Ltd.		5,646		368,614
CJ Freshway Corp.		3,800		128,784
CJ O Shopping Co. Ltd.		1,445		281,287
CLIO Cosmetics Co. Ltd.		2,969		91,573
CMG Pharmaceutical Co. Ltd.a,c		32,397		210,316
Com2uSCorp.		3,829		576,701
Cosmax Inc.		2,883		340,774
CrystalGenomics Inc.a		8,527		218,903
Dae Hwa Pharmaceutical Co. Ltd.		5,128		127,857
Daeduck GDS Co. Ltd.		6,709		123,288
Daesang Corp.		9,522		214,551
Daewoong Pharmaceutical Co. Ltd.		1,923		324,969
Daishin Securities Co. Ltd.a		18,874		256,208
Daou Technology Inc.		11,333		242,798
DB HiTek Co. Ltd.		16,681		235,681
Dentium Co. Ltd.a		3,052		215,604
DIO Corp.a		4,298		149,630
Dong-A Socio Holdings Co. Ltd.		1,724		210,943
Dong-A ST Co. Ltd.		2,308		230,182
Dongjin Semichem Co. Ltd.a		13,095		194,690
Dongkuk Steel Mill Co. Ltd.		24,612		244,324
Dongwon Development Co. Ltd.		42,711		184,783
Dongwon F&B Co. Ltd.		568		124,573
Doosan Infracore Co. Ltd.a,c		53,612		462,403
DoubleUGames Co. Ltd.		4,015		229,503
Douzone Bizon Co. Ltd.		9,339		478,636
Duk San Neolux Co. Ltd.a,c		5,126		93,962
Easy Bio Inc.a,c		26,374		182,906
Ecopro Co. Ltd.a		7,562		244,758
Emerson Pacific Inc.a		3,482		86,978
Eo Technics Co Ltd.		3,531		260,203

CONSOLIDATED SCHEDULES OF INVESTMENTS 67

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Fila Korea Ltd.		4,880	$	449,290
Foosung Co. Ltd.a		23,850		207,248
G-treeBNT Co. Ltd.a		7,374		271,018
Gamevil Inc.a		2,519		167,018
GemVax & Kael Co. Ltd.a		14,174		197,643
Genexine Co. Ltd.a		4,501		373,248
Grand Korea Leisure Co. Ltd.c		13,396		287,614
Green Cross Cell Corp.		5,010		242,427
Green Cross Corp./South Korea		2,378		476,522
Green Cross Holdings Corp.		9,729		369,251
GS Home Shopping Inc.		1,506		280,784
Halla Holdings Corp.		4,086		203,376
Hana Tour Service Inc.		4,232		400,573
Hanall Biopharma Co. Ltd.a		12,139		365,437
Handsome Co. Ltd.		7,594		204,419
Hanil Cement Co. Ltd.		1,346		158,477
Hanjin Heavy Industries & Construction Co. Ltd.a,c		29,004		89,725
Hanjin Kal Corp.a		18,200		341,176
Hanjin Transportation Co. Ltd.		4,937		113,520
Hankook Tire Worldwide Co. Ltd.		12,215		224,470
Hansae Co. Ltd.		7,571		156,957
Hansol Chemical Co. Ltd.		4,192		285,686
Hansol Technics Co. Ltd.a		10,123		128,536
Hanwha Investment & Securities Co. Ltd.a		44,915		128,785
Hite Jinro Co. Ltd.a		12,238		248,625
HLB Inc.a		11,456		422,102
Homecast Co. Ltd.a		11,351		125,260
HS Industries Co. Ltd.a,c		16,639		136,750
Huchems Fine Chemical Corp.		12,029		298,253
Hugel Inc.a,c		933		480,759
Humedix Co. Ltd.		4,516		174,109
Huons Co. Ltd.		2,792		243,130
Huons Global Co. Ltd.		3,509		202,847
Hyundai Construction Equipment Co. Ltd.a		2,358		370,173
Hyundai Electric & Energy System Co. Ltd.a		2,283		190,795
Hyundai Elevator Co. Ltd.a		6,700		363,182
Hyundai Greenfood Co. Ltd.		20,950		284,389
Hyundai Home Shopping Network Corp.		2,879		292,446
Hyundai Livart Furniture Co. Ltd.		5,129		119,119
Hyundai Merchant Marine Co. Ltd.a		88,925		358,443
Hyundai Mipo Dockyard Co. Ltd.a		4,636		466,640

Security	Shares		Value
Hyundai Rotem Co. Ltd.a		11,154	$	159,137
Iljin Materials Co. Ltd.a,c		7,434		223,796
Ilyang Pharmaceutical Co. Ltd.a		7,200		255,647
InBody Co. Ltd.		5,588		218,277
Innocean Worldwide Inc.		3,752		223,478
Innox Advanced Materials Co. Ltd.a		2,772		187,633
Interflex Co. Ltd.a		4,759		122,172
Interojo Co. Ltd.		5,579		207,622
iNtRON Biotechnology Inc.a		4,801		179,334
IS Dongseo Co. Ltd.a		7,838		245,367
It’s Hanbul Co. Ltd.a		3,470		181,687
Jayjun Cosmetic Co. Ltd.a,c		8,423		128,340
Jeil Pharmaceutical Co. Ltd.		1,798		97,795
Jenax Inc.a		6,917		210,467
Jusung Engineering Co. Ltd.		16,693		179,586
JW Holdings Corp.		15,364		116,624
JW Pharmaceutical Corp.		4,865		191,383
KC Co. Ltd.		3,944		91,052
KC Tech Co. Ltd./New		5,774		107,173
KEPCO Engineering & Construction Co. Inc.a		5,920		127,650
KIWOOM Securities Co. Ltd.a,c		4,323		395,613
Koh Young Technology Inc.		5,653		478,174
Kolmar BNH Co. Ltd.a		5,464		166,761
Kolon Corp.		2,810		144,276
Kolon Industries Inc.		6,625		434,978
Kolon Life Science Inc.a		2,984		249,103
Komipharm International Co. Ltd.a		14,989		539,820
Korea Asset In Trust Co. Ltd.		28,578		179,454
Korea Electric Terminal Co. Ltd.		3,865		228,067
Korea Kolmar Co. Ltd.a		5,556		398,140
Korea Kolmar Holdings Co. Ltd.a		3,237		136,905
Korea Line Corp.a		5,051		153,923
Korea Petrochemical Ind. Co Ltd.		1,315		380,086
Korea REIT Co. Ltd.		81,157		221,085
Korean Reinsurance Co.		43,046		473,033
KT Skylife Co. Ltd.		18,215		219,508
Kumho Tire Co. Inc.a		44,038		227,734
Kyung Dong Navien Co. Ltd.		2,806		162,208
L&F Co. Ltd.		5,733		174,176
LEENO Industrial Inc.		6,043		325,895
LF Corp.		12,130		326,521
LG Hausys Ltd.		2,973		230,889
LG International Corp.		13,560		339,970
LIG Nex1 Co. Ltd.c		4,538		205,339
Lock&Lock Co. Ltd.		11,915		256,367

68 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Loen Entertainment Inc.		2,925	$	294,418
LOTTE Fine Chemical Co. Ltd.		7,396		482,184
Lotte Food Co. Ltd.a		331		178,812
LOTTE Himart Co. Ltd.		3,535		228,507
LS Corp.		6,899		484,185
LS Industrial Systems Co. Ltd.		6,495		334,676
Mando Corp.c		2,544		604,931
Medipost Co. Ltd.a		3,559		338,514
Meritz Financial Group Inc.		24,142		350,013
Meritz Fire & Marine Insurance Co. Ltd.		25,918		546,889
Meritz Securities Co. Ltd.		158,771		716,222
Modetour Network Inc.		6,566		242,534
Muhak Co. Ltd.		10,040		173,375
Namhae Chemical Corp.		25,749		292,467
Namyang Dairy Products Co. Ltd.a		279		176,742
Naturalendo Tech Co. Ltd.a		7,630		144,089
Nexen Tire Corp.		23,962		263,319
NHN Entertainment Corp.a		4,536		329,655
NHN KCP Corp.a		9,210		157,341
NICE Holdings Co. Ltd.a		9,666		133,444
NICE Information Service Co. Ltd.a		17,135		146,049
NongShim Co. Ltd.		1,203		343,270
NS Shopping Co. Ltd.c		13,289		173,644
NUTRIBIOTECH Co. Ltd.a,c		4,961		112,469
Orion Holdings Corp.		9,167		215,863
Osstem Implant Co. Ltd.a		4,993		231,460
Paradise Co. Ltd.		17,811		300,989
Partron Co. Ltd.c		18,208		156,876
Peptron Inc.a,c		2,908		181,800
Poongsan Corp.		8,646		343,716
POSCO Chemtech Co. Ltd.		9,533		392,183
Posco ICT Co. Ltd.		27,226		196,357
S&T Motiv Co. Ltd.		4,463		182,781
Samsung Engineering Co. Ltd.a		49,040		726,837
Samyang Corp.		2,297		189,631
Samyang Foods Co. Ltd.		1,973		176,366
Samyang Holdings Corp.		1,496		154,035
Seah Besteel Corp.		7,851		206,624
Seegene Inc.a		7,800		247,059
Seoul Semiconductor Co. Ltd.		15,574		343,005
SFA Engineering Corp.		8,170		282,544
Silicon Works Co. Ltd.c		4,995		201,802
SK Chemicals Co. Ltd./Newa		3,449		347,161
SK Discovery Co. Ltd.		4,015		166,844
SK Gas Ltd.		1,925		167,453

Security	Shares		Value
SK Materials Co. Ltd.		2,457	$	380,723
SK Securities Co. Ltd.a		167,980		186,145
SKC Co. Ltd.		9,366		339,473
SKCKOLONPI Inc.		5,197		191,246
SM Entertainment Co.a		8,760		297,285
Songwon Industrial Co. Ltd.		7,156		158,266
Soulbrain Co. Ltd.c		3,654		196,383
SPC Samlip Co. Ltd.a		1,078		132,896
Ssangyong Cement Industrial Co. Ltd.		12,427		239,841
Sungwoo Hitech Co. Ltd.		30,616		196,209
Taekwang Industrial Co. Ltd.		194		236,118
Taewoong Co. Ltd.a		5,056		101,083
TELCON Inc.a,c		21,941		248,201
TES Co. Ltd./Korea		6,378		197,012
Tokai Carbon Korea Co. Ltd.		2,313		158,486
Tongyang Inc.a		98,720		185,060
Tongyang Life Insurance Co. Ltd.		21,548		143,070
Toptec Co. Ltd.a		9,253		250,358
Vieworks Co. Ltd.		3,782		146,160
ViroMed Co. Ltd.a		5,277		1,140,288
Webzen Inc.a		7,487		183,217
WeMade Entertainment Co. Ltd.		4,310		214,525
WONIK IPS Co. Ltd.		11,369		373,752
Youngone Corp.		10,424		281,561
Yuanta Securities Korea Co. Ltd.a		38,896		162,351
Yungjin Pharmaceutical Co. Ltd.a		36,504		295,969
				51,967,341
TAIWAN — 17.42%
A-DATA Technology Co. Ltd.		92,000		231,611
AcBel Polytech Inc.		256,000		188,084
Accton Technology Corp.		187,000		717,371
Advanced Ceramic X Corp.		18,000		217,945
Advanced Wireless Semiconductor Co.		69,000		160,473
AmTRAN Technology Co. Ltd.		388,312		226,107
Ardentec Corp.		171,000		208,219
Asia Optical Co. Inc.		93,000		350,396
Asia Polymer Corp.		509,869		313,478
ASPEED Technology Inc.		9,000		237,674
Basso Industry Corp.		56,000		118,539
BES Engineering Corp.		924,000		238,315
Bizlink Holding Inc.		41,770		380,566
Casetek Holdings Ltd.		74,816		246,521
Cathay Real Estate Development Co. Ltd.		302,300		164,634
Charoen Pokphand Enterprise		66,000		151,914

CONSOLIDATED SCHEDULES OF INVESTMENTS 69

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Chaun-Choung Technology Corp.		26,000	$	83,266
Cheng Loong Corp.		414,000		239,647
Cheng Uei Precision Industry Co. Ltd.		179,000		258,732
Chilisin Electronics Corp.		60,000		197,702
Chin-Poon Industrial Co. Ltd.		145,000		273,159
China Bills Finance Corp.		661,000		346,399
China Man-Made Fiber Corp.a		663,700		220,055
China Petrochemical Development Corp.a		869,000		400,337
China Steel Chemical Corp.		71,000		361,134
China Synthetic Rubber Corp.		284,233		486,775
Chipbond Technology Corp.		255,000		598,294
Chlitina Holding Ltd.		20,000		102,071
Chong Hong Construction Co. Ltd.		81,424		231,481
Chroma ATE Inc.		138,000		756,281
Chunghwa Precision Test Tech Co. Ltd.		7,000		254,149
Compeq Manufacturing Co. Ltd.		392,000		456,509
Concraft Holding Co. Ltd.		15,528		139,082
Coretronic Corp.		185,400		284,811
CSBC Corp. Taiwana		389,420		183,402
CTCI Corp.		257,000		396,123
Cub Elecparts Inc.		20,600		243,075
Darwin Precisions Corp.		137,000		140,306
E Ink Holdings Inc.		312,000		504,941
Egis Technology Inc.a		27,000		150,742
Elan Microelectronics Corp.		190,000		294,806
Elite Advanced Laser Corp.		57,840		243,679
Elite Material Co. Ltd.		106,000		397,561
Elite Semiconductor Memory Technology Inc.		120,000		173,040
Ennoconn Corp.		20,000		340,463
Epistar Corp.a		372,000		672,761
Eternal Materials Co. Ltd.		480,532		511,878
Everlight Electronics Co. Ltd.		183,000		288,959
Far Eastern Department Stores Ltd.		587,000		319,683
Far Eastern International Bank		1,006,360		332,633
Faraday Technology Corp.		121,000		281,410
Feng Hsin Steel Co. Ltd.		220,000		463,428
Firich Enterprises Co. Ltd.		95,267		136,560
FLEXium Interconnect Inc.		112,418		431,259
Foxsemicon Integrated Technology Inc.		22,000		179,343
Genius Electronic Optical Co. Ltd.a		22,000		183,864
Getac Technology Corp.		199,000		293,093

Security	Shares		Value
Gigabyte Technology Co. Ltd.		229,000	$	551,410
Ginko International Co. Ltd.		18,000		132,863
Gintech Energy Corp.a		258,647		147,948
Global Unichip Corp.		37,000		392,869
Gloria Material Technology Corp.		330,850		228,911
Goldsun Building Materials Co. Ltd.a		623,000		201,866
Gourmet Master Co. Ltd.		29,070		407,242
Grand Pacific Petrochemical		350,000		350,054
Grape King Bio Ltd.		42,000		310,733
Great Wall Enterprise Co. Ltd.		256,128		297,839
Greatek Electronics Inc.		192,000		373,537
HannStar Display Corp.		970,320		334,014
Ho Tung Chemical Corp.a		927,342		287,139
Holy Stone Enterprise Co. Ltd.		67,050		214,272
Hota Industrial Manufacturing Co. Ltd.		87,192		386,750
Hu Lane Associate Inc.		35,000		172,030
Huaku Development Co. Ltd.		132,080		325,275
Huang Hsiang Construction Corp.		75,000		76,039
Hung Sheng Construction Ltd.		371,000		371,057
International Games System Co. Ltd.		22,000		116,045
Iron Force Industrial Co. Ltd.		24,000		82,615
ITEQ Corp.		115,600		302,903
Jih Sun Financial Holdings Co. Ltd.		669,690		196,121
Kenda Rubber Industrial Co. Ltd.		342,341		425,647
Kerry TJ Logistics Co. Ltd.		193,000		254,178
Kindom Construction Corp.		209,000		151,047
King Slide Works Co. Ltd.		26,000		379,374
King Yuan Electronics Co. Ltd.		492,000		530,835
King’s Town Bank Co. Ltd.		355,000		479,689
Kinpo Electronics		710,000		251,700
Kinsus Interconnect Technology Corp.		114,000		198,750
LandMark Optoelectronics Corp.		18,400		235,392
LCY Chemical Corp.		217,000		331,496
Lealea Enterprise Co. Ltd.a		541,590		215,185
Li Cheng Enterprise Co. Ltd.		42,240		79,719
Lien Hwa Industrial Corp.		343,904		446,437
Long Chen Paper Co. Ltd.		258,751		323,932
Lotes Co. Ltd.		24,000		164,409
Makalot Industrial Co. Ltd.		69,559		328,788
Masterlink Securities Corp.		898,121		281,783
Mercuries & Associates Holding Ltd.		311,330		264,458
Merida Industry Co. Ltd.		79,000		347,708
Merry Electronics Co. Ltd.		63,000		414,310
Microbio Co. Ltd.a		285,727		202,095
Mitac Holdings Corp.		346,379		384,991
Motech Industries Inc.a		212,344		158,555

70 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Nan Kang Rubber Tire Co. Ltd.		370,000	$	340,275
Neo Solar Power Corp.a		425,364		199,602
OBI Pharma Inc.a		44,000		257,711
Oriental Union Chemical Corp.		235,000		259,989
Pan-International Industrial Corp.		140,722		107,004
Parade Technologies Ltd.		25,000		475,244
PChome Online Inc.		39,305		218,096
PharmaEngine Inc.		34,756		154,759
PharmaEssentia Corp.a		55,000		324,964
Pharmally International Holding Co. Ltd.		14,851		193,805
Pixart Imaging Inc.		59,635		264,518
Poya International Co. Ltd.		23,453		303,249
President Securities Corp.a		524,741		265,107
Primax Electronics Ltd.		179,000		459,831
Prince Housing & Development Corp.		536,917		218,846
Qisda Corp.		741,000		516,496
Radiant Opto-Electronics Corp.		170,000		480,382
Radium Life Tech Co. Ltd.a		501,707		212,227
Ritek Corp.a		928,260		166,922
Roo Hsing Co. Ltd.a		386,000		239,965
Sanyang Motor Co. Ltd.		410,820		297,609
ScinoPharm Taiwan Ltd.		128,708		141,733
SDI Corp.		59,000		155,202
Senao International Co. Ltd.		115,000		203,250
Sercomm Corp.		117,000		340,234
Shin Zu Shing Co. Ltd.		61,000		189,296
Shining Building Business Co. Ltd.a		487,858		178,797
Shinkong Synthetic Fibers Corp.		773,135		249,719
Silergy Corp.		25,000		556,593
Simplo Technology Co. Ltd.		62,600		396,671
Sino-American Silicon Products Inc.		207,000		636,694
Sinyi Realty Inc.		150,588		203,996
Sitronix Technology Corp.		61,000		175,298
Soft-World International Corp.		65,140		148,819
St. Shine Optical Co. Ltd.		17,000		526,382
Sunny Friend Environmental Technology Co. Ltd.		30,000		239,934
Sunonwealth Electric Machine Industry Co. Ltd.		141,000		245,339
TA Chen Stainless Pipe		393,010		339,225
Taichung Commercial Bank Co. Ltd.		1,545,014		537,134
Tainan Spinning Co. Ltd.		466,190		213,969
Taiwan Acceptance Corp.		46,000		178,041
Taiwan Fertilizer Co. Ltd.		383,000		510,964

Security	Shares		Value
Taiwan Glass Industry Corp.a		430,000	$	264,373
Taiwan Hon Chuan Enterprise Co. Ltd.		167,004		314,611
Taiwan Paiho Ltd.		92,050		307,406
Taiwan Secom Co. Ltd.		169,450		527,581
Taiwan Semiconductor Co. Ltd.		93,000		226,165
Taiwan Shin Kong Security Co. Ltd.		308,640		404,888
Taiwan Surface Mounting Technology Corp.		367,633		372,097
Taiwan TEA Corp.		456,000		232,721
Taiwan Union Technology Corp.		76,000		243,133
Tatung Co. Ltd.a		726,000		629,131
TCI Co. Ltd.		23,000		259,972
Ton Yi Industrial Corp.		564,000		260,794
Tong Hsing Electronic Industries Ltd.		59,000		229,368
Tong Yang Industry Co. Ltd.		149,133		268,174
Toung Loong Textile Manufacturing		61,000		154,613
TPK Holding Co. Ltd.a		116,000		288,455
Tripod Technology Corp.		171,000		572,235
TSRC Corp.		239,000		270,554
TTY Biopharm Co. Ltd.		89,450		300,255
Tung Ho Steel Enterprise Corp.		392,000		339,696
Tung Thih Electronic Co. Ltd.		22,000		111,147
TWi Pharmaceuticals Inc.a		38,000		97,227
TXC Corp.		179,000		242,178
U-Ming Marine Transport Corp.		172,000		219,746
Unimicron Technology Corp.		487,000		336,949
UPC Technology Corp.		397,202		251,010
USI Corp.		474,089		248,448
Visual Photonics Epitaxy Co. Ltd.		94,425		362,234
Voltronic Power Technology Corp.		19,077		326,385
Wafer Works Corp.a		166,000		257,567
Wah Lee Industrial Corp.		192,000		372,222
Walsin Lihwa Corp.		1,071,000		621,789
Walsin Technology Corp.		122,603		362,826
Waterland Financial Holdings Co. Ltd.		1,015,097		347,690
Win Semiconductors Corp.		1		9
Wistron NeWeb Corp.		121,923		340,769
Wowprime Corp.		23,000		101,231
WT Microelectronics Co. Ltd.		206,757		333,199
XinTec Inc.a		61,000		119,512
Yang Ming Marine Transport Corp.a		476,820		169,852
Yeong Guan Energy Technology Group Co. Ltd.		52,601		140,531
YFY Inc.a		668,000		321,467

CONSOLIDATED SCHEDULES OF INVESTMENTS 71

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Yieh Phui Enterprise Co. Ltd.		590,342	$	233,545
YungShin Global Holding Corp.		224,200		311,010
Yungtay Engineering Co. Ltd.		182,000		372,160
Zinwell Corp.		150,000		138,206
				55,643,772
THAILAND — 3.65%
Amata Corp. PCL NVDR		394,400		317,254
Bangchak Corp. PCL NVDR		218,600		282,042
Bangkok Airways PCL NVDRc		569,100		270,137
Bangkok Chain Hospital PCL NVDR		569,100		288,267
Bangkok Land PCL NVDRc		9,849,500		552,250
Beauty Community PCL NVDRc		846,100		574,130
CH Karnchang PCL NVDRc		332,000		269,704
Chularat Hospital PCL NVDR		2,732,500		177,582
Eastern Polymer Group PCL NVDRc		662,400		154,046
Esso Thailand PCL NVDRa		572,100		324,415
GFPT PCL NVDRc		308,200		128,621
Group Lease PCLc		406,900		116,664
Gunkul Engineering PCL NVDRc		1,556,883		192,440
Hana Microelectronics PCL NVDR		245,900		323,140
Italian-Thai Development PCL NVDRc		1,592,800		171,509
Jasmine International PCL NVDR		1,022,700		224,805
Khon Kaen Sugar Industry PCL NVDRc		806,530		98,664
Kiatnakin Bank PCL NVDR		169,732		421,762
Krungthai Card PCL NVDRc		53,800		454,189
LPN Development PCL NVDRc		494,200		162,162
Major Cineplex Group PCL NVDRc		297,400		251,070
Malee Group PCLc		65,800		48,422
Muangthai Leasing PCL NVDRc		269,400		371,187
PTG Energy PCL NVDRc		287,700		164,060
Quality Houses PCL NVDR		3,294,367		312,750
Samart Corp. PCL NVDRc		274,300		74,277
Siam Global House PCL NVDRc		619,795		323,818
Sino-Thai Engineering & Construction PCL NVDR		385,028		245,319
Sri Trang Agro-Industry PCL NVDRc		337,680		122,636
Srisawad Corp PCL NVDRc		232,525		455,568
Supalai PCL NVDRc		391,500		288,106
Superblock PCL NVDRa,c		6,014,500		197,354
Taokaenoi Food & Marketing PCLc		185,500		117,600
Thai Airways International PCL NVDRa		272,000		130,844
Thai Vegetable Oil PCL NVDRc		217,400		218,162
Thaicom PCL NVDRc		294,400		100,353

Security	Shares		Value
Thanachart Capital PCL NVDR		286,900	$	509,547
Tisco Financial Group PCL NVDR		144,940		408,639
TTW PCL NVDR		922,400		390,822
U City PCL NVDRa		233,765,100		223,414
VGI Global Media PCL NVDRc		1,106,100		237,852
Vibhavadi Medical Center PCL NVDR		3,912,500		316,590
WHA Corp. PCL NVDR		3,459,300		454,040
Workpoint Entertainment PCLc		72,100		185,475
				11,651,688
TURKEY — 1.26%
AG Anadolu Grubu Holding AS		25,632		196,763
Akcansa Cimento ASc		66,237		189,326
Aksa Akrilik Kimya Sanayii AS		52,321		211,678
Aygaz AS		56,488		231,654
Besiktas Futbol Yatirimlari Sanayi ve Ticaret ASa		66,687		66,924
Cimsa Cimento Sanayi VE Ticaret ASc		61,186		215,717
Dogan Sirketler Grubu Holding ASa,c		586,450		123,254
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da		407,262		368,055
Koza Altin Isletmeleri ASa		18,110		155,958
Koza Anadolu Metal Madencilik Isletmeleri ASa,c		92,189		131,994
Logo Yazilim Sanayi Ve Ticaret ASa		9,999		143,689
Mavi Giyim Sanayi Ve Ticaret AS Class Ba,b		12,402		173,822
Otokar Otomotiv Ve Savunma Sanayi ASc		4,679		146,278
Soda Sanayii AS		228,848		304,814
Tekfen Holding AS		72,553		346,330
Trakya Cam Sanayii AS		280,275		357,113
Turkiye Sinai Kalkinma Bankasi AS		665,621		295,525
Vestel Elektronik Sanayi ve Ticaret ASa,c		41,661		118,752
Zorlu Enerji Elektrik Uretim ASa,c		412,342		235,070
				4,012,716
UNITED ARAB EMIRATES — 0.53%
Agthia Group PJSC		87,504		104,587
Air Arabia PJSC		875,240		312,164
Al Waha Capital PJSC		432,843		253,369
Amanat Holdings PJSC		463,105		185,345

72 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Security	Shares		Value
Amlak Finance PJSCa		308,665	$	76,474
Arabtec Holding PJSCa		257,024		172,145
Dana Gas PJSCa		1,333,646		272,325
Deyaar Development PJSCa		885,649		127,315
Drake & Scull International PJSCa		228,391		114,415
Eshraq Properties Co. PJSCa		438,307		87,114
				1,705,253
TOTAL COMMON STOCKS
(Cost: $269,385,208)				313,528,613
PREFERRED STOCKS — 1.56%
BRAZIL — 1.51%
Alpargatas SA, Preference Shares		62,300		328,495
Banco ABC Brasil SA, Preference Shares		32,736		189,841
Banco do Estado do Rio Grande do Sul SA Class B, Preference Shares		68,800		384,369
Bradespar SA, Preference Shares		89,200		938,196
Cia. de Gas de Sao Paulo – COMGAS, Preference Shares		10,500		190,398
Cia. de Saneamento do Parana, Preference Shares		53,400		169,795
Cia. Energetica de Sao Paulo Class B, Preference Shares		76,100		356,051
Cia. Paranaense de Energia Class B, Preference Shares		41,800		326,165
Gol Linhas Aereas Inteligentes SA, Preference Shares		41,000		242,309
Marcopolo SA, Preference Shares		211,500		266,267
Metalurgica Gerdau SA, Preference Shares		254,800		618,030
Randon SA Implemetos e Participacoes, Preference Shares		69,525		198,169
Usinas Siderurgicas de Minas Gerais SA Class A, Preference Shares		165,000		625,718
				4,833,803
COLOMBIA — 0.05%
Avianca Holdings SA, Preference Shares		147,154		170,063
				170,063
TOTAL PREFERRED STOCKS
(Cost: $3,199,075)				5,003,866

Security	Shares		Value
RIGHTS — 0.00%
THAILAND — 0.00%
U City PCL (Expires 03/07/18) NVDRa		187,012,080	$	60
				60
TOTAL RIGHTS
(Cost: $0)				60
SHORT-TERM INVESTMENTS — 8.75%
MONEY MARKET FUNDS — 8.75%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%f,g,h		27,738,009		27,740,783
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%f,g		205,984		205,984
				27,946,767
TOTAL SHORT-TERM INVESTMENTS
(Cost: $27,946,143)				27,946,767
TOTAL INVESTMENTS IN SECURITIES — 108.47%
(Cost: $300,530,426)				346,479,306
Other Assets, Less Liabilities — (8.47)%				(27,066,538	)
NET ASSETS — 100.00%			$	319,412,768

ADR   —  American Depositary Receipts

CPO   —  Certificates of Participation (Ordinary)

GDR   —  Global Depositary Receipts

NVDR   —  Non-Voting Depositary Receipts

^a  Non-income producing security.

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  All or a portion of this security is on loan.

^d  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^f  Affiliate of the Fund.

^g  Annualized 7-day yield as of period end.

^h  All or a portion of this security was purchased with cash collateral received from loaned securities.

CONSOLIDATED SCHEDULES OF INVESTMENTS 73

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		25,015,086		2,722,923	b		—			27,738,009	$	27,740,783	$	725,558	c	$	(2,648	)	$	(3,860	)
BlackRock Cash Funds: Treasury, SL Agency Shares		579,280		—			(373,296	)b		205,984		205,984		3,340			—			—
											$	27,946,767	$	728,898		$	(2,648	)	$	(3,860	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common stocks	$	312,079,310	$	1,367,534	$	81,769	$	313,528,613
Preferred stocks		5,003,866		—		—		5,003,866
Rights		—		60		—		60
Money market funds		27,946,767		—		—		27,946,767
Total	$	345,029,943	$	1,367,594	$	81,769	$	346,479,306

See notes to consolidated financial statements.

74 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2018

	iShares Core MSCI Emerging Markets ETF			iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	38,842,978,987		$	267,151,158		$	506,414,885
Affiliated (Note 2)		2,821,074,522			30,151,750			14,936,072
Total cost of investments in securities	$	41,664,053,509		$	297,302,908		$	521,350,957
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	48,543,050,023		$	341,714,415		$	626,788,905
Affiliated (Note 2)		2,821,133,128			30,152,382			14,935,775
Foreign currency, at valueb		28,124,982			259,932			96,534
Cash pledged to broker for futures contracts		3,548,719			—			—
Cash		40,539,930			764,471			1,171,482
Receivables:
Investment securities sold		151,259,129			1,453,744			3,303,853
Due from custodian (Note 4)		10,853,677			—			—
Dividends and interest		126,048,450			652,545			1,586,255
Capital shares sold		33,138,660			—			—
Futures variation margin		2,453,352			—			—
Tax reclaims		21,764			—			—
Total Assets		51,760,171,814			374,997,489			647,882,804
LIABILITIES
Payables:
Investment securities purchased		231,813,076			1,345,818			3,238,058
Collateral for securities on loan (Note 1)		2,748,630,533			30,152,447			14,937,791
Line of credit (Note 8)		—			400,030			375,028
Foreign taxes (Note 1)		451,713			—			70
Deferred foreign capital gains taxes (Note 1)		40,362,900			548,571			596,473
Investment advisory fees (Note 2)		4,763,675			170,382			242,104
Total Liabilities		3,026,021,897			32,617,248			19,389,524
NET ASSETS	$	48,734,149,917		$	342,380,241		$	628,493,280
Net assets consist of:
Paid-in capital	$	40,291,357,016		$	498,923,576		$	531,292,985
Distributions in excess of net investment income		(93,494,886	)		(281,380	)		(2,276,296	)
Accumulated net realized loss		(1,125,560,465	)		(230,279,615	)		(20,287,966	)
Net unrealized appreciation		9,661,848,252			74,017,660			119,764,557
NET ASSETS	$	48,734,149,917		$	342,380,241		$	628,493,280
Shares outstandingc		832,200,000			7,250,000			8,350,000
Net asset value per share	$	58.56		$	47.22		$	75.27

^a  Securities on loan with values of $2,610,787,582, $29,121,733 and $13,070,731, respectively. See Note 1.

^b  Cost of foreign currency: $28,022,600, $259,230 and $96,711, respectively.

^c  $0.001 par value, number of shares authorized: 2.05 billion, 500 million and 500 million, respectively.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 75

Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Emerging Markets Small-Cap ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	272,584,283
Affiliated (Note 2)		27,946,143
Total cost of investments in securities	$	300,530,426
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	318,532,539
Affiliated (Note 2)		27,946,767
Foreign currency, at valueb		470,332
Receivables:
Investment securities sold		1,583,012
Dividends and interest		612,493
Total Assets		349,145,143
LIABILITIES
Payables:
Investment securities purchased		1,630,905
Collateral for securities on loan (Note 1)		27,743,460
Foreign taxes (Note 1)		658
Deferred foreign capital gains taxes (Note 1)		198,708
Investment advisory fees (Note 2)		158,644
Total Liabilities		29,732,375
NET ASSETS	$	319,412,768
Net assets consist of:
Paid-in capital	$	282,334,723
Distributions in excess of net investment income		(2,097,838	)
Accumulated net realized loss		(6,571,046	)
Net unrealized appreciation		45,746,929
NET ASSETS	$	319,412,768
Shares outstandingc		5,950,000
Net asset value per share	$	53.68

^a  Securities on loan with a value of $25,722,804. See Note 1.

^b  Cost of foreign currency: $471,325.

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

See notes to consolidated financial statements.

76 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares Core MSCI Emerging Markets ETF			iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	295,515,203		$	1,754,465		$	2,934,936
Dividends — affiliated (Note 2)		542,718			2,750			9,056
Interest — unaffiliated		7,804			—			—
Securities lending income — affiliated — net (Note 2)b		23,269,381			64,717			95,232
		319,335,106			1,821,932			3,039,224
Less: Other foreign taxes (Note 1)		(317,231	)		—			(5,716	)
Total investment income		319,017,875			1,821,932			3,033,508
EXPENSES
Investment advisory fees (Note 2)		29,281,842			1,008,812			1,426,740
Mauritius income taxes (Note 1)		977,661			10,565			20,448
Proxy fees		3,167			34			37
Commitment fees (Note 8)		118,935			1,677			2,049
Interest expense (Note 8)		19,961			30			292
Total expenses		30,401,566			1,021,118			1,449,566
Less investment advisory fees waived (Note 2)		(1,119,724	)		—			—
Net expenses		29,281,842			1,021,118			1,449,566
Net investment income		289,736,033			800,814			1,583,942
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedc		(91,644,210	)		(1,895,866	)		(4,327,375	)
Investments — affiliated (Note 2)		(192,538	)		(2,186	)		(940	)
In-kind redemptions — unaffiliated		—			4,812,858			15,635,171
Futures contracts		9,350,761			—			—
Foreign currency transactions		149,048			(6,578	)		(57,780	)
Net realized gain (loss)		(82,336,939	)		2,908,228			11,249,076
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliatedd		3,835,134,859			31,489,821			41,434,480
Investments — affiliated (Note 2)		(247,254	)		(1,505	)		(1,568	)
Futures contracts		(4,516,826	)		—			—
Translation of assets and liabilities in foreign currencies		(555,835	)		957			(13,783	)
Net change in unrealized appreciation/depreciation		3,829,814,944			31,489,273			41,419,129
Net realized and unrealized gain		3,747,478,005			34,397,501			52,668,205
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,037,214,038		$	35,198,315		$	54,252,147

^a  Net of foreign withholding tax of $32,743,605, $133,236 and $370,625, respectively.

^b Net of securities lending income tax paid of $1,106,451, $  — and $  —, respectively.

^c  Net of foreign capital gains taxes of $91,727, $  — and $  —, respectively.

^d  Net of deferred foreign capital gains taxes of $40,362,900, $548,571 and $596,473, respectively.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 77

Consolidated Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Emerging Markets Small-Cap ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	1,894,140
Dividends — affiliated (Note 2)		3,340
Securities lending income — affiliated — net (Note 2)		725,558
		2,623,038
Less: Other foreign taxes (Note 1)		(3,878	)
Total investment income		2,619,160
EXPENSES
Investment advisory fees (Note 2)		931,147
Mauritius income taxes (Note 1)		3,086
Proxy fees		24
Commitment fees (Note 8)		1,215
Total expenses		935,472
Net investment income		1,683,688
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		5,097,857
Investments — affiliated (Note 2)		(2,648	)
In-kind redemptions — unaffiliated		2,966,990
Foreign currency transactions		3,885
Net realized gain		8,066,084
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliatedb		18,787,894
Investments — affiliated (Note 2)		(3,860	)
Translation of assets and liabilities in foreign currencies		(4,947	)
Net change in unrealized appreciation/depreciation		18,779,087
Net realized and unrealized gain		26,845,171
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	28,528,859

^a  Net of foreign withholding tax of $192,782.

^b  Net of deferred foreign capital gains taxes of $198,708.

See notes to consolidated financial statements.

78 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Core MSCI Emerging Markets ETF						iShares MSCI BRIC ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	289,736,033		$	673,065,996		$	800,814		$	4,074,906
Net realized gain (loss)		(82,336,939	)		(251,417,814	)		2,908,228			4,403,874
Net change in unrealized appreciation/depreciation		3,829,814,944			5,496,593,394			31,489,273			45,791,924
Net increase in net assets resulting from operations		4,037,214,038			5,918,241,576			35,198,315			54,270,704
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(718,421,598	)		(472,049,457	)		(3,520,455	)		(2,786,991	)
Total distributions to shareholders		(718,421,598	)		(472,049,457	)		(3,520,455	)		(2,786,991	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		8,640,059,937			15,325,617,290			67,159,638			130,590,725
Cost of shares redeemed		—			—			(18,158,963	)		(102,860,630	)
Net increase in net assets from capital share transactions		8,640,059,937			15,325,617,290			49,000,675			27,730,095
INCREASE IN NET ASSETS		11,958,852,377			20,771,809,409			80,678,535			79,213,808
NET ASSETS
Beginning of period		36,775,297,540			16,003,488,131			261,701,706			182,487,898
End of period	$	48,734,149,917		$	36,775,297,540		$	342,380,241		$	261,701,706
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(93,494,886	)	$	335,190,679		$	(281,380	)	$	2,438,261
SHARES ISSUED AND REDEEMED
Shares sold		150,000,000			323,400,000			1,450,000			3,600,000
Shares redeemed		—			—			(400,000	)		(2,850,000	)
Net increase in shares outstanding		150,000,000			323,400,000			1,050,000			750,000

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 79

Consolidated Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets Asia ETF						iShares MSCI Emerging Markets Small-Cap ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,583,942		$	6,168,348		$	1,683,688		$	4,272,056
Net realized gain (loss)		11,249,076			(1,931,555	)		8,066,084			(1,051,152	)
Net change in unrealized appreciation/depreciation		41,419,129			71,503,450			18,779,087			29,206,941
Net increase in net assets resulting from operations		54,252,147			75,740,243			28,528,859			32,427,845
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(8,112,101	)		(3,388,608	)		(5,359,939	)		(3,832,107	)
Total distributions to shareholders		(8,112,101	)		(3,388,608	)		(5,359,939	)		(3,832,107	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		159,078,157			262,708,017			47,909,373			103,772,829
Cost of shares redeemed		(78,055,228	)		(50,592,389	)		(5,184,618	)		—
Net increase in net assets from capital share transactions		81,022,929			212,115,628			42,724,755			103,772,829
INCREASE IN NET ASSETS		127,162,975			284,467,263			65,893,675			132,368,567
NET ASSETS
Beginning of period		501,330,305			216,863,042			253,519,093			121,150,526
End of period	$	628,493,280		$	501,330,305		$	319,412,768		$	253,519,093
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(2,276,296	)	$	4,251,863		$	(2,097,838	)	$	1,578,413
SHARES ISSUED AND REDEEMED
Shares sold		2,100,000			4,300,000			900,000			2,350,000
Shares redeemed		(1,000,000	)		(900,000	)		(100,000	)		—
Net increase in shares outstanding		1,100,000			3,400,000			800,000			2,350,000

See notes to consolidated financial statements.

80 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Core MSCI Emerging Markets ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Period from Oct. 18, 2012a to Aug. 31, 2013
Net asset value, beginning of period	$	53.91		$	44.60		$	40.75		$	53.89		$	45.71		$	49.06
Income from investment operations:
Net investment incomeb		0.39			1.31			1.20			1.21			1.31			1.33
Net realized and unrealized gain (loss)c		5.23			8.95			3.58			(13.26	)		7.78			(4.14	)
Total from investment operations		5.62			10.26			4.78			(12.05	)		9.09			(2.81	)
Less distributions from:
Net investment income		(0.97	)		(0.95	)		(0.93	)		(1.09	)		(0.91	)		(0.54	)
Total distributions		(0.97	)		(0.95	)		(0.93	)		(1.09	)		(0.91	)		(0.54	)
Net asset value, end of period	$	58.56		$	53.91		$	44.60		$	40.75		$	53.89		$	45.71
Total return		10.54	%d		23.45	%		11.99	%		(22.61	)%		20.05	%		(5.75	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	48,734,150		$	36,775,298		$	16,003,488		$	7,025,331		$	5,669,167		$	1,864,965
Ratio of expenses to average net assetse		0.14	%		0.14	%		0.17	%		0.18	%		0.17	%		0.05	%
Ratio of expenses to average net assets prior to waived feese		0.15	%		0.15	%		0.17	%		0.18	%		0.18	%		0.18	%
Ratio of net investment income to average net assetse		1.39	%		2.74	%		2.93	%		2.49	%		2.61	%		3.17	%
Portfolio turnover ratef		2	%d		4	%		10	%		7	%		8	%		15	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and the period ended August 31, 2013 were 2%, 4%, 10%, 7%, 8%, and 15%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 81

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI BRIC ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	42.21		$	33.48		$	30.74		$	41.12		$	34.41		$	35.68
Income from investment operations:
Net investment incomea		0.12			0.70			0.64			0.77			0.89			0.84
Net realized and unrealized gain (loss)b		5.41			8.57			2.84			(10.20	)		6.53			(1.25	)
Total from investment operations		5.53			9.27			3.48			(9.43	)		7.42			(0.41	)
Less distributions from:
Net investment income		(0.52	)		(0.54	)		(0.74	)		(0.95	)		(0.71	)		(0.86	)
Total distributions		(0.52	)		(0.54	)		(0.74	)		(0.95	)		(0.71	)		(0.86	)
Net asset value, end of period	$	47.22		$	42.21		$	33.48		$	30.74		$	41.12		$	34.41
Total return		13.19	%c		28.15	%		11.61	%		(23.19	)%		21.73	%		(1.17	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	342,380		$	261,702		$	182,488		$	196,758		$	411,164		$	474,861
Ratio of expenses to average net assetsd		0.67	%		0.70	%		0.73	%		0.69	%		0.68	%		0.67	%
Ratio of net investment income to average net assetsd		0.52	%		1.96	%		2.13	%		2.07	%		2.38	%		2.18	%
Portfolio turnover ratee		5	%c		24	%		20	%		9	%		10	%		10	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 3%, 7% ,20%, 9%, 6% and 9%, respectively. See Note 4.

See notes to consolidated financial statements.

82 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Asia ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	69.15		$	56.33		$	50.87		$	62.08		$	52.23		$	50.18
Income from investment operations:
Net investment incomea		0.20			1.31			1.02			1.25			1.36			1.15
Net realized and unrealized gain (loss)b		6.94			12.43			5.54			(11.61	)		9.75			1.82
Total from investment operations		7.14			13.74			6.56			(10.36	)		11.11			2.97
Less distributions from:
Net investment income		(1.02	)		(0.92	)		(1.10	)		(0.85	)		(1.26	)		(0.92	)
Total distributions		(1.02	)		(0.92	)		(1.10	)		(0.85	)		(1.26	)		(0.92	)
Net asset value, end of period	$	75.27		$	69.15		$	56.33		$	50.87		$	62.08		$	52.23
Total return		10.39	%c		24.80	%		13.14	%		(16.86	)%		21.54	%d		5.88	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	628,493		$	501,330		$	216,863		$	124,637		$	80,706		$	31,341
Ratio of expenses to average net assetse		0.50	%		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feese		n/a			n/a			0.66	%		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetse		0.54	%		2.16	%		1.98	%		2.10	%		2.36	%		2.09	%
Portfolio turnover ratef		11	%c		15	%		22	%		16	%		33	%		174	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been 21.46%.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 5%, 6%, 16%, 10%, 33% and 21%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 83

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Small-Cap ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	49.23		$	43.27		$	40.06		$	51.37		$	43.78		$	43.44
Income from investment operations:
Net investment incomea		0.31			1.04			0.90			1.04			0.93			1.07
Net realized and unrealized gain (loss)b		5.12			5.81			3.36			(11.06	)		7.67			1.13
Total from investment operations		5.43			6.85			4.26			(10.02	)		8.60			2.20
Less distributions from:
Net investment income		(0.98	)		(0.89	)		(1.05	)		(1.29	)		(1.01	)		(1.86	)
Total distributions		(0.98	)		(0.89	)		(1.05	)		(1.29	)		(1.01	)		(1.86	)
Net asset value, end of period	$	53.68		$	49.23		$	43.27		$	40.06		$	51.37		$	43.78
Total return		11.14	%c		16.17	%		10.83	%		(19.77	)%		19.92	%d		4.85	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	319,413		$	253,519		$	121,151		$	76,120		$	43,666		$	30,644
Ratio of expenses to average net assetse		0.66	%		0.69	%		0.71	%		0.69	%		0.67	%		0.67	%
Ratio of net investment income to average net assetse		1.19	%		2.32	%		2.20	%		2.20	%		1.93	%		2.26	%
Portfolio turnover ratef		6	%c		19	%		24	%		23	%		20	%		21	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been 19.73%.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for six months ended February 28, 2018 and the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 6%, 19%, 24%, 23%, 20% and 21%, respectively. See Note 4.

See notes to consolidated financial statements.

84 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
Core MSCI Emerging Markets	Diversified
MSCI BRIC	Diversified
MSCI Emerging Markets Asia	Diversified
MSCI Emerging Markets Small-Cap	Diversified

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

Each Fund carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (each, a “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of each Fund also serves as the investment adviser to each Subsidiary. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for each Fund include the accounts of its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 85

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iSHARES^®, INC.

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

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

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

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration inputs 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 inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs 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 to valuation techniques are categorized into a fair value 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.

86 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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iSHARES^®, INC.

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

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily.

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 prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their consolidated statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2018, if any, are disclosed in the Funds’ consolidated statements of assets and liabilities.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 87

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. Taxes on income, if any, are paid by the Subsidiaries and are disclosed in the consolidated statements of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the consolidated schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its consolidated schedule of investments. The total value of any securities on loan as of February 28, 2018 and the total value of the related cash collateral are disclosed in the consolidated statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the consolidated statements of operations.

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

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iSHARES^®, INC.

BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

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

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
Core MSCI Emerging Markets
Barclays Capital Inc.	$	29,490,381	$	29,490,381	$	—
Citigroup Global Markets Inc.		122,775,300		122,775,300		—
Citigroup Global Markets Ltd.		60,167,367		60,167,367		—
Credit Suisse Securities (Europe) Ltd.		46,027,499		46,027,499		—
Credit Suisse Securities (USA) LLC		93,632,719		93,632,719		—
Deutsche Bank AG		6,355,347		6,355,347		—
Deutsche Bank Securities Inc.		17,431,198		17,431,198		—
Goldman Sachs & Co.		332,622,926		332,622,926		—
Goldman Sachs International		26,362,891		26,362,891		—
HSBC Bank PLC		97,155,676		97,155,676		—
Jefferies LLC		2,393,879		2,393,879		—
JPMorgan Securities LLC		627,030,484		627,030,484		—
JPMorgan Securities PLC		61,309,869		61,309,869		—
Macquarie Bank Limited		17,964,737		17,964,737		—
Merrill Lynch, Pierce, Fenner & Smith		82,466,953		82,466,953		—
Morgan Stanley & Co. International PLC		212,150,500		212,150,500		—
Morgan Stanley & Co. LLC		300,739,307		300,739,307		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		187,009,244		187,009,244		—
SG Americas Securities LLC		9,716,714		9,716,714		—
State Street Bank & Trust Company		222,134,922		222,134,922		—
UBS AG		19,493,574		19,493,574		—
UBS Ltd.		18,748,922		18,748,922		—
UBS Securities LLC		13,077,229		13,077,229		—
Wells Fargo Securities LLC		4,529,944		4,529,944		—
	$	2,610,787,582	$	2,610,787,582	$	—

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 89

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI BRIC
Citigroup Global Markets Inc.	$	306,265	$	306,265	$	—
Credit Suisse Securities (USA) LLC		606,514		606,514		—
Deutsche Bank Securities Inc.		58,784		58,784		—
Goldman Sachs & Co.		471,616		471,616		—
JPMorgan Securities LLC		6,102,786		6,102,786		—
Macquarie Bank Limited		359,104		359,104		—
Merrill Lynch, Pierce, Fenner & Smith		172,001		172,001		—
Morgan Stanley & Co. LLC		611,130		611,130		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		20,239,747		20,239,747		—
SG Americas Securities LLC		61,569		61,569		—
State Street Bank & Trust Company		132,217		132,217		—
	$	29,121,733	$	29,121,733	$	—
MSCI Emerging Markets Asia
Citigroup Global Markets Inc.	$	302,873	$	302,873	$	—
Credit Suisse Securities (USA) LLC		926,417		926,417		—
Deutsche Bank AG		149,795		149,795		—
Deutsche Bank Securities Inc.		74,257		74,257		—
HSBC Bank PLC		691,149		691,149		—
Jefferies LLC		638,102		638,102		—
JPMorgan Securities LLC		373,401		373,401		—
Macquarie Bank Limited		2,280,587		2,280,587		—
Merrill Lynch, Pierce, Fenner & Smith		557,023		557,023		—
Morgan Stanley & Co. International PLC		1,664,358		1,664,358		—
Morgan Stanley & Co. LLC		5,006,562		5,006,562		—
Scotia Capital (USA) Inc.		227,461		227,461		—
SG Americas Securities LLC		52,773		52,773		—
UBS AG		125,973		125,973		—
	$	13,070,731	$	13,070,731	$	—

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iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Emerging Markets Small-Cap
Barclays Capital Inc.	$	1,497,796	$	1,497,796	$	—
Citigroup Global Markets Inc.		630,212		630,212		—
Credit Suisse Securities (USA) LLC		3,666,908		3,666,908		—
Deutsche Bank AG		243,257		243,257		—
Deutsche Bank Securities Inc.		818,544		818,544		—
Goldman Sachs & Co.		2,427,599		2,427,599		—
HSBC Bank PLC		1,743,231		1,743,231		—
JPMorgan Securities LLC		4,123,120		4,123,120		—
JPMorgan Securities PLC		20,140		20,140		—
Macquarie Bank Limited		748,498		748,498		—
Merrill Lynch, Pierce, Fenner & Smith		3,304,686		3,304,686		—
Morgan Stanley & Co. International PLC		1,487,505		1,487,505		—
Morgan Stanley & Co. LLC		2,732,285		2,732,285		—
SG Americas Securities LLC		316,043		316,043		—
UBS AG		1,750,704		1,750,704		—
UBS Securities LLC		212,276		212,276		—
	$	25,722,804	$	25,722,804	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s consolidated statement of assets and liabilities.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

For its investment advisory services to the iShares Core MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.14%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses are a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2022 in order to limit the total annual operating expenses after fee waiver to 0.14% of average daily net assets.

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iSHARES^®, INC.

For its investment advisory services to each of the iShares MSCI BRIC and iShares MSCI Emerging Markets Small-Cap ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.75	%	First $14 billion
	0.68		Over $14 billion, up to and including $28 billion
	0.61		Over $28 billion, up to and including $42 billion
	0.54		Over $42 billion, up to and including $56 billion
	0.47		Over $56 billion, up to and including $70 billion
	0.41		Over $70 billion, up to and including $84 billion
	0.35		Over $84 billion

For its investment advisory services to the iShares MSCI Emerging Markets Asia ETF, BFA is entitled to an annual investment advisory fee of 0.49%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Core MSCI Emerging Markets	$	5,492,767
MSCI BRIC		17,719
MSCI Emerging Markets Asia		22,191
MSCI Emerging Markets Small-Cap		152,602

For the six months ended February 28, 2018, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares Core MSCI Emerging Markets ETF in the amount of $111,073, related to the foreign tax on the securities lending income. The voluntary waiver was discontinued effective January 1, 2018. Such reimbursement is included in “Securities lending income – affiliated – net” in the Fund’s statement of operations.

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iSHARES^®, INC.

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	32,893,070	$	86,748,348
MSCI BRIC		740,587		1,369,665
MSCI Emerging Markets Asia		1,325,640		2,493,342
MSCI Emerging Markets Small-Cap		1,871,039		2,908,720

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

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

Certain Funds, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2018 were as follows:

iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	6,339,135,528	$	773,975,782
MSCI BRIC		45,503,194		15,809,915
MSCI Emerging Markets Asia		172,558,798		62,483,790
MSCI Emerging Markets Small-Cap		62,871,606		17,914,878

In-kind transactions (see Note 4) for the six months ended February 28, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core MSCI Emerging Markets	$	2,616,449,396	$	—
MSCI BRIC		28,190,735		11,969,545
MSCI Emerging Markets Asia		—		35,328,226
MSCI Emerging Markets Small-Cap		—		5,112,059

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 93

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

4. CAPITAL SHARE TRANSACTIONS

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

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

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

5. FUTURES CONTRACTS

Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded.

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

The following table shows the value of futures contracts held by the iShares Core MSCI Emerging Markets ETF as of February 28, 2018 and the related locations in the consolidated statements of assets and liabilities, presented by risk exposure category:

Assets
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciation	$	2,453,352

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

94 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares Core MSCI Emerging Markets ETF during the six months ended February 28, 2018 and the related locations in the consolidated statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Futures contracts	$	9,350,761	$	(4,516,826	)

The following table shows the average quarter-end balances of open futures contracts for the iShares Core MSCI Emerging Markets ETF for the six months ended February 28, 2018:

Average notional value of contracts purchased $ 115,429,250

6. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

MARKET RISK

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

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 95

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries. These events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. The occurrence of terrorist incidents throughout Europe also could impact financial markets. 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, Norway, Switzerland and Canada, have imposed economic sanctions, which consist of asset freezes and sectorial sanctions, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

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

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

96 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of August 31, 2017, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2018		Expiring 2019		Total
Core MSCI Emerging Markets	$	385,850,660	$	—	$	—	$	385,850,660
MSCI BRIC		207,792,753		11,268,086		7,760,558		226,821,397
MSCI Emerging Markets Asia		27,359,939		—		—		27,359,939
MSCI Emerging Markets Small-Cap		11,844,208		—		—		11,844,208

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

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

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core MSCI Emerging Markets	$	42,414,290,041	$	11,018,481,085	$	(2,066,134,623	)	$	8,952,346,462
MSCI BRIC		303,950,141		90,690,565		(22,773,909	)		67,916,656
MSCI Emerging Markets Asia		526,543,170		131,173,575		(15,992,065	)		115,181,510
MSCI Emerging Markets Small-Cap		305,378,972		65,151,678		(24,051,344	)		41,100,334

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.

8. LINE OF CREDIT

The Funds, along with certain other iShares funds, are parties to a credit agreement with State Street Bank and Trust Company. Effective October 25, 2017, certain terms of the credit agreement were amended, including (i) increasing the maximum borrowing amount from $250 million to $275 million and (ii) extending the expiration date from October 25, 2017 to October 24, 2018. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 97

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2018, the maximum amounts borrowed, the average borrowings and the weighted average interest rates, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowings		Weighted Average Interest Rates
Core MSCI Emerging Markets	$	43,000,000	$	1,900,552		2.09	%
MSCI BRIC		400,000		2,210		2.67
MSCI Emerging Markets Asia		570,000		27,265		2.13

The iShares MSCI Emerging Markets Small-Cap ETF did not borrow under the credit agreement during the six months ended February 28, 2018.

9. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) 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 putative 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”) in California State Court. 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. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

10. SUBSEQUENT EVENTS

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

Effective on or around May 31, 2018, the iShares MSCI Emerging Markets Asia ETF will track a new underlying index, the MSCI EM Asia Custom Capped Index, and will cease to track the MSCI Emerging Markets Asia Index.

98 2018 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
Core MSCI Emerging Markets	$	0.762060	$	—	$	0.211411	$	0.973471		78	%		—	%		22	%		100	%
MSCI BRIC		0.366977		—		0.150737		0.517714		71			—			29			100
MSCI Emerging Markets Asia		0.764821		—		0.255569		1.020390		75			—			25			100
MSCI Emerging Markets Small-Cap		0.890969		—		0.092506		0.983475		91			—			9			100

SUPPLEMENTAL INFORMATION 99

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website and 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 iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

100 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 101

Notes:

102 2018 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 Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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

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

©2018 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-810-0218

FEBRUARY 28, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares Currency Hedged MSCI Emerging Markets ETF  |  HEEM  |  Cboe BZX

^Ø  iShares Edge MSCI Min Vol EM Currency Hedged ETF  |  HEMV  |  Cboe BZX

^Ø  iShares Edge MSCI Min Vol Emerging Markets ETF  |  EEMV  |  Cboe BZX

^Ø  iShares MSCI Emerging Markets ETF  |  EEM  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	9
Shareholder Expenses	9
Schedules of Investments	10
iShares Currency Hedged MSCI Emerging Markets ETF	10
iShares Edge MSCI Min Vol EM Currency Hedged ETF	14
iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)	18
iShares MSCI Emerging Markets ETF (Consolidated)	25
Financial Statements	42
Financial Highlights	48
Notes to Financial Statements	52
Supplemental Information	70
General Information	71

Fund Performance Overview

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

Performance as of February 28, 2018

The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 6.87%, net of fees, while the total return for the Index was 8.36%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		24.00%		23.73%		25.08%		24.00%		23.73%		25.08%
Since Inception		6.46%		6.44%		7.21%		24.00%		23.92%		27.03%

The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a,b		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,068.70	$	0.00	$	1,000.00	$	1,024.80	$	0.00		0.00%

^a  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

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

ALLOCATION BY SECTOR¹

As of 2/28/18

Sector Percentage of Total Investments  ²

Information Technology	27.35	%
Financials	24.25
Consumer Discretionary	9.89
Materials	7.45
Energy	7.24
Consumer Staples	6.30
Industrials	5.18
Telecommunication Services	4.56
Health Care	2.76
Real Estate	2.70
Utilities	2.32
TOTAL	100.00	%

TEN LARGEST COUNTRIES¹

As of 2/28/18

Country Percentage of Total Investments  ²

China	30.32	%
South Korea	14.44
Taiwan	11.39
India	8.23
Brazil	7.47
South Africa	7.09
Russia	3.66
Mexico	2.84
Thailand	2.44
Malaysia	2.41
TOTAL	90.29	%

¹  Table shown is for the iShares MSCI Emerging Markets ETF, the underlying fund in which the Fund invests.

²  Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® EDGE MSCI MIN VOL EM CURRENCY HEDGED ETF

Performance as of February 28, 2018

The iShares Edge MSCI Min Vol EM Currency Hedged ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets Minimum Volatility (USD) 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares Edge MSCI Min Vol Emerging Markets ETF. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 5.52%, net of fees, while the total return for the Index was 6.52%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		17.16%		17.61%		17.28%		17.16%		17.61%		17.28%
Since Inception		7.56%		7.91%		7.76%		18.56%		19.47%		19.11%

The inception date of the Fund was 10/29/15. The first day of secondary market trading was 11/2/15.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a,b		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,055.20	$	0.15	$	1,000.00	$	1,024.60	$	0.15		0.03%

^a  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

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

ALLOCATION BY SECTOR¹

As of 2/28/18

Sector Percentage of Total Investments  ²

Financials	24.66	%
Information Technology	23.20
Consumer Staples	11.17
Telecommunication Services	9.51
Health Care	6.93
Consumer Discretionary	6.39
Utilities	6.25
Industrials	5.32
Energy	3.51
Materials	2.02
Real Estate	1.04
TOTAL	100.00	%

TEN LARGEST COUNTRIES¹

As of 2/28/18

Country Percentage of Total Investments  ²

China	25.87	%
Taiwan	16.38
South Korea	9.60
India	7.56
Malaysia	7.50
Thailand	6.72
Indonesia	5.29
Chile	3.77
Philippines	3.35
United Arab Emirates	2.03
TOTAL	88.07	%

¹  Table shown is for the iShares Edge MSCI Min Vol Emerging Markets ETF, the underlying fund in which the Fund invests.

²  Excludes money market funds.

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

Performance as of February 28, 2018

The iShares Edge MSCI Min Vol Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 8.60%, net of fees, while the total return for the Index was 8.70%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		22.02%		21.44%		22.42%		22.02%		21.44%		22.42%
5 Years		2.88%		2.64%		3.07%		15.26%		13.94%		16.31%
Since Inception		6.29%		6.10%		6.52%		47.48%		45.77%		49.49%

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 (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,086.00	$	1.29	$	1,000.00	$	1,023.60	$	1.25		0.25%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of Total Investments*

Financials	24.66	%
Information Technology	23.20
Consumer Staples	11.17
Telecommunication Services	9.51
Health Care	6.93
Consumer Discretionary	6.39
Utilities	6.25
Industrials	5.32
Energy	3.51
Materials	2.02
Real Estate	1.04
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of Total Investments*

China	25.87	%
Taiwan	16.38
South Korea	9.60
India	7.56
Malaysia	7.50
Thailand	6.72
Indonesia	5.29
Chile	3.77
Philippines	3.35
United Arab Emirates	2.03
TOTAL	88.07	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS ETF

Performance as of February 28, 2018

The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 10.18%, net of fees, while the total return for the Index was 10.58%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		29.63%		28.95%		30.51%		29.63%		28.95%		30.51%
5 Years		4.41%		4.32%		5.02%		24.11%		23.57%		27.72%
10 Years		2.31%		2.33%		2.65%		25.64%		25.88%		29.93%

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,101.80	$	3.44	$	1,000.00	$	1,021.50	$	3.31		0.66%

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

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of Total Investments*

Information Technology	27.35	%
Financials	24.25
Consumer Discretionary	9.89
Materials	7.45
Energy	7.24
Consumer Staples	6.30
Industrials	5.18
Telecommunication Services	4.56
Health Care	2.76
Real Estate	2.70
Utilities	2.32
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of Total Investments*

China	30.32	%
South Korea	14.44
Taiwan	11.39
India	8.23
Brazil	7.47
South Africa	7.09
Russia	3.66
Mexico	2.84
Thailand	2.44
Malaysia	2.41
TOTAL	90.29	%

* Excludes money market funds.

8 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2017 and held through February 28, 2018, 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^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
INVESTMENT COMPANIES — 99.56%
EXCHANGE-TRADED FUNDS — 99.56%
iShares MSCI Emerging Markets ETFa,b		8,563,324	$	411,210,819
				411,210,819
TOTAL INVESTMENT COMPANIES
(Cost: $339,358,457)				411,210,819
SHORT-TERM INVESTMENTS — 42.74%
MONEY MARKET FUNDS — 42.74%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%b,c,d		176,345,986		176,363,620
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%b,c		186,165		186,165
				176,549,785
TOTAL SHORT-TERM INVESTMENTS
(Cost: $176,558,940)				176,549,785

	Value
TOTAL INVESTMENTS IN SECURITIES — 142.30%
(Cost: $515,917,397)	$	587,760,604
Other Assets, Less Liabilities — (42.30)%		(174,716,258	)
NET ASSETS — 100.00%	$	413,044,346

^a  All or a portion of this security is on loan.

^b  Affiliate of the Fund.

^c  Annualized 7-day yield as of period end.

^d  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		176,345,986	b		—			176,345,986	$	176,363,620	$	219,018	c	$	(10,950	)	$	(9,155	)
BlackRock Cash Funds: Treasury, SL Agency Shares		—		186,165	b		—			186,165		186,165		4,512			—			—
iShares MSCI Emerging Markets ETF		8,795,358		794,530			(1,026,564	)		8,563,324		411,210,819		6,137,528			8,242,034			20,699,431
											$	587,760,604	$	6,361,058		$	8,231,084		$	20,690,276

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

February 28, 2018

Forward Currency Contracts (Note 5)

Forward currency contracts outstanding as of February 28, 2018 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	BRL	1,248,000		USD	381,128	CITI		03/05/2018	$	3,094
	CLP	135,639,000		USD	225,092	CITI		03/05/2018		2,889
	HKD	783,854,000		USD	100,158,955	CITI		03/05/2018		12,160
	KRW	1,020,382,000		USD	937,176	CITI		03/05/2018		5,092
	RUB	20,983,000		USD	366,101	CITI		03/05/2018		6,066
	TRY	322,000		USD	84,186	CITI		03/05/2018		416
	TWD	12,596,000		USD	429,436	CITI		03/05/2018		1,163
	USD	32,859,588		BRL	104,885,000	CITI		03/05/2018		568,615
	USD	23,719		CLP	14,007,000	CITI		03/05/2018		176
	USD	9,941,620		EUR	7,996,000	CITI		03/05/2018		184,682
	USD	104,695,340		HKD	818,064,000	CITI		03/05/2018		152,424
	USD	76,642,355		INR	4,947,403,000	CITI		03/05/2018		793,517
	USD	263,090		INR	17,128,000	DB		03/05/2018		500
	USD	113,589		INR	7,395,000	MS		03/05/2018		216
	USD	163,604,399		KRW	176,218,292,102	CITI		03/05/2018		876,269
	USD	797,917		KRW	863,266,102	MS		03/05/2018		737
	USD	13,145,752		MXN	246,892,000	CITI		03/05/2018		54,943
	USD	63,723		RUB	3,581,000	CITI		03/05/2018		209
	USD	178,221		TRY	675,000	CITI		03/05/2018		871
	USD	71,939,354		TWD	2,099,624,000	CITI		03/05/2018		162,946
	USD	99,195		ZAR	1,161,000	CITI		03/05/2018		798
	ZAR	19,687,000		USD	1,644,188	CITI		03/05/2018		24,322
	EUR	307,000		USD	375,465	CITI		04/06/2018		94
	HKD	2,481,000		USD	317,300	CITI		04/06/2018		34
	MXN	4,971,000		USD	261,995	CITI		04/06/2018		213
	RUB	2,433,000		USD	42,993	CITI		04/06/2018		64
	TRY	55,000		USD	14,293	CITI		04/06/2018		23
	USD	31,263,608		BRL	101,663,000	CITI		04/06/2018		65,464
	USD	7,458,697		CLP	4,401,004,000	CITI		04/06/2018		65,237
	USD	9,451,082		EUR	7,658,000	CITI		04/06/2018		82,924
	USD	36,631,368		INR	2,395,142,000	CITI		04/06/2018		109,978
	USD	78,407,337		KRW	84,266,717,102	CITI		04/06/2018		686,757
	USD	12,664,381		MXN	238,583,000	CITI		04/06/2018		79,699
	USD	13,831,863		RUB	780,053,000	CITI		04/06/2018		26,999
	USD	4,492,205		TRY	17,202,000	CITI		04/06/2018		14,660
	USD	30,191,089		ZAR	354,383,000	CITI		04/06/2018		298,109
	ZAR	6,682,000		USD	563,159	CITI		04/06/2018		482
	TWD	41,220,000		USD	1,409,636	CITI		04/09/2018		276
	USD	69,104,373		TWD	2,014,738,000	CITI		04/09/2018		191,143
										4,474,261
	BRL	103,295,000		USD	31,893,818	CITI		03/05/2018		(92,360	)
	BRL	342,000		USD	105,981	MS		03/05/2018		(689	)
	CLP	4,401,004,000		USD	7,463,250	CITI		03/05/2018		(66,063	)
	CLP	14,007,000		USD	23,854	MS		03/05/2018		(311	)
	EUR	7,972,000		USD	9,816,993	CITI		03/05/2018		(89,341	)
	EUR	24,000		USD	29,562	MS		03/05/2018		(277	)
	HKD	34,210,000		USD	4,377,973	CITI		03/05/2018		(6,171	)
	HKD	2,481,000		USD	317,167	MS		03/05/2018		(112	)
	INR	4,947,403,000		USD	76,030,726	CITI		03/05/2018		(181,888	)
	INR	17,128,000		USD	268,012	DB		03/05/2018		(5,422	)
	INR	7,395,000		USD	114,027	MS		03/05/2018		(654	)
	KRW	175,197,910,102		USD	162,454,091	CITI		03/05/2018		(668,229	)

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

February 28, 2018

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	KRW	863,266,102		USD	807,581	MS		03/05/2018	$	(10,401	)
	MXN	246,137,000		USD	13,132,892	CITI		03/05/2018		(82,116	)
	MXN	755,000		USD	40,432	MS		03/05/2018		(400	)
	RUB	734,944,000		USD	13,084,280	CITI		03/05/2018		(48,862	)
	RUB	2,491,000		USD	44,682	MS		03/05/2018		(500	)
	TRY	17,579,000		USD	4,633,979	CITI		03/05/2018		(15,278	)
	TRY	55,000		USD	14,507	MS		03/05/2018		(56	)
	TWD	2,080,538,000		USD	71,184,658	CITI		03/05/2018		(60,711	)
	TWD	6,490,000		USD	222,275	MS		03/05/2018		(412	)
	USD	7,487,166		CLP	4,536,643,000	CITI		03/05/2018		(138,002	)
	USD	317,016		HKD	2,481,000	CITI		03/05/2018		(39	)
	USD	13,361,215		RUB	754,837,000	CITI		03/05/2018		(27,037	)
	USD	4,527,868		TRY	17,281,000	CITI		03/05/2018		(12,536	)
	USD	31,109,311		ZAR	374,070,000	CITI		03/05/2018		(593,820	)
	ZAR	354,383,000		USD	30,334,517	CITI		03/05/2018		(299,896	)
	ZAR	1,161,000		USD	100,413	MS		03/05/2018		(2,016	)
	BRL	3,807,000		USD	1,173,209	CITI		04/06/2018		(4,924	)
	CLP	277,836,000		USD	467,563	CITI		04/06/2018		(813	)
	EUR	183,000		USD	224,053	CITI		04/06/2018		(186	)
	HKD	43,914,000		USD	5,617,235	CITI		04/06/2018		(389	)
	INR	147,614,000		USD	2,253,909	CITI		04/06/2018		(3,074	)
	KRW	4,422,805,102		USD	4,091,840	CITI		04/06/2018		(12,614	)
	MXN	8,748,000		USD	462,716	CITI		04/06/2018		(1,280	)
	RUB	24,138,000		USD	427,568	CITI		04/06/2018		(389	)
	TRY	444,000		USD	115,638	CITI		04/06/2018		(69	)
	USD	1,378,993		BRL	4,498,000	CITI		04/06/2018		(1,344	)
	USD	100,248,622		HKD	783,854,000	CITI		04/06/2018		(10,678	)
	USD	42,892		TRY	165,000	CITI		04/06/2018		(57	)
	USD	428,726		ZAR	5,087,000	CITI		04/06/2018		(374	)
	ZAR	2,293,000		USD	194,258	CITI		04/06/2018		(838	)
	TWD	21,578,000		USD	738,875	CITI		04/09/2018		(809	)
										(2,441,437	)
						Net unrealized appreciation			$	2,032,824

Counterparties:

CITI — Citibank N.A. London

DB — Deutsche Bank AG London

MS — Morgan Stanley and Co. International PLC

Currency abbreviations:

BRL — Brazilian Real

CLP — Chilean Peso

EUR — Euro

HKD — Hong Kong Dollar

INR — Indian Rupee

KRW — South Korean Won

MXN — Mexican Peso

RUB — New Russian Ruble

TRY — Turkish Lira

TWD — Taiwan New Dollar

USD — United States Dollar

ZAR — South African Rand

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment companies	$	411,210,819	$	—		$	—	$	411,210,819
Money market funds		176,549,785		—			—		176,549,785
Total	$	587,760,604	$	—		$	—	$	587,760,604
Derivative financial instrumentsa
Assets
Forward currency contracts	$	—	$	4,474,261		$	—	$	4,474,261
Liabilities
Forward currency contracts		—		(2,441,437	)		—		(2,441,437	)
Total	$	—	$	2,032,824		$	—	$	2,032,824

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MIN VOL EM CURRENCY HEDGED ETF

February 28, 2018

Security	Shares		Value
INVESTMENT COMPANIES — 99.39%
EXCHANGE-TRADED FUNDS — 99.39%
iShares Edge MSCI Min Vol Emerging Markets ETFa		154,870	$	9,479,593
				9,479,593
TOTAL INVESTMENT COMPANIES
(Cost: $8,615,565)				9,479,593
SHORT-TERM INVESTMENTS — 0.05%
MONEY MARKET FUNDS — 0.05%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%a,b		4,830		4,830
				4,830
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,830)				4,830

	Value
TOTAL INVESTMENTS IN SECURITIES — 99.44%
(Cost: $8,620,395)	$	9,484,423
Other Assets, Less Liabilities — 0.56%		53,118
NET ASSETS — 100.00%	$	9,537,541

^a  Affiliate of the Fund.

^b  Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury,
SL Agency Shares		3,008		1,822	b		—			4,830	$	4,830	$	22	$	—	$	—
iShares Edge MSCI Min Vol Emerging Markets ETF		112,856		70,951			(28,937	)		154,870		9,479,593		134,071		275,456		58,267
											$	9,484,423	$	134,093	$	275,456	$	58,267

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EM CURRENCY HEDGED ETF

February 28, 2018

Forward Currency Contracts (Note 5)

Forward currency contracts outstanding as of February 28, 2018 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	CLP	1,379,000		USD	2,289	CITI		03/05/2018	$	29
	HKD	16,100,000		USD	2,057,445	MS		03/05/2018		24
	USD	159,101		BRL	506,000	BNP		03/05/2018		3,318
	USD	625		BRL	2,000	CITI		03/05/2018		9
	USD	72,215		EUR	58,000	BOA		03/05/2018		1,442
	USD	4,993		EUR	4,000	JPM		03/05/2018		112
	USD	12,391		EUR	10,000	NSI		03/05/2018		189
	USD	640		HKD	5,000	CITI		03/05/2018		1
	USD	140,483		HKD	1,098,000	MS		03/05/2018		166
	USD	1,945,396		HKD	15,199,000	SSB		03/05/2018		3,069
	USD	47,898		INR	3,057,000	BNP		03/05/2018		1,031
	USD	7,772		INR	506,000	DB		03/05/2018		15
	USD	653,545		INR	41,753,000	JPM		03/05/2018		13,428
	USD	787,751		INR	51,285,000	NSI		03/05/2018		1,498
	USD	264,156		KRW	285,152,000	BNP		03/05/2018		834
	USD	17,698		KRW	19,147,102	CITI		03/05/2018		16
	USD	1,585,665		KRW	1,698,406,000	JPM		03/05/2018		17,278
	USD	10,111		KRW	10,938,898	MS		03/05/2018		9
	USD	1,806,141		KRW	1,954,064,000	NSI		03/05/2018		1,668
	USD	150,583		MXN	2,813,000	BOA		03/05/2018		1,431
	USD	53		MXN	1,000	CITI		03/05/2018		—
	USD	220,264		PLN	735,000	NSI		03/05/2018		5,529
	USD	35,140		PLN	118,000	UBS		03/05/2018		666
	USD	16,364		RUB	921,000	JPM		03/05/2018		29
	USD	500,014		TWD	14,577,000	BNP		03/05/2018		1,694
	USD	2,447,757		TWD	71,357,000	JPM		03/05/2018		8,392
	ZAR	37,000		USD	3,102	BNP		03/05/2018		34
	ZAR	20,000		USD	1,677	CITI		03/05/2018		19
	BRL	2,000		USD	614	BNP		04/06/2018		—
	EUR	4,000		USD	4,892	BOA		04/06/2018		1
	HKD	348,000		USD	44,510	SSB		04/06/2018		2
	MXN	77,000		USD	4,058	BOA		04/06/2018		3
	PLN	45,000		USD	13,141	BOA		04/06/2018		15
	USD	156,238		BRL	507,000	UBS		04/06/2018		651
	USD	443,986		CLP	261,499,000	UBS		04/06/2018		4,681
	USD	88,927		EUR	72,000	NSI		04/06/2018		848
	USD	2,059,414		HKD	16,100,000	MS		04/06/2018		134
	USD	785,736		INR	51,285,000	NSI		04/06/2018		3,737
	USD	1,823,995		KRW	1,954,064,000	NSI		04/06/2018		21,730
	USD	145,515		MXN	2,735,000	CITI		04/06/2018		1,250
	USD	249,731		PLN	844,000	BNP		04/06/2018		2,977
	USD	21,575		RUB	1,211,000	BNP		04/06/2018		143
	USD	165,613		ZAR	1,936,000	CITI		04/06/2018		2,307
	ZAR	55,000		USD	4,636	BNP		04/06/2018		4
	ZAR	17,000		USD	1,433	JPM		04/06/2018		1
	USD	2,936,954		TWD	85,436,000	NSI		04/09/2018		14,653
										115,067
	BRL	1,000		USD	315	BNP		03/05/2018		(7	)
	BRL	507,000		USD	156,794	UBS		03/05/2018		(703	)
	CLP	261,499,000		USD	444,212	UBS		03/05/2018		(4,686	)
	EUR	72,000		USD	88,708	NSI		03/05/2018		(852	)
	HKD	202,000		USD	25,844	MS		03/05/2018		(30	)

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EM CURRENCY HEDGED ETF

February 28, 2018

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	INR	10,038,000		USD	154,186	BNP		03/05/2018	$	(293	)
	INR	506,000		USD	7,918	DB		03/05/2018		(160	)
	INR	41,753,000		USD	641,337	JPM		03/05/2018		(1,220	)
	INR	51,285,000		USD	789,425	NSI		03/05/2018		(3,173	)
	KRW	285,744,000		USD	264,113	BNP		03/05/2018		(244	)
	KRW	19,147,102		USD	17,924	CITI		03/05/2018		(242	)
	KRW	1,698,406,000		USD	1,569,836	JPM		03/05/2018		(1,450	)
	KRW	10,938,898		USD	10,239	MS		03/05/2018		(138	)
	KRW	1,954,064,000		USD	1,823,331	NSI		03/05/2018		(18,858	)
	MXN	2,765,000		USD	147,869	CITI		03/05/2018		(1,263	)
	MXN	49,000		USD	2,624	MS		03/05/2018		(26	)
	PLN	848,000		USD	250,762	BNP		03/05/2018		(3,013	)
	PLN	5,000		USD	1,496	CITI		03/05/2018		(35	)
	RUB	1,191,000		USD	21,304	BNP		03/05/2018		(180	)
	RUB	12,000		USD	213	CITI		03/05/2018		—
	TWD	498,000		USD	17,134	CITI		03/05/2018		(109	)
	TWD	85,436,000		USD	2,926,893	NSI		03/05/2018		(6,232	)
	USD	436,293		CLP	262,878,000	BNP		03/05/2018		(5,551	)
	USD	105,337		INR	6,981,000	BNP		03/05/2018		(1,689	)
	USD	545		KRW	592,000	BNP		03/05/2018		(1	)
	USD	4,961		RUB	282,000	BNP		03/05/2018		(40	)
	USD	83		ZAR	1,000	BBP		03/05/2018		(2	)
	USD	166,458		ZAR	1,992,000	CITI		03/05/2018		(2,368	)
	ZAR	1,936,000		USD	166,389	CITI		03/05/2018		(2,310	)
	BRL	9,000		USD	2,767	CITI		04/06/2018		(5	)
	CLP	5,129,000		USD	8,622	BNP		04/06/2018		(5	)
	CLP	4,273,000		USD	7,189	CITI		04/06/2018		(11	)
	EUR	1,000		USD	1,224	SSB		04/06/2018		(1	)
	HKD	60,000		USD	7,676	BOA		04/06/2018		(2	)
	INR	1,926,000		USD	29,387	BNP		04/06/2018		(19	)
	INR	424,000		USD	6,475	CITI		04/06/2018		(10	)
	KRW	45,543,000		USD	42,076	BNP		04/06/2018		(71	)
	KRW	13,476,000		USD	12,459	CITI		04/06/2018		(30	)
	MXN	63,000		USD	3,332	CITI		04/06/2018		(9	)
	PLN	8,000		USD	2,341	CITI		04/06/2018		(2	)
	RUB	33,000		USD	584	CITI		04/06/2018		—
	TWD	1,109,000		USD	37,986	CITI		04/09/2018		(53	)
	USD	13,818		TWD	405,000	BNP		04/09/2018		(35	)
										(55,128	)
						Net unrealized appreciation			$	59,939

Counterparties:

BBP — Barclays Bank PLC Wholesale

BNP — BNP Paribas SA

BOA — Bank of America N.A.

CITI — Citibank N.A. London

DB — Deutsche Bank AG London

JPM — JPMorgan Chase Bank N.A.

MS — Morgan Stanley and Co. International PLC

NSI — Nomura Securities International Inc.

SSB — State Street Bank London

UBS — UBS AG London

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EM CURRENCY HEDGED ETF

February 28, 2018

Currency abbreviations:

BRL — Brazilian Real

CLP — Chilean Peso

EUR — Euro

HKD — Hong Kong Dollar

INR — Indian Rupee

KRW — South Korean Won

MXN — Mexican Peso

PLN — Polish Zloty

RUB — New Russian Ruble

TWD — Taiwan New Dollar

USD — United States Dollar

ZAR — South African Rand

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment companies	$	9,479,593	$	—		$	—	$	9,479,593
Money market funds		4,830		—			—		4,830
Total	$	9,484,423	$	—		$	—	$	9,484,423
Derivative financial instrumentsa
Assets
Forward currency contracts	$	—	$	115,067		$	—	$	115,067
Liabilities
Forward currency contracts		—		(55,128	)		—		(55,128	)
Total	$	—	$	59,939		$	—	$	59,939

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 17

Consolidated Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.45%
BRAZIL — 1.59%
Ambev SA		4,602,000	$	31,163,986
Cielo SA		1,826,216		13,597,896
Equatorial Energia SA		714,600		15,749,245
Raia Drogasil SA		635,200		15,199,830
				75,710,957
CHILE — 3.76%
Aguas Andinas SA Series A		44,447,135		29,712,394
Banco de Chile		423,137,955		71,816,829
Banco de Credito e Inversiones SA		97,236		7,247,203
Cia. Cervecerias Unidas SA		174,912		2,467,216
Colbun SA		18,588,515		4,518,734
Empresas COPEC SA		345,825		5,589,540
Enel Americas SA		18,739,578		4,326,990
Enel Generacion Chile SA		6,406,578		5,998,592
SACI Falabella		4,658,072		47,142,349
				178,819,847
CHINA — 25.79%
3SBio Inc.a,b,c		2,952,000		5,620,845
AAC Technologies Holdings Inc.		1,380,000		27,493,131
Agricultural Bank of China Ltd. Class H		108,147,000		60,117,753
Alibaba Group Holding Ltd. ADRa		350,519		65,245,607
ANTA Sports Products Ltd.		3,952,000		19,595,108
Autohome Inc. ADR		49,088		3,839,172
Baidu Inc. ADRa		168,740		42,579,852
Bank of China Ltd. Class H		92,807,000		50,641,623
Bank of Communications Co. Ltd. Class H		5,473,000		4,392,220
Beijing Capital International Airport Co. Ltd. Class H		6,352,000		9,383,553
China CITIC Bank Corp. Ltd. Class H		16,674,000		12,166,759
China Construction Bank Corp. Class H		42,138,000		43,886,458
China Everbright Bank Co. Ltd. Class H		23,082,000		11,887,143
China Gas Holdings Ltd.c		1,687,400		5,261,467
China Huarong Asset Management Co. Ltd. Class Hb		10,322,000		4,682,645

Security	Shares		Value
China Huishan Dairy Holdings Co. Ltd.a,d		33,013,520	$	42
China Life Insurance Co. Ltd. Class H		1,588,000		4,718,158
China Medical System Holdings Ltd.		7,940,000		15,950,417
China Mengniu Dairy Co. Ltd.		7,492,000		24,748,981
China Merchants Port Holdings Co. Ltd.		1,132,000		2,650,153
China Mobile Ltd.		6,749,000		63,304,487
China Petroleum & Chemical Corp. Class H		44,522,000		35,843,814
China Resources Beer Holdings Co. Ltd.		7,940,000		30,642,659
China Resources Gas Group Ltd.c		2,376,000		8,015,846
China Resources Pharmaceutical Group Ltd.b		1,588,000		2,142,957
China Resources Power Holdings Co. Ltd.		3,182,000		5,538,298
China Telecom Corp. Ltd. Class H		35,098,000		15,473,924
China Unicom Hong Kong Ltd.a		3,176,000		4,115,451
CNOOC Ltd.		1,588,000		2,313,419
COSCO SHIPPING Ports Ltd.		14,292,000		13,898,780
CSPC Pharmaceutical Group Ltd.		24,180,000		55,866,791
Fullshare Holdings Ltd.c		20,490,000		11,521,092
Fuyao Glass Industry Group Co. Ltd. Class Hb		952,800		3,823,230
Guangdong Investment Ltd.		33,348,000		51,053,511
Hengan International Group Co. Ltd.		2,382,000		23,286,392
Industrial & Commercial Bank of China Ltd. Class H		35,867,000		30,984,233
Jiangsu Expressway Co. Ltd. Class H		20,644,000		32,132,176
Kingboard Chemical Holdings Ltd.		794,000		4,033,264
Lenovo Group Ltd.c		15,340,000		8,017,661
NetEase Inc. ADR		97,409		28,574,930
New Oriental Education & Technology Group Inc. ADR		200,954		18,365,186
PetroChina Co. Ltd. Class H		52,462,000		37,073,960
Ping An Insurance Group Co. of China Ltd. Class H		1,588,000		16,934,635

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Semiconductor Manufacturing International Corp.a,c		9,128,500	$	12,295,297
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		15,880,000		10,856,836
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		8,901,253		12,942,422
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		3,258,300		8,211,018
Shenzhou International Group Holdings Ltd.		3,271,000		32,395,244
Sihuan Pharmaceutical Holdings Group Ltd.		34,965,000		12,779,050
SINA Corp./Chinaa		20,709		2,421,503
Sino Biopharmaceutical Ltd.		12,391,000		23,466,783
Sinopharm Group Co. Ltd. Class H		953,200		4,208,536
Sun Art Retail Group Ltd.		4,602,000		6,116,162
Sunny Optical Technology Group Co. Ltd.		200,000		3,340,447
TAL Education Group Class A ADR		432,588		16,334,523
Tencent Holdings Ltd.		1,289,300		71,209,469
TravelSky Technology Ltd. Class H		7,146,000		22,829,796
Tsingtao Brewery Co. Ltd. Class H		2,030,000		11,154,844
Want Want China Holdings Ltd.c		3,970,000		3,353,443
Weibo Corp. ADRa		19,175		2,464,371
Yum China Holdings Inc.		981,760		42,529,843
Zijin Mining Group Co. Ltd. Class H		6,352,000		2,922,214
ZTE Corp. Class Ha		1,746,800		6,161,001
				1,225,810,585
COLOMBIA — 0.52%
Grupo Argos SA/Colombia		228,168		1,536,798
Interconexion Electrica SA ESP		4,870,385		23,261,561
				24,798,359
CZECH REPUBLIC — 0.53%
CEZ AS		104,312		2,528,509
Komercni Banka AS		267,926		11,915,138
Moneta Money Bank ASb		749,359		3,023,197
O2 Czech Republic AS		593,668		7,736,638
				25,203,482

Security	Shares		Value
EGYPT — 0.32%
Commercial International Bank Egypt SAE		3,521,202	$	15,392,797
				15,392,797
GREECE — 0.84%
Hellenic Telecommunications Organization SA		742,950		10,592,769
JUMBO SA		619,385		11,286,173
OPAP SA		380,238		4,642,212
Titan Cement Co. SA		489,204		13,365,137
				39,886,291
HUNGARY — 0.79%
MOL Hungarian Oil & Gas PLC		1,329,796		14,545,085
Richter Gedeon Nyrt		1,042,435		22,998,309
				37,543,394
INDIA — 7.53%
Asian Paints Ltd.		1,519,571		26,072,115
Cadila Healthcare Ltd.		338,895		2,107,356
Cipla Ltd./India		301,899		2,732,540
Coal India Ltd.		510,415		2,422,162
Dabur India Ltd.		6,473,966		32,302,130
HCL Technologies Ltd.		2,465,138		35,581,008
Hindustan Unilever Ltd.		1,092,424		22,097,077
Housing Development Finance Corp. Ltd.		309,868		8,603,078
Infosys Ltd.		3,295,414		59,315,808
ITC Ltd.		586,755		2,387,235
Lupin Ltd.		174,109		2,191,388
Marico Ltd.		3,185,241		15,066,593
Maruti Suzuki India Ltd.		17,641		2,396,755
Nestle India Ltd.		33,748		4,020,802
Reliance Industries Ltd.		648,882		9,507,689
Sun Pharmaceutical Industries Ltd.		712,154		5,852,242
Tata Consultancy Services Ltd.		1,127,490		52,527,790
Tech Mahindra Ltd.		2,011,335		18,915,047
Titan Co. Ltd.		589,056		7,379,674
Vakrangee Ltd.		1,705,604		4,259,674
Wipro Ltd.		9,408,567		42,286,830
				358,024,993
INDONESIA — 5.27%
Bank Central Asia Tbk PT		43,642,300		73,565,138
Bank Mandiri Persero Tbk PT		13,039,000		7,871,673
Bank Rakyat Indonesia Persero Tbk PT		38,503,400		10,586,090

SCHEDULES OF INVESTMENTS 19

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Gudang Garam Tbk PT		1,828,900	$	10,608,777
Hanjaya Mandala Sampoerna Tbk PT		96,915,300		33,976,924
Indofood CBP Sukses Makmur Tbk PT		11,308,200		7,381,976
Indofood Sukses Makmur Tbk PT		16,078,000		8,858,483
Jasa Marga Persero Tbk PT		6,278,495		2,443,172
Kalbe Farma Tbk PT		159,996,200		18,619,771
Telekomunikasi Indonesia Persero Tbk PT		115,830,500		33,699,822
Unilever Indonesia Tbk PT		10,979,800		43,045,512
				250,657,338
MALAYSIA — 7.48%
DiGi.Com Bhdc		3,578,600		4,421,860
HAP Seng Consolidated Bhdc		3,020,100		7,363,277
Hong Leong Bank Bhd		11,215,300		57,322,008
IHH Healthcare Bhdc		34,689,100		52,339,183
Malayan Banking Bhd		22,549,800		60,217,235
Maxis Bhdc		10,434,800		15,744,107
Petronas Chemicals Group Bhd		6,757,700		13,957,057
Petronas Dagangan Bhd		1,191,000		7,844,728
Petronas Gas Bhd		5,407,700		24,325,676
Public Bank Bhd		13,575,980		79,715,992
Telekom Malaysia Bhdc		7,872,000		11,857,238
Tenaga Nasional Bhdc		4,218,500		16,908,463
Westports Holdings Bhdc		3,417,100		3,210,347
				355,227,171
MEXICO — 1.43%
Arca Continental SAB de CV		2,458,000		17,045,885
Coca-Cola Femsa SAB de CV Series L		555,800		3,741,273
Gruma SAB de CV Series B		717,145		8,293,902
Grupo Aeroportuario del Pacifico SAB de CV Series B		981,800		9,477,152
Infraestructura Energetica Nova SAB de CV		1,746,800		8,267,835
Wal-Mart de Mexico SAB de CV		8,983,800		20,951,248
				67,777,295
PAKISTAN — 0.24%
Habib Bank Ltd.		1,431,200		2,697,458
Lucky Cement Ltd.		516,100		2,804,714
MCB Bank Ltd.		3,092,500		6,109,467
				11,611,639

Security	Shares		Value
PERU — 1.13%
Credicorp Ltd.		247,741	$	53,623,539
				53,623,539
PHILIPPINES — 3.34%
Aboitiz Equity Ventures Inc.		17,839,410		26,512,487
Aboitiz Power Corp.		25,368,600		18,753,669
Bank of the Philippine Islands		13,280,104		30,573,818
BDO Unibank Inc.		11,723,003		35,069,967
Jollibee Foods Corp.		4,424,490		25,350,764
Metropolitan Bank & Trust Co.		4,336,071		8,146,785
Security Bank Corp.		1,510,340		7,139,895
Universal Robina Corp.		2,425,390		6,939,000
				158,486,385
POLAND — 1.08%
Bank Pekao SA		436,594		16,875,137
Bank Zachodni WBK SA		54,158		5,914,036
CD Projekt SA		72,098		2,251,254
Cyfrowy Polsat SA		577,333		3,935,653
Grupa Lotos SA		185,768		3,045,581
PGE Polska Grupa Energetyczna SAa		2,125,600		6,289,804
Polski Koncern Naftowy ORLEN SA		456,554		12,859,588
				51,171,053
QATAR — 1.47%
Commercial Bank PQSC (The)a		799,502		6,185,893
Doha Bank QPSC		522,972		4,683,716
Masraf Al Rayan QSC		242,624		2,498,538
Qatar Electricity & Water Co. QSC		474,078		22,215,914
Qatar Islamic Bank SAQ		678,000		17,828,325
Qatar National Bank QPSC		504,225		16,502,763
				69,915,149
RUSSIA — 0.16%
Rosneft Oil Co. PJSC		371,300		2,179,753
Rosneft Oil Co. PJSC GDR		917,955		5,370,037
				7,549,790
SOUTH AFRICA — 1.62%
AngloGold Ashanti Ltd.		231,344		2,120,241
Bidvest Group Ltd. (The)		371,507		7,085,031
Fortress REIT Ltd. Series A		7,919,797		10,681,620
Gold Fields Ltd.		573,716		2,226,575
Naspers Ltd. Class N		11,116		3,080,414
NEPI Rockcastle PLC		974,090		9,839,310

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Sappi Ltd.		318,305	$	2,065,629
SPAR Group Ltd. (The)		186,585		3,455,468
Tiger Brands Ltd.		73,459		2,654,761
Vodacom Group Ltd.		2,443,689		33,693,562
				76,902,611
SOUTH KOREA — 9.51%
Celltrion Inc.a,c		28,939		9,433,435
Cheil Worldwide Inc.		194,762		3,345,252
CJ CheilJedang Corp.		11,505		3,590,996
CJ Logistics Corp.a,c		50,928		6,231,379
Coway Co. Ltd.		77,105		6,166,122
DB Insurance Co. Ltd.		385,882		24,765,721
E-MART Inc.		29,407		8,255,359
GS Retail Co. Ltd.		66,999		2,227,319
Hanssem Co. Ltd.		27,846		3,844,286
Hanwha Life Insurance Co. Ltd.		540,735		3,350,570
Hyundai Marine & Fire Insurance Co. Ltd.		290,295		11,071,367
Kakao Corp.		69,797		8,250,084
Kangwon Land Inc.a		784,333		20,895,750
Kia Motors Corp.		250,042		7,931,427
Korea Electric Power Corp.a		116,204		3,551,900
KT Corp.		262,836		6,771,747
KT&G Corp.		423,165		38,998,861
LG Display Co. Ltd.c		149,565		4,122,740
Lotte Corp.a		44,958		2,603,072
NAVER Corp.		53,186		39,438,875
NCSoft Corp.		52,489		18,176,540
S-1 Corp.		233,285		20,680,912
Samsung Biologics Co. Ltd.a,b		46,958		19,513,436
Samsung Electro-Mechanics Co. Ltd.		64,428		5,509,311
Samsung Electronics Co. Ltd.		18,289		39,739,604
Samsung Fire & Marine Insurance Co. Ltd.		100,976		26,948,069
Samsung Life Insurance Co. Ltd.		282,345		31,678,749
Samsung SDI Co. Ltd.c		65,962		10,416,014
SK Hynix Inc.		454,831		32,256,922
SK Telecom Co. Ltd.		144,963		32,127,731
				451,893,550
TAIWAN — 16.33%
Advanced Semiconductor Engineering Inc.		5,558,890		7,568,491
Advantech Co. Ltd.		3,295,333		24,549,500

Security	Shares		Value
Asustek Computer Inc.		1,863,000	$	17,675,703
AU Optronics Corp.		10,322,000		4,631,474
Chicony Electronics Co. Ltd.		8,773,085		21,605,549
Chunghwa Telecom Co. Ltd.		17,303,000		64,896,251
Compal Electronics Inc.		2,382,000		1,639,917
Delta Electronics Inc.		2,621,000		12,478,601
Eva Airways Corp.		7,334,582		3,768,345
Far EasTone Telecommunications Co. Ltd.		20,644,000		52,325,050
First Financial Holding Co. Ltd.		62,894,159		43,084,831
Formosa Petrochemical Corp.		6,352,000		25,455,430
Formosa Plastics Corp.		2,382,840		8,447,327
Foxconn Technology Co. Ltd.		3,605,331		9,805,048
Hon Hai Precision Industry Co. Ltd.		16,701,125		50,397,120
Hua Nan Financial Holdings Co. Ltd.		56,003,034		32,993,173
Innolux Corp.		8,734,000		3,889,024
Lite-On Technology Corp.		17,468,752		25,130,160
MediaTek Inc.		388,000		4,000,206
Nanya Technology Corp.		3,970,000		10,987,173
Novatek Microelectronics Corp.		541,000		2,344,077
Phison Electronics Corp.		152,000		1,488,997
Powertech Technology Inc.		3,177,000		9,858,924
President Chain Store Corp.		3,012,000		30,382,559
Quanta Computer Inc.		3,176,000		6,483,520
Siliconware Precision Industries Co. Ltd.		31,124,000		54,262,184
Standard Foods Corp.		1,915,476		4,500,750
Synnex Technology International Corp.		15,880,000		21,049,682
Taiwan Business Bank		17,641,476		5,220,748
Taiwan Cooperative Financial Holding Co. Ltd.		108,998,770		63,467,969
Taiwan Mobile Co. Ltd.		15,086,000		55,547,773
Taiwan Semiconductor Manufacturing Co. Ltd.		8,734,000		73,592,300
United Microelectronics Corp.		21,438,000		10,390,221
Winbond Electronics Corp.		5,558,000		3,788,399
WPG Holdings Ltd.		6,352,000		8,158,792
				775,865,268
THAILAND — 6.70%
Advanced Info Service PCL NVDR		1,905,600		12,020,032
Airports of Thailand PCL NVDR		16,490,500		37,167,979

SCHEDULES OF INVESTMENTS 21

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Bangkok Dusit Medical Services PCL NVDR		41,759,000	$	29,400,252
Bangkok Expressway & Metro PCL NVDR		77,440,000		18,009,302
BTS Group Holdings PCL NVDR		97,772,500		25,385,342
Bumrungrad Hospital PCL NVDR		3,655,300		23,988,270
Central Pattana PCL NVDR		1,534,000		4,117,219
CP ALL PCL NVDR		16,861,200		45,120,764
Delta Electronics Thailand PCL NVDR		6,071,600		13,152,877
Electricity Generating PCL NVDR		2,215,000		16,794,202
Glow Energy PCL NVDR		8,592,200		23,198,119
Home Product Center PCL NVDR		27,902,400		12,800,081
Kasikornbank PCL NVDR		1,667,400		12,323,568
KCE Electronics PCL NVDRc		4,457,100		9,939,376
Minor International PCL NVDR		3,593,100		4,635,889
Robinson PCL NVDR		2,255,700		4,832,616
Siam Cement PCL (The) Foreign		1,298,100		20,263,428
Thai Union Group PCL NVDRc		8,266,300		5,293,171
				318,442,487
UNITED ARAB EMIRATES — 2.02%
DP World Ltd.		973,647		23,805,669
Dubai Islamic Bank PJSC		4,161,641		6,866,292
Emirates Telecommunications Group Co. PJSC		5,604,507		26,245,258
First Abu Dhabi Bank PJSC		12,424,046		39,068,795
				95,986,014
TOTAL COMMON STOCKS
(Cost: $3,882,133,656)				4,726,299,994
PREFERRED STOCKS — 0.23%
COLOMBIA — 0.12%
Grupo de Inversiones Suramericana SA, Preference Shares		479,004		5,934,875
				5,934,875
RUSSIA — 0.05%
Transneft PJSC, Preference Shares		695		2,283,849
				2,283,849

Security	Shares		Value
SOUTH KOREA — 0.06%
Samsung Electronics Co. Ltd., Preference Shares		1,588	$	2,925,533
				2,925,533
TOTAL PREFERRED STOCKS
(Cost: $8,459,926)				11,144,257
SHORT-TERM INVESTMENTS — 1.13%
MONEY MARKET FUNDS — 1.13%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		48,048,485		48,053,290
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%e,f		5,485,835		5,485,835
				53,539,125
TOTAL SHORT-TERM INVESTMENTS
(Cost: $53,534,451)				53,539,125
TOTAL INVESTMENTS IN SECURITIES — 100.81%
(Cost: $3,944,128,033)				4,790,983,376
Other Assets, Less Liabilities — (0.81)%				(38,510,144	)
NET ASSETS — 100.00%			$	4,752,473,232

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income producing security.

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  All or a portion of this security is on loan.

^d  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		84,571,230		—			(36,522,745	)b		48,048,485	$	48,053,290	$	1,111,537	c	$	(2,631	)	$	(10,249	)
BlackRock Cash Funds: Treasury, SL Agency Shares		4,920,351		565,484	b		—			5,485,835		5,485,835		41,666			—			—
											$	53,539,125	$	1,153,203		$	(2,631	)	$	(10,249	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts
MSCI Emerging Markets E-Mini		191		Mar 2018	$	11,298	$	285,470

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.

SCHEDULES OF INVESTMENTS 23

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL EMERGING MARKETS ETF

February 28, 2018

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common stocks	$	4,656,384,803	$	69,915,149	$	42	$	4,726,299,994
Preferred stocks		11,144,257		—		—		11,144,257
Money market funds		53,539,125		—		—		53,539,125
Total	$	4,721,068,185	$	69,915,149	$	42	$	4,790,983,376
Derivative financial instrumentsa
Assets
Futures contracts	$	285,470	$	—	$	—	$	285,470
Total	$	285,470	$	—	$	—	$	285,470

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

The Fund had transfers from Level 1 to Level 2 during the six months ended February 28, 2018 in the amount of $78,233,787 (the value of the securities as of the beginning of the period), resulting from the temporary use of an offshore spot rate to translate Qatari riyal into U.S. dollars.

See notes to consolidated financial statements.

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 95.86%
BRAZIL — 4.71%
Ambev SA		36,120,115	$	244,599,471
Atacadao Distribuicao Comercio e Industria Ltdaa		2,923,100		13,361,458
B3 SA – Brasil Bolsa Balcao		15,858,901		125,065,038
Banco Bradesco SA		7,039,538		79,804,905
Banco do Brasil SA		6,591,974		84,815,549
Banco Santander Brasil SA Units		3,192,200		36,129,956
BB Seguridade Participacoes SA		5,343,300		47,861,494
BR Malls Participacoes SA		6,324,288		23,223,934
BRF SAa		3,416,085		31,461,105
CCR SA		9,306,000		36,378,977
Centrais Eletricas Brasileiras SAa		1,544,400		11,775,233
Cia. de Saneamento Basico do Estado de Sao Paulo		2,621,024		30,375,238
Cia. Energetica de Minas Geraisa		873,708		2,191,834
Cia. Siderurgica Nacional SAa		4,766,528		14,891,961
Cielo SA		9,370,076		69,769,031
Cosan SA Industria e Comercio		1,239,700		16,549,685
EDP – Energias do Brasil SA		2,286,100		9,359,024
Embraer SA		5,107,600		34,210,504
Engie Brasil Energia SA		1,227,400		14,791,138
Equatorial Energia SA		1,514,600		33,380,642
Fibria Celulose SA		1,910,761		36,271,375
Hypera SA		2,684,000		28,519,178
JBS SA		6,282,565		19,164,361
Klabin SA Units		4,503,900		24,815,640
Kroton Educacional SA		10,642,280		50,775,018
Localiza Rent a Car SA		3,874,589		30,937,080
Lojas Renner SA		5,488,690		58,320,763
M. Dias Branco SA		774,200		14,257,910
Multiplan Empreendimentos Imobiliarios SA		650,703		14,060,593
Natura Cosmeticos SA		1,313,000		13,874,656
Odontoprev SA		2,063,800		9,725,826
Petroleo Brasileiro SAa		22,908,174		163,239,470

Security	Shares		Value
Porto Seguro SA		869,900	$	12,260,938
Qualicorp SA		1,746,200		15,453,097
Raia Drogasil SA		1,782,500		42,653,805
Rumo SAa		8,346,700		36,585,458
Sul America SA Units		1,537,336		10,103,001
Suzano Papel e Celulose SA		3,335,400		22,330,112
TIM Participacoes SA		6,514,876		28,275,414
Transmissora Alianca de Energia Eletrica SA Units		1,427,500		9,007,695
Ultrapar Participacoes SA		2,780,400		64,478,749
Vale SA		24,333,309		337,426,878
WEG SA		4,348,620		31,335,497
				2,033,868,691
CHILE — 1.10%
AES Gener SA		21,240,498		6,490,341
Aguas Andinas SA Series A		20,662,518		13,812,654
Banco de Chile		195,213,778		33,132,538
Banco de Credito e Inversiones SA		296,926		22,130,516
Banco Santander Chile		516,177,034		42,384,725
Cencosud SA		11,046,116		33,598,827
Cia. Cervecerias Unidas SA		1,123,496		15,847,439
Colbun SA		61,203,599		14,878,155
Empresa Nacional de Telecomunicaciones SA		1,136,290		13,471,267
Empresas CMPC SA		9,754,453		37,653,399
Empresas COPEC SA		2,600,444		42,030,753
Enel Americas SA		223,292,095		51,558,407
Enel Chile SA		152,663,385		18,850,913
Enel Generacion Chile SA		25,482,164		23,859,399
Itau CorpBanca		1,208,462,738		12,349,417
Latam Airlines Group SA		2,356,679		38,609,953
SACI Falabella		5,554,802		56,217,769
				476,876,472
CHINA — 30.22%
3SBio Inc.a,b,c		7,833,000		14,914,661
58.com Inc. ADRa		703,238		53,003,048
AAC Technologies Holdings Inc.		5,625,000		112,064,394
Agile Group Holdings Ltd.c		11,902,000		20,533,015
Agricultural Bank of China Ltd. Class H		200,785,000		111,614,219
Air China Ltd. Class H		13,910,000		21,224,158
Alibaba Group Holding Ltd. ADRa,c		8,829,267		1,643,479,759

SCHEDULES OF INVESTMENTS 25

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Alibaba Health Information Technology Ltd.a,c		25,002,000	$	12,300,832
Alibaba Pictures Group Ltd.a,c		95,130,000		13,007,693
Aluminum Corp. of China Ltd. Class Ha,c		30,234,000		18,352,204
Anhui Conch Cement Co. Ltd. Class H		9,549,500		51,193,120
ANTA Sports Products Ltd.		8,291,402		41,111,062
Autohome Inc. ADR		405,671		31,727,529
AviChina Industry & Technology Co. Ltd. Class Hc		16,319,000		9,092,410
Baidu Inc. ADRa		2,107,926		531,914,047
Bank of China Ltd. Class H		610,130,000		332,927,185
Bank of Communications Co. Ltd. Class H		67,011,600		53,778,494
Beijing Capital International Airport Co. Ltd. Class H		11,890,000		17,564,617
Beijing Enterprises Holdings Ltd.		3,828,000		21,303,899
Beijing Enterprises Water Group Ltd.		39,034,000		25,439,715
Brilliance China Automotive Holdings Ltd.		23,224,000		62,620,781
BYD Co. Ltd. Class Hc		4,899,000		45,357,053
BYD Electronic International Co. Ltd.c		5,051,500		12,523,366
CGN Power Co. Ltd. Class Hb		81,042,000		21,852,021
China Cinda Asset Management Co. Ltd. Class H		68,535,000		25,748,904
China CITIC Bank Corp. Ltd. Class H		69,376,800		50,623,175
China Communications Construction Co. Ltd. Class H		34,337,000		38,438,414
China Communications Services Corp. Ltd. Class H		18,432,000		10,976,336
China Conch Venture Holdings Ltd.c		12,179,500		36,653,831
China Construction Bank Corp. Class H		645,743,760		672,538,004

Security	Shares		Value
China Everbright Bank Co. Ltd. Class H		22,305,000	$	11,486,991
China Everbright International Ltd.c		19,000,000		29,427,626
China Everbright Ltd.		6,910,000		15,205,832
China Evergrande Groupa,c		25,212,388		74,748,240
China Galaxy Securities Co. Ltd. Class H		25,599,000		17,959,504
China Gas Holdings Ltd.c		13,374,400		41,702,601
China Huarong Asset Management Co. Ltd. Class Hb		74,505,000		33,799,695
China Huishan Dairy Holdings Co. Ltd.a,d		8,317,264		11
China Jinmao Holdings Group Ltd.c		38,118,000		23,332,680
China Life Insurance Co. Ltd. Class H		57,046,000		169,491,202
China Longyuan Power Group Corp. Ltd. Class H		24,238,000		16,106,424
China Medical System Holdings Ltd.		10,079,000		20,247,387
China Mengniu Dairy Co. Ltd.		21,113,000		69,744,425
China Merchants Bank Co. Ltd. Class H		30,079,467		127,040,035
China Merchants Port Holdings Co. Ltd.		9,794,000		22,928,971
China Minsheng Banking Corp. Ltd. Class H		42,889,540		44,833,609
China Mobile Ltd.		47,129,000		442,062,106
China Molybdenum Co. Ltd. Class H		28,404,000		23,230,496
China National Building Material Co. Ltd. Class Hc		22,182,000		22,025,244
China Oilfield Services Ltd. Class H		13,572,000		14,325,933
China Overseas Land & Investment Ltd.		29,356,960		103,167,470
China Pacific Insurance Group Co. Ltd. Class H		20,308,000		99,914,125
China Petroleum & Chemical Corp. Class H		195,846,800		157,672,529
China Railway Construction Corp. Ltd. Class H		14,995,500		16,096,789

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
China Railway Group Ltd. Class H		30,574,000	$	22,231,232
China Resources Beer Holdings Co. Ltd.		12,532,000		48,364,459
China Resources Gas Group Ltd.c		6,722,000		22,677,827
China Resources Land Ltd.		21,207,333		75,747,250
China Resources Pharmaceutical Group Ltd.b,c		13,167,500		17,769,133
China Resources Power Holdings Co. Ltd.		14,638,999		25,479,300
China Shenhua Energy Co. Ltd. Class H		26,188,500		74,462,848
China Southern Airlines Co. Ltd. Class H		14,044,000		18,844,262
China State Construction International Holdings Ltd.c		15,196,000		20,700,722
China Taiping Insurance Holdings Co. Ltd.c		12,469,860		48,124,643
China Telecom Corp. Ltd. Class H		106,164,000		46,805,337
China Unicom Hong Kong Ltd.a		46,372,000		60,088,697
China Vanke Co. Ltd. Class H		9,190,931		41,284,197
Chongqing Rural Commercial Bank Co. Ltd. Class H		19,967,000		16,228,147
CIFI Holdings Group Co. Ltd.		18,810,000		15,359,909
CITIC Ltd.		44,470,000		64,670,824
CITIC Securities Co. Ltd. Class H		17,593,500		39,839,600
CNOOC Ltd.		137,239,000		199,931,581
COSCO SHIPPING Ports Ltd.		12,712,000		12,362,251
Country Garden Holdings Co. Ltd.		41,053,939		73,868,026
CRRC Corp. Ltd. Class H		32,277,300		29,574,360
CSPC Pharmaceutical Group Ltd.		35,616,000		82,289,149
Ctrip.com International Ltd. ADRa,c		3,011,114		138,451,022

Security	Shares		Value
Dongfeng Motor Group Co. Ltd. Class H		20,830,000	$	26,379,219
ENN Energy Holdings Ltd.		5,764,000		44,416,086
Far East Horizon Ltd.		15,340,000		15,486,435
Fosun International Ltd.		19,863,000		43,811,148
Fullshare Holdings Ltd.c		51,675,000		29,055,755
Fuyao Glass Industry Group Co. Ltd. Class Hb		3,810,400		15,289,709
GCL-Poly Energy Holdings Ltd.a		100,408,000		15,910,690
Geely Automobile Holdings Ltd.		37,868,000		123,640,934
GF Securities Co. Ltd. Class H		10,604,000		20,434,785
GOME Retail Holdings Ltd.c		90,193,200		10,603,778
Great Wall Motor Co. Ltd. Class Hc		23,845,000		28,216,771
Guangdong Investment Ltd.		22,248,110		34,060,337
Guangzhou Automobile Group Co. Ltd. Class H		16,226,742		36,081,085
Guangzhou R&F Properties Co. Ltd. Class H		7,462,800		17,566,710
Haier Electronics Group Co. Ltd.		9,668,000		33,172,632
Haitian International Holdings Ltd.		4,943,000		15,128,474
Haitong Securities Co. Ltd. Class H		24,927,600		35,677,753
Hengan International Group Co. Ltd.		5,547,000		54,227,378
Huaneng Power International Inc. Class H		32,422,000		20,136,087
Huaneng Renewables Corp. Ltd. Class H		36,508,000		12,223,296
Huatai Securities Co. Ltd. Class Hb		12,596,000		25,400,289
Industrial & Commercial Bank of China Ltd. Class H		567,020,085		489,828,604
JD.com Inc. ADRa,c		5,030,455		237,185,953
Jiangsu Expressway Co. Ltd. Class H		9,364,000		14,574,971
Jiangxi Copper Co. Ltd. Class H		9,523,000		15,065,843
Kingboard Chemical Holdings Ltd.		4,813,000		24,448,488

SCHEDULES OF INVESTMENTS 27

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Kingsoft Corp. Ltd.		6,092,000	$	20,124,238
Kunlun Energy Co. Ltd.		24,846,000		23,368,632
Lee & Man Paper Manufacturing Ltd.		11,765,000		13,455,938
Lenovo Group Ltd.c		55,578,000		29,048,601
Longfor Properties Co. Ltd.		11,368,000		32,831,559
Meitu Inc.a,b,c		9,802,000		12,626,246
Momo Inc. ADRa		830,470		27,447,033
NetEase Inc. ADR		607,265		178,141,188
New China Life Insurance Co. Ltd. Class H		6,163,200		36,899,022
New Oriental Education & Technology Group Inc. ADR		1,030,803		94,205,086
Nexteer Automotive Group Ltd.		6,389,000		14,238,963
Nine Dragons Paper Holdings Ltd.		12,669,000		22,859,990
People’s Insurance Co. Group of China Ltd. (The) Class H		53,960,000		29,168,313
PetroChina Co. Ltd. Class H		161,674,000		114,252,133
PICC Property & Casualty Co. Ltd. Class H		35,198,128		69,808,818
Ping An Insurance Group Co. of China Ltd. Class H		40,011,000		426,682,421
Semiconductor Manufacturing International Corp.a,c		22,539,999		30,359,423
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		13,948,000		9,535,967
Shanghai Electric Group Co. Ltd. Class Ha		21,840,000		8,233,295
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		3,646,000		21,222,867
Shanghai Industrial Holdings Ltd.		3,712,000		10,412,176
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		7,685,326		11,174,464
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		5,636,500		14,204,156

Security	Shares		Value
Shenzhou International Group Holdings Ltd.c		5,654,000	$	55,995,936
Shimao Property Holdings Ltd.		9,193,000		22,931,691
Sihuan Pharmaceutical Holdings Group Ltd.		28,895,000		10,560,579
SINA Corp./Chinaa		439,447		51,384,538
Sino Biopharmaceutical Ltd.		34,426,000		65,197,925
Sino-Ocean Group Holding Ltd.		23,312,500		16,623,484
Sinopec Shanghai Petrochemical Co. Ltd. Class H		26,885,000		16,147,560
Sinopharm Group Co. Ltd. Class H		9,162,000		40,451,753
SOHO China Ltd.c		16,635,000		9,566,087
Sun Art Retail Group Ltd.		18,466,500		24,542,395
Sunac China Holdings Ltd.c		18,511,000		67,890,777
Sunny Optical Technology Group Co. Ltd.		5,473,100		91,413,003
TAL Education Group Class A ADR		2,449,178		92,480,961
Tencent Holdings Ltd.		43,685,400		2,412,793,104
Tingyi Cayman Islands Holding Corp.		14,932,000		31,370,309
TravelSky Technology Ltd. Class H		7,123,000		22,756,316
Tsingtao Brewery Co. Ltd. Class H		2,622,000		14,407,882
Vipshop Holdings Ltd. ADRa		3,115,116		54,171,867
Want Want China Holdings Ltd.c		39,477,000		33,346,066
Weibo Corp. ADRa,c		357,340		45,925,337
Weichai Power Co. Ltd. Class H		15,103,800		17,023,694
Yanzhou Coal Mining Co. Ltd. Class H		14,202,800		21,271,621
Yum China Holdings Inc.		2,945,985		127,620,070
YY Inc. ADRa		334,993		43,324,645
Zhejiang Expressway Co. Ltd. Class H		10,788,000		11,787,075
Zhuzhou CRRC Times Electric Co. Ltd. Class H		4,244,800		22,999,696
Zijin Mining Group Co. Ltd. Class H		44,510,000		20,476,659

28 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
ZTE Corp. Class Ha		5,607,400	$	19,777,419
				13,058,144,835
COLOMBIA — 0.28%
Bancolombia SA		1,741,200		18,307,750
Cementos Argos SA		3,511,490		12,780,473
Ecopetrol SA		37,858,805		33,128,030
Grupo Argos SA/Colombia		2,301,382		15,500,683
Grupo de Inversiones Suramericana SA		2,014,047		26,976,273
Interconexion Electrica SA ESP		2,998,324		14,320,366
				121,013,575
CZECH REPUBLIC — 0.18%
CEZ AS		1,247,947		30,250,066
Komercni Banka AS		590,850		26,276,134
Moneta Money Bank ASb		3,795,270		15,311,552
O2 Czech Republic AS		479,599		6,250,099
				78,087,851
EGYPT — 0.12%
Commercial International Bank Egypt SAE		7,494,171		32,760,476
Eastern Tobacco		306,373		9,552,905
Global Telecom Holding SAEa		19,108,142		7,325,148
				49,638,529
GREECE — 0.33%
Alpha Bank AEa		10,740,400		25,688,187
Eurobank Ergasias SAa,c		14,301,020		14,477,064
FF Groupa		248,911		5,312,727
Hellenic Telecommunications Organization SA		1,847,492		26,341,014
JUMBO SA		760,280		13,853,502
National Bank of Greece SAa,c		42,015,463		15,639,724
OPAP SA		1,683,741		20,556,292
Piraeus Bank SAa,c		2,169,477		9,604,994
Titan Cement Co. SA		336,826		9,202,144
				140,675,648
HUNGARY — 0.32%
MOL Hungarian Oil & Gas PLC		2,843,146		31,097,853
OTP Bank PLC		1,840,374		82,205,810
Richter Gedeon Nyrt		1,077,363		23,768,894
				137,072,557

Security	Shares		Value
INDIA — 8.20%
ACC Ltd.		336,756	$	8,389,920
Adani Ports & Special Economic Zone Ltd.		5,617,462		35,211,399
Ambuja Cements Ltd.		4,676,922		18,116,488
Ashok Leyland Ltd.		8,948,399		19,436,245
Asian Paints Ltd.		2,217,646		38,049,371
Aurobindo Pharma Ltd.		2,040,286		19,226,457
Axis Bank Ltd.		13,718,618		111,345,154
Bajaj Auto Ltd.		645,762		29,941,688
Bajaj Finance Ltd.		1,293,407		32,565,356
Bajaj Finserv Ltd.		292,822		22,706,586
Bharat Forge Ltd.		1,617,920		19,616,081
Bharat Heavy Electricals Ltd.		6,666,384		9,199,423
Bharat Petroleum Corp. Ltd.		5,837,208		38,488,366
Bharti Airtel Ltd.		10,716,092		70,493,409
Bharti Infratel Ltd.		1,302,391		6,931,158
Bosch Ltd.		57,316		16,441,181
Britannia Industries Ltd.		190,299		14,588,726
Cadila Healthcare Ltd.		1,593,217		9,907,128
Cipla Ltd./India		2,703,389		24,468,842
Coal India Ltd.		5,241,284		24,872,390
Container Corp. of India Ltd.		323,828		6,482,649
Dabur India Ltd.		4,117,330		20,543,594
Dr. Reddy’s Laboratories Ltd.		883,712		30,348,403
Eicher Motors Ltd.		102,765		43,281,699
GAIL India Ltd.		3,889,346		27,313,557
Glenmark Pharmaceuticals Ltd.		1,065,196		8,903,851
Godrej Consumer Products Ltd.		1,860,661		30,573,434
Grasim Industries Ltd.		2,531,355		44,789,883
Havells India Ltd.		1,924,085		14,993,369
HCL Technologies Ltd.		4,286,739		61,873,411
Hero MotoCorp Ltd.		381,163		21,043,866
Hindalco Industries Ltd.		9,002,409		33,911,256
Hindustan Petroleum Corp. Ltd.		4,692,544		27,382,552
Hindustan Unilever Ltd.		5,008,913		101,318,113
Housing Development Finance Corp. Ltd.		11,646,225		323,342,129
ICICI Bank Ltd.		18,250,970		87,758,180
Idea Cellular Ltd.a		11,066,859		14,252,693

SCHEDULES OF INVESTMENTS 29

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
IDFC Bank Ltd.		10,257,037	$	8,108,485
Indiabulls Housing Finance Ltd.		2,456,586		47,290,589
Indian Oil Corp. Ltd.		4,464,931		25,996,098
Infosys Ltd.		13,428,393		241,704,375
ITC Ltd.		26,194,076		106,571,596
JSW Steel Ltd.		6,642,039		31,830,605
Larsen & Toubro Ltd.		3,651,234		73,877,991
LIC Housing Finance Ltd.		2,305,628		17,971,839
Lupin Ltd.		1,700,256		21,399,926
Mahindra & Mahindra Financial Services Ltd.		2,182,873		14,496,920
Mahindra & Mahindra Ltd.		5,712,482		63,866,858
Marico Ltd.		3,504,119		16,574,926
Maruti Suzuki India Ltd.		815,143		110,747,586
Motherson Sumi Systems Ltd.		4,822,369		24,427,834
Nestle India Ltd.		179,287		21,360,599
NTPC Ltd.		12,678,347		31,770,672
Oil & Natural Gas Corp. Ltd.		9,757,226		28,202,478
Petronet LNG Ltd.		3,823,928		14,515,915
Piramal Enterprises Ltd.		608,361		24,116,856
Piramal Enterprises Ltd. New		26,757		1,060,710
Power Finance Corp. Ltd.		4,861,921		7,843,704
Reliance Industries Ltd.		21,829,677		319,857,523
Rural Electrification Corp. Ltd.		5,289,022		11,715,269
Shree Cement Ltd.		65,050		16,598,890
Shriram Transport Finance Co. Ltd.		1,141,015		23,361,941
Siemens Ltd.		560,658		10,051,115
State Bank of India		13,266,149		54,574,560
Sun Pharmaceutical Industries Ltd.		7,390,345		60,731,373
Tata Consultancy Services Ltd.		3,529,337		164,425,646
Tata Motors Ltd.a		12,159,543		69,041,809
Tata Motors Ltd. Class Aa		2,961,898		9,406,784
Tata Power Co. Ltd. (The)		8,875,353		11,512,057
Tata Steel Ltd.		2,511,307		25,889,346
Tech Mahindra Ltd.		3,592,780		33,787,312
Titan Co. Ltd.		2,395,302		30,008,262
UltraTech Cement Ltd.		670,921		42,797,234
United Spirits Ltd.a		450,054		22,741,988
UPL Ltd.		2,743,193		30,686,370

Security	Shares		Value
Vakrangee Ltd.		3,135,379	$	7,830,476
Vedanta Ltd.		11,481,567		58,116,111
Wipro Ltd.		8,787,510		39,495,488
Yes Bank Ltd.		12,867,900		63,661,748
Zee Entertainment Enterprises Ltd.		4,143,423		35,957,314
				3,544,093,185
INDONESIA — 2.16%
Adaro Energy Tbk PT		111,803,700		19,110,353
AKR Corporindo Tbk PT		13,742,600		6,097,382
Astra International Tbk PT		154,729,800		90,878,506
Bank Central Asia Tbk PT		75,808,100		127,785,047
Bank Danamon Indonesia Tbk PT		26,661,016		12,798,684
Bank Mandiri Persero Tbk PT		143,594,200		86,688,138
Bank Negara Indonesia Persero Tbk PT		57,553,476		40,710,445
Bank Rakyat Indonesia Persero Tbk PT		426,632,610		117,297,979
Bank Tabungan Negara Persero Tbk PT		28,995,200		7,887,555
Bumi Serpong Damai Tbk PT		57,733,000		8,125,494
Charoen Pokphand Indonesia Tbk PT		57,324,245		14,343,048
Gudang Garam Tbk PT		3,688,000		21,392,734
Hanjaya Mandala Sampoerna Tbk PT		71,470,400		25,056,357
Indocement Tunggal Prakarsa Tbk PT		13,628,300		21,782,878
Indofood CBP Sukses Makmur Tbk PT		17,702,800		11,556,361
Indofood Sukses Makmur Tbk PT		33,946,800		18,703,641
Jasa Marga Persero Tbk PT		16,483,895		6,414,433
Kalbe Farma Tbk PT		165,337,715		19,241,397
Matahari Department Store Tbk PT		18,952,700		14,681,329
Pakuwon Jati Tbk PT		156,424,100		7,679,839
Perusahaan Gas Negara Persero Tbk PT		83,165,900		16,151,068
Semen Indonesia Persero Tbk PT		22,897,200		18,527,938

30 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Surya Citra Media Tbk PT		44,839,100	$	9,294,937
Telekomunikasi Indonesia Persero Tbk PT		386,166,300		112,351,544
Tower Bersama Infrastructure Tbk PT		17,290,000		7,073,953
Unilever Indonesia Tbk PT		11,720,100		45,947,804
United Tractors Tbk PT		13,003,453		33,670,795
Waskita Karya Persero Tbk PT		36,669,100		7,761,362
XL Axiata Tbk PTa		26,043,600		5,588,146
				934,599,147
MALAYSIA — 2.40%
AirAsia Bhd		11,607,900		12,979,985
Alliance Bank Malaysia Bhd		8,117,000		8,537,667
AMMB Holdings Bhd		13,867,675		14,657,180
Astro Malaysia Holdings Bhd		11,410,600		7,049,694
Axiata Group Bhdc		20,834,400		28,722,430
British American Tobacco Malaysia Bhdc		1,086,600		7,878,335
CIMB Group Holdings Bhd		34,661,000		63,623,332
Dialog Group Bhd		25,314,412		17,126,166
DiGi.Com Bhdc		27,052,400		33,427,015
Felda Global Ventures Holdings Bhd		10,933,000		5,414,863
Gamuda Bhdc		13,459,200		17,043,051
Genting Bhd		17,489,500		39,515,465
Genting Malaysia Bhdc		23,468,900		31,575,467
Genting Plantations Bhd		2,207,000		5,690,758
HAP Seng Consolidated Bhd		4,415,900		10,766,363
Hartalega Holdings Bhd		4,934,000		14,712,566
Hong Leong Bank Bhd		4,791,100		24,487,573
Hong Leong Financial Group Bhd		1,576,600		7,687,787
IHH Healthcare Bhdc		18,439,700		27,821,962
IJM Corp. Bhdc		21,908,440		15,213,418
IOI Corp. Bhdc		17,809,620		21,324,258
IOI Properties Group Bhdc		16,932,756		7,997,345
Kuala Lumpur Kepong Bhd		3,514,800		22,468,877
Malayan Banking Bhd		31,129,800		83,129,361
Malaysia Airports Holdings Bhd		6,219,200		13,813,388
Maxis Bhdc		14,649,500		22,103,279
MISC Bhdc		9,105,000		15,945,954

Security	Shares		Value
Nestle Malaysia Bhd		295,300	$	9,657,373
Petronas Chemicals Group Bhd		18,649,400		38,517,653
Petronas Dagangan Bhd		1,667,300		10,981,961
Petronas Gas Bhd		5,388,900		24,241,107
PPB Group Bhdc		3,800,800		17,174,920
Press Metal Aluminium Holdings Bhd		9,796,500		14,505,923
Public Bank Bhd		21,819,030		128,117,868
RHB Bank Bhd		5,996,525		8,236,228
RHB Bank Bhd Newa,d		3,214,200		8
Sapura Energy Bhdc		30,213,800		5,168,048
Sime Darby Bhd		18,442,773		12,995,163
Sime Darby Plantation Bhda		18,442,773		25,189,899
Sime Darby Property Bhda		18,442,773		6,638,833
SP Setia Bhd Group		6,923,300		5,991,827
Telekom Malaysia Bhdc		8,633,300		13,003,949
Tenaga Nasional Bhd		26,384,450		105,753,348
UMW Holdings Bhda		3,851,200		6,390,809
Westports Holdings Bhd		7,404,700		6,956,675
YTL Corp. Bhdc		34,876,789		12,732,655
YTL Power International Bhd		19,220,416		5,544,823
				1,038,512,609
MEXICO — 2.83%
Alfa SAB de CV Class A		23,105,900		27,420,422
America Movil SAB de CV Series L		257,912,000		237,037,901
Arca Continental SAB de CV		3,325,336		23,060,739
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B		13,941,600		19,663,220
Cemex SAB de CV CPOa		111,805,373		73,778,391
Coca-Cola Femsa SAB de CV Series L		3,804,293		25,607,951
El Puerto de Liverpool SAB de CV Series C1c		1,388,965		9,474,733
Fibra Uno Administracion SA de CV		23,015,200		32,424,022
Fomento Economico Mexicano SAB de CV		14,886,000		137,695,697
Gentera SAB de CV		7,520,200		6,138,288

SCHEDULES OF INVESTMENTS 31

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Gruma SAB de CV Series B		1,649,225	$	19,073,562
Grupo Aeroportuario del Pacifico SAB de CV Series B		2,769,800		26,736,417
Grupo Aeroportuario del Sureste SAB de CV Series B		1,610,835		28,518,960
Grupo Bimbo SAB de CV Series A		12,570,200		29,388,431
Grupo Carso SAB de CV Series A1		4,016,187		14,089,756
Grupo Financiero Banorte SAB de CV Series O		19,132,803		114,754,226
Grupo Financiero Inbursa SAB de CV Series Oc		17,870,200		28,528,670
Grupo Lala SAB de CV		4,621,300		6,762,818
Grupo Mexico SAB de CV Series B		29,254,688		99,779,465
Grupo Televisa SAB CPOc		18,792,100		64,253,902
Industrias Penoles SAB de CV		1,065,473		23,263,420
Infraestructura Energetica Nova SAB de CV		4,084,800		19,333,897
Kimberly-Clark de Mexico SAB de CV Series A		11,675,900		21,257,601
Mexichem SAB de CV		8,032,934		22,497,495
Promotora y Operadora de Infraestructura SAB de CV		1,817,965		18,537,134
Wal-Mart de Mexico SAB de CV		40,133,700		93,596,375
				1,222,673,493
PAKISTAN — 0.08%
Habib Bank Ltd.		4,351,000		8,200,560
Lucky Cement Ltd.		993,050		5,396,669
MCB Bank Ltd.		2,817,600		5,566,382
Oil & Gas Development Co. Ltd.		4,878,700		7,203,414
United Bank Ltd./Pakistan		3,505,700		5,982,951
				32,349,976
PERU — 0.39%
Cia. de Minas Buenaventura SAA ADR		1,472,512		22,897,562
Credicorp Ltd.		518,734		112,279,974
Southern Copper Corp.		648,873		34,215,073
				169,392,609

Security	Shares		Value
PHILIPPINES — 1.03%
Aboitiz Equity Ventures Inc.		16,283,380	$	24,199,954
Aboitiz Power Corp.		9,176,464		6,783,676
Alliance Global Group Inc.a		27,640,980		7,886,808
Ayala Corp.		1,927,336		39,116,631
Ayala Land Inc.		58,991,300		46,554,194
Bank of the Philippine Islands		6,406,632		14,749,523
BDO Unibank Inc.		14,862,931		44,463,223
DMCI Holdings Inc.		28,332,400		7,572,715
Globe Telecom Inc.		264,870		8,757,798
GT Capital Holdings Inc.		634,660		16,451,440
International Container Terminal Services Inc.		4,238,650		8,952,602
JG Summit Holdings Inc.		21,835,684		30,187,582
Jollibee Foods Corp.		3,676,659		21,065,957
Manila Electric Co.		1,288,670		8,328,847
Megaworld Corp.		82,190,200		7,654,041
Metro Pacific Investments Corp.		102,738,600		11,106,343
Metropolitan Bank & Trust Co.		4,849,586		9,111,597
PLDT Inc.		693,853		20,250,702
Robinsons Land Corp.		13,806,306		5,142,902
Security Bank Corp.		1,513,250		7,153,651
SM Investments Corp.		2,006,392		36,213,681
SM Prime Holdings Inc.		66,107,925		44,808,175
Universal Robina Corp.		6,930,050		19,826,756
				446,338,798
POLAND — 1.26%
Alior Bank SAa		699,557		17,015,562
Bank Handlowy w Warszawie SA		261,263		6,389,097
Bank Millennium SAa		4,735,091		11,551,867
Bank Pekao SA		1,211,586		46,829,960
Bank Zachodni WBK SA		269,705		29,451,699
CCC SA		217,421		15,988,938
CD Projekt SA		512,420		16,000,274
Cyfrowy Polsat SA		1,653,040		11,268,699
Dino Polska SAa,b		323,762		8,063,934
Grupa Azoty SA		339,404		5,754,541
Grupa Lotos SA		714,844		11,719,541
Jastrzebska Spolka Weglowa SAa,c		408,433		10,989,282
KGHM Polska Miedz SA		1,074,315		32,918,385
LPP SA		9,991		26,284,049

32 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
mBank SAa		115,743	$	15,469,554
Orange Polska SAa		5,026,773		8,361,452
PGE Polska Grupa Energetyczna SAa		6,452,110		19,092,258
PLAY Communications SAa,b		773,464		7,629,119
Polski Koncern Naftowy ORLEN SA		2,311,029		65,093,899
Polskie Gornictwo Naftowe i Gazownictwo SA		13,588,711		24,030,813
Powszechna Kasa Oszczednosci Bank Polski SAa		7,197,026		90,457,696
Powszechny Zaklad Ubezpieczen SA		4,636,399		57,813,768
Tauron Polska Energia SAa		8,220,093		6,116,944
				544,291,331
QATAR — 0.51%
Barwa Real Estate Co.		792,460		7,314,281
Commercial Bank PQSC (The)a		1,559,914		12,069,339
Doha Bank QPSC		702,894		6,295,090
Ezdan Holding Group QSC		6,197,447		15,446,091
Industries Qatar QSC		1,149,588		32,524,222
Masraf Al Rayan QSC		2,913,303		30,001,148
Ooredoo QPSC		631,193		15,039,930
Qatar Electricity & Water Co. QSC		228,155		10,691,641
Qatar Gas Transport Co. Ltd.		2,039,634		9,518,888
Qatar Insurance Co. SAQ		1,226,692		13,018,820
Qatar Islamic Bank SAQ		472,290		12,419,085
Qatar National Bank QPSC		1,773,886		58,057,454
				222,395,989
RUSSIA — 3.56%
Alrosa PJSC		20,039,200		30,718,646
Gazprom PJSC		63,898,059		162,487,608
Gazprom PJSC ADR		8,820,233		44,136,446
Inter RAO UES PJSC		243,449,000		16,086,510
LUKOIL PJSC		2,586,643		173,514,939
LUKOIL PJSC ADR		686,044		46,033,552
Magnit PJSC GDR		2,736,442		56,644,349
Magnitogorsk Iron & Steel Works PJSC		16,702,600		14,145,921
MMC Norilsk Nickel PJSC		490,559		97,236,074

Security	Shares		Value
Mobile TeleSystems PJSC ADR		3,864,719	$	46,222,039
Moscow Exchange MICEX-RTS PJSC		11,628,330		23,102,779
Novatek PJSC GDR		705,856		96,349,344
Novolipetsk Steel PJSC		9,059,470		23,510,610
PhosAgro PJSC GDR		845,372		13,018,729
Polyus PJSC		196,295		16,199,415
Rosneft Oil Co. PJSC		6,700,087		39,333,519
Rosneft Oil Co. PJSC GDR		1,772,421		10,368,663
RusHydro PJSC		842,842,100		11,700,006
Sberbank of Russia PJSC		61,067,081		295,478,003
Sberbank of Russia PJSC ADR		5,205,662		106,455,788
Severstal PJSC		1,606,643		26,209,706
Surgutneftegas OJSC		42,327,760		21,589,620
Surgutneftegas OJSC ADR		1,413,682		7,068,410
Tatneft PJSC Class S		11,748,970		123,964,442
VTB Bank PJSC		29,830,502,000		27,956,078
VTB Bank PJSC GDR		3,609,435		7,724,191
				1,537,255,387
SOUTH AFRICA — 7.06%
Anglo American Platinum Ltd.a		412,579		12,785,536
AngloGold Ashanti Ltd.		3,152,204		28,889,584
Aspen Pharmacare Holdings Ltd.		2,987,704		68,366,312
Barclays Africa Group Ltd.		5,347,966		89,935,084
Bid Corp. Ltd.		2,587,869		59,168,831
Bidvest Group Ltd. (The)		2,581,785		49,237,371
Brait SEa,c		2,814,760		10,695,075
Capitec Bank Holdings Ltd.		316,913		22,350,304
Coronation Fund Managers Ltd.		1,769,753		11,987,017
Discovery Ltd.		2,754,742		41,723,416
Exxaro Resources Ltd.		1,836,876		20,606,936
FirstRand Ltd.		25,842,190		161,790,773
Fortress REIT Ltd. Series A		7,743,608		10,443,989
Fortress REIT Ltd. Series B		6,309,925		8,553,112
Foschini Group Ltd. (The)		1,727,031		31,383,937
Gold Fields Ltd.		6,345,055		24,624,968
Growthpoint Properties Ltd.		16,579,885		41,436,544
Hyprop Investments Ltd.		1,893,984		17,513,786
Imperial Holdings Ltd.		1,187,087		25,208,534
Investec Ltd.		2,103,659		18,267,504

SCHEDULES OF INVESTMENTS 33

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Kumba Iron Ore Ltd.		482,319	$	14,317,872
Liberty Holdings Ltd.		970,394		10,959,502
Life Healthcare Group Holdings Ltd.		10,044,152		23,111,229
MMI Holdings Ltd./South Africa		7,724,962		14,286,639
Mondi Ltd.		915,311		23,885,905
Mr. Price Group Ltd.		1,871,809		44,842,542
MTN Group Ltd.		13,038,312		141,939,900
Naspers Ltd. Class N		3,361,868		931,625,139
Nedbank Group Ltd.		1,727,807		42,092,401
NEPI Rockcastle PLC		2,854,888		28,837,301
Netcare Ltd.		7,719,322		16,676,286
Pick n Pay Stores Ltd.		2,794,483		17,201,918
Pioneer Foods Group Ltd.		981,109		10,930,072
PSG Group Ltd.		972,792		17,925,004
Rand Merchant Investment Holdings Ltd.		5,099,690		19,294,898
Redefine Properties Ltd.		39,608,526		38,052,372
Remgro Ltd.		4,082,129		83,518,725
Resilient REIT Ltd.		2,311,704		12,996,266
RMB Holdings Ltd.		5,492,519		40,538,664
Sanlam Ltd.		10,822,996		83,668,189
Sappi Ltd.		4,303,551		27,927,735
Sasol Ltd.		4,256,689		150,289,115
Shoprite Holdings Ltd.		3,436,993		75,694,648
Sibanye Gold Ltd.		13,367,866		12,853,990
SPAR Group Ltd. (The)		1,486,663		27,532,312
Standard Bank Group Ltd.		9,959,732		183,783,054
Steinhoff International Holdings NV Class Hc		23,251,988		11,425,312
Telkom SA SOC Ltd.		2,056,242		9,014,976
Tiger Brands Ltd.		1,267,090		45,791,825
Truworths International Ltd.		3,414,787		29,299,979
Vodacom Group Ltd.		4,604,990		63,493,561
Woolworths Holdings Ltd./South Africa		7,663,644		42,428,816
				3,051,204,760
SOUTH KOREA — 13.66%
Amorepacific Corp.c		247,082		64,228,999
AMOREPACIFIC Groupc		221,825		25,810,278
BGF retail Co. Ltd.c		61,942		9,952,819
BNK Financial Group Inc.		2,032,866		21,025,117
Celltrion Healthcare Co. Ltd.a,c		267,730		29,569,220

Security	Shares		Value
Celltrion Inc.a,c		624,116	$	203,447,177
Cheil Worldwide Inc.		538,737		9,253,401
CJ CheilJedang Corp.		60,764		18,965,954
CJ Corp.		111,776		17,185,986
CJ E&M Corp.		147,262		11,776,608
CJ Logistics Corp.a,c		60,782		7,437,081
Coway Co. Ltd.		408,886		32,698,797
Daelim Industrial Co. Ltd.		213,437		14,624,643
Daewoo Engineering & Construction Co. Ltd.a		1,083,739		5,224,044
DB Insurance Co. Ltd.		382,246		24,532,364
DGB Financial Group Inc.		1,300,849		14,895,676
Dongsuh Cos. Inc.		278,690		7,167,344
Doosan Bobcat Inc.		253,512		7,959,560
Doosan Heavy Industries & Construction Co. Ltd.a,c		409,079		5,647,549
E-MART Inc.		161,052		45,211,754
GS Engineering & Construction Corp.c		355,347		9,581,801
GS Holdings Corp.		394,468		24,078,248
GS Retail Co. Ltd.		206,842		6,876,269
Hana Financial Group Inc.		2,238,009		101,577,378
Hankook Tire Co. Ltd.		572,603		31,197,319
Hanmi Pharm Co. Ltd.		48,296		20,649,227
Hanmi Science Co. Ltd.c		97,430		7,557,595
Hanon Systems		1,442,152		16,646,874
Hanssem Co. Ltd.c		81,471		11,247,497
Hanwha Chemical Corp.		824,214		25,269,097
Hanwha Corp.		345,322		14,078,831
Hanwha Life Insurance Co. Ltd.		1,914,154		11,860,720
Hanwha Techwin Co. Ltd.a,c		284,072		7,646,781
Hotel Shilla Co. Ltd.		242,375		18,308,500
Hyosung Corp.		162,338		18,738,803
Hyundai Department Store Co. Ltd.		110,149		9,296,905
Hyundai Development Co. Engineering & Construction		460,781		16,084,146
Hyundai Engineering & Construction Co. Ltd.a		594,421		21,133,261
Hyundai Glovis Co. Ltd.		143,332		18,861,215
Hyundai Heavy Industries Co. Ltd.a,c		239,476		28,969,763
Hyundai Marine & Fire Insurance Co. Ltd.		480,384		18,321,045

34 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Hyundai Mobis Co. Ltd.		522,679	$	110,047,846
Hyundai Motor Co.		1,180,849		176,107,779
Hyundai Robotics Co. Ltd.a		75,580		30,883,877
Hyundai Steel Co.		614,759		30,428,555
Hyundai Wia Corp.c		125,021		6,707,655
Industrial Bank of Korea		1,947,655		30,935,143
ING Life Insurance Korea Ltd.b		248,889		12,135,321
Kakao Corp.		340,952		40,300,910
Kangwon Land Inc.a		905,022		24,111,076
KB Financial Group Inc.		2,998,470		177,211,266
KCC Corp.		44,952		15,047,650
KEPCO Plant Service & Engineering Co. Ltd.a		175,044		6,522,325
Kia Motors Corp.		2,024,456		64,216,515
Korea Aerospace Industries Ltd. Class Aa,c		522,630		24,275,823
Korea Electric Power Corp.a		1,969,463		60,198,749
Korea Gas Corp.a		214,940		9,110,487
Korea Investment Holdings Co. Ltd.a		304,053		22,040,965
Korea Zinc Co. Ltd.a		64,951		30,709,125
Korean Air Lines Co. Ltd.		358,240		10,801,123
KT Corp.		170,925		4,403,738
KT&G Corp.		899,278		82,877,407
Kumho Petrochemical Co. Ltd.c		136,780		11,443,594
LG Chem Ltd.		353,023		124,857,151
LG Corp.		731,478		58,226,432
LG Display Co. Ltd.		1,791,044		49,369,899
LG Electronics Inc.c		820,223		75,667,446
LG Household & Health Care Ltd.		72,233		73,373,626
LG Innotek Co. Ltd.c		110,587		13,479,993
Lotte Chemical Corp.		118,586		50,264,082
Lotte Corp.a,c		218,484		12,650,242
Lotte Shopping Co. Ltd.		83,623		15,946,209
Medy-Tox Inc.		32,543		18,151,235
Mirae Asset Daewoo Co. Ltd.		2,864,692		24,549,212
NAVER Corp.		215,131		159,525,527
NCSoft Corp.c		135,297		46,852,318
Netmarble Games Corp.b		195,371		26,611,158
NH Investment & Securities Co. Ltd.a		1,085,005		14,327,797

Security	Shares		Value
OCI Co. Ltd.c		128,915	$	19,583,080
Orion Corp./Republic of Korea		163,466		16,302,824
Ottogi Corp.		9,264		6,048,248
Pan Ocean Co. Ltd.a,c		1,651,151		9,041,763
POSCO		570,754		190,532,432
Posco Daewoo Corp.		294,803		5,499,142
S-1 Corp.		139,043		12,326,279
S-Oil Corp.		347,112		39,586,603
Samsung Biologics Co. Ltd.a,b,c		128,090		53,227,907
Samsung C&T Corp.		581,924		69,052,760
Samsung Card Co. Ltd.		234,975		7,876,621
Samsung Electro-Mechanics Co. Ltd.		433,284		37,050,603
Samsung Electronics Co. Ltd.		743,060		1,614,572,149
Samsung Fire & Marine Insurance Co. Ltd.		236,864		63,213,312
Samsung Heavy Industries Co. Ltd.a,c		1,950,155		15,397,382
Samsung Life Insurance Co. Ltd.		538,073		60,371,105
Samsung SDI Co. Ltd.		424,495		67,031,716
Samsung SDS Co. Ltd.		267,992		58,899,341
Samsung Securities Co. Ltd.		524,921		19,195,560
Shinhan Financial Group Co. Ltd.		3,214,757		140,714,269
Shinsegae Inc.c		57,308		18,151,855
SillaJen Inc.a,c		415,856		39,323,718
SK Holdings Co. Ltd.		244,383		64,204,417
SK Hynix Inc.		4,467,651		316,848,829
SK Innovation Co. Ltd.		498,501		94,599,645
SK Networks Co. Ltd.		1,051,355		5,805,802
SK Telecom Co. Ltd.		155,157		34,386,998
Woori Bank		3,209,345		49,196,719
Yuhan Corp.		67,361		12,938,487
				5,899,944,468
TAIWAN — 11.35%
Acer Inc.		22,465,121		18,929,012
Advanced Semiconductor Engineering Inc.		51,702,220		70,393,151
Advantech Co. Ltd.c		2,631,126		19,601,305
Airtac International Group		886,000		16,235,721

SCHEDULES OF INVESTMENTS 35

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Asia Cement Corp.		18,076,077	$	17,583,552
Asia Pacific Telecom Co. Ltd.a		15,540,000		5,040,633
Asustek Computer Inc.c		5,346,968		50,730,768
AU Optronics Corp.c		66,307,000		29,751,904
Catcher Technology Co. Ltd.		5,004,210		60,676,828
Cathay Financial Holding Co. Ltd.		62,587,644		116,833,985
Chailease Holding Co. Ltd.		9,010,932		30,308,559
Chang Hwa Commercial Bank Ltd.		39,669,940		22,827,319
Cheng Shin Rubber Industry Co. Ltd.c		14,711,128		25,294,947
Chicony Electronics Co. Ltd.		4,143,267		10,203,658
China Airlines Ltd.a		20,175,347		7,946,995
China Development Financial Holding Corp.		105,569,848		37,967,612
China Life Insurance Co. Ltd./Taiwanc		22,696,285		22,855,261
China Steel Corp.		96,349,313		79,533,436
Chunghwa Telecom Co. Ltd.		28,789,410		107,976,928
Compal Electronics Inc.		32,604,908		22,447,249
CTBC Financial Holding Co. Ltd.		135,671,772		99,213,657
Delta Electronics Inc.		14,883,000		70,858,077
E.Sun Financial Holding Co. Ltd.		70,249,712		46,559,639
Eclat Textile Co. Ltd.c		1,318,427		14,089,474
Eva Airways Corp.		16,028,364		8,235,018
Evergreen Marine Corp. Taiwan Ltd.a		14,909,012		7,889,717
Far Eastern New Century Corp.		24,615,038		21,878,722
Far EasTone Telecommunications Co. Ltd.		12,316,000		31,216,592
Feng TAY Enterprise Co. Ltd.c		2,515,529		11,976,453
First Financial Holding Co. Ltd.		73,964,639		50,668,520
Formosa Chemicals & Fibre Corp.		22,617,090		84,052,483

Security	Shares		Value
Formosa Petrochemical Corp.		10,126,000	$	40,579,610
Formosa Plastics Corp.		31,805,280		112,751,845
Formosa Taffeta Co. Ltd.		5,939,000		6,489,154
Foxconn Technology Co. Ltd.c		7,033,637		19,128,659
Fubon Financial Holding Co. Ltd.		51,068,969		91,308,598
General Interface Solution Holding Ltd.c		1,291,000		7,893,117
Giant Manufacturing Co. Ltd.c		2,249,203		11,787,024
Globalwafers Co. Ltd.		1,659,000		24,206,950
Highwealth Construction Corp.c		6,312,170		9,545,386
Hiwin Technologies Corp.		1,562,971		20,075,495
Hon Hai Precision Industry Co. Ltd.		119,558,592		360,778,612
Hotai Motor Co. Ltd.c		2,028,000		22,610,128
HTC Corp.a,c		5,007,708		10,462,920
Hua Nan Financial Holdings Co. Ltd.		59,451,305		35,024,659
Innolux Corp.c		68,642,002		30,564,506
Inventec Corp.		19,110,281		15,284,036
Largan Precision Co. Ltd.c		763,000		96,565,738
Lite-On Technology Corp.		16,189,246		23,289,491
Macronix Internationala,c		13,842,000		20,600,260
MediaTek Inc.		11,520,338		118,772,473
Mega Financial Holding Co. Ltd.		84,084,162		71,856,959
Micro-Star International Co. Ltd.c		5,134,000		15,035,091
Nan Ya Plastics Corp.		36,666,160		101,224,247
Nanya Technology Corp.		7,412,000		20,513,079
Nien Made Enterprise Co. Ltd.c		1,074,000		10,594,509
Novatek Microelectronics Corp.		4,433,000		19,207,566
Pegatron Corp.		14,940,414		38,380,266
Phison Electronics Corp.c		1,098,535		10,761,282
Pou Chen Corp.		16,971,220		21,362,619
Powertech Technology Inc.		5,295,300		16,432,470
President Chain Store Corp.		4,388,000		44,262,506
Quanta Computer Inc.c		20,680,000		42,216,369

36 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Realtek Semiconductor Corp.		3,401,637	$	13,515,435
Ruentex Development Co. Ltd.a,c		7,321,430		8,062,338
Ruentex Industries Ltd.c		4,299,598		7,554,910
Shin Kong Financial Holding Co. Ltd.c		63,447,865		26,187,144
Siliconware Precision Industries Co. Ltd.		15,882,509		27,689,874
SinoPac Financial Holdings Co. Ltd.		81,826,006		28,307,193
Standard Foods Corp.c		3,981,615		9,355,510
Synnex Technology International Corp.		10,819,834		14,342,196
TaiMed Biologics Inc.a,c		1,266,000		8,759,295
Taishin Financial Holding Co. Ltd.		71,822,006		34,932,523
Taiwan Business Bank		32,119,632		9,505,356
Taiwan Cement Corp.		25,846,296		32,755,492
Taiwan Cooperative Financial Holding Co. Ltd.		61,947,605		36,070,945
Taiwan High Speed Rail Corp.		12,287,000		9,532,310
Taiwan Mobile Co. Ltd.		12,265,600		45,162,850
Taiwan Semiconductor Manufacturing Co. Ltd.		188,902,000		1,591,679,951
Teco Electric and Machinery Co. Ltd.		14,691,000		13,334,641
Uni-President Enterprises Corp.		37,114,839		87,716,391
United Microelectronics Corp.c		92,399,000		44,782,444
Vanguard International Semiconductor Corp.		6,917,000		14,452,124
Win Semiconductors Corp.c		2,599,000		23,902,023
Winbond Electronics Corp.c		22,375,000		15,251,066
Wistron Corp.c		20,148,156		16,907,737
WPG Holdings Ltd.c		11,887,532		15,268,875
Yageo Corp.c		1,583,000		17,919,936
Yuanta Financial Holding Co. Ltd.		77,524,635		34,918,016
Zhen Ding Technology Holding Ltd.c		3,321,075		7,268,815
				4,904,478,189

Security	Shares		Value
THAILAND — 2.43%
Advanced Info Service PCL NVDR		8,003,800	$	50,485,900
Airports of Thailand PCL NVDR		33,090,300		74,582,310
Bangkok Bank PCL Foreign		1,915,300		14,033,737
Bangkok Dusit Medical Services PCL NVDR		29,750,200		20,945,506
Bangkok Expressway & Metro PCL NVDR		56,934,600		13,240,605
Banpu PCL NVDR		15,388,800		11,520,765
Berli Jucker PCL NVDR		9,152,100		17,347,880
BTS Group Holdings PCL NVDR		43,225,100		11,222,828
Bumrungrad Hospital PCL NVDR		2,791,100		18,316,872
Central Pattana PCL NVDR		10,602,500		28,456,853
Charoen Pokphand Foods PCL NVDR		23,004,600		16,782,585
CP ALL PCL NVDR		38,090,900		101,931,685
Delta Electronics Thailand PCL NVDR		3,875,200		8,394,826
Electricity Generating PCL NVDR		930,800		7,057,356
Energy Absolute PCL NVDRc		8,475,200		18,157,286
Glow Energy PCL NVDR		4,176,500		11,276,151
Home Product Center PCL NVDR		30,872,014		14,162,377
Indorama Ventures PCL NVDR		11,355,780		19,535,270
IRPC PCL NVDR		79,478,700		20,635,597
Kasikornbank PCL Foreign		9,172,300		67,791,449
Kasikornbank PCL NVDR		4,721,000		34,892,386
KCE Electronics PCL NVDRc		2,091,300		4,663,619
Krung Thai Bank PCL NVDR		27,367,900		17,698,897
Minor International PCL NVDRc		16,832,120		21,717,135
PTT Exploration & Production PCL NVDR		10,628,439		39,107,509
PTT Global Chemical PCL NVDR		16,988,430		53,714,612
PTT PCL NVDR		8,154,000		147,546,097

SCHEDULES OF INVESTMENTS 37

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Robinson PCL NVDR		3,852,300	$	8,253,175
Siam Cement PCL (The) Foreign		2,399,000		37,448,550
Siam Cement PCL (The) NVDR		729,200		11,382,861
Siam Commercial Bank PCL (The) NVDR		13,941,400		66,176,126
Thai Oil PCL NVDR		8,320,500		27,302,055
Thai Union Group PCL NVDR		14,749,700		9,444,695
TMB Bank PCL NVDR		97,722,400		9,339,509
True Corp. PCL NVDRa		76,837,901		15,421,433
				1,049,986,497
TURKEY — 1.06%
Akbank Turk AS		16,806,033		46,933,003
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,590,720		10,731,703
Arcelik AS		1,805,762		8,989,791
Aselsan Elektronik Sanayi Ve Ticaret ASc		1,548,195		12,673,687
BIM Birlesik Magazalar AS		1,643,142		32,461,816
Coca-Cola Icecek AS		571,386		5,542,059
Emlak Konut Gayrimenkul Yatirim Ortakligi ASa,c		14,192,235		9,843,161
Enka Insaat ve Sanayi AS		1		1
Eregli Demir ve Celik Fabrikalari TAS		10,830,734		32,323,329
Ford Otomotiv Sanayi AS		549,595		9,052,951
Haci Omer Sabanci Holding AS		7,079,355		19,974,589
KOC Holding AS		5,814,148		27,478,759
Petkim Petrokimya Holding AS		5,292,214		11,219,947
TAV Havalimanlari Holding AS		1,265,969		7,715,977
Tofas Turk Otomobil Fabrikasi AS		966,139		7,710,939
Tupras Turkiye Petrol Rafinerileri AS		970,428		29,802,843
Turk Hava Yollari AOa		4,243,431		21,259,239
Turk Telekomunikasyon ASa		3,666,504		6,299,554
Turkcell Iletisim Hizmetleri AS		8,223,037		33,138,853
Turkiye Garanti Bankasi AS		17,662,046		54,427,564
Turkiye Halk Bankasi AS		4,786,526		12,109,510

Security	Shares		Value
Turkiye Is Bankasi AS Class C		12,131,018	$	24,220,924
Turkiye Sise ve Cam Fabrikalari AS		6,173,929		7,752,993
Turkiye Vakiflar Bankasi TAO Class D		5,714,220		11,033,776
Ulker Biskuvi Sanayi AS		1,182,426		7,007,981
Yapi ve Kredi Bankasi ASa		6,591,281		8,242,456
				457,947,405
UNITED ARAB EMIRATES — 0.62%
Abu Dhabi Commercial Bank PJSC		16,142,366		32,083,005
Aldar Properties PJSC		25,266,906		14,859,042
DAMAC Properties Dubai Co. PJSC		12,518,479		10,224,870
DP World Ltd.		1,308,631		31,996,028
Dubai Investments PJSC		6,013,350		3,618,210
Dubai Islamic Bank PJSC		10,182,151		16,799,530
DXB Entertainments PJSCa		24,337,154		3,677,458
Emaar Malls PJSC		15,429,237		8,905,643
Emaar Properties PJSC		27,455,280		46,120,714
Emirates Telecommunications Group Co. PJSC		13,609,533		63,731,869
First Abu Dhabi Bank PJSC		11,168,876		35,121,774
				267,138,143
TOTAL COMMON STOCKS
(Cost: $31,977,599,385)				41,417,980,144
PREFERRED STOCKS — 3.80%
BRAZIL — 2.74%
Banco Bradesco SA, Preference Shares		23,441,133		279,742,278
Braskem SA Class A, Preference Shares		1,324,400		18,931,939
Centrais Eletricas Brasileiras SA Class B, Preference Shares		1,869,237		16,052,855
Cia. Brasileira de Distribuicao, Preference Shares		1,212,186		25,555,250
Cia. Energetica de Minas Gerais, Preference Shares		5,773,602		14,590,618

38 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Gerdau SA, Preference Shares		7,813,085	$	39,970,288
Itau Unibanco Holding SA, Preference Shares		24,779,792		384,272,696
Itausa-Investimentos Itau SA, Preference Shares		30,438,185		122,923,890
Lojas Americanas SA, Preference Shares		5,580,724		28,996,574
Petroleo Brasileiro SA, Preference Shares		30,024,127		198,327,900
Telefonica Brasil SA, Preference Shares		3,413,267		53,214,921
				1,182,579,209
CHILE — 0.11%
Embotelladora Andina SA Class B, Preference Shares		2,033,810		10,060,463
Sociedad Quimica y Minera de Chile SA Series B, Preference Shares		750,478		38,040,692
				48,101,155
COLOMBIA — 0.13%
Bancolombia SA, Preference Shares		3,567,802		37,538,332
Grupo Aval Acciones y Valores SA, Preference Shares		25,304,878		10,939,083
Grupo de Inversiones Suramericana SA, Preference Shares		695,339		8,615,272
				57,092,687
RUSSIA — 0.09%
Surgutneftegas OJSC, Preference Shares		54,353,100		28,481,131
Transneft PJSC, Preference Shares		3,784		12,434,655
				40,915,786
SOUTH KOREA — 0.73%
Amorepacific Corp., Preference Shares		69,838		9,802,730
Hyundai Motor Co., Preference Shares		184,022		15,260,112
Hyundai Motor Co. Series 2, Preference Sharesc		293,413		26,471,927
LG Chem Ltd., Preference Shares		59,137		11,713,812

Security	Shares		Value
LG Household & Health Care Ltd., Preference Shares		15,995	$	9,069,101
Samsung Electronics Co. Ltd., Preference Shares		132,013		243,204,299
				315,521,981
TOTAL PREFERRED STOCKS
(Cost: $1,068,986,128)				1,644,210,818
RIGHTS — 0.01%
BRAZIL — 0.01%
Itausa-Investimentos Itau SA (Expires 03/29/18)a		716,572		1,191,070
				1,191,070
CHILE — 0.00%
Enel Chile SA (Expires 03/16/18)a		16,208,950		2,753
				2,753
SOUTH KOREA — 0.00%
Hyundai Heavy Industries Co. Ltd. (Expires 03/09/18)a		42,796		987,995
				987,995
TOTAL RIGHTS
(Cost: $0)				2,181,818
SHORT-TERM INVESTMENTS — 5.10%
MONEY MARKET FUNDS — 5.10%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		2,203,293,346		2,203,513,675
				2,203,513,675
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,203,385,915)				2,203,513,675

SCHEDULES OF INVESTMENTS 39

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.77%
(Cost: $35,249,971,428)	$	45,267,886,455
Other Assets, Less Liabilities — (4.77)%		(2,062,939,201	)
NET ASSETS — 100.00%	$	43,204,947,254

ADR  —  American Depositary Receipts

CPO  —  Certificates of Participation (Ordinary)

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income producing security.

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  All or a portion of this security is on loan.

^d  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		2,193,968,858		9,324,488	b		—			2,203,293,346	$	2,203,513,675	$	9,965,902	c	$	(55,184	)	$	(260,770	)
BlackRock Cash Funds: Treasury, SL Agency Shares		94,337,685		—			(94,337,685	)b		—		—		348,509			—			—
											$	2,203,513,675	$	10,314,411		$	(55,184	)	$	(260,770	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts
MSCI Emerging Markets E-Mini		1,845		Mar 2018	$	109,132	$	1,479,449

40 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common stocks	$	41,194,523,426	$	223,456,699	$	19	$	41,417,980,144
Preferred stocks		1,644,210,818		—		—		1,644,210,818
Rights		1,193,823		987,995		—		2,181,818
Money market funds		2,203,513,675		—		—		2,203,513,675
Total	$	45,043,441,742	$	224,444,694	$	19	$	45,267,886,455
Derivative financial instrumentsa
Assets
Futures contracts	$	1,479,449	$	—	$	—	$	1,479,449
Total	$	1,479,449	$	—	$	—	$	1,479,449

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

See notes to consolidated financial statements.

SCHEDULES OF INVESTMENTS 41

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2018

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares Edge MSCI Min Vol EM Currency Hedged ETF			iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)
ASSETS
Investments in securities, at cost:
Unaffiliated	$	—		$	—		$	3,890,593,582
Affiliated (Note 2)		515,917,397			8,620,395			53,534,451
Total cost of investments in securities	$	515,917,397		$	8,620,395		$	3,944,128,033
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	—		$	—		$	4,737,444,251
Affiliated (Note 2)		587,760,604			9,484,423			53,539,125
Foreign currency, at valueb		96			—			3,522,832
Cash pledged to broker for forward currency contracts		20,000			—			—
Cash pledged to broker for futures contracts		—			—			502,000
Cash		720,000			—			929,822
Receivables:
Dividends and interest		37,157			4			8,661,084
Unrealized appreciation on forward currency contracts (Note 1)		4,474,261			115,067			—
Total Assets		593,012,118			9,599,494			4,804,599,114
LIABILITIES
Payables:
Investment securities purchased		418,678			6,612			—
Collateral for securities on loan (Note 1)		176,380,450			—			48,039,041
Due to broker for collateral on forward currency contracts		720,000			—			—
Capital shares redeemed		7,207			—			—
Futures variation margin		—			—			148,980
Foreign taxes (Note 1)		—			—			115
Deferred foreign capital gains taxes (Note 1)		—			—			3,049,896
Unrealized depreciation on forward currency contracts (Note 1)		2,441,437			55,128			—
Investment advisory fees (Note 2)		—			213			887,850
Total Liabilities		179,967,772			61,953			52,125,882
NET ASSETS	$	413,044,346		$	9,537,541		$	4,752,473,232
Net assets consist of:
Paid-in capital	$	366,789,658		$	8,800,422		$	4,516,400,329
Undistributed (distributions in excess of) net investment income		56,113			(654	)		(7,051,618	)
Accumulated net realized loss		(27,677,456	)		(186,194	)		(600,895,678	)
Net unrealized appreciation		73,876,031			923,967			844,020,199
NET ASSETS	$	413,044,346		$	9,537,541		$	4,752,473,232
Shares outstandingc		15,350,000			350,000			76,700,000
Net asset value per share	$	26.91		$	27.25		$	61.96

^a  Securities on loan with values of $169,438,618, $  — and $45,426,339, respectively. See Note 1.

^b  Cost of foreign currency: $96, $  — and $3,531,842, respectively.

^c  $0.001 par value, number of shares authorized: 250 million, 25 million and 500 million, respectively.

See notes to financial statements.

42 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Emerging Markets ETF (Consolidated)
ASSETS
Investments in securities, at cost:
Unaffiliated	$	33,046,585,513
Affiliated (Note 2)		2,203,385,915
Total cost of investments in securities	$	35,249,971,428
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	43,064,372,780
Affiliated (Note 2)		2,203,513,675
Foreign currency, at valueb		31,329,350
Cash pledged to broker for futures contracts		4,845,010
Cash		60,349,679
Receivables:
Investment securities sold		123,730,636
Due from custodian (Note 4)		470,155
Dividends and interest		119,880,695
Tax reclaims		22,002
Total Assets		45,608,513,982
LIABILITIES
Payables:
Investment securities purchased		125,118,371
Collateral for securities on loan (Note 1)		2,203,396,846
Futures variation margin		1,434,059
Line of credit (Note 9)		17,001,261
Foreign taxes (Note 1)		142,888
Deferred foreign capital gains taxes (Note 1)		34,880,054
Professional fees (Note 10)		3,231
Investment advisory fees (Note 2)		21,590,018
Total Liabilities		2,403,566,728
NET ASSETS	$	43,204,947,254
Net assets consist of:
Paid-in capital	$	45,864,282,503
Distributions in excess of net investment income		(182,159,123	)
Accumulated net realized loss		(12,462,019,326	)
Net unrealized appreciation		9,984,843,200
NET ASSETS	$	43,204,947,254
Shares outstandingc		889,200,000
Net asset value per share	$	48.59

^a  Securities on loan with a value of $2,101,656,948. See Note 1.

^b  Cost of foreign currency: $30,537,319.

^c  $0.001 par value, number of shares authorized: 2 billion.

See notes to financial statements.

FINANCIAL STATEMENTS 43

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares Edge MSCI Min Vol EM Currency Hedged ETF			iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	—		$	—		$	29,157,433
Dividends — affiliated (Note 2)		6,142,040			134,093			41,666
Securities lending income — affiliated — net (Note 2)		219,018			—			1,111,537
		6,361,058			134,093			30,310,636
Less: Other foreign taxes (Note 1)		—			—			669
Total investment income		6,361,058			134,093			30,311,305
EXPENSES
Investment advisory fees (Note 2)		1,621,877			29,460			14,639,063
Mauritius income taxes (Note 1)		—			—			77,265
Proxy fees		31			1			416
Commitment fees (Note 9)		—			—			8,897
Interest expense (Note 9)		—			—			267
Total expenses		1,621,908			29,461			14,725,908
Less investment advisory fees waived (Note 2)		(1,621,908	)		(28,327	)		(9,181,840	)
Net expenses		—			1,134			5,544,068
Net investment income		6,361,058			132,959			24,767,237
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			—			(20,025,521	)
Investments — affiliated (Note 2)		392,616			2,929			(2,631	)
In-kind redemptions — unaffiliated		—			—			91,426,371
In-kind redemptions — affiliated (Note 2)		7,838,468			272,527			—
Futures contracts		—			—			44,266
Foreign currency transactions		—			—			(120,231	)
Forward currency contracts		(11,652,157	)		(200,545	)		—
Net realized gain (loss)		(3,421,073	)		74,911			71,322,254
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliatedb		—			—			270,933,249
Investments — affiliated (Note 2)		20,690,276			58,267			(10,249	)
Forward currency contracts		3,577,685			80,108			—
Futures contracts		—			—			285,470
Translation of assets and liabilities in foreign currencies		—			—			(115,884	)
Net change in unrealized appreciation/depreciation		24,267,961			138,375			271,092,586
Net realized and unrealized gain		20,846,888			213,286			342,414,840
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,207,946		$	346,245		$	367,182,077

^a  Net of foreign withholding tax of $  —, $  — and $2,689,348, respectively.

^b  Net of deferred foreign capital gains taxes of $  —, $  — and $3,049,896, respectively.

See notes to financial statements.

44 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Emerging Markets ETF (Consolidated)
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	276,199,099
Dividends — affiliated (Note 2)		348,509
Interest — unaffiliated		9,533
Securities lending income — affiliated — net (Note 2)b		9,965,902
		286,523,043
Less: Other foreign taxes (Note 1)		(299,608	)
Total investment income		286,223,435
EXPENSES
Investment advisory fees (Note 2)		128,387,437
Mauritius income taxes (Note 1)		819,636
Proxy fees		3,369
Commitment fees (Note 9)		105,487
Interest expense (Note 9)		11,009
Total expenses		129,326,938
Net investment income		156,896,497
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(338,989,152	)
Investments — affiliated (Note 2)		(55,184	)
In-kind redemptions — unaffiliated		142,391,756
Futures contracts		9,250,442
Foreign currency transactions		982,211
Net realized loss		(186,419,927	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliatedc		3,646,227,932
Investments — affiliated (Note 2)		(260,770	)
Futures contracts		(5,603,462	)
Translation of assets and liabilities in foreign currencies		117,777
Net change in unrealized appreciation/depreciation		3,640,481,477
Net realized and unrealized gain		3,454,061,550
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,610,958,047

^a  Net of foreign withholding tax of $31,717,076.

^b  Net of securities lending income tax paid of $411,244.

^c  Net of deferred foreign capital gains taxes of $34,880,054.

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Currency Hedged MSCI Emerging Markets ETF						iShares Edge MSCI Min Vol EM Currency Hedged ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	6,361,058		$	4,008,451		$	132,959		$	183,745
Net realized gain (loss)		(3,421,073	)		(12,482,715	)		74,911			(137,662	)
Net change in unrealized appreciation/depreciation		24,267,961			64,687,519			138,375			487,310
Net increase in net assets resulting from operations		27,207,946			56,213,255			346,245			533,393
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(6,361,464	)		(3,977,750	)		(133,613	)		(184,054	)
Total distributions to shareholders		(6,361,464	)		(3,977,750	)		(133,613	)		(184,054	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		26,709,172			209,783,628			4,149,895			3,586,153
Cost of shares redeemed		(28,268,682	)		(48,515,551	)		(1,387,339	)		(3,549,931	)
Net increase (decrease) in net assets from capital share transactions		(1,559,510	)		161,268,077			2,762,556			36,222
INCREASE (DECREASE) IN NET ASSETS		19,286,972			213,503,582			2,975,188			385,561
NET ASSETS
Beginning of period		393,757,374			180,253,792			6,562,353			6,176,792
End of period	$	413,044,346		$	393,757,374		$	9,537,541		$	6,562,353
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	56,113		$	56,519		$	(654	)	$	—
SHARES ISSUED AND REDEEMED
Shares sold		1,000,000			9,300,000			150,000			150,000
Shares redeemed		(1,050,000	)		(2,200,000	)		(50,000	)		(150,000	)
Net increase (decrease) in shares outstanding		(50,000	)		7,100,000			100,000			—

See notes to financial statements.

46 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)						iShares MSCI Emerging Markets ETF (Consolidated)
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	24,767,237		$	94,250,679		$	156,896,497		$	580,186,188
Net realized gain (loss)		71,322,254			(128,677,692	)		(186,419,927	)		(545,920,506	)
Net change in unrealized appreciation/depreciation		271,092,586			391,424,155			3,640,481,477			6,415,419,097
Net increase in net assets resulting from operations		367,182,077			356,997,142			3,610,958,047			6,449,684,779
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(74,982,159	)		(84,793,898	)		(572,666,116	)		(442,844,825	)
Total distributions to shareholders		(74,982,159	)		(84,793,898	)		(572,666,116	)		(442,844,825	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		607,380,074			93,359,655			4,985,320,055			2,729,984,147
Cost of shares redeemed		(184,534,855	)		(707,175,671	)		(710,554,777	)		(3,711,402,633	)
Net increase (decrease) in net assets from capital share transactions		422,845,219			(613,816,016	)		4,274,765,278			(981,418,486	)
INCREASE (DECREASE) IN NET ASSETS		715,045,137			(341,612,772	)		7,313,057,209			5,025,421,468
NET ASSETS
Beginning of period		4,037,428,095			4,379,040,867			35,891,890,045			30,866,468,577
End of period	$	4,752,473,232		$	4,037,428,095		$	43,204,947,254		$	35,891,890,045
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(7,051,618	)	$	43,163,304		$	(182,159,123	)	$	233,610,496
SHARES ISSUED AND REDEEMED
Shares sold		10,200,000			1,700,000			102,150,000			65,700,000
Shares redeemed		(3,100,000	)		(14,100,000	)		(14,850,000	)		(103,950,000	)
Net increase (decrease) in shares outstanding		7,100,000			(12,400,000	)		87,300,000			(38,250,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 47

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Currency Hedged MSCI Emerging Markets ETF

	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Period from Sept. 23, 2014a to Aug. 31, 2015
Net asset value, beginning of period	$	25.57		$	21.72		$	21.40		$	24.44
Income from investment operations:
Net investment incomeb		0.41			0.36			0.50			0.41
Net realized and unrealized gain (loss)c		1.34			3.83			1.08			(2.80	)
Total from investment operations		1.75			4.19			1.58			(2.39	)
Less distributions from:
Net investment income		(0.41	)		(0.34	)		(0.48	)		(0.65	)
Net realized gain		—			—			(0.78	)		—
Total distributions		(0.41	)		(0.34	)		(1.26	)		(0.65	)
Net asset value, end of period	$	26.91		$	25.57		$	21.72		$	21.40
Total return		6.87	%d		19.55	%		7.84	%		(10.01	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	413,044		$	393,757		$	180,254		$	211,865
Ratio of expenses to average net assetse,f		0.00	%		0.00	%		0.00	%		0.02	%
Ratio of expenses to average net assets prior to waived feese,f		0.78	%		0.78	%		0.78	%		0.78	%
Ratio of net investment income to average net assetse		3.06	%		1.56	%		2.42	%		1.82	%
Portfolio turnover rateg,h		2	%d		4	%		11	%		7	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d Not annualized.

^e  Annualized for periods of less than one year.

^f  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

^h  Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested. See page 51 for the portfolio turnover rates of the underlying fund.

See notes to financial statements.

48 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Edge MSCI Min Vol EM Currency  Hedged ETF

	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Period from Oct. 29, 2015a to Aug. 31, 2016
Net asset value, beginning of period	$	26.25		$	24.71		$	24.50
Income from investment operations:
Net investment incomeb		0.47			0.70			0.58
Net realized and unrealized gainc		0.98			1.37			0.23
Total from investment operations		1.45			2.07			0.81
Less distributions from:
Net investment income		(0.45	)		(0.53	)		(0.60	)
Return of capital		—			—			(0.00	)d
Total distributions		(0.45	)		(0.53	)		(0.60	)
Net asset value, end of period	$	27.25		$	26.25		$	24.71
Total return		5.52	%e		8.61	%		3.45	%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	9,538		$	6,562		$	6,177
Ratio of expenses to average net assetsf,g		0.03	%		0.03	%		0.03	%
Ratio of expenses to average net assets prior to waived feesf,g		0.78	%		0.78	%		0.78	%
Ratio of net investment income to average net assetsf		3.52	%		2.85	%		2.88	%
Portfolio turnover rateh,i		3	%e		8	%		8	%e

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Rounds to less than 0.01%.

^e  Not annualized.

^f  Annualized for periods of less than one year.

^g  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

ⁱ  Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested. See page 50 for the portfolio turnover rates of the underlying fund.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 49

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	58.01		$	53.40		$	50.98		$	62.47		$	55.56		$	55.32
Income from investment operations:
Net investment incomea		0.33			1.28			1.57			1.58			1.51			1.85
Net realized and unrealized gain (loss)b		4.62			4.48			2.13			(11.65	)		6.94			(0.60	)
Total from investment operations		4.95			5.76			3.70			(10.07	)		8.45			1.25
Less distributions from:
Net investment income		(1.00	)		(1.15	)		(1.28	)		(1.42	)		(1.54	)		(1.01	)
Total distributions		(1.00	)		(1.15	)		(1.28	)		(1.42	)		(1.54	)		(1.01	)
Net asset value, end of period	$	61.96		$	58.01		$	53.40		$	50.98		$	62.47		$	55.56
Total return		8.60	%c		11.11	%		7.48	%		(16.32	)%		15.44	%		2.22	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	4,752,473		$	4,037,428		$	4,379,041		$	2,462,357		$	2,080,363		$	2,455,727
Ratio of expenses to average net assetsd		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived feesd		0.66	%		0.69	%		0.71	%		0.69	%		0.67	%		0.67	%
Ratio of net investment income to average net assetsd		1.12	%		2.40	%		3.12	%		2.71	%		2.58	%		3.13	%
Portfolio turnover ratee		11	%c		23	%		23	%		28	%		34	%		23	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 11%, 22%, 23%, 24%, 26% and 23%, respectively. See Note 4.

See notes to financial statements.

50 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets ETF (Consolidated)
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	44.76		$	36.74		$	33.79		$	45.11		$	38.44		$	39.22
Income from investment operations:
Net investment incomea		0.19			0.75			0.72			0.73			0.83			0.75
Net realized and unrealized gain (loss)b		4.34			7.86			3.00			(11.21	)		6.55			(0.76	)
Total from investment operations		4.53			8.61			3.72			(10.48	)		7.38			(0.01	)
Less distributions from:
Net investment income		(0.70	)		(0.59	)		(0.77	)		(0.84	)		(0.71	)		(0.77	)
Total distributions		(0.70	)		(0.59	)		(0.77	)		(0.84	)		(0.71	)		(0.77	)
Net asset value, end of period	$	48.59		$	44.76		$	36.74		$	33.79		$	45.11		$	38.44
Total return		10.18	%c		23.80	%		11.28	%		(23.46	)%		19.34	%		(0.08	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	43,204,947		$	35,891,890		$	30,866,469		$	21,000,865		$	44,336,401		$	34,804,192
Ratio of expenses to average net assetsd		0.66	%		0.69	%		0.72	%		0.69	%		0.67	%		0.67	%
Ratio of expenses to average net assets prior to waived feesd		0.66	%		0.69	%		0.72	%		0.69	%		0.68	%		0.67	%
Ratio of expenses to average net assets excluding professional fees for foreign withholding tax claims (Note 10)d		n/a			0.69	%		n/a			n/a			n/a			n/a
Ratio of net investment income to average net assetsd		0.81	%		1.92	%		2.15	%		1.79	%		1.98	%		1.78	%
Portfolio turnover ratee		3	%c		9	%		23	%		10	%		22	%		24	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013, were 2%, 4%, 10%, 7%, 7%, and 9%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 51

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
Currency Hedged MSCI Emerging Markets	Non-diversified
Edge MSCI Min Vol EM Currency Hedged	Non-diversified
Edge MSCI Min Vol Emerging Markets	Diversified
MSCI Emerging Markets	Diversified

The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to try to achieve each Fund’s investment objective. Currently each currency hedged fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedules of investments for the underlying funds are included in this report and should be read in conjunction with the financial statements of the currency hedged funds.

Each of the iShares Edge MSCI Min Vol Emerging Markets ETF and iShares MSCI Emerging Markets ETF carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (each, a “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of each Fund also serves as the investment adviser to each Subsidiary. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for each Fund include the accounts of its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP

52 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Directors of the Company (the “Board”).

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

• Forward currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated forward exchange rates are used for contracts with interim settlement dates for which quotations are not available.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration inputs 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 inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs 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.

NOTES TO FINANCIAL STATEMENTS 53

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

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

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

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. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily.

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 prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

54 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, the iShares Currency Hedged MSCI Emerging Markets ETF and iShares Edge MSCI Min Vol EM Currency Hedged ETF elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2018, if any, are disclosed in the Funds’ statements of assets and liabilities.

Each of the iShares Edge MSCI Min Vol Emerging Markets ETF and iShares MSCI Emerging Markets ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. Taxes on income, if any, are paid by the Subsidiaries and are disclosed in the consolidated statements of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied.

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

NOTES TO FINANCIAL STATEMENTS 55

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

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

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Currency Hedged MSCI Emerging Markets
Deutsche Bank Securities Inc.	$	8,413,104	$	8,413,104	$	—
HSBC Bank PLC		153,712		153,712		—
JPMorgan Securities LLC		160,871,802		160,871,802		—
	$	169,438,618	$	169,438,618	$	—

56 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Edge MSCI Min Vol Emerging Markets
Citigroup Global Markets Inc.	$	6,519,531	$	6,519,531	$	—
Credit Suisse Securities (USA) LLC		108,123		108,123		—
Deutsche Bank AG		1,387,286		1,387,286		—
Deutsche Bank Securities Inc.		2,374,115		2,374,115		—
Goldman Sachs & Co.		6,701,751		6,701,751		—
HSBC Bank PLC		25,220		25,220		—
Jefferies LLC		799,969		799,969		—
JPMorgan Securities PLC		1,003,433		1,003,433		—
Macquarie Bank Limited		330,778		330,778		—
Merrill Lynch, Pierce, Fenner & Smith		372,086		372,086		—
Morgan Stanley & Co. International PLC		11,626,324		11,626,324		—
Morgan Stanley & Co. LLC		13,758,223		13,758,223		—
UBS AG		419,500		419,500		—
	$	45,426,339	$	45,426,339	$	—
MSCI Emerging Markets
Barclays Capital Inc.	$	3,169,865	$	3,169,865	$	—
Citigroup Global Markets Inc.		44,346,439		44,346,439		—
Citigroup Global Markets Ltd.		21,978,902		21,978,902		—
Credit Suisse Securities (Europe) Ltd.		31,478,722		31,478,722		—
Credit Suisse Securities (USA) LLC		47,506,400		47,506,400		—
Deutsche Bank AG		1,601,804		1,601,804		—
Deutsche Bank Securities Inc.		12,943,233		12,943,233		—
Goldman Sachs & Co.		435,399,893		435,399,893		—
Goldman Sachs International		51,083,013		51,083,013		—
HSBC Bank PLC		102,869,327		102,869,327		—
Jefferies LLC		4,578,182		4,578,182		—
JPMorgan Securities LLC		714,652,519		714,652,519		—
JPMorgan Securities PLC		18,717,187		18,717,187		—
Macquarie Bank Limited		13,839,880		13,839,880		—
Merrill Lynch, Pierce, Fenner & Smith		17,994,089		17,994,089		—
Morgan Stanley & Co. International PLC		99,101,139		99,101,139		—
Morgan Stanley & Co. LLC		270,230,904		270,230,904		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		117,974,782		117,974,782		—
National Financial Services LLC		68,998,278		68,998,278		—
Scotia Capital (USA) Inc.		334,878		334,878		—
State Street Bank & Trust Company		6,765,010		6,765,010		—
UBS AG		11,896,625		11,896,625		—
UBS Ltd.		1,132,024		1,132,024		—
UBS Securities LLC		1,924,676		1,924,676		—
Wells Fargo Securities LLC		1,139,177		1,139,177		—
	$	2,101,656,948	$	2,101,656,948	$	—

^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.

NOTES TO FINANCIAL STATEMENTS 57

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

For its investment advisory services to the iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses are a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2020 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.

For its investment advisory services to the iShares Edge MSCI Min Vol EM Currency Hedged ETF, BFA is entitled to an annual investment advisory fee of 0.78%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur acquired fund fees and expenses. BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2020 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares Edge MSCI MinVol Emerging Markets ETF (“EEMV”), after taking into account any fee waivers by EEMV, plus 0.03%.

For its investment advisory services to each of the iShares Edge MSCI Min Vol Emerging Markets ETF and iShares MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.75	%	First $14 billion
	0.68		Over $14 billion, up to and including $28  billion
	0.61		Over $28 billion, up to and including $42  billion
	0.54		Over $42 billion, up to and including $56  billion
	0.47		Over $56 billion, up to and including $70  billion
	0.41		Over $70 billion, up to and including $84  billion
	0.35		Over $84 billion

For the iShares Edge MSCI Min Vol Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2023 in order to limit total annual operating expenses after fee waiver to 0.25% of average daily net assets.

58 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Currency Hedged MSCI Emerging Markets	$	69,095
Edge MSCI Min Vol Emerging Markets		241,697
MSCI Emerging Markets		2,542,037

For the six months ended February 28, 2018, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Emerging Markets ETF in the amount of $42,006, related to the foreign tax on the securities lending income. The voluntary waiver was discontinued effective January 1, 2018. Such reimbursement is included in “Securities lending income – affiliated – net” in the Fund’s statement of operations.

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Min Vol Emerging Markets	$	113,071,613	$	21,158,169
MSCI Emerging Markets		53,321,186		103,766,372

NOTES TO FINANCIAL STATEMENTS 59

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2018 were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI Emerging Markets	$	10,293,073	$	20,783,210
Edge MSCI Min Vol EM Currency Hedged		222,167		402,541
Edge MSCI Min Vol Emerging Markets		866,620,201		485,014,441
MSCI Emerging Markets		3,607,852,944		994,402,897

In-kind transactions (see Note 4) for the six months ended February 28, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI Emerging Markets	$	26,735,315	$	28,271,723
Edge MSCI Min Vol EM Currency Hedged		4,164,649		1,399,852
Edge MSCI Min Vol Emerging Markets		156,978,626		169,377,061
MSCI Emerging Markets		1,614,372,944		359,957,367

4. CAPITAL SHARE TRANSACTIONS

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

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

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

60 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

5. FUTURES CONTRACTS

Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded.

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

The following table shows the value of futures contracts held as of February 28, 2018 and the related locations in the consolidated statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares Edge MSCI Min Vol Emerging Markets ETF		iShares MSCI Emerging Markets ETF
Futures contracts:
Variation margin/Net assets consist of – net unrealized appreciation a	$	285,470	$	1,479,449

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

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the realized and unrealized gains (losses) on futures contracts held during the six months ended February 28, 2018 and the related locations in the consolidated statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares Edge MSCI Min Vol Emerging Markets ETF		iShares MSCI Emerging Markets ETF
Futures contracts	$	44,266	$	9,250,442
	Net Change in Unrealized Appreciation/Depreciation
	iShares Edge MSCI Min Vol Emerging Markets ETF		iShares MSCI Emerging Markets ETF
Futures contracts	$	285,470	$	(5,603,462	)

The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2018:

	iShares Edge MSCI Min Vol Emerging Markets ETF		iShares MSCI Emerging Markets ETF
Average notional value of contracts purchased	$	5,819,217	$	77,603,510

6. FORWARD CURRENCY CONTRACTS

Each currency-hedged fund uses forward currency contracts to hedge the currency exposure of non-U.S. dollar-denominated securities held by the Fund or its underlying fund. A forward currency contract is an obligation to purchase or sell a currency against another currency at a specified future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When the contract is closed, a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed is recorded. Non-deliverable forward currency contracts (“NDFs”) are settled with the counterparty in cash without the delivery of foreign currency. Losses may arise if there are unfavorable movements in the value of a foreign currency relative to the U.S. dollar or if the counterparties do not meet the terms of the agreement. A fund’s use of forward currency contracts also involves the risks of imperfect correlation between the value of its currency positions and its other investments or the fund failing to close out its position due to an illiquid market.

62 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the value of forward currency contracts held as of February 28, 2018 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares Currency Hedged MSCI Emerging Markets ETF		iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts:
Unrealized appreciation on forward currency contracts/Net assets consist of – net unrealized appreciation	$	4,474,261	$	115,067
Liabilities
	iShares Currency Hedged MSCI Emerging Markets ETF		iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts:
Unrealized depreciation on forward currency contracts/Net assets consist of – net unrealized appreciation	$	2,441,437	$	55,128

The following table shows the realized and unrealized gains (losses) on forward currency contracts held during the six months ended February 28, 2018 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares Currency Hedged MSCI Emerging Markets ETF			iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts	$	(11,652,157	)	$	(200,545	)
	Net Change in Unrealized Appreciation/Depreciation
	iShares Currency Hedged MSCI Emerging Markets ETF			iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts	$	3,577,685		$	80,108

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the average quarter-end balances of outstanding forward currency contracts for the six months ended February 28, 2018:

	iShares Currency Hedged MSCI Emerging Markets ETF		iShares Edge MSCI Min Vol EM Currency Hedged  ETF
Average amounts purchased in U.S. dollars	$	544,050,352	$	9,877,657
Average amounts sold in U.S. dollars	$	911,407,619	$	17,083,367

The Funds’ risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds. In order to better define their contractual rights and to secure rights that will help the Funds to mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by the parties. Except for NDFs, the forward currency contracts held by the Funds generally do not require collateral. Cash collateral pledged to the counterparty, if any, is presented as “Cash pledged to broker for forward currency contracts” on the statement of assets and liabilities. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as “Investments in securities – affiliated” and “Payable due to broker for collateral on forwards.” To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to netting arrangements in the statements of assets and liabilities.

64 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table presents the exposure of the open forward currency contracts that are subject to potential offset in the statements of assets and liabilities as of February 28, 2018:

	Derivative Assets Subject to Offsetting		Derivatives Available for Offset			Cash Collateral Received  a			Net Amount of Derivative Assets
iShares Currency Hedged MSCI Emerging Markets ETF
Forward currency contracts	$	4,474,261	$	(2,421,640	)	$	(720,000	)	$	1,332,621
iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts	$	115,067	$	(51,052	)	$	—		$	64,015
	Derivative Liabilities Subject to Offsetting		Derivatives Available for Offset			Cash Collateral Pledged  a			Net Amount of Derivative Liabilities
iShares Currency Hedged MSCI Emerging Markets ETF
Forward currency contracts	$	2,441,437	$	(2,421,640	)	$	(14,875	)	$	4,922
iShares Edge MSCI Min Vol EM Currency Hedged ETF
Forward currency contracts	$	55,128	$	(51,052	)	$	—		$	4,076

^a Excess of collateral received and/or pledged is not shown for financial reporting purposes.

7. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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,

NOTES TO FINANCIAL STATEMENTS 65

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries. These events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. The occurrence of terrorist incidents throughout Europe also could impact financial markets. 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, Norway, Switzerland and Canada, have imposed economic sanctions, which consist of asset freezes and sectorial sanctions, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

CREDIT RISK

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

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment

66 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

As of August 31, 2017, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2018		Expiring 2019		Total
Currency Hedged MSCI Emerging Markets	$	20,285,024	$	—	$	—	$	20,285,024
Edge MSCI Min Vol EM Currency Hedged		264,276		—		—		264,276
Edge MSCI Min Vol Emerging Markets		626,690,250		—		—		626,690,250
MSCI Emerging Markets		8,973,262,771		1,201,366,175		873,167,649		11,047,796,595

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

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

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI Emerging Markets	$	521,415,405	$	76,326,623	$	(7,948,600	)	$	68,378,023
Edge MSCI Min Vol EM Currency Hedged		8,635,167		979,095		(69,900	)		909,195
Edge MSCI Min Vol Emerging Markets		3,998,364,055		952,471,714		(159,566,923	)		792,904,791
MSCI Emerging Markets		36,575,493,779		12,814,291,185		(4,120,419,060	)		8,693,872,125

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

9. LINE OF CREDIT

The iShares Edge MSCI Min Vol Emerging Markets and iShares MSCI Emerging Markets ETFs, along with certain other iShares funds, are parties to a credit agreement with State Street Bank and Trust Company. Effective October 25, 2017, certain terms of the credit agreement were amended, including (i) increasing the maximum borrowing amount from $250 million to $275 million

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

and (ii) extending the expiration date from October 25, 2017 to October 24, 2018. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended February 28, 2018, the maximum amounts borrowed, the average borrowings and the weighted average interest rates, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowings		Weighted Average Interest Rates
Edge MSCI Min Vol Emerging Markets	$	575,000	$	25,414		2.09	%
MSCI Emerging Markets		21,000,000		1,022,099		2.14	%

10. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Emerging Markets ETF has filed claims to recover taxes withheld by Poland on dividend income on the basis that Poland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has received payments on certain of the claims resulting from a favorable court ruling that the imposition of a withholding tax by a European Union member state on dividends paid to a nonresident company, including the Fund, while exempting domestic funds from such taxes results in discriminatory tax withholding contrary to the free movement of capital. The Fund continues to evaluate developments in Poland for potential impacts on recoverable withholding taxes. Polish withholding tax claims received are disclosed in the statement of operations. Professional fees associated with the filing of tax claims in Poland that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund.

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

11. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) 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 putative 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”) in California State Court. 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. On September 18, 2017, the court issued a Statement of Decision

68 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

12. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 69

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI Emerging Markets	$	0.284799	$	—	$	0.125618	$	0.410417		69	%		—	%		31	%		100	%
Edge MSCI Min Vol EM Currency Hedged		0.367564		—		0.077813		0.445377		83			—			17			100
Edge MSCI Min Vol Emerging Markets		0.822400		—		0.173379		0.995779		83			—			17			100
MSCI Emerging Markets		0.475574		—		0.220973		0.696547		68			—			32			100

70 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website and 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 iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

GENERAL INFORMATION 71

Notes:

72 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 73

Notes:

74 2018 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 Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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

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

©2018 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-805-0218

FEBRUARY 28, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares MSCI Frontier 100 ETF  |  FM  |  NYSE Arca

^Ø  iShares MSCI World ETF  |  URTH  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	7
Shareholder Expenses	7
Schedules of Investments	8
iShares MSCI Frontier 100 ETF	8
iShares MSCI World ETF	12
Financial Statements	29
Financial Highlights	32
Notes to Financial Statements	34
Supplemental Information	45
General Information	46

Fund Performance Overview

iSHARES^® MSCI FRONTIER 100 ETF

Performance as of February 28, 2018

The iShares MSCI Frontier 100 ETF (the “Fund”) seeks to track the investment results of an index composed of frontier market equities, as represented by the MSCI Frontier Markets 100 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 14.51%, net of fees, while the total return for the Index was 13.24%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		29.83%		29.82%		29.79%		29.83%		29.82%		29.79%
5 Years		8.21%		7.61%		9.72%		48.40%		44.32%		58.98%
Since Inception		9.96%		9.79%		11.39%		68.03%		66.61%		80.38%

The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,145.10	$	4.41	$	1,000.00	$	1,020.70	$	4.16		0.83%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	44.07	%
Telecommunication Services	12.66
Consumer Staples	11.59
Real Estate	7.02
Energy	6.85
Utilities	4.36
Industrials	4.29
Materials	3.89
Health Care	2.39
Consumer Discretionary	1.91
Information Technology	0.97
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total  Investments*

Argentina	22.90	%
Kuwait	16.98
Vietnam	16.03
Morocco	7.31
Nigeria	6.63
Kenya	6.30
Bangladesh	5.83
Romania	5.26
Bahrain	3.93
Oman	3.34
TOTAL	94.51	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI WORLD ETF

Performance as of February 28, 2018

The iShares MSCI World ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, as represented by the MSCI World Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 9.02%, net of fees, while the total return for the Index was 8.86%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		17.65%		17.30%		17.36%		17.65%		17.30%		17.36%
5 Years		10.84%		10.65%		10.70%		67.32%		65.88%		66.24%
Since Inception		11.99%		11.93%		11.81%		100.37%		99.73%		98.43%

The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,090.20	$	1.24	$	1,000.00	$	1,023.60	$	1.20		0.24%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	18.30	%
Information Technology	17.95
Consumer Discretionary	12.71
Health Care	11.86
Industrials	11.68
Consumer Staples	8.40
Energy	5.81
Materials	5.08
Real Estate	2.80
Utilities	2.79
Telecommunication Services	2.62
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total Investments*

United States	59.57	%
Japan	9.32
United Kingdom	6.32
France	3.87
Germany	3.53
Canada	3.28
Switzerland	2.92
Australia	2.54
Netherlands	1.39
Hong Kong	1.36
TOTAL	94.10	%

* Excludes money market funds.

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2017 and held through February 28, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number corresponding to your Fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 7

Schedule of Investments (Unaudited)

iSHARES^® MSCI FRONTIER 100 ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 98.21%
ARGENTINA — 22.50%
Adecoagro SAa		487,598	$	4,383,506
Arcos Dorados Holdings Inc. Class Aa		620,481		5,925,594
Banco Macro SA ADR		229,164		25,920,740
BBVA Banco Frances SA ADR		355,827		8,354,818
Cresud SACIF y A ADR		175,872		3,944,809
Empresa Distribuidora y Comercializadora Norte SA ADRa		110,298		6,379,636
Globant SAa,b		140,111		7,296,981
Grupo Financiero Galicia SA ADR		513,254		32,304,207
Grupo Supervielle SA ADR		294,457		9,042,774
IRSA Inversiones y Representaciones SA ADR		115,708		3,218,997
Pampa Energia SA ADRa		292,912		18,550,117
Telecom Argentina SA ADR		545,459		18,169,239
Transportadora de Gas del Sur SA ADRa		388,064		7,951,431
YPF SA ADR		883,300		20,413,063
				171,855,912
BAHRAIN — 3.86%
Ahli United Bank BSC		30,261,972		21,763,229
Aluminium Bahrain BSC		1,166,522		2,042,187
GFH Financial Group BSC		12,329,993		4,632,622
Ithmaar Holding BSCa		9,148,847		1,053,938
				29,491,976
BANGLADESH — 5.73%
ACI Ltd.		239,341		1,176,993
Acme Laboratores Ltd. (The)		1,198,137		1,581,727
Bangladesh Export Import Co. Ltd.		5,330,548		1,602,836
Beximco Pharmaceuticals Ltd.		2,535,687		3,195,619
BRAC Bank Ltd.		3,438,885		3,773,607
City Bank Ltd. (The)		4,057,057		1,861,459
Eastern Bank Ltd.		1,582,237		784,721
GrameenPhone Ltd.		765,605		4,390,478

Security	Shares		Value
International Finance Investment & Commerce Bank Ltd.a		4,995,069	$	945,458
Islami Bank Bangladesh Ltd.		3,837,447		1,457,288
Lafarge Surma Cement Ltd.		3,241,268		2,341,401
National Bank Ltd.a		12,239,824		1,788,869
Olympic Industries Ltd.		1,085,447		3,373,045
Pubali Bank Ltd.		2,261,746		726,143
Renata Ltd.		61,517		929,369
Square Pharmaceuticals Ltd.		3,257,253		12,225,186
Summit Power Ltd.		3,681,463		1,578,872
				43,733,071
CROATIA — 0.30%
Valamar Riviera DD		338,127		2,319,389
				2,319,389
JORDAN — 1.77%
Al-Eqbal Investment Co. PLC		56,730		2,718,371
Arab Bank PLC		560,826		5,295,658
Bank of Jordan		373,722		1,564,307
Jordan Islamic Bank		342,464		1,805,109
Jordan Petroleum Refinery Co.		556,450		2,172,316
				13,555,761
KAZAKHSTAN — 0.89%
Halyk Savings Bank of Kazakhstan JSC GDRa		432,785		5,972,433
KCell JSC GDR		167,818		802,170
				6,774,603
KENYA — 6.19%
Co-operative Bank of Kenya Ltd. (The)		13,445,260		2,380,103
East African Breweries Ltd.		2,704,542		6,374,611
Equity Group Holdings Ltd./Kenya		17,654,400		7,660,686
KCB Group Ltd.		15,315,136		7,136,491
Safaricom Ltd.		80,948,267		23,749,615
				47,301,506
KUWAIT — 16.68%
Agility Public Warehousing Co. KSC		3,639,666		10,239,780
Al Mazaya Holding Co. KSCP		2,805,717		1,027,564

8 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRONTIER 100 ETF

February 28, 2018

Security	Shares		Value
Alimtiaz Investment Co. KSCC		3,946,724	$	1,865,939
Boubyan Bank KSCP		3,399,890		5,376,886
Burgan Bank SAK		3,251,808		3,107,271
Human Soft Holding Co. KSC		336,650		4,131,486
Jazeera Airways Co. KSC		522,417		1,041,877
Kuwait Finance House KSCP		14,000,784		27,456,174
Kuwait International Bank KSCP		2,470,853		1,925,020
Kuwait Projects Co. Holding KSCP		2,200,490		2,219,905
Mabanee Co. SAK		2,422,480		5,912,029
Mezzan Holding Co. KSCC		678,610		1,796,221
Mobile Telecommunications Co. KSC		11,849,437		18,858,102
National Bank of Kuwait SAKP		14,347,076		36,781,250
National Industries Group Holding SAKa		4,862,074		2,492,956
National Real Estate Co. KPSCa		2,994,937		1,186,607
Warba Bank KSCPa		2,479,279		1,997,621
				127,416,688
MAURITIUS — 0.83%
Greenbay Properties Ltd.		53,081,136		6,340,731
				6,340,731
MOROCCO — 7.18%
Attijariwafa Bank		274,192		15,036,145
Banque Centrale Populaire		139,500		4,482,530
Ciments du Maroc		13,254		2,476,179
Cosumar		129,640		4,172,000
Douja Promotion Groupe Addoha SA		869,324		3,190,964
Maroc Telecom		1,201,070		19,267,705
Societe d’Exploitation des Ports		152,456		2,778,288
Taqa Morocco		13,880		1,498,920
TOTAL Maroc SA		9,344		1,939,435
				54,842,166
NETHERLANDS — 0.05%
Digi Communications NVa,c		44,737		409,905
				409,905

Security	Shares		Value
NIGERIA — 6.51%
Access Bank PLC		109,435,970	$	3,951,855
Afriland Properties PLCa		8,020		44
Dangote Cement PLC		8,255,351		6,074,562
FBN Holdings PLC		122,063,552		3,916,206
Guaranty Trust Bank PLC		100,503,657		13,679,664
Lafarge Africa PLC		16,044,068		2,313,020
Nestle Nigeria PLC		1,316,453		5,273,126
United Bank for Africa PLC		132,809,976		4,685,241
Zenith Bank PLC		111,407,495		9,871,942
				49,765,660
OMAN — 3.25%
Bank Muscat SAOG		8,125,256		8,736,154
Bank Nizwa SAOGa		5,787,960		1,322,790
Bank Sohar SAOG		7,762,740		3,124,853
HSBC Bank Oman SAOG		3,086,322		897,723
Oman Telecommunications Co. SAOG		2,297,369		6,503,395
Ooredoo QSC		2,063,933		2,894,491
Phoenix Power Co. SAOC		3,713,576		1,340,572
				24,819,978
ROMANIA — 5.17%
Banca Transilvania SA		20,733,041		13,297,717
BRD-Groupe Societe Generale SA		1,482,753		5,434,315
OMV Petrom SA		75,335,558		6,113,779
Societatea Energetica Electrica SA		1,121,894		3,377,518
Societatea Nationala de Gaze Naturale ROMGAZ SA		788,519		7,534,476
Transgaz SA Medias		34,872		3,724,646
				39,482,451
SLOVENIA — 0.62%
Petrol DD Ljubljana		4,679		1,940,293
Zavarovalnica Triglav DD		71,005		2,762,581
				4,702,874
SRI LANKA — 0.93%
John Keells Holdings PLC		6,854,335		7,082,002
				7,082,002
VIETNAM — 15.75%
Bank for Foreign Trade of Vietnam JSC		1,879,795		6,096,097

SCHEDULES OF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRONTIER 100 ETF

February 28, 2018

Security	Principal or Shares		Value
FLC Faros Construction JSCa		788,410	$	4,753,256
Hoa Phat Group JSCa		4,036,672		11,707,182
Hoa Sen Group		1,111,170		1,186,511
Hoang Huy Investment Financial Services JSC		1,197,010		1,046,733
Kinh Bac City Development Share Holding Corp.a		1,391,150		791,642
Masan Group Corp.		3,446,410		13,508,800
No Va Land Investment Group Corp.a		1,240,900		4,678,526
PetroVietnam Fertilizer & Chemicals JSC		1,044,040		1,078,127
PetroVietnam Technical Services Corp.		1,409,300		1,535,819
Saigon Beer Alcohol Beverage Corp.		213,190		2,203,379
Saigon Securities Inc.		2,201,700		3,570,011
Saigon Thuong Tin Commercial JSBa		3,659,929		2,589,307
Thanh Thanh Cong Tay Ninh JSCa		1,812,460		1,425,629
Vietnam Dairy Products JSC		4,847,710		41,752,039
Vincom Retail JSCa		460,000		1,119,831
Vingroup JSCa		5,099,530		21,265,782
				120,308,671
TOTAL COMMON STOCKS
(Cost: $582,634,949)				750,203,344
CONVERTIBLE BONDS — 0.04%
OMAN — 0.04%
Bank Muscat SAOG
0.35%, 03/19/18	OMR	1,026,177		293,155
				293,155
TOTAL CONVERTIBLE BONDS
(Cost: $255,878)				293,155

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.61%
MONEY MARKET FUNDS — 0.61%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		4,656,544	$	4,657,009
				4,657,009
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,656,788)				4,657,009
TOTAL INVESTMENTS IN SECURITIES — 98.86%
(Cost: $587,547,615)				755,153,508
Other Assets, Less Liabilities — 1.14%				8,713,678
NET ASSETS — 100.00%			$	763,867,186

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

Currency abbreviations:

OMR  —  Omani Rial

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRONTIER 100 ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		4,575,839		80,705	b		—			4,656,544	$	4,657,009	$	10,026	c	$	(358	)	$	(442	)
BlackRock Cash Funds: Treasury, SL Agency Shares		3,859,935		—			(3,859,935	)b		—		—		38,953			—			—
											$	4,657,009	$	48,979		$	(358	)	$	(442	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	750,203,300	$	44	$	—	$	750,203,344
Convertible bonds		—		293,155		—		293,155
Money market funds		4,657,009		—		—		4,657,009
Total	$	754,860,309	$	293,199	$	—	$	755,153,508

See notes to financial statements.

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.48%
AUSTRALIA — 2.53%
AGL Energy Ltd.		11,956	$	203,662
Amcor Ltd./Australia		19,276		208,789
AMP Ltd.		41,480		170,990
APA Group		19,168		119,493
APA Group Newa		1,238		7,718
ASX Ltd.		3,663		166,668
Aurizon Holdings Ltd.		32,513		115,784
Australia & New Zealand Banking Group Ltd.		36,173		818,856
Bendigo & Adelaide Bank Ltd.		10,187		90,019
BHP Billiton Ltd.		42,578		1,011,957
BlueScope Steel Ltd.		5,690		72,406
Brambles Ltd.		22,753		170,211
Cochlear Ltd.		1,647		236,022
Commonwealth Bank of Australia		21,550		1,282,805
Computershare Ltd.		8,723		121,266
Crown Resorts Ltd.		7,015		73,797
CSL Ltd.		6,588		837,666
Dexus		19,655		142,440
Fortescue Metals Group Ltd.		22,692		89,121
Goodman Group		32,696		209,177
GPT Group (The)		40,504		150,239
Incitec Pivot Ltd.		37,271		110,365
Insurance Australia Group Ltd.		36,539		233,479
James Hardie Industries PLC		9,036		160,894
LendLease Group		12,871		179,031
Macquarie Group Ltd.		4,341		350,619
Medibank Pvt Ltd.		45,630		112,716
Mirvac Group		91,805		151,663
National Australia Bank Ltd.		33,367		784,717
Newcrest Mining Ltd.		12,688		210,101
Oil Search Ltd.		21,494		126,457
Orica Ltd.		7,015		101,949
Origin Energy Ltd.a		32,635		230,149
QBE Insurance Group Ltd.		19,459		154,515
Ramsay Health Care Ltd.		2,501		124,535
Rio Tinto Ltd.		5,673		358,783
Santos Ltd.a		26,243		103,067
Scentre Group		73,404		219,648
Sonic Healthcare Ltd.		8,296		158,384
South32 Ltd.		82,598		213,690
Stockland		45,695		143,856

Security	Shares		Value
Suncorp Group Ltd.		16,426	$	173,568
Sydney Airport		17,814		91,480
Tabcorp Holdings Ltd.		24,107		86,788
Telstra Corp. Ltd.		52,544		137,166
Transurban Group		31,772		286,702
Vicinity Centres		60,756		117,413
Wesfarmers Ltd.		14,152		455,785
Westfield Corp.		27,694		189,046
Westpac Banking Corp.		42,155		1,010,773
Woodside Petroleum Ltd.		10,921		248,327
Woolworths Group Ltd.		16,897		363,541
				13,688,293
AUSTRIA — 0.12%
ANDRITZ AG		1,769		102,916
Erste Group Bank AG		5,002		255,680
OMV AG		3,721		213,755
Raiffeisen Bank International AGa		1,624		63,363
				635,714
BELGIUM — 0.46%
Ageas		3,782		199,039
Anheuser-Busch InBev SA/NV		9,638		1,028,327
Colruyt SA		1,952		105,539
Groupe Bruxelles Lambert SA		1,037		118,940
KBC Group NV		3,675		346,475
Proximus SADP		3,111		100,132
Solvay SA		1,044		144,012
UCB SA		2,135		177,277
Umicore SA		4,514		256,116
				2,475,857
CANADA — 3.27%
Agnico Eagle Mines Ltd.		4,087		155,940
Alimentation Couche-Tard Inc. Class B		5,856		285,133
ARC Resources Ltd.		6,161		59,526
Bank of Montreal		8,296		630,868
Bank of Nova Scotia (The)		15,311		949,955
Barrick Gold Corp.		14,367		165,719
BCE Inc.		854		37,323
BlackBerry Ltd.a		9,089		110,443
Bombardier Inc. Class Ba		23,163		73,393
Brookfield Asset Management Inc. Class A		11,468		445,259
Cameco Corp.		7,991		70,596

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
Canadian Imperial Bank of Commerce		4,880	$	446,354
Canadian National Railway Co.		10,614		822,381
Canadian Natural Resources Ltd.		14,640		454,162
Canadian Pacific Railway Ltd.b		2,074		371,470
Canadian Tire Corp. Ltd. Class A		1,342		182,644
Canadian Utilities Ltd. Class A		2,928		77,442
Cenovus Energy Inc.		15,189		110,715
CGI Group Inc. Class Aa		3,660		214,227
CI Financial Corp.		4,514		100,542
Constellation Software Inc./Canada		366		237,247
Crescent Point Energy Corp.		7,808		56,244
Enbridge Inc.		21,518		685,332
Encana Corp.		14,457		151,864
Fairfax Financial Holdings Ltd.		366		179,140
Finning International Inc.		4,331		115,529
First Quantum Minerals Ltd.b		9,428		153,853
Fortis Inc./Canada		5,795		189,631
Franco-Nevada Corp.		2,806		196,914
George Weston Ltd.		1,525		124,859
Gildan Activewear Inc.		3,721		108,086
Goldcorp Inc.		12,017		150,617
Great-West Lifeco Inc.		3,660		96,716
Husky Energy Inc.a		6,060		80,116
IGM Financial Inc.		1,769		54,105
Imperial Oil Ltd.		4,636		125,728
Intact Financial Corp.		1,952		151,197
Inter Pipeline Ltd.		6,726		117,109
Loblaw Companies Ltd.		3,416		175,739
Magna International Inc.		5,307		292,406
Manulife Financial Corp.		25,620		488,267
Metro Inc.		5,490		173,438
National Bank of Canada		5,124		248,972
Nutrien Ltd.a		8,872		436,555
Onex Corp.		2,257		165,856
Open Text Corp.		4,514		158,704
Pembina Pipeline Corp.		7,442		239,635
Power Corp. of Canada		5,002		118,711
Power Financial Corp.		3,538		92,498
PrairieSky Royalty Ltd.		4,941		109,783
Restaurant Brands International Inc.		3,599		211,247
RioCan REIT		4,880		89,461
Rogers Communications Inc. Class B		5,612		253,237
Royal Bank of Canada		18,422		1,453,373

Security	Shares		Value
Saputo Inc.		5,124	$	163,995
Shaw Communications Inc. Class B		6,289		121,917
Shopify Inc. Class Aa		962		133,262
SNC-Lavalin Group Inc.		2,867		124,561
Sun Life Financial Inc.		7,625		314,557
Suncor Energy Inc.		22,031		726,257
Teck Resources Ltd. Class B		8,662		248,094
TELUS Corp.		2,411		87,156
Thomson Reuters Corp.		4,026		158,859
Toronto-Dominion Bank (The)		23,241		1,342,205
Tourmaline Oil Corp.a		3,599		52,439
TransCanada Corp.		11,712		507,290
Valeant Pharmaceuticals International Inc.a		5,063		83,017
Vermilion Energy Inc.		2,684		88,541
Wheaton Precious Metals Corp.		7,137		136,407
				17,734,818
DENMARK — 0.70%
AP Moller – Maersk A/S Class A		122		191,649
Carlsberg A/S Class B		1,870		229,799
Coloplast A/S Class B		2,318		196,533
Danske Bank A/S		9,924		400,224
DSV A/S		4,584		360,725
Genmab A/Sa		943		192,622
Novo Nordisk A/S Class B		25,254		1,309,694
Novozymes A/S Class B		4,209		217,179
Pandora A/S		1,775		186,083
Vestas Wind Systems A/S		3,310		240,518
William Demant Holding A/Sa,b		7,442		267,214
				3,792,240
FINLAND — 0.39%
Elisa OYJ		3,294		142,020
Fortum OYJ		3,843		84,603
Kone OYJ Class B		4,880		253,491
Metso OYJ		3,320		106,778
Neste OYJ		1,320		96,983
Nokia OYJ		78,590		460,379
Sampo OYJ Class A		5,124		291,476
Stora Enso OYJ Class R		9,882		175,666
UPM-Kymmene OYJ		8,113		279,337
Wartsila OYJ Abp		3,172		224,154
				2,114,887
FRANCE — 3.86%
Accor SA		3,172		183,765

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
Air Liquide SA		5,525	$	695,083
Airbus SE		7,930		951,128
Alstom SA		3,782		159,831
Atos SE		2,013		266,384
AXA SA		24,278		765,732
BNP Paribas SA		14,580		1,162,442
Bollore SA		28,975		164,187
Bouygues SA		3,050		154,972
Bureau Veritas SA		5,003		131,252
Capgemini SE		2,318		291,055
Carrefour SA		7,686		177,642
Casino Guichard Perrachon SA		976		53,115
Cie. de Saint-Gobain		6,344		361,688
Cie. Generale des Etablissements Michelin SCA Class B		2,623		405,331
Credit Agricole SA		15,128		260,803
Danone SA		7,686		616,356
Dassault Systemes SE		2,318		300,385
Edenred		4,209		148,512
Electricite de France SA		4,132		53,949
Engie SA		22,265		349,627
Essilor International Cie. Generale d’Optique SA		2,867		377,123
Eutelsat Communications SA		3,965		92,850
Getlink SE Registered		11,529		148,558
Hermes International		497		267,986
Iliad SA		610		143,515
Ingenico Group SA		854		74,494
Ipsen SA		475		70,013
Kering SA		1,220		577,334
Klepierre SA		4,172		172,649
L’Oreal SA		3,172		684,959
Lagardere SCA		2,745		81,020
Legrand SA		4,209		331,317
LVMH Moet Hennessy Louis Vuitton SE		3,721		1,118,696
Orange SA		25,498		433,515
Pernod Ricard SA		3,050		502,191
Peugeot SA		7,259		164,807
Publicis Groupe SA		2,806		212,322
Renault SA		2,637		287,787
Safran SA		4,392		486,924
Sanofi		15,433		1,224,051
Schneider Electric SE		7,278		635,388
SCOR SE		2,684		114,541

Security	Shares		Value
SES SA		5,734	$	91,824
Societe BIC SA		610		64,094
Societe Generale SA		10,370		595,963
Sodexo SA		1,525		188,043
STMicroelectronics NV		11,157		256,096
Suez		6,710		92,682
Thales SA		1,952		217,935
TOTAL SA		29,280		1,677,363
Ubisoft Entertainment SAa		1,077		89,322
Unibail-Rodamco SE		1,299		303,795
Valeo SA		3,843		250,573
Veolia Environnement SA		6,893		167,889
Vinci SA		6,527		647,361
Vivendi SA		14,884		385,757
				20,883,976
GERMANY — 3.33%
1&1 Drillisch AG		893		69,106
adidas AG		2,562		570,578
Allianz SE Registered		5,795		1,357,173
BASF SE		11,956		1,260,043
Bayer AG Registered		11,041		1,295,849
Bayerische Motoren Werke AG		4,026		426,313
Beiersdorf AG		2,650		291,274
Brenntag AG		3,294		206,822
Commerzbank AGa		19,094		296,643
Continental AG		1,482		407,958
Covestro AGc		1,948		221,765
Daimler AG Registered		10,937		940,022
Deutsche Bank AG Registered		29,367		472,791
Deutsche Boerse AG		2,909		388,325
Deutsche Lufthansa AG Registered		4,379		147,514
Deutsche Post AG Registered		13,969		641,284
Deutsche Telekom AG Registered		41,420		669,868
E.ON SE		32,419		330,553
Fresenius Medical Care AG & Co. KGaA		3,355		356,407
Fresenius SE & Co. KGaA		5,734		469,262
GEA Group AG		3,172		150,687
Hannover Rueck SE		1,220		166,504
HeidelbergCement AG		2,440		246,230
Henkel AG & Co. KGaA		1,769		213,275
Infineon Technologies AG		18,666		509,958
Lanxess AG		2,257		188,839
Linde AGa		2,684		603,477

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
MAN SE		1,403	$	160,165
Merck KGaA		2,257		226,331
MTU Aero Engines AG		148		24,838
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		2,013		451,994
Osram Licht AG		2,136		170,066
ProSiebenSat.1 Media SE Registered		3,610		143,272
QIAGEN NVa		5,170		174,665
RWE AGa		9,211		184,353
SAP SE		13,115		1,378,831
Siemens AG Registered		10,126		1,339,254
thyssenkrupp AG		6,771		184,324
United Internet AG Registeredd		394		26,891
Vonovia SE		7,991		365,971
Wirecard AG		1,451		174,706
Zalando SEa,b,c		2,379		136,083
				18,040,264
HONG KONG — 1.35%
AIA Group Ltd.		170,800		1,430,736
Bank of East Asia Ltd. (The)b		48,800		214,836
BOC Hong Kong Holdings Ltd.		91,500		463,037
CK Asset Holdings Ltd.		57,500		497,457
CK Hutchison Holdings Ltd.		30,500		381,966
CLP Holdings Ltd.		30,500		308,301
Galaxy Entertainment Group Ltd.		47,000		411,422
Hang Seng Bank Ltd.		18,300		454,852
Hong Kong & China Gas Co. Ltd.		219,497		434,209
Hong Kong Exchanges & Clearing Ltd.		16,000		580,681
Jardine Matheson Holdings Ltd.		6,100		397,415
Kingston Financial Group Ltd.b		50,000		30,222
Li & Fung Ltd.b		130,000		65,620
Link REIT		61,000		521,501
Melco Resorts & Entertainment Ltd. ADR		2,330		63,959
Minth Group Ltd.b		8,000		47,334
MTR Corp. Ltd.		61,000		323,502
New World Development Co. Ltd.		183,333		279,265
Sands China Ltd.		48,800		275,327
WH Group Ltd.c		92,500		114,660
Wynn Macau Ltd.		9,200		32,331
				7,328,633

Security	Shares		Value
IRELAND — 0.18%
AIB Group PLC		8,887	$	58,531
Bank of Ireland Group PLCa		15,570		146,223
CRH PLC		10,370		344,905
Kerry Group PLC Class A		2,684		268,267
Paddy Power Betfair PLC		1,232		143,649
				961,575
ISRAEL — 0.16%
Bank Hapoalim BM		32,635		233,875
Check Point Software Technologies Ltd.a,b		2,013		209,130
Nice Ltd.		1,708		166,644
Teva Pharmaceutical Industries Ltd. ADRb		12,505		234,094
				843,743
ITALY — 0.91%
Assicurazioni Generali SpA		15,982		300,963
Atlantia SpA		7,564		234,142
CNH Industrial NV		18,020		244,946
Enel SpA		107,319		625,531
Eni SpA		33,367		558,106
Ferrari NV		2,372		296,534
Fiat Chrysler Automobiles NVa		15,128		324,219
Intesa Sanpaolo SpA		201,361		760,347
Leonardo SpA		3,996		43,132
Luxottica Group SpA		2,440		146,893
Mediobanca Banca di Credito Finanziario SpA		6,396		76,870
Snam SpA		49,084		220,364
Telecom Italia SpA/Milanoa		234,915		212,021
Tenaris SA		7,991		138,396
Terna Rete Elettrica Nazionale SpA		30,073		167,254
UniCredit SpAa		27,354		582,039
				4,931,757
JAPAN — 9.29%
Aeon Co. Ltd.		12,200		206,544
Aisin Seiki Co. Ltd.		6,100		358,437
Ajinomoto Co. Inc.		12,200		223,751
Alps Electric Co. Ltd.		800		22,154
ANA Holdings Inc.		6,100		245,989
Asahi Group Holdings Ltd.		10,000		514,596
Asahi Kasei Corp.		34,300		444,722
Astellas Pharma Inc.		36,600		542,114
Bridgestone Corp.		12,200		546,745

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
Canon Inc.		18,300	$	702,467
Casio Computer Co. Ltd.		6,400		95,186
Chubu Electric Power Co. Inc.		18,300		250,477
Chugai Pharmaceutical Co. Ltd.		6,100		317,277
Chugoku Electric Power Co. Inc. (The)		18,300		214,548
Concordia Financial Group Ltd.		24,400		143,146
Dai-ichi Life Holdings Inc.		15,000		299,705
Daifuku Co. Ltd.		1,000		66,164
Daiichi Sankyo Co. Ltd.		13,100		467,502
Daikin Industries Ltd.		6,100		723,162
Daiwa House Industry Co. Ltd.		12,200		454,706
Denso Corp.		6,100		359,294
Dentsu Inc.		5,000		231,714
East Japan Railway Co.		6,100		575,100
Eisai Co. Ltd.		6,100		325,623
FANUC Corp.		2,700		691,036
Fast Retailing Co. Ltd.		700		279,265
FUJIFILM Holdings Corp.		6,100		255,936
Fujitsu Ltd.		40,000		241,376
Hakuhodo DY Holdings Inc.		12,200		177,446
Hitachi Ltd.		61,000		467,626
Honda Motor Co. Ltd.		24,400		888,374
Hoya Corp.		6,100		324,194
Hulic Co. Ltd.		12,200		136,515
Idemitsu Kosan Co. Ltd.		900		34,792
Iida Group Holdings Co. Ltd.		6,100		115,649
Inpex Corp.		24,400		299,898
ITOCHU Corp.		24,400		472,428
Japan Airlines Co. Ltd.		6,100		233,756
Japan Exchange Group Inc.		12,200		212,204
Japan Post Holdings Co. Ltd.		18,300		221,408
Japan Retail Fund Investment Corp.		122		234,727
Japan Tobacco Inc.		18,300		522,735
JFE Holdings Inc.		12,200		284,406
JTEKT Corp.		6,100		95,126
JXTG Holdings Inc.		54,900		337,514
Kansai Electric Power Co. Inc. (The)		16,100		196,903
Kao Corp.		6,100		448,875
KDDI Corp.		24,400		602,654
Keyence Corp.		1,000		611,686
Kirin Holdings Co. Ltd.		18,300		476,515
Kobe Steel Ltd.a		6,100		68,029
Komatsu Ltd.		16,900		620,218

Security	Shares		Value
Konami Holdings Corp.		2,900	$	153,554
Konica Minolta Inc.		14,500		134,666
Kose Corp.		200		37,749
Kubota Corp.		18,300		333,912
Kuraray Co. Ltd.		18,300		321,393
Kyocera Corp.		6,100		363,182
Kyushu Electric Power Co. Inc.		12,200		137,315
Kyushu Financial Group Inc.		18,300		102,900
M3 Inc.		6,100		238,958
Marubeni Corp.		42,700		328,018
Marui Group Co. Ltd.		6,100		117,821
Mazda Motor Corp.		12,200		171,101
MINEBEA MITSUMI Inc.		6,100		140,631
Mitsubishi Chemical Holdings Corp.		42,700		437,785
Mitsubishi Corp.		24,400		689,662
Mitsubishi Electric Corp.		28,200		480,197
Mitsubishi Estate Co. Ltd.		13,400		235,525
Mitsubishi Heavy Industries Ltd.		6,100		250,506
Mitsubishi Motors Corp.		12,200		97,069
Mitsubishi UFJ Financial Group Inc.		171,400		1,224,481
Mitsubishi UFJ Lease & Finance Co. Ltd.		30,500		195,225
Mitsui & Co. Ltd.		30,600		559,635
Mitsui Fudosan Co. Ltd.		12,200		294,753
Mizuho Financial Group Inc.		372,100		695,344
MS&AD Insurance Group Holdings Inc.		8,000		249,810
Murata Manufacturing Co. Ltd.		2,700		379,172
Nagoya Railroad Co. Ltd.		12,200		312,475
NEC Corp.		3,000		91,655
Nexon Co. Ltd.a		1,400		50,907
Nidec Corp.		4,700		760,245
Nikon Corp.		12,200		249,477
Nintendo Co. Ltd.		1,600		735,935
Nippon Paint Holdings Co. Ltd.		4,900		179,551
Nippon Steel & Sumitomo Metal Corp.		12,247		293,421
Nippon Telegraph & Telephone Corp.		12,200		569,612
Nissan Motor Co. Ltd.		42,700		450,190
Nitori Holdings Co. Ltd.		900		151,947
Nitto Denko Corp.		3,700		308,712
Nomura Holdings Inc.		67,100		414,781
Nomura Real Estate Master Fund Inc.		122		167,385

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
NTT DOCOMO Inc.		24,400	$	627,693
Olympus Corp.		6,100		246,104
Omron Corp.		6,100		363,582
Ono Pharmaceutical Co. Ltd.		6,100		178,933
Oriental Land Co. Ltd./Japan		6,100		595,680
ORIX Corp.		24,400		436,755
Otsuka Holdings Co. Ltd.		6,100		307,787
Panasonic Corp.		36,600		575,385
Rakuten Inc.		18,300		167,608
Recruit Holdings Co. Ltd.		18,300		444,530
Renesas Electronics Corp.a,b		6,100		70,715
Resona Holdings Inc.		42,700		244,903
Ricoh Co. Ltd.		15,200		164,671
Ryohin Keikaku Co. Ltd.		200		68,694
Sekisui House Ltd.		12,200		214,833
Seven & i Holdings Co. Ltd.		12,200		510,044
Seven Bank Ltd.		28,800		99,864
Sharp Corp./Japana,b		1,600		56,230
Shin-Etsu Chemical Co. Ltd.		6,100		650,274
Shionogi & Co. Ltd.		6,100		319,620
Shiseido Co. Ltd.		6,100		369,356
SMC Corp./Japan		600		253,203
SoftBank Group Corp.		12,200		1,017,000
Sompo Holdings Inc.		6,100		236,843
Sony Corp.		18,300		933,308
Start Today Co. Ltd.		2,200		57,399
Subaru Corp.		6,100		216,091
Sumco Corp.		2,500		67,546
Sumitomo Chemical Co. Ltd.		5,000		31,348
Sumitomo Corp.		30,500		539,942
Sumitomo Electric Industries Ltd.		18,300		291,208
Sumitomo Metal Mining Co. Ltd.		900		42,442
Sumitomo Mitsui Financial Group Inc.		18,300		803,653
Sumitomo Mitsui Trust Holdings Inc.		6,100		247,590
Sumitomo Realty & Development Co. Ltd.		5,000		182,794
Suzuki Motor Corp.		6,100		351,348
Sysmex Corp.		4,000		334,005
T&D Holdings Inc.		12,200		203,457
Takeda Pharmaceutical Co. Ltd.		12,200		698,809
Terumo Corp.		6,100		329,853
Tohoku Electric Power Co. Inc.		12,200		160,525
Tokio Marine Holdings Inc.		12,200		567,782

Security	Shares		Value
Tokyo Electric Power Co. Holdings Inc.a		30,500	$	117,764
Tokyo Electron Ltd.		1,700		335,523
Tokyo Gas Co. Ltd.		12,200		306,987
Tokyu Fudosan Holdings Corp.		24,400		181,105
Toshiba Corp.a		61,000		181,219
Tosoh Corp.		6,100		128,626
Toyota Motor Corp.		36,600		2,481,617
Unicharm Corp.		6,100		171,672
USS Co. Ltd.		6,100		126,453
Yahoo Japan Corp.		42,800		198,948
Yakult Honsha Co. Ltd.		500		35,940
Yamada Denki Co. Ltd.b		24,400		154,808
Yamaha Corp.		4,800		212,773
Yamaha Motor Co. Ltd.		900		28,719
Yamato Holdings Co. Ltd.		6,100		153,093
Yaskawa Electric Corp.		2,700		126,770
Yokogawa Electric Corp.		6,100		124,510
				50,335,005
NETHERLANDS — 1.39%
Aegon NV		25,376		177,405
AerCap Holdings NVa,b		2,623		130,127
Akzo Nobel NV		3,661		356,140
Altice NV Class Aa,b		6,555		63,047
ArcelorMittala		8,926		307,547
ASML Holding NV		5,124		1,008,043
Heineken Holding NV		2,074		206,791
Heineken NV		3,233		337,295
ING Groep NV		50,508		891,875
Koninklijke Ahold Delhaize NV		18,504		417,561
Koninklijke DSM NV		2,990		310,485
Koninklijke KPN NV		56,120		175,908
Koninklijke Philips NV		13,557		521,342
NN Group NV		3,965		177,768
NXP Semiconductors NVa		4,758		593,132
Randstad Holding NV		2,089		149,966
RELX NV		13,974		287,181
Unilever NV CVA		21,228		1,112,655
Wolters Kluwer NV		5,673		288,387
				7,512,655
NEW ZEALAND — 0.03%
Fletcher Building Ltd.		19,398		91,206
Spark New Zealand Ltd.		39,345		95,339
				186,545

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
NORWAY — 0.25%
DNB ASA		15,128	$	300,561
Norsk Hydro ASA		23,546		160,136
Orkla ASA		14,918		163,837
Statoil ASA		16,043		370,711
Telenor ASA		9,699		219,322
Yara International ASA		3,660		163,206
				1,377,773
PORTUGAL — 0.04%
EDP – Energias de Portugal SA		29,795		100,043
Galp Energia SGPS SA		5,507		99,876
				199,919
SINGAPORE — 0.43%
Ascendas REIT		100,165		200,656
CapitaLand Ltd.		85,400		234,344
CapitaLand Mall Trust		75,700		115,595
DBS Group Holdings Ltd.		23,100		501,168
Genting Singapore PLC		140,300		123,028
Hutchison Port Holdings Trustb		170,800		62,342
Oversea-Chinese Banking Corp. Ltd.		42,700		421,561
Singapore Press Holdings Ltd.b		3,700		7,272
Singapore Telecommunications Ltd.		122,000		311,721
United Overseas Bank Ltd.		16,600		349,982
				2,327,669
SPAIN — 1.20%
Abertis Infraestructuras SA		10,994		262,813
ACS Actividades de Construccion y Servicios SA		4,188		144,707
Aena SME SAc		1,281		261,932
Amadeus IT Group SA		6,771		500,120
Banco Bilbao Vizcaya Argentaria SA		86,501		726,902
Banco de Sabadell SA		88,215		185,649
Banco Santander SA		210,866		1,457,455
Bankia SA		25,300		121,207
Bankinter SA		8,982		99,339
CaixaBank SA		51,547		252,232
Enagas SA		2,061		53,843
Endesa SA		3,867		81,594
Ferrovial SA		8,290		179,620
Gas Natural SDG SA		4,026		92,388
Grifols SA		3,974		109,443
Iberdrola SA		72,641		538,313
Industria de Diseno Textil SA		13,725		417,823

Security	Shares		Value
International Consolidated Airlines Group SA		10,126	$	85,858
Red Electrica Corp. SA		5,764		112,481
Repsol SA		17,845		320,049
Telefonica SA		52,375		510,586
				6,514,354
SWEDEN — 1.01%
Alfa Laval AB		5,673		137,144
Assa Abloy AB Class B		14,762		331,123
Atlas Copco AB Class A		7,991		342,478
Atlas Copco AB Class B		6,832		260,565
Boliden AB		5,494		195,544
Electrolux AB Class B		4,148		136,923
Essity AB Class Ba		8,540		235,003
Hennes & Mauritz AB Class B		11,468		190,204
Hexagon AB Class B		4,331		254,408
Investor AB Class B		6,100		276,158
Kinnevik AB Class B		3,904		143,287
Lundin Petroleum ABa		4,575		107,866
Millicom International Cellular SA SDR		1,344		89,946
Nordea Bank AB		38,125		435,110
Sandvik AB		18,976		353,846
Skandinaviska Enskilda Banken AB Class A		19,276		227,808
Skanska AB Class B		6,161		123,176
SKF AB Class B		6,100		128,435
Svenska Handelsbanken AB Class A		19,581		269,887
Swedbank AB Class A		10,187		256,965
Swedish Match AB		3,965		169,214
Telefonaktiebolaget LM Ericsson Class B		42,395		285,311
Telia Co. AB		25,099		119,141
Volvo AB Class B		21,361		404,636
				5,474,178
SWITZERLAND — 2.91%
ABB Ltd. Registered		26,291		641,522
Adecco Group AG Registered		2,562		206,738
Baloise Holding AG Registered		1,159		182,977
Cie. Financiere Richemont SA Class A Registered		7,259		639,526
Credit Suisse Group AG Registered		33,175		616,426
Geberit AG Registered		732		331,668

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
Givaudan SA Registered		122	$	278,455
Julius Baer Group Ltd.		4,087		266,398
Kuehne + Nagel International AG Registered		1,681		275,171
LafargeHolcim Ltd. Registered		6,588		386,057
Lonza Group AG Registered		976		248,686
Nestle SA Registered		40,870		3,255,588
Novartis AG Registered		29,036		2,432,136
Partners Group Holding AG		488		354,750
Roche Holding AG		9,211		2,137,424
Schindler Holding AG Participation Certificates		732		171,643
Schindler Holding AG Registered		732		165,911
SGS SA Registered		122		310,729
Sonova Holding AG Registered		1,342		210,733
Swatch Group AG (The) Bearer		610		258,058
Swiss Life Holding AG Registered		549		199,256
Swiss Prime Site AG Registered		914		85,496
Swiss Re AG		3,660		373,726
Swisscom AG Registered		408		221,042
UBS Group AG Registered		46,823		895,288
Zurich Insurance Group AG		1,891		624,297
				15,769,701
UNITED KINGDOM — 6.30%
3i Group PLC		15,952		206,519
Admiral Group PLC		3,843		97,588
Anglo American PLC		19,337		474,414
Antofagasta PLC		9,516		114,071
Aptiv PLC		3,617		330,341
Ashtead Group PLC		7,403		215,633
Associated British Foods PLC		5,551		201,231
AstraZeneca PLC		16,775		1,103,667
Auto Trader Group PLCc		22,509		113,201
Aviva PLC		50,581		352,368
Babcock International Group PLC		7,198		64,644
BAE Systems PLC		45,445		362,800
Barclays PLC		221,430		651,383
BHP Billiton PLC		29,158		596,283
BP PLC		253,394		1,658,935
British American Tobacco PLC		30,063		1,779,296
British Land Co. PLC (The)		12,993		112,427
BT Group PLC		112,118		370,448
Bunzl PLC		7,137		192,249
Burberry Group PLC		6,527		137,911

Security	Shares		Value
Capita PLC		11,224	$	27,242
Carnival PLC		3,172		209,742
Centrica PLC		72,529		142,906
Cobham PLCa		56,384		88,138
Coca-Cola HBC AGa		2,126		69,864
Compass Group PLC		21,071		448,845
Croda International PLC		2,950		187,869
Diageo PLC		32,635		1,106,168
Experian PLC		14,396		308,641
Ferguson PLC		3,488		247,314
G4S PLC		29,768		107,626
GKN PLC		28,487		171,840
GlaxoSmithKline PLC		62,281		1,121,760
Glencore PLC		164,887		877,747
Hammerson PLC		12,688		78,145
HSBC Holdings PLC		261,141		2,580,221
IMI PLC		7,137		120,660
Imperial Brands PLC		12,078		435,846
InterContinental Hotels Group PLC		3,398		220,004
Intertek Group PLC		3,660		247,759
Investec PLC		13,481		117,950
ITV PLC		55,815		123,048
J Sainsbury PLC		27,464		98,009
Johnson Matthey PLC		3,174		137,103
Kingfisher PLC		31,476		155,218
Land Securities Group PLC		10,580		135,135
Legal & General Group PLC		76,433		276,553
Lloyds Banking Group PLC		915,732		868,079
London Stock Exchange Group PLC		5,494		304,916
Marks & Spencer Group PLC		22,692		92,423
Meggitt PLC		15,860		98,905
Micro Focus International PLC		3,124		88,800
National Grid PLC		39,284		400,652
Next PLC		2,257		151,012
Old Mutual PLC		71,980		253,201
Pearson PLC		11,712		118,190
Prudential PLC		34,526		870,800
Randgold Resources Ltd.		1,142		92,019
Reckitt Benckiser Group PLC		8,601		684,508
RELX PLC		16,592		341,319
Rio Tinto PLC		16,714		904,134
Rolls-Royce Holdings PLC		24,949		288,621
Royal Bank of Scotland Group PLCa		53,070		195,749
Royal Dutch Shell PLC Class A ADR		56,394		1,787,935

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
Royal Dutch Shell PLC Class B		51,182	$	1,636,796
RSA Insurance Group PLC		19,171		166,783
Sage Group PLC (The)		20,313		193,847
Segro PLC		22,842		179,899
Severn Trent PLC		5,246		123,422
Shire PLC		12,157		520,774
Sky PLC		13,359		248,122
Smith & Nephew PLC		12,749		222,827
Smiths Group PLC		8,357		183,947
SSE PLC		12,523		211,372
Standard Chartered PLCa		45,019		502,935
Standard Life Aberdeen PLC		39,255		199,096
Taylor Wimpey PLC		55,571		142,417
Tesco PLC		116,815		339,290
TUI AG		8,174		173,950
Unilever PLC		17,263		888,044
United Utilities Group PLC		12,627		115,906
Vodafone Group PLC		336,845		945,649
Weir Group PLC (The)		4,392		123,209
Whitbread PLC		2,806		150,126
WPP PLC		17,324		332,746
				34,119,182
UNITED STATES — 59.37%
3M Co.		7,747		1,824,496
Abbott Laboratories		22,064		1,331,121
AbbVie Inc.		21,045		2,437,642
Accenture PLC Class A		8,113		1,306,274
Activision Blizzard Inc.		9,761		713,822
Acuity Brands Inc.		671		95,671
Adobe Systems Inc.a		6,771		1,416,019
Advance Auto Parts Inc.		1,220		139,385
Advanced Micro Devices Inc.a		11,102		134,445
AES Corp./VA		8,967		97,471
Aetna Inc.		4,636		820,850
Affiliated Managers Group Inc.		976		184,815
Aflac Inc.		5,185		460,843
AGCO Corp.		1,403		93,440
Agilent Technologies Inc.		5,673		389,111
AGNC Investment Corp.		5,843		104,823
Air Products & Chemicals Inc.		2,806		451,177
Akamai Technologies Inc.a		2,623		176,948
Albemarle Corp.		1,831		183,887
Alexion Pharmaceuticals Inc.a		3,172		372,551
Align Technology Inc.a		1,117		293,235

Security	Shares		Value
Alkermes PLCa		2,745	$	156,685
Alleghany Corp.a		151		91,529
Allergan PLC		4,453		686,742
Alliance Data Systems Corp.		793		191,081
Alliant Energy Corp.		4,453		172,108
Allstate Corp. (The)		4,758		438,973
Alnylam Pharmaceuticals Inc.a		1,140		136,982
Alphabet Inc. Class Aa		3,904		4,309,704
Alphabet Inc. Class Ca		4,148		4,582,420
Altria Group Inc.		24,950		1,570,602
Amazon.com Inc.a		5,368		8,118,832
Ameren Corp.		4,026		218,612
American Airlines Group Inc.		1,891		102,587
American Electric Power Co. Inc.		6,466		424,040
American Express Co.		9,943		969,542
American International Group Inc.		11,734		672,828
American Tower Corp.		5,978		832,915
American Water Works Co. Inc.		3,660		290,458
Ameriprise Financial Inc.		2,440		381,714
AmerisourceBergen Corp.		2,318		220,581
AMETEK Inc.		4,087		309,549
Amgen Inc.		9,577		1,759,965
Amphenol Corp. Class A		4,758		434,834
Anadarko Petroleum Corp.		7,381		421,012
Analog Devices Inc.		5,234		471,845
Andeavor		2,257		202,272
Annaly Capital Management Inc.		15,921		159,688
ANSYS Inc.a		1,587		253,825
Anthem Inc.		3,538		832,774
Aon PLC		3,500		491,120
Apache Corp.		5,124		174,985
Apple Inc.		67,962		12,105,391
Applied Materials Inc.		15,279		879,918
Arch Capital Group Ltd.a		2,257		199,158
Archer-Daniels-Midland Co.		7,930		329,254
Arconic Inc.		5,780		140,974
Arista Networks Inc.a,b		683		184,232
Arrow Electronics Inc.a		1,830		149,291
Assurant Inc.		1,220		104,273
AT&T Inc.		78,873		2,863,090
Autodesk Inc.a		3,050		358,283
Autoliv Inc.		1,342		192,496
Automatic Data Processing Inc.		6,039		696,417
AutoZone Inc.a		427		283,835

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
AvalonBay Communities Inc.		1,830	$	285,517
Avery Dennison Corp.		1,952		230,629
Avnet Inc.		2,501		106,793
Axis Capital Holdings Ltd.		2,074		102,331
Baker Hughes a GE Co.		5,856		154,598
Ball Corp.		5,124		204,704
Bank of America Corp.		133,041		4,270,616
Bank of New York Mellon Corp. (The)		13,969		796,652
Baxter International Inc.		6,527		442,465
BB&T Corp.		10,371		563,664
Becton Dickinson and Co.		3,798		843,232
Berkshire Hathaway Inc. Class Ba		15,520		3,215,744
Best Buy Co. Inc.		3,965		287,225
Biogen Inc.a		2,928		846,163
BioMarin Pharmaceutical Inc.a		2,928		237,666
BlackRock Inc.e		1,586		871,396
Boeing Co. (The)		7,686		2,783,946
Booking Holdings Inc.a,b		671		1,364,841
BorgWarner Inc.		3,233		158,676
Boston Properties Inc.		2,318		275,541
Boston Scientific Corp.a		19,215		523,801
Brighthouse Financial Inc.a		1,320		71,636
Bristol-Myers Squibb Co.		21,592		1,429,390
Broadcom Ltd.		5,429		1,338,031
Brown-Forman Corp. Class B		3,172		221,374
Bunge Ltd.		2,135		161,043
CA Inc.		4,697		164,865
Cabot Oil & Gas Corp.		7,442		179,799
Campbell Soup Co.		3,355		144,433
Capital One Financial Corp.		6,771		663,084
Cardinal Health Inc.		4,392		303,970
CarMax Inc.a		2,806		173,748
Carnival Corp.		4,209		281,624
Caterpillar Inc.		7,625		1,179,054
CBRE Group Inc. Class Aa		4,819		225,288
CBS Corp. Class B NVS		4,960		262,731
CDK Global Inc.		2,501		171,769
Celanese Corp. Series A		2,379		239,946
Celgene Corp.a		10,370		903,434
Centene Corp.a		2,867		290,771
CenterPoint Energy Inc.		6,405		173,255
CenturyLink Inc.		13,916		245,896
Cerner Corp.a		4,148		266,136

Security	Shares		Value
CF Industries Holdings Inc.		3,483	$	143,639
CH Robinson Worldwide Inc.		2,501		233,493
Charles Schwab Corp. (The)		16,592		879,708
Charter Communications Inc. Class Aa		2,757		942,701
Chemours Co. (The)		2,569		122,053
Cheniere Energy Inc.a		3,416		179,408
Chevron Corp.		24,583		2,751,329
Chipotle Mexican Grill Inc.a		366		116,538
Chubb Ltd.		5,621		797,732
Church & Dwight Co. Inc.		4,636		228,045
Cigna Corp.		3,538		693,059
Cimarex Energy Co.		1,464		140,676
Cincinnati Financial Corp.		2,318		172,900
Cintas Corp.		1,769		301,898
Cisco Systems Inc.		64,416		2,884,548
CIT Group Inc.		3,294		174,747
Citigroup Inc.		36,234		2,735,305
Citizens Financial Group Inc.		8,324		362,011
Citrix Systems Inc.a		2,623		241,316
Clorox Co. (The)		2,075		267,841
CME Group Inc.		4,514		750,046
CMS Energy Corp.		4,880		207,156
Coca-Cola Co. (The)		51,728		2,235,684
Cognex Corp.		2,450		131,590
Cognizant Technology Solutions Corp. Class A		8,174		670,431
Colgate-Palmolive Co.		11,041		761,498
Comcast Corp. Class A		61,854		2,239,733
Comerica Inc.		3,416		332,104
Conagra Brands Inc.		6,710		242,432
Concho Resources Inc.a		2,135		321,958
ConocoPhillips		16,104		874,608
Consolidated Edison Inc.		4,392		328,917
Constellation Brands Inc. Class A		2,562		552,060
Continental Resources Inc./OKa,b		1,594		75,731
Corning Inc.		14,152		411,540
Costco Wholesale Corp.		5,856		1,117,910
Coty Inc. Class A		6,610		127,705
Crown Castle International Corp.		5,429		597,516
Crown Holdings Inc.a		2,928		145,932
CSX Corp.		12,688		681,599
Cummins Inc.		2,318		389,818
CVS Health Corp.		13,359		904,805
Danaher Corp.		7,991		781,360

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
Darden Restaurants Inc.		2,135	$	196,826
DaVita Inc.a		2,135		153,763
Deere & Co.		3,721		598,597
Dell Technologies Inc. Class Va		3,356		249,317
Delta Air Lines Inc.		1,606		86,563
DENTSPLY SIRONA Inc.		3,416		191,501
Devon Energy Corp.		6,710		205,796
Digital Realty Trust Inc.		2,928		294,674
Discover Financial Services		5,551		437,585
Discovery Communications Inc. Class Aa,b		2,074		50,440
Discovery Communications Inc. Class C NVSa		3,965		91,116
DISH Network Corp. Class Aa		3,294		137,327
Dollar General Corp.		4,026		380,819
Dollar Tree Inc.a		3,233		331,835
Dominion Energy Inc.		7,869		582,857
Dover Corp.		2,745		274,775
DowDuPont Inc.		29,376		2,065,133
DR Horton Inc.		5,368		224,919
Dr Pepper Snapple Group Inc.		3,172		368,745
DTE Energy Co.		2,623		264,346
Duke Energy Corp.		8,540		643,404
Duke Realty Corp.		7,564		187,360
DXC Technology Co.		4,197		430,360
Eastman Chemical Co.		2,318		234,303
Eaton Corp. PLC		5,978		482,425
Eaton Vance Corp. NVS		2,440		129,149
eBay Inc.a		13,603		583,025
Ecolab Inc.		3,843		501,319
Edison International		4,514		273,503
Edwards Lifesciences Corp.a		3,050		407,693
Electronic Arts Inc.a		4,331		535,745
Eli Lilly & Co.		12,932		996,023
Emerson Electric Co.		8,296		589,514
Entergy Corp.		2,745		208,126
EOG Resources Inc.		7,381		748,581
EQT Corp.		2,519		126,731
Equifax Inc.		1,708		193,004
Equinix Inc.		1,098		430,526
Equity Residential		5,002		281,262
Essex Property Trust Inc.		1,037		232,112
Estee Lauder Companies Inc. (The) Class A		3,050		422,242
Everest Re Group Ltd.		707		169,850

Security	Shares		Value
Eversource Energy		4,758	$	271,206
Exelon Corp.		12,078		447,369
Expedia Inc.		1,769		186,046
Expeditors International of Washington Inc.		3,538		229,828
Express Scripts Holding Co.a		7,507		566,403
Exxon Mobil Corp.		53,558		4,056,483
F5 Networks Inc.a		1,281		190,254
Facebook Inc. Class Aa		31,659		5,645,433
Fastenal Co.		4,209		230,316
Federal Realty Investment Trust		1,342		152,907
FedEx Corp.		3,416		841,737
Fidelity National Information Services Inc.		4,392		426,815
Fifth Third Bancorp.		11,956		395,146
First Republic Bank/CA		2,684		249,075
FirstEnergy Corp.		6,344		205,102
Fiserv Inc.a		3,538		507,314
FleetCor Technologies Inc.a		1,282		256,310
Flex Ltd.a		10,553		191,009
FLIR Systems Inc.		3,050		149,755
Flowserve Corp.		2,745		116,251
Fluor Corp.		2,623		149,249
FMC Corp.		2,257		177,129
FNF Group		4,148		165,630
Ford Motor Co.		43,249		458,872
Fortive Corp.		4,473		343,526
Franklin Resources Inc.		5,307		205,222
Freeport-McMoRan Inc.a		17,751		330,169
Gap Inc. (The)		3,599		113,656
Garmin Ltd.		1,891		112,023
General Dynamics Corp.		3,599		800,598
General Electric Co.		112,484		1,587,149
General Mills Inc.		7,869		397,778
General Motors Co.		16,592		652,895
Genuine Parts Co.		2,501		229,692
GGP Inc.		8,296		175,626
Gilead Sciences Inc.		17,141		1,349,511
Global Payments Inc.		2,623		297,422
Goldman Sachs Group Inc. (The)		4,697		1,234,982
Goodyear Tire & Rubber Co. (The)		4,026		116,512
H&R Block Inc.		3,416		86,527
Halliburton Co.		11,468		532,345
Hanesbrands Inc.		5,551		107,689
Harley-Davidson Inc.b		2,501		113,495

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
Harris Corp.		2,426	$	378,820
Hartford Financial Services Group Inc. (The)		5,673		299,818
Hasbro Inc.		1,709		163,329
HCA Healthcare Inc.		3,965		393,526
HCP Inc.		6,771		146,524
Helmerich & Payne Inc.		1,586		102,376
Henry Schein Inc.a		2,392		158,326
Hershey Co. (The)		2,379		233,761
Hess Corp.		3,904		177,320
Hewlett Packard Enterprise Co.		20,748		385,705
Hilton Worldwide Holdings Inc.		3,052		246,571
HollyFrontier Corp.		2,989		128,019
Hologic Inc.a		4,299		166,930
Home Depot Inc. (The)		15,250		2,779,617
Honeywell International Inc.		9,272		1,401,092
Hormel Foods Corp.		4,819		156,425
Host Hotels & Resorts Inc.		10,004		185,674
HP Inc.		23,851		557,875
Humana Inc.		2,074		563,755
Huntington Bancshares Inc./OH		16,874		264,922
IAC/InterActiveCorp.a		873		129,998
IHS Markit Ltd.a		5,429		255,434
Illinois Tool Works Inc.		4,453		718,892
Illumina Inc.a		2,135		486,823
Incyte Corp.a		2,623		223,375
Ingersoll-Rand PLC		3,904		346,675
Intel Corp.		59,964		2,955,626
Intercontinental Exchange Inc.		8,174		597,356
International Business Machines Corp.		11,468		1,787,058
International Flavors & Fragrances Inc.		1,403		198,174
International Paper Co.		5,368		319,879
Interpublic Group of Companies Inc. (The)		6,771		158,441
Intuit Inc.		3,538		590,351
Intuitive Surgical Inc.a		1,830		780,403
Invesco Ltd.		6,405		208,419
Iron Mountain Inc.		4,167		131,094
Jacobs Engineering Group Inc.		2,440		148,986
Jazz Pharmaceuticals PLCa,b		976		141,325
JB Hunt Transport Services Inc.		1,586		188,052
JM Smucker Co. (The)		1,891		238,833
Johnson & Johnson		34,905		4,533,461

Security	Shares		Value
Johnson Controls International PLC		12,571	$	463,493
JPMorgan Chase & Co.		46,360		5,354,580
Juniper Networks Inc.		5,856		150,265
Kansas City Southern		1,891		194,849
Kellogg Co.		3,843		254,407
KeyCorp		16,470		348,011
Kimberly-Clark Corp.		4,697		520,991
Kimco Realty Corp.		7,159		107,099
Kinder Morgan Inc./DE		25,803		418,009
KLA-Tencor Corp.		2,434		275,797
Kohl’s Corp.		2,867		189,480
Kraft Heinz Co. (The)		7,625		511,256
Kroger Co. (The)		12,322		334,173
L Brands Inc.		3,477		171,520
L3 Technologies Inc.		1,342		278,532
Laboratory Corp. of America Holdingsa		1,647		284,437
Lam Research Corp.		2,542		487,708
Las Vegas Sands Corp.		5,429		395,285
Leggett & Platt Inc.		2,745		119,298
Leucadia National Corp.		6,100		146,339
Liberty Global PLC Series Aa		3,782		117,771
Liberty Global PLC Series C NVSa		6,893		206,997
Liberty Interactive Corp. QVC Group Series Aa		7,320		211,328
Liberty Media Corp.-Liberty SiriusXM Class Ca		4,697		196,147
Liberty Property Trust		3,111		122,138
Lincoln National Corp.		3,416		260,197
LKQ Corp.a		5,246		207,112
Lockheed Martin Corp.		3,381		1,191,600
Loews Corp.		4,270		210,639
Lowe’s Companies Inc.		11,102		994,628
Lululemon Athletica Inc.a		1,708		138,519
LyondellBasell Industries NV Class A		4,636		501,708
M&T Bank Corp.		2,074		393,728
Macerich Co. (The)		1,952		115,051
Macy’s Inc.		4,331		127,375
ManpowerGroup Inc.		1,220		144,521
Marathon Oil Corp.		12,445		180,701
Marathon Petroleum Corp.		7,320		468,919
Markel Corp.a		244		271,328
Marriott International Inc./MD Class A		4,583		647,165

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
Marsh & McLennan Companies Inc.		6,711	$	557,147
Martin Marietta Materials Inc.		976		199,036
Marvell Technology Group Ltd.		6,219		146,084
Masco Corp.		5,612		230,765
Mastercard Inc. Class A		13,735		2,414,064
Mattel Inc.		4,880		77,592
Maxim Integrated Products Inc.		4,575		278,801
McCormick & Co. Inc./MD NVS		2,501		267,057
McDonald’s Corp.		10,614		1,674,252
McKesson Corp.		2,928		436,945
Medtronic PLC		17,263		1,379,141
MercadoLibre Inc.		549		212,996
Merck & Co. Inc.		34,916		1,893,146
MetLife Inc.		11,834		546,612
MGM Resorts International		7,137		244,300
Michael Kors Holdings Ltd.a		2,135		134,356
Microchip Technology Inc.		3,965		352,607
Micron Technology Inc.a		14,680		716,531
Microsoft Corp.		96,746		9,071,872
Mohawk Industries Inc.a		976		234,123
Molson Coors Brewing Co. Class B		2,623		200,004
Mondelez International Inc. Class A		20,252		889,063
Monsanto Co.		5,795		714,929
Monster Beverage Corp.a		5,673		359,498
Moody’s Corp.		2,867		478,445
Morgan Stanley		19,581		1,096,928
Mosaic Co. (The)		4,941		130,047
Motorola Solutions Inc.		2,623		278,431
Mylan NVa		6,771		273,007
Nasdaq Inc.		2,135		172,401
National Oilwell Varco Inc.		5,368		188,363
NetApp Inc.		3,660		221,613
Netflix Inc.a		5,795		1,688,547
New York Community Bancorp. Inc.		9,699		132,100
Newell Brands Inc.		6,490		166,728
Newfield Exploration Co.a		3,086		71,996
Newmont Mining Corp.		7,503		286,615
News Corp. Class A		5,981		96,474
NextEra Energy Inc.		6,240		949,416
Nielsen Holdings PLC		4,880		159,234
NIKE Inc. Class B		16,775		1,124,428
Noble Energy Inc.		6,588		196,520
Nordstrom Inc.		2,135		109,547
Norfolk Southern Corp.		3,965		551,452
Northern Trust Corp.		3,172		335,820

Security	Shares		Value
Northrop Grumman Corp.		2,318	$	811,393
Nucor Corp.		4,453		291,226
NVIDIA Corp.		8,113		1,963,346
O’Reilly Automotive Inc.a		1,283		313,296
Occidental Petroleum Corp.		10,065		660,264
Omnicom Group Inc.		3,477		265,052
ONEOK Inc.		5,309		299,056
Oracle Corp.		39,345		1,993,611
PACCAR Inc.		5,002		358,093
Palo Alto Networks Inc.a		1,525		264,389
Parker-Hannifin Corp.		2,196		391,920
Paychex Inc.		4,636		301,943
PayPal Holdings Inc.a		15,433		1,225,535
Pentair PLC		3,111		213,695
People’s United Financial Inc.		8,784		168,126
PepsiCo Inc.		18,117		1,987,978
Perrigo Co. PLC		2,074		168,948
Pfizer Inc.		73,993		2,686,686
PG&E Corp.		6,649		273,207
Philip Morris International Inc.		20,191		2,090,778
Phillips 66		6,161		556,770
Pinnacle West Capital Corp.		2,257		173,699
Pioneer Natural Resources Co.		2,318		394,593
Plains GP Holdings LP Class A		2,318		48,214
PNC Financial Services Group Inc. (The)e		6,161		971,343
PPG Industries Inc.		3,782		425,248
PPL Corp.		9,412		269,654
Praxair Inc.		3,660		548,085
Principal Financial Group Inc.		4,087		254,743
Procter & Gamble Co. (The)		32,736		2,570,431
Progressive Corp. (The)		8,663		498,816
Prologis Inc.		7,442		451,581
Prudential Financial Inc.		5,795		616,124
Public Service Enterprise Group Inc.		7,503		363,370
Public Storage		2,013		391,408
PulteGroup Inc.		5,490		154,104
PVH Corp.		1,220		176,022
Qorvo Inc.a		2,270		183,212
QUALCOMM Inc.		19,276		1,252,940
Quest Diagnostics Inc.		2,074		213,726
Ralph Lauren Corp.		976		103,300
Range Resources Corp.		3,416		45,399
Raytheon Co.		4,087		888,963
Realty Income Corp.b		4,087		200,999

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
Red Hat Inc.a		3,152	$	464,605
Regency Centers Corp.		3,111		180,780
Regeneron Pharmaceuticals Inc.a		1,098		351,843
Regions Financial Corp.		19,703		382,435
Reinsurance Group of America Inc.		819		125,954
RenaissanceRe Holdings Ltd.		397		50,927
Republic Services Inc.		4,148		278,663
Robert Half International Inc.		2,562		146,213
Rockwell Automation Inc.		2,074		374,979
Rockwell Collins Inc.		2,562		352,839
Roper Technologies Inc.		1,647		453,073
Ross Stores Inc.		5,490		428,714
Royal Caribbean Cruises Ltd.		2,318		293,459
S&P Global Inc.		3,843		737,087
salesforce.com Inc.a		8,845		1,028,231
SBA Communications Corp.a		1,952		306,991
SCANA Corp.		2,379		94,375
Schlumberger Ltd.		17,091		1,121,853
Scripps Networks Interactive Inc. Class A		1,342		120,592
Seagate Technology PLC		4,331		231,275
Seattle Genetics Inc.a,b		1,123		60,642
SEI Investments Co.		3,294		239,902
Sempra Energy		3,111		339,037
ServiceNow Inc.a		2,562		412,508
Sherwin-Williams Co. (The)		1,159		465,431
Simon Property Group Inc.		3,907		599,764
Sirius XM Holdings Inc.b		39,772		249,768
Skyworks Solutions Inc.		2,806		306,555
SL Green Realty Corp.		1,551		150,323
Southern Co. (The)		11,529		496,439
Southwest Airlines Co.		2,074		119,960
Splunk Inc.a		2,257		210,352
Sprint Corp.a,b		14,097		73,163
Square Inc. Class Aa		3,660		168,543
Stanley Black & Decker Inc.		2,318		369,002
Starbucks Corp.		18,483		1,055,379
State Street Corp.		4,943		524,699
Stericycle Inc.a		1,403		87,926
Stryker Corp.		4,392		712,207
SunTrust Banks Inc.		6,649		464,366
Symantec Corp.		9,291		244,260
Synchrony Financial		11,533		419,686
Synopsys Inc.a		3,416		289,233
Sysco Corp.		7,320		436,638

Security	Shares		Value
T Rowe Price Group Inc.		3,538	$	395,902
T-Mobile U.S. Inc.a		4,514		273,594
Take-Two Interactive Software Inc.a		1,388		155,276
Tapestry Inc.		4,148		211,175
Targa Resources Corp.		1,755		78,361
Target Corp.		7,198		542,801
TD Ameritrade Holding Corp.		3,965		227,988
TE Connectivity Ltd.		4,819		496,791
TechnipFMC PLC		7,381		212,720
TESARO Inc.a,b		313		17,287
Tesla Inc.a,b		1,830		627,800
Texas Instruments Inc.		12,200		1,321,870
Textron Inc.		4,453		266,512
Thermo Fisher Scientific Inc.		5,307		1,106,934
Tiffany & Co.		2,013		203,394
Time Warner Inc.		10,126		941,313
TJX Companies Inc. (The)		8,418		696,000
Toll Brothers Inc.		3,782		165,765
Torchmark Corp.		2,207		188,412
Total System Services Inc.		3,050		268,248
Tractor Supply Co.		2,074		134,665
TransDigm Group Inc.		793		228,630
Travelers Companies Inc. (The)		3,088		429,232
Trimble Inc.a		4,392		166,589
TripAdvisor Inc.a		1,952		78,236
Twenty-First Century Fox Inc. Class A		16,714		615,409
Twenty-First Century Fox Inc. Class B		3,111		113,303
Twitter Inc.a		9,394		299,293
Tyson Foods Inc. Class A		4,392		326,677
U.S. Bancorp.		21,533		1,170,534
UDR Inc.		4,819		162,015
Ulta Beauty Inc.a		915		186,065
Under Armour Inc. Class Aa,b		2,745		45,512
Under Armour Inc. Class Ca,b		2,757		41,493
Union Pacific Corp.		10,614		1,382,473
United Parcel Service Inc. Class B		8,479		885,292
United Rentals Inc.a		1,342		234,971
United Technologies Corp.		10,004		1,347,939
UnitedHealth Group Inc.		12,627		2,855,722
Universal Health Services Inc. Class B		1,342		153,256
Unum Group		3,599		183,405

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Security	Shares		Value
Valero Energy Corp.		6,222	$	562,593
Varian Medical Systems Inc.a		1,647		196,553
Veeva Systems Inc. Class Aa		1,396		97,301
Ventas Inc.		5,012		242,180
VEREIT Inc.		15,738		107,805
VeriSign Inc.a,b		1,952		226,471
Verisk Analytics Inc. Class Aa		2,501		255,577
Verizon Communications Inc.		52,704		2,516,089
Vertex Pharmaceuticals Inc.a		3,660		607,670
VF Corp.		4,636		345,707
Viacom Inc. Class B NVS		4,880		162,699
Visa Inc. Class A		24,034		2,954,740
VMware Inc. Class Aa,b		1,159		152,698
Vornado Realty Trust		2,562		170,296
Vulcan Materials Co.		2,135		251,354
Walgreens Boots Alliance Inc.		11,590		798,435
Walmart Inc.		19,581		1,762,486
Walt Disney Co. (The)		19,947		2,057,733
Waste Connections Inc.		4,484		317,378
Waste Management Inc.		5,917		510,755
Waters Corp.a		1,403		287,110
WEC Energy Group Inc.		4,943		296,185
Wells Fargo & Co.		61,488		3,591,514
Welltower Inc.		4,941		259,403
Western Digital Corp.		4,103		357,125
Western Union Co. (The)		8,235		163,218
WestRock Co.		3,730		245,285
Weyerhaeuser Co.		10,614		371,808
Whirlpool Corp.		1,159		188,256
Williams Companies Inc. (The)		11,590		321,738
Willis Towers Watson PLC		1,769		279,325
Workday Inc. Class Aa		1,892		239,660
Worldpay Inc. Class Aa		2,972		241,564
WR Berkley Corp.		2,318		158,505
WW Grainger Inc.		785		205,317
Wyndham Worldwide Corp.		1,769		204,815
Wynn Resorts Ltd.		1,220		204,350
Xcel Energy Inc.		7,076		306,249
Xerox Corp.		3,157		95,720
Xilinx Inc.		3,599		256,429
XL Group Ltd.		4,087		172,921
Xylem Inc./NY		4,148		309,358
Yum! Brands Inc.		4,758		387,206
Zillow Group Inc. Class Ca,b		2,520		120,128
Zimmer Biomet Holdings Inc.		2,623		304,924

Security	Shares		Value
Zoetis Inc.		7,015	$	567,233
				321,603,497
TOTAL COMMON STOCKS
(Cost: $469,977,248)				538,852,235
PREFERRED STOCKS — 0.19%
GERMANY — 0.19%
Henkel AG & Co. KGaA, Preference Shares		2,379		317,139
Porsche Automobil Holding SE, Preference Shares		2,013		169,701
Volkswagen AG, Preference Shares		2,623		515,446
				1,002,286
TOTAL PREFERRED STOCKS
(Cost: $940,787)				1,002,286
SHORT-TERM INVESTMENTS — 1.32%
MONEY MARKET FUNDS — 1.32%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		6,181,129		6,181,748
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%e,f		993,068		993,068
				7,174,816
TOTAL SHORT-TERM INVESTMENTS
(Cost: $7,174,362)				7,174,816
TOTAL INVESTMENTS IN SECURITIES — 100.99%
(Cost: $478,092,397)				547,029,337
Other Assets, Less Liabilities — (0.99)%				(5,356,530	)
NET ASSETS — 100.00%			$	541,672,807

ADR  —  American Depositary Receipts

NVS  —  Non-Voting Shares

SDR  —  Swedish Depositary Receipts

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		7,849,531		—			(1,668,402	)b		6,181,129	$	6,181,748	$	20,873	c	$	(1,164	)	$	(1,054	)
BlackRock Cash Funds: Treasury, SL Agency Shares		287,312		705,756	b		—			993,068		993,068		4,243			—			—
BlackRock Inc.		1,612		130			(156	)		1,586		871,396		4,030			34,904			178,477
PNC Financial Services Group Inc. (The)		6,510		505			(854	)		6,161		971,343		9,806			49,162			160,963
											$	9,017,555	$	38,952		$	82,902		$	338,386

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Futures Contracts (Note 5)

Futures contracts outstanding as of February 28, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value / unrealized appreciation (depreciation)
Long Contracts
MSCI EAFE E-Mini		11		Mar 2018	$	1,120	$	(2,615	)
S&P 500 E-Mini		14		Mar 2018		1,900		9,468
							$	6,853

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	538,852,235		$	—	$	—	$	538,852,235
Preferred stocks		1,002,286			—		—		1,002,286
Money market funds		7,174,816			—		—		7,174,816
Total	$	547,029,337		$	—	$	—	$	547,029,337
Derivative financial instrumentsa
Assets
Futures contracts	$	9,468		$	—	$	—	$	9,468
Liabilities
Futures contracts		(2,615	)		—		—		(2,615	)
Total	$	6,853		$	—	$	—	$	6,853

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

See notes to financial statements.

28 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	582,890,827		$	469,668,502
Affiliated (Note 2)		4,656,788			8,423,895
Total cost of investments in securities	$	587,547,615		$	478,092,397
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	750,496,499		$	538,011,782
Affiliated (Note 2)		4,657,009			9,017,555
Foreign currency, at valueb		2,144,763			896,896
Cash pledged to broker for futures contracts		—			146,000
Cash		9,047,888			—
Receivables:
Investment securities sold		25,762,674			62,635
Due from custodian (Note 4)		1,620,548			12,371
Dividends and interest		514,851			1,109,748
Capital shares sold		9,128,631			—
Tax reclaims		—			223,753
Total Assets		803,372,863			549,480,740
LIABILITIES
Payables:
Investment securities purchased		25,518,094			19,799
Collateral for securities on loan (Note 1)		4,656,528			6,182,868
Capital shares redeemed		—			1,454,426
Futures variation margin		—			34,995
Line of credit (Note 8)		8,251,222			—
Due to custodian		—			8,026
Deferred foreign capital gains taxes (Note 1)		624,479			—
Investment advisory fees (Note 2)		455,354			107,819
Total Liabilities		39,505,677			7,807,933
NET ASSETS	$	763,867,186		$	541,672,807
Net assets consist of:
Paid-in capital	$	727,366,200		$	460,390,707
Undistributed (distributions in excess of) net investment income		(1,875,378	)		957,100
Undistributed net realized gain (accumulated net realized loss)		(128,592,855	)		11,366,826
Net unrealized appreciation		166,969,219			68,958,174
NET ASSETS	$	763,867,186		$	541,672,807
Shares outstandingc		22,050,000			6,100,000
Net asset value per share	$	34.64		$	88.80

^a  Securities on loan with values of $4,587,102 and $5,659,454, respectively. See Note 1.

^b  Cost of foreign currency: $2,146,225 and $892,048, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	4,909,945		$	5,022,505
Dividends — affiliated (Note 2)		38,953			18,079
Interest — unaffiliated		4,163			—
Securities lending income — affiliated — net (Note 2)		10,026			20,873
Total investment income		4,963,087			5,061,457
EXPENSES
Investment advisory fees (Note 2)		2,701,723			654,025
Pakistan income taxes (Note 1)		144,981			—
Proxy fees		64			49
Commitment fees (Note 8)		4,063			—
Interest expense (Note 8)		1,222			—
Total expenses		2,852,053			654,074
Net investment income		2,111,034			4,407,383
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		(16,044,055	)		(376,676	)
Investments — affiliated (Note 2)		(358	)		4,107
In-kind redemptions — unaffiliated		2,297,261			15,511,907
In-kind redemptions — affiliated (Note 2)		—			78,795
Futures contracts		—			183,962
Foreign currency transactions		(405,145	)		21,907
Net realized gain (loss)		(14,152,297	)		15,424,002
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		103,469,047	c		25,826,228
Investments — affiliated (Note 2)		(442	)		338,386
Futures contracts		—			6,853
Translation of assets and liabilities in foreign currencies		(12,890	)		1,515
Net change in unrealized appreciation/depreciation		103,455,715			26,172,982
Net realized and unrealized gain		89,303,418			41,596,984
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	91,414,452		$	46,004,367

^a  Net of foreign withholding tax of $259,130 and $158,802, respectively.

^b  Net of deferred foreign capital gains taxes of $624,479 and $  —, respectively.

^c  Includes prior period adjustment for foreign capital gain taxes of $2,151,590.

See notes to financial statements.

30 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Frontier 100 ETF						iShares MSCI World ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,111,034		$	14,581,528		$	4,407,383		$	8,910,122
Net realized gain (loss)		(14,152,297	)		(15,129,495	)		15,424,002			3,197,908
Net change in unrealized appreciation/depreciation		103,455,715			133,152,000			26,172,982			48,995,699
Net increase in net assets resulting from operations		91,414,452			132,604,033			46,004,367			61,103,729
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(8,564,855	)		(6,259,265	)		(5,118,081	)		(8,262,836	)
Total distributions to shareholders		(8,564,855	)		(6,259,265	)		(5,118,081	)		(8,262,836	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		70,338,412			117,275,876			44,296,509			196,779,133
Cost of shares redeemed		(16,946,935	)		(23,717,030	)		(53,279,107	)		(28,454,357	)
Net increase (decrease) in net assets from capital share transactions		53,391,477			93,558,846			(8,982,598	)		168,324,776
INCREASE IN NET ASSETS		136,241,074			219,903,614			31,903,688			221,165,669
NET ASSETS
Beginning of period		627,626,112			407,722,498			509,769,119			288,603,450
End of period	$	763,867,186		$	627,626,112		$	541,672,807		$	509,769,119
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(1,875,378	)	$	4,578,443		$	957,100		$	1,667,798
SHARES ISSUED AND REDEEMED
Shares sold		2,050,000			4,500,000			500,000			2,600,000
Shares redeemed		(500,000	)		(850,000	)		(600,000	)		(400,000	)
Net increase (decrease) in shares outstanding		1,550,000			3,650,000			(100,000	)		2,200,000

See notes to financial statements.

FINANCIAL STATEMENTS 31

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Frontier 100 ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Period from Sep. 12, 2012a to Aug. 31, 2013
Net asset value, beginning of period	$	30.62		$	24.20		$	26.20		$	37.79		$	30.12		$	25.25
Income from investment operations:
Net investment incomeb		0.10			0.72			0.76			0.77			1.09			0.67
Net realized and unrealized gain (loss)c		4.32			6.00			(2.17	)		(8.78	)		7.47			4.51
Total from investment operations		4.42			6.72			(1.41	)		(8.01	)		8.56			5.18
Less distributions from:
Net investment income		(0.40	)		(0.30	)		(0.59	)		(0.76	)		(0.89	)		(0.28	)
Net realized gain		—			—			—			(2.82	)		—			—
Return of capital		—			—			—			—			—			(0.03	)
Total distributions		(0.40	)		(0.30	)		(0.59	)		(3.58	)		(0.89	)		(0.31	)
Net asset value, end of period	$	34.64		$	30.62		$	24.20		$	26.20		$	37.79		$	30.12
Total return		14.51	%d		27.91	%		(5.45	)%		(21.70	)%		28.56	%		20.54	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	763,867		$	627,626		$	407,722		$	502,993		$	799,349		$	280,084
Ratio of expenses to average net assetse		0.83	%		0.80	%		0.79	%		0.79	%		0.79	%		0.79	%
Ratio of net investment income to average net assetse		0.62	%		2.65	%		3.03	%		2.43	%		3.07	%		2.32	%
Portfolio turnover ratef		14	%d		32	%		20	%		47	%		61	%		18	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and the period ended August 31, 2013 were 14%, 31%, 19%, 45%, 42% and 10%, respectively. See Note 4.

See notes to financial statements.

32 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI World ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	82.22		$	72.15		$	68.95		$	73.36		$	61.76		$	53.45
Income from investment operations:
Net investment incomea		0.70			1.74			1.62			1.64			1.81			1.40
Net realized and unrealized gain (loss)b		6.71			9.90			3.16			(4.49	)		11.16			8.03
Total from investment operations		7.41			11.64			4.78			(2.85	)		12.97			9.43
Less distributions from:
Net investment income		(0.83	)		(1.57	)		(1.58	)		(1.56	)		(1.37	)		(1.12	)
Total distributions		(0.83	)		(1.57	)		(1.58	)		(1.56	)		(1.37	)		(1.12	)
Net asset value, end of period	$	88.80		$	82.22		$	72.15		$	68.95		$	73.36		$	61.76
Total return		9.02	%c		16.29	%		7.05	%		(3.97	)%		21.07	%		17.84	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	541,673		$	509,769		$	288,603		$	206,842		$	168,728		$	24,704
Ratio of expenses to average net assetsd		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Ratio of net investment income to average net assetsd		1.62	%		2.25	%		2.34	%		2.25	%		2.57	%		2.34	%
Portfolio turnover ratee		2	%c		3	%		5	%		5	%		5	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 33

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Frontier 100	Diversified
MSCI World	Diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

• Fixed income investments are valued using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction

34 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

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

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration inputs 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 inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs 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 to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

NOTES TO FINANCIAL STATEMENTS 35

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily.

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 prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2018, if any, are disclosed in the Funds’ statements of assets and liabilities.

36 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original 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 37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount  b
MSCI Frontier 100
JPMorgan Securities LLC	$	2,169,392	$	2,169,392	$	—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		2,417,710		2,417,710		—
	$	4,587,102	$	4,587,102	$	—
MSCI World
Barclays Capital Inc.	$	94,154	$	94,154	$	—
BNP Paribas Prime Brokerage Inc.		67,084		67,084		—
BNP Paribas Prime Brokerage International Ltd.		41,767		41,767		—
Citigroup Global Markets Inc.		235,128		235,128		—
Credit Suisse Securities (USA) LLC		136,800		136,800		—
Goldman Sachs & Co.		750,026		750,026		—
Jefferies LLC		12,682		12,682		—
JPMorgan Securities LLC		220,668		220,668		—
Merrill Lynch, Pierce, Fenner & Smith		1,684,336		1,630,859		(53,477	)
Mizuho Securities USA Inc.		53,747		53,747		—
Morgan Stanley & Co. LLC		636,274		636,274		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		459,792		459,792		—
Nomura Securities International Inc.		29,185		29,185		—
State Street Bank & Trust Company		954,452		954,452		—
UBS AG		18,375		18,375		—
UBS Securities LLC		57,920		57,920		—
Wells Fargo Securities LLC		207,064		207,064		—
	$	5,659,454	$	5,605,977	$	(53,477	)

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in each Fund’s statement of assets and liabilities.

^b Additional collateral is delivered to the Funds on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

38 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, 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
MSCI Frontier 100		0.79	%
MSCI World		0.24

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Frontier 100	$	2,927
MSCI World		5,724

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Frontier 100	$	—	$	2,197,333
MSCI World		1,517,105		1,801,301

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2018 were as follows:

iShares ETF	Purchases		Sales
MSCI Frontier 100	$	132,497,529	$	98,545,236
MSCI World		8,656,318		8,483,010

In-kind transactions (see Note 4) for the six months ended February 28, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Frontier 100	$	12,874,379	$	4,172,174
MSCI World		43,036,220		51,824,681

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.

40 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

5. FUTURES CONTRACTS

Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded.

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

The following table shows the value of futures contracts held by the iShares MSCI World ETF as of February 28, 2018 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciationa	$	9,468

^a Represents cumulative appreciation of futures contracts as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities.

Liabilities
Futures contracts:
Variation margin / Net assets consist of – net unrealized appreciationb	$	2,615

^b  Represents cumulative depreciation of futures contracts as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI World ETF during the six months ended February 28, 2018 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Futures contracts	$	183,962	$	6,853

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the average quarter-end balances of open futures contracts for the iShares MSCI World ETF for the six months ended February 28, 2018:

Average notional value of contracts purchased $ 1,750,915

6. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

MARKET RISK

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

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries. These events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. The occurrence of terrorist incidents throughout Europe also could impact financial markets. In addition, the

42 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

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

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

As of August 31, 2017, the Funds’ fiscal year end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI Frontier 100	$	88,012,787
MSCI World		2,268,231

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

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Frontier 100	$	614,943,741	$	192,248,363	$	(52,038,596	)	$	140,209,767
MSCI World		480,324,222		91,781,835		(25,069,867	)		66,711,968

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. LINE OF CREDIT

The iShares MSCI Frontier 100 ETF, along with certain other iShares funds, is a party to a credit agreement with State Street Bank and Trust Company. Effective October 25, 2017, certain terms of the credit agreement were amended, including (i) increasing the maximum borrowing amount from $250 million to $275 million and (ii) extending the expiration date from October 25, 2017 to October 24, 2018. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended February 28, 2018, the Fund’s maximum amount borrowed, the average borrowings and the weighted average interest rate under the credit agreement were $8,250,000, $91,160 and 2.67%, respectively.

9. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) 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 putative 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”) in California State Court. 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. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

10. SUBSEQUENT EVENTS

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

44 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Frontier 100	$	0.365542	$	—	$	0.035316	$	0.400858		91	%		—	%		9	%		100	%
MSCI World		0.760195		—		0.065302		0.825497		92			—			8			100

SUPPLEMENTAL INFORMATION 45

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website and 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 iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

46 2018 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 Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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

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

©2018 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-811-0218

FEBRUARY 28, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares MSCI Global Agriculture Producers ETF  |  VEGI  |  NYSE Arca

^Ø  iShares MSCI Global Energy Producers ETF  |  FILL  |  NYSE Arca

^Ø  iShares MSCI Global Gold Miners ETF  |  RING  |  NASDAQ

^Ø  iShares MSCI Global Metals & Mining Producers ETF  |  PICK  |  Cboe BZX

^Ø  iShares MSCI Global Silver Miners ETF  |  SLVP  |  Cboe BZX

Table of Contents

Fund Performance Overviews	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares MSCI Global Agriculture Producers ETF	11
iShares MSCI Global Energy Producers ETF	15
iShares MSCI Global Gold Miners ETF	20
iShares MSCI Global Metals & Mining Producers ETF	22
iShares MSCI Global Silver Miners ETF	27
Financial Statements	29
Financial Highlights	36
Notes to Financial Statements	41
Supplemental Information	53
General Information	54

Fund Performance Overview

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

Performance as of February 28, 2018

The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 9.81%, net of fees, while the total return for the Index was 9.69%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		15.23%		15.59%		14.95%		15.23%		15.59%		14.95%
5 Years		3.35%		3.35%		3.39%		17.91%		17.92%		18.14%
Since Inception		4.75%		4.83%		4.82%		32.58%		33.21%		33.16%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,098.10	$	1.92	$	1,000.00	$	1,023.00	$	1.86		0.37%

^a Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector/Investment Type Percentage of Total Investments*

Materials	40.11	%
Food, Beverage & Tobacco	33.37
Capital Goods	24.00
Investment Companies	2.52
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of Total Investments*

United States	50.93	%
Canada	8.60
Japan	7.47
Norway	6.03
Italy	3.58
Malaysia	2.92
Hong Kong	2.83
India	2.52
Germany	1.93
Singapore	1.89
TOTAL	88.70	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

Performance as of February 28, 2018

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 12.75%, net of fees, while the total return for the Index was 12.38%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		9.64%		9.77%		9.01%		9.64%		9.77%		9.01%
5 Years		(0.37)%		(0.35)%		(0.57)%		(1.83)%		(1.73)%		(2.80)%
Since Inception		(0.33)%		(0.38)%		(0.50)%		(2.01)%		(2.26)%		(2.99)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,127.50	$	2.06	$	1,000.00	$	1,022.90	$	1.96		0.39%

^a Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total Investments*

Integrated Oil & Gas	60.89	%
Oil & Gas Exploration & Production	27.04
Oil & Gas Refining & Marketing	10.13
Coal & Consumable Fuels	1.94
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total Investments*

United States	47.01	%
United Kingdom	17.35
Canada	7.25
France	5.94
Russia	3.07
China	2.41
India	2.21
Brazil	2.06
Italy	1.91
Australia	1.86
TOTAL	91.07	%

* Excludes money market funds.

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

Performance as of February 28, 2018

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was -13.65%, net of fees, while the total return for the Index was -13.54%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(8.93)%		(8.52)%		(8.69)%		(8.93)%		(8.52)%		(8.69)%
5 Years		(10.91)%		(10.80)%		(10.76)%		(43.88)%		(43.51)%		(43.42)%
Since Inception		(15.28)%		(15.24)%		(15.13)%		(63.51)%		(63.40)%		(63.13)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	863.50	$	1.80	$	1,000.00	$	1,022.90	$	1.96		0.39%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY COUNTRY

As of 2/28/18

Country Percentage of
Total Investments*

Canada	49.57	%
United States	17.05
Australia	13.05
South Africa	9.47
United Kingdom	6.97
Peru	3.05
Turkey	0.84
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total Investments*

Newmont Mining Corp.	16.18	%
Barrick Gold Corp. (Canada)	10.54
Newcrest Mining Ltd. (Australia)	9.71
Goldcorp Inc. (Canada)	8.16
Randgold Resources Ltd. (United Kingdom)	4.37
Agnico Eagle Mines Ltd. (Canada)	4.25
Kinross Gold Corp. (Canada)	3.98
AngloGold Ashanti Ltd. (South Africa)	3.34
Gold Fields Ltd. (South Africa)	3.21
Cia. de Minas Buenaventura SAA ADR (Peru)	3.05
TOTAL	66.79	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

Performance as of February 28, 2018

The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 12.88%, net of fees, while the total return for the Index was 13.26%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		26.76%		27.23%		27.13%		26.76%		27.23%		27.13%
5 Years		0.44%		0.46%		0.57%		2.21%		2.33%		2.86%
Since Inception		(1.83)%		(1.95)%		(1.75)%		(10.60)%		(11.26)%		(10.20)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,128.80	$	2.06	$	1,000.00	$	1,022.90	$	1.96		0.39%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total Investments*

Diversified Metals & Mining	51.35	%
Steel	36.00
Copper	7.65
Aluminum	3.70
Precious Metals & Minerals	1.30
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total  Investments*

United Kingdom	26.35	%
Australia	17.11
United States	11.76
Japan	7.97
Brazil	6.41
Canada	5.02
South Korea	4.03
Russia	2.86
Netherlands	2.73
Germany	1.93
TOTAL	86.17	%

* Excludes money market funds.

8 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

Performance as of February 28, 2018

The iShares MSCI Global Silver Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was -14.33%, net of fees, while the total return for the Index was -14.29%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(15.95)%		(15.51)%		(15.92)%		(15.95)%		(15.51)%		(15.92)%
5 Years		(10.13)%		(10.08)%		(10.16)%		(41.38)%		(41.20)%		(41.48)%
Since Inception		(12.87)%		(12.79)%		(12.84)%		(56.73)%		(56.47)%		(56.64)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	856.70	$	1.80	$	1,000.00	$	1,022.90	$	1.96		0.39%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

ALLOCATION BY COUNTRY

As of 2/28/18

Country Percentage of
Total  Investments*

Canada	58.05	%
United Kingdom	14.49
United States	11.86
Mexico	9.70
Peru	4.69
China	1.21
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security Percentage of
Total  Investments*

Wheaton Precious Metals Corp. (Canada)	22.94	%
Fresnillo PLC (United Kingdom)	11.80
Industrias Penoles SAB de CV (Mexico)	9.71
Tahoe Resources Inc. (Canada)	5.29
Cia. de Minas Buenaventura SAA ADR (Peru)	4.69
Pan American Silver Corp. (Canada)	4.46
Coeur Mining Inc.	4.46
Hecla Mining Co.	4.35
SSR Mining Inc. (Canada)	3.59
First Majestic Silver Corp. (Canada)	3.13
TOTAL	74.42	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2017 and held through February 28, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number corresponding to your Fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 95.79%
AUSTRALIA — 1.58%
Australian Agricultural Co. Ltd.a,b		34,232	$	29,477
Costa Group Holdings Ltd.		23,056		130,795
GrainCorp Ltd. Class A		18,656		115,865
Inghams Group Ltd.		14,542		41,928
Nufarm Ltd./Australia		19,096		123,211
Select Harvests Ltd.		7,150		27,580
Tassal Group Ltd.		14,608		43,257
				512,113
BRAZIL — 0.37%
Sao Martinho SA		13,200		74,558
SLC Agricola SA		4,400		47,023
				121,581
CANADA — 8.57%
Ag Growth International Inc.		1,474		64,397
Clearwater Seafoods Inc.		3,960		15,298
Nutrien Ltd.a		54,256		2,669,716
Rogers Sugar Inc.		5,962		28,801
				2,778,212
CHINA — 0.89%
China Agri-Industries Holdings Ltd.		176,200		75,881
China BlueChemical Ltd. Class H		176,000		53,304
China Huishan Dairy Holdings Co. Ltd.a,c		295,050		—
China Modern Dairy Holdings Ltd.a		110,000		19,680
China Shengmu Organic Milk Ltd.a,b,d		286,000		43,127
COFCO Meat Holdings Ltd.a,b		176,000		31,263
First Tractor Co. Ltd. Class H		44,000		17,431
Hubei Sanonda Co. Ltd. Class Ba		17,900		18,025
Sinofert Holdings Ltd.a,b		220,000		31,206
				289,917
FINLAND — 0.10%
Ponsse OYJ		946		31,787
				31,787
FRANCE — 0.18%
Naturexa,b		484		57,496
				57,496
GERMANY — 1.92%
K+S AG Registeredb		16,302		456,309
KWS Saat SE		154		63,203
Suedzucker AGb		5,698		102,576
				622,088

Security	Shares		Value
HONG KONG — 2.82%
WH Group Ltd.d		737,000	$	913,562
				913,562
INDONESIA — 1.07%
Charoen Pokphand Indonesia Tbk PT		616,000		154,129
Eagle High Plantations Tbk PTa		1,058,200		17,857
Inti Agri Resources Tbk PTa		2,675,200		43,975
Japfa Comfeed Indonesia Tbk PT		415,800		48,994
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		281,600		28,470
Salim Ivomas Pratama Tbk PT		184,800		7,057
Sawit Sumbermas Sarana Tbk PT		195,800		20,579
Tunas Baru Lampung Tbk PT		279,400		24,590
				345,651
IRELAND — 0.20%
Origin Enterprises PLC		9,416		65,460
				65,460
ISRAEL — 0.93%
Israel Chemicals Ltd.		55,858		239,859
Israel Corp. Ltd. (The)a		308		60,721
				300,580
ITALY — 3.57%
CNH Industrial NV		85,118		1,157,009
				1,157,009
JAPAN — 7.43%
Chubu Shiryo Co. Ltd.		2,200		42,039
Hokuto Corp.		2,200		43,586
Iseki & Co. Ltd.		2,200		45,400
Kubota Corp.		88,000		1,605,698
Kumiai Chemical Industry Co. Ltd.		6,600		41,998
Maruha Nichiro Corp.		4,400		130,303
Mitsui Sugar Co. Ltd.		800		32,801
NH Foods Ltd.		14,000		315,543
Nihon Nohyaku Co. Ltd.		4,400		26,720
Nippon Beet Sugar Manufacturing Co. Ltd.		700		15,515
Sakata Seed Corp.b		2,200		76,697
YAMABIKO Corp.		2,200		34,473
				2,410,773
MALAYSIA — 2.91%
Felda Global Ventures Holdings Bhdb		123,200		61,018
Genting Plantations Bhdb		19,800		51,054
IOI Corp. Bhd		182,600		218,635
Kuala Lumpur Kepong Bhd		37,400		239,085

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2018

Security	Shares		Value
QL Resources Bhdb		80,105	$	101,026
Sime Darby Plantation Bhda		200,200		273,442
				944,260
MEXICO — 0.20%
Industrias Bachoco SAB de CV Series B		13,200		64,128
				64,128
NETHERLANDS — 0.53%
ForFarmers NV		1,430		15,732
OCI NVa,b		6,556		155,323
				171,055
NORWAY — 6.00%
Austevoll Seafood ASA		7,546		67,930
Bakkafrost P/F		3,520		178,519
Grieg Seafood ASA		4,356		38,523
Leroy Seafood Group ASA		25,674		154,068
Marine Harvest ASA		34,055		663,432
Norway Royal Salmon ASA		1,248		23,893
Salmar ASA		4,290		153,387
Yara International ASA		14,960		667,093
				1,946,845
PAKISTAN — 0.45%
Engro Corp. Ltd./Pakistan		22,000		59,834
Engro Fertilizers Ltd.		31,967		20,005
Fauji Fertilizer Bin Qasim Ltd.		33,000		10,851
Fauji Fertilizer Co. Ltd.		35,100		28,154
Millat Tractors Ltd.		2,200		27,369
				146,213
POLAND — 0.20%
Grupa Azoty SA		3,916		66,395
				66,395
RUSSIA — 0.53%
PhosAgro PJSC GDR		10,076		155,170
Ros Agro PLC GDR		1,782		18,217
				173,387
SINGAPORE — 1.88%
Bumitama Agri Ltd.		41,800		23,067
China XLX Fertiliser Ltd.		44,000		20,017
First Resources Ltd.b		48,400		65,126
Golden Agri-Resources Ltd.		598,400		162,848
Indofood Agri Resources Ltd.		13,200		3,293
Japfa Ltd.		37,400		13,288
Wilmar International Ltd.		132,000		322,304
				609,943

Security	Shares		Value
SOUTH AFRICA — 0.58%
Astral Foods Ltd.		3,432	$	82,865
Oceana Group Ltd.		3,190		21,891
Tongaat Hulett Ltd.		9,042		82,685
				187,441
SOUTH KOREA — 0.47%
Dongwon Industries Co. Ltd.		132		37,239
Easy Bio Inc.a		3,432		23,801
Farmsco		1,364		15,430
Jeil Holdings Co. Ltd.		1,870		28,148
Namhae Chemical Corp.		2,992		33,984
Sajo Industries Co. Ltd.		198		12,872
				151,474
SWEDEN — 0.10%
Scandi Standard AB		4,554		33,473
				33,473
TAIWAN — 0.34%
Charoen Pokphand Enterprise		22,000		50,638
Taiwan Fertilizer Co. Ltd.		44,000		58,701
				109,339
THAILAND — 0.72%
Charoen Pokphand Foods PCL NVDR		236,500		172,534
GFPT PCL NVDRb		53,900		22,494
Khon Kaen Sugar Industry PCL NVDRb		160,754		19,666
Thaifoods Group PCL NVDRb		127,600		20,325
				235,019
TURKEY — 0.09%
Gubre Fabrikalari TASa		13,332		15,866
Turk Traktor ve Ziraat Makineleri AS		682		13,904
				29,770
UNITED KINGDOM — 0.43%
Sirius Minerals PLCa		369,072		139,845
				139,845
UNITED STATES — 50.73%
AGCO Corp.		5,324		354,578
AgroFresh Solutions Inc.a		2,508		19,412
American Vanguard Corp.b		2,640		51,480
Archer-Daniels-Midland Co.		47,124		1,956,588
Bunge Ltd.		11,704		882,833
Cal-Maine Foods Inc.a		2,530		107,778
CF Industries Holdings Inc.		19,756		814,737
Darling Ingredients Inc.a		13,904		252,914
Deere & Co.		22,880		3,680,706
FMC Corp.		11,308		887,452

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2018

Security	Shares		Value
Fresh Del Monte Produce Inc.		2,662	$	124,262
Ingredion Inc.		5,940		776,002
Lindsay Corp.		968		85,610
Monsanto Co.		36,718		4,529,900
Mosaic Co. (The)		28,292		744,645
Sanderson Farms Inc.		1,716		211,325
Scotts Miracle-Gro Co. (The) Class A		3,740		336,002
Titan International Inc.		4,488		57,716
Toro Co. (The)		9,042		574,800
				16,448,740
TOTAL COMMON STOCKS
(Cost: $29,822,470)				31,063,556
INVESTMENT COMPANIES — 2.51%
INDIA — 2.51%
iShares India 50 ETFb,e		22,745		813,588
				813,588
TOTAL INVESTMENT COMPANIES
(Cost: $681,043)				813,588
PREFERRED STOCKS — 1.29%
CHILE — 1.29%
Sociedad Quimica y Minera de Chile SA Series B, Preference Shares		8,250		418,181
				418,181
TOTAL PREFERRED STOCKS
(Cost: $242,731)				418,181

Security	Shares		Value
SHORT-TERM INVESTMENTS — 6.26%
MONEY MARKET FUNDS — 6.26%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		2,012,534	$	2,012,735
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%e,f		16,876		16,876
				2,029,611
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,029,582)				2,029,611
TOTAL INVESTMENTS IN SECURITIES — 105.85%
(Cost: $32,775,826)				34,324,936
Other Assets, Less Liabilities — (5.85)%				(1,898,393	)
NET ASSETS — 100.00%			$	32,426,543

GDR — Global Depositary Receipts

NVDR — Non-Voting Depositary Receipts

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^d  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		1,885,655		126,879	b		—			2,012,534	$	2,012,735	$	10,838	c	$	(164	)	$	(98	)
BlackRock Cash Funds: Treasury, SL Agency Shares		37,102		—			(20,226	)b		16,876		16,876		265			—			—
iShares India 50 ETF		22,680		3,765			(3,700	)		22,745		813,588		1,308			9,128			(650	)
											$	2,843,199	$	12,411		$	8,964		$	(748	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b Net of purchases and sales.

^c Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3			Total
Investments
Assets
Common stocks	$	31,063,556	$	—	$	0	a	$	31,063,556
Investment companies		813,588		—		—			813,588
Preferred stocks		418,181		—		—			418,181
Money market funds		2,029,611		—		—			2,029,611
Total	$	34,324,936	$	—	$	0	a	$	34,324,936

^a  Rounds to less than $1.

See notes to financial statements.

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 98.04%
AUSTRALIA — 1.84%
Beach Energy Ltd.		26,560	$	27,527
Karoon Gas Australia Ltd.a,b		4,192		3,757
Oil Search Ltd.		20,080		118,137
Santos Ltd.a		26,272		103,181
Washington H Soul Pattinson & Co. Ltd.		1,568		21,810
Whitehaven Coal Ltd.		7,216		24,573
Woodside Petroleum Ltd.		13,536		307,789
				606,774
AUSTRIA — 0.35%
OMV AG		2,000		114,891
				114,891
BRAZIL — 0.95%
Petroleo Brasileiro SAa		43,200		307,835
QGEP Participacoes SA		1,600		4,605
				312,440
CANADA — 7.20%
Advantage Oil & Gas Ltd.a,b		2,768		7,842
ARC Resources Ltd.		5,360		51,787
Athabasca Oil Corp.a,b		4,576		3,750
Baytex Energy Corp.a		3,074		7,845
Birchcliff Energy Ltd.		2,880		6,923
Bonavista Energy Corp.		3,232		3,355
Bonterra Energy Corp.		448		4,689
Cameco Corp.		5,728		50,604
Canacol Energy Ltd.a		1,184		3,909
Canadian Natural Resources Ltd.		15,504		480,965
Cardinal Energy Ltd.b		2,560		8,291
Cenovus Energy Inc.		14,720		107,297
Crescent Point Energy Corp.		8,048		57,972
Crew Energy Inc.a		2,832		3,404
Encana Corp.		13,680		143,702
Enerplus Corp.		3,360		37,209
Freehold Royalties Ltd.		1,424		13,936
Husky Energy Inc.a		5,136		67,900
Imperial Oil Ltd.		4,128		111,951
Kelt Exploration Ltd.a		2,023		10,767
MEG Energy Corp.a,b		3,072		12,083
NexGen Energy Ltd.a,b		4,737		9,945
NuVista Energy Ltd.a		2,336		14,566
Obsidian Energy Ltd.a,b		6,080		5,599
Painted Pony Energy Ltd.a,b		1,552		2,180
Paramount Resources Ltd. Class Aa,b		1,072		14,423

Security	Shares		Value
Parex Resources Inc.a		2,048	$	28,594
Pengrowth Energy Corp.a,b		6,672		4,842
Peyto Exploration & Development Corp.		2,608		20,740
PrairieSky Royalty Ltd.		3,056		67,900
Raging River Exploration Inc.a		3,088		14,966
Seven Generations Energy Ltd. Class Aa		3,720		43,548
Spartan Energy Corp.a		2,800		11,931
Suncor Energy Inc.		23,296		767,958
Surge Energy Inc.		4,352		6,521
TORC Oil & Gas Ltd.		1,888		9,003
Tourmaline Oil Corp.a		3,424		49,890
Ultra Petroleum Corp.a,b		2,560		9,446
Vermilion Energy Inc.		1,712		56,477
Whitecap Resources Inc.		6,128		36,107
				2,370,817
CHINA — 2.39%
China Shenhua Energy Co. Ltd. Class H		48,000		136,480
CNOOC Ltd.		256,000		372,944
Inner Mongolia Yitai Coal Co. Ltd. Class B		16,000		22,976
MIE Holdings Corp.a		32,000		2,086
PetroChina Co. Ltd. Class H		288,000		203,524
Yanzhou Coal Mining Co. Ltd. Class H		32,000		47,927
				785,937
COLOMBIA — 0.20%
Ecopetrol SA		74,416		65,117
				65,117
FINLAND — 0.40%
Neste OYJ		1,776		130,486
				130,486
FRANCE — 5.90%
Esso SA Francaisea		48		2,719
Etablissements Maurel et Proma		1,024		4,390
TOTAL SA		33,760		1,934,009
				1,941,118
GREECE — 0.10%
Hellenic Petroleum SA		739		7,436
Motor Oil Hellas Corinth Refineries SA		1,065		24,991
				32,427
HUNGARY — 0.18%
MOL Hungarian Oil & Gas PLC		5,344		58,452
				58,452

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2018

Security	Shares		Value
INDIA — 2.20%
Reliance Industries Ltd. GDRc		24,800	$	722,920
				722,920
INDONESIA — 0.51%
Adaro Energy Tbk PT		214,400		36,647
Bukit Asam Persero Tbk PT		56,000		12,912
Bumi Resources Tbk PTa		387,200		8,900
Delta Dunia Makmur Tbk PTa		72,000		5,813
Harum Energy Tbk PTa		12,800		3,165
Indika Energy Tbk PTa		22,400		7,038
Indo Tambangraya Megah Tbk PT		4,800		10,753
Medco Energi Internasional Tbk PTa		119,466		13,686
Sugih Energy Tbk PTa		618,000		2,248
United Tractors Tbk PT		25,600		66,288
				167,450
ISRAEL — 0.16%
Jerusalem Oil Explorationa		128		7,641
Naphtha Israel Petroleum Corp. Ltd.		977		6,506
Oil Refineries Ltd.		29,424		14,041
Paz Oil Co. Ltd.a		144		23,540
				51,728
ITALY — 1.89%
Eni SpA		36,496		610,442
Saras SpA		6,176		13,009
				623,451
JAPAN — 1.77%
Cosmo Energy Holdings Co. Ltd.		1,600		56,530
Idemitsu Kosan Co. Ltd.		1,600		61,853
Inpex Corp.		14,400		176,989
Japan Petroleum Exploration Co. Ltd.		100		2,371
JXTG Holdings Inc.		43,200		265,584
Showa Shell Sekiyu KK		1,600		20,887
				584,214
MALAYSIA — 0.02%
Hengyuan Refining Co. Bhda		1,600		5,376
				5,376
NEW ZEALAND — 0.02%
New Zealand Refining Co. Ltd. (The)		4,096		7,100
				7,100
NORWAY — 1.29%
Aker BP ASA		1,552		38,883
DNO ASAa,b		9,120		12,488
Statoil ASA		16,112		372,306
				423,677

Security	Shares		Value
PAKISTAN — 0.09%
Oil & Gas Development Co. Ltd.		12,800	$	18,899
Pakistan Oilfields Ltd.		1,676		9,469
				28,368
PHILIPPINES — 0.03%
Petron Corp.		60,800		10,729
				10,729
POLAND — 0.45%
Grupa Lotos SA		1,392		22,821
Lubelski Wegiel Bogdanka SA		120		1,842
Polski Koncern Naftowy ORLEN SA		4,368		123,032
				147,695
PORTUGAL — 0.38%
Galp Energia SGPS SA		6,992		126,808
				126,808
RUSSIA — 2.88%
LUKOIL PJSC		4,160		279,058
LUKOIL PJSC ADR		1,760		118,096
Novatek PJSC GDRd		1,296		176,904
Rosneft Oil Co. PJSC		9,280		54,479
Rosneft Oil Co. PJSC GDR		7,130		41,710
Surgutneftegas OJSC		54,400		27,747
Surgutneftegas OJSC ADR		4,232		21,160
Tatneft PJSC Class S		21,600		227,904
				947,058
SOUTH AFRICA — 0.12%
Exxaro Resources Ltd.		3,600		40,386
				40,386
SOUTH KOREA — 0.78%
S-Oil Corp.		672		76,639
SK Innovation Co. Ltd.		944		179,141
				255,780
SPAIN — 0.99%
Repsol SA		18,152		325,555
				325,555
SWEDEN — 0.18%
Lundin Petroleum ABa		2,576		60,735
				60,735
THAILAND — 0.67%
Bangchak Corp. PCL NVDR		8,000		10,322
Banpu PCL NVDR		33,600		25,155
Esso Thailand PCL NVDRa		17,600		9,980
IRPC PCL NVDR		172,800		44,865

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2018

Security	Shares		Value
PTT Exploration & Production PCL NVDR		20,831	$	76,648
Thai Oil PCL NVDR		16,000		52,501
				219,471
TURKEY — 0.16%
Tupras Turkiye Petrol Rafinerileri AS		1,760		54,051
				54,051
UNITED ARAB EMIRATES — 0.03%
Dana Gas PJSCa		44,624		9,112
				9,112
UNITED KINGDOM — 17.23%
Amerisur Resources PLCa,b		19,808		4,449
BP PLC		277,856		1,819,084
Cairn Energy PLCa		8,144		21,006
EnQuest PLC ADRa,b		14,368		5,929
Faroe Petroleum PLCa		5,664		8,210
Hurricane Energy PLCa,b		18,992		8,264
Nostrum Oil & Gas PLCa		1,072		4,269
Ophir Energy PLCa		12,192		8,836
Premier Oil PLCa,b		7,120		7,137
Royal Dutch Shell PLC Class A ADR		63,472		2,012,338
Royal Dutch Shell PLC Class B		53,072		1,697,238
SOCO International PLC		3,488		4,518
Sound Energy PLCa,b		8,256		5,130
Stobart Group Ltd.		4,272		14,038
Tullow Oil PLCa		20,272		50,780
				5,671,226
UNITED STATES — 46.68%
Anadarko Petroleum Corp.		7,776		443,543
Andeavor		2,112		189,277
Antero Resources Corp.a,b		3,232		60,794
Apache Corp.		5,376		183,590
Arch Coal Inc. Class A		272		26,033
Bill Barrett Corp.a		1,280		5,798
Bonanza Creek Energy Inc.a		224		6,279
Cabot Oil & Gas Corp.		6,464		156,170
California Resources Corp.a		480		6,773
Callon Petroleum Co.a		2,928		30,949
Carrizo Oil & Gas Inc.a,b		1,168		16,410
Centennial Resource Development Inc./DE Class Aa		1,632		31,139
Chesapeake Energy Corp.a,b		13,008		36,683
Chevron Corp.		26,672		2,985,130
Cimarex Energy Co.b		1,344		129,145

Security	Shares		Value
CNX Resources Corp.a		2,576	$	41,396
Concho Resources Inc.a		2,080		313,664
ConocoPhillips		17,008		923,704
CONSOL Energy Inc.a		288		9,127
Continental Resources Inc./OKa,b		1,312		62,333
CVR Energy Inc.		224		6,635
Delek U.S. Holdings Inc.		1,008		34,393
Denbury Resources Inc.a		5,824		12,755
Devon Energy Corp.		7,024		215,426
Diamondback Energy Inc.a		1,264		157,545
Eclipse Resources Corp.a,b		1,008		1,623
Energen Corp.a		1,408		77,032
EOG Resources Inc.		8,096		821,096
EQT Corp.		3,616		181,921
Extraction Oil & Gas Inc.a		1,424		17,202
Exxon Mobil Corp.		59,728		4,523,799
Gran Tierra Energy Inc.a,b		5,168		12,920
Gulfport Energy Corp.a		2,192		21,262
Halcon Resources Corp.a,b		1,776		10,745
Hess Corp.		4,016		182,407
HollyFrontier Corp.		2,320		99,366
Jagged Peak Energy Inc.a		768		9,446
Kosmos Energy Ltd.a,b		3,200		17,248
Laredo Petroleum Inc.a,b		2,272		19,062
Marathon Oil Corp.		11,936		173,311
Marathon Petroleum Corp.		6,864		439,708
Matador Resources Co.a		1,312		37,864
Murphy Oil Corp.		2,432		61,651
Newfield Exploration Co.a		2,928		68,310
Noble Energy Inc.		6,544		195,207
Oasis Petroleum Inc.a		3,600		28,368
Occidental Petroleum Corp.		10,816		709,530
Par Pacific Holdings Inc.a		272		4,629
Parsley Energy Inc. Class Aa		3,152		79,683
PBF Energy Inc. Class A		1,584		46,427
PDC Energy Inc.a		816		42,864
Peabody Energy Corp.		1,280		52,109
Pioneer Natural Resources Co.		2,384		405,828
QEP Resources Inc.a		3,312		28,549
Range Resources Corp.		3,504		46,568
Resolute Energy Corp.a,b		240		7,800
Ring Energy Inc.a		768		10,422
RSP Permian Inc.a,b		1,696		64,974
Sanchez Energy Corp.a,b		705		2,066
SandRidge Energy Inc.a		448		6,299

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2018

Security	Shares		Value
SM Energy Co.		1,344	$	24,649
Southwestern Energy Co.a		7,088		25,304
SRC Energy Inc.a		3,104		27,532
Stone Energy Corp.a,b		256		7,747
Tellurian Inc.a		800		6,984
Valero Energy Corp.		6,192		559,881
Whiting Petroleum Corp.a,b		1,260		34,285
WildHorse Resource Development Corp.a		272		4,619
WPX Energy Inc.a		5,712		80,711
				15,363,699
TOTAL COMMON STOCKS
(Cost: $33,051,219)				32,265,048
PREFERRED STOCKS — 1.26%
BRAZIL — 1.09%
Petroleo Brasileiro SA, Preference Shares		54,400		359,345
				359,345
RUSSIA — 0.17%
Surgutneftegas OJSC, Preference Shares		105,600		55,335
				55,335
TOTAL PREFERRED STOCKS
(Cost: $216,597)				414,680

Security	Shares		Value
SHORT-TERM INVESTMENTS — 1.68%
MONEY MARKET FUNDS — 1.68%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		542,041	$	542,095
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%e,f		11,321		11,321
				553,416
TOTAL SHORT-TERM INVESTMENTS
(Cost: $553,385)				553,416
TOTAL INVESTMENTS IN SECURITIES — 100.98%
(Cost: $33,821,201)				33,233,144
Other Assets, Less Liabilities — (0.98)%				(321,486	)
NET ASSETS — 100.00%			$	32,911,658

ADR — American Depositary Receipts

GDR — Global Depositary Receipts

NVDR — Non-Voting Depositary Receipts

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		656,714		—		(114,673	)b		542,041	$	542,095	$	4,607	c	$	(85	)	$	(63	)
BlackRock Cash Funds: Treasury, SL Agency Shares		25,717		—		(14,396	)b		11,321		11,321		220			—			—
										$	553,416	$	4,827		$	(85	)	$	(63	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	32,265,048	$	—	$	—	$	32,265,048
Preferred stocks		414,680		—		—		414,680
Money market funds		553,416		—		—		553,416
Total	$	33,233,144	$	—	$	—	$	33,233,144

See notes to financial statements.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.90%
AUSTRALIA — 13.04%
Newcrest Mining Ltd.		1,808,441	$	29,946,094
Resolute Mining Ltd.		2,459,541		2,137,006
St. Barbara Ltd.		1,892,838		6,047,476
Westgold Resources Ltd.a,b		1,698,678		2,117,912
				40,248,488
CANADA — 49.52%
Agnico Eagle Mines Ltd.		343,074		13,090,013
Alacer Gold Corp.a		1,700,811		2,681,265
Alamos Gold Inc. Class A		1,315,338		6,692,944
Barrick Gold Corp.		2,815,971		32,481,407
Centerra Gold Inc.a		838,680		4,398,431
China Gold International Resources Corp. Ltd.a		1,508,105		3,472,049
Eldorado Gold Corp.		2,581,560		2,780,312
Endeavour Mining Corp.a,b		216,096		4,081,261
Goldcorp Inc.		2,007,118		25,156,526
Guyana Goldfields Inc.a,b		586,651		2,280,034
IAMGOLD Corp.a		1,500,447		7,904,177
Kinross Gold Corp.a		3,414,310		12,283,895
Kirkland Lake Gold Ltd.		573,982		9,021,733
New Gold Inc.a,b		2,048,818		5,164,617
Premier Gold Mines Ltd.a		516,718		1,266,238
SEMAFO Inc.a		1,435,799		3,832,234
SSR Mining Inc.a		364,304		3,036,459
Tahoe Resources Inc.b		898,474		4,403,494
Yamana Gold Inc.		3,015,018		8,776,694
				152,803,783
PERU — 3.05%
Cia. de Minas Buenaventura SAA ADR		604,300		9,396,865
				9,396,865
SOUTH AFRICA — 9.46%
AngloGold Ashanti Ltd.		1,125,235		10,312,648
Gold Fields Ltd.		2,552,407		9,905,815
Harmony Gold Mining Co. Ltd.		1,734,023		3,469,883
Sibanye Gold Ltd.		5,716,559		5,496,808
				29,185,154
TURKEY — 0.84%
Koza Altin Isletmeleri ASa		301,188		2,593,740
				2,593,740

Security	Shares		Value
UNITED KINGDOM — 6.96%
Acacia Mining PLC		353,474	$	676,978
Centamin PLC		3,581,313		7,352,427
Randgold Resources Ltd.		167,080		13,462,757
				21,492,162
UNITED STATES — 17.03%
McEwen Mining Inc.		1,379,641		2,690,300
Newmont Mining Corp.		1,305,609		49,874,264
				52,564,564
TOTAL COMMON STOCKS
(Cost: $352,545,403)				308,284,756
SHORT-TERM INVESTMENTS — 2.56%
MONEY MARKET FUNDS — 2.56%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%c,d,e		7,886,454		7,887,243
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%c,d		15,107		15,107
				7,902,350
TOTAL SHORT-TERM INVESTMENTS
(Cost: $7,902,071)				7,902,350
TOTAL INVESTMENTS IN SECURITIES — 102.46%
(Cost: $360,447,474)				316,187,106
Other Assets, Less Liabilities — (2.46)%				(7,582,915	)
NET ASSETS — 100.00%			$	308,604,191

ADR — American Depositary Receipts

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Affiliate of the Fund.

^d  Annualized 7-day yield as of period end.

^e  All or a portion of this security was purchased with cash collateral received from loaned securities.

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		5,122,703		2,763,751	b		—			7,886,454	$	7,887,243	$	25,411	c	$	(1,330	)	$	(558	)
BlackRock Cash Funds: Treasury, SL Agency Shares		27,472		—			(12,365	)b		15,107		15,107		765			—			—
											$	7,902,350	$	26,176		$	(1,330	)	$	(558	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	308,284,756	$	—	$	—	$	308,284,756
Money market funds		7,902,350		—		—		7,902,350
Total	$	316,187,106	$	—	$	—	$	316,187,106

See notes to financial statements.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 98.54%
AUSTRALIA — 17.08%
A.C.N. 004 410 833 Ltd.a,b,c		727,228	$	6
Alumina Ltd.		1,690,752		2,938,067
Ausdrill Ltd.		221,835		454,635
BHP Billiton Ltd.		2,148,253		51,057,806
BlueScope Steel Ltd.		376,320		4,788,730
Fortescue Metals Group Ltd.		947,520		3,721,310
Galaxy Resources Ltd.a,b		262,937		717,128
Iluka Resources Ltd.		295,008		2,388,505
Independence Group NLa		354,816		1,401,806
Jacana Minerals Ltd.b,c		6,808		—
Mineral Resources Ltd.		105,504		1,562,888
Orocobre Ltd.a,b		137,912		702,841
OZ Minerals Ltd.		207,648		1,559,846
Pilbara Minerals Ltd.a,b		963,422		690,687
Rio Tinto Ltd.		276,083		17,460,577
Sandfire Resources NL		117,264		700,869
Sims Metal Management Ltd.		109,872		1,494,030
South32 Ltd.		3,517,408		9,099,923
Syrah Resources Ltd.a,b		188,671		502,815
Western Areas Ltd.		198,240		500,510
				101,742,979
AUSTRIA — 0.73%
Voestalpine AG		75,264		4,369,479
				4,369,479
BELGIUM — 0.28%
Bekaert SA		24,528		1,221,154
Nyrstar NVa,b		60,480		432,998
				1,654,152
BRAZIL — 5.16%
Cia. Siderurgica Nacional SAb		403,200		1,259,709
Vale SA		2,124,162		29,455,482
				30,715,191
CANADA — 5.01%
Altius Minerals Corp.		30,912		335,090
Arizona Mining Inc.b		106,848		338,552
First Quantum Minerals Ltd.		460,656		7,517,319
HudBay Minerals Inc.		175,728		1,353,600
Ivanhoe Mines Ltd. Class Ab		436,128		1,099,382
Labrador Iron Ore Royalty Corp.		36,960		726,018
Lithium Americas Corp.a,b		41,689		262,559
Lucara Diamond Corp.		223,776		398,181
Lundin Mining Corp.		444,192		2,894,606

Security	Shares		Value
Major Drilling Group International Inc.b		63,168	$	319,944
Nemaska Lithium Inc.a,b		221,835		254,495
Nevsun Resources Ltd.		204,809		447,548
Northern Dynasty Minerals Ltd.a,b		197,643		206,690
Stornoway Diamond Corp.b		294,446		137,876
Taseko Mines Ltd.a,b		147,890		182,359
Teck Resources Ltd. Class B		381,360		10,922,786
Trevali Mining Corp.b		443,670		522,841
Turquoise Hill Resources Ltd.b		640,080		1,948,189
				29,868,035
CHILE — 0.12%
CAP SA		51,118		729,364
				729,364
CHINA — 1.35%
Aluminum Corp. of China Ltd. Class Hb		2,688,000		1,631,631
Chiho Environmental Group Ltd.a,b		672,000		352,089
China Metal Recycling Holdings Ltd.b,c		132,000		—
China Molybdenum Co. Ltd. Class H		3,069,000		2,510,012
Inner Mongolia Eerduosi Resourses Co. Ltd. Class B		255,596		290,613
Jiangxi Copper Co. Ltd. Class H		672,000		1,063,136
MMG Ltd.b		1,350,000		947,120
North Mining Shares Co. Ltd.a,b		10,080,000		198,372
Shougang Concord International Enterprises Co. Ltd.a,b		9,568,000		294,671
Shougang Fushan Resources Group Ltd.		2,016,000		636,336
Xinjiang Xinxin Mining Industry Co. Ltd. Class Hb		672,000		110,779
				8,034,759
EGYPT — 0.02%
Ezz Steelb		84,348		112,241
				112,241
FINLAND — 0.29%
Outokumpu OYJ		211,680		1,719,450
				1,719,450
FRANCE — 0.47%
APERAM SA		32,665		1,705,944
Erametb		6,720		1,060,569
				2,766,513

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2018

Security	Shares		Value
GERMANY — 1.92%
Aurubis AG		24,528	$	2,069,560
Salzgitter AG		25,200		1,451,009
thyssenkrupp AG		291,312		7,930,270
				11,450,839
INDIA — 1.04%
Tata Steel Ltd. GDRa		606,632		6,217,978
				6,217,978
INDONESIA — 0.14%
Aneka Tambang Persero Tbk PTb		6,283,238		436,447
Krakatau Steel Persero Tbk PTb		2,587,353		95,978
Pelat Timah Nusantara Tbk PTb		307,000		80,610
Timah Tbk PT		2,593,267		219,744
				832,779
JAPAN — 7.95%
Asahi Holdings Inc.		33,600		635,127
Daido Steel Co. Ltd.		9,800		534,520
Dowa Holdings Co. Ltd.		34,100		1,270,301
Hitachi Metals Ltd.		168,000		2,166,421
JFE Holdings Inc.		372,900		8,693,021
Kobe Steel Ltd.b		201,600		2,248,292
Kyoei Steel Ltd.a		33,600		540,031
Maruichi Steel Tube Ltd.		44,100		1,392,784
Mitsubishi Materials Corp.		68,700		2,169,711
Mitsui Mining & Smelting Co. Ltd.		33,600		1,697,240
Nakayama Steel Works Ltd.		33,600		224,514
Neturen Co. Ltd.		33,600		339,448
Nippon Denko Co. Ltd.		100,800		360,860
Nippon Light Metal Holdings Co. Ltd.		490,400		1,337,392
Nippon Steel & Sumitomo Metal Corp.		490,940		11,762,224
Nisshin Steel Co. Ltd.		67,200		901,206
OSAKA Titanium Technologies Co. Ltd.		1,800		44,551
Sumitomo Metal Mining Co. Ltd.		168,000		7,922,553
Toho Titanium Co. Ltd.		33,600		456,901
Tokyo Steel Manufacturing Co. Ltd.		20,500		166,951
Toyo Kohan Co. Ltd.		67,200		449,029
UACJ Corp.		4,338		106,351
Yamato Kogyo Co. Ltd.		33,600		988,745
Yodogawa Steel Works Ltd.		33,600		961,979
				47,370,152

Security	Shares		Value
MALAYSIA — 0.23%
Press Metal Aluminium Holdings Bhd		920,700	$	1,363,304
				1,363,304
MEXICO — 1.61%
Grupo Mexico SAB de CV Series B		2,587,200		8,824,207
Industrias CH SAB de CV Series Ba,b		100,800		439,915
Minera Frisco SAB de CV Series A1b		504,000		306,936
				9,571,058
NETHERLANDS — 2.72%
AMG Advanced Metallurgical Group NVa		18,816		943,202
ArcelorMittalb		443,520		15,281,538
				16,224,740
NORWAY — 1.05%
Norsk Hydro ASA		921,312		6,265,823
				6,265,823
PAKISTAN — 0.01%
International Steels Ltd.		67,200		73,136
				73,136
PERU — 0.57%
Southern Copper Corp.		64,512		3,401,718
				3,401,718
PHILIPPINES — 0.02%
Nickel Asia Corp.		949,800		114,348
				114,348
POLAND — 0.69%
Boryszew SAb		86,016		247,750
Jastrzebska Spolka Weglowa SAb		35,054		943,162
KGHM Polska Miedz SA		96,096		2,944,504
				4,135,416
RUSSIA — 2.85%
Alrosa PJSC		1,814,400		2,781,344
Magnitogorsk Iron & Steel Works PJSC		1,261,700		1,068,571
Mechel PJSC ADRb		49,056		241,846
MMC Norilsk Nickel PJSC		43,398		8,602,128
Novolipetsk Steel PJSC		772,800		2,005,526
Raspadskaya OAOb		77,280		153,606
Severstal PJSC		131,040		2,137,699
				16,990,720

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2018

Security	Shares		Value
SOUTH AFRICA — 1.02%
African Rainbow Minerals Ltd.		75,264	$	778,034
Anglo American Platinum Ltd.b		37,296		1,155,777
ArcelorMittal South Africa Ltd.b		66,864		16,994
Assore Ltd.		24,864		774,710
Impala Platinum Holdings Ltd.b		448,570		1,143,870
Kumba Iron Ore Ltd.		38,976		1,157,021
Northam Platinum Ltd.b		243,113		878,224
Royal Bafokeng Platinum Ltd.b		55,776		151,209
				6,055,839
SOUTH KOREA — 4.02%
Dongkuk Steel Mill Co. Ltd.		40,390		400,953
Hyundai Steel Co.		53,760		2,660,944
Jenax Inc.b		10,416		316,933
KISWIRE Ltd.		4,555		134,812
Korea Zinc Co. Ltd.b		6,048		2,859,522
Poongsan Corp.		15,792		627,801
Poongsan Holdings Corp.		4,704		226,751
POSCO		49,256		16,442,925
Seah Besteel Corp.		5,200		136,855
SeAH Steel Corp.		2,043		164,323
				23,971,819
SPAIN — 0.32%
Acerinox SAa		109,314		1,623,230
Tubacex SAa,b		68,544		282,567
				1,905,797
SWEDEN — 1.62%
Boliden AB		191,856		6,828,596
Granges AB		57,456		625,841
SSAB AB Class Aa,b		133,056		798,288
SSAB AB Class Bb		285,785		1,412,455
				9,665,180
SWITZERLAND — 0.01%
Schmolz + Bickenbach AG Registeredb		111,216		85,202
				85,202
TAIWAN — 1.62%
China Metal Products		336,011		334,337
China Steel Corp.		8,400,612		6,934,451
Feng Hsin Steel Co. Ltd.		336,000		707,780
Gloria Material Technology Corp.		672,000		464,948
TA Chen Stainless Pipe		396,353		342,111
Ton Yi Industrial Corp.		70,000		32,368
Tung Ho Steel Enterprise Corp.		672,000		582,336

Security	Shares		Value
Yieh Phui Enterprise Co. Ltd.		696,706	$	275,623
				9,673,954
TURKEY — 0.59%
Borusan Mannesmann Boru Sanayi ve Ticaret ASa		38,640		137,549
Eregli Demir ve Celik Fabrikalari TAS		944,160		2,817,759
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Db		587,328		530,785
				3,486,093
UNITED KINGDOM — 26.30%
Anglo American PLC		896,784		22,001,708
Antofagasta PLC		263,760		3,161,771
BHP Billiton PLC		1,413,216		28,900,354
Central Asia Metals PLC		91,728		408,232
Evraz PLC		221,760		1,305,013
Ferrexpo PLC		199,920		861,363
Glencore PLC		8,195,712		43,628,451
Hill & Smith Holdings PLC		51,744		866,240
KAZ Minerals PLCb		171,360		2,024,394
Lonmin PLCa,b		173,588		152,835
Petra Diamonds Ltd.a,b		378,471		320,969
Rio Tinto PLC		814,376		44,053,199
Vedanta Ltd. ADR		416,584		8,406,665
Vedanta Resources PLC		57,792		585,271
				156,676,465
UNITED STATES — 11.73%
AK Steel Holding Corp.a,b		213,360		1,100,938
Alcoa Corp.a,b		126,356		5,682,229
Allegheny Technologies Inc.b		80,640		2,089,382
Carpenter Technology Corp.		30,912		1,574,657
Century Aluminum Co.b		36,960		704,088
Cleveland-Cliffs Inc.a,b		188,832		1,327,489
Commercial Metals Co.		77,616		1,886,069
Compass Minerals International Inc.		24,864		1,499,299
Freeport-McMoRan Inc.b		920,640		17,123,904
Haynes International Inc.		7,728		321,485
Kaiser Aluminum Corp.		13,104		1,315,249
Materion Corp.		17,136		863,654
Nucor Corp.		214,368		14,019,667
Reliance Steel & Aluminum Co.		48,720		4,393,082
Ryerson Holding Corp.b		10,752		108,595
Schnitzer Steel Industries Inc. Class A		17,472		594,048

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2018

Security	Shares		Value
Steel Dynamics Inc.		161,280	$	7,459,200
SunCoke Energy Inc.b		40,320		430,618
TimkenSteel Corp.b		24,864		406,775
U.S. Steel Corp.		117,600		5,116,776
Warrior Met Coal Inc.		14,228		444,056
Worthington Industries Inc.		32,256		1,427,006
				69,888,266
TOTAL COMMON STOCKS
(Cost: $506,463,452)				587,132,789
PREFERRED STOCKS — 1.24%
BRAZIL — 1.24%
Bradespar SA, Preference Shares		168,000		1,767,006
Gerdau SA, Preference Shares		672,000		3,437,827
Metalurgica Gerdau SA, Preference Shares		436,800		1,059,479
Usinas Siderurgicas de Minas Gerais SA Class A, Preference Shares		302,400		1,146,770
				7,411,082
TOTAL PREFERRED STOCKS
(Cost: $3,920,310)				7,411,082

Security	Shares		Value
SHORT-TERM INVESTMENTS — 1.84%
MONEY MARKET FUNDS — 1.84%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		10,346,136	$	10,347,170
BlackRock Cash Funds: Treasury, SL Agency Shares
1.34%d,e		580,563		580,563
				10,927,733
TOTAL SHORT-TERM INVESTMENTS
(Cost: $10,927,313)				10,927,733
TOTAL INVESTMENTS IN SECURITIES — 101.62%
(Cost: $521,311,075)				605,471,604
Other Assets, Less Liabilities — (1.62)%				(9,635,081	)
NET ASSETS — 100.00%			$	595,836,523

ADR — American Depositary Receipts

GDR — Global Depositary Receipts

^a  All or a portion of this security is on loan.

^b  Non-income producing security.

^c  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		10,837,677		—		(491,541	)b		10,346,136	$	10,347,170	$	117,835	c	$	(1,949	)	$	(840	)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,803,747		—		(1,223,184	)b		580,563		580,563		2,758			—			—
										$	10,927,733	$	120,593		$	(1,949	)	$	(840	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	587,132,783	$	—	$	6	$	587,132,789
Preferred stocks		7,411,082		—		—		7,411,082
Money market funds		10,927,733		—		—		10,927,733
Total	$	605,471,598	$	—	$	6	$	605,471,604

See notes to financial statements.

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 99.99%
CANADA — 58.04%
Alexco Resource Corp.a,b		385,677	$	505,668
Americas Silver Corp.a,b		162,179		583,483
Dalradian Resources Inc.a		763,231		649,254
Dundee Precious Metals Inc.a		400,365		956,114
Endeavour Silver Corp.a,b		344,533		760,938
Excellon Resources Inc.a		344,002		472,504
First Majestic Silver Corp.a,b		335,583		1,780,906
Fortuna Silver Mines Inc.a		350,022		1,584,366
GoGold Resources Inc.a,b		960,737		281,169
Great Panther Silver Ltd.a,b		511,980		595,349
Klondex Mines Ltd.a,b		470,175		653,148
Levon Resources Ltd.a		1,210,062		283,310
MAG Silver Corp.a,b		153,565		1,608,337
Mandalay Resources Corp.		1,818,848		347,772
Minco Silver Corp.a,b		536,255		284,585
Pan American Silver Corp.		167,441		2,537,718
Silvercorp Metals Inc.b		405,031		1,027,316
SSR Mining Inc.a		244,598		2,038,714
Tahoe Resources Inc.b		613,836		3,008,460
Wheaton Precious Metals Corp.		682,494		13,044,272
				33,003,383
CHINA — 1.21%
China Silver Group Ltd.		2,966,000		686,039
CSMall Group Ltd.a		48,600		—
				686,039
MEXICO — 9.70%
Industrias Penoles SAB de CV		252,727		5,518,014
				5,518,014
PERU — 4.69%
Cia. de Minas Buenaventura SAA ADR		171,321		2,664,042
				2,664,042
UNITED KINGDOM — 14.49%
Fresnillo PLC		399,271		6,708,907
Hochschild Mining PLC		543,330		1,530,943
				8,239,850
UNITED STATES — 11.86%
Coeur Mining Inc.a		331,052		2,532,548
Golden Minerals Co.a		682,522		255,946
Hecla Mining Co.		676,243		2,475,049
McEwen Mining Inc.		616,388		1,201,957

Security	Shares		Value
Solitario Zinc Corp.a		523,482	$	277,445
				6,742,945
TOTAL COMMON STOCKS (Cost: $64,671,661)				56,854,273
SHORT-TERM INVESTMENTS — 11.78%
MONEY MARKET FUNDS — 11.78%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%c,d,e		6,677,415		6,678,082
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%c,d		20,150		20,150
				6,698,232
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,697,829)				6,698,232
TOTAL INVESTMENTS IN SECURITIES — 111.77%
(Cost: $71,369,490)				63,552,505
Other Assets, Less Liabilities — (11.77)%				(6,690,013	)
NET ASSETS — 100.00%			$	56,862,492

ADR — American Depositary Receipts

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

^c  Affiliate of the Fund.

^d  Annualized 7-day yield as of period end.

^e  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		7,553,574		—		(876,159	)b		6,677,415	$	6,678,082	$	70,636	c	$	317	$	(1,314	)
BlackRock Cash Funds: Treasury, SL Agency Shares		37,449		—		(17,299	)b		20,150		20,150		182			—		—
										$	6,698,232	$	70,818		$	317	$	(1,314	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	56,854,273	$	—	$	—	$	56,854,273
Money market funds		6,698,232		—		—		6,698,232
Total	$	63,552,505	$	—	$	—	$	63,552,505

See notes to financial statements.

28 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	30,065,201		$	33,267,816		$	352,545,403
Affiliated (Note 2)		2,710,625			553,385			7,902,071
Total cost of investments in securities	$	32,775,826		$	33,821,201		$	360,447,474
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	31,481,737		$	32,679,728		$	308,284,756
Affiliated (Note 2)		2,843,199			553,416			7,902,350
Foreign currency, at valueb		24,289			43,960			220,810
Cash		153			—			—
Receivables:
Investment securities sold		64,509			80,890			3,322,563
Due from custodian (Note 4)		10,089			—			—
Dividends and interest		53,477			197,471			105,641
Tax reclaims		44,751			1,335			—
Total Assets		34,522,204			33,556,800			319,836,120
LIABILITIES
Payables:
Investment securities purchased		73,963			92,959			3,241,169
Collateral for securities on loan (Note 1)		2,012,916			542,167			7,891,503
Investment advisory fees (Note 2)		8,782			10,016			99,257
Total Liabilities		2,095,661			645,142			11,231,929
NET ASSETS	$	32,426,543		$	32,911,658		$	308,604,191
Net assets consist of:
Paid-in capital	$	32,826,476		$	35,148,387		$	393,692,463
Undistributed (distributions in excess of) net investment income		26,832			146,876			(21,857	)
Accumulated net realized loss		(1,977,383	)		(1,796,330	)		(40,811,801	)
Net unrealized appreciation (depreciation)		1,550,618			(587,275	)		(44,254,614	)
NET ASSETS	$	32,426,543		$	32,911,658		$	308,604,191
Shares outstandingc		1,100,000			1,600,000			17,950,000
Net asset value per share	$	29.48		$	20.57		$	17.19

^a  Securities on loan with values of $1,925,825, $502,486 and $7,625,098, respectively. See Note 1.

^b  Cost of foreign currency: $24,224, $43,252 and $214,735, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2018

	iShares MSCI Global Metals & Mining Producers ETF			iShares MSCI Global Silver Miners ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	510,383,762		$	64,671,661
Affiliated (Note 2)		10,927,313			6,697,829
Total cost of investments in securities	$	521,311,075		$	71,369,490
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	594,543,871		$	56,854,273
Affiliated (Note 2)		10,927,733			6,698,232
Foreign currency, at valueb		489,267			14,206
Receivables:
Investment securities sold		1,287,024			995,292
Due from custodian (Note 4)		2,855			—
Dividends and interest		669,047			7,971
Capital shares sold		2,658,727			—
Tax reclaims		23,669			—
Total Assets		610,602,193			64,569,974
LIABILITIES
Payables:
Investment securities purchased		4,251,252			1,013,479
Collateral for securities on loan (Note 1)		10,347,100			6,677,133
Investment advisory fees (Note 2)		167,318			16,870
Total Liabilities		14,765,670			7,707,482
NET ASSETS	$	595,836,523		$	56,862,492
Net assets consist of:
Paid-in capital	$	536,310,033		$	76,626,934
Distributions in excess of net investment income		(1,429,136	)		(730,325	)
Accumulated net realized loss		(23,209,933	)		(11,217,348	)
Net unrealized appreciation (depreciation)		84,165,559			(7,816,769	)
NET ASSETS	$	595,836,523		$	56,862,492
Shares outstandingc		16,800,000			5,800,000
Net asset value per share	$	35.47		$	9.80

^a  Securities on loan with values of $9,496,543 and $6,377,902, respectively. See Note 1.

^b  Cost of foreign currency: $489,105 and $13,966, respectively.

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

See notes to financial statements.

30 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	272,179		$	549,644		$	967,826
Dividends — affiliated (Note 2)		1,573			220			765
Securities lending income — affiliated — net (Note 2)		10,838			4,607			25,411
Total investment income		284,590			554,471			994,002
EXPENSES
Investment advisory fees (Note 2)		59,213			66,413			690,549
Proxy fees		3			4			24
Commitment fees (Note 7)		55			55			—
Total expenses		59,271			66,472			690,573
Less investment advisory fees waived (Note 2)		(3,705	)		—			—
Net expenses		55,566			66,472			690,573
Net investment income		229,024			487,999			303,429
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(227,381	)		(194,506	)		(1,684,232	)
Investments — affiliated (Note 2)		(2,472	)		(85	)		(1,330	)
In-kind redemptions — unaffiliated		305,210			360,274			4,268,606
In-kind redemptions — affiliated (Note 2)		11,436			—			—
Foreign currency transactions		1,757			4,837			(20,746	)
Net realized gain		88,550			170,520			2,562,298
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		2,460,135			3,340,424			(55,372,301	)
Investments — affiliated (Note 2)		(748	)		(63	)		(558	)
Translation of assets and liabilities in foreign currencies		516			(1,130	)		2,824
Net change in unrealized appreciation/depreciation		2,459,903			3,339,231			(55,370,035	)
Net realized and unrealized gain (loss)		2,548,453			3,509,751			(52,807,737	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,777,477		$	3,997,750		$	(52,504,308	)

^a  Net of foreign withholding tax of $13,809, $25,593 and $86,308, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares MSCI Global Metals & Mining Producers ETF			iShares MSCI Global Silver Miners ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	3,289,038		$	136,540
Dividends — affiliated (Note 2)		2,758			182
Securities lending income — affiliated — net (Note 2)		117,835			70,636
Total investment income		3,409,631			207,358
EXPENSES
Investment advisory fees (Note 2)		800,457			113,493
Proxy fees		31			7
Commitment fees (Note 7)		542			—
Total expenses		801,030			113,500
Net investment income		2,608,601			93,858
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,792,991	)		(1,151,721	)
Investments — affiliated (Note 2)		(1,949	)		317
In-kind redemptions — unaffiliated		8,486,383			687,820
Foreign currency transactions		23,122			819
Net realized gain (loss)		4,714,565			(462,765	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		41,027,359			(8,921,196	)
Investments — affiliated (Note 2)		(840	)		(1,314	)
Translation of assets and liabilities in foreign currencies		4,989			604
Net change in unrealized appreciation/depreciation		41,031,508			(8,921,906	)
Net realized and unrealized gain (loss)		45,746,073			(9,384,671	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	48,354,674		$	(9,290,813	)

^a  Net of foreign withholding tax of $178,378 and $10,720, respectively.

See notes to financial statements.

32 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Global Agriculture Producers ETF						iShares MSCI Global Energy Producers ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	229,024		$	505,154		$	487,999		$	1,111,642
Net realized gain		88,550			935,619			170,520			489,918
Net change in unrealized appreciation/depreciation		2,459,903			2,278,925			3,339,231			(734,277	)
Net increase in net assets resulting from operations		2,777,477			3,719,698			3,997,750			867,283
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(263,265	)		(561,907	)		(592,662	)		(1,091,944	)
Total distributions to shareholders		(263,265	)		(561,907	)		(592,662	)		(1,091,944	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,908,832			4,945,056			81			513
Cost of shares redeemed		(1,430,828	)		(7,619,400	)		(2,061,598	)		(5,647,790	)
Net increase (decrease) in net assets from capital share transactions		1,478,004			(2,674,344	)		(2,061,517	)		(5,647,277	)
INCREASE (DECREASE) IN NET ASSETS		3,992,216			483,447			1,343,571			(5,871,938	)
NET ASSETS
Beginning of period		28,434,327			27,950,880			31,568,087			37,440,025
End of period	$	32,426,543		$	28,434,327		$	32,911,658		$	31,568,087
Undistributed net investment income included in net assets at end of period	$	26,832		$	61,073		$	146,876		$	251,539
SHARES ISSUED AND REDEEMED
Shares sold		100,000			200,000			—			—
Shares redeemed		(50,000	)		(300,000	)		(100,000	)		(300,000	)
Net increase (decrease) in shares outstanding		50,000			(100,000	)		(100,000	)		(300,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 33

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Global Gold Miners ETF						iShares MSCI Global Metals & Mining Producers ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017a			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017a
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	303,429		$	963,974		$	2,608,601		$	6,226,345
Net realized gain (loss)		2,562,298			(12,294,792	)		4,714,565			27,468,057
Net change in unrealized appreciation/depreciation		(55,370,035	)		(1,688,397	)		41,031,508			62,029,722
Net increase (decrease) in net assets resulting from operations		(52,504,308	)		(13,019,215	)		48,354,674			95,724,124
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(887,692	)		(2,501,502	)		(5,611,608	)		(5,470,440	)
Total distributions to shareholders		(887,692	)		(2,501,502	)		(5,611,608	)		(5,470,440	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		18,734,771			302,448,527			237,130,357			181,847,994
Cost of shares redeemed		(47,985,249	)		(161,789,520	)		(31,296,057	)		(148,024,373	)
Net increase (decrease) in net assets from capital share transactions		(29,250,478	)		140,659,007			205,834,300			33,823,621
INCREASE (DECREASE) IN NET ASSETS		(82,642,478	)		125,138,290			248,577,366			124,077,305
NET ASSETS
Beginning of period		391,246,669			266,108,379			347,259,157			223,181,852
End of period	$	308,604,191		$	391,246,669		$	595,836,523		$	347,259,157
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(21,857	)	$	562,406		$	(1,429,136	)	$	1,573,871
SHARES ISSUED AND REDEEMED
Shares sold		1,000,000			16,300,000			6,900,000			7,300,000
Shares redeemed		(2,650,000	)		(9,250,000	)		(1,000,000	)		(6,700,000	)
Net increase (decrease) in shares outstanding		(1,650,000	)		7,050,000			5,900,000			600,000

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

See notes to financial statements.

34 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Global Silver Miners ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	93,858		$	537,789
Net realized gain (loss)		(462,765	)		583,646
Net change in unrealized appreciation/depreciation		(8,921,906	)		(13,353,209	)
Net decrease in net assets resulting from operations		(9,290,813	)		(12,231,774	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(153,976	)		(1,593,868	)
Total distributions to shareholders		(153,976	)		(1,593,868	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		4,163,046			3,458,260
Cost of shares redeemed		(2,113,815	)		(12,452,605	)
Net increase (decrease) in net assets from capital share transactions		2,049,231			(8,994,345	)
DECREASE IN NET ASSETS		(7,395,558	)		(22,819,987	)
NET ASSETS
Beginning of period		64,258,050			87,078,037
End of period	$	56,862,492		$	64,258,050
Distributions in excess of net investment income included in net assets at end of period	$	(730,325	)	$	(670,207	)
SHARES ISSUED AND REDEEMED
Shares sold		400,000			300,000
Shares redeemed		(200,000	)		(1,100,000	)
Net increase (decrease) in shares outstanding		200,000			(800,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 35

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Agriculture Producers ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	27.08		$	24.31		$	24.03		$	27.29		$	24.63		$	24.91
Income from investment operations:
Net investment incomea		0.22			0.45			0.54			0.50			0.58			0.50
Net realized and unrealized gain (loss)b		2.43			2.81			0.27			(3.21	)		2.63			(0.46	)
Total from investment operations		2.65			3.26			0.81			(2.71	)		3.21			0.04
Less distributions from:
Net investment income		(0.25	)		(0.49	)		(0.53	)		(0.55	)		(0.55	)		(0.32	)
Total distributions		(0.25	)		(0.49	)		(0.53	)		(0.55	)		(0.55	)		(0.32	)
Net asset value, end of period	$	29.48		$	27.08		$	24.31		$	24.03		$	27.29		$	24.63
Total return		9.81	%c		13.53	%		3.55	%		(10.11	)%		13.05	%		0.10	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	32,427		$	28,434		$	27,951		$	27,640		$	46,395		$	35,716
Ratio of expenses to average net assetsd		0.37	%		0.37	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of expenses to average net assets prior to waived feesd		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetsd		1.51	%		1.76	%		2.38	%		1.87	%		2.17	%		1.87	%
Portfolio turnover ratee		3	%c		16	%		7	%		10	%		14	%		6	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 3%, 15%, 7%, 10%, 13% and 6%, respectively. See Note 4.

See notes to financial statements.

36 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Energy Producers ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	18.57		$	18.72		$	17.67		$	28.06		$	24.06		$	23.51
Income from investment operations:
Net investment incomea		0.30			0.60			0.59			0.68			0.68			0.63
Net realized and unrealized gain (loss)b		2.07			(0.16	)		1.00			(10.61	)		3.96			0.55
Total from investment operations		2.37			0.44			1.59			(9.93	)		4.64			1.18
Less distributions from:
Net investment income		(0.37	)		(0.59	)		(0.54	)		(0.46	)		(0.64	)		(0.63	)
Total distributions		(0.37	)		(0.59	)		(0.54	)		(0.46	)		(0.64	)		(0.63	)
Net asset value, end of period	$	20.57		$	18.57		$	18.72		$	17.67		$	28.06		$	24.06
Total return		12.75	%c		2.26	%		9.31	%		(35.63	)%		19.44	%		5.10	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	32,912		$	31,568		$	37,440		$	24,739		$	8,419		$	4,811
Ratio of expenses to average net assetsd		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetsd		2.87	%		3.10	%		3.36	%		3.23	%		2.57	%		2.61	%
Portfolio turnover ratee		2	%c		4	%		6	%		4	%		8	%		6	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 2%, 4%, 6%, 4%, 8% and 6%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 37

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Gold Miners ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a
Net asset value, beginning of period	$	19.96		$	21.20		$	11.13		$	22.53		$	23.20		$	40.11
Income from investment operations:
Net investment incomeb		0.02			0.06			0.02			0.14			0.16			0.42
Net realized and unrealized gain (loss)c		(2.74	)		(1.04	)		10.11			(11.42	)		(0.67	)		(16.95	)
Total from investment operations		(2.72	)		(0.98	)		10.13			(11.28	)		(0.51	)		(16.53	)
Less distributions from:
Net investment income		(0.05	)		(0.26	)		(0.06	)		(0.12	)		(0.16	)		(0.38	)
Total distributions		(0.05	)		(0.26	)		(0.06	)		(0.12	)		(0.16	)		(0.38	)
Net asset value, end of period	$	17.19		$	19.96		$	21.20		$	11.13		$	22.53		$	23.20
Total return		(13.65	)%d		(4.30	)%		91.17	%		(50.16	)%		(2.01	)%		(41.28	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	308,604		$	391,247		$	266,108		$	45,926		$	70,976		$	38,285
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		0.17	%		0.38	%		0.06	%		0.88	%		0.81	%		1.37	%
Portfolio turnover ratef		2	%d		26	%		30	%		20	%		22	%		19	%

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

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

38 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Metals & Mining Producers ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017a			Year ended Aug. 31, 2016a			Year ended Aug. 31, 2015a			Year ended Aug. 31, 2014a			Year ended Aug. 31, 2013a
Net asset value, beginning of period	$	31.86		$	21.67		$	21.30		$	40.37		$	36.23		$	38.01
Income from investment operations:
Net investment incomeb		0.21			0.53			0.42			1.62			1.00			1.00
Net realized and unrealized gain (loss)c		3.86			10.26			0.41			(17.91	)		4.44			(2.01	)
Total from investment operations		4.07			10.79			0.83			(16.29	)		5.44			(1.01	)
Less distributions from:
Net investment income		(0.46	)		(0.60	)		(0.46	)		(2.78	)		(1.30	)		(0.77	)
Total distributions		(0.46	)		(0.60	)		(0.46	)		(2.78	)		(1.30	)		(0.77	)
Net asset value, end of period	$	35.47		$	31.86		$	21.67		$	21.30		$	40.37		$	36.23
Total return		12.88	%d		50.55	%		4.52	%		(41.94	)%		15.32	%		(2.68	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	595,837		$	347,259		$	223,182		$	69,219		$	183,699		$	222,808
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of expenses to average net assets prior to waived feese		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		1.27	%		2.31	%		2.16	%		5.18	%		2.53	%		2.51	%
Portfolio turnover ratef		4	%d		12	%		8	%		17	%		18	%		11	%

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

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 3%, 6%, 6%, 10%, 15%, and 7% respectively. See Note 4

See notes to financial statements.

FINANCIAL HIGHLIGHTS 39

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Silver Miners ETF
	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Year ended Aug. 31, 2016			Year ended Aug. 31, 2015			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013
Net asset value, beginning of period	$	11.47		$	13.61		$	6.14		$	12.70		$	13.92		$	20.94
Income from investment operations:
Net investment incomea		0.02			0.09			0.05			0.05			0.08			0.16
Net realized and unrealized gain (loss)b		(1.66	)		(1.94	)		7.44			(6.42	)		(1.15	)		(6.90	)
Total from investment operations		(1.64	)		(1.85	)		7.49			(6.37	)		(1.07	)		(6.74	)
Less distributions from:
Net investment income		(0.03	)		(0.29	)		(0.02	)		(0.19	)		(0.15	)		(0.28	)
Total distributions		(0.03	)		(0.29	)		(0.02	)		(0.19	)		(0.15	)		(0.28	)
Net asset value, end of period	$	9.80		$	11.47		$	13.61		$	6.14		$	12.70		$	13.92
Total return		(14.33	)%c		(13.26	)%		122.11	%		(50.51	)%		(7.48	)%		(32.49	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	56,862		$	64,258		$	87,078		$	12,279		$	13,975		$	6,959
Ratio of expenses to average net assetsd		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetsd		0.32	%		0.79	%		0.47	%		0.57	%		0.63	%		1.03	%
Portfolio turnover ratee		6	%c		14	%		27	%		31	%		22	%		13	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

40 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Global Agriculture Producers	Non-diversified
MSCI Global Energy Producers	Non-diversified
MSCI Global Gold Miners	Non-diversified
MSCI Global Metals & Mining Producers	Non-diversified
MSCI Global Silver Miners	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration inputs 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 inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs 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 to valuation techniques are categorized into a fair value 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.

42 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily.

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 prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2018, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original 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.

44 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount  b
MSCI Global Agriculture Producers
Citigroup Global Markets Inc.	$	11,071	$	11,071	$	—
Credit Suisse Securities (USA) LLC		5,023		5,023		—
Deutsche Bank AG		72,609		72,609		—
Goldman Sachs & Co.		558,811		558,811		—
JPMorgan Securities LLC		96,779		96,779		—
Merrill Lynch, Pierce, Fenner & Smith		34,143		34,143		—
Morgan Stanley & Co. International PLC		13,793		13,793		—
Morgan Stanley & Co. LLC		240,225		240,225		—
Nomura Securities International Inc.		869,211		869,211		—
SG Americas Securities LLC		24,160		24,160		—
	$	1,925,825	$	1,925,825	$	—
MSCI Global Energy Producers
BNP Paribas New York Branch	$	129,145	$	129,145	$	—
BNP Paribas Prime Brokerage Inc.		62,333		62,333		—
Citigroup Global Markets Inc.		31,194		31,194		—
Credit Suisse Securities (USA) LLC		58,829		58,829		—
Deutsche Bank Securities Inc.		9,446		9,446		—
Goldman Sachs & Co.		69,500		69,500		—
HSBC Bank PLC		881		845		(36	)
JPMorgan Securities LLC		45,340		45,340		—
Merrill Lynch, Pierce, Fenner & Smith		45,876		45,876		—
Morgan Stanley & Co. LLC		26,402		26,402		—
SG Americas Securities LLC		8,291		8,291		—
State Street Bank & Trust Company		14,410		14,410		—
UBS Securities LLC		839		839		—
	$	502,486	$	502,450	$	(36	)
MSCI Global Gold Miners
Citigroup Global Markets Inc.	$	940,180	$	940,180	$	—
Credit Suisse Securities (USA) LLC		706,349		706,349		—
Goldman Sachs & Co.		374,040		374,040		—
JPMorgan Securities LLC		1,148,383		1,148,383		—
Merrill Lynch, Pierce, Fenner & Smith		2,036,622		2,036,622		—
State Street Bank & Trust Company		1,272,859		1,272,859		—
UBS AG		1,146,665		1,146,665		—
	$	7,625,098	$	7,625,098	$	—

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount  b
MSCI Global Metals & Mining Producers
BMO Capital Markets	$	10,250	$	10,250	$	—
BNP Paribas New York Branch		1,295,080		1,295,080		—
Citigroup Global Markets Inc.		9,807		9,807		—
Credit Suisse Securities (USA) LLC		840,153		840,153		—
Deutsche Bank Securities Inc.		112,604		112,604		—
HSBC Bank PLC		430,492		430,492		—
JPMorgan Securities LLC		808,412		808,412		—
Macquarie Bank Limited		403,135		403,135		—
Merrill Lynch, Pierce, Fenner & Smith		168,057		168,057		—
Morgan Stanley & Co. LLC		3,004,640		3,004,640		—
National Financial Services LLC		39,375		39,375		—
Scotia Capital (USA) Inc.		11,472		11,472		—
SG Americas Securities LLC		77,611		77,611		—
State Street Bank & Trust Company		713,003		713,003		—
UBS AG		1,551,261		1,551,261		—
UBS Securities LLC		21,191		21,133		(58	)
	$	9,496,543	$	9,496,485	$	(58	)
MSCI Global Silver Miners
Citigroup Global Markets Inc.	$	377,943	$	377,943	$	—
Credit Suisse Securities (USA) LLC		454,391		454,391		—
Goldman Sachs & Co.		30,023		30,023		—
JPMorgan Securities LLC		196,738		196,738		—
Merrill Lynch, Pierce, Fenner & Smith		1,670,769		1,670,769		—
Morgan Stanley & Co. LLC		395,811		395,811		—
State Street Bank & Trust Company		2,658,923		2,658,923		—
UBS AG		593,304		593,304		—
	$	6,377,902	$	6,377,902	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^b  Additional collateral is delivered to the Funds on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

46 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

In addition, each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for each Fund through December 31, 2023 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

The U.S. Securities and Exchange Commission 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 (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
MSCI Global Agriculture Producers	$	2,535
MSCI Global Energy Producers		1,038
MSCI Global Gold Miners		7,033
MSCI Global Metals & Mining Producers		27,194
MSCI Global Silver Miners		15,540

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	—	$	62,725
MSCI Global Energy Producers		14,990		36,454
MSCI Global Gold Miners		360,135		384,911
MSCI Global Metals & Mining Producers		—		945,907
MSCI Global Silver Miners		66,542		412,496

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

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

The iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2018 were as follows:

iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	1,273,439	$	996,314
MSCI Global Energy Producers		712,962		920,335
MSCI Global Gold Miners		6,933,541		6,831,584
MSCI Global Metals & Mining Producers		41,083,833		17,073,699
MSCI Global Silver Miners		3,644,203		3,704,070

In-kind transactions (see Note 4) for the six months ended February 28, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Agriculture Producers	$	2,588,369	$	1,335,854
MSCI Global Energy Producers		—		1,990,225
MSCI Global Gold Miners		17,826,015		47,885,948
MSCI Global Metals & Mining Producers		206,788,166		27,109,204
MSCI Global Silver Miners		4,159,021		2,109,865

48 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

4. CAPITAL SHARE TRANSACTIONS

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

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

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

5. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

MARKET RISK

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

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

NOTES TO FINANCIAL STATEMENTS 49

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries. These events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. The occurrence of terrorist incidents throughout Europe also could impact financial markets. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, political and social conditions affecting those market sectors may have a significant impact on its investment performance.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia, Norway, Switzerland and Canada, have imposed economic sanctions, which consist of asset freezes and sectorial sanctions, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

CREDIT RISK

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

6. INCOME TAX INFORMATION

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

50 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

As of August 31, 2017, the Funds’ fiscal year end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI Global Agriculture Producers	$	1,864,644
MSCI Global Energy Producers		1,515,836
MSCI Global Gold Miners		28,822,930
MSCI Global Metals & Mining Producers		20,679,780
MSCI Global Silver Miners		8,112,033

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

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Global Agriculture Producers	$	33,008,608	$	5,121,283	$	(3,804,955	)	$	1,316,328
MSCI Global Energy Producers		34,281,704		3,519,367		(4,567,927	)		(1,048,560	)
MSCI Global Gold Miners		374,998,643		16,376,303		(75,187,840	)		(58,811,537	)
MSCI Global Metals & Mining Producers		529,751,720		89,067,420		(13,347,536	)		75,719,884
MSCI Global Silver Miners		74,836,260		2,737,203		(14,020,958	)		(11,283,755	)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. LINE OF CREDIT

The iShares MSCI Global Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers ETFs, along with certain other iShares funds, are parties to a $275 million credit agreement with State Street Bank and Trust Company, which expires on October 24, 2018. The Funds became parties to the credit agreement effective October 25, 2017. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts

NOTES TO FINANCIAL STATEMENTS 51

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Funds did not borrow under the credit agreement during the six months ended February 28, 2018.

8. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) 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 putative 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”) in California State Court. 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. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

9. SUBSEQUENT EVENTS

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

52 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Global Agriculture Producers	$	0.213899	$	—	$	0.036830	$	0.250729		85	%		—	%		15	%		100	%
MSCI Global Energy Producers		0.325397		—		0.045017		0.370414		88			—			12			100
MSCI Global Metals & Mining Producers		0.393166		—		0.061972		0.455138		86			—			14			100

SUPPLEMENTAL INFORMATION 53

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website and 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 iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

54 2018 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 Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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

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

©2018 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-812-0218

FEBRUARY 28, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares Edge MSCI Multifactor Emerging Markets ETF  |  EMGF  |  Cboe BZX

^Ø  iShares MSCI EM ESG Optimized ETF  |  ESGE  |  NASDAQ

^Ø  iShares MSCI Emerging Markets ex China ETF  |  EMXC  |  NASDAQ

Table of Contents

Fund Performance Overviews	5
About Fund Performance	8
Shareholder Expenses	8
Schedules of Investments	9
iShares Edge MSCI Multifactor Emerging Markets ETF	9
iShares MSCI EM ESG Optimized ETF	13
iShares MSCI Emerging Markets ex China ETF	19
Financial Statements	27
Financial Highlights	31
Notes to Financial Statements	34
Supplemental Information	45
General Information	46

Fund Performance Overview

iSHARES^® EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF

Performance as of February 28, 2018

The iShares Edge MSCI Multifactor Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the MSCI Emerging Markets Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 12.83%, net of fees, while the total return for the Index was 11.71%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		33.19%		31.74%		33.08%		33.19%		31.74%		33.08%
Since Inception		22.72%		22.25%		23.01%		57.78%		56.43%		58.66%

The inception date of the Fund was 12/8/15. The first day of secondary market trading was 12/10/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,128.30	$	2.22	$	1,000.00	$	1,022.70	$	2.11		0.42%

^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 8 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Information Technology	25.60	%
Financials	15.43
Consumer Discretionary	15.17
Industrials	6.96
Health Care	6.80
Materials	6.26
Energy	6.02
Real Estate	5.13
Consumer Staples	4.35
Investment Companies	3.74
Telecommunication Services	2.33
Utilities	2.21
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total  Investments*

China	36.24	%
South Korea	19.68
Taiwan	10.73
Brazil	7.09
Russia	6.44
South Africa	4.92
India	3.74
Indonesia	2.74
United Arab Emirates	1.59
Turkey	1.21
TOTAL	94.38	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI EM ESG OPTIMIZED ETF

Performance as of February 28, 2018

The iShares MSCI EM ESG Optimized ETF (the “Fund”) seeks to track the investment results of an index composed of large- and midcapitalization emerging market equities that have positive environmental, social and governance characteristics, as represented by the MSCI Emerging Markets ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 11.54%, net of fees, while the total return for the Index was 11.45%.

Special note: Effective on or around May 23, 2018, the Fund will track a new underlying index, the MSCI Emerging Markets Extended ESG Focus Index, and will cease to track the MSCI Emerging Markets ESG Focus Index.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		31.38%		30.35%		32.22%		31.38%		30.35%		32.22%
Since Inception		29.79%		29.29%		31.22%		54.72%		53.72%		57.51%

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,115.40	$	1.31	$	1,000.00	$	1,023.60	$	1.25		0.25%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Information Technology	29.61	%
Financials	27.89
Consumer Discretionary	10.10
Energy	7.14
Consumer Staples	5.80
Materials	5.39
Telecommunication Services	4.62
Industrials	3.81
Health Care	1.98
Utilities	1.97
Real Estate	1.69
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total  Investments*

China	27.17	%
South Korea	14.56
Taiwan	12.58
India	8.53
South Africa	7.87
Brazil	7.37
Malaysia	3.92
Thailand	3.51
Russia	3.37
Mexico	2.38
TOTAL	91.26	%

* Excludes money market funds.

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS ex CHINA ETF

Performance as of February 28, 2018

The iShares MSCI Emerging Markets ex China ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China, as represented by the MSCI Emerging Markets ex China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 8.49%, net of fees, while the total return for the Index was 8.98%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		10.48%		9.85%		11.08%

The inception date of the Fund was 7/18/17. The first day of secondary market trading was 7/20/17.

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 8 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Beginning Account Value (9/1/17)		Ending Account Value (2/28/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,084.90	$	2.12	$	1,000.00	$	1,022.80	$	2.06		0.41%

^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 8 for more information.

ALLOCATION BY SECTOR

As of 2/28/18

Sector Percentage of
Total  Investments*

Financials	22.18	%
Information Technology	19.33
Investment Companies	11.63
Materials	9.04
Consumer Discretionary	8.57
Consumer Staples	6.98
Energy	6.89
Industrials	4.81
Telecommunication Services	4.34
Health Care	2.31
Utilities	2.18
Real Estate	1.74
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 2/28/18

Country Percentage of
Total  Investments*

South Korea	20.85	%
Taiwan	16.27
India	11.63
Brazil	10.82
South Africa	10.12
Russia	5.29
Mexico	4.12
Thailand	3.53
Malaysia	3.46
Indonesia	3.11
TOTAL	89.20	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2017 and held through February 28, 2018, 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.

8 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 90.32%
BRAZIL — 4.26%
BB Seguridade Participacoes SA		10,500	$	94,052
Centrais Eletricas Brasileiras SAa		70,000		533,713
Cia. de Saneamento Basico do Estado de Sao Paulo		112,000		1,297,977
EDP – Energias do Brasil SA		91,000		372,543
Lojas Renner SA		206,500		2,194,192
M. Dias Branco SA		32,300		594,847
Odontoprev SA		80,500		379,363
Porto Seguro SA		38,500		542,644
Qualicorp SA		75,200		665,487
Sul America SA Units		84,078		552,540
Transmissora Alianca de Energia Eletrica SA Units		63,000		397,537
				7,624,895
CHINA — 36.07%
AAC Technologies Holdings Inc.		184,500		3,675,712
Agile Group Holdings Ltd.		560,000		966,097
Alibaba Group Holding Ltd. ADRa		17,430		3,244,420
ANTA Sports Products Ltd.		350,000		1,735,397
Autohome Inc. ADR		17,010		1,330,352
BYD Electronic International Co. Ltd.		227,500		564,004
China Communications Services Corp. Ltd. Class H		738,000		439,482
China Conch Venture Holdings Ltd.		595,000		1,790,634
China Everbright Ltd.		280,000		616,155
China Medical System Holdings Ltd.		455,000		914,035
China State Construction International Holdings Ltd.		140,000		190,715
Chongqing Rural Commercial Bank Co. Ltd. Class H		700,000		568,924
COSCO SHIPPING Ports Ltd.		560,000		544,593
Country Garden Holdings Co. Ltd.		1,750,000		3,148,761
CSPC Pharmaceutical Group Ltd.		1,540,000		3,558,100
Dongfeng Motor Group Co. Ltd. Class H		910,000		1,152,429
Geely Automobile Holdings Ltd.		1,155,000		3,771,133
Guangzhou Automobile Group Co. Ltd. Class H		700,000		1,556,490
Haitian International Holdings Ltd.		245,000		749,843
Jiangsu Expressway Co. Ltd. Class H		420,000		653,726

Security	Shares		Value
Kingboard Chemical Holdings Ltd.		227,500	$	1,155,627
Lee & Man Paper Manufacturing Ltd.		525,000		600,456
Longfor Properties Co. Ltd.		490,000		1,415,153
New Oriental Education & Technology Group Inc. ADR		45,990		4,203,026
Nexteer Automotive Group Ltd.		280,000		624,027
Nine Dragons Paper Holdings Ltd.		509,000		918,442
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		560,000		382,861
Shanghai Industrial Holdings Ltd.		124,000		347,821
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		175,000		441,005
Sihuan Pharmaceutical Holdings Group Ltd.		1,260,000		460,506
Sino Biopharmaceutical Ltd.		1,470,000		2,783,970
Sino-Ocean Group Holding Ltd.		997,500		711,289
Sunny Optical Technology Group Co. Ltd.		201,700		3,368,841
TAL Education Group Class A ADR		97,475		3,680,656
Tencent Holdings Ltd.		115,500		6,379,193
Yum China Holdings Inc.		96,215		4,168,034
YY Inc. ADRa		14,035		1,815,147
				64,627,056
CZECH REPUBLIC — 0.51%
Moneta Money Bank ASb		146,265		590,088
O2 Czech Republic AS		24,990		325,668
				915,756
EGYPT — 0.18%
Commercial International Bank Egypt SAE		75,068		328,157
				328,157
HUNGARY — 0.84%
MOL Hungarian Oil & Gas PLC		56,210		614,815
Richter Gedeon Nyrt		40,683		897,553
				1,512,368
INDONESIA — 2.72%
Adaro Energy Tbk PT		4,935,000		843,528
Bank Danamon Indonesia Tbk PT		1,085,000		520,857
Bank Negara Indonesia Persero Tbk PT		2,415,000		1,708,250
Bank Tabungan Negara Persero Tbk PT		1,277,500		347,518
United Tractors Tbk PT		563,500		1,459,112
				4,879,265

SCHEDULES OF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
MALAYSIA — 1.15%
AirAsia Bhd		528,500	$	590,970
Alliance Bank Malaysia Bhd		301,000		316,600
Hartalega Holdings Bhd		213,500		636,630
PPB Group Bhdc		115,500		521,917
				2,066,117
PERU — 1.16%
Credicorp Ltd.		9,625		2,083,331
				2,083,331
PHILIPPINES — 0.19%
DMCI Holdings Inc.		1,253,000		334,903
				334,903
POLAND — 0.62%
Dino Polska SAa,b		15,225		379,209
Jastrzebska Spolka Weglowa SAa		17,675		475,563
Tauron Polska Energia SAa		341,250		253,939
				1,108,711
RUSSIA — 5.81%
Alrosa PJSC		833,000		1,276,929
Inter RAO UES PJSC		9,555,000		631,371
Mobile TeleSystems PJSC ADR		163,030		1,949,839
PhosAgro PJSC GDRd		15,960		245,784
RusHydro PJSC		32,480,000		450,875
Surgutneftegas OJSC		2,499,600		1,274,941
Tatneft PJSC Class S		434,000		4,579,173
				10,408,912
SOUTH AFRICA — 4.90%
Bidvest Group Ltd. (The)		110,040		2,098,579
Capitec Bank Holdings Ltd.		11,270		794,817
Coronation Fund Managers Ltd.		78,050		528,654
Exxaro Resources Ltd.		80,115		898,768
Kumba Iron Ore Ltd.		21,735		645,214
Liberty Holdings Ltd.		40,705		459,717
Mondi Ltd.		45,018		1,174,787
Naspers Ltd. Class N		1,960		543,146
Netcare Ltd.		239,715		517,864
SPAR Group Ltd. (The)		60,132		1,113,617
				8,775,163
SOUTH KOREA — 17.50%
BGF retail Co. Ltd.		1,643		263,997
BNK Financial Group Inc.		94,018		972,390
DB Insurance Co. Ltd.		16,135		1,035,537
DGB Financial Group Inc.		42,910		491,351
E-MART Inc.		7,000		1,965,094

Security	Shares		Value
Hana Financial Group Inc.		87,558	$	3,974,029
Hankook Tire Co. Ltd.		24,465		1,332,935
Hanwha Chemical Corp.		35,315		1,082,702
Hanwha Corp.		14,525		592,186
Hanwha Life Insurance Co. Ltd.		57,015		353,283
Hyosung Corp.		6,895		795,895
Hyundai Department Store Co. Ltd.		5,476		462,191
Hyundai Engineering & Construction Co. Ltd.a		25,165		894,683
Hyundai Marine & Fire Insurance Co. Ltd.		20,720		790,226
Hyundai Steel Co.		25,830		1,278,500
ING Life Insurance Korea Ltd.b		10,780		525,611
KT&G Corp.		27,510		2,535,320
Kumho Petrochemical Co. Ltd.		5,587		467,432
LG Corp.		18,795		1,496,102
LG Display Co. Ltd.		72,660		2,002,864
Lotte Chemical Corp.		5,180		2,195,604
Samsung Electronics Co. Ltd.		1,803		3,917,683
SK Telecom Co. Ltd.		6,510		1,442,793
Yuhan Corp.		2,566		492,869
				31,361,277
TAIWAN — 10.69%
Airtac International Group		35,000		641,366
Chicony Electronics Co. Ltd.		175,621		432,503
China Life Insurance Co. Ltd./Taiwan		1,155,320		1,163,412
Feng TAY Enterprise Co. Ltd.		105,880		504,095
Innolux Corp.		3,150,000		1,402,613
Inventec Corp.		1,021,000		816,576
Lite-On Technology Corp.		665,718		957,687
Macronix Internationala		595,000		885,505
Micro-Star International Co. Ltd.		210,000		614,992
Nanya Technology Corp.		245,000		678,050
Nien Made Enterprise Co. Ltd.		35,000		345,259
Novatek Microelectronics Corp.		249,000		1,078,882
Phison Electronics Corp.		35,000		342,861
Powertech Technology Inc.		140,000		434,451
Realtek Semiconductor Corp.		140,000		556,250
Ruentex Industries Ltd.		175,000		307,496
Shin Kong Financial Holding Co. Ltd.		2,135,000		881,189
Taiwan Business Bank		805,504		238,378
Taiwan Semiconductor Manufacturing Co. Ltd.		360,000		3,033,344

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF

February 28, 2018

Security	Shares		Value
Teco Electric and Machinery Co. Ltd.		525,000	$	476,529
Win Semiconductors Corp.		105,000		965,645
Wistron Corp.		854,906		717,412
WPG Holdings Ltd.		683,000		877,276
Yageo Corp.		70,000		792,417
				19,144,188
THAILAND — 0.93%
Central Pattana PCL NVDR		350,000		939,391
KCE Electronics PCL NVDR		115,500		257,566
Robinson PCL NVDR		220,500		472,400
				1,669,357
TURKEY — 1.21%
Aselsan Elektronik Sanayi Ve Ticaret AS		77,490		634,341
Turkiye Halk Bankasi AS		173,145		438,042
Turkiye Sise ve Cam Fabrikalari AS		304,500		382,380
Turkiye Vakiflar Bankasi TAO Class D		215,005		415,160
Yapi ve Kredi Bankasi ASa		236,600		295,871
				2,165,794
UNITED ARAB EMIRATES — 1.58%
Aldar Properties PJSC		997,095		586,375
DAMAC Properties Dubai Co. PJSC		637,115		520,384
Dubai Investments PJSC		441,980		265,938
Dubai Islamic Bank PJSC		369,054		608,902
Emaar Properties PJSC		510,023		856,761
				2,838,360
TOTAL COMMON STOCKS
(Cost: $144,254,180)				161,843,610
INVESTMENT COMPANIES — 3.73%
INDIA — 3.73%
iShares MSCI India ETFe		194,572		6,677,711
				6,677,711
TOTAL INVESTMENT COMPANIES
(Cost: $6,789,685)				6,677,711
PREFERRED STOCKS — 5.45%
BRAZIL — 2.78%
Itausa-Investimentos Itau SA, Preference Shares		1,232,080		4,975,726
				4,975,726

Security	Shares		Value
RUSSIA — 0.59%
Surgutneftegas OJSC, Preference Shares		2,037,000	$	1,067,392
				1,067,392
SOUTH KOREA — 2.08%
LG Household & Health Care Ltd., Preference Shares		665		377,053
Samsung Electronics Co. Ltd., Preference Shares		1,820		3,352,941
				3,729,994
TOTAL PREFERRED STOCKS
(Cost: $8,374,505)				9,773,112
RIGHTS — 0.03%
BRAZIL — 0.03%
Itausa-Investimentos Itau SA (Expires 03/29/18)a		28,955		48,128
				48,128
TOTAL RIGHTS
(Cost: $0)				48,128
SHORT-TERM INVESTMENTS — 0.10%
MONEY MARKET FUNDS — 0.10%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		119,851		119,863
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%e,f		63,070		63,070
				182,933
TOTAL SHORT-TERM INVESTMENTS
(Cost: $182,943)				182,933
TOTAL INVESTMENTS IN SECURITIES — 99.63%
(Cost: $159,601,313)				178,525,494
Other Assets, Less Liabilities — 0.37%				658,627
NET ASSETS — 100.00%			$	179,184,121

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF

February 28, 2018

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income producing security.

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  All or a portion of this security is on loan.

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

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		2,360,187		—		(2,240,336	)b		119,851	$	119,863	$	6,510	c	$	(286	)	$	(10	)
BlackRock Cash Funds: Treasury, SL Agency Shares		184,901		—		(121,831	)b		63,070		63,070		1,078			—			—
iShares MSCI India ETF		181,962		135,262		(122,652	)		194,572		6,677,711		36,667			672,267			(812,315	)
										$	6,860,644	$	44,255		$	671,981		$	(812,325	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	161,843,610	$	—	$	—	$	161,843,610
Investment companies		6,677,711		—		—		6,677,711
Preferred stocks		9,773,112		—		—		9,773,112
Rights		48,128		—		—		48,128
Money market funds		182,933		—		—		182,933
Total	$	178,525,494	$	—	$	—	$	178,525,494

See notes to financial statements.

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 95.04%
BRAZIL — 4.01%
Ambev SA		272,000	$	1,841,939
B3 SA – Brasil Bolsa Balcao		204,000		1,608,766
Banco Bradesco SA		40,820		462,763
Banco do Brasil SA		47,600		612,445
Banco Santander Brasil SA Units		63,900		723,233
Cia. Energetica de Minas Geraisa		14,282		35,829
Cielo SA		81,600		607,589
Cosan SA Industria e Comercio		49,000		654,138
EDP – Energias do Brasil SA		190,400		779,475
Localiza Rent a Car SA		81,630		651,784
Lojas Renner SA		27,210		289,123
Natura Cosmeticos SA		70,000		739,700
Ultrapar Participacoes SA		34,000		788,474
WEG SA		81,600		587,997
				10,383,255
CHILE — 0.95%
Banco de Credito e Inversiones SA		3,536		263,545
Banco Santander Chile		13,835,552		1,136,076
Empresas COPEC SA		46,716		755,067
Latam Airlines Group SA		19,312		316,392
				2,471,080
CHINA — 27.07%
58.com Inc. ADRa		3,640		274,347
AAC Technologies Holdings Inc.		43,500		866,631
Agricultural Bank of China Ltd. Class H		476,000		264,603
Air China Ltd. Class H		280,000		427,230
Alibaba Group Holding Ltd. ADRa,b		46,512		8,657,744
Alibaba Pictures Group Ltd.a		4,900,000		670,006
Baidu Inc. ADRa		10,132		2,556,709
Bank of China Ltd. Class H		1,052,000		574,041
Bank of Communications Co. Ltd. Class H		282,000		226,312
Beijing Enterprises Water Group Ltd.		454,000		295,886
Brilliance China Automotive Holdings Ltd.		300,000		808,915
BYD Co. Ltd. Class Hb		140,000		1,296,180
BYD Electronic International Co. Ltd.		204,000		506,266
China CITIC Bank Corp. Ltd. Class H		1,292,000		942,752

Security	Shares		Value
China Construction Bank Corp. Class H		3,604,000	$	3,753,543
China Everbright Bank Co. Ltd. Class H		1,972,000		1,015,573
China Everbright International Ltd.		544,000		842,559
China Everbright Ltd.		174,000		382,897
China Galaxy Securities Co. Ltd. Class H		918,000		644,042
China Life Insurance Co. Ltd. Class H		280,000		831,917
China Longyuan Power Group Corp. Ltd. Class H		1,360,000		903,735
China Medical System Holdings Ltd.		140,000		281,242
China Mengniu Dairy Co. Ltd.		68,000		223,327
China Merchants Bank Co. Ltd. Class H		374,000		1,579,582
China Minsheng Banking Corp. Ltd. Class H		771,000		805,947
China Molybdenum Co. Ltd. Class H		1,020,000		823,790
China Oilfield Services Ltd. Class H		272,000		287,110
China Pacific Insurance Group Co. Ltd. Class H		149,600		736,023
China Shenhua Energy Co. Ltd. Class H		246,000		699,462
China Vanke Co. Ltd. Class H		74,800		335,990
Chongqing Rural Commercial Bank Co. Ltd. Class H		356,000		289,338
CRRC Corp. Ltd. Class H		210,000		192,414
CSPC Pharmaceutical Group Ltd.		144,000		332,705
Fosun International Ltd.		245,000		540,388
GCL-Poly Energy Holdings Ltd.a		2,800,000		443,689
Geely Automobile Holdings Ltd.		680,000		2,220,234
Guangzhou Automobile Group Co. Ltd. Class H		272,000		604,807
Haier Electronics Group Co. Ltd.		72,000		247,045
Huaneng Renewables Corp. Ltd. Class H		2,520,000		843,725
Industrial & Commercial Bank of China Ltd. Class H		2,872,000		2,481,019
JD.com Inc. ADRa		12,104		570,704
Lee & Man Paper Manufacturing Ltd.		204,000		233,320
Lenovo Group Ltd.		2,040,000		1,066,234
Momo Inc. ADRa		8,364		276,430
NetEase Inc. ADR		1,632		478,747

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2018

Security	Shares		Value
New Oriental Education & Technology Group Inc. ADR		3,332	$	304,511
People’s Insurance Co. Group of China Ltd. (The) Class H		630,000		340,549
Ping An Insurance Group Co. of China Ltd. Class H		315,000		3,359,200
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		118,000		686,862
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		292,400		736,857
Shenzhou International Group Holdings Ltd.		68,000		673,457
Sino Biopharmaceutical Ltd.		204,000		384,783
Sino-Ocean Group Holding Ltd.		442,000		315,178
Sinopharm Group Co. Ltd. Class H		217,600		960,740
SOHO China Ltd.		1,435,000		825,208
Sunac China Holdings Ltd.		140,000		513,463
Sunny Optical Technology Group Co. Ltd.		20,400		344,636
Tencent Holdings Ltd.		292,400		16,149,576
TravelSky Technology Ltd. Class H		142,000		453,657
Vipshop Holdings Ltd. ADRa		14,960		260,154
Weibo Corp. ADRa		2,046		262,952
Yanzhou Coal Mining Co. Ltd. Class H		136,000		205,774
				70,112,717
COLOMBIA — 0.72%
Cementos Argos SA		428,960		1,561,249
Grupo Argos SA/Colombia		43,248		291,292
				1,852,541
CZECH REPUBLIC — 0.42%
Komercni Banka AS		24,480		1,088,668
				1,088,668
EGYPT — 0.11%
Global Telecom Holding SAEa		708,288		271,524
				271,524
GREECE — 0.24%
Alpha Bank AEa		86,564		204,399
Hellenic Telecommunications Organization SA		29,716		423,682
				628,081
HUNGARY — 0.61%
MOL Hungarian Oil & Gas PLC		145,248		1,588,698
				1,588,698

Security	Shares		Value
INDIA — 8.50%
Axis Bank Ltd. GDRc		66,886	$	2,672,096
ICICI Bank Ltd. ADR		333,247		3,165,846
Infosys Ltd. ADR		303,889		5,366,680
Mahindra & Mahindra Ltd. GDR		258,944		2,848,384
Reliance Industries Ltd. GDRd		161,772		4,715,654
Wipro Ltd. ADR		587,316		3,236,111
				22,004,771
INDONESIA — 1.86%
Astra International Tbk PT		1,251,200		734,876
Bank Danamon Indonesia Tbk PT		496,400		235,590
Bank Mandiri Persero Tbk PT		1,434,800		866,192
Bank Rakyat Indonesia Persero Tbk PT		2,665,600		732,878
Kalbe Farma Tbk PT		3,420,400		398,053
Telekomunikasi Indonesia Persero Tbk PT		1,026,800		298,738
Unilever Indonesia Tbk PT		154,000		603,746
United Tractors Tbk PT		258,400		669,094
XL Axiata Tbk PTa		1,267,000		271,859
				4,811,026
MALAYSIA — 3.91%
Astro Malaysia Holdings Bhd		1,468,800		907,454
Axiata Group Bhd		434,000		598,315
CIMB Group Holdings Bhd		238,000		436,870
DiGi.Com Bhd		346,800		428,520
Maxis Bhd		245,000		369,658
Nestle Malaysia Bhd		40,800		1,282,226
Petronas Dagangan Bhd		68,000		447,894
Public Bank Bhd		666,400		3,912,994
Sime Darby Bhd		510,000		359,357
Sime Darby Plantation Bhda		516,800		705,867
Sime Darby Property Bhda		598,400		215,406
Telekom Malaysia Bhd		299,200		450,671
				10,115,232
MEXICO — 2.37%
Arca Continental SAB de CV		106,700		739,950
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B		299,200		421,991
Coca-Cola Femsa SAB de CV Series L		266,000		1,790,534
Gentera SAB de CV		904,400		738,207

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2018

Security	Shares		Value
Grupo Financiero Banorte SAB de CV Series O		217,657	$	1,305,457
Industrias Penoles SAB de CV		13,600		296,941
Infraestructura Energetica Nova SAB de CV		47,600		225,297
Kimberly-Clark de Mexico SAB de CV Series A		346,800		631,398
				6,149,775
PHILIPPINES — 0.40%
SM Prime Holdings Inc.		1,543,600		1,046,257
				1,046,257
POLAND — 0.96%
Bank Handlowy w Warszawie SA		11,152		272,718
Bank Zachodni WBK SA		3,439		375,538
KGHM Polska Miedz SA		31,212		956,376
mBank SAa		2,870		383,588
Polski Koncern Naftowy ORLEN SA		17,544		494,155
				2,482,375
QATAR — 0.41%
Ooredoo QPSC		27,880		664,318
Qatar Gas Transport Co. Ltd.		82,390		384,511
				1,048,829
RUSSIA — 3.35%
Alrosa PJSC		408,000		625,434
Gazprom PJSC		29,240		74,355
Gazprom PJSC ADR		40,320		201,761
Inter RAO UES PJSC		11,760,000		777,072
LUKOIL PJSC		17,680		1,185,994
LUKOIL PJSC ADR		2,520		169,092
Novatek PJSC GDRc		9,874		1,347,801
Novolipetsk Steel PJSC		159,400		413,666
Rosneft Oil Co. PJSC		2,040		11,976
RusHydro PJSC		37,377,000		518,853
Sberbank of Russia PJSC		73,710		356,652
Sberbank of Russia PJSC ADR		125,324		2,562,876
Tatneft PJSC Class S		41,480		437,659
				8,683,191
SOUTH AFRICA — 7.84%
Barclays Africa Group Ltd.		39,916		671,255
Exxaro Resources Ltd.		38,760		434,828
FirstRand Ltd.		183,396		1,148,191
Foschini Group Ltd. (The)		22,252		404,368
Gold Fields Ltd.		59,704		231,710

Security	Shares		Value
Growthpoint Properties Ltd.		239,972	$	610,108
Imperial Holdings Ltd.		46,648		990,599
Investec Ltd.		252,280		2,190,719
Kumba Iron Ore Ltd.		28,424		825,503
Mondi Ltd.		22,168		578,495
Mr. Price Group Ltd.		15,640		374,684
Naspers Ltd. Class N		19,244		5,332,807
Nedbank Group Ltd.		9,360		228,026
NEPI Rockcastle PLC		48,620		491,112
Netcare Ltd.		332,520		718,353
Sanlam Ltd.		86,564		669,191
Standard Bank Group Ltd.		71,536		1,320,026
Vodacom Group Ltd.		153,476		2,116,126
Woolworths Holdings Ltd./South Africa		174,896		968,290
				20,304,391
SOUTH KOREA — 13.75%
Amorepacific Corp.		1,768		459,592
AMOREPACIFIC Group		3,850		447,964
BNK Financial Group Inc.		150,348		1,554,989
Celltrion Inc.a		1,904		620,659
CJ CheilJedang Corp.		1,292		403,265
DGB Financial Group Inc.		98,600		1,129,042
Doosan Heavy Industries & Construction Co. Ltd.a		17,500		241,597
GS Holdings Corp.		15,776		962,964
Hana Financial Group Inc.		6,460		293,203
Hankook Tire Co. Ltd.		10,472		570,549
Hanwha Chemical Corp.		11,900		364,835
Hyundai Marine & Fire Insurance Co. Ltd.		8,840		337,143
Hyundai Motor Co.		748		111,554
Kangwon Land Inc.a		10,268		273,554
KB Financial Group Inc.		26,452		1,563,328
LG Chem Ltd.		3,944		1,394,914
LG Corp.		7,616		606,242
LG Display Co. Ltd.		37,196		1,025,303
LG Electronics Inc.		14,688		1,355,002
LG Household & Health Care Ltd.		840		853,264
LG Innotek Co. Ltd.		4,488		547,064
NAVER Corp.		1,360		1,008,477
NCSoft Corp.		680		235,479
POSCO		7,480		2,497,017
S-Oil Corp.		4,556		519,592
Samsung Card Co. Ltd.		525		17,599

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2018

Security	Shares		Value
Samsung Electro-Mechanics Co. Ltd.		4,556	$	389,589
Samsung Electronics Co. Ltd.		4,420		9,604,082
Samsung Fire & Marine Insurance Co. Ltd.		1,768		471,837
Samsung SDI Co. Ltd.		2,730		431,092
Shinhan Financial Group Co. Ltd.		59,568		2,607,372
SK Holdings Co. Ltd.		2,660		698,836
SK Hynix Inc.		18,020		1,277,991
SK Telecom Co. Ltd.		3,290		729,153
				35,604,143
TAIWAN — 12.53%
Acer Inc.		1,020,000		859,448
Advanced Semiconductor Engineering Inc.		408,372		556,003
Cathay Financial Holding Co. Ltd.		272,000		507,750
Chailease Holding Co. Ltd.		136,000		457,440
Chunghwa Telecom Co. Ltd.		980,000		3,675,567
Delta Electronics Inc.		87,000		414,208
E.Sun Financial Holding Co. Ltd.		1,972,000		1,306,989
Eva Airways Corp.		1,680,441		863,373
Far Eastern New Century Corp.		1,610,000		1,431,025
Fubon Financial Holding Co. Ltd.		952,000		1,702,125
Hiwin Technologies Corp.		17,380		223,237
Hotai Motor Co. Ltd.		70,000		780,429
Inventec Corp.		816,000		652,621
Lite-On Technology Corp.		490,039		704,959
Macronix Internationala		272,000		404,802
MediaTek Inc.		71,000		731,996
President Chain Store Corp.		158,000		1,593,773
Siliconware Precision Industries Co. Ltd.		140,000		244,079
Taiwan Mobile Co. Ltd.		350,000		1,288,726
Taiwan Semiconductor Manufacturing Co. Ltd.		1,540,000		12,975,972
Wistron Corp.		1,292,529		1,084,652
				32,459,174
THAILAND — 3.50%
BTS Group Holdings PCL NVDR		7,146,800		1,855,572
Kasikornbank PCL NVDR		224,400		1,658,515
Minor International PCL NVDR		1,108,400		1,430,080
PTT Exploration & Production PCL NVDR		133,000		489,376
PTT PCL NVDR		49,000		886,652
Siam Cement PCL (The) Foreign		14,000		218,541

Security	Shares		Value
Siam Cement PCL (The) NVDR		112,000	$	1,748,327
Siam Commercial Bank PCL (The) NVDR		163,200		774,667
				9,061,730
TURKEY — 0.91%
Anadolu Efes Biracilik Ve Malt Sanayii AS		42,092		283,971
Arcelik AS		208,012		1,035,565
Coca-Cola Icecek AS		71,740		695,830
Ulker Biskuvi Sanayi AS		57,596		341,359
				2,356,725
UNITED ARAB EMIRATES — 0.62%
Abu Dhabi Commercial Bank PJSC		561,748		1,116,476
First Abu Dhabi Bank PJSC		156,264		491,390
				1,607,866
TOTAL COMMON STOCKS
(Cost: $223,025,040)				246,132,049
PREFERRED STOCKS — 4.60%
BRAZIL — 3.33%
Banco Bradesco SA, Preference Shares		204,050		2,435,096
Cia. Brasileira de Distribuicao, Preference Shares		28,000		590,295
Cia. Energetica de Minas Gerais, Preference Shares		278,200		703,046
Gerdau SA, Preference Shares		61,799		316,152
Itau Unibanco Holding SA, Preference Shares		192,702		2,988,327
Itausa-Investimentos Itau SA, Preference Shares		315,072		1,272,411
Telefonica Brasil SA, Preference Shares		21,000		327,403
				8,632,730
CHILE — 0.40%
Embotelladora Andina SA Class B, Preference Shares		151,436		749,095
Sociedad Quimica y Minera de Chile SA Series B, Preference Shares		5,372		272,299
				1,021,394
COLOMBIA — 0.11%
Bancolombia SA, Preference Shares		27,523		289,581
				289,581

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2018

Security	Shares		Value
SOUTH KOREA — 0.76%
LG Chem Ltd., Preference Shares		1,330	$	263,446
Samsung Electronics Co. Ltd., Preference Shares		927		1,707,789
				1,971,235
TOTAL PREFERRED STOCKS
(Cost: $10,261,146)				11,914,940
RIGHTS — 0.00%
BRAZIL — 0.00%
Itausa-Investimentos Itau SA (Expires 03/29/18)a		7,193		11,956
				11,956
TOTAL RIGHTS
(Cost: $0)				11,956
SHORT-TERM INVESTMENTS — 2.68%
MONEY MARKET FUNDS — 2.68%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%e,f,g		6,593,105		6,593,765
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%e,f		344,458		344,458
				6,938,223
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,938,219)				6,938,223

	Value
TOTAL INVESTMENTS IN SECURITIES — 102.32%
(Cost: $240,224,405)	$	264,997,168
Other Assets, Less Liabilities — (2.32)%		(6,016,522	)
NET ASSETS — 100.00%	$	258,980,646

ADR   —  American Depositary Receipts

GDR   —  Global Depositary Receipts

NVDR   —  Non-Voting Depositary Receipts

^a  Non-income producing security.

^b  All or a portion of this security is on loan.

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

^d  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased			Shares sold		Shares held at 02/28/18		Value at 02/28/18		Income			Net realized gain (loss)a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		3,986,796		2,606,309	b		—		6,593,105	$	6,593,765	$	20,805	c	$	(513	)	$	(55	)
BlackRock Cash Funds: Treasury, SL Agency Shares		113,313		231,145	b		—		344,458		344,458		1,502			—			—
										$	6,938,223	$	22,307		$	(513	)	$	(55	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EM ESG OPTIMIZED ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	245,083,220	$	1,048,829	$	—	$	246,132,049
Preferred stocks		11,914,940		—		—		11,914,940
Rights		11,956		—		—		11,956
Money market funds		6,938,223		—		—		6,938,223
Total	$	263,948,339	$	1,048,829	$	—	$	264,997,168

See notes to financial statements.

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ex CHINA ETF

February 28, 2018

Security	Shares		Value
COMMON STOCKS — 82.55%
BRAZIL — 6.76%
Ambev SA		13,000	$	88,034
Atacadao Distribuicao Comercio e Industria Ltdaa		600		2,743
B3 SA – Brasil Bolsa Balcao		6,200		48,894
Banco Bradesco SA		2,200		24,941
Banco do Brasil SA		2,600		33,453
Banco Santander Brasil SA Units		1,200		13,582
BB Seguridade Participacoes SA		2,200		19,706
BR Malls Participacoes SA		3,000		11,017
BRF SAa		1,400		12,894
CCR SA		4,000		15,637
Centrais Eletricas Brasileiras SAa		1,000		7,624
Cia. de Saneamento Basico do Estado de Sao Paulo		800		9,271
Cia. Energetica de Minas Geraisa		508		1,274
Cia. Siderurgica Nacional SAa		1,800		5,624
Cielo SA		3,600		26,805
Cosan SA Industria e Comercio		600		8,010
Embraer SA		2,000		13,396
Engie Brasil Energia SA		600		7,230
Equatorial Energia SA		600		13,224
Fibria Celulose SA		800		15,186
Hypera SA		1,000		10,626
JBS SA		2,600		7,931
Klabin SA Units		1,800		9,918
Kroton Educacional SA		3,400		16,222
Localiza Rent a Car SA		1,600		12,775
Lojas Renner SA		2,400		25,501
Multiplan Empreendimentos Imobiliarios SA		400		8,643
Petroleo Brasileiro SAa		8,200		58,432
Qualicorp SA		600		5,310
Raia Drogasil SA		600		14,357
Rumo SAa		3,000		13,150
Suzano Papel e Celulose SA		1,600		10,712
TIM Participacoes SA		2,600		11,284
Ultrapar Participacoes SA		1,000		23,190
Vale SA		8,871		123,013
WEG SA		1,800		12,970
				742,579
CHILE — 1.57%
Banco de Chile		36,924		6,267
Banco de Credito e Inversiones SA		101		7,528

Security	Shares		Value
Banco Santander Chile		119,992	$	9,853
Cencosud SA		3,790		11,528
Cia. Cervecerias Unidas SA		468		6,601
Colbun SA		44,700		10,866
Empresas CMPC SA		2,794		10,785
Empresas COPEC SA		1,478		23,889
Enel Americas SA		95,012		21,938
Enel Chile SA		57,028		7,042
Enel Generacion Chile SA		8,716		8,161
Itau CorpBanca		948,293		9,691
Latam Airlines Group SA		1,112		18,218
SACI Falabella		2,030		20,545
				172,912
COLOMBIA — 0.52%
Bancolombia SA		980		10,304
Cementos Argos SA		1,302		4,739
Ecopetrol SA		16,956		14,837
Grupo Argos SA/Colombia		1,030		6,938
Grupo de Inversiones Suramericana SA		988		13,233
Interconexion Electrica SA ESP		1,354		6,467
				56,518
CZECH REPUBLIC — 0.25%
CEZ AS		650		15,756
Komercni Banka AS		260		11,563
				27,319
EGYPT — 0.15%
Commercial International Bank Egypt SAE		3,660		16,000
				16,000
GREECE — 0.44%
Alpha Bank AEa		5,258		12,576
Hellenic Telecommunications Organization SA		1,098		15,655
JUMBO SA		496		9,038
OPAP SA		896		10,939
				48,208
HUNGARY — 0.47%
MOL Hungarian Oil & Gas PLC		1,104		12,075
OTP Bank PLC		680		30,374
Richter Gedeon Nyrt		416		9,178
				51,627
INDONESIA — 3.09%
Adaro Energy Tbk PT		54,200		9,264
Astra International Tbk PT		63,600		37,355

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ex CHINA ETF

February 28, 2018

Security	Shares		Value
Bank Central Asia Tbk PT		30,400	$	51,243
Bank Mandiri Persero Tbk PT		59,200		35,739
Bank Negara Indonesia Persero Tbk PT		24,200		17,118
Bank Rakyat Indonesia Persero Tbk PT		166,400		45,750
Charoen Pokphand Indonesia Tbk PT		26,000		6,505
Gudang Garam Tbk PT		1,600		9,281
Hanjaya Mandala Sampoerna Tbk PT		32,600		11,429
Indocement Tunggal Prakarsa Tbk PT		5,800		9,270
Indofood Sukses Makmur Tbk PT		16,000		8,816
Kalbe Farma Tbk PT		67,400		7,844
Matahari Department Store Tbk PT		9,000		6,972
Semen Indonesia Persero Tbk PT		11,400		9,225
Telekomunikasi Indonesia Persero Tbk PT		141,400		41,139
Unilever Indonesia Tbk PT		5,000		19,602
United Tractors Tbk PT		5,000		12,947
				339,499
MALAYSIA — 3.45%
AMMB Holdings Bhd		7,600		8,033
Axiata Group Bhd		8,600		11,856
CIMB Group Holdings Bhd		13,600		24,964
DiGi.Com Bhd		10,200		12,603
Gamuda Bhd		7,600		9,624
Genting Bhd		6,800		15,364
Genting Malaysia Bhd		10,000		13,454
Hong Leong Bank Bhd		3,000		15,333
IHH Healthcare Bhd		6,000		9,053
IJM Corp. Bhd		8,000		5,555
IOI Corp. Bhd		8,200		9,818
IOI Properties Group Bhd		14,600		6,895
Kuala Lumpur Kepong Bhd		2,200		14,064
Malayan Banking Bhd		12,400		33,113
Malaysia Airports Holdings Bhd		4,800		10,661
Maxis Bhd		6,800		10,260
MISC Bhd		6,800		11,909
Petronas Chemicals Group Bhd		6,800		14,044
Petronas Gas Bhd		3,200		14,395
PPB Group Bhd		2,600		11,749
Public Bank Bhd		8,400		49,323
Sime Darby Plantation Bhda		6,800		9,288
Sime Darby Property Bhda		10,000		3,600
Tenaga Nasional Bhd		10,600		42,487
YTL Corp. Bhd		30,040		10,967
				378,412

Security	Shares		Value
MEXICO — 4.10%
Alfa SAB de CV Class A		9,800	$	11,630
America Movil SAB de CV Series L		95,600		87,863
Arca Continental SAB de CV		1,200		8,322
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B		4,200		5,924
Cemex SAB de CV CPOa		40,400		26,659
Coca-Cola Femsa SAB de CV Series L		1,400		9,424
Fibra Uno Administracion SA de CV		7,600		10,707
Fomento Economico Mexicano SAB de CV		5,400		49,950
Gruma SAB de CV Series B		730		8,443
Grupo Aeroportuario del Pacifico SAB de CV Series B		1,200		11,583
Grupo Aeroportuario del Sureste SAB de CV Series B		770		13,632
Grupo Bimbo SAB de CV Series A		6,000		14,028
Grupo Financiero Banorte SAB de CV Series O		7,000		41,984
Grupo Financiero Inbursa SAB de CV Series O		7,000		11,175
Grupo Mexico SAB de CV Series B		11,200		38,200
Grupo Televisa SAB CPO		7,600		25,986
Industrias Penoles SAB de CV		400		8,734
Infraestructura Energetica Nova SAB de CV		1,200		5,680
Kimberly-Clark de Mexico SAB de CV Series A		5,000		9,103
Mexichem SAB de CV		3,600		10,082
Promotora y Operadora de Infraestructura SAB de CV		670		6,832
Wal-Mart de Mexico SAB de CV		14,800		34,515
				450,456
PAKISTAN — 0.07%
Lucky Cement Ltd.		1,350		7,336
				7,336
PERU — 0.57%
Cia. de Minas Buenaventura SAA ADR		538		8,366
Credicorp Ltd.		190		41,126
Southern Copper Corp.		258		13,604
				63,096
PHILIPPINES — 1.47%
Aboitiz Equity Ventures Inc.		7,300		10,849
Ayala Corp.		790		16,034

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ex CHINA ETF

February 28, 2018

Security	Shares		Value
Ayala Land Inc.		26,000	$	20,518
BDO Unibank Inc.		7,400		22,137
GT Capital Holdings Inc.		360		9,332
JG Summit Holdings Inc.		9,680		13,383
Jollibee Foods Corp.		1,820		10,428
Metro Pacific Investments Corp.		53,600		5,794
PLDT Inc.		300		8,756
SM Investments Corp.		720		12,995
SM Prime Holdings Inc.		31,000		21,012
Universal Robina Corp.		3,740		10,700
				161,938
POLAND — 1.81%
Alior Bank SAa		384		9,340
Bank Pekao SA		562		21,722
Bank Zachodni WBK SA		122		13,322
CCC SA		96		7,060
CD Projekt SA		194		6,058
KGHM Polska Miedz SA		454		13,911
LPP SA		4		10,523
mBank SAa		56		7,485
PGE Polska Grupa Energetyczna SAa		3,406		10,078
Polski Koncern Naftowy ORLEN SA		916		25,801
Polskie Gornictwo Naftowe i Gazownictwo SA		6,568		11,615
Powszechna Kasa Oszczednosci Bank Polski SAa		2,934		36,877
Powszechny Zaklad Ubezpieczen SA		1,962		24,465
				198,257
QATAR — 0.71%
Ezdan Holding Group QSC		2,628		6,550
Industries Qatar QSC		507		14,344
Masraf Al Rayan QSC		1,254		12,914
Ooredoo QPSC		320		7,625
Qatar Insurance Co. SAQ		660		7,004
Qatar Islamic Bank SAQ		247		6,495
Qatar National Bank QPSC		713		23,336
				78,268
RUSSIA — 5.16%
Alrosa PJSC		8,600		13,183
Gazprom PJSC		30,600		77,813
Inter RAO UES PJSC		118,000		7,797
LUKOIL PJSC		1,244		83,449
Magnit PJSC GDRb		1,006		20,824
MMC Norilsk Nickel PJSC		176		34,886
Mobile TeleSystems PJSC ADR		1,392		16,648

Security	Shares		Value
Moscow Exchange MICEX-RTS PJSC		5,600	$	11,126
Novatek PJSC GDRb		254		34,671
Novolipetsk Steel PJSC		4,620		11,989
Polyus PJSC		62		5,117
Rosneft Oil Co. PJSC GDRb		3,286		19,223
RusHydro PJSC		498,000		6,913
Sberbank of Russia PJSC ADR		6,900		141,105
Severstal PJSC		500		8,157
Surgutneftegas OJSC		20,000		10,201
Tatneft PJSC Class S		4,460		47,058
VTB Bank PJSC GDRb		7,912		16,932
				567,092
SOUTH AFRICA — 10.07%
AngloGold Ashanti Ltd.		1,262		11,566
Aspen Pharmacare Holdings Ltd.		1,204		27,551
Barclays Africa Group Ltd.		1,816		30,539
Bid Corp. Ltd.		1,052		24,053
Bidvest Group Ltd. (The)		852		16,249
Capitec Bank Holdings Ltd.		116		8,181
Discovery Ltd.		1,012		15,328
Exxaro Resources Ltd.		638		7,157
FirstRand Ltd.		8,802		55,107
Fortress REIT Ltd. Series B		3,046		4,129
Foschini Group Ltd. (The)		688		12,502
Gold Fields Ltd.		2,526		9,803
Growthpoint Properties Ltd.		6,664		16,655
Hyprop Investments Ltd.		880		8,137
Imperial Holdings Ltd.		504		10,703
Investec Ltd.		800		6,947
Life Healthcare Group Holdings Ltd.		4,634		10,663
Mondi Ltd.		360		9,395
Mr. Price Group Ltd.		766		18,351
MTN Group Ltd.		5,190		56,500
Naspers Ltd. Class N		1,250		346,394
Nedbank Group Ltd.		510		12,425
NEPI Rockcastle PLC		1,064		10,747
Netcare Ltd.		4,040		8,728
Pick n Pay Stores Ltd.		510		3,139
PSG Group Ltd.		368		6,781
Rand Merchant Investment Holdings Ltd.		2,062		7,802
Redefine Properties Ltd.		14,472		13,903
Remgro Ltd.		1,364		27,907
Resilient REIT Ltd.		844		4,745
RMB Holdings Ltd.		1,608		11,868

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ex CHINA ETF

February 28, 2018

Security	Shares		Value
Sanlam Ltd.		4,776	$	36,921
Sappi Ltd.		1,684		10,928
Sasol Ltd.		1,658		58,538
Shoprite Holdings Ltd.		1,232		27,133
Sibanye Gold Ltd.		5,264		5,062
SPAR Group Ltd. (The)		720		13,334
Standard Bank Group Ltd.		3,878		71,559
Tiger Brands Ltd.		526		19,009
Truworths International Ltd.		1,526		13,094
Vodacom Group Ltd.		1,348		18,586
Woolworths Holdings Ltd./South Africa		3,244		17,960
				1,106,079
SOUTH KOREA — 19.78%
Amorepacific Corp.		98		25,475
AMOREPACIFIC Group		96		11,170
BGF retail Co. Ltd.		29		4,660
BNK Financial Group Inc.		788		8,150
Celltrion Healthcare Co. Ltd.a		81		8,946
Celltrion Inc.a		230		74,975
CJ CheilJedang Corp.		28		8,740
CJ Corp.		52		7,995
CJ E&M Corp.		54		4,318
Coway Co. Ltd.		160		12,795
Daelim Industrial Co. Ltd.		116		7,948
DB Insurance Co. Ltd.		152		9,755
DGB Financial Group Inc.		506		5,794
E-MART Inc.		66		18,528
GS Holdings Corp.		154		9,400
Hana Financial Group Inc.		880		39,941
Hankook Tire Co. Ltd.		246		13,403
Hanmi Pharm Co. Ltd.		20		8,551
Hanon Systems		638		7,364
Hanssem Co. Ltd.		26		3,589
Hanwha Chemical Corp.		362		11,098
Hanwha Corp.		186		7,583
Hotel Shilla Co. Ltd.		102		7,705
Hyosung Corp.		72		8,311
Hyundai Development Co. Engineering & Construction		160		5,585
Hyundai Engineering & Construction Co. Ltd.a		272		9,670
Hyundai Glovis Co. Ltd.		86		11,317
Hyundai Heavy Industries Co. Ltd.a		114		13,791
Hyundai Marine & Fire Insurance Co. Ltd.		202		7,704

Security	Shares		Value
Hyundai Mobis Co. Ltd.		198	$	41,688
Hyundai Motor Co.		436		65,024
Hyundai Robotics Co. Ltd.a		28		11,442
Hyundai Steel Co.		242		11,978
Industrial Bank of Korea		744		11,817
Kakao Corp.		104		12,293
Kangwon Land Inc.a		378		10,070
KB Financial Group Inc.		1,040		61,465
KCC Corp.		26		8,703
KEPCO Plant Service & Engineering Co. Ltd.a		62		2,310
Kia Motors Corp.		842		26,709
Korea Aerospace Industries Ltd. Class Aa		232		10,776
Korea Electric Power Corp.a		766		23,414
Korea Investment Holdings Co. Ltd.a		126		9,134
Korea Zinc Co. Ltd.a		26		12,293
KT&G Corp.		330		30,413
LG Chem Ltd.		136		48,100
LG Corp.		306		24,358
LG Display Co. Ltd.		702		19,351
LG Electronics Inc.		300		27,676
LG Household & Health Care Ltd.		30		30,474
LG Innotek Co. Ltd.		58		7,070
Lotte Chemical Corp.		48		20,345
Lotte Corp.a		78		4,516
Lotte Shopping Co. Ltd.		41		7,818
Medy-Tox Inc.		18		10,040
Mirae Asset Daewoo Co. Ltd.		1,168		10,009
NAVER Corp.		80		59,322
NCSoft Corp.		52		18,007
Netmarble Games Corp.c		38		5,176
NH Investment & Securities Co. Ltd.a		514		6,788
OCI Co. Ltd.		46		6,988
POSCO		222		74,109
S-Oil Corp.		126		14,370
Samsung Biologics Co. Ltd.a,c		50		20,778
Samsung C&T Corp.		218		25,869
Samsung Electro-Mechanics Co. Ltd.		172		14,708
Samsung Electronics Co. Ltd.		272		591,020
Samsung Fire & Marine Insurance Co. Ltd.		92		24,553
Samsung Heavy Industries Co. Ltd.a		918		7,248
Samsung Life Insurance Co. Ltd.		220		24,684
Samsung SDI Co. Ltd.		164		25,897

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ex CHINA ETF

February 28, 2018

Security	Shares		Value
Samsung SDS Co. Ltd.		106	$	23,297
Samsung Securities Co. Ltd.		254		9,288
Shinhan Financial Group Co. Ltd.		1,262		55,239
Shinsegae Inc.		20		6,335
SillaJen Inc.a		150		14,184
SK Holdings Co. Ltd.		100		26,272
SK Hynix Inc.		1,644		116,594
SK Innovation Co. Ltd.		188		35,676
SK Telecom Co. Ltd.		58		12,854
Woori Bank		912		13,980
Yuhan Corp.		33		6,339
				2,173,122
TAIWAN — 16.18%
Acer Inc.		8,000		6,741
Advanced Semiconductor Engineering Inc.		20,000		27,230
Asia Cement Corp.		8,000		7,782
Asustek Computer Inc.		2,000		18,976
AU Optronics Corp.		26,000		11,666
Catcher Technology Co. Ltd.		2,000		24,250
Cathay Financial Holding Co. Ltd.		26,000		48,535
Chailease Holding Co. Ltd.		4,000		13,454
Chang Hwa Commercial Bank Ltd.		16,800		9,667
Cheng Shin Rubber Industry Co. Ltd.		6,000		10,317
China Airlines Ltd.a		7,000		2,757
China Development Financial Holding Corp.		48,000		17,263
China Life Insurance Co. Ltd./Taiwan		8,720		8,781
China Steel Corp.		40,000		33,019
Chunghwa Telecom Co. Ltd.		10,000		37,506
Compal Electronics Inc.		14,000		9,639
CTBC Financial Holding Co. Ltd.		44,000		32,176
Delta Electronics Inc.		6,000		28,566
E.Sun Financial Holding Co. Ltd.		30,074		19,932
Far Eastern New Century Corp.		12,000		10,666
Far EasTone Telecommunications Co. Ltd.		6,000		15,208
Feng TAY Enterprise Co. Ltd.		2,000		9,522
First Financial Holding Co. Ltd.		26,520		18,167
Formosa Chemicals & Fibre Corp.		8,000		29,731
Formosa Petrochemical Corp.		4,000		16,030
Formosa Plastics Corp.		12,000		42,541
Foxconn Technology Co. Ltd.		4,000		10,878
Fubon Financial Holding Co. Ltd.		18,000		32,183
Hon Hai Precision Industry Co. Ltd.		44,000		132,774

Security	Shares		Value
Hotai Motor Co. Ltd.		600	$	6,689
Hua Nan Financial Holdings Co. Ltd.		23,100		13,609
Innolux Corp.		28,000		12,468
Inventec Corp.		10,000		7,998
Largan Precision Co. Ltd.		288		36,449
Lite-On Technology Corp.		8,000		11,509
Macronix Internationala		6,000		8,929
MediaTek Inc.		4,000		41,239
Mega Financial Holding Co. Ltd.		32,000		27,347
Micro-Star International Co. Ltd.		2,000		5,857
Nan Ya Plastics Corp.		14,000		38,650
Nanya Technology Corp.		2,000		5,535
Novatek Microelectronics Corp.		2,000		8,666
Pegatron Corp.		6,000		15,413
Pou Chen Corp.		8,000		10,070
Powertech Technology Inc.		2,000		6,206
President Chain Store Corp.		2,000		20,174
Quanta Computer Inc.		8,000		16,331
Shin Kong Financial Holding Co. Ltd.		20,000		8,255
Siliconware Precision Industries Co. Ltd.		6,000		10,461
SinoPac Financial Holdings Co. Ltd.		43,470		15,038
Taishin Financial Holding Co. Ltd.		35,460		17,247
Taiwan Cement Corp.		10,000		12,673
Taiwan Cooperative Financial Holding Co. Ltd.		24,720		14,394
Taiwan High Speed Rail Corp.		6,000		4,655
Taiwan Mobile Co. Ltd.		6,000		22,092
Taiwan Semiconductor Manufacturing Co. Ltd.		68,000		572,965
Teco Electric and Machinery Co. Ltd.		10,000		9,077
Uni-President Enterprises Corp.		14,000		33,087
United Microelectronics Corp.		40,000		19,387
Vanguard International Semiconductor Corp.		4,000		8,357
Win Semiconductors Corp.		1,000		9,197
Winbond Electronics Corp.		12,000		8,179
Wistron Corp.		10,296		8,640
WPG Holdings Ltd.		8,000		10,276
Yuanta Financial Holding Co. Ltd.		32,000		14,413
				1,777,489
THAILAND — 3.51%
Advanced Info Service PCL NVDR		3,400		21,446
Airports of Thailand PCL NVDR		14,200		32,005
Bangkok Dusit Medical Services PCL NVDR		14,400		10,138

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ex CHINA ETF

February 28, 2018

Security	Shares		Value
Banpu PCL NVDR		11,000	$	8,235
Berli Jucker PCL NVDR		5,400		10,236
Bumrungrad Hospital PCL NVDR		1,400		9,188
Central Pattana PCL NVDR		4,800		12,883
Charoen Pokphand Foods PCL NVDR		11,800		8,609
CP ALL PCL NVDR		14,400		38,535
Energy Absolute PCL NVDR		4,600		9,855
Indorama Ventures PCL NVDR		5,600		9,634
Kasikornbank PCL Foreign		3,400		25,129
Kasikornbank PCL NVDR		2,400		17,738
Krung Thai Bank PCL NVDR		12,200		7,890
Minor International PCL NVDR		5,200		6,709
PTT Exploration & Production PCL NVDR		5,400		19,869
PTT Global Chemical PCL NVDR		7,400		23,398
PTT PCL NVDR		3,000		54,285
Siam Cement PCL (The) Foreign		1,000		15,610
Siam Commercial Bank PCL (The) NVDR		5,400		25,632
Thai Oil PCL NVDR		3,400		11,156
True Corp. PCL NVDRa		35,600		7,145
				385,325
TURKEY — 1.52%
Akbank Turk AS		7,804		21,794
Arcelik AS		1,020		5,078
BIM Birlesik Magazalar AS		714		14,106
Eregli Demir ve Celik Fabrikalari TAS		4,802		14,331
Haci Omer Sabanci Holding AS		3,188		8,995
KOC Holding AS		2,438		11,522
Petkim Petrokimya Holding AS		3,454		7,323
Tupras Turkiye Petrol Rafinerileri AS		408		12,530
Turk Hava Yollari AOa		2,130		10,671
Turkcell Iletisim Hizmetleri AS		3,628		14,621
Turkiye Garanti Bankasi AS		7,000		21,571
Turkiye Halk Bankasi AS		2,200		5,566
Turkiye Is Bankasi AS Class C		5,900		11,780
Turkiye Vakiflar Bankasi TAO Class D		3,800		7,337
				167,225
UNITED ARAB EMIRATES — 0.90%
Abu Dhabi Commercial Bank PJSC		6,136		12,195
Aldar Properties PJSC		12,000		7,057
DAMAC Properties Dubai Co. PJSC		5,400		4,411
DP World Ltd.		500		12,225
Dubai Islamic Bank PJSC		3,200		5,280
Emaar Properties PJSC		10,876		18,270

Security	Shares		Value
Emirates Telecommunications Group Co. PJSC		5,602	$	26,234
First Abu Dhabi Bank PJSC		4,000		12,578
				98,250
TOTAL COMMON STOCKS
(Cost: $8,195,746)				9,067,007
INVESTMENT COMPANIES — 11.57%
INDIA — 11.57%
iShares MSCI India ETFd		37,027		1,270,767
				1,270,767
TOTAL INVESTMENT COMPANIES
(Cost: $1,246,402)				1,270,767
PREFERRED STOCKS — 5.35%
BRAZIL — 4.00%
Banco Bradesco SA, Preference Shares		8,800		105,017
Braskem SA Class A, Preference Shares		400		5,718
Cia. Brasileira de Distribuicao, Preference Shares		600		12,649
Cia. Energetica de Minas Gerais, Preference Shares		3,200		8,087
Gerdau SA, Preference Shares		3,000		15,347
Itau Unibanco Holding SA, Preference Shares		9,200		142,669
Itausa-Investimentos Itau SA, Preference Shares		11,800		47,654
Lojas Americanas SA, Preference Shares		2,400		12,470
Petroleo Brasileiro SA, Preference Shares		10,800		71,341
Telefonica Brasil SA, Preference Shares		1,200		18,709
				439,661
CHILE — 0.22%
Embotelladora Andina SA Class B, Preference Shares		1,936		9,576
Sociedad Quimica y Minera de Chile SA Series B, Preference Shares		280		14,193
				23,769
COLOMBIA — 0.09%
Bancolombia SA, Preference Shares		922		9,701
				9,701

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ex CHINA ETF

February 28, 2018

Security	Shares		Value
RUSSIA — 0.09%
Surgutneftegas OJSC, Preference Shares		20,000	$	10,480
				10,480
SOUTH KOREA — 0.95%
Hyundai Motor Co., Preference Shares		56		4,644
Hyundai Motor Co. Series 2, Preference Shares		86		7,759
Samsung Electronics Co. Ltd., Preference Shares		50		92,114
				104,517
TOTAL PREFERRED STOCKS
(Cost: $477,432)				588,128
RIGHTS — 0.01%
BRAZIL — 0.00%
Itausa-Investimentos Itau SA (Expires 03/29/18)a		277		460
				460
CHILE — 0.00%
Enel Chile SA (Expires 03/16/18)a		11,616		2
				2
SOUTH KOREA — 0.01%
Hyundai Heavy Industries Co. Ltd. (Expires 03/09/18)a		20		462
				462
TOTAL RIGHTS
(Cost: $0)				924

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.07%
MONEY MARKET FUNDS — 0.07%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		7,925	$	7,925
				7,925
TOTAL SHORT-TERM INVESTMENTS
(Cost: $7,925)				7,925
TOTAL INVESTMENTS IN SECURITIES — 99.55%
(Cost: $9,927,505)				10,934,751
Other Assets, Less Liabilities — 0.45%				49,391
NET ASSETS — 100.00%			$	10,984,142

ADR  —  American Depositary Receipts

CPO  —  Certificates of Participation (Ordinary)

GDR   —  Global Depositary Receipts

NVDR   —  Non-Voting Depositary Receipts

^a  Non-income producing security.

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

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 08/31/17		Shares purchased		Shares sold			Shares held at 02/28/18		Value at 02/28/18		Income		Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		15,969		—		(8,044	)b		7,925	$	7,925	$	54	$	—		$	—
iShares MSCI India ETF		36,404		1,060		(437	)		37,027		1,270,767		9,891		295			6,890
iShares MSCI Qatar ETF		5,430		—		(5,430	)		—		—		—		(19,411	)		5,703
										$	1,278,692	$	9,945	$	(19,116	)	$	12,593

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ex CHINA ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. 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	$	8,988,739	$	78,268	$	—	$	9,067,007
Investment companies		1,270,767		—		—		1,270,767
Preferred stocks		588,128		—		—		588,128
Rights		462		462		—		924
Money market funds		7,925		—		—		7,925
Total	$	10,856,021	$	78,730	$	—	$	10,934,751

See notes to financial statements.

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2018

	iShares Edge MSCI Multifactor Emerging Markets ETF			iShares MSCI EM ESG Optimized ETF			iShares MSCI Emerging Markets ex China ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	152,628,685		$	233,286,186		$	8,673,178
Affiliated (Note 2)		6,972,628			6,938,219			1,254,327
Total cost of investments in securities	$	159,601,313		$	240,224,405		$	9,927,505
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	171,664,850		$	258,058,945		$	9,656,059
Affiliated (Note 2)		6,860,644			6,938,223			1,278,692
Foreign currency, at valueb		105,890			209,456			10,082
Cash		—			—			339
Receivables:
Investment securities sold		—			11,702,072			—
Due from custodian (Note 4)		—			755,355			—
Dividends and interest		726,593			652,829			42,461
Capital shares sold		—			1,864,805			—
Tax reclaims		2,932			—			—
Total Assets		179,360,909			280,181,685			10,987,633
LIABILITIES
Payables:
Investment securities purchased		—			14,488,464			—
Collateral for securities on loan (Note 1)		119,952			6,594,546			—
Capital shares redeemed		—			70,932			—
Foreign taxes (Note 1)		—			—			1
Investment advisory fees (Note 2)		56,836			47,097			3,490
Total Liabilities		176,788			21,201,039			3,491
NET ASSETS	$	179,184,121		$	258,980,646		$	10,984,142
Net assets consist of:
Paid-in capital	$	157,789,295		$	233,061,964		$	10,046,048
Distributions in excess of net investment income		(44,310	)		(384,634	)		(5,772	)
Undistributed net realized gain (accumulated net realized loss)		2,516,466			1,534,082			(63,277	)
Net unrealized appreciation		18,922,670			24,769,234			1,007,143
NET ASSETS	$	179,184,121		$	258,980,646		$	10,984,142
Shares outstandingc		3,500,000			3,400,000			200,000
Net asset value per share	$	51.20		$	76.17		$	54.92

^a  Securities on loan with values of $113,873, $6,365,464 and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $105,648, $210,013 and $10,044, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2018

	iShares Edge MSCI Multifactor Emerging Markets ETF			iShares MSCI EM ESG Optimized ETF			iShares MSCI Emerging Markets ex China ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	1,248,526		$	1,132,113		$	89,456
Dividends — affiliated (Note 2)		37,745			1,502			9,945
Securities lending income — affiliated — net (Note 2)		6,510			20,805			—
		1,292,781			1,154,420			99,401
Less: Other foreign taxes (Note 1)		(3,875	)		—			(146	)
Total investment income		1,288,906			1,154,420			99,255
EXPENSES
Investment advisory fees (Note 2)		251,480			189,848			25,832
Proxy fees		5			6			—
Commitment fees (Note 7)		—			—			84
Total expenses		251,485			189,854			25,916
Less investment advisory fees waived (Note 2)		(19,278	)		—			(4,230	)
Net expenses		232,207			189,854			21,686
Net investment income		1,056,699			964,566			77,569
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,383,076	)		(812,873	)		(47,273	)
Investments — affiliated (Note 2)		(6,767	)		(513	)		(19,116	)
In-kind redemptions — unaffiliated		3,657,182			2,654,984			—
In-kind redemptions — affiliated (Note 2)		678,748			—			—
Foreign currency transactions		316			(13,585	)		2,701
Net realized gain (loss)		2,946,403			1,828,013			(63,688	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		7,741,531			12,517,501			837,497
Investments — affiliated (Note 2)		(812,325	)		(55	)		12,593
Translation of assets and liabilities in foreign currencies		(3,440	)		(4,793	)		(279	)
Net change in unrealized appreciation/depreciation		6,925,766			12,512,653			849,811
Net realized and unrealized gain		9,872,169			14,340,666			786,123
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,928,868		$	15,305,232		$	863,692

^a  Net of foreign withholding tax of $156,318, $150,603 and $13,850, respectively.

See notes to financial statements.

28 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Edge MSCI Multifactor Emerging Markets ETF						iShares MSCI EM ESG Optimized ETF
	Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017			Six months ended February 28, 2018 (Unaudited)			Year ended August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,056,699		$	895,032		$	964,566		$	1,088,767
Net realized gain		2,946,403			59,274			1,828,013			282,004
Net change in unrealized appreciation/depreciation		6,925,766			9,748,303			12,512,653			11,678,921
Net increase in net assets resulting from operations		10,928,868			10,702,609			15,305,232			13,049,692
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,532,736	)		(797,610	)		(1,978,607	)		(499,570	)
Total distributions to shareholders		(1,532,736	)		(797,610	)		(1,978,607	)		(499,570	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		101,336,799			47,184,280			160,039,185			81,808,084
Cost of shares redeemed		(14,421,725	)		(4,185,348	)		(11,197,622	)		(3,191,126	)
Net increase in net assets from capital share transactions		86,915,074			42,998,932			148,841,563			78,616,958
INCREASE IN NET ASSETS		96,311,206			52,903,931			162,168,188			91,167,080
NET ASSETS
Beginning of period		82,872,915			29,968,984			96,812,458			5,645,378
End of period	$	179,184,121		$	82,872,915		$	258,980,646		$	96,812,458
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(44,310	)	$	431,727		$	(384,634	)	$	629,407
SHARES ISSUED AND REDEEMED
Shares sold		2,000,000			1,100,000			2,150,000			1,350,000
Shares redeemed		(300,000	)		(100,000	)		(150,000	)		(50,000	)
Net increase in shares outstanding		1,700,000			1,000,000			2,000,000			1,300,000

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets ex China ETF
	Six months ended February 28, 2018 (Unaudited)			Period from July 18, 2017a to August 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	77,569		$	25,138
Net realized loss		(63,688	)		(1,330	)
Net change in unrealized appreciation/depreciation		849,811			157,332
Net increase in net assets resulting from operations		863,692			181,140
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(106,738	)		—
Total distributions to shareholders		(106,738	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			10,046,048
Net increase in net assets from capital share transactions		—			10,046,048
INCREASE IN NET ASSETS		756,954			10,227,188
NET ASSETS
Beginning of period		10,227,188			—
End of period	$	10,984,142		$	10,227,188
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(5,772	)	$	23,397
SHARES ISSUED
Shares sold		—			200,000
Net increase in shares outstanding		—			200,000

^a  Commencement of operations.

See notes to financial statements.

30 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Edge MSCI Multifactor Emerging Markets ETF

	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Period from Dec. 8, 2015a to Aug. 31, 2016
Net asset value, beginning of period	$	46.04		$	37.46		$	33.82
Income from investment operations:
Net investment incomeb		0.46			0.91			1.27
Net realized and unrealized gainc		5.40			8.53			2.50
Total from investment operations		5.86			9.44			3.77
Less distributions from:
Net investment income		(0.70	)		(0.86	)		(0.13	)
Total distributions		(0.70	)		(0.86	)		(0.13	)
Net asset value, end of period	$	51.20		$	46.04		$	37.46
Total return		12.83	%d		25.80	%		11.16	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	179,184		$	82,873		$	29,969
Ratio of expenses to average net assetse		0.42	%		0.42	%		0.49	%
Ratio of expenses to average net assets prior to waived feese		0.45	%		0.50	%		0.65	%
Ratio of net investment income to average net assetse		1.89	%		2.24	%		4.91	%
Portfolio turnover ratef		14	%d		36	%		11	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the year ended August 31, 2017 and the period ended August 31, 2016 were 14%, 36% and 11%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 31

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI EM ESG Optimized ETF

	Six months ended Feb. 28, 2018 (Unaudited)			Year ended Aug. 31, 2017			Period from Jun. 28, 2016a to Aug. 31, 2016
Net asset value, beginning of period	$	69.15		$	56.45		$	50.37
Income from investment operations:
Net investment incomeb		0.46			1.70			0.31
Net realized and unrealized gainc		7.46			11.62			5.77
Total from investment operations		7.92			13.32			6.08
Less distributions from:
Net investment income		(0.90	)		(0.62	)		—
Total distributions		(0.90	)		(0.62	)		—
Net asset value, end of period	$	76.17		$	69.15		$	56.45
Total return		11.54	%d		23.75	%		12.09	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	258,981		$	96,812		$	5,645
Ratio of expenses to average net assetse		0.25	%		0.42	%		0.45	%
Ratio of net investment income to average net assetse		1.27	%		2.73	%		3.26	%
Portfolio turnover ratef		19	%d		29	%		9	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the year ended August 31, 2017 and the period ended August 31, 2016 were 19%, 29% and 9%, respectively. See Note 4.

See notes to financial statements.

32 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets ex China ETF

	Six months ended Feb. 28, 2018 (Unaudited)			Period from Jul. 18, 2017a to Aug. 31, 2017
Net asset value, beginning of period	$	51.14		$	50.22
Income from investment operations:
Net investment incomeb		0.39			0.13
Net realized and unrealized gainc		3.92			0.79
Total from investment operations		4.31			0.92
Less distributions from:
Net investment income		(0.53	)		—
Total distributions		(0.53	)		—
Net asset value, end of period	$	54.92		$	51.14
Total return		8.49	%d		1.83	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	10,984		$	10,227
Ratio of expenses to average net assetse		0.41	%		0.41	%
Ratio of expenses to average net assets prior to waived feese		0.49	%		0.49	%
Ratio of net investment income to average net assetse		1.47	%		2.07	%
Portfolio turnover ratef		5	%d		0	%d,g

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rate for the six months ended February 28, 2018 and the period ended August 31, 2017 were 5% and 0%. See Note 4.

^g  Rounds to less than 1%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 33

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
Edge MSCI Multifactor Emerging Markets	Non-diversified
MSCI EM ESG Optimized	Non-diversified
MSCI Emerging Markets ex China	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

34 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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 inputs 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 inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs 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 to valuation techniques are categorized into a fair value 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 35

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. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily.

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 prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2018, 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.

36 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original 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 37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Edge MSCI Multifactor Emerging Markets
Macquarie Bank Limited	$	113,873	$	113,873	$	—
MSCI EM ESG Optimized
Citigroup Global Markets Inc.	$	202,297	$	202,297	$	—
Credit Suisse Securities (USA) LLC		43,978		43,978		—
JPMorgan Securities LLC		5,626,640		5,626,640		—
UBS AG		492,549		492,549		—
	$	6,365,464	$	6,365,464	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

For its investment advisory services to the iShares Edge MSCI Multifactor Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.45%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2021 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For its investment advisory services to the iShares MSCI EM ESG Optimized ETF, BFA is entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to the iShares MSCI Emerging Market ex China ETF, BFA is entitled to an annual investment advisory fee of 0.49%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2022 in an amount equal to the aggregate acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal

38 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Edge MSCI Multifactor Emerging Markets	$	1,412
MSCI EM ESG Optimized		5,361

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2018, the purchase and sales transactions executed by the iShares Edge MSCI Multifactor Emerging Markets ETF pursuant to Rule 17a-7 under the 1940 Act were $3,929,009 and $2,279,839, respectively.

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

It is possible that, from time to time, BlackRock and/or funds managed by BFA or an affiliate (collectively, “Affiliates”) may purchase and hold shares of a Fund. Affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units through an authorized participant at any time some or all of the shares of a Fund acquired for their own accounts. A large sale or redemption of shares of a Fund by Affiliates could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund. As of February 28, 2018, the number of affiliated accounts that individually represent more than 10% ownership of the Fund’s total shares outstanding and the aggregate percentage of net assets represented by such holdings were as follows:

iShares ETF	Number of Affiliated Accounts		Aggregate Affiliated Ownership Percentage
MSCI Emerging Markets ex China		1		40	%

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

Certain Funds, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2018 were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Multifactor Emerging Markets	$	84,589,866	$	16,014,669
MSCI EM ESG Optimized		99,302,469		30,709,603
MSCI Emerging Markets ex China		501,107		540,343

In-kind transactions (see Note 4) for the six months ended February 28, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Edge MSCI Multifactor Emerging Markets	$	31,815,273	$	14,395,818
MSCI EM ESG Optimized		90,268,029		11,156,888

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.

40 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

5. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

MARKET RISK

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

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries. These events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. The occurrence of terrorist incidents throughout Europe also could impact financial markets. 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, Norway, Switzerland and Canada, have imposed economic sanctions, which consist of asset freezes and sectorial sanctions, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

CREDIT RISK

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

6. INCOME TAX INFORMATION

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

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

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

As of August 31, 2017, the Funds’ fiscal year-end, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Edge MSCI Multifactor Emerging Markets	$	305,500
MSCI EM ESG Optimized		106,499

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

42 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Edge MSCI Multifactor Emerging Markets	$	159,857,101	$	20,843,422	$	(2,175,029	)	$	18,668,393
MSCI EM ESG Optimized		240,527,429		26,934,640		(2,464,901	)		24,469,739
MSCI Emerging Markets ex China		9,930,874		1,338,796		(334,919	)		1,003,877

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. LINE OF CREDIT

The Funds, along with certain other iShares funds, are parties to a credit agreement with State Street Bank and Trust Company. Effective October 25, 2017, certain terms of the credit agreement were amended, including (i) increasing the maximum borrowing amount from $250 million to $275 million and (ii) extending the expiration date from October 25, 2017 to October 24, 2018. The iShares MSCI Emerging Markets ex China ETF became a party to the credit agreement effective October 25, 2017. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Funds did not borrow under the credit agreement during the six months ended February 28, 2018.

8. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) 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 putative 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”) in California State Court. 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. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

9. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Effective on or around May 23, 2018, the iShares MSCI EM ESG Optimized ETF will track a new underlying index, the MSCI Emerging Markets Extended ESG Focus Index, and will cease to track the MSCI Emerging Markets ESG Focus Index.

44 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Edge MSCI Multifactor Emerging Markets	$	0.454187	$	—	$	0.242511	$	0.696698		65	%		—	%		35	%		100	%
MSCI EM ESG Optimized		0.688739		—		0.210628		0.899367		77			—			23			100
MSCI Emerging Markets ex China		0.294749		—		0.238941		0.533690		55			—			45			100

SUPPLEMENTAL INFORMATION 45

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website and 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 iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

46 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 47

Notes:

48 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 49

Notes:

50 2018 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 Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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

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

©2018 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-816-0218

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

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 Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a) (4) Not applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares, Inc.

By:	/s/ Martin Small
	Martin Small, President (Principal Executive Officer)
Date:	April 27, 2018

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

By:	/s/ Martin Small
	Martin Small, President (Principal Executive Officer)
Date:	April 27, 2018
By:	/s/ Jack Gee
	Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:	April 27, 2018