N-CSRS

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

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

351 West Camden Street, Baltimore, MD 21201

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2018

Date of reporting period: April 30, 2018

Item 1. Reports to Stockholders.

Copies of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are attached.

APRIL 30, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares Emerging Markets High Yield Bond ETF  |  EMHY  |  Cboe BZX

^Ø  iShares J.P. Morgan EM Corporate Bond ETF  |  CEMB  |  Cboe BZX

^Ø  iShares J.P. Morgan EM Local Currency Bond ETF  |  LEMB  |  NYSE Arca

^Ø  iShares US & Intl High Yield Corp Bond ETF  |  GHYG  |  Cboe BZX

Table of Contents

Fund Performance Overviews	5
About Fund Performance	9
Shareholder Expenses	9
Schedules of Investments	10
iShares Emerging Markets High Yield Bond ETF	10
iShares J.P. Morgan EM Corporate Bond ETF	20
iShares J.P. Morgan EM Local Currency Bond ETF	31
iShares US & Intl High Yield Corp Bond ETF	35
Financial Statements	62
Financial Highlights	68
Notes to Financial Statements	72
Supplemental Information	83
General Information	84

Fund Performance Overview

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

Performance as of April 30, 2018

The iShares Emerging Markets High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market high yield sovereign and corporate bonds, as represented by the Morningstar^® Emerging Markets High Yield Bond Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended April 30, 2018, the total return for the Fund was -2.91%, net of fees, while the total return for the Index was -2.73%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		0.07%		(0.43)%		0.41%		0.07%		(0.43)%		0.41%
5 Years		3.43%		3.25%		3.74%		18.35%		17.36%		20.13%
Since Inception		5.28%		5.26%		5.64%		36.67%		36.53%		39.55%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	970.90	$	2.44	$	1,000.00	$	1,022.30	$	2.51		0.50%

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

ALLOCATION BY CREDIT QUALITY As of 4/30/18

Moody’s Credit Rating ¹ Percentage of
Total  Investments  ²

Baa	5.66	%
Ba	54.43
B	26.21
Caa	2.89
C	1.00
Not Rated	9.81
TOTAL	100.00	%

TEN LARGEST COUNTRIES As of 4/30/18

Country Percentage of
Total  Investments  ²

Brazil	23.47	%
Turkey	12.98
Argentina	8.71
Russia	6.92
South Africa	4.17
China	3.58
Lebanon	3.47
Ukraine	2.63
Ecuador	2.57
Egypt	2.43
TOTAL	70.93	%

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

²  Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

Performance as of April 30, 2018

The iShares J.P. Morgan EM Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market corporate bonds, as represented by the J.P. Morgan CEMBI Broad Diversified Core Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended April 30, 2018, the total return for the Fund was -2.21%, net of fees, while the total return for the Index was -1.87%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		0.88%		0.44%		1.54%		0.88%		0.44%		1.54%
5 Years		2.67%		2.48%		3.24%		14.10%		13.01%		17.31%
Since Inception		3.86%		3.85%		4.43%		25.66%		25.64%		29.94%

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

Index performance through May 31, 2017 reflects the performance of the Morningstar^® Emerging Markets Corporate Bond Index^SM. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan CEMBI Broad Diversified Core 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 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	977.90	$	2.45	$	1,000.00	$	1,022.30	$	2.51		0.50%

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

ALLOCATION BY CREDIT QUALITY As of 4/30/18

Moody’s Credit Rating ¹ Percentage of Total Investments ²

Aa	2.67	%
A	18.18
Baa	28.73
Ba	25.26
B	10.00
Caa	0.67
Not Rated	14.49
TOTAL	100.00	%

TEN LARGEST COUNTRIES As of 4/30/18

Country Percentage of Total Investments ²

China	9.56	%
Brazil	8.27
Russia	5.80
Mexico	5.75
India	5.49
Hong Kong	5.37
Turkey	5.08
United Arab Emirates	4.95
Colombia	4.88
Chile	4.50
TOTAL	59.65	%

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

^{2 Excludes money market funds.}

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® J.P. MORGAN EM LOCAL CURRENCY BOND ETF

Performance as of April 30, 2018

The iShares J.P. Morgan EM Local Currency Bond ETF (the “Fund”) seeks to track the investment results of an index composed of local currency denominated, emerging market sovereign bonds, as represented by the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended April 30, 2018, the total return for the Fund was 4.03%, net of fees, while the total return for the Index was 4.42%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		6.84%		6.47%		7.76%		6.84%		6.47%		7.76%
5 Years		(0.91)%		(1.15)%		(0.33)%		(4.48)%		(5.62)%		(1.63)%
Since Inception		1.28%		1.27%		1.77%		8.68%		8.57%		12.14%

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Index performance through May 31, 2017 reflects the performance of the Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor 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 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,040.30	$	2.53	$	1,000.00	$	1,022.30	$	2.51		0.50%

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

ALLOCATION BY CREDIT QUALITY As of 4/30/18

Moody’s Credit Rating ¹ Percentage of
Total Investments ²

Aa	4.63	%
A	27.84
Baa	38.46
Ba	24.61
B	4.46
TOTAL	100.00	%

TEN LARGEST COUNTRIES As of 4/30/18

Country Percentage of
Total Investments ²

Brazil	15.42	%
Mexico	8.48
South Africa	5.52
Indonesia	5.48
Poland	5.44
Malaysia	4.71
Thailand	4.68
Philippines	4.67
Chile	4.63
Turkey	4.63
TOTAL	63.66	%

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

²  Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

Performance as of April 30, 2018

The iShares US & Intl High Yield Corp Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar, euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® Global Developed Markets High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended April 30, 2018, the total return for the Fund was 0.39%, net of fees, while the total return for the Index was 0.48%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		5.29%		5.22%		5.44%		5.29%		5.22%		5.44%
5 Years		3.43%		3.40%		3.59%		18.37%		18.18%		19.30%
Since Inception		5.06%		5.10%		5.23%		34.96%		35.29%		36.33%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,003.90	$	1.99	$	1,000.00	$	1,022.80	$	2.01		0.40%

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

ALLOCATION BY CREDIT QUALITY As of 4/30/18

Moody’s Credit Rating ¹ Percentage of
Total Investments  ²

Baa	0.55	%
Ba	46.23
B	37.96
Caa	10.73
Ca	0.26
Not Rated	4.27
TOTAL	100.00	%

TEN LARGEST COUNTRIES As of 4/30/18

Country Percentage of
Total Investments ²

United States	64.90	%
Italy	5.83
United Kingdom	5.05
France	4.40
Canada	3.43
Germany	3.33
Luxembourg	3.26
Netherlands	2.07
Spain	1.71
Ireland	1.60
TOTAL	95.58	%

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

²  Excludes money market funds.

8 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 November 1, 2017 and held through April 30, 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^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 42.19%
ARGENTINA — 1.17%
Pampa Energia SA
7.50%, 01/24/27 (Call 01/24/22)b	$	800	$	808,000
YPF SA
6.95%, 07/21/27b		1,000		984,347
7.00%, 12/15/47 (Call 06/15/47)b		700		621,477
8.50%, 03/23/21b		1,000		1,083,500
8.50%, 07/28/25b		1,485		1,621,620
8.75%, 04/04/24b		1,316		1,440,033
				6,558,977
AZERBAIJAN — 0.56%
Southern Gas Corridor CJSC
6.88%, 03/24/26b		1,986		2,169,705
State Oil Co. of the Azerbaijan Republic
4.75%, 03/13/23b		950		946,437
				3,116,142
BAHRAIN — 0.17%
Oil and Gas Holding Co. BSCC (The)
7.50%, 10/25/27b		1,000		969,962
				969,962
BRAZIL — 17.35%
Banco Bradesco SA/Cayman Islands
5.75%, 03/01/22b		1,200		1,234,140
5.90%, 01/16/21b		1,790		1,844,076
6.75%, 09/29/19b		200		208,500
Banco BTG Pactual SA/Cayman Islands
4.00%, 01/16/20b		608		593,426
Banco do Brasil SA/Cayman Islands
3.88%, 10/10/22		2,400		2,308,800
4.63%, 01/15/25b		800		770,904
5.38%, 01/15/21b		568		579,871
5.88%, 01/26/22b		1,700		1,736,550
5.88%, 01/19/23b		600		612,600
6.00%, 01/22/20b		400		416,000
Banco Votorantim SA
7.38%, 01/21/20b		892		932,987
Braskem Finance Ltd.
5.38%, 05/02/22b		200		205,250
5.75%, 04/15/21b		1,600		1,663,840

Security	Principal (000s)		Value
6.45%, 02/03/24	$	600	$	637,806
BRF SA
3.95%, 05/22/23b		400		362,000
4.75%, 05/22/24b		600		553,800
Caixa Economica Federal
3.50%, 11/07/22b		450		425,169
7.25%, 07/23/24 (Call 07/23/19)b,c,d		800		825,104
Cemig Geracao e Transmissao SA
9.25%, 12/05/24 (Call 12/05/23)b		600		649,625
Centrais Eletricas Brasileiras SA
5.75%, 10/27/21b		2,000		2,040,000
6.88%, 07/30/19b		750		772,088
CSN Resources SA
6.50%, 07/21/20b		1,192		1,156,240
Embraer Netherlands Finance BV
5.05%, 06/15/25		993		1,035,203
Embraer Overseas Ltd.
5.70%, 09/16/23b		550		585,750
Fibria Overseas Finance Ltd.
5.25%, 05/12/24		200		206,000
Gerdau Trade Inc.
4.75%, 04/15/23b		800		806,000
Gol Finance Inc.
7.00%, 01/31/25 (Call 01/31/22)b		500		479,721
GTL Trade Finance Inc./Gerdau Holdings Inc.
5.89%, 04/29/24 (Call 01/29/24)b		1,000		1,048,800
Itau Unibanco Holding SA/Cayman Islands
5.13%, 05/13/23b		820		822,050
5.50%, 08/06/22b		1,760		1,793,000
5.65%, 03/19/22b		2,000		2,047,500
5.75%, 01/22/21b		1,633		1,686,889
6.20%, 04/15/20b		700		726,250
6.20%, 12/21/21b		800		831,000
JBS Investments GmbH
7.25%, 04/03/24 (Call 04/03/19)b		600		591,330
7.75%, 10/28/20 (Call 10/28/18)b		967		985,131
JBS USA LUX SA/JBS USA Finance Inc.
5.75%, 06/15/25 (Call 06/15/20)b		850		798,745
5.88%, 07/15/24 (Call 07/15/19)b		725		701,438
6.75%, 02/15/28 (Call 02/15/23)b		900		863,524

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)		Value
7.25%, 06/01/21 (Call 06/01/18)b	$	1,100	$	1,109,625
Klabin Finance SA
4.88%, 09/19/27b		200		191,629
5.25%, 07/16/24b		900		905,625
MARB BondCo PLC
6.88%, 01/19/25 (Call 01/19/21)b		1,400		1,317,857
7.00%, 03/15/24 (Call 03/15/20)b		600		573,000
Marfrig Holdings Europe BV
8.00%, 06/08/23 (Call 06/08/19)b		800		808,000
Minerva Luxembourg SA
5.88%, 01/19/28 (Call 01/19/23)b		400		358,383
6.50%, 09/20/26 (Call 09/20/21)b		1,173		1,114,350
Odebrecht Finance Ltd.
4.38%, 04/25/25b		500		131,250
5.25%, 06/27/29b		600		154,500
7.13%, 06/26/42 (Call 12/26/41)b		820		222,794
Petrobras Global Finance BV
4.38%, 05/20/23		3,606		3,505,032
5.30%, 01/27/25b		2,000		1,967,498
5.38%, 01/27/21		1,594		1,657,760
5.63%, 05/20/43		1,800		1,502,730
5.75%, 01/20/20		850		890,375
5.75%, 02/01/29		700		664,809
6.00%, 01/27/28b		5,996		5,846,100
6.13%, 01/17/22		3,700		3,915,710
6.25%, 03/17/24		1,961		2,052,186
6.75%, 01/27/41		1,950		1,854,079
6.85%, 06/05/15		2,483		2,293,671
6.88%, 01/20/40		1,490		1,430,400
7.25%, 03/17/44		1,986		1,970,757
7.38%, 01/17/27		4,101		4,388,070
8.38%, 05/23/21		1,767		1,991,056
8.75%, 05/23/26		2,979		3,489,154
Rio Oil Finance Trust
Series 2014-1
9.25%, 07/06/24b		1,192		1,307,687
Rumo Luxembourg Sarl
5.88%, 01/18/25 (Call 01/18/22)b		1,000		980,118
7.38%, 02/09/24 (Call 02/09/21)b		200		212,800
Vale Overseas Ltd.
4.38%, 01/11/22		1,333		1,345,564
6.25%, 08/10/26		1,800		1,985,220
6.88%, 11/21/36		2,683		3,096,853
6.88%, 11/10/39		1,738		2,020,503
8.25%, 01/17/34		550		703,126
Vale SA
5.63%, 09/11/42		1,500		1,555,050

Security	Principal (000s)		Value
Votorantim Cimentos SA
7.25%, 04/05/41b	$	1,050	$	1,140,090
				97,190,518
CHILE — 0.22%
VTR Finance BV
6.88%, 01/15/24 (Call 01/15/19)b		1,200		1,236,000
				1,236,000
CHINA — 3.52%
Agile Group Holdings Ltd.
9.00%, 05/21/20 (Call 05/21/18)b		400		418,500
China Evergrande Group
6.25%, 06/28/21b		500		481,512
7.50%, 06/28/23 (Call 06/28/20)b		1,400		1,317,600
8.25%, 03/23/22 (Call 03/23/20)b		1,353		1,343,734
8.75%, 06/28/25 (Call 06/28/21)b		4,566		4,387,006
9.50%, 03/29/24 (Call 03/29/21)b		600		602,327
Country Garden Holdings Co. Ltd.
4.75%, 07/25/22 (Call 07/25/20)b		400		395,567
4.75%, 09/28/23 (Call 09/28/20)b		900		860,625
7.25%, 04/04/21 (Call 10/04/18)b		700		719,075
7.50%, 03/09/20 (Call 03/09/19)b		1,200		1,245,000
Easy Tactic Ltd.
5.75%, 01/13/22 (Call 01/13/20)b		600		564,750
5.88%, 02/13/23 (Call 11/17/20)b		400		373,083
Fantasia Holdings Group Co. Ltd.
7.38%, 10/04/21 (Call 10/04/19)b		600		564,585
Fortune Star BVI Ltd.
5.25%, 03/23/22 (Call 03/23/20)b		1,200		1,139,006
5.38%, 12/05/20b		800		786,196
Greenland Global Investment Ltd.
5.88%, 07/03/24b		800		756,000
KWG Property Holding Ltd.
6.00%, 09/15/22 (Call 03/15/20)b		400		373,199
Shimao Property Holdings Ltd.
4.75%, 07/03/22 (Call 07/03/20)b		1,200		1,166,547
8.38%, 02/10/22 (Call 02/10/19)b		956		1,020,530
Sunac China Holdings Ltd.
7.95%, 08/08/22 (Call 08/08/20)b		600		588,122
Times China Holdings Ltd.
6.25%, 01/17/21 (Call 01/31/20)b		600		585,003
				19,687,967
COLOMBIA — 1.16%
Banco de Bogota SA
5.38%, 02/19/23b		400		410,500

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)		Value
6.25%, 05/12/26b	$	1,478	$	1,533,425
Bancolombia SA
4.88%, 10/18/27 (Call 10/18/22)c,d		400		384,287
5.13%, 09/11/22		1,463		1,502,867
Colombia Telecomunicaciones SA ESP
5.38%, 09/27/22 (Call 09/27/18)b		745		744,069
Grupo Aval Ltd.
4.75%, 09/26/22b		1,000		992,500
Millicom International Cellular SA
6.00%, 03/15/25 (Call 03/15/20)b		900		925,875
				6,493,523
COSTA RICA — 0.08%
Banco Nacional de Costa Rica
5.88%, 04/25/21b		435		447,920
				447,920
INDIA — 1.31%
ABJA Investment Co. Pte Ltd.
4.85%, 01/31/20b		200		201,498
5.45%, 01/24/28b		1,000		904,209
5.95%, 07/31/24b		925		924,807
Bank of India/London
6.25%, 02/16/21b		650		684,125
Greenko Dutch BV
5.25%, 07/24/24 (Call 07/24/20)b		600		576,383
JSW Steel Ltd.
5.25%, 04/13/22b		960		952,972
Vedanta Resources PLC
6.38%, 07/30/22b		1,000		1,005,000
7.13%, 05/31/23b		1,310		1,337,838
8.25%, 06/07/21b		700		747,643
				7,334,475
INDONESIA — 0.82%
Majapahit Holding BV
7.75%, 01/20/20b		1,300		1,389,375
7.88%, 06/29/37b		300		385,952
8.00%, 08/07/19b		900		956,744
Perusahaan Listrik Negara PT
5.25%, 10/24/42b		1,300		1,241,175
5.50%, 11/22/21b		600		627,750
				4,600,996

Security	Principal (000s)		Value
ISRAEL — 2.11%
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22	$	1,250	$	1,098,437
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/21		3,301		2,979,152
2.80%, 07/21/23		1,275		1,066,372
3.15%, 10/01/26		3,850		3,070,375
4.10%, 10/01/46		2,000		1,452,500
6.00%, 04/15/24b		1,200		1,164,000
6.75%, 03/01/28b		1,000		987,769
				11,818,605
JAMAICA — 0.80%
Digicel Group Ltd.
7.13%, 04/01/22 (Call 04/01/19)b		1,150		937,250
8.25%, 09/30/20 (Call 09/30/18)b		1,400		1,256,500
Digicel Ltd.
6.00%, 04/15/21 (Call 04/15/19)b		1,450		1,377,500
6.75%, 03/01/23 (Call 03/01/19)b		1,000		913,750
				4,485,000
KAZAKHSTAN — 1.52%
Development Bank of Kazakhstan JSC
4.13%, 12/10/22b		1,050		1,046,062
Kazakhstan Temir Zholy Finance BV
6.95%, 07/10/42b		1,000		1,094,000
Kazkommertsbank JSC
5.50%, 12/21/22 (Call 06/14/18)b		800		797,000
KazMunayGas National Co. JSC
3.88%, 04/19/22b		400		396,186
4.75%, 04/19/27b		1,200		1,180,400
5.75%, 04/30/43b		200		213,255
5.75%, 04/19/47b		1,377		1,315,895
6.38%, 04/09/21b		1,123		1,201,610
7.00%, 05/05/20b		1,162		1,240,435
				8,484,843
MEXICO — 1.35%
Axtel SAB de CV
6.38%, 11/14/24 (Call 11/14/20)b		600		596,961
Banco Mercantil del Norte SA/Grand Cayman
5.75%, 10/04/31 (Call 10/04/26)b,c,d		400		384,004

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)		Value
BBVA Bancomer SA/Texas
5.13%, 01/18/33 (Call 01/18/28)b,c,d	$	800	$	755,586
7.25%, 04/22/20b		1,500		1,573,725
Cemex Finance LLC
6.00%, 04/01/24 (Call 04/01/19)b		1,050		1,079,400
Cemex SAB de CV
5.70%, 01/11/25 (Call 01/11/20)b		1,000		1,011,250
6.13%, 05/05/25 (Call 05/05/20)b		800		828,000
7.75%, 04/16/26 (Call 04/16/21)b		1,200		1,315,800
				7,544,726
OMAN — 0.26%
Bank Muscat SAOG
3.75%, 05/03/21b		600		586,500
Lamar Funding Ltd.
3.96%, 05/07/25b		1,000		880,000
				1,466,500
PANAMA — 0.08%
Sable International Finance Ltd.
6.88%, 08/01/22 (Call 08/01/18)b		450		473,062
				473,062
RUSSIA — 3.03%
Alfa Bank AO Via Alfa Bond Issuance PLC
7.75%, 04/28/21b		950		1,018,875
ALROSA Finance SA
7.75%, 11/03/20b		1,100		1,181,125
Credit Bank of Moscow Via CBOM Finance PLC
5.55%, 02/14/23b		600		558,418
5.88%, 11/07/21b		200		193,500
7.50%, 10/05/27 (Call 10/05/22)b,c,d		700		603,074
Evraz Group SA
5.38%, 03/20/23b		600		586,500
6.50%, 04/22/20b		736		747,960
6.75%, 01/31/22b		600		618,000
8.25%, 01/28/21b		750		795,000
Gazprombank OAO Via GPB Eurobond Finance PLC
7.50%, 12/28/23 (Call 12/28/18)b,c,d		200		199,500
GTLK Europe DAC
5.13%, 05/31/24b		800		763,445

Security	Principal (000s)		Value
Metalloinvest Finance DAC
4.85%, 05/02/24b	$	600	$	561,361
Polyus Finance PLC
4.70%, 01/29/24b		600		551,272
5.25%, 02/07/23b		800		759,000
Polyus Gold International Ltd.
4.70%, 03/28/22b		400		376,500
5.63%, 04/29/20 b		800		795,000
Rusal Capital DAC
4.85%, 02/01/23b		400		120,000
5.13%, 02/02/22b		1,110		333,000
Sberbank of Russia Via SB Capital SA
5.13%, 10/29/22b		1,600		1,582,000
VEON Holdings BV
3.95%, 06/16/21 (Call 03/16/21)b		400		383,262
4.95%, 06/16/24 (Call 03/16/24)b		800		759,837
5.95%, 02/13/23b		1,400		1,419,250
7.50%, 03/01/22b		600		641,250
VTB Bank OJSC Via VTB Capital SA
6.95%, 10/17/22 b		1,400		1,438,500
				16,985,629
SOUTH AFRICA — 1.55%
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		645		659,513
5.38%, 04/15/20		809		827,202
Eskom Holdings SOC Ltd.
5.75%, 01/26/21b		2,000		1,996,570
6.75%, 08/06/23b		1,017		1,027,678
7.13%, 02/11/25b		1,260		1,285,074
Gold Fields Orogen Holding BVI Ltd.
4.88%, 10/07/20b		800		811,000
MTN Mauritius Investment Ltd.
4.76%, 11/11/24b		600		576,000
Sasol Financing International Ltd.
4.50%, 11/14/22		900		894,150
Transnet SOC Ltd.
4.00%, 07/26/22b		600		582,000
				8,659,187
SOUTH KOREA — 0.29%
Woori Bank
4.75%, 04/30/24b		1,000		1,009,570
5.00%, 06/10/45 (Call 06/10/20)b,c,d		600		599,063
				1,608,633

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)		Value
THAILAND — 0.07%
Krung Thai Bank PCL/Cayman Islands
5.20%, 12/26/24 (Call 12/26/19)b,c,d	$	400	$	406,061
				406,061
TRINIDAD AND TOBAGO — 0.23%
Consolidated Energy Finance SA
6.88%, 06/15/25b		450		467,653
Petroleum Co. of Trinidad & Tobago Ltd.
9.75%, 08/14/19b		800		842,533
				1,310,186
TURKEY — 4.16%
Akbank Turk AS
4.00%, 01/24/20b		200		198,000
5.00%, 10/24/22b		150		147,000
5.13%, 03/31/25b		200		189,250
7.20%, 03/16/27 (Call 03/16/22)b,c,d		1,100		1,115,125
KOC Holding AS
5.25%, 03/15/23 (Call 12/15/22)b		1,000		1,005,000
QNB Finansbank AS/Turkey
4.88%, 05/19/22b		1,088		1,042,547
TC Ziraat Bankasi AS
4.25%, 07/03/19b		200		199,309
4.75%, 04/29/21b		200		195,370
5.13%, 05/03/22b		1,700		1,657,052
Tupras Turkiye Petrol Rafinerileri AS
4.50%, 10/18/24 (Call 07/20/24)b		216		204,513
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25b		600		602,250
Turkiye Garanti Bankasi AS
4.75%, 10/17/19b		600		603,000
5.25%, 09/13/22b		200		197,750
5.88%, 03/16/23b		900		903,690
6.13%, 05/24/27 (Call 05/24/22)b,c,d		1,000		976,536
6.25%, 04/20/21b		200		205,250
Turkiye Halk Bankasi AS
3.88%, 02/05/20b		800		749,000
4.75%, 06/04/19b		200		195,750
4.75%, 02/11/21b		500		467,500

Security	Principal (000s)		Value
5.00%, 07/13/21b	$	700	$	662,375
Turkiye Is Bankasi AS
5.00%, 04/30/20b		600		596,250
5.00%, 06/25/21b		924		903,210
5.38%, 10/06/21b		700		689,500
5.50%, 04/21/22b		1,200		1,178,826
6.00%, 10/24/22b		850		827,687
6.13%, 04/25/24b		1,100		1,069,550
Turkiye Vakiflar Bankasi TAO
5.50%, 10/27/21b		800		791,000
5.75%, 01/30/23b		800		776,404
6.00%, 11/01/22b		200		193,500
6.88%, 02/03/25 (Call 02/03/20)b,c,d		1,000		997,500
Yapi ve Kredi Bankasi AS
4.00%, 01/22/20b		697		682,189
5.13%, 10/22/19b		546		548,730
5.50%, 12/06/22b		600		574,500
5.75%, 02/24/22b		950		938,125
5.85%, 06/21/24b		600		576,462
8.50%, 03/09/26 (Call 03/09/21)b,c,d		400		421,000
				23,280,700
UKRAINE — 0.07%
MHP SE
7.75%, 05/10/24b		400		412,884
				412,884
UNITED ARAB EMIRATES — 0.31%
DAE Funding LLC
4.50%, 08/01/22 (Call 08/01/19)b		600		579,318
5.00%, 08/01/24 (Call 08/01/20)b		1,200		1,154,826
				1,734,144
TOTAL CORPORATE BONDS & NOTES
(Cost: $241,224,238)				236,306,640
FOREIGN GOVERNMENT OBLIGATIONSa — 55.96%
ARGENTINA — 7.38%
Argentine Republic Government International Bond
2.50%, 12/31/38e		644		416,990
2.50%, 12/31/38e		4,616		2,989,054
4.63%, 01/11/23		200		191,632
5.63%, 01/26/22		3,228		3,245,754

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)		Value
5.88%, 01/11/28	$	3,900	$	3,576,225
6.63%, 07/06/28		1,080		1,042,200
6.88%, 04/22/21		5,025		5,266,200
6.88%, 01/26/27		3,724		3,694,208
6.88%, 01/11/48		1,700		1,512,890
7.13%, 07/06/36		2,120		2,017,180
7.13%, 06/28/17b		2,731		2,438,558
7.50%, 04/22/26		6,155		6,425,820
7.63%, 04/22/46		2,731		2,634,049
8.28%, 12/31/33		1,444		1,514,499
8.28%, 12/31/33		477		507,678
8.28%, 12/31/33		3,634		3,870,298
				41,343,235
AZERBAIJAN — 0.11%
State Oil Co. of the Azerbaijan Republic
6.95%, 03/18/30b		600		645,532
				645,532
BAHRAIN — 1.81%
Bahrain Government International Bond
5.50%, 03/31/20b		883		883,018
5.88%, 01/26/21b		650		653,588
6.00%, 09/19/44b		800		645,165
6.13%, 07/05/22b		2,000		2,011,272
6.13%, 08/01/23b		1,400		1,398,556
6.75%, 09/20/29b		1,400		1,291,929
7.00%, 01/26/26b		1,600		1,588,126
7.00%, 10/12/28b		816		778,994
7.50%, 09/20/47b		1,000		904,009
				10,154,657
BRAZIL — 5.68%
Banco Nacional de Desenvolvimento Economico e Social
4.75%, 05/09/24b		1,383		1,366,143
5.50%, 07/12/20b		750		776,222
5.75%, 09/26/23b		900		944,649
6.50%, 06/10/19b		200		206,750
Brazilian Government International Bond
2.63%, 01/05/23		2,600		2,450,500
4.25%, 01/07/25		4,468		4,405,448
4.88%, 01/22/21		2,811		2,902,357

Security	Principal (000s)		Value
5.00%, 01/27/45	$	3,926	$	3,391,082
5.63%, 01/07/41		2,467		2,349,818
5.63%, 02/21/47		2,300		2,159,700
6.00%, 04/07/26		2,092		2,257,268
7.13%, 01/20/37		1,910		2,191,725
8.25%, 01/20/34		1,650		2,044,350
8.75%, 02/04/25		500		629,241
8.88%, 10/14/19		300		327,309
8.88%, 04/15/24		1,350		1,690,875
10.13%, 05/15/27		1,233		1,727,433
				31,820,870
COSTA RICA — 0.67%
Costa Rica Government International Bond
4.25%, 01/26/23b		1,200		1,146,000
4.38%, 04/30/25b		400		373,378
5.63%, 04/30/43b		200		173,294
7.00%, 04/04/44b		1,262		1,255,690
7.16%, 03/12/45b		800		809,000
				3,757,362
CROATIA — 1.42%
Croatia Government International Bond
5.50%, 04/04/23b		1,500		1,590,000
6.00%, 01/26/24b		1,400		1,524,250
6.38%, 03/24/21b		1,706		1,827,552
6.63%, 07/14/20b		1,350		1,437,750
6.75%, 11/05/19b		1,500		1,573,125
				7,952,677
DOMINICAN REPUBLIC — 2.14%
Dominican Republic International Bond
5.50%, 01/27/25b		1,000		1,003,750
5.88%, 04/18/24b		1,240		1,281,850
5.95%, 01/25/27b		1,075		1,100,531
6.50%, 02/15/48b		1,100		1,095,048
6.60%, 01/28/24b		313		333,833
6.85%, 01/27/45b		1,890		1,949,062
6.88%, 01/29/26b		1,603		1,731,240
7.45%, 04/30/44b		1,350		1,478,250
7.50%, 05/06/21b		1,900		2,006,875
				11,980,439

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)		Value
ECUADOR — 2.52%
Ecuador Government International Bond
7.88%, 01/23/28b	$	2,300	$	2,035,953
7.95%, 06/20/24b		2,165		2,024,275
8.75%, 06/02/23b		1,500		1,467,422
8.88%, 10/23/27b		2,500		2,355,702
9.63%, 06/02/27b		1,000		980,370
9.65%, 12/13/26b		1,779		1,747,868
10.50%, 03/24/20b		1,500		1,541,250
10.75%, 03/28/22b		1,862		1,955,100
				14,107,940
EGYPT — 2.38%
Egypt Government International Bond
5.58%, 02/21/23b		1,800		1,807,362
5.75%, 04/29/20b		760		777,100
5.88%, 06/11/25b		1,259		1,233,820
5.88%, 06/11/25b		300		294,000
6.13%, 01/31/22b		2,400		2,463,000
6.88%, 04/30/40b		497		473,710
7.50%, 01/31/27b		2,100		2,212,875
7.90%, 02/21/48b		1,600		1,624,080
8.50%, 01/31/47b		2,300		2,461,000
				13,346,947
EL SALVADOR — 1.04%
El Salvador Government International Bond
5.88%, 01/30/25b		750		736,453
6.38%, 01/18/27b		900		892,372
7.38%, 12/01/19b		250		259,776
7.63%, 02/01/41b		500		521,831
7.65%, 06/15/35b		880		916,300
7.75%, 01/24/23b		1,058		1,140,514
8.25%, 04/10/32b		400		444,513
8.63%, 02/28/29b		800		916,594
				5,828,353
GHANA — 0.73%
Ghana Government International Bond
7.88%, 08/07/23b		1,000		1,083,750
8.13%, 01/18/26b		1,300		1,386,125
9.25%, 09/15/22b		400		455,086
10.75%, 10/14/30b		900		1,165,260
				4,090,221

Security	Principal (000s)		Value
GUATEMALA — 0.45%
Guatemala Government Bond
4.50%, 05/03/26b	$	1,000	$	980,284
4.88%, 02/13/28b		923		912,933
5.75%, 06/06/22b		600		633,209
				2,526,426
IVORY COAST — 0.47%
Ivory Coast Government International Bond
5.38%, 07/23/24b		400		391,438
6.13%, 06/15/33b		1,400		1,326,731
6.38%, 03/03/28b		900		904,500
				2,622,669
JAMAICA — 0.93%
Jamaica Government International Bond
6.75%, 04/28/28		1,838		2,021,800
7.63%, 07/09/25		700		810,028
7.88%, 07/28/45		1,000		1,168,422
8.00%, 03/15/39		1,043		1,220,310
				5,220,560
JORDAN — 0.45%
Jordan Government International Bond
5.75%, 01/31/27b		600		568,500
6.13%, 01/29/26b		1,000		980,056
7.38%, 10/10/47b		200		195,169
7.38%, 10/10/47b		800		780,679
				2,524,404
LEBANON — 3.41%
Lebanon Government International Bond
5.45%, 11/28/19b		400		394,056
5.80%, 04/14/20b		695		682,944
6.00%, 01/27/23b		950		895,375
6.10%, 10/04/22b		2,100		2,000,250
6.15%, 06/19/20		350		346,089
6.20%, 02/26/25b		700		641,670
6.25%, 05/27/22		300		288,706
6.25%, 11/04/24b		535		495,470
6.38%, 03/09/20		1,520		1,516,200
6.40%, 05/26/23		950		902,482

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)		Value
6.60%, 11/27/26b	$	850	$	766,063
6.60%, 11/27/26b		500		450,625
6.65%, 04/22/24b		1,020		970,148
6.65%, 11/03/28b		1,115		988,513
6.65%, 02/26/30b		1,390		1,207,563
6.75%, 11/29/27b		817		732,236
6.85%, 03/23/27b		800		729,342
6.85%, 05/25/29		700		623,930
7.00%, 03/23/32b		1,405		1,247,677
7.05%, 11/02/35b		100		88,205
7.25%, 03/23/37b		800		713,837
8.25%, 04/12/21b		2,356		2,406,065
				19,087,446
MOROCCO — 0.42%
Morocco Government International Bond
4.25%, 12/11/22b		1,490		1,493,725
5.50%, 12/11/42b		800		833,077
				2,326,802
NIGERIA — 1.40%
Nigeria Government International Bond
6.38%, 07/12/23b		700		730,760
6.50%, 11/28/27b		1,500		1,511,862
6.75%, 01/28/21b		400		421,045
7.14%, 02/23/30b		1,000		1,024,140
7.63%, 11/28/47b		1,100		1,108,940
7.63%, 11/28/47b		200		201,625
7.70%, 02/23/38b		1,200		1,236,516
7.88%, 02/16/32b		1,490		1,599,887
				7,834,775
PAKISTAN — 0.51%
Pakistan Government International Bond
6.88%, 12/05/27b		1,600		1,499,378
8.25%, 04/15/24b		1,127		1,171,832
8.25%, 09/30/25b		200		207,808
				2,879,018
RUSSIA — 3.76%
Russian Foreign Bond-Eurobond
4.50%, 04/04/22b		1,800		1,827,000
4.88%, 09/16/23b		3,200		3,304,000
5.00%, 04/29/20b		3,000		3,063,750

Security	Principal (000s)		Value
5.63%, 04/04/42b	$	3,000	$	3,148,500
5.88%, 09/16/43b		1,400		1,515,500
7.50%, 03/31/30b,e		3,946		4,404,710
12.75%, 06/24/28b		2,350		3,792,313
				21,055,773
SENEGAL — 0.40%
Senegal Government International Bond
6.25%, 07/30/24b		400		411,130
6.25%, 05/23/33b		1,100		1,061,553
6.75%, 03/13/48b		800		760,024
				2,232,707
SERBIA — 0.70%
Serbia International Bond
4.88%, 02/25/20b		1,490		1,516,075
7.25%, 09/28/21b		2,186		2,412,798
				3,928,873
SOUTH AFRICA — 2.54%
Republic of South Africa Government International Bond
4.30%, 10/12/28		1,700		1,557,625
4.67%, 01/17/24		2,000		1,990,000
4.88%, 04/14/26		1,200		1,177,500
5.00%, 10/12/46		1,100		969,375
5.38%, 07/24/44		200		186,000
5.50%, 03/09/20		2,168		2,241,170
5.65%, 09/27/47		1,400		1,344,538
5.88%, 05/30/22		1,250		1,331,250
5.88%, 09/16/25		1,986		2,080,335
6.25%, 03/08/41		1,301		1,360,551
				14,238,344
SRI LANKA — 1.42%
Sri Lanka Government International Bond
5.75%, 01/18/22b		600		604,909
5.88%, 07/25/22b		1,162		1,170,715
6.13%, 06/03/25b		1,100		1,085,929
6.20%, 05/11/27b		580		560,887
6.25%, 10/04/20b		300		309,309
6.25%, 07/27/21b		1,378		1,417,618
6.83%, 07/18/26b		1,050		1,063,125
6.85%, 11/03/25b		1,700		1,736,125
				7,948,617

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)		Value
TRINIDAD AND TOBAGO — 0.29%
Trinidad & Tobago Government International Bond
4.38%, 01/16/24b	$	400	$	409,137
4.50%, 08/04/26b		1,200		1,198,500
				1,607,637
TURKEY — 8.59%
Export Credit Bank of Turkey
5.00%, 09/23/21b		650		641,213
5.38%, 02/08/21b		400		401,668
5.38%, 10/24/23b		600		587,760
Turkey Government International Bond
3.25%, 03/23/23		1,700		1,568,250
4.25%, 04/14/26		1,400		1,267,000
4.88%, 10/09/26		3,460		3,235,100
4.88%, 04/16/43		2,979		2,375,752
5.13%, 03/25/22		949		958,490
5.63%, 03/30/21		1,986		2,045,580
5.75%, 03/22/24		2,300		2,331,625
5.75%, 05/11/47		3,476		3,040,690
6.00%, 03/25/27		3,221		3,237,105
6.00%, 01/14/41		2,816		2,587,200
6.13%, 10/24/28		1,800		1,794,654
6.25%, 09/26/22		2,483		2,607,150
6.63%, 02/17/45		3,179		3,103,499
6.75%, 05/30/40		1,975		1,982,406
6.88%, 03/17/36		2,820		2,897,550
7.00%, 06/05/20		1,900		2,004,500
7.25%, 03/05/38		700		748,125
7.38%, 02/05/25		3,070		3,369,325
7.50%, 11/07/19		1,500		1,578,750
8.00%, 02/14/34		1,263		1,454,029
11.88%, 01/15/30		1,550		2,274,625
				48,092,046
UKRAINE — 2.51%
Ukraine Government International Bond
7.38%, 09/25/32b		3,000		2,771,119
7.75%, 09/01/20b		2,026		2,105,014
7.75%, 09/01/21b		850		877,625
7.75%, 09/01/22b		1,504		1,534,080
7.75%, 09/01/23b		1,325		1,335,600

Security	Principal or Shares (000s)		Value
7.75%, 09/01/24b	$	1,318	$	1,314,046
7.75%, 09/01/25b		936		928,512
7.75%, 09/01/26b		1,252		1,234,472
7.75%, 09/01/27b		1,298		1,272,689
Ukreximbank Via Biz Finance PLC
9.75%, 01/22/25b		650		682,691
				14,055,848
VENEZUELA — 1.47%
Venezuela Government International Bond
6.00%, 12/09/20b,f		1,690		473,200
7.00%, 03/31/38b,f		1,000		287,500
7.65%, 04/21/25b,f		1,558		432,345
7.75%, 10/13/19b,f		2,179		631,910
8.25%, 10/13/24b,f		2,480		700,600
9.00%, 05/07/23b,f		1,737		495,045
9.25%, 09/15/27f		4,062		1,269,375
9.25%, 05/07/28b,f		1,592		449,740
9.38%, 01/13/34f		1,480		484,700
11.75%, 10/21/26b,f		2,635		810,262
11.95%, 08/05/31b,f		4,180		1,274,900
12.75%, 08/23/22b,f		2,980		931,250
				8,240,827
VIETNAM — 0.36%
Vietnam Government International Bond
4.80%, 11/19/24b		1,000		1,017,195
6.75%, 01/29/20b		940		988,454
				2,005,649
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $330,979,654)				313,456,654
SHORT-TERM INVESTMENTS — 1.55%
MONEY MARKET FUNDS — 1.55%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%g,h		8,689		8,688,883
				8,688,883
TOTAL SHORT-TERM INVESTMENTS
(Cost: $8,688,883)				8,688,883

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 99.70%
(Cost: $580,892,775)	$	558,452,177
Other Assets, Less Liabilities — 0.30%		1,687,509
NET ASSETS — 100.00%	$	560,139,686

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

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

^c  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^d  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

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

^f  Issuer is in default of interest payments.

^g  Affiliate of the Fund.

^h  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 April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17 (000s)		Shares purchased (000s)		Shares sold (000s)			Shares held at 04/30/18 (000s)		Value at 04/30/18		Income		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		10,477		—		(1,788	)b		8,689	$	8,688,883	$	29,837	$	—	$	—

^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 April 30, 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
Corporate bonds & notes	$	—	$	236,306,640	$	—	$	236,306,640
Foreign government obligations		—		313,456,654		—		313,456,654
Money market funds		8,688,883		—		—		8,688,883
Total	$	8,688,883	$	549,763,294	$	—	$	558,452,177

See notes to financial statements.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited)

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 96.00%
ARGENTINA — 2.84%
Adecoagro SA
6.00%, 09/21/27a	$	150	$	138,817
Cablevision SA
6.50%, 06/15/21 (Call 06/15/19)a,b		300		311,625
Pampa Energia SA
7.38%, 07/21/23 (Call 07/21/20)a,b		200		208,000
7.50%, 01/24/27 (Call 01/24/22)b		150		151,500
Rio Energy SA/UGEN SA/UENSA SA
6.88%, 02/01/25 (Call 02/01/22)b		150		146,370
Stoneway Capital Corp.
10.00%, 03/01/27 (Call 03/01/22)b		150		160,312
YPF SA
6.95%, 07/21/27b		100		98,435
7.00%, 12/15/47 (Call 06/15/47)a,b		200		177,565
8.50%, 03/23/21b		200		216,700
8.50%, 07/28/25b		250		273,000
8.75%, 04/04/24b		580		634,665
				2,516,989
BRAZIL — 8.02%
Banco Bradesco SA/Cayman Islands
5.75%, 03/01/22b		200		205,690
Banco BTG Pactual SA/Luxembourg
5.50%, 01/31/23a,b		200		195,272
Banco do Brasil SA/Cayman Islands
5.88%, 01/26/22b		200		204,300
5.88%, 01/19/23b		200		204,200
6.25%, (Call 04/15/24)b,c,d,e		200		177,190
9.25%, (Call 04/15/23)b,c,d,e		200		214,060
Braskem Finance Ltd.
5.38%, 05/02/22b		200		205,250
Braskem Netherlands Finance BV
4.50%, 01/10/28b		200		187,041
BRF SA
3.95%, 05/22/23b		200		181,000
Centrais Eletricas Brasileiras SA
5.75%, 10/27/21b		200		204,000
CSN Islands XII Corp.
7.00%, (Call 06/23/18)b,d		100		79,450
CSN Resources SA
6.50%, 07/21/20b		100		97,000

Security	Principal (000s)		Value
Embraer Netherlands Finance BV
5.05%, 06/15/25	$	100	$	104,250
5.40%, 02/01/27		150		158,625
Fibria Overseas Finance Ltd.
5.25%, 05/12/24		50		51,500
GTL Trade Finance Inc./Gerdau Holdings Inc.
5.89%, 04/29/24 (Call 01/29/24)b		150		157,320
Itau Unibanco Holding SA/Cayman Islands
5.13%, 05/13/23b		200		200,500
5.65%, 03/19/22b		200		204,750
JBS Investments GmbH
7.75%, 10/28/20 (Call 05/30/18)a,b		200		203,750
JBS USA LUX SA/JBS USA Finance Inc.
5.88%, 07/15/24 (Call 07/15/19)b		75		72,563
7.25%, 06/01/21 (Call 05/30/18)b		100		100,875
Marfrig Holdings Europe BV
8.00%, 06/08/23 (Call 06/08/19)b		200		202,000
Minerva Luxembourg SA
6.50%, 09/20/26 (Call 09/20/21)b		200		190,000
Odebrecht Finance Ltd.
4.38%, 04/25/25b		200		52,500
Petrobras Global Finance BV
5.30%, 01/27/25b		158		155,432
5.63%, 05/20/43		150		125,228
6.13%, 01/17/22		200		211,660
6.25%, 03/17/24		225		235,463
6.75%, 01/27/41		145		137,867
6.85%, 12/31/99		100		92,375
6.88%, 01/20/40		175		168,000
7.25%, 03/17/44		150		148,849
7.38%, 01/17/27		350		374,500
8.38%, 05/23/21		253		285,080
8.75%, 05/23/26		250		292,812
St. Marys Cement Inc. Canada
5.75%, 01/28/27 (Call 10/28/26)b		200		202,500
Suzano Austria GmbH
5.75%, 07/14/26b		200		210,000
Vale Overseas Ltd.
6.25%, 08/10/26		200		220,580

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
6.88%, 11/10/39a	$	200	$	232,509
8.25%, 01/17/34		125		159,801
				7,105,742
CHILE — 4.37%
Banco de Credito e Inversiones SA
3.50%, 10/12/27b		200		186,203
Celulosa Arauco y Constitucion SA
4.50%, 08/01/24 (Call 05/01/24)		200		201,500
Cencosud SA
4.38%, 07/17/27 (Call 04/17/27)b		400		377,118
5.15%, 02/12/25 (Call 11/12/24)b		200		202,750
Colbun SA
4.50%, 07/10/24 (Call 04/11/24)b		200		202,500
Empresa Electrica Angamos SA
4.88%, 05/25/29b		400		387,500
Empresa Nacional de Telecomunicaciones SA
4.75%, 08/01/26		200		198,000
4.88%, 10/30/24a,b		200		200,000
Enel Americas SA
4.00%, 10/25/26 (Call 07/25/26)		300		286,875
GNL Quintero SA
4.63%, 07/31/29b		400		397,880
Inversiones CMPC SA
4.75%, 09/15/24 (Call 06/15/24)b		200		203,750
Inversiones CMPC SA/Cayman Islands Branch
4.38%, 05/15/23 (Call 02/15/23)b		400		404,000
LATAM Airlines Group SA
7.25%, 06/09/20b		200		207,500
Latam Finance Ltd.
6.88%, 04/11/24 (Call 04/11/21)b		200		204,280
VTR Finance BV
6.88%, 01/15/24 (Call 01/15/19)b		200		206,000
				3,865,856
CHINA — 9.27%
Alibaba Group Holding Ltd.
3.40%, 12/06/27 (Call 09/06/27)a		300		281,376
3.60%, 11/28/24 (Call 08/28/24)a		200		196,482
4.00%, 12/06/37 (Call 06/06/37)		200		189,191
Azure Nova International Finance Ltd.
3.50%, 03/21/22b		200		194,656

Security	Principal (000s)		Value
Baidu Inc.
4.13%, 06/30/25	$	200	$	198,287
Bank of China Ltd./Hong Kong
3.88%, 06/30/25b		200		198,466
Bank of China Ltd./Macau
2.88%, 04/20/22b		200		194,354
Bank of Communications Co. Ltd.
4.50%, 10/03/24 (Call 10/03/19)b,c,e		200		200,577
BOC Aviation Ltd.
3.50%, 09/18/27 (Call 06/18/27)b		200		182,634
China Cinda Finance 2015 I Ltd.
4.25%, 04/23/25b		400		389,660
China CITIC Bank Corp. Ltd. (3 mo. LIBOR US + 1.000%)
3.11%, 12/14/22b,c		200		200,176
China Construction Bank Corp.
3.88%, 05/13/25 (Call 05/13/20)b,c,e		200		198,991
China Evergrande Group
7.50%, 06/28/23 (Call 06/28/20)b		200		188,229
8.75%, 06/28/25 (Call 06/28/21)b		200		192,160
China Overseas Finance Cayman II Ltd.
5.50%, 11/10/20b		100		104,250
China Overseas Finance Cayman VI Ltd.
5.95%, 05/08/24b		200		214,884
CITIC Ltd.
3.13%, 02/28/22b		400		387,500
6.63%, 04/15/21b		100		107,338
CMBLEMTN 1 Ltd.
3.25%, 11/29/21b		200		194,358
CNOOC Finance 2012 Ltd.
3.88%, 05/02/22b		200		200,069
5.00%, 05/02/42b		200		211,363
CNOOC Nexen Finance 2014 ULC
4.25%, 04/30/24		200		201,097
CNPC General Capital Ltd.
3.40%, 04/16/23b		200		195,393
Country Garden Holdings Co. Ltd.
4.75%, 07/25/22 (Call 07/25/20)b		200		197,784
Fortune Star BVI Ltd.
5.25%, 03/23/22 (Call 03/23/20)b		200		189,834

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Greenland Global Investment Ltd.
5.88%, 07/03/24b	$	200	$	189,000
Huarong Finance 2017 Co. Ltd.
4.50%, (Call 01/24/22)b,c,d,e		200		195,000
4.75%, 04/27/27b		200		193,349
Huarong Finance II Co. Ltd.
5.50%, 01/16/25b		200		205,229
ICBCIL Finance Co. Ltd.
2.50%, 09/29/21b		200		190,490
Industrial & Commercial Bank of China Ltd./New York
2.91%, 11/13/20		250		245,618
Industrial & Commercial Bank of China Ltd./Singapore (3 mo. LIBOR US + 0.950%)
3.31%, 04/24/22b,c		400		401,888
JD.com Inc.
3.88%, 04/29/26		200		188,419
Kaisa Group Holdings Ltd.
8.50%, 06/30/22 (Call 06/30/20)b		200		174,019
Nexen Energy ULC
7.50%, 07/30/39		100		137,469
Proven Honour Capital Ltd.
4.13%, 05/19/25b		400		381,376
Sino-Ocean Land Treasure Finance II Ltd.
5.95%, 02/04/27b		200		210,750
Tencent Holdings Ltd.
3.60%, 01/19/28 (Call 10/19/27)b		300		285,381
				8,207,097
COLOMBIA — 4.73%
Banco de Bogota SA
4.38%, 08/03/27b		200		191,056
5.38%, 02/19/23b		200		205,250
6.25%, 05/12/26a,b		200		207,500
Bancolombia SA
4.88%, 10/18/27 (Call 10/18/22)c,e		200		192,144
5.13%, 09/11/22		87		89,371
5.95%, 06/03/21		400		422,000
Colombia Telecomunicaciones SA ESP
5.38%, 09/27/22 (Call 05/30/18)b		200		199,750
8.50%, 12/29/49c,e		100		103,875

Security	Principal (000s)		Value
Ecopetrol SA
4.13%, 01/16/25	$	300	$	289,125
5.38%, 06/26/26 (Call 03/26/26)		325		334,750
5.88%, 09/18/23		300		319,197
5.88%, 05/28/45a		400		386,200
7.38%, 09/18/43		200		228,900
Grupo Aval Ltd.
4.75%, 09/26/22b		200		198,500
GrupoSura Finance SA
5.50%, 04/29/26 (Call 01/29/26)b		200		209,000
Millicom International Cellular SA
6.00%, 03/15/25 (Call 03/15/20)b		200		205,750
SUAM Finance BV
4.88%, 04/17/24b		200		204,880
Transportadora de Gas Internacional SA ESP
5.70%, 03/20/22 (Call 05/30/18)b		200		202,750
				4,189,998
GHANA — 0.23%
Tullow Oil PLC
6.25%, 04/15/22 (Call 05/10/18)b		200		202,750
				202,750
GUATEMALA — 0.47%
Comunicaciones Celulares SA Via Comcel Trust
6.88%, 02/06/24 (Call 02/06/19)b		400		415,500
				415,500
HONG KONG — 5.21%
AIA Group Ltd.
3.20%, 03/11/25 (Call 12/11/24)b		200		190,477
4.50%, 03/16/46 (Call 09/16/45)b		200		205,531
Bank of East Asia Ltd. (The)
4.00%, 11/03/26 (Call 11/03/21)b,c,e		200		195,426
CK Hutchison International 16 Ltd.
2.75%, 10/03/26b		800		726,718
HKT Capital No. 4 Ltd.
3.00%, 07/14/26b		200		183,116
Hongkong Electric Finance Ltd.
2.88%, 05/03/26b		200		183,888
Hongkong Land Finance Cayman Islands Co. Ltd. (The)
4.50%, 06/01/22b		200		207,110

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Hutchison Whampoa International 11 Ltd.
4.63%, 01/13/22b	$	400	$	413,872
Li & Fung Ltd.
5.25%,(Call 11/03/21)b,d		200		158,000
Nanyang Commercial Bank Ltd.
5.00%, (Call 06/02/22)b,c,d,e		200		191,412
NWD Finance BVI Ltd.
5.75%, (Call 10/05/21)b,d		200		181,200
NWD MTN Ltd.
5.25%, 02/26/21b		200		206,123
OVPH Ltd.
5.88%,(Call 03/01/21)b,d		200		192,000
PCPD Capital Ltd.
4.75%, 03/09/22b		200		197,600
Radiant Access Ltd.
4.60%, (Call 05/18/20)b,d		200		173,478
Sun Hung Kai Properties Capital Market Ltd.
4.50%, 02/14/22b		200		205,907
Swire Pacific MTN Financing Ltd.
4.50%, 10/09/23b		400		412,522
Swire Properties MTN Financing Ltd.
3.63%, 01/13/26b		200		194,826
TVB Finance Ltd.
3.63%, 10/11/21b		200		195,805
				4,615,011
INDIA — 5.32%
ABJA Investment Co. Pte Ltd.
5.45%, 01/24/28b		200		180,842
5.95%, 07/31/24b		200		199,958
Adani Ports & Special Economic Zone Ltd.
3.50%, 07/29/20b		200		197,927
Bharat Petroleum Corp. Ltd.
4.00%, 05/08/25b		200		192,705
Bharti Airtel International Netherlands BV
5.13%, 03/11/23b		400		403,039
5.35%, 05/20/24b		200		203,760
Delhi International Airport Ltd.
6.13%, 10/31/26		200		199,500

Security	Principal (000s)		Value
Greenko Dutch BV
5.25%, 07/24/24 (Call 07/24/20)b	$	200	$	192,128
ICICI Bank Ltd./Dubai
3.13%, 08/12/20b		200		197,000
4.00%, 03/18/26b		250		237,967
ICICI Bank Ltd./Hong Kong
5.75%, 11/16/20b		100		104,587
Indian Oil Corp. Ltd.
5.75%, 08/01/23b		200		212,941
JSW Steel Ltd.
5.25%, 04/13/22b		200		198,536
NTPC Ltd.
4.38%, 11/26/24b		200		200,440
Oil India Ltd.
5.38%, 04/17/24b		200		209,206
ONGC Videsh Ltd.
4.63%, 07/15/24b		200		202,482
Reliance Holdings USA Inc.
5.40%, 02/14/22b		250		260,949
Reliance Industries Ltd.
4.13%, 01/28/25b		500		493,051
State Bank of India/London
4.88%, 04/17/24b		200		206,243
Vedanta Resources PLC
7.13%, 05/31/23b		200		204,250
8.25%, 06/07/21b		200		213,612
				4,711,123
INDONESIA — 1.80%
Indika Energy Capital III Pte Ltd.
5.88%, 11/09/24 (Call 11/09/21)b		250		235,245
Indo Energy Finance II BV
6.38%, 01/24/23 (Call 05/30/18)b		200		197,000
Listrindo Capital BV
4.95%, 09/14/26 (Call 09/14/21)b		200		186,948
Medco Platinum Road Pte Ltd.
6.75%, 01/30/25 (Call 01/30/22)b		200		191,021
Minejesa Capital BV
4.63%, 08/10/30b		200		189,840
5.63%, 08/10/37		200		193,201
Perusahaan Gas Negara Persero Tbk
5.13%, 05/16/24b		200		204,500
Saka Energi Indonesia PT
4.45%, 05/05/24b		200		193,604
				1,591,359

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
ISRAEL — 4.33%
Altice Financing SA
6.63%, 02/15/23 (Call 05/30/18)b	$	400	$	399,000
7.50%, 05/15/26 (Call 05/15/21)b		600		591,000
Israel Electric Corp. Ltd.
6.88%, 06/21/23b		200		221,500
Series 6
5.00%, 11/12/24f		200		205,250
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22		200		175,750
Series 2
3.65%, 11/10/21		400		374,000
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36		300		282,750
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/21		300		270,750
2.80%, 07/21/23		500		418,185
3.15%, 10/01/26		900		717,750
4.10%, 10/01/46		250		181,562
				3,837,497
JAMAICA — 1.22%
Digicel Group Ltd.
7.13%, 04/01/22 (Call 05/30/18)a,b		200		163,000
8.25%, 09/30/20 (Call 05/30/18)b		400		359,000
Digicel Ltd.
6.00%, 04/15/21 (Call 05/30/18)b		200		190,000
6.75%, 03/01/23 (Call 05/15/18)b		400		365,500
				1,077,500
KAZAKHSTAN — 0.67%
Kazkommertsbank JSC
5.50%, 12/21/22 (Call 05/30/18)b		200		199,250
Nostrum Oil & Gas Finance BV
8.00%, 07/25/22 (Call 07/25/19)b		200		204,535
Tengizchevroil Finance Co. International Ltd.
4.00%, 08/15/26b		200		188,500
				592,285
KUWAIT — 1.96%
Burgan Senior SPC Ltd.
3.13%, 09/14/21b		400		385,500
Equate Petrochemical BV
3.00%, 03/03/22b		400		381,500

Security	Principal (000s)		Value
4.25%, 11/03/26b	$	200	$	194,400
Kuwait Projects Co. SPC Ltd.
4.50%, 02/23/27b		200		192,500
5.00%, 03/15/23b		200		203,000
NBK SPC Ltd.
2.75%, 05/30/22 b		400		381,825
				1,738,725
MACAU — 1.17%
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 06/06/20)b		200		186,515
Studio City Co. Ltd.
7.25%, 11/30/21 (Call 11/30/18)b		200		209,000
Studio City Finance Ltd.
8.50%, 12/01/20 (Call 05/30/18)b		250		254,335
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 10/01/20)b		400		389,281
				1,039,131
MALAYSIA — 1.31%
Axiata SPV2 Bhd
4.36%, 03/24/26b		200		199,895
Gohl Capital Ltd.
4.25%, 01/24/27b		400		386,416
Malayan Banking Bhd
3.91%, 10/29/26 (Call 10/29/21)b,c,e		200		198,192
RHB Bank Bhd
2.50%, 10/06/21b		200		192,694
TNB Global Ventures Capital Bhd
3.24%, 10/19/26b		200		186,032
				1,163,229
MEXICO — 5.57%
Alfa SAB de CV
5.25%, 03/25/24 (Call 12/25/23)b		200		204,750
America Movil SAB de CV
3.13%, 07/16/22		200		195,830
6.13%, 03/30/40a		200		236,191
6.38%, 03/01/35		200		238,042
Banco Inbursa SA Institucion de Banca Multiple
4.13%, 06/06/24a,b		150		146,625
Banco Mercantil del Norte SA/Grand Cayman
7.63%, (Call  01/06/28)b,c,d,e		200		207,749

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Banco Santander Mexico SA
4.13%, 11/09/22b	$	150	$	149,062
BBVA Bancomer SA/Texas
4.38%, 04/10/24 b		150		150,187
5.13%, 01/18/33 (Call 01/18/28)b,c,e		200		188,897
6.75%, 09/30/22b		300		325,140
Cemex SAB de CV
6.13%, 05/05/25 (Call 05/05/20)b		200		207,000
7.75%, 04/16/26 (Call 04/16/21)b		200		219,300
Coca-Cola Femsa SAB de CV
3.88%, 11/26/23		150		151,620
El Puerto de Liverpool SAB de CV
3.88%, 10/06/26b		200		186,250
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43		150		147,791
Grupo Bimbo SAB de CV
4.50%, 01/25/22		100		102,344
4.88%, 06/27/44b		200		192,316
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)a		200		179,774
6.63%, 01/15/40		100		111,246
Mexichem SAB de CV
4.88%, 09/19/22b		200		202,250
5.50%, 01/15/48 (Call 07/15/47)b		200		182,582
Sigma Alimentos SA de CV
4.13%, 05/02/26 (Call 02/02/26)b		200		189,750
Southern Copper Corp.
5.25%, 11/08/42		200		206,150
5.88%, 04/23/45		150		167,640
6.75%, 04/16/40		100		121,000
7.50%, 07/27/35		100		127,000
Trust F/1401
5.25%, 01/30/26 (Call 10/30/25)b		200		199,750
				4,936,236
MOROCCO — 0.69%
OCP SA
4.50%, 10/22/25b		200		192,000
5.63%, 04/25/24b		200		205,500
6.88%, 04/25/44b		200		215,500
				613,000

Security	Principal (000s)		Value
NIGERIA — 0.47%
IHS Netherlands Holdco BV
9.50%, 10/27/21 (Call 10/27/18)b	$	200	$	206,000
Zenith Bank PLC
7.38%, 05/30/22b		200		205,817
				411,817
OMAN — 0.22%
Bank Muscat SAOG
3.75%, 05/03/21b		200		195,500
				195,500
PANAMA — 0.67%
Banco General SA
4.13%, 08/07/27 (Call 05/07/27)b		200		189,984
C&W Senior Financing DAC
6.88%, 09/15/27 (Call 09/15/22)b		200		199,476
Global Bank Corp.
4.50%, 10/20/21b		200		200,020
				589,480
PERU — 2.09%
Banco de Credito del Peru
4.25%, 04/01/23b		600		608,250
Banco de Credito del Peru/Panama
5.38%, 09/16/20		100		104,375
BBVA Banco Continental SA
5.00%, 08/26/22b		150		156,187
Inkia Energy Ltd.
5.88%, 11/09/27 (Call 11/09/22)b		200		191,287
Lima Metro Line 2 Finance Ltd.
5.88%, 07/05/34b		200		202,750
Nexa Resources SA
5.38%, 05/04/27 (Call 02/04/27)b		200		200,588
Orazul Energy Egenor Sen C por A
5.63%, 04/28/27 (Call 04/28/22)b		200		188,580
Transportadora de Gas del Peru SA
4.25%, 04/30/28b		200		197,000
				1,849,017
PHILIPPINES — 0.45%
JGSH Philippines Ltd.
4.38%, 01/23/23b		400		400,000
				400,000

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
POLAND — 0.23%
Powszechna Kasa Oszczednosci Bank Polski SA Via PKO Finance AB
4.63%, 09/26/22b	$	200	$	206,250
				206,250
QATAR — 2.78%
ABQ Finance Ltd.
3.50%, 02/22/22b		200		192,750
CBQ Finance Ltd.
3.25%, 06/13/21b		200		194,250
Nakilat Inc.
6.07%, 12/31/33a,b		200		221,750
Ooredoo International Finance Ltd.
3.25%, 02/21/23b		550		525,250
3.88%, 01/31/28b		200		188,250
5.00%, 10/19/25b		400		410,500
QNB Finance Ltd.
2.13%, 09/07/21b		200		188,500
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.84%, 09/30/27b		250		267,500
6.33%, 09/30/27b		250		274,063
				2,462,813
RUSSIA — 5.62%
Alfa Bank AO Via Alfa Bond Issuance PLC
8.00%, (Call 02/03/22)b,c,d,e		200		197,000
ALROSA Finance SA
7.75%, 11/03/20b		200		214,750
Credit Bank of Moscow Via CBOM Finance PLC
7.50%, 10/05/27 (Call 10/05/22)b,c,e		200		172,307
Evraz Group SA
8.25%, 01/28/21b		200		212,000
Gazprom Neft OAO Via GPN Capital SA
6.00%, 11/27/23b		200		208,250
Gazprom OAO Via Gaz Capital SA
4.95%, 07/19/22b		200		202,750
4.95%, 02/06/28b		200		196,750
6.51%, 03/07/22b		100		106,125
7.29%, 08/16/37b		100		115,125

Security	Principal (000s)		Value
8.63%, 04/28/34b	$	150	$	190,500
Gazprombank OAO Via GPB Eurobond Finance PLC
7.50%, 12/28/23 (Call 12/28/18)b,c,e		200		199,500
Lukoil International Finance BV
4.56%, 04/24/23b		200		198,000
6.66%, 06/07/22b		200		214,000
MMC Norilsk Nickel OJSC via MMC Finance DAC
4.10%, 04/11/23b		200		191,500
Novolipetsk Steel via Steel Funding DAC
4.50%, 06/15/23b		200		194,250
Polyus Finance PLC
5.25%, 02/07/23b		200		189,750
Rosneft Oil Co. Via Rosneft International Finance DAC
4.20%, 03/06/22b		200		195,500
Rusal Capital DAC
5.30%, 05/03/23		200		60,000
Sberbank of Russia Via SB Capital SA
5.13%, 10/29/22b		200		197,750
5.50%, 02/26/24 (Call 02/26/19)b,c,e		200		199,250
6.13%, 02/07/22b		200		208,250
Severstal OAO Via Steel Capital SA
5.90%, 10/17/22b		200		206,500
VEON Holdings BV
4.95%, 06/16/24 (Call 03/16/24)b		200		189,959
5.95%, 02/13/23b		200		202,750
VTB Bank OJSC Via VTB Capital SA
6.55%, 10/13/20b		100		104,125
6.95%, 10/17/22b		400		411,000
				4,977,641
SAUDI ARABIA — 1.81%
Acwa Power Management And Investments One Ltd.
5.95%, 12/15/39b		200		202,540
Saudi Electricity Global Sukuk Co.
4.21%, 04/03/22b		200		202,200

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Saudi Electricity Global Sukuk Co. 3
4.00%, 04/08/24b	$	800	$	792,400
5.50%, 04/08/44b		400		405,400
				1,602,540
SINGAPORE — 2.66%
DBS Group Holdings Ltd.
3.60%, (Call 09/07/21)b,c,d,e		200		193,960
Flex Ltd.
4.75%, 06/15/25 (Call 03/15/25)		300		307,502
Global Logistic Properties Ltd.
3.88%, 06/04/25b		200		186,879
Olam International Ltd.
5.35%, (Call 07/20/21)b,c,d,e		200		194,500
Oversea-Chinese Banking Corp. Ltd.
4.25%, 06/19/24b		400		399,648
SingTel Group Treasury Pte Ltd.
3.25%, 06/30/25b		500		484,455
United Overseas Bank Ltd.
3.50%, 09/16/26 (Call 09/16/21)b,c,e		600		589,195
				2,356,139
SOUTH AFRICA — 2.42%
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		100		102,250
Liquid Telecommunications Financing PLC
8.50%, 07/13/22 (Call 07/13/20)b		200		211,021
MTN Mauritius Investment Ltd.
4.76%, 11/11/24b		200		192,000
5.37%, 02/13/22b		400		404,500
Myriad International Holdings BV
5.50%, 07/21/25 (Call 04/21/25)b		400		422,000
6.00%, 07/18/20b		200		210,250
Petra Diamonds U.S. Treasury PLC
7.25%, 05/01/22 (Call 05/01/19)a,b		200		199,250
Sasol Financing International Ltd.
4.50%, 11/14/22		200		198,700
Stillwater Mining Co.
7.13%, 06/27/25 (Call 06/27/21)b		200		203,155
				2,143,126
SOUTH KOREA — 3.87%
Heungkuk Life Insurance Co. Ltd.
4.48%, 11/09/47 (Call 11/09/22)b,c,e		200		185,992

Security	Principal (000s)		Value
Hyundai Capital America
3.00%, 10/30/20b	$	300	$	295,911
Hyundai Capital Services Inc.
3.00%, 03/06/22b		400		386,512
Korea East-West Power Company Ltd.
2.63%, 06/19/22		200		191,482
Korea Gas Corp.
3.50%, 07/21/25b		200		193,135
3.50%, 07/02/26b		200		192,750
4.25%, 11/02/20b		100		101,838
Korea Hydro & Nuclear Power Co. Ltd.
3.00%, 09/19/22		200		193,707
NongHyup Bank
2.88%, 07/17/22		200		192,808
POSCO
4.25%, 10/28/20b		100		101,425
5.25%, 04/14/21b		200		208,664
Shinhan Bank Co. Ltd.
2.88%, 03/28/22b		400		387,200
Woori Bank
2.63%, 07/20/21b		200		193,750
4.75%, 04/30/24b		400		403,828
5.00%, 06/10/45 (Call 06/10/20)b,c,e		200		199,688
				3,428,690
TAIWAN — 0.21%
Formosa Group Cayman Ltd.
3.38%, 04/22/25b		200		189,617
				189,617
THAILAND — 1.47%
Bangkok Bank PCL/Hong Kong
4.80%, 10/18/20b		300		309,431
5.00%, 10/03/23b		200		210,991
PTT Global Chemical PCL
4.25%, 09/19/22b		200		202,339
PTT PCL
4.50%, 10/25/42b		200		195,500
PTTEP Treasury Center Co. Ltd.
4.60%, (Call 07/17/22)b,c,d,e		200		196,281
Siam Commercial Bank PCL/Cayman Islands
2.75%, 05/16/23		200		189,890
				1,304,432

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
TURKEY — 4.93%
Akbank Turk AS
5.00%, 10/24/22	$	150	$	147,000
5.13%, 03/31/25b		200		189,250
Coca-Cola Icecek AS
4.22%, 09/19/24 (Call 06/19/24)b		200		193,356
QNB Finansbank AS/Turkey
4.88%, 05/19/22b		200		191,645
Tupras Turkiye Petrol Rafinerileri AS
4.50%, 10/18/24 (Call 07/20/24)b		200		189,364
Turk Telekomunikasyon AS
4.88%, 06/19/24b		200		193,000
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25b		200		200,750
Turkiye Garanti Bankasi AS
5.88%, 03/16/23b		400		401,640
6.25%, 04/20/21b		200		205,250
Turkiye Halk Bankasi AS
4.75%, 02/11/21b		200		187,000
Turkiye Is Bankasi AS
5.00%, 06/25/21b		200		195,500
5.38%, 10/06/21b		200		197,000
5.50%, 04/21/22b		400		392,942
7.00%, 06/29/28 (Call 06/29/23)b,c,e		200		196,254
Turkiye Vakiflar Bankasi TAO
5.75%, 01/30/23b		200		194,101
6.00%, 11/01/22b		200		193,500
6.88%, 02/03/25 (Call 02/03/20)b,c,e		200		199,500
Yapi ve Kredi Bankasi AS
5.50%, 12/06/22b		200		191,500
5.85%, 06/21/24b		200		191,813
8.50%, 03/09/26 (Call 03/09/21)b,c,e		300		315,750
				4,366,115
UKRAINE — 0.55%
DTEK Finance PLC
5.50% (10.75% PIK), 12/31/24 (Call 05/31/18)g		260		276,220
MHP SE
7.75%, 05/10/24b		200		207,936
				484,156

Security	Principal (000s)		Value
UNITED ARAB EMIRATES — 4.80%
Abu Dhabi National Energy Co. PJSC
3.63%, 06/22/21b	$	200	$	198,250
3.63%, 01/12/23b		200		195,000
4.38%, 06/22/26b		400		390,500
6.50%, 10/27/36b		100		116,375
ADCB Finance Cayman Ltd.
4.50%, 03/06/23b		200		199,500
BOS Funding Ltd.
4.23%, 03/07/22b		200		197,172
DAE Funding LLC
5.00%, 08/01/24 (Call 08/01/20)b		200		192,471
DIB Sukuk Ltd.
3.66%, 02/14/22b		200		196,500
Dolphin Energy Ltd. LLC
5.50%, 12/15/21b		200		212,360
DP World Crescent Ltd.
3.91%, 05/31/23b		400		397,000
DP World Ltd.
6.85%, 07/02/37b		300		356,625
Emaar Sukuk Ltd.
3.64%, 09/15/26b		200		185,000
EMG SUKUK Ltd.
4.56%, 06/18/24b		200		201,000
Emirates NBD Tier 1 Ltd.
5.75%, (Call 05/30/19)b,c,d,e		400		402,000
First Abu Dhabi Bank PJSC
3.00%, 03/30/22b		400		388,658
MAF Global Securities Ltd.
4.75%, 05/07/24b		200		203,250
Ruwais Power Co. PJSC
6.00%, 08/31/36b		200		221,750
				4,253,411
ZAMBIA — 1.57%
First Quantum Minerals Ltd.
7.00%, 02/15/21 (Call 05/30/18)b		400		400,500
7.25%, 04/01/23 (Call 10/01/19)b		600		595,500
7.50%, 04/01/25 (Call 04/01/20)a,b		400		396,000
				1,392,000
TOTAL CORPORATE BONDS & NOTES
(Cost: $87,355,172)				85,031,772

28 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
FOREIGN GOVERNMENT OBLIGATIONSh — 0.96%
NIGERIA — 0.21%
Africa Finance Corp.
3.88%, 04/13/24b	$	200	$	191,000
				191,000
SOUTH KOREA — 0.30%
Korea Gas Corp.
6.25%, 01/20/42b		200		265,000
				265,000
SUPRANATIONAL — 0.45%
African Export-Import Bank (The)
4.00%, 05/24/21b		400		396,000
				396,000
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $890,728)				852,000
SHORT-TERM INVESTMENTS — 8.02%
MONEY MARKET FUNDS — 8.02%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.93%i,j,k		3,936		3,935,971
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%i,j		3,165		3,164,967
				7,100,938
TOTAL SHORT-TERM INVESTMENTS
(Cost: $7,100,649)				7,100,938

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.98%
(Cost: $95,346,549)	$	92,984,710
Other Assets, Less Liabilities — (4.98)%		(4,408,359	)
NET ASSETS — 100.00%	$	88,576,351

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

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

^c  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^d  Security is perpetual in nature with no stated maturity date.

^e  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

^f  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.

^g  Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

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

ⁱ  Affiliate of the Fund.

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

^k  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 April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17 (000s)		Shares purchased (000s)			Shares sold (000s)		Shares held at 04/30/18 (000s)		Value at 04/30/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		3,412		524	b		—		3,936	$	3,935,971	$	12,124	c	$	(334	)	$	106
BlackRock Cash Funds: Treasury, SL Agency Shares		2,623		542	b		—		3,165		3,164,967		13,446			—			—
										$	7,100,938	$	25,570		$	(334	)	$	106

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

^b  Net of purchases and sales.

^c  Includes 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, and less fees paid to BTC as securities lending agent.

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM CORPORATE BOND ETF

April 30, 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 April 30, 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
Corporate bonds & notes	$	—	$	85,031,772	$	—	$	85,031,772
Foreign government obligations		—		852,000		—		852,000
Money market funds		7,100,938		—		—		7,100,938
Total	$	7,100,938	$	85,883,772	$	—	$	92,984,710

See notes to financial statements.

30 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® J.P. MORGAN EM LOCAL CURRENCY BOND ETF

April 30, 2018

Security	Principal (000s)			Value
FOREIGN GOVERNMENT OBLIGATIONS — 95.03%
ARGENTINA — 4.24%
Argentine Bonos del Tesoro
15.50%, 10/17/26		ARS	146,400	$	6,626,298
16.00%, 10/17/23		ARS	144,340		6,454,199
18.20%, 10/03/21		ARS	99,600		4,694,968
					17,775,465
BRAZIL — 14.65%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/19a		BRL	11,942		3,184,175
0.00%, 10/01/19a		BRL	23,155		6,056,712
0.00%, 01/01/20a		BRL	41,349		10,595,294
0.00%, 04/01/20a		BRL	2,964		743,685
0.00%, 07/01/20a		BRL	17,642		4,327,629
0.00%, 07/01/21a		BRL	14,437		3,219,099
0.00%, 01/01/22a		BRL	18,524		3,919,067
Brazil Notas do Tesouro Nacional
Series F
10.00%, 01/01/21		BRL	11,148		3,349,969
10.00%, 01/01/23		BRL	50,904		15,161,355
10.00%, 01/01/25		BRL	17,353		5,115,638
10.00%, 01/01/27		BRL	15,038		4,395,778
10.00%, 01/01/29		BRL	595		172,784
Brazilian Government International Bond
8.50%, 01/05/24		BRL	500		148,379
10.25%, 01/10/28		BRL	1,420		464,145
12.50%, 01/05/22		BRL	1,633		557,178
					61,410,887
CHILE — 4.40%
Bonos de la Tesoreria de la Republica en pesos
4.50%, 02/28/21		CLP	815,000		1,366,475
4.50%, 03/01/21		CLP	1,230,000		2,062,062
4.50%, 03/01/26		CLP	2,180,000		3,576,425
5.00%, 03/01/35		CLP	4,485,000		7,402,205
6.00%, 01/01/43		CLP	1,835,000		3,378,125
Chile Government International Bond
5.50%, 08/05/20		CLP	390,000		664,043
					18,449,335

Security	Principal (000s)			Value
COLOMBIA — 4.26%
Colombia Government International Bond
7.75%, 04/14/21		COP	496,000	$	187,650
9.85%, 06/28/27		COP	745,000		336,336
Colombian TES
6.00%, 04/28/28		COP	15,299,000		5,262,294
7.00%, 09/11/19		COP	1,908,000		701,144
7.00%, 05/04/22		COP	8,482,200		3,182,097
7.00%, 06/30/32		COP	1,430,000		515,706
7.50%, 08/26/26		COP	6,100,800		2,338,638
7.75%, 09/18/30		COP	2,880,000		1,119,681
10.00%, 07/24/24		COP	6,692,300		2,871,810
11.00%, 07/24/20		COP	3,295,300		1,320,553
					17,835,909
CZECH REPUBLIC — 4.38%
Czech Republic Government Bond
0.95%, 05/15/30b		CZK	48,560		2,040,868
1.50%, 10/29/19b		CZK	38,370		1,839,631
2.50%, 08/25/28b		CZK	25,700		1,300,510
3.75%, 09/12/20b		CZK	10,840		549,475
3.85%, 09/29/21b		CZK	77,280		4,031,547
4.20%, 12/04/36b		CZK	10,870		656,705
4.70%, 09/12/22b		CZK	71,450		3,915,770
5.70%, 05/25/24b		CZK	67,610		4,041,718
					18,376,224
DOMINICAN REPUBLIC — 0.21%
Dominican Republic International Bond
8.90%, 02/15/23b		DOP	42,000		876,287
					876,287
HUNGARY — 4.30%
Hungary Government Bond
2.50%, 10/27/21		HUF	394,000		1,602,727
3.00%, 06/26/24		HUF	504,000		2,080,909
3.00%, 10/27/27		HUF	240,650		962,163
3.50%, 06/24/20		HUF	866,570		3,566,799
5.50%, 06/24/25		HUF	1,088,990		5,148,790
6.00%, 11/24/23		HUF	58,850		280,918
6.50%, 06/24/19		HUF	128,310		530,550
7.00%, 06/24/22		HUF	377,160		1,797,979
7.50%, 11/12/20		HUF	454,400		2,057,421
					18,028,256

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM LOCAL CURRENCY BOND ETF

April 30, 2018

Security	Principal (000s)			Value
INDONESIA — 5.21%
Indonesia Treasury Bond
5.63%, 05/15/23		IDR	19,704,000	$	1,364,338
6.13%, 05/15/28		IDR	44,000,000		2,979,982
6.63%, 05/15/33		IDR	2,000,000		136,388
7.00%, 05/15/22		IDR	12,121,000		886,695
7.50%, 05/15/38		IDR	7,340,000		531,408
8.25%, 07/15/21		IDR	11,750,000		888,904
8.25%, 06/15/32		IDR	22,819,000		1,767,294
8.38%, 03/15/24		IDR	26,626,000		2,059,747
8.38%, 09/15/26		IDR	39,283,000		3,090,465
8.38%, 03/15/34		IDR	27,808,000		2,178,668
8.75%, 05/15/31		IDR	24,600,000		1,991,429
9.00%, 03/15/29		IDR	15,796,000		1,298,877
9.50%, 07/15/31		IDR	16,698,000		1,419,255
10.00%, 09/15/24		IDR	560,000		46,531
11.00%, 11/15/20		IDR	3,648,000		290,398
11.00%, 09/15/25		IDR	10,435,000		922,962
					21,853,341
MALAYSIA — 4.48%
Malaysia Government Bond
3.48%, 03/15/23		MYR	4,863		1,211,877
3.48%, 03/15/23		MYR	9,394		2,341,018
3.49%, 03/31/20		MYR	17,037		4,324,059
3.50%, 05/31/27		MYR	640		152,866
3.58%, 09/28/18		MYR	1,260		321,358
4.05%, 09/30/21		MYR	16,322		4,189,969
4.23%, 06/30/31		MYR	5,228		1,287,512
4.50%, 04/15/30		MYR	1,840		467,031
4.94%, 09/30/43		MYR	3,695		958,507
Malaysia Government Investment Issue
4.07%, 09/30/26		MYR	13,966		3,505,461
					18,759,658
MEXICO — 8.06%
Mexican Bonos
5.00%, 12/11/19		MXN	92,273		4,742,007
5.75%, 03/05/26		MXN	34,362		1,645,173
6.50%, 06/10/21		MXN	68,908		3,580,611
6.50%, 06/09/22		MXN	87,363		4,502,482
7.50%, 06/03/27		MXN	113,668		6,039,169
7.75%, 05/29/31		MXN	19,399		1,043,824
7.75%, 11/13/42		MXN	57,952		3,103,879

Security	Principal (000s)			Value
8.00%, 06/11/20		MXN	21,029	$	1,135,082
8.00%, 12/07/23		MXN	9,346		511,389
8.00%, 11/07/47		MXN	9,152		502,756
8.50%, 11/18/38		MXN	20,225		1,167,188
10.00%, 12/05/24		MXN	53,916		3,259,888
10.00%, 11/20/36		MXN	38,662		2,532,987
					33,766,435
PERU — 4.37%
Peru Government Bond
5.70%, 08/12/24		PEN	1,545		507,875
6.15%, 08/12/32b		PEN	700		226,126
6.35%, 08/12/28		PEN	15,526		5,200,348
6.90%, 08/12/37		PEN	5,171		1,763,889
6.95%, 08/12/31		PEN	11,900		4,135,659
8.20%, 08/12/26		PEN	17,317		6,498,917
					18,332,814
PHILIPPINES — 4.43%
Philippine Government International Bond
3.90%, 11/26/22		PHP	323,000		5,954,492
4.95%, 01/15/21		PHP	11,000		211,638
4.95%, 01/15/21		PHP	227,000		4,367,435
6.25%, 01/14/36		PHP	385,000		8,053,459
					18,587,024
POLAND — 5.17%
Republic of Poland Government Bond
0.00%, 04/25/19a		PLN	1,153		324,924
1.50%, 04/25/20		PLN	14,310		4,083,011
1.75%, 07/25/21		PLN	8,881		2,526,374
2.50%, 07/25/26		PLN	9,991		2,755,876
2.50%, 07/25/27		PLN	7,786		2,124,881
3.25%, 07/25/19		PLN	835		243,824
3.25%, 07/25/25		PLN	7,440		2,178,882
4.00%, 10/25/23		PLN	3,859		1,185,328
5.25%, 10/25/20		PLN	3,121		969,824
5.50%, 10/25/19		PLN	3,477		1,052,215
5.75%, 10/25/21		PLN	5,900		1,899,383
5.75%, 09/23/22		PLN	7,082		2,316,387
					21,660,909
ROMANIA — 4.31%
Romania Government Bond
3.25%, 03/22/21		RON	16,475		4,232,939

32 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM LOCAL CURRENCY BOND ETF

April 30, 2018

Security	Principal (000s)			Value
3.50%, 12/19/22		RON	19,645	$	4,950,570
4.75%, 06/24/19		RON	7,115		1,882,132
5.80%, 07/26/27		RON	4,110		1,159,058
5.85%, 04/26/23		RON	14,890		4,133,626
5.95%, 06/11/21		RON	6,190		1,710,871
					18,069,196
RUSSIA — 4.13%
Russian Federal Bond – OFZ
6.80%, 12/11/19		RUB	35,559		566,270
7.00%, 01/25/23		RUB	480,176		7,705,840
7.05%, 01/19/28		RUB	90,908		1,432,391
7.50%, 08/18/21		RUB	75,350		1,224,570
7.60%, 04/14/21		RUB	93,910		1,528,588
7.70%, 03/23/33		RUB	72,914		1,189,884
8.15%, 02/03/27		RUB	155,934		2,635,152
8.50%, 09/17/31		RUB	58,000		1,015,683
					17,298,378
SOUTH AFRICA — 5.24%
Republic of South Africa Government Bond
6.25%, 03/31/36		ZAR	17,469		1,068,194
6.50%, 02/28/41		ZAR	18,685		1,133,588
6.75%, 03/31/21		ZAR	1,000		78,972
7.00%, 02/28/31		ZAR	6,000		419,296
7.75%, 02/28/23		ZAR	14,200		1,142,405
8.00%, 01/31/30		ZAR	81,745		6,268,346
8.50%, 01/31/37		ZAR	26,080		2,000,858
8.75%, 01/31/44		ZAR	20,000		1,550,765
8.75%, 02/28/48		ZAR	15,832		1,228,855
8.88%, 02/28/35		ZAR	35,000		2,799,273
10.50%, 12/21/26		ZAR	46,950		4,291,247
					21,981,799
THAILAND — 4.45%
Thailand Government Bond
2.13%, 12/17/26		THB	26,182		807,893
2.55%, 06/26/20		THB	46,775		1,512,331
3.40%, 06/17/36		THB	21,600		709,828
3.63%, 06/16/23		THB	58,228		1,990,713
3.65%, 12/17/21		THB	112,202		3,793,729
3.78%, 06/25/32		THB	13,638		472,233
3.85%, 12/12/25		THB	52,949		1,852,935
3.88%, 06/13/19		THB	36,250		1,177,994
4.26%, 12/12/37b		THB	970		35,368

Security	Principal or Shares (000s)			Value
4.88%, 06/22/29		THB	165,130	$	6,298,673
					18,651,697
TURKEY — 4.40%
Turkey Government Bond
8.00%, 03/12/25		TRY	2,652		523,527
8.50%, 07/10/19		TRY	5,969		1,383,871
8.50%, 09/14/22		TRY	7,099		1,486,071
8.80%, 09/27/23		TRY	24,238		5,076,854
9.00%, 07/24/24		TRY	6,929		1,461,562
9.50%, 01/12/22		TRY	19,670		4,313,586
10.50%, 01/15/20		TRY	4,503		1,052,851
10.50%, 08/11/27		TRY	2,446		546,442
10.60%, 02/11/26		TRY	3,000		674,497
10.70%, 02/17/21		TRY	4,700		1,076,078
11.00%, 02/24/27		TRY	3,700		848,676
					18,444,015
URUGUAY — 4.34%
Uruguay Government International Bond
8.50%, 03/15/28b		UYU	225,590		7,520,245
9.88%, 06/20/22b		UYU	292,700		10,650,472
					18,170,717
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $405,515,992)					398,328,346
SHORT-TERM INVESTMENTS — 0.23%
MONEY MARKET FUNDS — 0.23%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.65%c,d			973		973,424
					973,424
TOTAL SHORT-TERM INVESTMENTS
(Cost: $973,424)					973,424
TOTAL INVESTMENTS IN SECURITIES — 95.26%
(Cost: $406,489,416)					399,301,770
Other Assets, Less Liabilities — 4.74%					19,857,887
NET ASSETS — 100.00%				$	419,159,657

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN EM LOCAL CURRENCY BOND ETF

April 30, 2018

Currency abbreviations:

ARS — Argentina Peso

BRL — Brazilian Real

CLP — Chilean Peso

COP — Colombian Peso

CZK — Czech Koruna

DOP — Dominican Peso

HUF — Hungarian Forint

IDR — Indonesian Rupiah

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peru Nuevo Sol

PHP — Philippine Peso

PLN — Polish Zloty

RON — Romanian Leu

RUB — New Russian Ruble

THB — Thai Baht

TRY — Turkish Lira

UYU — Uruguayan Peso

ZAR — South African Rand

^a  Zero-coupon bond.

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

^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 April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17 (000s)		Shares purchased (000s)			Shares sold (000s)		Shares held at 04/30/18 (000s)		Value at 04/30/18		Income		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		490		483	b		—		973	$	973,424	$	6,324	$	—	$	—

^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 April 30, 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
Foreign government obligations	$	—	$	398,328,346	$	—	$	398,328,346
Money market funds		973,424		—		—		973,424
Total	$	973,424	$	398,328,346	$	—	$	399,301,770

See notes to financial statements.

34 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
CORPORATE BONDS & NOTES — 97.30%
AUSTRALIA — 0.22%
FMG Resources August 2006 Pty Ltd.
4.75%, 05/15/22 (Call 02/15/22)a		USD	130	$	129,025
5.13%, 03/15/23 (Call 12/15/22)a		USD	100		99,563
5.13%, 05/15/24 (Call 02/15/24)a,b		USD	135		133,549
Origin Energy Finance Ltd.
4.00%, 09/16/74 (Call 09/16/19)c,d,e		EUR	100		125,557
					487,694
AUSTRIA — 0.12%
Raiffeisenlandesbank Niederoesterreich-Wien AG
5.88%, 11/27/23c		EUR	100		138,922
Wienerberger AG
2.00%, 05/02/24 c		EUR	50		61,727
5.00%, (Call 02/09/21)d,e,f		EUR	50		65,403
					266,052
BELGIUM — 0.27%
Barry Callebaut Services NV
5.63%, 06/15/21c		EUR	100		140,225
Ethias SA
5.00%, 01/14/26c		EUR	100		138,048
Telenet Finance Luxembourg Note
5.50%, 03/01/28 (Call 12/01/22)a		USD	200		189,837
Telenet Finance Luxembourg Notes Sarl
3.50%, 03/01/28 (Call 12/01/22)c		EUR	100		118,469
					586,579
BERMUDA — 0.07%
Weatherford International Ltd.
9.88%, 02/15/24 (Call 11/15/23)b		USD	150		144,313
					144,313
CANADA — 3.33%
1011778 BC ULC/New Red Finance Inc.
4.25%, 05/15/24 (Call 05/15/20)a,b		USD	275		262,932
4.63%, 01/15/22 (Call 05/31/18)a		USD	225		225,844
5.00%, 10/15/25 (Call 10/15/20)a		USD	500		482,650
Air Canada
4.75%, 10/06/23 (Call 10/06/19)a		CAD	25		20,043

Security	Principal (000s)			Value
7.75%, 04/15/21a		USD	75	$	82,071
Baytex Energy Corp.
6.63%, 07/19/22 (Call 05/30/18)		CAD	50		37,386
Bombardier Inc.
5.75%, 03/15/22a,b		USD	100		100,813
6.00%, 10/15/22 (Call 05/31/18)a		USD	225		224,501
6.13%, 05/15/21c		EUR	100		132,183
6.13%, 01/15/23a		USD	225		226,566
7.50%, 12/01/24 (Call 12/01/20)a		USD	175		184,187
7.50%, 03/15/25 (Call 03/15/20)a,b		USD	275		286,090
7.75%, 03/15/20a		USD	150		160,007
8.75%, 12/01/21a,b		USD	250		278,207
Brookfield Residential Properties Inc.
6.13%, 05/15/23 (Call 5/15/18)a		CAD	50		39,822
6.50%, 12/15/20 (Call 05/31/18)a,b		USD	50		50,535
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 05/31/18)a,b		USD	75		76,313
Cascades Inc.
5.50%, 07/15/21 (Call 05/30/18)a		CAD	25		19,828
CES Energy Solutions Corp.
6.38%, 10/21/24 (Call 10/21/20)		CAD	50		39,193
Cott Corp.
5.50%, 07/01/24 (Call 07/01/19)c		EUR	100		128,183
Crew Energy Inc.
6.50%, 03/14/24 (Call 03/14/20)a		CAD	50		35,980
GFL Environmental Inc.
5.38%, 03/01/23 (Call 03/01/20)a		USD	125		123,438
Gibson Energy Inc.
5.25%, 07/15/24 (Call 07/15/20)c		CAD	100		77,876
5.38%, 07/15/22 (Call 7/15/18)a		CAD	50		39,344
Great Canadian Gaming Corp.
6.63%, 07/25/22 (Call 05/30/18)a		CAD	50		40,027
Iron Mountain Canada Operations ULC
5.38%, 09/15/23 (Call 09/15/19)a		CAD	25		19,831
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 05/31/18)a		USD	200		87,000
MEG Energy Corp.
6.38%, 01/30/23 (Call 05/31/18)a		USD	150		135,375

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
6.50%, 01/15/25 (Call 01/15/20)a,b		USD	150	$	149,196
7.00%, 03/31/24 (Call 09/30/18)a,b		USD	175		157,062
Newalta Corp.
Series 2
7.75%, 11/14/19 (Call 05/30/18)		CAD	22		17,110
NOVA Chemicals Corp.
4.88%, 06/01/24 (Call 03/03/24)a		USD	165		159,683
5.00%, 05/01/25 (Call 01/31/25)a		USD	100		96,372
5.25%, 08/01/23 (Call 08/01/18)a		USD	100		100,132
5.25%, 06/01/27 (Call 03/03/27)a		USD	200		192,440
NuVista Energy Ltd.
6.50%, 03/02/23 (Call 03/02/20)		CAD	50		38,906
Open Text Corp.
5.63%, 01/15/23 (Call 05/31/18)a		USD	150		155,944
5.88%, 06/01/26 (Call 06/01/21)a		USD	180		186,915
Parkland Fuel Corp.
5.63%, 05/09/25 (Call 05/09/20)		CAD	100		78,340
5.75%, 09/16/24 (Call 09/16/19)a		CAD	25		19,766
5.75%, 09/16/24 (Call 09/16/19)		CAD	50		39,531
6.00%, 11/21/22 (Call 05/30/18)		CAD	50		40,011
Postmedia Network Inc.
8.25%, 07/15/21 (Call 05/30/18)a		CAD	1		435
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/19)b		USD	75		70,665
7.13%, 01/15/26 (Call 11/15/20)a		USD	80		80,693
Quebecor Media Inc.
5.75%, 01/15/23		USD	225		230,625
6.63%, 01/15/23 a		CAD	160		134,795
Russel Metals Inc.
6.00%, 04/19/22 (Call 4/19/19)a		CAD	25		19,843
Seven Generations Energy Ltd.
5.38%, 09/30/25 (Call 09/30/20)a		USD	110		106,901
6.75%, 05/01/23 (Call 05/31/18)a		USD	75		77,860
6.88%, 06/30/23 (Call 06/30/18)a,b		USD	125		130,042
Superior Plus LP
5.13%, 08/27/25 (Call 02/27/21)		CAD	50		38,792
5.25%, 02/27/24 (Call 02/27/20)		CAD	50		39,247
Teck Resources Ltd.
3.75%, 02/01/23 (Call 11/01/22)b		USD	125		121,288
4.75%, 01/15/22 (Call 10/15/21)		USD	150		152,250
8.50%, 06/01/24 (Call 06/01/19)a		USD	100		111,625

Security	Principal (000s)			Value
Valeant Pharmaceuticals International Inc.
5.63%, 12/01/21 (Call 05/31/18)a,b		USD	175	$	169,794
7.50%, 07/15/21 (Call 05/31/18)a		USD	300		304,875
Videotron Ltd.
5.00%, 07/15/22		USD	125		127,244
5.13%, 04/15/27 (Call 04/15/22)a		USD	135		132,329
5.38%, 06/15/24 (Call 03/15/24)a		USD	100		102,753
5.63%, 06/15/25 (Call 03/15/25)		CAD	50		40,880
5.75%, 01/15/26 (Call 09/15/20)c		CAD	75		61,196
					7,301,765
DENMARK — 0.11%
Norican A/S
4.50%, 05/15/23 (Call 11/15/19)c		EUR	100		110,314
TDC A/S
3.50%, 02/26/49 (Call 02/26/21)c,d,e		EUR	100		120,927
					231,241
FINLAND — 0.44%
Nokia OYJ
1.00%, 03/15/21 (Call 02/15/21)c		EUR	100		121,754
2.00%, 03/15/24 (Call 12/15/23)c		EUR	125		152,142
3.38%, 06/12/22		USD	125		120,076
4.38%, 06/12/27		USD	80		74,100
Stora Enso OYJ
2.13%, 06/16/23 (Call 03/16/23)c		EUR	100		126,349
2.50%, 03/21/28 (Call 12/21/27)c		EUR	100		122,344
Teollisuuden Voima OYJ
2.13%, 02/04/25 (Call 11/04/24)c		EUR	100		120,635
2.50%, 03/17/21c		EUR	100		126,489
					963,889

36 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
FRANCE — 4.28%
Altice France SA/France
5.38%, 05/15/22 (Call 5/15/18)c		EUR	200	$	247,216
5.63%, 05/15/24 (Call 05/15/19)c		EUR	200		249,396
6.00%, 05/15/22 (Call 05/31/18)a		USD	700		691,684
6.25%, 05/15/24 (Call 05/15/19)a		USD	200		190,026
7.38%, 05/01/26 (Call 05/01/21)a		USD	1,000		970,000
Autodis SA
4.38%, 05/01/22 (Call 5/1/18)c		EUR	100		123,469
Banijay Group SAS
4.00%, 07/01/22 (Call 07/01/19)c		EUR	100		124,201
Burger King France SAS
6.00%, 05/01/24 (Call 05/01/20)c		EUR	100		129,681
Casino Guichard Perrachon SA
1.87%, 06/13/22 (Call 03/13/22)c		EUR	200		234,554
4.05%, 08/05/26 (Call 05/05/26)c		EUR	100		121,621
4.50%, 03/07/24 (Call 12/07/23)c		EUR	200		255,077
4.56%, 01/25/23c		EUR	100		130,549
5.24%, 03/09/20		EUR	100		130,130
5.98%, 05/26/21c		EUR	200		271,848
CMA CGM SA
5.25%, 01/15/25 (Call 10/15/20)c		EUR	100		110,278
6.50%, 07/15/22 (Call 07/15/19)c		EUR	200		245,789
ContourGlobal Power Holdings SA
5.13%, 06/15/21 (Call 06/15/18)c		EUR	100		124,349
Elis SA
1.88%, 02/15/23 (Call 11/15/22)c		EUR	100		120,540
2.88%, 02/15/26 (Call 11/15/25)c		EUR	100		119,854
3.00%, 04/30/22 (Call 6/13/18)c		EUR	100		122,609

Security	Principal (000s)			Value
Europcar Groupe SA
4.13%, 11/15/24 (Call 11/15/20)c		EUR	200	$	240,487
5.75%, 06/15/22 (Call 06/15/18)c		EUR	100		124,813
Faurecia SA
2.63%, 06/15/25 (Call 06/15/21)c		EUR	100		122,649
3.63%, 06/15/23 (Call 06/15/19 c		EUR	100		126,512
Fnac Darty SA
3.25%, 09/30/23 (Call 09/30/19)c		EUR	100		125,579
La Financiere Atalian SAS
4.00%, 05/15/24 (Call 05/15/20)c		EUR	100		117,240
Loxam SAS
4.88%, 07/23/21 (Call 7/23/18)c		EUR	73		90,145
6.00%, 04/15/25 (Call 04/15/20)c		EUR	100		130,709
Mobilux Finance SAS
5.50%, 11/15/24 (Call 11/15/19)c		EUR	100		124,142
Nexans SA
3.25%, 05/26/21 (Call 02/26/21)c		EUR	100		129,171
Novafives SAS
4.50%, 06/30/21 (Call 06/30/18)c		EUR	100		122,746
5.00%, 06/15/25 (Call 06/15/21)c		EUR	100		122,934
Orano SA
3.13%, 03/20/23 (Call 12/20/22)c		EUR	200		248,654
3.25%, 09/04/20c		EUR	100		127,436
3.50%, 03/22/21		EUR	200		257,975
4.88%, 09/23/24		EUR	150		198,819
Paprec Holding SA
4.00%, 03/31/25 (Call 03/31/21)c		EUR	100		122,147
Peugeot SA
2.00%, 03/23/24c		EUR	100		122,847
2.00%, 03/20/25 (Call 12/20/24)c		EUR	100		120,715
2.38%, 04/14/23c		EUR	100		127,588
Rexel SA
2.63%, 06/15/24 (Call 03/15/20)c		EUR	100		122,593
3.50%, 06/15/23 (Call 06/15/19)c		EUR	100		125,187
SASU Newco SAB 20 SAS
4.25%, 09/30/24 (Call 09/30/20)c		EUR	100		117,769
SPCM SA
2.88%, 06/15/23 (Call 06/15/18)c		EUR	100		122,418
SPIE SA
3.13%, 03/22/24 (Call 09/22/23)c		EUR	100		121,956
Synlab Bondco PLC
6.25%, 07/01/22 (Call 07/01/18)c		EUR	150		188,109
Tereos Finance Groupe I SA
4.13%, 06/16/23 (Call 03/16/23)c		EUR	200		230,141

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
Vallourec SA
2.25%, 09/30/24c		EUR	100	$	98,505
3.25%, 08/02/19c		EUR	100		124,353
6.63%, 10/15/22 (Call 10/15/20)c		EUR	200		249,218
Verallia Packaging SASU
5.13%, 08/01/22 (Call 08/01/18)c		EUR	100		124,845
WFS Global Holding SAS
9.50%, 07/15/22 (Call 07/15/18)c		EUR	100		128,089
					9,369,362
GERMANY — 3.24%
Adler Pelzer Holding GmbH
4.13%, 04/01/24 (Call 04/01/20)c		EUR	100		123,236
ADLER Real Estate AG
1.50%, 12/06/21 (Call 11/06/21)c		EUR	200		242,242
1.88%, 04/27/23 (Call 03/27/23)c		EUR	100		118,983
3.00%, 04/27/26 (Call 02/27/26)c		EUR	100		120,479
Bilfinger SE
2.38%, 12/07/19c		EUR	100		124,448
BMBG Bond Finance SCA
3.00%, 06/15/21 (Call 06/15/18)c		EUR	100		122,459
CBR Fashion Finance BV
5.13%, 10/01/22 (Call 10/01/19)c		EUR	100		106,322
CTC BondCo GmbH
5.25%, 12/15/25 (Call 12/15/20)c		EUR	100		119,358
DEMIRE Deutsche Mittelstand Real Estate AG
2.88%, 07/15/22 (Call 07/15/19)c		EUR	100		123,111
Deutsche Bank AG
2.75%, 02/17/25c		EUR	200		243,103
4.30%, 05/24/28 (Call 05/24/23)d,e		USD	300		286,152
4.50%, 05/19/26		EUR	100		132,720
Deutsche Bank AG/New York NY
4.88%, 12/01/32 (Call 12/01/27)d,e		USD	200		183,993
Deutsche Lufthansa AG
5.13%, 08/12/75 (Call 02/12/21)c,d,e		EUR	100		131,726
Douglas GmbH
6.25%, 07/15/22 (Call 07/15/18)c		EUR	100		125,470
Hapag-Lloyd AG
5.13%, 07/15/24 (Call 07/15/20)c		EUR	100		123,453
6.75%, 02/01/22 (Call 02/01/19)c		EUR	100		127,877

Security	Principal (000s)			Value
K+S AG
2.63%, 04/06/23 (Call 01/06/23)c		EUR	100	$	126,298
3.00%, 06/20/22c		EUR	100		128,934
4.13%, 12/06/21c		EUR	100		132,990
KME AG
6.75%, 02/01/23 (Call 02/01/20)c		EUR	100		122,535
Kronos International Inc.
3.75%, 09/15/25 (Call 09/15/20)c		EUR	100		122,801
LANXESS AG
4.50%, 12/06/76 (Call 06/06/23)c,d,e		EUR	100		132,345
METRO AG
1.50%, 03/19/25c		EUR	200		235,746
Nidda BondCo GmbH
5.00%, 09/30/25 (Call 09/30/20)c		EUR	100		118,075
Nidda Healthcare Holding GmbH
3.50%, 09/30/24 (Call 09/30/20)c		EUR	100		119,028
Norddeutsche Landesbank Girozentrale
6.00%, 06/29/20		EUR	50		64,773
Nordex SE
6.50%, 02/01/23 (Call 02/01/20)c		EUR	125		140,579
Phoenix PIB Dutch Finance BV
3.13%, 05/27/20c		EUR	100		126,921
Platin 1426 GmbH
5.38%, 06/15/23 (Call 12/15/19)c		EUR	100		119,610
PrestigeBidCo GmbH
6.25%, 12/15/23 (Call 12/15/19)c		EUR	100		128,788
ProGroup AG
5.13%, 05/01/22 (Call 05/01/18)c		EUR	100		123,870
Raffinerie Heide GmbH
6.38%, 12/01/22 (Call 12/01/19)c		EUR	100		121,138
RWE AG
2.75%, 04/21/75 (Call 10/21/20)c,d,e		EUR	100		124,301
3.50%, 04/21/75 (Call 04/21/25)c,d,e		EUR	100		126,165
Safari Holding Verwaltungs GmbH
5.38%, 11/30/22 (Call 12/15/19)c		EUR	100		123,526
Senvion Holding GmbH
3.88%, 10/25/22 (Call 05/01/19)c		EUR	100		110,022
thyssenkrupp AG
1.38%, 03/03/22 (Call 12/03/21)c		EUR	350		427,699
1.75%, 11/25/20 (Call 08/25/20)c		EUR	100		124,359

38 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
2.50%, 02/25/25c		EUR	100	$	127,175
2.75%, 03/08/21 (Call 12/08/20)c		EUR	200		254,809
TUI AG
2.13%, 10/26/21 (Call 07/26/21)c		EUR	100		125,618
Unitymedia GmbH
3.75%, 01/15/27 (Call 01/15/21)c		EUR	100		127,924
6.13%, 01/15/25 (Call 01/15/20)a		USD	200		209,935
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
3.50%, 01/15/27 (Call 01/15/21)c		EUR	100		127,949
4.00%, 01/15/25 (Call 01/15/20)c		EUR	200		255,652
5.63%, 04/15/23 (Call 4/15/19)c		EUR	70		86,986
WEPA Hygieneprodukte GmbH
3.75%, 05/15/24 (Call 05/15/19)c		EUR	100		118,685
					7,090,368
GREECE — 0.33%
Intralot Capital Luxembourg SA
5.25%, 09/15/24 (Call 09/15/20)c		EUR	100		121,149
6.75%, 09/15/21 (Call 09/15/18)c		EUR	100		126,640
OTE PLC
3.50%, 07/09/20c		EUR	200		254,807
Public Power Corp Finance PLC
5.50%, 05/01/19 (Call 5/1/18)c		EUR	70		83,784
Titan Global Finance PLC
3.50%, 06/17/21c		EUR	100		127,040
					713,420
GUERNSEY — 0.05%
Summit Germany Ltd.
2.00%, 01/31/25 (Call 01/31/21)c		EUR	100		117,520
					117,520
IRELAND — 1.55%
AIB Group PLC
1.50%, 03/29/23c		EUR	100		120,972
Allied Irish Banks PLC
4.13%, 11/26/25 (Call 11/26/20)c,d,e		EUR	100		129,508
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.75%, 03/15/24 (Call 03/15/20)c		EUR	150		183,576
4.13%, 05/15/23 (Call 05/15/19)c		EUR	100		126,303
4.25%, 09/15/22 (Call 03/15/19)a,b		USD	200		198,444
4.63%, 05/15/23 (Call 05/15/19)a		USD	200		200,295

Security	Principal (000s)			Value
4.75%, 07/15/27 (Call 07/15/22)c		GBP	100	$	134,304
6.00%, 02/15/25 (Call 02/15/20)a		USD	400		405,500
6.75%, 05/15/24 (Call 05/15/19)c		EUR	100		131,519
7.25%, 05/15/24 (Call 05/15/19)a		USD	200		211,403
Avolon Holdings Funding Ltd.
5.50%, 01/15/23 (Call 12/15/22)a		USD	100		99,229
Bank of Ireland
4.25%, 06/11/24 (Call 06/11/19)c,d,e		EUR	100		125,499
Bank of Ireland Group PLC
3.13%, 09/19/27 (Call 09/19/22)c,d,e		GBP	100		135,763
eircom Finance DAC
4.50%, 05/31/22 (Call 05/31/18)c		EUR	100		123,664
Park Aerospace Holdings Ltd.
4.50%, 03/15/23 (Call 02/15/23)a		USD	155		147,896
5.25%, 08/15/22a,b		USD	325		323,781
5.50%, 02/15/24a		USD	225		218,531
Smurfit Kappa Acquisitions ULC
2.38%, 02/01/24 (Call 11/01/23)c		EUR	100		125,303
3.25%, 06/01/21 (Call 03/10/21)c		EUR	100		129,347
4.13%, 01/30/20c		EUR	100		128,966
					3,399,803
ITALY — 5.67%
Autostrada Brescia Verona Vicenza Padova SpA
2.38%, 03/20/20c		EUR	100		125,500
Banca IFIS SpA
4.50%, 10/17/27 (Call 10/17/22)c,d,e		EUR	100		122,556
Banca Monte dei Paschi di Siena SpA
3.63%, 04/01/19c		EUR	100		123,566
5.38%, 01/18/28 (Call 01/18/23)c,d,e		EUR	100		115,081
Banco BPM SpA
2.75%, 07/27/20c		EUR	200		251,691
4.38%, 09/21/27 (Call 09/21/22)c,d,e		EUR	175		217,028
6.00%, 11/05/20c		EUR	100		130,205
7.13%, 03/01/21c		EUR	100		134,753
BPER Banca
5.13%, 05/31/27 (Call 05/31/22)c,d,e		EUR	100		125,592

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
Buzzi Unicem SpA
2.13%, 04/28/23 (Call 01/28/23)c		EUR	100	$	126,476
CMF SpA
9.00%, 06/15/22 (Call 06/15/20)c		EUR	100		110,584
Cooperativa Muratori & Cementisti-CMC di Ravenna SC
6.00%, 02/15/23 (Call 11/15/19)c		EUR	100		115,325
6.88%, 08/01/22 (Call 08/01/19)c		EUR	100		119,761
EVOCA SpA
7.00%, 10/15/23 (Call 10/15/19)c		EUR	100		127,666
Fiat Chrysler Finance Europe SA
4.75%, 03/22/21c		EUR	200		269,689
4.75%, 07/15/22c		EUR	300		411,425
6.75%, 10/14/19c		EUR	200		264,558
Iccrea Banca SpA
1.50%, 02/21/20c		EUR	100		121,937
1.50%, 10/11/22c		EUR	150		180,969
1.88%, 11/25/19c		EUR	100		122,827
International Game Technology PLC
4.13%, 02/15/20 (Call 11/15/19)c		EUR	100		127,303
4.75%, 02/15/23 (Call 08/15/22)c		EUR	100		132,464
5.63%, 02/15/20 (Call 11/15/19)a		USD	200		204,808
Intesa Sanpaolo SpA
2.86%, 04/23/25c		EUR	100		124,489
3.93%, 09/15/26c		EUR	200		261,640
5.00%, 09/23/19c		EUR	150		192,605
5.15%, 07/16/20		EUR	200		264,775
6.63%, 09/13/23c		EUR	300		448,814
Leonardo SpA
4.50%, 01/19/21		EUR	100		133,908
5.25%, 01/21/22		EUR	100		140,006
8.00%, 12/16/19		GBP	100		151,822
Mediobanca Banca di Credito Finanziario SpA
5.00%, 11/15/20		EUR	200		267,417
5.75%, 04/18/23		EUR	100		142,201
Pro-Gest SpA
3.25%, 12/15/24 (Call 12/15/20)c		EUR	100		117,638
Saipem Finance International BV
2.75%, 04/05/22c		EUR	100		123,846
3.00%, 03/08/21c		EUR	100		125,885
3.75%, 09/08/23c		EUR	100		127,989
Salini Impregilo SpA
1.75%, 10/26/24c		EUR	100		110,845
3.75%, 06/24/21c		EUR	100		128,086

Security	Principal (000s)			Value
Sisal Group SpA
7.00%, 07/31/23 (Call 07/31/19)c		EUR	100	$	128,288
Snaitech SpA
6.38%, 11/07/21 (Call 11/07/18)c		EUR	100		127,943
Societa Cattolica di Assicurazioni SC
4.25%, 12/14/47 (Call 12/14/27)c,d,e		EUR	100		122,562
Telecom Italia Capital SA
7.18%, 06/18/19		USD	150		155,818
Telecom Italia SpA
4.00%, 01/21/20c		EUR	100		128,788
Telecom Italia SpA/Milano
2.38%, 10/12/27 (Call 07/12/27)c		EUR	200		239,781
2.50%, 07/19/23c		EUR	300		380,700
3.00%, 09/30/25c		EUR	200		256,933
3.25%, 01/16/23c		EUR	100		131,744
3.63%, 01/19/24c		EUR	100		133,997
3.63%, 05/25/26c		EUR	200		266,132
4.50%, 01/25/21c		EUR	100		133,955
4.88%, 09/25/20c		EUR	100		134,014
5.25%, 02/10/22c		EUR	150		210,817
5.30%, 05/30/24a		USD	200		203,700
6.38%, 06/24/19		GBP	100		145,230
UniCredit SpA
4.38%, 01/03/27 (Call 01/03/22)c,d,e		EUR	100		131,310
5.75%, 10/28/25 (Call 10/28/20)c,d,e		EUR	300		400,634
5.86%, 06/19/32 (Call 06/19/27)a,d,e		USD	200		199,578
6.95%, 10/31/22c		EUR	300		443,875
Unione di Banche Italiane SpA
4.25%, 05/05/26 (Call 05/05/21)c,d,e		EUR	100		125,993
4.45%, 09/15/27 (Call 09/15/22)c,d,e		EUR	100		127,111
Unipol Gruppo SpA
3.00%, 03/18/25c		EUR	115		139,485
3.50%, 11/29/27 (Call 08/29/27)c		EUR	100		120,602
4.38%, 03/05/21c		EUR	100		132,130
UnipolSai Assicurazioni SpA
3.88%, 03/01/28c		EUR	100		117,555
Wind Tre SpA
2.63%, 01/20/23 (Call 11/03/19)c		EUR	300		329,623

40 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
3.13%, 01/20/25 (Call 11/03/20)c		EUR	300	$	319,167
5.00%, 01/20/26 (Call 11/03/20)a		USD	350		292,373
					12,423,568
JAPAN — 0.80%
SoftBank Group Corp.
3.13%, 09/19/25 (Call 06/21/25)c		EUR	350		392,019
4.00%, 07/30/22 (Call 04/30/22)c		EUR	200		253,493
4.00%, 04/20/23 (Call 01/20/23)c		EUR	100		123,004
4.00%, 09/19/29 (Call 06/21/29)c		EUR	125		136,477
4.50%, 04/15/20a		USD	400		410,500
4.50%, 04/20/25 (Call 01/20/25)c		EUR	150		181,711
4.75%, 07/30/25 (Call 04/30/25)c		EUR	100		122,409
5.25%, 07/30/27 (Call 04/30/27)c		EUR	100		124,573
					1,744,186
LUXEMBOURG — 3.18%
Altice Financing SA
5.25%, 02/15/23 (Call 2/15/19)c		EUR	100		125,053
6.63%, 02/15/23 (Call 05/31/18)a		USD	400		399,500
7.50%, 05/15/26 (Call 05/15/21)a		USD	400		393,000
Altice Finco SA
4.75%, 01/15/28 (Call 10/15/22)c		EUR	100		106,959
Altice Luxembourg SA
6.25%, 02/15/25 (Call 02/15/20)c		EUR	100		116,645
7.25%, 05/15/22 (Call 5/15/18)c		EUR	350		418,592
7.63%, 02/15/25 (Call 02/15/20)a,b		USD	200		179,934
7.75%, 05/15/22 (Call 05/31/18)a		USD	600		573,600
ArcelorMittal
0.95%, 01/17/23 (Call 10/17/22)c		EUR	100		119,185
2.88%, 07/06/20c		EUR	100		127,669
3.13%, 01/14/22c		EUR	100		130,618
5.50%, 08/05/20		USD	125		129,636
5.75%, 03/01/21		USD	150		157,063
6.13%, 06/01/25b		USD	75		81,027
6.75%, 02/25/22		USD	125		135,156
Arena Luxembourg Finance Sarl
2.88%, 11/01/24 (Call 11/01/20)c		EUR	100		123,066
Crystal Almond SARL
10.00%, 11/01/21 (Call 11/01/18)c		EUR	100		131,244
DEA Finance SA
7.50%, 10/15/22 (Call 04/15/19)c		EUR	100		130,485
Garfunkelux Holdco 3 SA
7.50%, 08/01/22 (Call 08/01/18)c		EUR	100		124,995
8.50%, 11/01/22 (Call 11/01/18)c		GBP	100		142,212

Security	Principal (000s)			Value
INEOS Finance PLC
2.13%, 11/15/25 (Call 11/15/20)c		EUR	100	$	116,379
INEOS Group Holdings SA
5.38%, 08/01/24 (Call 08/01/19)c		EUR	100		127,554
Intelsat Connect Finance SA
12.50%, 04/01/22 (Call 06/01/18)a		USD	125		109,327
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)		USD	350		294,000
7.25%, 10/15/20 (Call 05/31/18)		USD	400		389,194
7.50%, 04/01/21 (Call 05/31/18)		USD	225		213,469
8.00%, 02/15/24 (Call 02/15/19)a		USD	250		263,478
9.50%, 09/30/22a		USD	100		114,625
9.75%, 07/15/25 (Call 07/15/21)a,b		USD	275		269,844
Intelsat Luxembourg SA
7.75%, 06/01/21 (Call 05/31/18)		USD	375		254,062
8.13%, 06/01/23 (Call 06/15/18)		USD	175		109,375
Matterhorn Telecom Holding SA
4.88%, 05/01/23 (Call 5/1/18)c		EUR	100		122,562
Matterhorn Telecom SA
3.88%, 05/01/22 (Call 5/1/18)c		EUR	100		122,273
4.00%, 11/15/27 (Call 11/15/22)c		EUR	100		115,003
Picard Bondco SA
5.50%, 11/30/24 (Call 11/30/20)c		EUR	100		118,914
Swissport Financing Sarl
6.75%, 12/15/21 (Call 06/15/18)c		EUR	100		125,228
Swissport Investments SA
6.75%, 12/15/21 (Call 06/15/18)c		EUR	100		126,554
Telenet Finance VI Luxembourg SCA
4.88%, 07/15/27 (Call 07/15/21)c		EUR	90		117,865
					6,955,345
NETHERLANDS — 2.10%
Constellium NV
4.63%, 05/15/21 (Call 5/15/18)c		EUR	100		122,008
6.63%, 03/01/25 (Call 03/01/20)a,b		USD	250		253,254
InterXion Holding NV
6.00%, 07/15/20 (Call 7/15/18)c		EUR	100		123,923
IPD 3 BV
4.50%, 07/15/22 (Call 07/15/19)c		EUR	100		122,980
Maxeda DIY Holding BV
6.13%, 07/15/22 (Call 07/15/19)c		EUR	100		113,698
Nielsen Co. Luxembourg Sarl (The)
5.50%, 10/01/21 (Call 05/31/18)a		USD	150		152,062

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
NXP BV/NXP Funding LLC
3.88%, 09/01/22a		USD	200	$	196,372
4.13%, 06/15/20a,b		USD	200		201,328
4.13%, 06/01/21a		USD	200		200,500
4.63%, 06/01/23a		USD	200		201,441
Nyrstar Netherlands Holdings BV
6.88%, 03/15/24 (Call 03/15/20)c		EUR	100		123,910
Saipem Finance International BV
2.63%, 01/07/25c		EUR	100		119,131
Samvardhana Motherson Automotive System Group BV
1.80%, 07/06/24c		EUR	100		114,780
Selecta Group BV
5.88%, 02/01/24 (Call 02/01/20)c		EUR	100		120,415
Sensata Technologies BV
4.88%, 10/15/23a		USD	100		100,500
5.00%, 10/01/25a		USD	200		199,032
5.63%, 11/01/24a		USD	100		103,607
Steinhoff Europe AG
1.88%, 01/24/25 (Call 10/24/24)c		EUR	100		80,394
United Group BV
4.38%, 07/01/22 (Call 07/01/19)c		EUR	100		123,559
4.88%, 07/01/24 (Call 07/01/20)c		EUR	100		123,461
UPC Holding BV
3.88%, 06/15/29 (Call 06/15/22)c		EUR	100		114,579
UPCB Finance IV Ltd.
4.00%, 01/15/27 (Call 01/15/21)c		EUR	100		124,797
5.38%, 01/15/25 (Call 01/15/20)a		USD	200		195,250
UPCB Finance VII Ltd.
3.63%, 06/15/29 (Call 06/15/22)c		EUR	150		179,637
Ziggo Bond Co. BV
7.13%, 05/15/24 (Call 05/15/19)c		EUR	100		130,447
Ziggo Bond Finance BV
4.63%, 01/15/25 (Call 01/15/20)c		EUR	100		122,409
6.00%, 01/15/27 (Call 01/15/22)a,b		USD	150		139,610
Ziggo Secured Finance BV
3.75%, 01/15/25 (Call 01/15/20)c		EUR	200		244,833
4.25%, 01/15/27 (Call 01/15/22)c		EUR	100		123,041
5.50%, 01/15/27 (Call 01/15/22)a		USD	350		329,875
					4,600,833

Security	Principal (000s)			Value
PORTUGAL — 0.12%
Banco Comercial Portugues SA
4.50%, 12/07/27 (Call 12/07/22)c,d,e		EUR	100	$	119,593
EDP – Energias de Portugal SA
5.38%, 09/16/75 (Call 03/16/21)c,d,e		EUR	100		134,260
					253,853
SINGAPORE — 0.20%
Lincoln Finance Ltd.
6.88%, 04/15/21 (Call 4/15/19)c		EUR	200		249,664
Puma International Financing SA
5.13%, 10/06/24 (Call 10/06/20)a		USD	200		196,443
					446,107
SPAIN — 1.67%
Banco de Credito Social Cooperativo SA
7.75%, 06/07/27 (Call 06/07/22)c,d,e		EUR	100		118,994
Banco de Sabadell SA
5.63%, 05/06/26c		EUR	100		144,638
Bankia SA
3.38%, 03/15/27 (Call 03/15/22)c,d,e		EUR	100		128,163
4.00%, 05/22/24 (Call 05/22/19)c,d,e		EUR	200		250,196
Bankinter SA
2.50%, 04/06/27 (Call 04/06/22)c,d,e		EUR	100		125,010
CaixaBank SA
2.75%, 07/14/28 (Call 07/14/23)c,d,e		EUR	200		251,647
3.50%, 02/15/27 (Call 02/15/22)c,d,e		EUR	200		259,554
Cellnex Telecom SA
2.38%, 01/16/24 (Call 10/16/23)c		EUR	100		122,550
2.88%, 04/18/25 (Call 01/18/25)c		EUR	100		123,838
3.13%, 07/27/22c		EUR	100		130,031
Cirsa Funding Luxembourg SA
5.88%, 05/15/23 (Call 5/1/18)c		EUR	100		124,565
Codere Finance 2 Luxembourg SA
6.75%, 11/01/21 (Call 10/31/18)c		EUR	100		126,414

42 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
eDreams ODIGEO SA
8.50%, 08/01/21 (Call 08/01/18)c		EUR	98	$	124,484
Gestamp Automocion SA
3.25%, 04/30/26 (Call 04/30/21)c		EUR	100		119,690
Gestamp Funding Luxembourg SA
3.50%, 05/15/23 (Call 05/15/19)c		EUR	100		125,164
Grifols SA
3.20%, 05/01/25 (Call 05/01/20)c		EUR	200		243,337
Grupo Antolin Dutch BV
5.13%, 06/30/22 (Call 06/30/18)c		EUR	100		124,595
Grupo Isolux Corsan SA
0.25%, 12/30/21 (Call 6/13/18)g		EUR	—		—
1.00%, 12/30/21 (Call 6/13/18)g		EUR	28		511
Grupo-Antolin Irausa SA
3.25%, 04/30/24 (Call 04/30/20)c		EUR	100		123,347
Haya Finance 2017 SA
5.25%, 11/15/22 (Call 11/15/19)c		EUR	100		110,160
Ibercaja Banco SA
5.00%, 07/28/25 (Call 07/28/20)c,d,e		EUR	100		126,828
Liberbank SA
6.88%, 03/14/27(Call 03/14/22)c,d,e		EUR	100		133,403
NH Hotel Group SA
3.75%, 10/01/23 (Call 10/01/19)c		EUR	100		126,792
Obrascon Huarte Lain SA
4.75%, 03/15/22 (Call 3/15/19)c		EUR	100		122,018
Repsol International Finance BV
4.50%, 03/25/75 (Call 03/25/25)c,d,e		EUR	200		265,179
					3,651,108
SWEDEN — 0.80%
Fastighets AB Balder
3.00%, 03/07/78 (Call 03/07/23)c,d,e		EUR	100		118,189
Intrum Justitia AB
2.75%, 07/15/22 (Call 07/15/19)c		EUR	225		269,225
3.13%, 07/15/24 (Call 07/15/20)c		EUR	200		237,111
Ovako AB
5.00%, 10/05/22 (Call 10/05/19)		EUR	100		123,852
Telefonaktiebolaget LM Ericsson
4.13%, 05/15/22b		USD	175		173,062
Series 7Y
1.88%, 03/01/24c		EUR	200		236,423

Security	Principal (000s)			Value
Unilabs Subholding AB
5.75%, 05/15/25 (Call 05/15/20)c		EUR	100	$	119,752
Verisure Holding AB
6.00%, 11/01/22 (Call 11/01/18)c		EUR	90		114,299
Verisure Midholding AB
5.75%, 12/01/23 (Call 12/01/19)c		EUR	200		239,749
Volvo Car AB
3.25%, 05/18/21c		EUR	100		129,420
					1,761,082
SWITZERLAND — 0.24%
Dufry Finance SCA
4.50%, 08/01/23 (Call 08/01/18)c		EUR	100		125,768
Dufry One BV
2.50%, 10/15/24 (Call 10/15/20)c		EUR	100		122,485
SIG Combibloc Holdings SCA
7.75%, 02/15/23 (Call 2/15/19)c		EUR	100		125,601
Transocean Inc.
7.50%, 01/15/26 (Call 01/15/21)a		USD	150		151,926
					525,780
UNITED KINGDOM — 4.98%
Algeco Global Finance PLC
6.50%, 02/15/23 (Call 02/15/20)c		EUR	100		123,842
Amigo Luxembourg SA
7.63%, 01/15/24 (Call 01/15/20)c		GBP	100		141,870
Arqiva Broadcast Finance PLC
9.50%, 03/31/20 (Call 09/30/18)c		GBP	100		144,508
Ashtead Capital Inc.
4.38%, 08/15/27 (Call 08/15/22)a		USD	200		188,250
Aston Martin Capital Holdings Ltd.
5.75%, 04/15/22 (Call 04/15/19)c		GBP	100		144,277
Boparan Finance PLC
5.50%, 07/15/21 (Call 7/15/18)c		GBP	100		130,793
Cabot Financial Luxembourg SA
7.50%, 10/01/23 (Call 10/01/19)c		GBP	100		146,009
CNH Industrial Finance Europe SA
1.38%, 05/23/22 (Call 02/23/22)c		EUR	100		123,465
1.75%, 09/12/25 (Call 06/12/25)c		EUR	100		121,725
2.88%, 05/17/23c		EUR	100		130,911
CNH Industrial NV
3.85%, 11/15/27 (Call 08/15/27)b		USD	100		95,711
4.50%, 08/15/23		USD	75		76,294
Fiat Chrysler Automobiles NV
3.75%, 03/29/24c		EUR	200		267,171

SCHEDULES OF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
4.50%, 04/15/20		USD	200	$	202,603
5.25%, 04/15/23b		USD	200		207,514
Heathrow Finance PLC
3.88%, 03/01/27c		GBP	100		132,057
Iceland Bondco PLC
4.63%, 03/15/25 (Call 09/15/20)c		GBP	100		125,768
IDH Finance PLC
6.25%, 08/15/22 (Call 08/15/18)c		GBP	100		125,798
INEOS Finance PLC
4.00%, 05/01/23 (Call 5/1/18)c		EUR	200		246,305
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 05/31/18)a		USD	200		192,773
International Personal Finance PLC
5.75%, 04/07/21c		EUR	100		114,703
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24c		EUR	100		119,488
3.50%, 03/15/20 (Call 12/15/19)a,b		USD	200		198,910
3.88%, 03/01/23c		GBP	100		138,244
4.50%, 10/01/27 (Call 07/01/27)a		USD	200		180,253
Jerrold Finco PLC
6.25%, 09/15/21 (Call 09/15/18)c		GBP	100		141,665
KCA Deutag UK Finance PLC
9.63%, 04/01/23 (Call 04/01/20)a		USD	200		206,500
Lecta SA
6.50%, 08/01/23 (Call 08/01/19)c		EUR	100		123,432
Mclaren Finance PLC
5.00%, 08/01/22 (Call 08/01/19)c		GBP	100		136,557
Merlin Entertainments PLC
2.75%, 03/15/22 (Call 12/15/21)c		EUR	100		125,398
Miller Homes Group Holdings PLC
5.50%, 10/15/24 (Call 10/15/20)c		GBP	100		137,624
Nemean Bondco PLC
7.38%, 02/01/24 (Call 02/01/20)c		GBP	100		130,504
New Look Secured Issuer PLC
6.50%, 07/01/22 (Call 06/24/18)c		GBP	100		61,722
Noble Holding International Ltd.
7.75%, 01/15/24 (Call 10/15/23)b		USD	150		139,559
7.88%, 02/01/26 (Call 02/01/21)a		USD	135		135,797
Nomad Foods Bondco PLC
3.25%, 05/15/24 (Call 05/15/20)c		EUR	100		122,081
Ocado Group PLC
4.00%, 06/15/24 (Call 06/15/20)c		GBP	100		136,185

Security	Principal (000s)			Value
Pinewood Finco PLC
3.75%, 12/01/23 (Call 12/01/19)c		GBP	100	$	139,423
Pinnacle Bidco PLC
6.38%, 02/15/25 (Call 02/15/21)c		GBP	100		139,757
Pizzaexpress Financing 2 PLC
6.63%, 08/01/21 (Call 8/1/18)c		GBP	100		129,276
Premier Foods Finance PLC
6.50%, 03/15/21 (Call 3/15/19)c		GBP	100		138,940
Royal Bank of Scotland Group PLC
5.13%, 05/28/24b		USD	400		406,616
6.00%, 12/19/23		USD	375		397,501
6.10%, 06/10/23b		USD	175		185,774
6.13%, 12/15/22		USD	400		423,536
Shop Direct Funding PLC
7.75%, 11/15/22 (Call 11/15/19)c		GBP	100		117,379
Stonegate Pub Co. Financing PLC
4.88%, 03/15/22 (Call 03/15/19)c		GBP	150		204,165
Tesco Corporate Treasury Services PLC
1.38%, 07/01/19c		EUR	100		122,588
2.13%, 11/12/20 (Call 08/12/20)c		EUR	100		125,964
2.50%, 07/01/24c		EUR	200		256,999
Tesco PLC
6.13%, 02/24/22		GBP	100		157,637
Thomas Cook Group PLC
6.25%, 06/15/22 (Call 06/15/19)c		EUR	200		259,595
Travelex Financing PLC
8.00%, 05/15/22 (Call 05/15/20)c		EUR	100		120,998
Travis Perkins PLC
4.38%, 09/15/21c		GBP	100		143,130
Virgin Media Finance PLC
4.50%, 01/15/25 (Call 01/15/20)c		EUR	100		122,985
5.75%, 01/15/25 (Call 01/15/20)a		USD	200		190,368
6.38%, 04/15/23 (Call 05/11/18)a		USD	200		202,284
Virgin Media Receivables Financing Notes I DAC
5.50%, 09/15/24c		GBP	200		272,712
Virgin Media Secured Finance PLC
4.88%, 01/15/27 (Call 01/15/21)c		GBP	100		135,239
5.00%, 04/15/27 (Call 04/15/22)c		GBP	100		136,282
5.25%, 01/15/26 (Call 01/15/20)a		USD	200		190,211
5.50%, 01/15/25 (Call 01/15/19)c		GBP	90		126,880
5.50%, 08/15/26 (Call 08/15/21)a		USD	200		193,000
6.25%, 03/28/29 (Call 01/15/21)c		GBP	100		145,387

44 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
Viridian Group FinanceCo PLC/Viridian Power and Energy
4.00%, 09/15/25 (Call 09/15/20)c		EUR	150	$	171,910
Worldpay Finance PLC
3.75%, 11/15/22 (Call 08/15/22)c		EUR	100		130,267
					10,903,069
UNITED STATES — 63.35%
Acadia Healthcare Co. Inc.
5.63%, 02/15/23 (Call 05/31/18)		USD	150		151,545
Adient Global Holdings Ltd.
3.50%, 08/15/24 (Call 05/15/24)c		EUR	200		244,187
ADT Corp. (The)
3.50%, 07/15/22		USD	200		186,491
4.13%, 06/15/23		USD	150		140,813
6.25%, 10/15/21		USD	175		182,875
AECOM
5.13%, 03/15/27 (Call 12/15/26)		USD	200		191,913
5.88%, 10/15/24 (Call 07/15/24)		USD	150		156,202
AES Corp./VA
4.00%, 03/15/21		USD	115		115,466
4.50%, 03/15/23 (Call 03/15/20)		USD	115		115,575
4.88%, 05/15/23 (Call 05/31/18)b		USD	125		125,781
5.13%, 09/01/27 (Call 09/01/22)		USD	70		70,923
5.50%, 04/15/25 (Call 04/15/20)b		USD	144		147,013
6.00%, 05/15/26 (Call 05/15/21)		USD	75		78,277
Aircastle Ltd.
4.13%, 05/01/24 (Call 02/01/24)b		USD	75		73,406
5.00%, 04/01/23		USD	100		102,500
5.13%, 03/15/21		USD	75		76,938
5.50%, 02/15/22		USD	100		103,931
6.25%, 12/01/19b		USD	100		104,000
AK Steel Corp.
7.00%, 03/15/27 (Call 03/15/22)b		USD	75		72,750
7.63%, 10/01/21 (Call 05/31/18)b		USD	75		76,471
Albertsons Companies LLC/Safeway Inc./New Albertson’s Inc./Albertson’s LLC
5.75%, 03/15/25 (Call 09/15/19)		USD	225		196,312
6.63%, 06/15/24 (Call 06/15/19)		USD	225		210,375
Alcoa Nederland Holding BV
7.00%, 09/30/26 (Call 09/30/21)a		USD	200		218,000
Aleris International Inc.
7.88%, 11/01/20 (Call 05/31/18)		USD	75		73,888

Security	Principal (000s)			Value
9.50%, 04/01/21 (Call 05/31/18)a		USD	150	$	156,375
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)b		USD	100		101,600
7.88%, 08/15/23 (Call 05/15/23)b		USD	75		81,454
Allison Transmission Inc.
4.75%, 10/01/27 (Call 10/01/22)a		USD	75		70,408
5.00%, 10/01/24 (Call 10/01/19)a		USD	200		196,067
Ally Financial Inc.
3.75%, 11/18/19b		USD	200		200,520
4.13%, 03/30/20		USD	100		100,500
4.13%, 02/13/22b		USD	125		124,414
4.25%, 04/15/21		USD	175		175,875
4.63%, 05/19/22		USD	75		75,670
4.63%, 03/30/25		USD	100		99,336
5.13%, 09/30/24		USD	135		138,495
5.75%, 11/20/25 (Call 10/20/25)b		USD	200		206,985
7.50%, 09/15/20b		USD	25		27,014
8.00%, 03/15/20		USD	100		107,741
Altice U.S. Finance I Corp.
5.38%, 07/15/23 (Call 07/15/18)a		USD	200		200,587
5.50%, 05/15/26 (Call 05/15/21)a		USD	400		391,000
AMC Entertainment Holdings Inc.
5.75%, 06/15/25 (Call 06/15/20)b		USD	125		121,784
5.88%, 11/15/26 (Call 11/15/21)b		USD	90		87,426
6.13%, 05/15/27 (Call 05/15/22)b		USD	75		72,798
6.38%, 11/15/24 (Call 11/15/19)		GBP	100		139,844
AMC Networks Inc.
4.75%, 12/15/22 (Call 05/31/18)b		USD	100		100,500
4.75%, 08/01/25 (Call 08/01/21)b		USD	150		142,500
5.00%, 04/01/24 (Call 04/01/20)		USD	200		195,346
American Airlines Group Inc.
4.63%, 03/01/20a,b		USD	100		100,437
5.50%, 10/01/19a		USD	125		127,406
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 04/01/20)b		USD	135		134,578
6.25%, 03/15/26 (Call 03/15/21)		USD	70		69,213
6.50%, 04/01/27 (Call 04/01/22)b		USD	100		99,351
6.63%, 10/15/22 (Call 05/31/18)b		USD	100		103,183
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)		USD	125		122,774
5.63%, 05/20/24 (Call 03/20/24)		USD	125		124,951
5.75%, 05/20/27 (Call 02/20/27)		USD	100		96,333
5.88%, 08/20/26 (Call 05/20/26)		USD	125		124,063

SCHEDULES OF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
Anixter Inc.
5.13%, 10/01/21b		USD	50	$	51,031
Antero Resources Corp.
5.00%, 03/01/25 (Call 03/01/20)b		USD	125		124,678
5.13%, 12/01/22 (Call 05/31/18)		USD	200		201,125
5.38%, 11/01/21 (Call 05/31/18)		USD	125		126,756
5.63%, 06/01/23 (Call 06/01/18)		USD	125		127,656
APX Group Inc.
7.63%, 09/01/23 (Call 09/01/19)b		USD	83		77,299
7.88%, 12/01/22 (Call 12/01/18)		USD	150		151,729
8.75%, 12/01/20 (Call 05/31/18)b		USD	200		197,250
Aramark International Finance Sarl
3.13%, 04/01/25 (Call 04/01/20)c		EUR	100		123,953
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)		USD	150		145,370
5.00%, 04/01/25 (Call 04/01/20)a		USD	75		75,367
5.00%, 02/01/28 (Call 02/01/23)a		USD	200		195,000
5.13%, 01/15/24 (Call 01/15/19)		USD	175		177,910
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)		USD	225		227,389
5.40%, 04/15/21 (Call 01/15/21)		USD	250		257,162
5.87%, 02/23/22		USD	100		104,750
6.15%, 08/15/20		USD	175		183,427
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
10.00%, 04/01/22 (Call 04/01/20)a		USD	275		295,625
Ashland LLC
4.75%, 08/15/22 (Call 05/15/22)		USD	200		201,753
Avantor Inc.
4.75%, 10/01/24 (Call 10/01/20)c		EUR	100		120,803
6.00%, 10/01/24 (Call 10/01/20)a		USD	285		286,425
9.00%, 10/01/25 (Call 10/01/20)a		USD	350		353,167
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 05/31/18)a		USD	75		74,551
5.50%, 04/01/23 (Call 05/31/18)b		USD	150		148,500
Avis Budget Finance PLC
4.13%, 11/15/24 (Call 11/15/19)c		EUR	100		123,398
Avon International Operations Inc.
7.88%, 08/15/22 (Call 08/15/19)a,b		USD	100		101,813
Avon Products Inc.
6.60%, 03/15/20		USD	75		75,750
7.00%, 03/15/23b		USD	75		69,000

Security	Principal (000s)			Value
Axalta Coating Systems Dutch Holding B BV
3.75%, 01/15/25 (Call 01/15/20)c		EUR	125	$	158,842
B&G Foods Inc.
4.63%, 06/01/21 (Call 05/31/18)		USD	150		148,199
5.25%, 04/01/25 (Call 04/01/20)b		USD	150		137,250
Ball Corp.
3.50%, 12/15/20		EUR	100		130,798
4.00%, 11/15/23		USD	175		171,561
4.38%, 12/15/20		USD	150		152,508
4.38%, 12/15/23		EUR	100		136,557
4.88%, 03/15/26 (Call 12/15/25)		USD	150		149,820
5.00%, 03/15/22		USD	150		155,360
5.25%, 07/01/25		USD	175		180,092
Beacon Roofing Supply Inc.
4.88%, 11/01/25 (Call 11/01/20)a		USD	260		245,404
Beazer Homes USA Inc.
5.88%, 10/15/27 (Call 10/15/22)		USD	75		68,426
8.75%, 03/15/22 (Call 03/15/19)		USD	110		118,147
Belden Inc.
3.88%, 03/15/28 (Call 03/15/23)c		EUR	150		176,344
Berry Global Inc.
4.50%, 02/15/26 (Call 02/15/21)a,b		USD	90		85,950
5.13%, 07/15/23 (Call 07/15/18)		USD	125		125,830
5.50%, 05/15/22 (Call 05/31/18)		USD	100		102,688
6.00%, 10/15/22 (Call 10/15/18)		USD	90		93,713
Blue Cube Spinco Inc.
9.75%, 10/15/23 (Call 10/15/20)		USD	150		172,062
10.00%, 10/15/25 (Call 10/15/20)		USD	125		146,562
BlueLine Rental Finance Corp./BlueLine Rental LLC
9.25%, 03/15/24 (Call 03/15/20)a,b		USD	225		239,276
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 05/31/18)a		USD	325		324,187
Boyd Gaming Corp.
6.38%, 04/01/26 (Call 04/01/21)		USD	150		156,250
6.88%, 05/15/23 (Call 05/16/18)		USD	125		131,163
Brand Industrial Services Inc.
8.50%, 07/15/25 (Call 07/15/20)a		USD	200		206,437
Buckeye Partners LP
6.38%, 01/22/78 (Call 01/22/23)b,d,e		USD	75		73,031

46 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
BWAY Holding Co.
5.50%, 04/15/24 (Call 04/15/20)a		USD	275	$	276,787
7.25%, 04/15/25 (Call 04/15/20)a,b		USD	250		256,394
Cablevision Systems Corp.
5.88%, 09/15/22b		USD	150		147,643
8.00%, 04/15/20		USD	75		79,305
Caesars Resort Collection LLC/CRC Finco Inc.
5.25%, 10/15/25 (Call 10/15/20)a,b		USD	300		286,500
California Resources Corp.
8.00%, 12/15/22 (Call 12/15/18)a		USD	400		344,000
Calpine Corp.
5.25%, 06/01/26 (Call 06/01/21)a		USD	225		215,578
5.38%, 01/15/23 (Call 10/15/18)		USD	250		239,243
5.50%, 02/01/24 (Call 02/01/19)b		USD	125		114,661
5.75%, 01/15/25 (Call 10/15/19)b		USD	275		251,361
5.88%, 01/15/24 (Call 11/01/18)a		USD	75		75,551
6.00%, 01/15/22 (Call 05/31/18)a		USD	125		127,094
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 05/31/18)		USD	175		172,783
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 05/31/18)b		USD	130		133,250
7.50%, 09/15/20 (Call 05/31/18)		USD	25		25,250
Catalent Pharma Solutions Inc.
4.75%, 12/15/24 (Call 12/15/19)c		EUR	100		126,783
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 02/01/28 (Call 08/01/22)a,b		USD	450		414,145
5.13%, 02/15/23 (Call 05/31/18)		USD	200		200,929
5.13%, 05/01/23 (Call 05/31/18)a		USD	225		226,057
5.13%, 05/01/27 (Call 05/01/22)a		USD	600		560,903
5.25%, 03/15/21 (Call 05/31/18)		USD	50		50,508
5.25%, 09/30/22 (Call 05/31/18)		USD	200		203,000
5.38%, 05/01/25 (Call 05/01/20)a		USD	150		147,656
5.50%, 05/01/26 (Call 05/01/21)a		USD	275		267,071
5.75%, 09/01/23 (Call 05/31/18)		USD	100		101,000
5.75%, 01/15/24 (Call 07/15/18)		USD	225		226,869
5.75%, 02/15/26 (Call 02/15/21)a		USD	450		446,062
5.88%, 04/01/24 (Call 04/01/19)a		USD	350		354,637
5.88%, 05/01/27 (Call 05/01/21)a		USD	125		122,725

Security	Principal (000s)			Value
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)		USD	105	$	100,538
5.00%, 10/15/24 (Call 07/15/24)		USD	100		101,500
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 05/31/18)		USD	100		101,803
5.00%, 09/01/25 (Call 03/01/20)		USD	125		124,353
5.50%, 12/01/24 (Call 06/01/24)		USD	75		77,659
Centene Corp.
4.75%, 05/15/22 (Call 05/15/19)		USD	200		202,542
4.75%, 01/15/25 (Call 01/15/20)		USD	200		194,180
5.63%, 02/15/21 (Call 05/31/18)		USD	250		256,875
6.13%, 02/15/24 (Call 02/15/19)		USD	200		209,500
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)b		USD	100		91,875
Series S
6.45%, 06/15/21		USD	275		281,187
Series T
5.80%, 03/15/22		USD	300		298,500
Series V
5.63%, 04/01/20		USD	225		227,429
Series W
6.75%, 12/01/23b		USD	125		124,355
Series Y
7.50%, 04/01/24 (Call 01/01/24)b		USD	175		178,500
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 05/31/18)a		USD	250		249,375
7.50%, 04/01/28 (Call 04/01/23)a		USD	200		203,000
7.75%, 07/15/25 (Call 07/15/20)a		USD	200		210,390
CF Industries Inc.
3.45%, 06/01/23		USD	100		94,688
7.13%, 05/01/20		USD	174		185,527
Change Healthcare Holdings LLC/Change Healthcare Finance Inc.
5.75%, 03/01/25 (Call 03/01/20)a		USD	190		186,200
Chemours Co. (The)
5.38%, 05/15/27 (Call 02/15/27)		USD	100		99,000
6.13%, 05/15/23 (Call 5/15/18)		EUR	100		126,303
6.63%, 05/15/23 (Call 05/31/18)		USD	200		210,250
7.00%, 05/15/25 (Call 05/15/20)b		USD	150		161,307
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/27 (Call 01/01/27)		USD	275		267,902
5.88%, 03/31/25 (Call 10/02/24)		USD	275		283,187
7.00%, 06/30/24 (Call 01/01/24)		USD	200		218,361

SCHEDULES OF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
Cheniere Energy Partners LP
5.25%, 10/01/25 (Call 10/01/20)a		USD	300	$	293,250
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 05/31/18)b		USD	75		71,866
6.13%, 02/15/21		USD	75		75,694
6.63%, 08/15/20		USD	75		76,714
8.00%, 12/15/22 (Call 12/15/18)a		USD	270		285,935
8.00%, 01/15/25 (Call 01/15/20)a,b		USD	250		242,375
8.00%, 06/15/27 (Call 06/15/22)a,b		USD	225		216,562
CHS/Community Health Systems Inc.
5.13%, 08/01/21 (Call 05/31/18)		USD	175		161,437
6.25%, 03/31/23 (Call 03/31/20)		USD	550		501,118
6.88%, 02/01/22 (Call 05/31/18)b		USD	550		299,915
7.13%, 07/15/20 (Call 05/31/18)b		USD	225		178,714
8.00%, 11/15/19 (Call 05/31/18)b		USD	350		318,500
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)		USD	150		148,083
5.13%, 12/15/22 (Call 05/31/18)		USD	75		76,214
CIT Group Inc.
4.13%, 03/09/21 (Call 02/09/21)b		USD	100		100,091
5.00%, 08/15/22		USD	200		204,250
5.00%, 08/01/23		USD	150		152,812
5.25%, 03/07/25 (Call 12/07/24)b		USD	100		102,125
5.38%, 05/15/20		USD	75		77,417
6.13%, 03/09/28		USD	75		77,625
Clean Harbors Inc.
5.13%, 06/01/21 (Call 05/31/18)		USD	200		201,250
5.25%, 08/01/20 (Call 05/31/18)		USD	40		40,143
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 05/31/18)		USD	100		102,000
Series B
6.50%, 11/15/22 (Call 05/31/18)		USD	400		409,000
7.63%, 03/15/20 (Call 05/31/18)b		USD	300		300,750
Cleveland-Cliffs Inc.
4.88%, 01/15/24 (Call 01/15/21)a		USD	100		97,490
5.75%, 03/01/25 (Call 03/01/20)b		USD	210		202,520
CNH Industrial Finance Europe SA
2.88%, 09/27/21c		EUR	100		130,525
CNX Resources Corp.
5.88%, 04/15/22 (Call 05/31/18)		USD	325		326,219
8.00%, 04/01/23 (Call 05/31/18)		USD	100		105,533

Security	Principal (000s)			Value
Colfax Corp.
3.25%, 05/15/25 (Call 05/15/20)c		EUR	125	$	152,275
CommScope Inc.
5.00%, 06/15/21 (Call 05/11/18)a		USD	100		100,863
5.50%, 06/15/24 (Call 06/15/19)a		USD	160		163,117
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)a,b		USD	150		143,813
6.00%, 06/15/25 (Call 06/15/20)a		USD	230		236,900
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)		USD	200		194,250
4.38%, 01/15/28 (Call 10/15/27)a		USD	185		182,081
4.50%, 04/15/23 (Call 01/15/23)		USD	275		278,382
5.00%, 09/15/22 (Call 05/31/18)b		USD	350		355,687
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)		USD	75		74,138
5.88%, 07/01/25 (Call 07/01/20)		USD	100		97,000
6.38%, 10/01/22 (Call 05/31/18)		USD	75		76,465
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.75%, 04/01/25 (Call 04/01/20)b		USD	100		98,934
6.25%, 04/01/23 (Call 05/31/18)		USD	125		126,833
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23		USD	175		172,225
Crown Americas LLC/Crown Americas Capital Corp. V
4.25%, 09/30/26 (Call 03/31/26)		USD	50		46,313
Crown Americas LLC/Crown Americas Capital Corp. VI
4.75%, 02/01/26 (Call 02/01/21)a,b		USD	175		168,253
Crown European Holdings SA
2.25%, 02/01/23 (Call 11/01/22)c		EUR	100		121,947
2.63%, 09/30/24 (Call 03/31/24)c		EUR	100		121,309
2.88%, 02/01/26 (Call 08/01/25)c		EUR	100		118,976
3.38%, 05/15/25 (Call 11/15/24)c		EUR	100		124,793
4.00%, 07/15/22 (Call 04/15/22)c		EUR	100		131,946
CrownRock LP/CrownRock Finance Inc.
5.63%, 10/15/25 (Call 10/15/20)a		USD	200		197,663

48 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
CSC Holdings LLC
5.25%, 06/01/24		USD	125	$	116,953
5.38%, 02/01/28 (Call 02/01/23)a		USD	200		186,500
5.50%, 04/15/27 (Call 04/15/22)a		USD	200		191,960
6.63%, 10/15/25 (Call 10/15/20)a		USD	200		205,985
6.75%, 11/15/21		USD	225		236,531
10.13%, 01/15/23 (Call 01/15/19)a		USD	200		221,672
10.88%, 10/15/25 (Call 10/15/20)a		USD	336		393,960
CyrusOne LP/CyrusOne Finance Corp.
5.38%, 03/15/27 (Call 03/15/22)		USD	100		100,125
Dana Financing Luxembourg Sarl
5.75%, 04/15/25 (Call 04/15/20)a		USD	75		75,943
Dana Inc.
5.50%, 12/15/24 (Call 12/15/19)b		USD	75		75,919
Darling Global Finance BV
3.63%, 05/15/26 (Call 05/15/21)c		EUR	100		122,357
4.75%, 05/30/22 (Call 05/30/18)c		EUR	100		123,870
DaVita Inc.
5.00%, 05/01/25 (Call 05/01/20)		USD	275		260,426
5.13%, 07/15/24 (Call 07/15/19)b		USD	325		314,483
5.75%, 08/15/22 (Call 05/31/18)		USD	200		204,500
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		USD	100		96,500
4.75%, 09/30/21 (Call 06/30/21)a		USD	100		101,250
5.35%, 03/15/20a		USD	100		102,923
5.85%, 05/21/43 (Call 05/21/23)a,d,e		USD	100		95,000
Dell Inc.
4.63%, 04/01/21b		USD	75		75,790
Dell International LLC/EMC Corp.
5.88%, 06/15/21 (Call 06/15/18)a		USD	300		308,625
7.13%, 06/15/24 (Call 06/15/19)a,b		USD	300		319,500
Denbury Resources Inc.
9.00%, 05/15/21 (Call 12/15/18)a,b		USD	100		104,489
9.25%, 03/31/22 (Call 03/31/19)a,b		USD	100		103,991
Diamond BC BV
5.63%, 08/15/25 (Call 08/15/20)c		EUR	100		115,460
Diamond Offshore Drilling Inc.
7.88%, 08/15/25 (Call 05/15/25)b		USD	105		108,019

Security	Principal (000s)			Value
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/19)a		USD	100	$	107,875
10.75%, 09/01/24 (Call 09/01/19)a		USD	125		139,141
Diamondback Energy Inc.
4.75%, 11/01/24 (Call 11/01/19)		USD	150		149,205
5.38%, 05/31/25 (Call 05/31/20)b		USD	60		60,570
DISH DBS Corp.
5.00%, 03/15/23b		USD	275		237,187
5.13%, 05/01/20		USD	200		199,000
5.88%, 07/15/22b		USD	375		345,844
5.88%, 11/15/24b		USD	375		319,687
6.75%, 06/01/21		USD	375		373,125
7.75%, 07/01/26b		USD	350		318,281
7.88%, 09/01/19		USD	250		259,375
DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)a		USD	200		200,404
DPL Inc.
7.25%, 10/15/21 (Call 07/15/21)		USD	100		108,760
Edgewell Personal Care Co.
4.70%, 05/19/21		USD	150		147,937
4.70%, 05/24/22b		USD	50		48,730
Eldorado Resorts Inc.
6.00%, 04/01/25 (Call 04/01/20)		USD	160		158,600
EMC Corp.
2.65%, 06/01/20		USD	375		363,609
3.38%, 06/01/23 (Call 03/01/23)		USD	200		186,308
Encompass Health Corp.
5.75%, 11/01/24 (Call 05/31/18)b		USD	225		228,617
Endeavor Energy Resources LP/EER Finance Inc.
5.50%, 01/30/26 (Call 01/30/21)a		USD	105		105,558
5.75%, 01/30/28 (Call 01/30/23)a		USD	90		90,425
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 07/15/18)a		USD	400		290,250
6.00%, 02/01/25 (Call 02/01/20)a		USD	200		140,488
Endo Finance LLC
5.75%, 01/15/22 (Call 05/31/18)a,b		USD	125		102,357
Endo Finance LLC/Endo Finco Inc.
5.38%, 01/15/23 (Call 05/31/18)a		USD	50		36,210
Energy Transfer Equity LP
4.25%, 03/15/23 (Call 12/15/22)b		USD	175		169,035
5.50%, 06/01/27 (Call 03/01/27)		USD	175		174,310

SCHEDULES OF INVESTMENTS 49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
5.88%, 01/15/24 (Call 10/15/23)b		USD	200	$	204,500
7.50%, 10/15/20		USD	225		240,690
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)b		USD	125		101,797
5.20%, 03/15/25 (Call 12/15/24)b		USD	125		102,500
7.75%, 02/01/26		USD	175		164,657
Envision Healthcare Corp.
5.13%, 07/01/22 (Call 05/11/18)a		USD	150		147,615
5.63%, 07/15/22 (Call 05/31/18)b		USD	200		200,099
6.25%, 12/01/24 (Call 12/01/19)a,b		USD	100		104,000
EP Energy LLC/Everest Acquisition Finance Inc.
8.00%, 11/29/24 (Call 11/30/19)a,b		USD	100		102,952
8.00%, 02/15/25 (Call 02/15/20)a		USD	180		127,463
9.38%, 05/01/24 (Call 05/01/20)a		USD	200		152,737
Equinix Inc.
2.88%, 03/15/24 (Call 09/15/20)		EUR	100		120,314
2.88%, 10/01/25 (Call 10/01/20)		EUR	150		175,766
2.88%, 02/01/26 (Call 02/01/21)		EUR	200		232,616
5.38%, 01/01/22 (Call 05/31/18)		USD	125		128,895
5.38%, 04/01/23 (Call 06/05/18)		USD	200		205,500
5.38%, 05/15/27 (Call 05/15/22)b		USD	230		234,025
5.75%, 01/01/25 (Call 01/01/20)		USD	100		104,010
5.88%, 01/15/26 (Call 01/15/21)		USD	200		207,000
ESH Hospitality Inc.
5.25%, 05/01/25 (Call 05/01/20)a		USD	255		249,262
Exela Intermediate LLC/Exela Finance Inc.
10.00%, 07/15/23 (Call 07/15/20)a		USD	175		175,214
Extraction Oil & Gas Inc.
5.63%, 02/01/26 (Call 02/01/21)a		USD	140		136,017
7.38%, 05/15/24 (Call 05/15/20)a		USD	75		78,556
Federal-Mogul LLC/Federal-Mogul Financing Corp.
4.88%, 04/15/22 (Call 04/15/19)c		EUR	175		219,276
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/31/18)b		USD	100		95,465
6.75%, 01/15/22 (Call 05/31/18)b		USD	100		94,407
6.75%, 06/15/23 (Call 06/15/19)b		USD	100		90,135

Security	Principal (000s)			Value
Fifth Third Bancorp.
5.10%, (Call 06/30/23)d,e,f		USD	125	$	122,952
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)a		USD	350		352,037
5.38%, 08/15/23 (Call 08/15/18)a		USD	225		228,589
5.75%, 01/15/24 (Call 01/15/19)a		USD	400		406,250
7.00%, 12/01/23 (Call 12/01/18)a		USD	625		653,906
First Quality Finance Co. Inc.
4.63%, 05/15/21 (Call 05/31/18)a		USD	150		148,875
5.00%, 07/01/25 (Call 07/01/20)a		USD	45		43,200
Freedom Mortgage Corp.
8.25%, 04/15/25 (Call 04/15/21)a		USD	103		103,129
Freeport-McMoRan Inc.
3.10%, 03/15/20		USD	181		178,683
3.55%, 03/01/22 (Call 12/01/21)b		USD	350		338,520
3.88%, 03/15/23 (Call 12/15/22)		USD	375		358,987
4.00%, 11/14/21		USD	100		99,232
4.55%, 11/14/24 (Call 08/14/24)b		USD	150		144,809
6.88%, 02/15/23 (Call 02/15/20)b		USD	150		160,516
Frontier Communications Corp.
6.88%, 01/15/25 (Call 10/15/24)b		USD	150		91,833
7.13%, 01/15/23		USD	175		124,755
7.63%, 04/15/24		USD	100		65,750
8.50%, 04/01/26 (Call 04/01/21)a,b		USD	300		290,152
8.75%, 04/15/22b		USD	100		83,506
10.50%, 09/15/22 (Call 06/15/22)		USD	400		351,443
11.00%, 09/15/25 (Call 06/15/25)		USD	650		500,500
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 05/31/18)		USD	75		73,290
6.25%, 05/15/26 (Call 02/15/21)		USD	75		71,625
6.50%, 10/01/25 (Call 10/01/20)b		USD	110		107,438
6.75%, 08/01/22 (Call 08/01/18)		USD	150		152,585
Genworth Holdings Inc.
4.80%, 02/15/24		USD	50		39,222
4.90%, 08/15/23		USD	75		59,494
7.63%, 09/24/21		USD	150		140,625
7.70%, 06/15/20b		USD	50		48,825
GLP Capital LP/GLP Financing II Inc.
4.38%, 04/15/21b		USD	50		50,406
4.88%, 11/01/20 (Call 08/01/20)		USD	225		229,359
5.38%, 11/01/23 (Call 08/01/23)		USD	100		103,375
5.38%, 04/15/26		USD	175		176,186

50 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
Golden Nugget Inc.
6.75%, 10/15/24 (Call 10/15/19)a		USD	250	$	253,750
8.75%, 10/01/25 (Call 10/01/20)a		USD	125		130,573
Goodyear Dunlop Tires Europe BV
3.75%, 12/15/23 (Call 12/15/18)c		EUR	100		124,691
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)b		USD	125		117,109
5.00%, 05/31/26 (Call 05/31/21)		USD	150		142,740
5.13%, 11/15/23 (Call 11/15/18)b		USD	175		174,387
Gray Television Inc.
5.13%, 10/15/24 (Call 10/15/19)a		USD	100		95,147
5.88%, 07/15/26 (Call 07/15/21)a		USD	130		125,475
Griffon Corp.
5.25%, 03/01/22 (Call 05/31/18)		USD	200		199,940
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/19)b		USD	125		118,771
6.38%, 05/15/25 (Call 05/15/20)b		USD	100		96,031
6.38%, 01/15/26 (Call 01/15/21)		USD	75		72,019
Hanesbrands Finance Luxembourg SCA
3.50%, 06/15/24 (Call 03/15/24)c		EUR	100		126,877
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)a,b		USD	175		169,121
4.88%, 05/15/26 (Call 02/15/26)a,b		USD	175		168,581
Harland Clarke Holdings Corp.
8.38%, 08/15/22 (Call 02/15/19)a		USD	165		168,556
9.25%, 03/01/21 (Call 05/31/18)a		USD	125		128,750
HCA Healthcare Inc.
6.25%, 02/15/21b		USD	175		183,832
HCA Inc.
4.25%, 10/15/19		USD	150		151,055
4.50%, 02/15/27 (Call 08/15/26)		USD	230		220,225
4.75%, 05/01/23		USD	250		252,577
5.00%, 03/15/24		USD	375		379,219
5.25%, 04/15/25b		USD	250		253,437
5.25%, 06/15/26 (Call 12/15/25)		USD	275		276,423
5.38%, 02/01/25		USD	475		473,812
5.88%, 03/15/22		USD	200		210,488
5.88%, 05/01/23b		USD	225		234,630
5.88%, 02/15/26 (Call 08/15/25)b		USD	275		279,125
6.50%, 02/15/20		USD	500		523,125
7.50%, 02/15/22		USD	375		412,500

Security	Principal (000s)			Value
HD Supply Inc.
5.75%, 04/15/24 (Call 04/15/19)a		USD	200	$	209,866
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/19)a,b		USD	150		125,309
5.88%, 10/15/20 (Call 05/31/18)		USD	125		123,906
6.25%, 10/15/22 (Call 05/31/18)b		USD	100		94,143
7.38%, 01/15/21 (Call 05/31/18)b		USD	100		99,125
7.63%, 06/01/22 (Call 06/01/19)a		USD	225		228,971
Hertz Holdings Netherlands BV
5.50%, 03/30/23 (Call 03/30/20)c		EUR	100		121,398
Hexion Inc.
6.63%, 04/15/20 (Call 05/31/18)		USD	300		281,625
10.38%, 02/01/22 (Call 02/01/19)a		USD	105		102,113
Hexion Inc./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 05/31/18)b		USD	100		78,500
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)a,b		USD	100		97,250
5.75%, 10/01/25 (Call 04/01/20)a		USD	100		98,970
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/19)		USD	175		169,385
5.13%, 05/01/26 (Call 05/01/21)a		USD	300		298,875
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 04/01/20)		USD	150		145,766
4.88%, 04/01/27 (Call 04/01/22)		USD	125		120,938
Hologic Inc.
4.63%, 02/01/28 (Call 02/01/23)a		USD	175		166,633
Howard Hughes Corp. (The)
5.38%, 03/15/25 (Call 03/15/20)a		USD	175		174,562
HUB International Ltd.
7.00%, 05/01/26 (Call 05/01/21)a		USD	20		20,025
7.88%, 10/01/21 (Call 05/25/18)a		USD	200		208,440
Hughes Satellite Systems Corp.
5.25%, 08/01/26		USD	160		156,540
6.63%, 08/01/26		USD	140		139,889
7.63%, 06/15/21		USD	175		187,687
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)		USD	125		127,500
5.13%, 04/15/21 (Call 01/15/21)		EUR	100		133,749
5.13%, 11/15/22 (Call 08/15/22)		USD	100		103,500

SCHEDULES OF INVESTMENTS 51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.88%, 02/01/22 (Call 05/31/18)b		USD	250	$	252,812
6.00%, 08/01/20 (Call 05/31/18)		USD	325		332,507
6.25%, 02/01/22 (Call 02/01/19)		USD	225		229,619
6.38%, 12/15/25 (Call 12/15/20)		USD	125		125,625
6.75%, 02/01/24 (Call 02/01/20)		USD	100		102,250
Infor U.S. Inc.
5.75%, 08/15/20 (Call 05/16/18)a,b		USD	100		102,000
5.75%, 05/15/22 (Call 05/15/18)		EUR	100		123,139
6.50%, 05/15/22 (Call 05/16/18)		USD	300		304,303
International Game Technology PLC
4.75%, 03/05/20c		EUR	100		129,636
6.25%, 02/15/22 (Call 08/15/21)a		USD	250		262,812
6.50%, 02/15/25 (Call 08/15/24)a,b		USD	200		212,979
IQVIA Inc.
2.88%, 09/15/25 (Call 09/15/20)c		EUR	100		117,957
3.25%, 03/15/25 (Call 03/15/20)c		EUR	200		245,140
3.50%, 10/15/24 (Call 10/15/19)c		EUR	100		125,060
4.88%, 05/15/23 (Call 05/31/18)a		USD	150		152,028
5.00%, 10/15/26 (Call 10/15/21)a		USD	200		197,250
Iron Mountain Inc.
4.88%, 09/15/27 (Call 09/15/22)a		USD	175		163,619
5.25%, 03/15/28 (Call 12/27/22)a		USD	150		141,188
5.75%, 08/15/24 (Call 05/11/18)b		USD	200		197,420
6.00%, 08/15/23 (Call 08/15/18)		USD	150		155,062
Iron Mountain UK PLC
3.88%, 11/15/25 (Call 11/15/20)c		GBP	100		130,910
iStar Inc.
4.63%, 09/15/20 (Call 06/15/20)		USD	75		74,906
5.00%, 07/01/19 (Call 05/31/18)		USD	100		100,000
5.25%, 09/15/22 (Call 09/15/19)b		USD	100		97,208
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.
6.75%, 11/15/21 (Call 11/15/18)a		USD	150		155,048
Jaguar Holding Co. II/Pharmaceutical Product Development LLC
6.38%, 08/01/23 (Call 08/01/18)a		USD	200		203,052
JC Penney Corp. Inc.
5.88%, 07/01/23 (Call 07/01/19)a,b		USD	75		72,165

Security	Principal (000s)			Value
8.13%, 10/01/19		USD	6	$	6,300
8.63%, 03/15/25 (Call 03/15/21)a,b		USD	75		69,792
Jefferies Finance LLC/JFIN Co-Issuer Corp.
7.25%, 08/15/24 (Call 08/15/20)a		USD	200		198,150
Jones Energy Holdings LLC/Jones Energy Finance Corp.
9.25%, 03/15/23 (Call 03/15/20)a		USD	150		147,090
K Hovnanian Enterprises Inc.
10.00%, 07/15/22 (Call 07/15/19)a		USD	75		80,441
10.50%, 07/15/24 (Call 07/15/20)a		USD	75		76,641
KB Home
7.00%, 12/15/21 (Call 09/15/21)		USD	75		79,950
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/22)a,b		USD	150		143,678
5.00%, 06/01/24 (Call 06/01/19)a		USD	200		199,281
5.25%, 06/01/26 (Call 06/01/21)a		USD	200		200,141
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 05/31/18)		USD	100		102,875
8.00%, 01/15/20		USD	150		160,548
8.75%, 01/15/23 (Call 05/31/18)		USD	100		106,875
Kinetic Concepts Inc./KCI USA Inc.
7.88%, 02/15/21 (Call 05/16/18)a		USD	100		103,640
12.50%, 11/01/21 (Call 05/01/19)a		USD	75		84,083
KLX Inc.
5.88%, 12/01/22 (Call 05/31/18)a		USD	225		234,844
Kronos Acquisition Holdings Inc.
9.00%, 08/15/23 (Call 08/15/18)a		USD	165		157,025
L Brands Inc.
5.25%, 02/01/28 b		USD	100		93,856
5.63%, 02/15/22 b		USD	175		181,145
5.63%, 10/15/23 b		USD	100		103,766
6.63%, 04/01/21		USD	225		238,716
7.00%, 05/01/20		USD	25		26,490
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 03/15/22 (Call 09/15/21)a		USD	100		99,911
5.25%, 10/01/25 (Call 10/01/20)a		USD	85		80,963
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/31/18)		USD	150		151,687

52 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
5.38%, 01/15/24 (Call 01/15/19)		USD	50	$	51,150
5.75%, 02/01/26 (Call 02/01/21)		USD	75		77,188
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)a		USD	150		148,732
4.88%, 11/01/26 (Call 11/01/21)a		USD	150		148,693
Leidos Holdings Inc.
4.45%, 12/01/20 (Call 09/01/20)b		USD	50		50,219
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)b		USD	125		123,486
4.50%, 11/15/19 (Call 08/15/19)		USD	150		151,395
4.50%, 04/30/24 (Call 01/31/24)		USD	125		121,875
4.75%, 04/01/21 (Call 02/01/21)		USD	100		101,186
4.75%, 11/15/22 (Call 08/15/22)b		USD	125		125,134
4.75%, 05/30/25 (Call 02/28/25)		USD	50		48,638
4.75%, 11/29/27 (Call 05/29/27)a		USD	175		164,816
4.88%, 12/15/23 (Call 09/15/23)		USD	80		80,093
5.88%, 11/15/24 (Call 05/15/24)a		USD	100		103,000
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/31/18)b		USD	125		123,594
5.25%, 03/15/26 (Call 03/15/21)		USD	150		144,688
5.38%, 08/15/22 (Call 05/31/18)		USD	175		175,910
5.38%, 01/15/24 (Call 01/15/19)		USD	175		173,250
5.38%, 05/01/25 (Call 05/01/20)		USD	150		147,705
5.63%, 02/01/23 (Call 05/31/18)		USD	100		101,375
6.13%, 01/15/21 (Call 05/31/18)		USD	50		50,625
Levi Strauss & Co.
3.38%, 03/15/27 (Call 03/15/22)		EUR	100		123,934
LifePoint Health Inc.
5.38%, 05/01/24 (Call 05/01/19)b		USD	100		95,375
5.50%, 12/01/21 (Call 05/31/18)		USD	200		200,918
5.88%, 12/01/23 (Call 12/01/18)b		USD	115		113,850
LIN Television Corp.
5.88%, 11/15/22 (Call 05/11/18)		USD	75		77,135
LKQ Italia Bondco SpA
3.88%, 04/01/24 (Call 01/01/24)c		EUR	100		127,311
Mallinckrodt International Finance SA
4.75%, 04/15/23 b		USD	100		71,156
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 05/31/18)a,b		USD	150		143,250
5.50%, 04/15/25 (Call 04/15/20)a,b		USD	125		94,007

Security	Principal (000s)			Value
5.63%, 10/15/23 (Call 10/15/18)a,b		USD	125	$	98,145
5.75%, 08/01/22 (Call 05/31/18)a,b		USD	175		145,860
Mattel Inc.
6.75%, 12/31/25 (Call 12/31/20)a,b		USD	175		170,599
McDermott Escrow 1 Inc./McDermott Escrow 2 Inc.
10.63%, 05/01/24 (Call 05/01/21)a		USD	125		125,689
Meredith Corp.
6.88%, 02/01/26 (Call 02/01/21)a		USD	250		252,753
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 06/01/26)		USD	75		70,875
5.63%, 05/01/24 (Call 02/01/24)		USD	200		204,004
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		USD	100		94,516
5.25%, 03/31/20		USD	100		102,550
6.00%, 03/15/23		USD	225		235,406
6.63%, 12/15/21		USD	225		240,750
6.75%, 10/01/20		USD	200		212,500
7.75%, 03/15/22		USD	175		194,250
Micron Technology Inc.
5.25%, 01/15/24 (Call 05/21/18)a		USD	100		103,857
5.50%, 02/01/25 (Call 08/01/19)		USD	90		93,600
Molina Healthcare Inc.
5.38%, 11/15/22 (Call 08/15/22)		USD	125		124,438
MPH Acquisition Holdings LLC
7.13%, 06/01/24 (Call 06/01/19)a		USD	300		304,550
MPT Operating Partnership LP/MPT Finance Corp.
4.00%, 08/19/22 (Call 05/19/22)		EUR	100		131,825
5.00%, 10/15/27 (Call 10/15/22)		USD	250		236,648
5.25%, 08/01/26 (Call 08/01/21)		USD	100		97,000
6.38%, 03/01/24 (Call 03/01/19)b		USD	100		104,523
MSCI Inc.
4.75%, 08/01/26 (Call 08/01/21)a		USD	100		99,316
5.25%, 11/15/24 (Call 11/15/19)a		USD	150		153,705
5.75%, 08/15/25 (Call 08/15/20)a		USD	150		156,705
Murphy Oil Corp.
4.00%, 06/01/22 (Call 03/01/22)		USD	75		73,477

SCHEDULES OF INVESTMENTS 53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
4.45%, 12/01/22 (Call 09/01/22)		USD	125	$	122,969
5.75%, 08/15/25 (Call 08/15/20)b		USD	100		100,114
6.88%, 08/15/24 (Call 08/15/19)b		USD	100		105,708
Murray Energy Corp.
11.25%, 04/15/21 (Call 05/31/18)a		USD	150		65,250
Nabors Industries Inc.
4.63%, 09/15/21		USD	150		146,625
5.00%, 09/15/20 b		USD	150		151,168
5.50%, 01/15/23 (Call 11/15/22)		USD	100		97,943
5.75%, 02/01/25 (Call 11/01/24)a,b		USD	175		166,192
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 07/01/21 (Call 05/31/18)		USD	175		177,477
7.88%, 10/01/20 (Call 05/31/18)		USD	50		50,818
Navient Corp.
4.88%, 06/17/19b		USD	150		151,062
5.00%, 10/26/20b		USD	100		100,406
5.50%, 01/25/23b		USD	175		172,322
5.88%, 03/25/21b		USD	125		127,969
5.88%, 10/25/24b		USD	100		98,125
6.13%, 03/25/24b		USD	150		149,950
6.50%, 06/15/22		USD	175		179,812
6.63%, 07/26/21		USD	150		155,625
6.75%, 06/25/25b		USD	75		75,859
7.25%, 01/25/22b		USD	125		132,344
7.25%, 09/25/23		USD	100		104,595
8.00%, 03/25/20		USD	275		292,875
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 05/31/18)a		USD	100		75,750
Navistar International Corp.
6.63%, 11/01/25 (Call 11/01/20)a,b		USD	210		218,196
NCR Corp.
4.63%, 02/15/21 (Call 05/31/18)		USD	150		149,437
5.00%, 07/15/22 (Call 05/31/18)		USD	100		99,464
5.88%, 12/15/21 (Call 05/31/18)		USD	75		76,425
6.38%, 12/15/23 (Call 12/15/18)b		USD	100		103,438
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 05/31/18)a,b		USD	175		117,943

Security	Principal (000s)			Value
Netflix Inc.
3.63%, 05/15/27c		EUR	200	$	240,005
4.38%, 11/15/26b		USD	200		186,438
4.88%, 04/15/28a,b		USD	270		254,475
5.38%, 02/01/21b		USD	100		103,217
5.50%, 02/15/22		USD	125		129,821
5.75%, 03/01/24		USD	75		77,739
5.88%, 02/15/25		USD	175		179,760
5.88%, 11/15/28a		USD	325		324,187
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)		USD	125		129,719
5.63%, 07/01/24 b		USD	175		185,320
5.75%, 01/30/22		USD	150		158,062
Nexstar Broadcasting Inc.
5.63%, 08/01/24 (Call 08/01/19)a,b		USD	175		171,977
NextEra Energy Operating Partners LP
4.25%, 09/15/24 (Call 07/15/24)a		USD	100		96,790
4.50%, 09/15/27 (Call 06/15/27)a		USD	100		93,486
NGL Energy Partners LP/NGL Energy Finance Corp.
6.13%, 03/01/25 (Call 03/01/20)b		USD	75		71,438
7.50%, 11/01/23 (Call 11/01/19)		USD	125		124,888
NGPL PipeCo LLC
4.38%, 08/15/22 (Call 05/15/22)a		USD	90		89,671
4.88%, 08/15/27 (Call 02/15/27)a		USD	155		150,350
Nielsen Co. Luxembourg Sarl (The)
5.00%, 02/01/25 (Call 02/01/20)a		USD	100		98,500
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 05/31/18)		USD	75		75,097
5.00%, 04/15/22 (Call 05/31/18)a		USD	450		452,812
Noble Holding International Ltd.
7.95%, 04/01/25 (Call 01/01/25)		USD	75		66,984
Novelis Corp.
5.88%, 09/30/26 (Call 09/30/21)a		USD	275		273,281
6.25%, 08/15/24 (Call 08/15/19)a		USD	200		203,246
NRG Energy Inc.
5.75%, 01/15/28 (Call 01/15/23)a,b		USD	150		148,215
6.25%, 07/15/22 (Call 07/15/18)		USD	175		179,734
6.25%, 05/01/24 (Call 05/01/19)		USD	125		128,757
6.63%, 01/15/27 (Call 07/15/21)		USD	225		231,469

54 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
7.25%, 05/15/26 (Call 05/15/21)		USD	210	$	223,942
Nuance Communications Inc.
5.38%, 08/15/20 (Call 05/31/18)a		USD	43		43,129
5.63%, 12/15/26 (Call 12/15/21)		USD	100		99,476
NuStar Logistics LP
4.80%, 09/01/20		USD	100		99,500
5.63%, 04/28/27 (Call 01/28/27)b		USD	100		94,370
Oasis Petroleum Inc.
6.25%, 05/01/26 (Call 5/1/21)a		USD	15		15,000
6.88%, 03/15/22 (Call 05/31/18)b		USD	200		205,399
OI European Group BV
3.13%, 11/15/24 (Call 08/15/24)c		EUR	200		247,130
6.75%, 09/15/20 c		EUR	100		137,876
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)		USD	100		95,042
5.13%, 09/15/27 (Call 03/15/22)		USD	100		98,000
OneMain Financial Holdings LLC
7.25%, 12/15/21 (Call 05/31/18)a		USD	62		64,325
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.63%, 05/15/22 (Call 05/31/18)a		USD	250		246,469
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 05/31/18)		USD	100		101,386
5.63%, 02/15/24 (Call 02/15/19)		USD	100		101,065
5.88%, 03/15/25 (Call 09/15/19)b		USD	100		101,963
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22 a		USD	100		101,500
5.88%, 08/15/23 a		USD	125		128,023
Parsley Energy LLC/Parsley Finance Corp.
5.25%, 08/15/25 (Call 08/15/20)a		USD	75		74,748
5.38%, 01/15/25 (Call 01/15/20)a		USD	135		136,046
5.63%, 10/15/27 (Call 10/15/22)a,b		USD	125		126,670
6.25%, 06/01/24 (Call 06/01/19)a,b		USD	75		78,192
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 11/15/18)		USD	115		118,450
7.25%, 06/15/25 (Call 06/15/20)		USD	150		155,638
PDC Energy Inc.
5.75%, 05/15/26 (Call 05/15/21)a		USD	105		105,788

Security	Principal (000s)			Value
6.13%, 09/15/24 (Call 09/15/19)		USD	100	$	102,352
Peabody Energy Corp.
6.00%, 03/31/22 (Call 03/31/19)a		USD	100		102,720
6.38%, 03/31/25 (Call 03/31/20)a,b		USD	75		78,188
Penske Automotive Group Inc.
5.50%, 05/15/26 (Call 05/15/21)b		USD	110		106,725
5.75%, 10/01/22 (Call 05/31/18)b		USD	100		102,375
PetSmart Inc.
5.88%, 06/01/25 (Call 06/01/20)a,b		USD	260		187,200
7.13%, 03/15/23 (Call 05/31/18)a		USD	350		203,000
8.88%, 06/01/25 (Call 06/01/20)a,b		USD	100		58,000
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 03/15/20)a		USD	180		175,843
5.88%, 09/30/27 (Call 09/30/22)a		USD	185		176,132
Platform Specialty Products Corp.
5.88%, 12/01/25 (Call 12/01/20)a,b		USD	165		160,712
6.50%, 02/01/22 (Call 05/31/18)a,b		USD	200		204,340
Post Holdings Inc.
5.00%, 08/15/26 (Call 08/15/21)a,b		USD	325		305,265
5.50%, 03/01/25 (Call 03/01/20)a		USD	185		181,762
5.63%, 01/15/28 (Call 12/01/22)a,b		USD	175		166,837
5.75%, 03/01/27 (Call 03/01/22)a,b		USD	275		269,582
Prestige Brands Inc.
6.38%, 03/01/24 (Call 03/01/19)a,b		USD	115		115,575
Prime Security Services Borrower LLC/Prime Finance Inc.
9.25%, 05/15/23 (Call 05/15/19)a		USD	450		482,700
PSPC Escrow Corp.
6.00%, 02/01/23 (Call 2/1/19)c		EUR	100		125,527
PulteGroup Inc.
4.25%, 03/01/21 (Call 02/01/21)		USD	125		125,638
5.00%, 01/15/27 (Call 10/15/26)		USD	125		121,585
5.50%, 03/01/26 (Call 12/01/25)		USD	130		132,360
PVH Corp.
3.13%, 12/15/27c		EUR	125		149,777
3.63%, 07/15/24 (Call 04/15/24)c		EUR	100		130,965

SCHEDULES OF INVESTMENTS 55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)b		USD	100	$	97,500
5.38%, 10/01/22 (Call 07/01/22)b		USD	100		100,794
5.63%, 03/01/26 (Call 12/01/25)		USD	100		96,008
Qorvo Inc.
6.75%, 12/01/23 (Call 12/01/18)		USD	75		79,552
7.00%, 12/01/25 (Call 12/01/20)		USD	100		108,625
Quicken Loans Inc.
5.25%, 01/15/28 (Call 01/15/23)a		USD	200		183,000
5.75%, 05/01/25 (Call 05/01/20)a		USD	225		221,117
QVC Inc.
4.38%, 03/15/23		USD	125		124,303
4.45%, 02/15/25 (Call 11/15/24)		USD	125		121,952
4.85%, 04/01/24		USD	100		100,573
5.13%, 07/02/22		USD	100		102,953
Rackspace Hosting Inc.
8.63%, 11/15/24 (Call 11/15/19)a,b		USD	225		227,682
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)		USD	100		95,925
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)b		USD	125		116,016
5.00%, 08/15/22 (Call 05/15/22)b		USD	125		122,813
5.00%, 03/15/23 (Call 12/15/22)b		USD	125		120,250
5.75%, 06/01/21 (Call 03/01/21)		USD	100		102,285
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)a,b		USD	100		96,337
5.25%, 12/01/21 (Call 05/31/18)a		USD	75		76,013
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.13%, 07/15/23 (Call 07/15/19)a		USD	300		301,875
5.75%, 10/15/20 (Call 05/31/18)		USD	581		585,826
7.00%, 07/15/24 (Call 07/15/19)a,b		USD	150		155,900
Rite Aid Corp.
6.13%, 04/01/23 (Call 05/31/18)a,b		USD	325		330,281
6.75%, 06/15/21 (Call 05/31/18)		USD	150		152,720
Rockies Express Pipeline LLC
5.63%, 04/15/20 a		USD	125		129,375

Security	Principal (000s)			Value
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)		USD	125	$	115,242
7.38%, 06/15/25 (Call 03/15/25)b		USD	100		96,597
RR Donnelley & Sons Co.
7.88%, 03/15/21		USD	100		104,533
RSP Permian Inc.
5.25%, 01/15/25 (Call 01/15/20)		USD	50		51,470
6.63%, 10/01/22 (Call 05/31/18)		USD	150		156,146
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 11/15/18)a		USD	200		202,250
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)b		USD	200		145,000
7.25%, 02/15/23 (Call 02/15/20)a,b		USD	100		101,194
7.75%, 06/15/21 (Call 05/31/18)		USD	125		115,955
SBA Communications Corp.
4.00%, 10/01/22 (Call 10/01/19)a		USD	150		142,695
4.88%, 07/15/22 (Call 05/31/18)		USD	125		125,625
4.88%, 09/01/24 (Call 09/01/19)		USD	245		236,578
Scientific Games International Inc.
3.38%, 02/15/26 (Call 02/15/21)c		EUR	100		116,899
5.00%, 10/15/25 (Call 10/15/20)a,b		USD	235		227,069
10.00%, 12/01/22 (Call 12/01/18)		USD	400		431,331
Sealed Air Corp.
4.50%, 09/15/23 (Call 06/15/23)c		EUR	100		136,231
4.88%, 12/01/22 (Call 09/01/22)a		USD	100		101,420
5.13%, 12/01/24 (Call 09/01/24)a		USD	75		76,183
5.25%, 04/01/23 (Call 01/01/23)a,b		USD	100		102,423
5.50%, 09/15/25 (Call 06/15/25)a		USD	75		77,565
6.50%, 12/01/20 (Call 09/01/20)a,b		USD	50		52,974
SemGroup Corp./Rose Rock Finance Corp.
5.63%, 07/15/22 (Call 05/16/18)		USD	75		72,469
Service Corp. International/U.S.
4.63%, 12/15/27 (Call 12/15/22)		USD	100		97,219
5.38%, 01/15/22 (Call 05/31/18)		USD	100		101,594
5.38%, 05/15/24 (Call 05/15/19)		USD	150		153,937
ServiceMaster Co. LLC (The)
5.13%, 11/15/24 (Call 11/15/19)a		USD	125		121,750

56 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
SESI LLC
7.13%, 12/15/21 (Call 05/31/18)		USD	175	$	177,905
7.75%, 09/15/24 (Call 09/15/20)a		USD	100		103,655
Silgan Holdings Inc.
3.25%, 03/15/25 (Call 03/15/20)		EUR	200		246,629
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/21)a,b		USD	75		69,362
5.38%, 04/01/21 (Call 05/16/18)		USD	50		50,500
5.63%, 08/01/24 (Call 08/01/19)a,b		USD	100		98,219
6.13%, 10/01/22 (Call 05/16/18)b		USD	150		154,240
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/20)a		USD	170		165,112
4.63%, 05/15/23 (Call 05/31/18)a		USD	100		98,625
5.00%, 08/01/27 (Call 08/01/22)a		USD	275		262,064
5.38%, 04/15/25 (Call 04/15/20)a		USD	200		198,844
5.38%, 07/15/26 (Call 07/15/21)a		USD	200		196,500
6.00%, 07/15/24 (Call 07/15/19)a		USD	225		230,600
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 07/31/19)a		USD	200		195,528
5.50%, 04/15/27 (Call 04/15/22)a,b		USD	90		89,403
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)b		USD	100		95,250
5.63%, 06/01/25 (Call 06/01/20)b		USD	100		96,500
6.13%, 11/15/22 (Call 11/15/18)b		USD	100		101,250
6.75%, 09/15/26 (Call 09/15/21)b		USD	75		76,313
Solera LLC/Solera Finance Inc.
10.50%, 03/01/24 (Call 03/01/19)a		USD	380		422,750
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)b		USD	200		194,500
6.70%, 01/23/25 (Call 10/23/24)		USD	175		170,941
7.50%, 04/01/26 (Call 04/01/21)b		USD	100		102,500
7.75%, 10/01/27 (Call 10/01/22)b		USD	100		102,795
Spectrum Brands Inc.
4.00%, 10/01/26 (Call 10/01/21)c		EUR	100		121,850
5.75%, 07/15/25 (Call 07/15/20)b		USD	200		200,185
6.63%, 11/15/22 (Call 05/31/18)b		USD	100		103,500
Springleaf Finance Corp.
5.25%, 12/15/19		USD	125		126,873
5.63%, 03/15/23		USD	150		149,631
6.13%, 05/15/22		USD	200		205,001
6.88%, 03/15/25		USD	225		227,250

Security	Principal (000s)			Value
7.75%, 10/01/21		USD	125	$	136,094
8.25%, 12/15/20		USD	175		191,672
Sprint Communications Inc.
6.00%, 11/15/22		USD	400		406,656
7.00%, 03/01/20 a		USD	200		210,750
7.00%, 08/15/20		USD	300		317,018
11.50%, 11/15/21		USD	200		239,000
Sprint Corp.
7.13%, 06/15/24		USD	450		466,312
7.25%, 09/15/21		USD	400		424,500
7.63%, 02/15/25 (Call 11/15/24)b		USD	275		288,941
7.63%, 03/01/26 (Call 11/01/25)		USD	275		289,781
7.88%, 09/15/23		USD	775		831,482
Standard Industries Inc./NJ
4.75%, 01/15/28 (Call 01/15/23)a		USD	175		162,984
5.00%, 02/15/27 (Call 02/15/22)a		USD	100		96,154
5.38%, 11/15/24 (Call 11/15/19)a		USD	200		202,625
5.50%, 02/15/23 (Call 02/15/19)a		USD	100		103,073
6.00%, 10/15/25 (Call 10/15/20)a		USD	200		207,500
Staples Inc.
8.50%, 09/15/25 (Call 09/15/20)a,b		USD	205		190,650
Starwood Property Trust Inc.
3.63%, 02/01/21 (Call 11/01/20)a,b		USD	85		83,566
4.75%, 03/15/25 (Call 09/15/24)a		USD	120		115,631
5.00%, 12/15/21 (Call 09/15/21)		USD	150		151,296
Steel Dynamics Inc.
5.00%, 12/15/26 (Call 12/15/21)		USD	125		123,916
5.13%, 10/01/21 (Call 05/31/18)		USD	50		50,953
5.25%, 04/15/23 (Call 05/31/18)		USD	50		50,764
5.50%, 10/01/24 (Call 10/01/19)		USD	100		103,017
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)		USD	100		96,106
Sunoco LP/Sunoco Finance Corp.
4.88%, 01/15/23 (Call 01/15/20)a		USD	200		196,894
5.50%, 02/15/26 (Call 02/15/21)a		USD	150		145,246
5.88%, 03/15/28 (Call 03/15/23)a		USD	85		82,535
Superior Industries International Inc.
6.00%, 06/15/25 (Call 06/15/20)c		EUR	100		119,295
Symantec Corp.
3.95%, 06/15/22 (Call 03/15/22)		USD	75		74,511
4.20%, 09/15/20b		USD	100		101,019

SCHEDULES OF INVESTMENTS 57

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
5.00%, 04/15/25 (Call 04/15/20)a		USD	225	$	225,056
T-Mobile USA Inc.
4.00%, 04/15/22 (Call 03/16/22)		USD	100		99,788
4.50%, 02/01/26 (Call 02/01/21)		USD	175		167,886
4.75%, 02/01/28 (Call 02/01/23)		USD	280		269,939
5.13%, 04/15/25 (Call 04/15/20)		USD	100		100,708
5.38%, 04/15/27 (Call 04/15/22)		USD	75		75,722
6.00%, 03/01/23 (Call 09/01/18)b		USD	225		233,350
6.00%, 04/15/24 (Call 04/15/19)		USD	200		209,250
6.38%, 03/01/25 (Call 09/01/19)		USD	300		314,250
6.50%, 01/15/24 (Call 01/15/19)		USD	175		183,094
6.50%, 01/15/26 (Call 01/15/21)		USD	375		398,198
TA MFG. Ltd.
3.63%, 04/15/23 (Call 4/15/19)c		EUR	100		122,793
Talen Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)		USD	100		84,802
6.50%, 06/01/25 (Call 06/01/20)		USD	100		73,313
9.50%, 07/15/22 (Call 07/15/20)a		USD	75		71,463
10.50%, 01/15/26 (Call 01/15/22)a		USD	125		108,766
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 09/15/24 (Call 09/15/19)a		USD	150		151,750
5.50%, 01/15/28 (Call 01/15/23)a		USD	145		144,411
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 05/31/18)		USD	100		100,092
4.25%, 11/15/23 (Call 05/31/18)		USD	100		94,500
5.00%, 01/15/28 (Call 01/15/23)a,b		USD	125		115,906
5.13%, 02/01/25 (Call 02/01/20)		USD	95		91,763
5.25%, 05/01/23 (Call 05/31/18)		USD	125		125,000
5.38%, 02/01/27 (Call 02/01/22)		USD	100		95,441
5.88%, 04/15/26 (Call 04/15/21)a		USD	200		198,500
6.75%, 03/15/24 (Call 09/15/19)		USD	100		104,875
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.
5.25%, 04/15/21 (Call 05/31/18)a		USD	100		100,554
TEGNA Inc.
5.13%, 07/15/20 (Call 05/31/18)		USD	100		101,212
6.38%, 10/15/23 (Call 10/15/18)		USD	125		129,167
Teleflex Inc.
4.63%, 11/15/27 (Call 11/15/22)		USD	100		95,604
4.88%, 06/01/26 (Call 06/01/21)		USD	75		73,950

Security	Principal (000s)			Value
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/21)b		USD	150	$	141,938
5.63%, 10/15/23 (Call 10/15/18)		USD	50		50,206
Tenet Healthcare Corp.
4.38%, 10/01/21		USD	200		197,286
4.50%, 04/01/21		USD	175		173,687
4.63%, 07/15/24 (Call 07/15/20)a		USD	350		338,581
5.13%, 05/01/25 (Call 05/01/20)a		USD	245		238,262
6.00%, 10/01/20		USD	350		361,655
6.75%, 06/15/23 b		USD	350		344,750
7.00%, 08/01/25 (Call 08/01/20)a,b		USD	100		98,000
7.50%, 01/01/22 (Call 01/01/19)a,b		USD	150		157,810
8.13%, 04/01/22 b		USD	500		520,625
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 10/31/22)a		USD	100		95,614
5.00%, 01/31/28 (Call 07/31/27)a		USD	125		116,720
Tesla Inc.
5.30%, 08/15/25 (Call 08/15/20)a,b		USD	325		287,625
Toll Brothers Finance Corp.
4.35%, 02/15/28 (Call 11/15/27)		USD	75		69,147
4.38%, 04/15/23 (Call 01/15/23)b		USD	100		100,000
4.88%, 03/15/27 (Call 12/15/26)		USD	85		82,663
5.88%, 02/15/22 (Call 11/15/21)		USD	100		105,592
TransDigm Inc.
5.50%, 10/15/20 (Call 05/31/18)		USD	75		75,375
6.00%, 07/15/22 (Call 05/31/18)b		USD	225		228,516
6.38%, 06/15/26 (Call 06/15/21)		USD	175		175,984
6.50%, 07/15/24 (Call 07/15/19)		USD	225		229,500
6.50%, 05/15/25 (Call 05/15/20)b		USD	125		126,953
Transocean Inc.
5.80%, 10/15/22 (Call 07/15/22)b		USD	100		97,965
9.00%, 07/15/23 (Call 07/15/20)a		USD	250		269,289
Transocean Phoenix 2 Ltd.
7.75%, 10/15/24 (Call 10/15/20)a,b		USD	85		91,204
Transocean Proteus Ltd.
6.25%, 12/01/24 (Call 12/01/20)a		USD	90		92,475
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 05/31/18)		USD	50		49,569
6.00%, 02/15/24 (Call 02/15/19)a,b		USD	150		149,071

58 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
TRI Pointe Group Inc./TRI Pointe Homes Inc.
5.88%, 06/15/24		USD	100	$	101,208
Tribune Media Co.
5.88%, 07/15/22 (Call 07/15/18)		USD	200		202,911
Triumph Group Inc.
7.75%, 08/15/25 (Call 08/15/20)		USD	117		120,013
Tronox Finance PLC
5.75%, 10/01/25 (Call 10/01/20)a,b		USD	75		72,750
Tronox Inc.
6.50%, 04/15/26 (Call 04/15/21)a		USD	125		123,956
U.S. Steel Corp.
6.88%, 08/15/25 (Call 08/15/20)		USD	150		153,000
7.38%, 04/01/20		USD	74		78,422
Ultra Resources Inc.
6.88%, 04/15/22 (Call 04/15/19)a,b		USD	125		92,188
7.13%, 04/15/25 (Call 04/15/20)a,b		USD	115		77,122
United Continental Holdings Inc.
4.25%, 10/01/22		USD	100		97,767
United Rentals North America Inc.
4.63%, 07/15/23 (Call 07/15/18)b		USD	200		202,625
4.63%, 10/15/25 (Call 10/15/20)		USD	130		126,344
4.88%, 01/15/28 (Call 01/15/23)		USD	300		283,438
5.50%, 07/15/25 (Call 07/15/20)		USD	150		153,552
5.50%, 05/15/27 (Call 05/15/22)		USD	180		179,072
5.75%, 11/15/24 (Call 05/15/19)		USD	175		180,906
5.88%, 09/15/26 (Call 09/15/21)		USD	200		207,838
United States Steel Corp.
6.25%, 03/15/26 (Call 03/15/21)		USD	140		138,917
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 05/31/18)a		USD	125		122,188
7.13%, 12/15/24 (Call 12/15/19)a,b		USD	125		114,922
8.25%, 10/15/23 (Call 04/15/19)		USD	200		192,288
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/31/18)a		USD	200		191,000
5.13%, 02/15/25 (Call 02/15/20)a,b		USD	275		253,000

Security	Principal (000s)			Value
Valeant Pharmaceuticals International Inc.
4.50%, 05/15/23 (Call 5/15/18)c		EUR	225	$	246,366
5.50%, 03/01/23 (Call 05/31/18)a		USD	175		158,594
5.50%, 11/01/25 (Call 11/01/20)a		USD	325		323,375
5.88%, 05/15/23 (Call 05/31/18)a		USD	600		551,250
6.13%, 04/15/25 (Call 04/15/20)a		USD	600		539,250
6.50%, 03/15/22 (Call 03/15/19)a		USD	250		259,700
6.75%, 08/15/21 (Call 05/31/18)a		USD	100		100,581
7.00%, 03/15/24 (Call 03/15/20)a,b		USD	375		396,094
7.25%, 07/15/22 (Call 05/31/18)a		USD	50		50,464
9.00%, 12/15/25 (Call 12/15/21)a		USD	285		288,748
9.25%, 04/01/26 (Call 04/01/22)a		USD	275		280,500
Vantiv LLC/Vanity Issuer Corp.
3.88%, 11/15/25 (Call 11/15/20)c		GBP	100		135,287
VeriSign Inc.
4.63%, 05/01/23 (Call 05/31/18)		USD	200		200,577
4.75%, 07/15/27 (Call 07/15/22)b		USD	100		96,000
5.25%, 04/01/25 (Call 01/01/25)b		USD	50		51,313
Veritas U.S. Inc./Veritas Bermuda Ltd.
10.50%, 02/01/24 (Call 02/01/19)a		USD	200		173,739
Vertiv Group Corp.
9.25%, 10/15/24 (Call 10/15/19)a		USD	150		151,656
Viacom Inc.
5.88%, 02/28/57 (Call 02/28/22)d,e		USD	125		125,185
6.25%, 02/28/57 (Call 02/28/27)b,d,e		USD	125		126,875
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)a		USD	165		159,118
Vistra Energy Corp.
5.88%, 06/01/23 (Call 06/01/18)		USD	100		102,625
7.38%, 11/01/22 (Call 11/01/18)		USD	375		395,156
7.63%, 11/01/24 (Call 11/01/19)		USD	250		268,437
8.00%, 01/15/25 (Call 01/15/20)a		USD	150		161,812
8.13%, 01/30/26 (Call 07/30/20)a		USD	150		164,062
VOC Escrow Ltd.
5.00%, 02/15/28 (Call 02/15/23)a		USD	125		120,938
Voya Financial Inc.
5.65%, 05/15/53 (Call 05/15/23)d,e		USD	150		152,437

SCHEDULES OF INVESTMENTS 59

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Security	Principal (000s)			Value
Weatherford International LLC
9.88%, 03/01/25 (Call 12/01/24)a,b		USD	100	$	95,308
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)b		USD	130		114,578
7.75%, 06/15/21 (Call 05/15/21)b		USD	145		143,265
8.25%, 06/15/23 (Call 03/15/23)b		USD	125		117,813
WellCare Health Plans Inc.
5.25%, 04/01/25 (Call 04/01/20)		USD	260		261,551
West Corp.
8.50%, 10/15/25 (Call 10/15/20)a		USD	200		193,500
Western Digital Corp.
4.75%, 02/15/26 (Call 11/15/25)		USD	400		394,500
Whiting Petroleum Corp.
5.75%, 03/15/21 (Call 12/15/20)b		USD	150		153,562
6.25%, 04/01/23 (Call 01/01/23)b		USD	75		77,156
6.63%, 01/15/26 (Call 10/15/25)a		USD	175		179,293
William Lyon Homes Inc.
5.88%, 01/31/25 (Call 01/31/20)		USD	100		96,679
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)		USD	150		145,080
4.55%, 06/24/24 (Call 03/24/24)		USD	225		225,000
Windstream Services LLC/Windstream Finance Corp.
6.38%, 08/01/23 (Call 05/31/18)b		USD	125		73,125
7.75%, 10/15/20 (Call 05/31/18)		USD	100		85,750
8.63%, 10/31/25 (Call 10/31/20)a		USD	125		114,688
8.75%, 12/15/24 (Call 12/15/22)a,b		USD	150		89,400
WMG Acquisition Corp.
4.13%, 11/01/24 (Call 11/01/19)c		EUR	100		126,689
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)		USD	125		125,594
6.00%, 01/15/22 (Call 10/15/21)		USD	155		162,122
8.25%, 08/01/23 (Call 06/01/23)		USD	75		85,064
WR Grace & Co.-Conn
5.13%, 10/01/21 a		USD	150		154,687
Wyndham Hotels & Resorts Inc.
5.38%, 04/15/26 (Call 04/15/21)a		USD	65		65,725
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)a,b		USD	75		72,075

Security	Principal or Shares (000s)			Value
5.25%, 05/15/27 (Call 02/15/27)a		USD	175	$	168,709
5.50%, 03/01/25 (Call 12/01/24)a,b		USD	325		323,505
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/19)a,b		USD	75		77,484
6.50%, 06/15/22 (Call 06/15/18)a		USD	350		361,375
Zayo Group LLC/Zayo Capital Inc.
5.75%, 01/15/27 (Call 01/15/22)a		USD	300		297,864
6.00%, 04/01/23 (Call 05/31/18)b		USD	275		283,072
6.38%, 05/15/25 (Call 05/15/20)		USD	175		181,160
					138,735,089
VENEZUELA — 0.18%
Citgo Holding Inc.
10.75%, 02/15/20a		USD	375		397,594
					397,594
TOTAL CORPORATE BONDS & NOTES
(Cost: $214,108,991)					213,069,620
SHORT-TERM INVESTMENTS — 18.58%
MONEY MARKET FUNDS — 18.58%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.93%h,i,j			37,709		37,712,322
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%h,i			2,987		2,986,774
					40,699,096
TOTAL SHORT-TERM INVESTMENTS
(Cost: $40,695,973)					40,699,096
TOTAL INVESTMENTS IN SECURITIES — 115.88%
(Cost: $254,804,964)					253,768,716
Other Assets, Less Liabilities — (15.88)%					(34,776,782	)
NET ASSETS — 100.00%				$	218,991,934

60 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® US & INTL HIGH YIELD CORP BOND ETF

April 30, 2018

Currency abbreviations:

CAD	—  Canadian Dollar
EUR	—  Euro
GBP	—  British Pound
USD	—  United States Dollar

^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  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 is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

^e  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^f  Security is perpetual in nature with no stated maturity date.

^g  Issuer is in default of interest payments.

^h  Affiliate of the Fund.

ⁱ  Annualized 7-day yield as of period end.

^j  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 April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17 (000s)		Shares purchased (000s)		Shares sold (000s)		Shares held at 04/30/18 (000s)		Value at 04/30/18		Income			Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		35,102		2,607b		—		37,709	$	37,712,322	$	112,589	c	$	(3,913)	$	283
BlackRock Cash Funds: Treasury, SL Agency Shares		1,574		1,413b		—		2,987		2,986,774		12,937			—		—
									$	40,699,096	$	125,526		$	(3,913)	$	283

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

^b  Net of purchases and sales.

^c  Includes 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, and less fees paid to BTC as securities lending agent.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 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
Corporate bonds & notes	$	—	$	213,069,620	$	—	$	213,069,620
Money market funds		40,699,096		—		—		40,699,096
Total	$	40,699,096	$	213,069,620	$	—	$	253,768,716

See notes to financial statements.

SCHEDULES OF INVESTMENTS 61

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

April 30, 2018

	iShares Emerging Markets High Yield Bond ETF			iShares J.P. Morgan EM Corporate Bond ETF			iShares J.P. Morgan EM Local Currency Bond ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	572,203,892		$	88,245,900		$	405,515,992
Affiliated (Note 2)		8,688,883			7,100,649			973,424
Total cost of investments in securities	$	580,892,775		$	95,346,549		$	406,489,416
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	549,763,294		$	85,883,772		$	398,328,346
Affiliated (Note 2)		8,688,883			7,100,938			973,424
Foreign currency, at valueb		—			—			3,839,933
Cash		112,720			750			—
Receivables:
Investment securities sold		5,048,136			1,151,140			11,893,827
Dividends and interest		7,875,752			1,046,926			7,322,201
Capital shares sold		100			—			—
Total Assets		571,488,885			95,183,526			422,357,731
LIABILITIES
Payables:
Investment securities purchased		11,114,887			2,634,728			2,942,491
Collateral for securities on loan (Note 1)		—			3,935,790			—
Due to custodian		—			—			13,807
Foreign taxes (Note 1)		—			—			5,199
Deferred foreign capital gains taxes (Note 1)		—			—			66,220
Investment advisory fees (Note 2)		234,312			36,657			170,357
Total Liabilities		11,349,199			6,607,175			3,198,074
NET ASSETS	$	560,139,686		$	88,576,351		$	419,159,657
Net assets consist of:
Paid-in capital	$	600,172,348		$	90,656,435		$	429,715,087
Undistributed net investment income		2,326,284			317,927			10,055,684
Accumulated net realized loss		(19,918,348	)		(36,172	)		(13,244,925	)
Net unrealized depreciation		(22,440,598	)		(2,361,839	)		(7,366,189	)
NET ASSETS	$	560,139,686		$	88,576,351		$	419,159,657
Shares outstandingc		11,650,000			1,800,000			8,600,000
Net asset value per share	$	48.08		$	49.21		$	48.74

^a  Securities on loan with values of $  —, $3,596,067 and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $  —, $  — and $3,842,161, respectively.

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

See notes to financial statements.

62 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

April 30, 2018

	iShares US & Intl High Yield Corp Bond ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	214,108,991
Affiliated (Note 2)		40,695,973
Total cost of investments in securities	$	254,804,964
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	213,069,620
Affiliated (Note 2)		40,699,096
Foreign currency, at valueb		1,508,837
Cash		4,882
Receivables:
Investment securities sold		119,938
Due from custodian (Note 4)		1,787,142
Dividends and interest		3,304,921
Total Assets		260,494,436
LIABILITIES
Payables:
Investment securities purchased		2,605,126
Collateral for securities on loan (Note 1)		37,712,805
Capital shares redeemed		1,107,335
Investment advisory fees (Note 2)		77,236
Total Liabilities		41,502,502
NET ASSETS	$	218,991,934
Net assets consist of:
Paid-in capital	$	221,083,369
Undistributed net investment income		1,213,374
Accumulated net realized loss		(2,248,705	)
Net unrealized depreciation		(1,056,104	)
NET ASSETS	$	218,991,934
Shares outstandingc		4,400,000
Net asset value per share	$	49.77

^a  Securities on loan with a value of $36,214,265. See Note 1.

^b  Cost of foreign currency: $1,525,748.

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

See notes to financial statements.

FINANCIAL STATEMENTS 63

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended April 30, 2018

	iShares Emerging Markets High Yield Bond ETF			iShares J.P. Morgan EM Corporate Bond ETF			iShares J.P. Morgan EM Local Currency Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	29,837		$	13,446		$	6,324
Interest — unaffiliateda		15,448,062			2,030,261			10,925,680
Securities lending income — affiliated — net (Note 2)		—			12,124			—
Total investment income		15,477,899			2,055,831			10,932,004
EXPENSES
Investment advisory fees (Note 2)		1,504,674			217,839			874,419
Proxy fees		28			8			27
Total expenses		1,504,702			217,847			874,446
Net investment income		13,973,197			1,837,984			10,057,558
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		(5,599,861	)		(50,152	)		382,305
Investments — affiliated (Note 2)		—			(334	)		—
In-kind redemptions — unaffiliated		3,281,750			—			—
Foreign currency transactions		—			—			(143,655	)
Net realized gain (loss)		(2,318,111	)		(50,486	)		238,650
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliatedc		(28,308,144	)		(3,772,899	)		(58,624	)
Investments — affiliated (Note 2)		—			106			—
Translation of assets and liabilities in foreign currencies		—			—			113,673
Net change in unrealized appreciation/depreciation		(28,308,144	)		(3,772,793	)		55,049
Net realized and unrealized gain (loss)		(30,626,255	)		(3,823,279	)		293,699
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,653,058	)	$	(1,985,295	)	$	10,351,257

^a  Net of foreign withholding tax of $1,487, $  — and $207,822, respectively.

^b  Net of foreign capital gains taxes of $  —, $  — and $35,461, respectively.

^c  Net of deferred foreign capital gains taxes of $  —, $  — and $66,385, respectively.

See notes to financial statements.

64 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended April 30, 2018

	iShares US & Intl High Yield Corp Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	12,937
Interest — unaffiliated		5,796,809
Securities lending income — affiliated — net (Note 2)		112,589
Total investment income		5,922,335
EXPENSES
Investment advisory fees (Note 2)		447,019
Proxy fees		21
Total expenses		447,040
Net investment income		5,475,295
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		242,299
Investments — affiliated (Note 2)		(3,913	)
In-kind redemptions — unaffiliated		563,985
Foreign currency transactions		167,885
Net realized gain		970,256
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		(5,695,241	)
Investments — affiliated (Note 2)		283
Translation of assets and liabilities in foreign currencies		(40,748	)
Net change in unrealized appreciation/depreciation		(5,735,706	)
Net realized and unrealized loss		(4,765,450	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	709,845

See notes to financial statements.

FINANCIAL STATEMENTS 65

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Emerging  Markets High Yield Bond ETF						iShares J.P. Morgan  EM Corporate Bond ETF
	Six months ended April 30, 2018 (Unaudited)			Year ended October 31, 2017			Six months ended April 30, 2018 (Unaudited)			Year ended October 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	13,973,197		$	16,846,179		$	1,837,984		$	2,870,645
Net realized gain (loss)		(2,318,111	)		552,028			(50,486	)		724,414
Net change in unrealized appreciation/depreciation		(28,308,144	)		5,173,447			(3,772,793	)		1,273,020
Net increase (decrease) in net assets resulting from operations		(16,653,058	)		22,571,654			(1,985,295	)		4,868,079
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(13,196,780	)		(16,158,680	)		(1,758,216	)		(2,731,913	)
Total distributions to shareholders		(13,196,780	)		(16,158,680	)		(1,758,216	)		(2,731,913	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		77,380,398			537,703,198			5,051,272			54,867,601
Cost of shares redeemed		(112,258,146	)		(26,679,639	)		—			(2,493,366	)
Net increase (decrease) in net assets from capital share transactions		(34,877,748	)		511,023,559			5,051,272			52,374,235
INCREASE (DECREASE) IN NET ASSETS		(64,727,586	)		517,436,533			1,307,761			54,510,401
NET ASSETS
Beginning of period		624,867,272			107,430,739			87,268,590			32,758,189
End of period	$	560,139,686		$	624,867,272		$	88,576,351		$	87,268,590
Undistributed net investment income included in net assets at end of period	$	2,326,284		$	1,549,867		$	317,927		$	238,159
SHARES ISSUED AND REDEEMED
Shares sold		1,550,000			10,750,000			100,000			1,100,000
Shares redeemed		(2,250,000	)		(550,000	)		—			(50,000	)
Net increase (decrease) in shares outstanding		(700,000	)		10,200,000			100,000			1,050,000

See notes to financial statements.

66 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares J.P. Morgan EM Local Currency Bond ETF					iShares US &  Intl High Yield Corp Bond ETF
	Six months ended April 30, 2018 (Unaudited)		Year ended October 31, 2017			Six months ended April 30, 2018 (Unaudited)			Year ended October 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	10,057,558	$	15,037,672		$	5,475,295		$	8,545,329
Net realized gain (loss)		238,650		(18,771,612	)		970,256			1,097,777
Net change in unrealized appreciation/depreciation		55,049		7,394,809			(5,735,706	)		6,304,984
Net increase in net assets resulting from operations		10,351,257		3,660,869			709,845			15,948,090
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—		—			(6,201,761	)		(7,410,092	)
Total distributions to shareholders		—		—			(6,201,761	)		(7,410,092	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		99,591,501		84,085,442			35,266,721			127,668,202
Cost of shares redeemed		—		(229,939,836	)		(24,885,494	)		(19,650,421	)
Net increase (decrease) in net assets from capital share transactions		99,591,501		(145,854,394	)		10,381,227			108,017,781
INCREASE (DECREASE) IN NET ASSETS		109,942,758		(142,193,525	)		4,889,311			116,555,779
NET ASSETS
Beginning of period		309,216,899		451,410,424			214,102,623			97,546,844
End of period	$	419,159,657	$	309,216,899		$	218,991,934		$	214,102,623
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	10,055,684	$	(1,874	)	$	1,213,374		$	1,939,840
SHARES ISSUED AND REDEEMED
Shares sold		2,000,000		1,800,000			700,000			2,600,000
Shares redeemed		—		(5,200,000	)		(500,000	)		(400,000	)
Net increase (decrease) in shares outstanding		2,000,000		(3,400,000	)		200,000			2,200,000

See notes to financial statements.

FINANCIAL STATEMENTS 67

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Emerging Markets High Yield Bond ETF
	Six months ended Apr. 30, 2018 (Unaudited)			Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013
Net asset value, beginning of period	$	50.60		$	49.97		$	46.82		$	51.03		$	50.90		$	53.62
Income from investment operations:
Net investment incomea		1.14			2.87			3.03			2.99			2.93			2.97
Net realized and unrealized gain (loss)b		(2.59	)		0.77			3.25			(4.11	)		0.15			(2.91	)
Total from investment operations		(1.45	)		3.64			6.28			(1.12	)		3.08			0.06
Less distributions from:
Net investment income		(1.07	)		(3.01	)		(3.13	)		(3.09	)		(2.95	)		(2.78	)
Total distributions		(1.07	)		(3.01	)		(3.13	)		(3.09	)		(2.95	)		(2.78	)
Net asset value, end of period	$	48.08		$	50.60		$	49.97		$	46.82		$	51.03		$	50.90
Total return		(2.91	)%c		7.60	%		14.02	%		(2.13	)%		6.24	%		0.14	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	560,140		$	624,867		$	107,431		$	159,199		$	199,005		$	203,604
Ratio of expenses to average net assetsd		0.50	%		0.50	%		0.50	%		0.55	%		0.65	%		0.65	%
Ratio of net investment income to average net assetsd		4.64	%		5.73	%		6.35	%		6.29	%		5.78	%		5.64	%
Portfolio turnover ratee		10	%c		25	%		29	%		39	%		24	%		57	%

^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.

68 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Corporate Bond ETF
	Six months ended Apr. 30, 2018 (Unaudited)			Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013
Net asset value, beginning of period	$	51.33		$	50.40		$	48.21		$	51.18		$	50.48		$	52.93
Income from investment operations:
Net investment incomea		1.06			2.10			2.19			2.19			2.01			1.92
Net realized and unrealized gain (loss)b		(2.17	)		0.90			2.18			(3.02	)		0.75			(2.49	)
Total from investment operations		(1.11	)		3.00			4.37			(0.83	)		2.76			(0.57	)
Less distributions from:
Net investment income		(1.01	)		(2.07	)		(2.18	)		(2.14	)		(2.06	)		(1.88	)
Total distributions		(1.01	)		(2.07	)		(2.18	)		(2.14	)		(2.06	)		(1.88	)
Net asset value, end of period	$	49.21		$	51.33		$	50.40		$	48.21		$	51.18		$	50.48
Total return		(2.21	)%c		6.14	%		9.33	%		(1.62	)%		5.61	%		(1.07	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	88,576		$	87,269		$	32,758		$	28,929		$	25,591		$	35,338
Ratio of expenses to average net assetsd		0.50	%		0.50	%		0.50	%		0.53	%		0.60	%		0.60	%
Ratio of net investment income to average net assetsd		4.22	%		4.16	%		4.51	%		4.47	%		3.99	%		3.74	%
Portfolio turnover ratee		11	%c		62	%		22	%		11	%		20	%		33	%

^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 69

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Local Currency Bond ETF
	Six months ended Apr. 30, 2018 (Unaudited)			Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013
Net asset value, beginning of period	$	46.85		$	45.14		$	41.31		$	48.74		$	50.66		$	51.94
Income from investment operations:
Net investment incomea		1.40			2.29			1.94			2.03			2.26			2.07
Net realized and unrealized gain (loss)b		0.49			(0.58	)		1.89			(8.87	)		(2.84	)		(1.92	)
Total from investment operations		1.89			1.71			3.83			(6.84	)		(0.58	)		0.15
Less distributions from:
Net investment income		—			—			—			—			(1.31	)		(1.39	)
Return of capital		—			—			—			(0.59	)		(0.03	)		(0.04	)
Total distributions		—			—			—			(0.59	)		(1.34	)		(1.43	)
Net asset value, end of period	$	48.74		$	46.85		$	45.14		$	41.31		$	48.74		$	50.66
Total return		4.03	%c		3.79	%		9.06	%d		(13.99	)%d		(1.14	)%		0.28	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	419,160		$	309,217		$	451,410		$	520,532		$	584,857		$	638,342
Ratio of expenses to average net assetse		0.50	%		0.50	%		0.50	%		0.50	%		0.59	%		0.60	%
Ratio of expenses to average net assets prior to waived feese		n/a			n/a			n/a			0.53	%		0.60	%		n/a
Ratio of net investment income to average net assetse		5.75	%		5.04	%		4.56	%		4.63	%		4.56	%		4.04	%
Portfolio turnover ratef		24	%c		97	%		59	%		46	%		43	%		41	%

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

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for six months ended April 30, 2018, and the years ended October 31, 2017, October 31, 2016, October 31, 2015, October 31, 2014 and October 31, 2013 were 24%, 94%, 33%, 32%, 36%, and 39%, respectively. See Note 4.

See notes to financial statements.

70 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares US & Intl High Yield Corp Bond ETF
	Six months ended Apr. 30, 2018 (Unaudited)			Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013
Net asset value, beginning of period	$	50.98		$	48.77		$	47.57		$	52.00		$	53.50		$	51.67
Income from investment operations:
Net investment incomea		1.22			2.45			2.55			2.56			2.84			3.05
Net realized and unrealized gain (loss)b		(1.02	)		2.08			0.57			(4.76	)		(1.28	)		1.70
Total from investment operations		0.20			4.53			3.12			(2.20	)		1.56			4.75
Less distributions from:
Net investment income		(1.41	)		(2.32	)		(1.92	)		(2.23	)		(3.06	)		(2.92	)
Total distributions		(1.41	)		(2.32	)		(1.92	)		(2.23	)		(3.06	)		(2.92	)
Net asset value, end of period	$	49.77		$	50.98		$	48.77		$	47.57		$	52.00		$	53.50
Total return		0.39	%c		9.58	%		6.82	%		(4.32	)%		2.91	%		9.50	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	218,992		$	214,103		$	97,547		$	118,931		$	104,002		$	74,893
Ratio of expenses to average net assetsd		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of expenses to average net assets prior to waived feesd		n/a			n/a			0.51	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assetsd		4.90	%		4.93	%		5.44	%		5.18	%		5.31	%		5.82	%
Portfolio turnover ratee		11	%c		22	%		24	%		21	%		21	%		20	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 71

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
Emerging Markets High Yield Bond	Non-diversified
J.P. Morgan EM Corporate Bond	Diversified
J.P. Morgan EM Local Currency Bond	Non-diversified
US & Intl High Yield Corp Bond	Diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

• Fixed income investments are valued using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods,

72 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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”).

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

NOTES TO FINANCIAL STATEMENTS 73

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

FOREIGN CURRENCY TRANSLATION

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using 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 April 30, 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.

74 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 April 30, 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 April 30, 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 75

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of April 30, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
J.P. Morgan EM Corporate Bond
Barclays Capital Inc.	$	800,740	$	800,740	$	—
Citigroup Global Markets Inc.		768,717		768,717		—
Credit Suisse Securities (USA) LLC		197,020		197,020		—
Jefferies LLC		62,591		62,591		—
JPMorgan Securities LLC		372,100		372,100		—
Morgan Stanley & Co. LLC		319,345		319,345		—
Nomura Securities International Inc.		887,970		887,970		—
Wells Fargo Securities LLC		187,584		187,584		—
	$	3,596,067	$	3,596,067	$	—
US & Intl High Yield Corp Bond
Barclays Capital Inc.	$	8,132,044	$	8,132,044	$	—
BMO Capital Markets		1,098,409		1,098,409		—
BNP Paribas New York Branch		1,723,229		1,723,229		—
BNP Paribas Prime Brokerage International Ltd.		377,482		377,482		—
BNP Paribas Securities Corp.		180,319		180,319		—
Citigroup Global Markets Inc.		5,144,126		5,144,126		—
Credit Suisse Securities (USA) LLC		3,089,722		3,089,722		—
Deutsche Bank Securities Inc.		531,449		531,449		—
Goldman Sachs & Co.		9,267,940		9,267,940		—
HSBC Securities (USA) Inc.		374,739		374,739		—
Jefferies LLC		19,950		19,950		—
JPMorgan Securities LLC		2,793,299		2,793,299		—
Merrill Lynch, Pierce, Fenner & Smith		815,221		815,221		—
Morgan Stanley & Co. LLC		2,483,570		2,483,570		—
UBS Securities LLC		182,766		182,766		—
	$	36,214,265	$	36,214,265	$	—

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

RECENT ACCOUNTING STANDARD

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

76 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF.

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

iShares ETF	Investment Advisory Fee
Emerging Markets High Yield Bond		0.50	%
J.P. Morgan EM Corporate Bond		0.50
J.P. Morgan EM Local Currency Bond		0.50
US & Intl High Yield Corp Bond		0.40

The total of the investment advisory fee and any other fund expenses are a fund’s total annual operating expenses. Effective June 1, 2018, BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares J.P. Morgan EM Local Currency Bond ETF through May 30, 2023 such that the Fund’s total annual operating expenses after fee waiver will not exceed 0.30% of average daily net assets.

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

NOTES TO FINANCIAL STATEMENTS 77

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended April 30, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
J.P. Morgan EM Corporate Bond	$	3,603
US & Intl High Yield Corp Bond		33,029

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

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

For the six months ended April 30, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
Emerging Markets High Yield Bond	$	1,371,001	$	970,003
US & Intl High Yield Corp Bond		364,030		935,695

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

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2018 were as follows:

iShares ETF	Purchases		Sales
Emerging Markets High Yield Bond	$	69,179,228	$	57,637,745
J.P. Morgan EM Corporate Bond		9,461,349		9,140,741
J.P. Morgan EM Local Currency Bond		162,806,422		83,132,993
US & Intl High Yield Corp Bond		28,087,672		23,383,837

78 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 April 30, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Emerging Markets High Yield Bond	$	73,293,269	$	110,071,409
J.P. Morgan EM Corporate Bond		4,925,840		—
J.P. Morgan EM Local Currency Bond		19,013,936		—
US & Intl High Yield Corp Bond		27,042,846		23,440,068

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

NOTES TO FINANCIAL STATEMENTS 79

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

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

CREDIT RISK

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

80 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

6. INCOME TAX INFORMATION

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

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

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

As of October 31, 2017, the Funds’ fiscal year-end, the following funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Emerging Markets High Yield Bond	$	16,579,628
J.P. Morgan EM Local Currency Bond		9,107,825
US & Intl High Yield Corp Bond		3,150,047

As of April 30, 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)
Emerging Markets High Yield Bond	$	581,913,384	$	2,566,752	$	(26,027,959	)	$	(23,461,207	)
J.P. Morgan EM Corporate Bond		95,366,578		663,575		(3,045,443	)		(2,381,868	)
J.P. Morgan EM Local Currency Bond		410,867,085		10,873,432		(22,438,747	)		(11,565,315	)
US & Intl High Yield Corp Bond		254,873,878		4,843,166		(5,948,328	)		(1,105,162	)

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

NOTES TO FINANCIAL STATEMENTS 81

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the funds or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Funds’ financial statements, if any, cannot be fully determined.

7. 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.

8. SUBSEQUENT EVENTS

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

82 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
Emerging Markets High Yield Bond	$	1.053727	$	—	$	0.014718	$	1.068445		99	%		—	%		1	%		100	%
J.P. Morgan EM Corporate Bond		1.012351		—		0.001436		1.013787		100			—			0	a		100
US & Intl High Yield Corp Bond		1.408298		—		—		1.408298		100			—			—			100

^a  Rounds to less than 1%.

SUPPLEMENTAL INFORMATION 83

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.

84 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 85

Notes:

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

©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-1002-0418

APRIL 30, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø  iShares International High Yield Bond ETF  |  HYXU  |  Cboe BZX

Table of Contents

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

Fund Performance Overview

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

Performance as of April 30, 2018

The iShares International High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® Global Developed Markets ex-US High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended April 30, 2018, the total return for the Fund was 3.00%, net of fees, while the total return for the Index was 3.19%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		13.88%		13.77%		14.14%		13.88%		13.77%		14.14%
5 Years		2.75%		2.70%		2.93%		14.54%		14.24%		15.51%
Since Inception		4.70%		4.72%		4.83%		32.20%		32.37%		33.21%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,030.00	$	2.01	$	1,000.00	$	1,022.80	$	2.01		0.40%

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

ALLOCATION BY CREDIT QUALITY As of 4/30/18

Moody’s Credit Rating ¹ Percentage of
Total Investments  ²

Ba	60.67	%
B	23.88
Caa	3.70
Not Rated	11.75
TOTAL	100.00	%

TEN LARGEST COUNTRIES As of 4/30/18

Country Percentage of
Total Investments  ²

Italy	20.43	%
United States	15.20
France	13.68
United Kingdom	9.75
Germany	8.63
Spain	5.60
Luxembourg	5.47
Netherlands	4.32
Ireland	3.42
Sweden	3.03
TOTAL	89.53	%

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

²  Excludes money market funds.

FUND PERFORMANCE OVERVIEW 5

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on November 1, 2017 and held through April 30, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

6 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

Security	Principal or Shares (000s)			Value
COMMON STOCKS — 0.00%
SOUTH AFRICA — 0.00%
Sentry Holdings Ltd. Class Aa			—	$	—
TOTAL COMMON STOCKS
(Cost: $159,437)					—
CORPORATE BONDS & NOTES — 97.67%
AUSTRALIA — 0.46%
Origin Energy Finance Ltd.
4.00%, 09/16/74 (Call 09/16/19)b,c,d		EUR	400		502,227
					502,227
AUSTRIA — 0.13%
Raiffeisenlandesbank Niederoesterreich-Wien AG
5.88%, 11/27/23c		EUR	100		138,922
					138,922
BELGIUM — 0.58%
Barry Callebaut Services NV
2.38%, 05/24/24 (Call 02/24/24)c		EUR	200		253,894
5.63%, 06/15/21c		EUR	100		140,225
Telenet Finance Luxembourg Notes Sarl
3.50%, 03/01/28 (Call 12/01/22)c		EUR	200		236,939
					631,058
CANADA — 1.53%
Baytex Energy Corp.
6.63%, 07/19/22 (Call 05/30/18)		CAD	125		93,465
Bombardier Inc.
6.13%, 05/15/21c		EUR	300		396,549
Brookfield Residential Properties Inc.
6.13%, 05/15/23 (Call 05/30/18)c		CAD	100		79,644
Cascades Inc.
5.50%, 07/15/21 (Call 05/30/18)e		CAD	50		39,656
Cott Corp.
5.50%, 07/01/24 (Call 07/01/19)c		EUR	200		256,365

Security	Principal (000s)			Value
Iron Mountain Canada Operations ULC
5.38%, 09/15/23c		CAD	100	$	79,323
Mattamy Group Corp.
6.50%, 10/01/25 (Call 10/01/20)e		CAD	100		78,048
Parkland Fuel Corp.
5.63%, 05/09/25 (Call 05/09/20)		CAD	200		156,681
5.75%, 09/16/24 (Call 09/16/19)		CAD	150		118,594
Postmedia Network Inc.
8.25%, 07/15/21 (Call 05/30/18)e		CAD	3		1,875
Quebecor Media Inc.
6.63%, 01/15/23e		CAD	175		147,432
Southern Pacific Resource Corp.
8.75%, 01/25/18a,e,f		CAD	50		4
Videotron Ltd.
5.63%, 06/15/25 (Call 03/15/25)		CAD	125		102,200
5.75%, 01/15/26 (Call 09/15/20)c		CAD	150		122,392
					1,672,228
CYPRUS — 0.11%
Bank of Cyprus PCL
9.25%, 01/19/27 (Call 01/19/22)b,c,d		EUR	100		119,159
					119,159
DENMARK — 0.33%
TDC A/S
3.50%, 02/26/49 (Call 02/26/21)b,c,d		EUR	300		362,782
					362,782
FINLAND — 1.81%
Nokia OYJ
1.00%, 03/15/21 (Call 02/15/21)c		EUR	200		243,509
2.00%, 03/15/24 (Call 12/15/23)c		EUR	300		365,140
Stora Enso OYJ
2.13%, 06/16/23 (Call 03/16/23)c		EUR	100		126,349
2.50%, 06/07/27 (Call 03/07/27)c		EUR	200		247,005

SCHEDULE OF INVESTMENTS 7

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)			Value
2.50%, 03/21/28 (Call 12/21/27)c		EUR	100	$	122,344
Teollisuuden Voima OYJ
2.13%, 02/04/25 (Call 11/04/24)c		EUR	200		241,269
2.50%, 03/17/21c		EUR	300		379,468
2.63%, 01/13/23c		EUR	200		252,952
					1,978,036
FRANCE — 13.37%
Altice France SA/France
5.38%, 05/15/22 (Call 05/30/18)c		EUR	500		618,039
5.63%, 05/15/24 (Call 05/15/19)c		EUR	500		623,491
Areva SA
4.38%, 11/06/19		EUR	200		256,223
Casino Guichard Perrachon SA
1.87%, 06/13/22 (Call 03/13/22)c		EUR	200		234,555
3.58%, 02/07/25 (Call 11/07/24)c		EUR	200		240,074
4.05%, 08/05/26 (Call 05/05/26)c		EUR	200		243,241
4.41%, 08/06/19c		EUR	200		253,502
4.50%, 03/07/24 (Call 12/07/23)c		EUR	400		510,154
4.56%, 01/25/23c		EUR	300		391,648
5.24%, 03/09/20		EUR	400		520,519
5.98%, 05/26/21c		EUR	400		543,697
CMA CGM SA
5.25%, 01/15/25 (Call 10/15/20)c		EUR	300		330,833
6.50%, 07/15/22 (Call 07/15/19)c		EUR	300		368,683
7.75%, 01/15/21 (Call 05/10/18)c		EUR	300		375,272
Elis SA
1.88%, 02/15/23 (Call 11/15/22)c		EUR	300		361,621
2.88%, 02/15/26 (Call 11/15/25)c		EUR	200		239,708
Europcar Groupe SA
4.13%, 11/15/24 (Call 11/15/20)c		EUR	400		480,974

Security	Principal (000s)			Value
5.75%, 06/15/22 (Call 06/15/18)c		EUR	200	$	249,626
Faurecia SA
3.63%, 06/15/23 (Call 06/15/19)c		EUR	300		379,537
Faurecia SA
2.63%, 06/15/25 (Call 06/15/21)c		EUR	300		367,946
Loxam SAS
3.50%, 04/15/22 (Call 04/15/19)c		EUR	100		125,250
3.50%, 05/03/23 (Call 05/03/19)c		EUR	200		249,329
4.25%, 04/15/24 (Call 04/15/20)c		EUR	100		127,839
4.88%, 07/23/21 (Call 05/10/18)c		EUR	73		90,145
6.00%, 04/15/25 (Call 04/15/20)c		EUR	100		130,709
7.00%, 07/23/22 (Call 05/10/18)c		EUR	100		126,734
Novafives SAS
5.00%, 06/15/25 (Call 06/15/21)c		EUR	100		122,934
Orano SA
3.13%, 03/20/23 (Call 12/20/22)c		EUR	400		497,309
3.25%, 09/04/20c		EUR	300		382,307
3.50%, 03/22/21		EUR	300		386,962
4.88%, 09/23/24		EUR	400		530,185
Peugeot SA
2.00%, 03/23/24c		EUR	275		337,828
2.00%, 03/20/25 (Call 12/20/24)c		EUR	300		362,144
2.38%, 04/14/23c		EUR	250		318,969
Rexel SA
2.13%, 06/15/25 (Call 12/15/20)c		EUR	300		350,858
2.63%, 06/15/24 (Call 03/15/20)c		EUR	125		153,242
3.50%, 06/15/23 (Call 06/15/19)c		EUR	200		250,374

8 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)			Value
SPCM SA
2.88%, 06/15/23 (Call 06/15/18)c		EUR	200	$	244,836
Synlab Bondco PLC
6.25%, 07/01/22 (Call 07/01/18)c		EUR	400		501,625
Synlab Unsecured Bondco PLC
8.25%, 07/01/23 (Call 07/01/18)c		EUR	150		193,588
Tereos Finance Groupe I SA
4.13%, 06/16/23 (Call 03/16/23)c		EUR	300		345,212
4.25%, 03/04/20 (Call 03/04/19)		EUR	100		120,572
Vallourec SA
2.25%, 09/30/24c		EUR	200		197,010
3.25%, 08/02/19c		EUR	100		124,353
6.38%, 10/15/23 (Call 10/15/20)c		EUR	100		120,675
6.63%, 10/15/22 (Call 10/15/20)c		EUR	300		373,827
Verallia Packaging SASU
5.13%, 08/01/22 (Call 08/01/18)c		EUR	200		249,689
					14,603,848
GERMANY — 8.43%
ADLER Real Estate AG
1.50%, 12/06/21 (Call 11/06/21)c		EUR	200		242,242
1.88%, 04/27/23 (Call 03/27/23)c		EUR	100		118,983
2.13%, 02/06/24 (Call 01/06/24)c		EUR	200		237,095
3.00%, 04/27/26 (Call 02/27/26)c		EUR	100		120,479
Deutsche Bank AG
2.75%, 02/17/25c		EUR	600		729,310
4.50%, 05/19/26		EUR	300		398,160
Deutsche Lufthansa AG
5.13%, 08/12/75 (Call 02/12/21)b,c,d		EUR	200		263,451
Hapag-Lloyd AG
5.13%, 07/15/24 (Call 07/15/20)c		EUR	200		246,906

Security	Principal (000s)			Value
6.75%, 02/01/22 (Call 02/01/19)c		EUR	200	$	255,753
K+S AG
2.63%, 04/06/23 (Call 01/06/23)c		EUR	300		378,895
3.00%, 06/20/22c		EUR	200		257,869
4.13%, 12/06/21c		EUR	200		265,980
LANXESS AG
4.50%, 12/06/76 (Call 06/06/23)b,c,d		EUR	200		264,689
METRO AG
1.38%, 10/28/21c		EUR	200		248,615
1.50%, 03/19/25c		EUR	200		235,746
Norddeutsche Landesbank Girozentrale
6.00%, 06/29/20		EUR	300		388,637
RWE AG
2.75%, 04/21/75 (Call 10/21/20)b,c,d		EUR	200		248,602
3.50%, 04/21/75 (Call 04/21/25)b,c,d		EUR	200		252,330
thyssenkrupp AG
1.38%, 03/03/22 (Call 12/03/21)c		EUR	550		672,099
1.75%, 11/25/20 (Call 08/25/20)c		EUR	300		373,077
2.50%, 02/25/25c		EUR	200		254,351
2.75%, 03/08/21 (Call 12/08/20)c		EUR	400		509,618
3.13%, 10/25/19 (Call 07/25/19)c		EUR	300		375,515
4.00%, 08/27/18		EUR	300		366,918
Unitymedia GmbH
3.75%, 01/15/27 (Call 01/15/21)c		EUR	300		383,773
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
3.50%, 01/15/27 (Call 01/15/21)c		EUR	200		255,898
4.00%, 01/15/25 (Call 01/15/20)c		EUR	400		511,303
4.63%, 02/15/26 (Call 02/15/21)c		EUR	200		265,387

SCHEDULE OF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)			Value
5.63%, 04/15/23 (Call 05/15/18)c		EUR	70	$	86,986
					9,208,667
GREECE — 0.47%
OTE PLC
3.50%, 07/09/20c		EUR	300		382,210
4.38%, 12/02/19c		EUR	100		127,982
					510,192
IRELAND — 3.34%
AIB Group PLC
1.50%, 03/29/23c		EUR	200		241,944
Allied Irish Banks PLC
4.13%, 11/26/25 (Call 11/26/20)b,c,d		EUR	300		388,524
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.75%, 03/15/24 (Call 03/15/20)c		EUR	325		397,748
4.13%, 05/15/23 (Call 05/15/19)c		EUR	200		252,605
4.75%, 07/15/27 (Call 07/15/22)c		GBP	200		268,608
6.75%, 05/15/24 (Call 05/15/19)c		EUR	300		394,557
Bank of Ireland
4.25%, 06/11/24 (Call 06/11/19)b,c,d		EUR	300		376,496
10.00%, 12/19/22c		EUR	100		167,362
Bank of Ireland Group PLC
3.13%, 09/19/27 (Call 09/19/22)b,c,d		GBP	200		271,525
Smurfit Kappa Acquisitions ULC
2.38%, 02/01/24 (Call 11/01/23)c		EUR	200		250,607
2.75%, 02/01/25 (Call 11/01/24)c		EUR	100		126,735
3.25%, 06/01/21 (Call 03/10/21)c		EUR	300		388,039
4.13%, 01/30/20c		EUR	100		128,966
					3,653,716
ITALY — 19.95%
Banca IFIS SpA
2.00%, 04/24/23c		EUR	100		119,580

Security	Principal (000s)			Value
4.50%, 10/17/27 (Call 10/17/22)b,c,d		EUR	100	$	122,556
Banca Monte dei Paschi di Siena SpA
5.38%, 01/18/28 (Call 01/18/23)b,c,d		EUR	300		345,243
Banco BPM SpA
1.75%, 04/24/23c		EUR	200		241,659
2.75%, 07/27/20c		EUR	500		629,227
4.38%, 09/21/27 (Call 09/21/22)b,c,d		EUR	300		372,048
6.00%, 11/05/20c		EUR	200		260,410
6.38%, 05/31/21c		EUR	100		132,320
7.13%, 03/01/21c		EUR	200		269,507
BPER Banca
5.13%, 05/31/27 (Call 05/31/22)b,c,d		EUR	200		251,185
Buzzi Unicem SpA
2.13%, 04/28/23 (Call 01/28/23)c		EUR	200		252,952
Fiat Chrysler Finance Europe SA
4.75%, 03/22/21c		EUR	400		539,377
4.75%, 07/15/22c		EUR	600		822,850
6.75%, 10/14/19c		EUR	500		661,395
Iccrea Banca SpA
1.50%, 02/21/20c		EUR	200		243,875
1.50%, 10/11/22c		EUR	300		361,938
1.88%, 11/25/19c		EUR	200		245,655
International Game Technology PLC
4.13%, 02/15/20 (Call 11/15/19)c		EUR	400		509,212
4.75%, 02/15/23 (Call 08/15/22)c		EUR	300		397,393
Intesa Sanpaolo SpA
2.86%, 04/23/25c		EUR	300		373,467
3.93%, 09/15/26c		EUR	400		523,278
5.00%, 09/23/19c		EUR	300		385,209
5.15%, 07/16/20		EUR	500		661,937
6.63%, 09/13/23c		EUR	600		897,628
Leonardo SpA
1.50%, 06/07/24 (Call 03/07/24)c		EUR	225		266,589
4.50%, 01/19/21		EUR	300		401,724
5.25%, 01/21/22		EUR	300		420,019
8.00%, 12/16/19		GBP	100		151,822

10 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)			Value
Mediobanca Banca di Credito Finanziario SpA
3.75%, 06/16/26		EUR	150	$	195,065
5.00%, 11/15/20		EUR	300		401,125
5.75%, 04/18/23		EUR	200		284,402
Saipem Finance International BV
2.75%, 04/05/22c		EUR	300		371,537
3.00%, 03/08/21c		EUR	200		251,770
3.75%, 09/08/23c		EUR	200		255,977
Salini Impregilo SpA
1.75%, 10/26/24c		EUR	150		166,268
3.75%, 06/24/21c		EUR	200		256,172
6.13%, 08/01/18		EUR	100		122,351
Telecom Italia SpA/Milano
2.38%, 10/12/27 (Call 07/12/27)c		EUR	300		359,672
2.50%, 07/19/23c		EUR	200		253,800
3.00%, 09/30/25c		EUR	200		256,933
3.25%, 01/16/23c		EUR	200		263,487
3.63%, 01/19/24c		EUR	200		267,993
3.63%, 05/25/26c		EUR	200		266,132
4.50%, 01/25/21c		EUR	100		133,955
4.88%, 09/25/20c		EUR	100		134,014
5.25%, 02/10/22c		EUR	500		702,723
5.38%, 01/29/19c		EUR	200		251,147
6.13%, 12/14/18		EUR	100		125,265
6.38%, 06/24/19		GBP	150		217,845
UniCredit SpA
4.38%, 01/03/27 (Call 01/03/22)b,c,d		EUR	400		525,241
5.75%, 10/28/25 (Call 10/28/20)b,c,d		EUR	400		534,179
6.13%, 04/19/21c		EUR	200		276,593
6.95%, 10/31/22c		EUR	636		941,014
Unione di Banche Italiane SpA
4.25%, 05/05/26 (Call 05/05/21)b,c,d		EUR	300		377,979
4.45%, 09/15/27 (Call 09/15/22)b,c,d		EUR	200		254,222
Unipol Gruppo SpA
3.00%, 03/18/25c		EUR	500		606,455
3.50%, 11/29/27 (Call 08/29/27)c		EUR	200		241,205
4.38%, 03/05/21c		EUR	100		132,130

Security	Principal (000s)			Value
Wind Tre SpA
2.63%, 01/20/23 (Call 11/03/19)c		EUR	700	$	769,121
3.13%, 01/20/25 (Call 11/03/20)c		EUR	700		744,723
					21,800,550
JAPAN — 2.86%
SoftBank Group Corp.
3.13%, 09/19/25 (Call 06/21/25)c		EUR	500		560,027
4.00%, 07/30/22 (Call 04/30/22)c		EUR	200		253,493
4.00%, 09/19/29 (Call 06/21/29)c		EUR	300		327,544
4.63%, 04/15/20c		EUR	300		394,300
4.75%, 07/30/25 (Call 04/30/25)c		EUR	700		856,867
5.00%, 04/15/28 (Call 01/16/28)c		EUR	400		478,968
5.25%, 07/30/27 (Call 04/30/27)c		EUR	200		249,146
					3,120,345
LUXEMBOURG — 5.34%
Altice Financing SA
5.25%, 02/15/23 (Call 05/30/18)c		EUR	200		250,105
Altice Finco SA
4.75%, 01/15/28 (Call 10/15/22)c		EUR	300		320,876
9.00%, 06/15/23 (Call 06/15/18)c		EUR	100		127,112
Altice Luxembourg SA
6.25%, 02/15/25 (Call 02/15/20)c		EUR	300		349,936
7.25%, 05/15/22 (Call 05/30/18)c		EUR	900		1,076,380
ArcelorMittal
0.95%, 01/17/23 (Call 10/17/22)c		EUR	300		357,555
2.88%, 07/06/20c		EUR	200		255,338
3.00%, 04/09/21c		EUR	200		259,069
3.13%, 01/14/22c		EUR	300		391,853

SCHEDULE OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)			Value
Garfunkelux Holdco 3 SA
7.50%, 08/01/22 (Call 08/01/18)c		EUR	100	$	124,995
8.50%, 11/01/22 (Call 11/01/18)c		GBP	200		284,424
(3 mo. Euribor + 3.50%) 3.50%, 09/01/23 (Call 09/01/18)c,d		EUR	100		112,278
INEOS Finance PLC
2.13%, 11/15/25 (Call 11/15/20)c		EUR	200		232,758
INEOS Group Holdings SA
5.38%, 08/01/24 (Call 08/01/19)c		EUR	300		382,662
Matterhorn Telecom Holding SA
4.88%, 05/01/23 (Call 05/10/18)c		EUR	100		122,562
Matterhorn Telecom SA
3.88%, 05/01/22 (Call 05/10/18)c		EUR	400		489,094
4.00%, 11/15/27 (Call 11/15/22)c		EUR	200		230,007
Picard Bondco SA
5.50%, 11/30/24 (Call 11/30/20)c		EUR	100		118,914
Telenet Finance VI Luxembourg SCA
4.88%, 07/15/27 (Call 07/15/21)c		EUR	270		353,595
					5,839,513
NETHERLANDS — 4.22%
Axalta Coating Systems LLC
4.25%, 08/15/24 (Call 08/15/19)c		EUR	200		255,504
Constellium NV
4.25%, 02/15/26 (Call 11/15/20)c		EUR	200		244,216
4.63%, 05/15/21 (Call 05/30/18)c		EUR	100		122,008
Nyrstar Netherlands Holdings BV
6.88%, 03/15/24 (Call 03/15/20)c		EUR	200		247,819
8.50%, 09/15/19c		EUR	150		196,395

Security	Principal (000s)			Value
Saipem Finance International BV
2.63%, 01/07/25c		EUR	200	$	238,261
Selecta Group BV
5.88%, 02/01/24 (Call 02/01/20)c		EUR	300		361,244
SNS Bank NV
6.25%, 10/26/20a,f		EUR	50		—
United Group BV
4.38%, 07/01/22 (Call 07/01/19)c		EUR	200		247,119
4.88%, 07/01/24 (Call 07/01/20)c		EUR	200		246,922
UPC Holding BV
3.88%, 06/15/29 (Call 06/15/22)c		EUR	300		343,736
UPCB Finance IV Ltd.
4.00%, 01/15/27 (Call 01/15/21)c		EUR	300		374,390
UPCB Finance VII Ltd.
3.63%, 06/15/29 (Call 06/15/22)c		EUR	200		239,516
Ziggo Bond Co. BV
7.13%, 05/15/24 (Call 05/15/19)c		EUR	300		391,342
Ziggo Bond Finance BV
4.63%, 01/15/25 (Call 01/15/20)c		EUR	200		244,819
Ziggo Secured Finance BV
3.75%, 01/15/25 (Call 01/15/20)c		EUR	400		489,666
4.25%, 01/15/27 (Call 01/15/22)c		EUR	300		369,124
					4,612,081
PORTUGAL — 0.59%
Banco Comercial Portugues SA
4.50%, 12/07/27 (Call 12/07/22)b,c,d		EUR	200		239,187
EDP – Energias de Portugal SA
5.38%, 09/16/75 (Call 03/16/21)b,c,d		EUR	300		402,779
					641,966

12 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)			Value
SINGAPORE — 0.69%
Lincoln Finance Ltd.
6.88%, 04/15/21 (Call 05/10/18)c		EUR	600	$	748,992
					748,992
SPAIN — 5.47%
Banco de Credito Social Cooperativo SA
7.75%, 06/07/27 (Call 06/07/22)b,c,d		EUR	100		118,993
Banco de Sabadell SA
5.63%, 05/06/26c		EUR	200		289,275
6.25%, 04/26/20		EUR	250		335,702
Bankia SA
3.38%, 03/15/27 (Call 03/15/22)b,c,d		EUR	200		256,326
4.00%, 05/22/24 (Call 05/22/19)b,c,d		EUR	400		500,392
Bankinter SA
2.50%, 04/06/27 (Call 04/06/22)b,c,d		EUR	200		250,021
6.38%, 09/11/19c		EUR	100		130,997
CaixaBank SA
2.75%, 07/14/28 (Call 07/14/23)b,c,d		EUR	400		503,294
3.50%, 02/15/27 (Call 02/15/22)b,c,d		EUR	500		648,885
Cellnex Telecom SA
2.38%, 01/16/24 (Call 10/16/23)c		EUR	400		490,202
2.88%, 04/18/25 (Call 01/18/25)c		EUR	100		123,838
3.13%, 07/27/22c		EUR	200		260,062
Cirsa Funding Luxembourg SA
5.75%, 05/15/21 (Call 05/15/18)c		EUR	100		124,596
5.88%, 05/15/23 (Call 05/15/18)c		EUR	200		249,131
Gestamp Automocion SA
3.25%, 04/30/26 (Call 04/30/21)c		EUR	200		239,380
Grifols SA
3.20%, 05/01/25 (Call 05/01/20)c		EUR	400		486,674

Security	Principal (000s)			Value
Grupo Isolux Corsan SA
3.00%, 12/30/21 (Call 05/30/18)f		EUR	141	$	2,550
Grupo-Antolin Irausa SA
3.38%, 04/30/26 (Call 04/30/21)c		EUR	100		118,403
Ibercaja Banco SA
5.00%, 07/28/25 (Call 07/28/20)b,c,d		EUR	200		253,656
Repsol International Finance BV
4.50%, 03/25/75 (Call 03/25/25)b,c,d		EUR	450		596,652
					5,979,029
SWEDEN — 2.95%
Fastighets AB Balder
3.00%, 03/07/78 (Call 03/07/23)b,c,d		EUR	200		236,378
Intrum Justitia AB
2.75%, 07/15/22 (Call 07/15/19)c		EUR	600		717,935
3.13%, 07/15/24 (Call 07/15/20)c		EUR	400		474,222
Telefonaktiebolaget LM Ericsson
0.88%, 03/01/21c		EUR	200		241,499
Series 7Y
1.88%, 03/01/24c		EUR	200		236,423
Verisure Holding AB
6.00%, 11/01/22 (Call 11/01/18)c		EUR	270		342,898
Verisure Midholding AB
5.75%, 12/01/23 (Call 12/01/19)c		EUR	400		479,497
Volvo Car AB
2.00%, 01/24/25 (Call 10/24/24)c		EUR	200		241,113
3.25%, 05/18/21c		EUR	200		258,840
					3,228,805
SWITZERLAND — 0.68%
Dufry Finance SCA
4.50%, 08/01/23 (Call 08/01/18)c		EUR	200		251,537
Dufry One BV
2.50%, 10/15/24 (Call 10/15/20)c		EUR	400		489,938
					741,475

SCHEDULE OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)			Value
UNITED KINGDOM — 9.52%
Algeco Global Finance PLC
6.50%, 02/15/23 (Call 02/15/20)c		EUR	200	$	247,684
Ardonagh Midco 3 PLC
8.38%, 07/15/23 (Call 07/15/20)c		GBP	200		287,381
Arqiva Broadcast Finance PLC
9.50%, 03/31/20 (Call 09/30/18)c		GBP	100		144,508
Boparan Finance PLC
4.38%, 07/15/21 (Call 05/10/18)c		EUR	100		115,817
5.50%, 07/15/21 (Call 05/10/18)c		GBP	200		261,585
Cabot Financial Luxembourg SA
7.50%, 10/01/23 (Call 10/01/19)c		GBP	200		292,017
CNH Industrial Finance Europe SA
1.38%, 05/23/22 (Call 02/23/22)c		EUR	300		370,396
1.75%, 09/12/25 (Call 06/12/25)c		EUR	200		243,451
2.88%, 05/17/23c		EUR	300		392,733
Fiat Chrysler Automobiles NV
3.75%, 03/29/24c		EUR	500		667,929
Heathrow Finance PLC
3.88%, 03/01/27c		GBP	200		264,114
INEOS Finance PLC
4.00%, 05/01/23 (Call 05/10/18)c		EUR	400		492,609
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24c		EUR	300		358,465
2.75%, 01/24/21c		GBP	200		276,084
3.88%, 03/01/23c		GBP	100		138,244
5.00%, 02/15/22c		GBP	200		290,725
Jerrold Finco PLC
6.13%, 01/15/24 (Call 01/15/20)c		GBP	200		275,085
6.25%, 09/15/21 (Call 09/15/18)c		GBP	100		141,665
New Look Secured Issuer PLC
6.50%, 07/01/22 (Call 06/24/18)c		GBP	200		123,445

Security	Principal (000s)			Value
Tesco Corporate Treasury Services PLC
1.38%, 07/01/19c		EUR	300	$	367,764
2.13%, 11/12/20 (Call 08/12/20)c		EUR	300		377,893
2.50%, 07/01/24c		EUR	300		385,499
Tesco PLC
6.13%, 02/24/22		GBP	400		630,550
Thomas Cook Finance 2 PLC
3.88%, 07/15/23 (Call 01/15/20)c		EUR	200		245,310
Thomas Cook Group PLC
6.25%, 06/15/22 (Call 06/15/19)c		EUR	300		389,392
Virgin Media Finance PLC
4.50%, 01/15/25 (Call 01/15/20)c		EUR	200		245,970
6.38%, 10/15/24 (Call 10/15/19)c		GBP	100		144,363
7.00%, 04/15/23 (Call 05/10/18)c		GBP	100		142,428
Virgin Media Receivables Financing Notes I DAC
5.50%, 09/15/24 (Call 09/15/19)c		GBP	400		545,423
Virgin Media Secured Finance PLC
4.88%, 01/15/27 (Call 01/15/21)c		GBP	200		270,478
5.00%, 04/15/27 (Call 04/15/22)c		GBP	300		408,846
5.13%, 01/15/25 (Call 01/15/20)c		GBP	300		421,894
6.00%, 01/15/25 (Call 01/15/21)c,g		GBP	100		156,252
6.25%, 03/28/29 (Call 01/15/21)c		GBP	200		290,773
					10,406,772
UNITED STATES — 14.84%
Adient Global Holdings Ltd.
3.50%, 08/15/24 (Call 05/15/24)c		EUR	400		488,374
AMC Entertainment Holdings Inc.
6.38%, 11/15/24 (Call 11/15/19)		GBP	200		279,689

14 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)			Value
Aramark International Finance Sarl
3.13%, 04/01/25 (Call 04/01/20)c		EUR	100	$	123,953
Avantor Inc.
4.75%, 10/01/24 (Call 10/01/20)c		EUR	200		241,607
Avis Budget Finance PLC
4.13%, 11/15/24 (Call 11/15/19)c		EUR	100		123,398
4.50%, 05/15/25 (Call 05/15/20)c		EUR	100		123,497
Axalta Coating Systems Dutch Holding B BV
3.75%, 01/15/25 (Call 01/15/20)c		EUR	200		254,147
Ball Corp.
3.50%, 12/15/20		EUR	200		261,597
4.38%, 12/15/23		EUR	300		409,671
Belden Inc.
3.38%, 07/15/27 (Call 07/15/22)c		EUR	300		351,704
3.88%, 03/15/28 (Call 03/15/23)c		EUR	150		176,344
Chemours Co. (The)
6.13%, 05/15/23 (Call 05/30/18)		EUR	100		126,303
CNH Industrial Finance Europe SA
2.88%, 09/27/21c		EUR	200		261,049
Coty Inc.
4.00%, 04/15/23 (Call 04/15/20)c		EUR	200		244,056
Crown European Holdings SA
2.25%, 02/01/23 (Call 11/01/22)c		EUR	200		243,893
2.63%, 09/30/24 (Call 03/31/24)c		EUR	300		363,926
2.88%, 02/01/26 (Call 08/01/25)c		EUR	300		356,927
3.38%, 05/15/25 (Call 11/15/24)c		EUR	200		249,585
4.00%, 07/15/22 (Call 04/15/22)c		EUR	200		263,892
Darling Global Finance BV
3.63%, 05/15/26 (Call 05/15/21)c		EUR	100		122,357

Security	Principal (000s)			Value
4.75%, 05/30/22 (Call 05/30/18)c		EUR	100	$	123,870
Equinix Inc.
2.88%, 03/15/24 (Call 09/15/20)		EUR	300		360,943
2.88%, 10/01/25 (Call 10/01/20)		EUR	400		468,709
2.88%, 02/01/26 (Call 02/01/21)		EUR	500		581,540
Federal-Mogul LLC/Federal-Mogul Financing Corp.
4.88%, 04/15/22 (Call 04/15/19)c		EUR	225		281,926
5.00%, 07/15/24 (Call 07/15/20)c		EUR	100		126,477
Goodyear Dunlop Tires Europe BV
3.75%, 12/15/23 (Call 12/15/18)c		EUR	100		124,691
Hanesbrands Finance Luxembourg SCA
3.50%, 06/15/24 (Call 03/15/24)c		EUR	200		253,754
Hertz Holdings Netherlands BV
5.50%, 03/30/23 (Call 03/30/20)c		EUR	200		242,796
Huntsman International LLC
4.25%, 04/01/25 (Call 01/01/25)		EUR	100		136,872
5.13%, 04/15/21 (Call 01/15/21)		EUR	200		267,499
Infor U.S. Inc.
5.75%, 05/15/22 (Call 05/15/18)		EUR	100		123,139
International Game Technology PLC
4.75%, 03/05/20c		EUR	200		259,273
IQVIA Inc.
2.88%, 09/15/25 (Call 09/15/20)c		EUR	200		235,914
3.25%, 03/15/25 (Call 03/15/20)c		EUR	600		735,419
3.50%, 10/15/24 (Call 10/15/19)c		EUR	300		375,179
Iron Mountain Inc.
3.00%, 01/15/25 (Call 06/15/20)c		EUR	100		119,561
Iron Mountain UK PLC
3.88%, 11/15/25 (Call 11/15/20)c		GBP	200		261,820
Levi Strauss & Co.
3.38%, 03/15/27 (Call 03/15/22)		EUR	200		247,868

SCHEDULE OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

Security	Principal (000s)			Value
LKQ European Holdings BV
3.63%, 04/01/26 (Call 04/01/21)c		EUR	200	$	241,640
4.13%, 04/01/28c		EUR	100		119,159
LKQ Italia Bondco SpA
3.88%, 04/01/24 (Call 01/01/24)c		EUR	200		254,623
MPT Operating Partnership LP/MPT Finance Corp.
3.33%, 03/24/25 (Call 12/24/24)		EUR	200		248,150
4.00%, 08/19/22 (Call 05/19/22)		EUR	200		263,651
Netflix Inc.
3.63%, 05/15/27c		EUR	600		720,016
OI European Group BV
3.13%, 11/15/24 (Call 08/15/24)c		EUR	300		370,695
4.88%, 03/31/21c		EUR	200		267,254
6.75%, 09/15/20c		EUR	200		275,752
PSPC Escrow Corp.
6.00%, 02/01/23 (Call 05/30/18)c		EUR	100		125,527
PVH Corp.
3.13%, 12/15/27c		EUR	250		299,555
3.63%, 07/15/24 (Call 04/15/24)c		EUR	225		294,671
Scientific Games International Inc.
3.38%, 02/15/26 (Call 02/15/21)c		EUR	200		233,799
5.50%, 02/15/26 (Call 02/15/21)c		EUR	100		115,486
Sealed Air Corp.
4.50%, 09/15/23 (Call 06/15/23)c		EUR	200		272,462
Silgan Holdings Inc.
3.25%, 03/15/25c		EUR	100		123,363
3.25%, 03/15/25 (Call 03/15/20)		EUR	200		246,629
Spectrum Brands Inc.
4.00%, 10/01/26 (Call 10/01/21)c		EUR	200		243,700
Valeant Pharmaceuticals International Inc.
4.50%, 05/15/23 (Call 05/30/18)c		EUR	650		711,725

Security	Principal or Shares (000s)			Value
Vantiv LLC/Vanity Issuer Corp.
3.88%, 11/15/25 (Call 11/15/20)c		GBP	200	$	270,573
WMG Acquisition Corp.
4.13%, 11/01/24 (Call 11/01/19)c		EUR	100		126,689
					16,218,338
TOTAL CORPORATE BONDS & NOTES
(Cost: $105,271,402)					106,718,701
SHORT-TERM INVESTMENTS — 0.00%
MONEY MARKET FUNDS — 0.00%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%h,i			5		4,680
					4,680
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,680)					4,680
TOTAL INVESTMENTS IN SECURITIES — 97.67%
(Cost: $105,435,519)					106,723,381
Other Assets, Less Liabilities — 2.33%					2,541,298
NET ASSETS—100.00%				$	109,264,679

CAD	—  Canadian Dollar
EUR	—  Euro
GBP	—  British Pound

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

^b  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

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

^d  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^e  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.

^f  Issuer is in default of interest payments.

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

^h  Affiliate of the Fund.

ⁱ  Annualized 7-day yield as of period end.

16 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17 (000s)		Shares purchased (000s)			Shares sold (000s)		Shares held at 04/30/18 (000s)		Value at 04/30/18		Income		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		1		4	b		—		5	$	4,680	$	243	$	—	$	—

^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 April 30, 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	$	—	$	—	$	0	a	$	0	a
Corporate bonds & notes		—		106,718,697		4			106,718,701
Money market funds		4,680		—		—			4,680
Total	$	4,680	$	106,718,697	$	4		$	106,723,381

^a  Rounds to less than $1.

See notes to financial statements.

SCHEDULE OF INVESTMENTS 17

Statement of Assets and Liabilities (Unaudited)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

April 30, 2018

ASSETS
Investments in securities, at cost:
Unaffiliated	$	105,430,839
Affiliated (Note 2)		4,680
Total cost of investments in securities	$	105,435,519
Investments in securities, at fair value (Note 1):
Unaffiliated	$	106,718,701
Affiliated (Note 2)		4,680
Foreign currency, at valuea		1,141,032
Receivables:
Investment securities sold		1,501,816
Dividends and interest		1,504,918
Total Assets		110,871,147
LIABILITIES
Payables:
Investment securities purchased		1,570,038
Investment advisory fees (Note 2)		36,430
Total Liabilities		1,606,468
NET ASSETS	$	109,264,679
Net assets consist of:
Paid-in capital	$	110,321,225
Undistributed net investment income		1,461,709
Accumulated net realized loss		(3,778,633	)
Net unrealized appreciation		1,260,378
NET ASSETS	$	109,264,679
Shares outstandingb		2,000,000
Net asset value per share	$	54.63

^a  Cost of foreign currency: $1,159,839.

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

See notes to financial statements.

18 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement of Operations (Unaudited)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

Six months ended April 30, 2018

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	243
Interest — unaffiliated		1,667,471
Total investment income		1,667,714
EXPENSES
Investment advisory fees (Note 2)		205,998
Proxy fees		7
Total expenses		206,005
Net investment income		1,461,709
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(241,074	)
Foreign currency transactions		164,195
Net realized loss		(76,879	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		1,247,100
Translation of assets and liabilities in foreign currencies		(10,979	)
Net change in unrealized appreciation/depreciation		1,236,121
Net realized and unrealized gain		1,159,242
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,620,951

See notes to financial statements.

FINANCIAL STATEMENTS 19

Statements of Changes in Net Assets

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

	Six months ended April 30, 2018 (Unaudited)			Year ended October 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,461,709		$	2,700,220
Net realized loss		(76,879	)		(10,896,036	)
Net change in unrealized appreciation/depreciation		1,236,121			14,689,684
Net increase in net assets resulting from operations		2,620,951			6,493,868
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(622,289	)
Return of capital		—			(142,861	)
Total distributions to shareholders		—			(765,150	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		16,483,746			21,160,679
Cost of shares redeemed		—			(91,525,582	)
Net increase (decrease) in net assets from capital share transactions		16,483,746			(70,364,903	)
INCREASE (DECREASE) IN NET ASSETS		19,104,697			(64,636,185	)
NET ASSETS
Beginning of period		90,159,982			154,796,167
End of period	$	109,264,679		$	90,159,982
Undistributed net investment income included in net assets at end of period	$	1,461,709		$	—
SHARES ISSUED AND REDEEMED
Shares sold		300,000			400,000
Shares redeemed		—			(2,000,000	)
Net increase (decrease) in shares outstanding		300,000			(1,600,000	)

See notes to financial statements.

20 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

(For a share outstanding throughout each period)

	Six months ended Apr. 30, 2018 (Unaudited)			Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013
Net asset value, beginning of period	$	53.04		$	46.91		$	46.44		$	52.90		$	56.84		$	52.01
Income from investmentoperations:
Net investment incomea		0.77			1.77			1.82			1.84			2.43			3.15
Net realized and unrealized gain (loss)b		0.82			4.85			(0.47	)		(6.57	)		(3.55	)		4.51
Total from investment operations		1.59			6.62			1.35			(4.73	)		(1.12	)		7.66
Less distributions from:
Net investment income		—			(0.40	)		(0.26	)		(0.05	)		(2.82	)		(2.83	)
Net realized gain		—			—			—			(0.02	)		—			—
Return of capital		—			(0.09	)		(0.62	)		(1.66	)		—			—
Total distributions		—			(0.49	)		(0.88	)		(1.73	)		(2.82	)		(2.83	)
Net asset value, end of period	$	54.63		$	53.04		$	46.91		$	46.44		$	52.90		$	56.84
Total return		3.00	%c		14.21	%		2.95	%		(9.02	)%		(2.20	)%		15.20	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	109,265		$	90,160		$	154,796		$	185,756		$	142,827		$	51,153
Ratio of expenses to average net assetsd		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of expenses to average net assets prior to waived feesd		n/a			n/a			0.51	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assetsd		2.84	%		3.62	%		3.93	%		3.85	%		4.25	%		5.85	%
Portfolio turnover ratee		15	%c		49	%		24	%		28	%		25	%		33	%

^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 21

Notes to Financial Statements (Unaudited)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

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

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
International High Yield Bond	Diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

• Fixed income investments are valued using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

22 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

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

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration 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 the Fund’s NAV and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs 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 the Fund’s investments is included in its schedule of investments.

NOTES TO FINANCIAL STATEMENTS 23

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

FOREIGN CURRENCY TRANSLATION

The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using 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.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Fund as a component of realized and unrealized gains and losses from investments for financial reporting purposes. The 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 Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2018, if any, are disclosed in the Fund’s statement of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

RECENT ACCOUNTING STANDARD

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under

24 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Fund.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

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

For the six months ended April 30, 2018, the purchases and sales transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were $874,612 and $2,002,114, respectively.

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

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2018, were $19,548,355 and $15,124,060, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2018, were $14,510,376 and $  —, respectively.

NOTES TO FINANCIAL STATEMENTS 25

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

4. CAPITAL SHARE TRANSACTIONS

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

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

5. PRINCIPAL RISKS

In the normal course of business, the Fund 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. The 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 the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

MARKET RISK

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

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: 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

26 2018 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

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.

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

CREDIT RISK

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

High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

6. INCOME TAX INFORMATION

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

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

NOTES TO FINANCIAL STATEMENTS 27

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTERNATIONAL HIGH YIELD BOND ETF

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

As of October 31, 2017, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $3,694,489 available to offset future realized capital gains.

As of April 30, 2018, the cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $105,442,784. Net unrealized appreciation was $1,280,597, of which $3,880,456 represented gross unrealized appreciation on securities and $2,599,859 represented gross unrealized depreciation on securities.

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

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the funds or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Fund’s financial statements, if any, cannot be fully determined.

7. 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.

8. SUBSEQUENT EVENTS

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

28 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 29

Notes:

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

Investing involves risk, including possible loss of principal.

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

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

©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-1017-0418

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: June 29, 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: June 29, 2018
By:	/s/ Jack Gee
	Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date: June 29, 2018

EX-99.CERT

N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS EX-99.CERT

I, Martin Small, certify that:

1. I have reviewed this report on Form N-CSR of iShares, Inc. for the following five series: iShares Emerging Markets High Yield Bond ETF, iShares International High Yield Bond ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF;

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

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

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

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

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

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

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

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

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

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

Date:	June 29, 2018	/s/ Martin Small	President (Principal Executive Officer)
		Martin Small [Signature]	[Title]

N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS EX-99.CERT

I, Jack Gee, certify that:

1. I have reviewed this report on Form N-CSR of iShares, Inc. for the following five series: iShares Emerging Markets High Yield Bond ETF, iShares International High Yield Bond ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF;

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

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

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

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

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

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

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

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

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

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

Date:	June 29, 2018	/s/ Jack Gee	Treasurer and Chief Financial Officer (Principal Financial Officer)
		Jack Gee [Signature]	[Title]

EX-99.906CERT

Ex.99.906 CERT

N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Martin Small, President (Principal Executive Officer), and Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares, Inc. (the “Registrant”), each certify, to his knowledge, that:

1. The Registrant’s periodic report on Form N-CSR for the period ended April 30, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

Date:	June 29, 2018	/s/ Martin Small	President (Principal Executive Officer)
		Martin Small [Signature]	[Title]

Date:	June 29, 2018	/s/ Jack Gee	Treasurer and Chief Financial Officer (Principal Financial Officer)
		Jack Gee [Signature]	[Title]