iShares MSCI Turkey ETF (TUR) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of Registrant as specified in charter)

c/o: State Street Bank and Trust Company

200 Clarendon Street, Boston, MA 02116

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

351 West Camden Street, Baltimore, MD 21201

(Name and address of agent for service)

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

Date of fiscal year end: August 31, 2014

Date of reporting period: February 28, 2014

Item 1. Reports to Stockholders.

FEBRUARY 28, 2014

  2014 SEMI-ANNUAL REPORT (UNAUDITED)  

iShares, Inc.

^Ø   iShares MSCI Japan ETF  |  EWJ  |  NYSE Arca

Table of Contents

Fund Performance Overview	5
About Fund Performance	6
Shareholder Expenses	6
Schedule of Investments	7
Financial Statements	13
Financial Highlights	16
Notes to Financial Statements	17
Supplemental Information	25

Fund Performance Overview

iSHARES^® MSCI JAPAN ETF

Performance as of February 28, 2014

The iShares MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities, as represented by the MSCI Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 5.80%, net of fees, while the total return for the Index was 5.99%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		13.72%		14.94%		14.25%		13.72%		14.94%		14.25%
5 Years		10.47%		11.24%		11.10%		64.56%		70.36%		69.27%
10 Years		3.04%		3.03%		3.62%		34.97%		34.74%		42.64%

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,058.00	$	2.50	$	1,000.00	$	1,022.40	$	2.46		0.49%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Consumer Discretionary	20.82	%
Industrials	19.93
Financials	19.66
Information Technology	11.18
Health Care	6.58
Consumer Staples	6.52
Materials	5.74
Telecommunication Services	5.70
Utilities	2.62
Energy	1.25
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

Toyota Motor Corp.	5.98	%
Mitsubishi UFJ Financial Group Inc.	2.79
SoftBank Corp.	2.69
Honda Motor Co. Ltd.	2.23
Sumitomo Mitsui Financial Group Inc.	2.07
Mizuho Financial Group Inc.	1.77
Hitachi Ltd.	1.48
Takeda Pharmaceutical Co. Ltd.	1.45
Canon Inc.	1.35
Japan Tobacco Inc.	1.33
TOTAL	23.14	%

* 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 management fees. Without such 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. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 September 1, 2013 and held through February 28, 2014, 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. 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 for 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 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 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI JAPAN ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.69%
AIR FREIGHT & LOGISTICS — 0.30%
Yamato Holdings Co. Ltd.		2,021,000	$	41,720,933
				41,720,933
AIRLINES — 0.24%
ANA Holdings Inc.a		6,063,000		13,484,554
Japan Airlines Co. Ltd.		404,200		20,038,720
				33,523,274
AUTO COMPONENTS — 2.90%
Aisin Seiki Co. Ltd.		1,010,700		34,955,871
Bridgestone Corp.		3,435,700		123,438,122
Denso Corp.		2,627,300		140,033,430
Koito Manufacturing Co. Ltd.		100,000		1,882,134
NGK Spark Plug Co. Ltd.		351,000		7,875,276
NHK Spring Co. Ltd.		808,400		8,379,828
NOK Corp.		606,300		9,896,593
Stanley Electric Co. Ltd.		671,100		15,339,992
Sumitomo Rubber Industries Inc.		1,010,500		13,553,858
Toyoda Gosei Co. Ltd.		404,200		8,506,556
Toyota Boshoku Corp.		404,200		4,277,039
Toyota Industries Corp.		808,400		37,226,081
				405,364,780
AUTOMOBILES — 11.23%
Daihatsu Motor Co. Ltd.		606,600		9,717,249
Fuji Heavy Industries Ltd.		3,031,700		81,774,066
Honda Motor Co. Ltd.		8,690,300		310,522,942
Isuzu Motors Ltd.		6,063,000		36,770,656
Mazda Motor Corp.b		14,147,000		67,779,190
Mitsubishi Motors Corp.b		3,233,600		35,673,675
Nissan Motor Co. Ltd.		13,338,600		119,056,137
Suzuki Motor Corp.		2,021,000		54,076,823
Toyota Motor Corp.		14,551,200		832,454,385
Yamaha Motor Co. Ltd.		1,414,700		20,403,061
				1,568,228,184
BEVERAGES — 0.94%
Asahi Group Holdings Ltd.		1,818,900		50,825,482
Coca-Cola West Co. Ltd.		202,100		3,732,509
Kirin Holdings Co. Ltd.		4,132,000		56,070,347
Suntory Beverage & Food Ltd.		606,300		21,296,091
				131,924,429
BUILDING PRODUCTS — 1.23%
Asahi Glass Co. Ltd.		6,063,000		33,206,457

Security	Shares		Value
Daikin Industries Ltd.		1,212,600	$	69,347,437
LIXIL Group Corp.		1,414,700		41,180,363
TOTO Ltd.		2,021,000		28,473,992
				172,208,249
CAPITAL MARKETS — 1.56%
Daiwa Securities Group Inc.		8,084,000		72,551,257
Nomura Holdings Inc.		19,401,600		130,592,262
SBI Holdings Inc.		1,212,610		14,375,722
				217,519,241
CHEMICALS — 3.51%
Air Water Inc.		78,000		1,151,678
Asahi Kasei Corp.		6,063,000		42,948,601
Daicel Corp.		2,021,000		17,385,372
Hitachi Chemical Co. Ltd.		606,300		8,435,272
JSR Corp.		1,010,500		17,256,665
Kaneka Corp.		2,021,000		13,147,935
Kansai Paint Co. Ltd.		203,000		2,625,386
Kuraray Co. Ltd.		1,818,900		20,280,294
Mitsubishi Chemical Holdings Corp.		7,073,500		31,810,479
Mitsubishi Gas Chemical Co. Inc.		2,021,000		12,850,919
Mitsui Chemicals Inc.		4,042,000		10,415,382
Nippon Paint Co. Ltd.		800,000		12,211,826
Nitto Denko Corp.		808,400		37,661,706
Shin-Etsu Chemical Co. Ltd.		2,223,100		125,416,252
Showa Denko K.K.		8,084,000		11,643,051
Sumitomo Chemical Co. Ltd.		8,084,000		32,949,042
Taiyo Nippon Sanso Corp.		2,021,000		15,088,444
Teijin Ltd.		4,042,000		9,662,940
Toray Industries Inc.		8,084,000		55,522,304
Ube Industries Ltd.		6,063,000		11,524,244
				489,987,792
COMMERCIAL BANKS — 9.69%
Aozora Bank Ltd.		6,063,000		17,583,383
Bank of Kyoto Ltd. (The)		2,021,000		15,543,869
Bank of Yokohama Ltd. (The)		6,063,000		30,473,904
Chiba Bank Ltd. (The)		4,042,000		24,394,964
Chugoku Bank Ltd. (The)		70,000		864,841
Fukuoka Financial Group Inc.		4,048,000		16,261,010
Gunma Bank Ltd. (The)		2,021,000		10,593,592
Hachijuni Bank Ltd. (The)		2,021,000		10,811,405
Hiroshima Bank Ltd. (The)		2,021,000		7,663,028
Hokuhoku Financial Group Inc.		6,063,000		11,346,034

SCHEDULEOF INVESTMENTS 7

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2014

Security	Shares		Value
Iyo Bank Ltd. (The)		2,021,000	$	18,236,820
Joyo Bank Ltd. (The)		4,042,000		19,207,074
Mitsubishi UFJ Financial Group Inc.		67,501,480		388,217,006
Mizuho Financial Group Inc.		120,451,680		246,650,675
Nishi-Nippon City Bank Ltd. (The)		4,042,000		9,544,134
Resona Holdings Inc.		11,317,600		58,769,686
Seven Bank Ltd.		3,233,600		11,785,619
Shinsei Bank Ltd.		8,084,000		16,712,134
Shizuoka Bank Ltd. (The)		3,161,000		30,412,992
Sumitomo Mitsui Financial Group Inc.		6,467,200		287,670,485
Sumitomo Mitsui Trust Holdings Inc.		18,189,320		85,007,649
Suruga Bank Ltd.		2,021,000		35,463,783
Yamaguchi Financial Group Inc.		73,000		634,409
				1,353,848,496
COMMERCIAL SERVICES & SUPPLIES — 0.85%
Dai Nippon Printing Co. Ltd.		2,021,000		20,236,731
PARK24 Co. Ltd.		606,300		12,195,502
Secom Co. Ltd.		1,010,500		56,799,476
Toppan Printing Co. Ltd.		4,042,000		29,899,672
				119,131,381
COMPUTERS & PERIPHERALS — 0.40%
NEC Corp.		11,340,000		38,109,244
Seiko Epson Corp.		606,300		18,177,416
				56,286,660
CONSTRUCTION & ENGINEERING — 0.88%
Chiyoda Corp.		235,000		3,554,989
JGC Corp.		860,000		31,707,049
Kajima Corp.		4,042,000		14,177,593
Obayashi Corp.		4,042,000		24,672,179
Shimizu Corp.		4,042,000		21,741,616
Taisei Corp.		6,063,000		26,909,705
				122,763,131
CONSTRUCTION MATERIALS — 0.15%
Taiheiyo Cement Corp.		6,063,000		21,266,389
				21,266,389
CONSUMER FINANCE — 0.24%
Acom Co. Ltd.b		2,223,100		6,360,116
AEON Financial Service Co. Ltd.		404,270		9,870,581

Security	Shares		Value
Credit Saison Co. Ltd.		808,400	$	17,670,508
				33,901,205
CONTAINERS & PACKAGING — 0.08%
Toyo Seikan Group Holdings Ltd.		606,300		10,561,911
				10,561,911
DIVERSIFIED CONSUMER SERVICES — 0.11%
Benesse Holdings Inc.		404,200		15,147,847
				15,147,847
DIVERSIFIED FINANCIAL SERVICES — 0.97%
Japan Exchange Group Inc.		1,010,500		23,899,936
Mitsubishi UFJ Lease & Finance Co. Ltd.		3,233,600		16,442,840
ORIX Corp.		6,467,200		95,045,314
				135,388,090
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.81%
Nippon Telegraph and Telephone Corp.		2,021,500		112,914,040
				112,914,040
ELECTRIC UTILITIES — 1.67%
Chubu Electric Power Co. Inc.		3,435,700		42,279,324
Chugoku Electric Power Co. Inc. (The)		1,616,800		22,858,398
Hokkaido Electric Power Co. Inc.b		1,010,500		10,266,874
Hokuriku Electric Power Co.		808,400		10,352,019
Kansai Electric Power Co. Inc. (The)b		3,839,900		42,663,465
Kyushu Electric Power Co. Inc.b		2,223,100		28,446,271
Shikoku Electric Power Co. Inc.b		808,400		12,482,618
Tohoku Electric Power Co. Inc.b		2,425,200		28,371,026
Tokyo Electric Power Co. Inc.b		7,679,800		35,665,754
				233,385,749
ELECTRICAL EQUIPMENT — 1.99%
Fuji Electric Co. Ltd.		2,021,000		9,227,316
Mabuchi Motor Co. Ltd.		202,100		13,444,952
Mitsubishi Electric Corp.		10,105,000		119,301,671
Nidec Corp.		606,300		74,194,748
Sumitomo Electric Industries Ltd.		4,042,000		61,621,045
				277,789,732

8 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2014

Security	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.76%
Citizen Holdings Co. Ltd.		1,414,700	$	11,546,026
FUJIFILM Holdings Corp.		2,425,200		69,478,125
Hamamatsu Photonics K.K.		404,200		16,355,714
Hirose Electric Co. Ltd.		202,100		28,711,605
Hitachi High-Technologies Corp.		404,200		9,726,304
Hitachi Ltd.		26,273,000		206,703,757
Hoya Corp.		2,223,100		65,692,153
IBIDEN Co. Ltd.		606,300		11,821,261
Keyence Corp.		211,526		90,504,487
Kyocera Corp.		1,616,800		72,725,506
Murata Manufacturing Co. Ltd.		1,010,500		95,946,265
Nippon Electric Glass Co. Ltd.		2,021,500		9,130,569
Omron Corp.		1,010,500		42,324,867
Shimadzu Corp.		236,000		1,949,228
TDK Corp.		606,300		26,078,058
Yaskawa Electric Corp.		2,021,000		29,939,274
Yokogawa Electric Corp.		1,010,500		15,692,377
				804,325,576
FOOD & STAPLES RETAILING — 1.69%
AEON Co. Ltd.		3,233,600		39,412,124
FamilyMart Co. Ltd.		404,200		17,939,803
Lawson Inc.		404,200		27,959,163
Seven & I Holdings Co. Ltd.		4,042,080		151,006,232
				236,317,322
FOOD PRODUCTS — 1.34%
Ajinomoto Co. Inc.		4,042,000		62,452,692
Calbee Inc.		202,400		4,900,117
Kikkoman Corp.		2,021,000		39,146,789
Meiji Holdings Co. Ltd.		404,228		26,535,322
Nippon Meat Packers Inc.		94,000		1,503,042
Nisshin Seifun Group Inc.		1,094,750		11,755,705
Nissin Foods Holdings Co. Ltd.		404,200		18,019,007
Toyo Suisan Kaisha Ltd.		103,000		3,451,330
Yakult Honsha Co. Ltd.		404,200		19,325,880
				187,089,884
GAS UTILITIES — 0.81%
Osaka Gas Co. Ltd.		10,105,000		41,879,342
Toho Gas Co. Ltd.		2,021,000		10,217,371
Tokyo Gas Co. Ltd.		12,126,000		60,591,388
				112,688,101

Security	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES — 0.72%
Olympus Corp.b		1,212,900	$	41,949,120
Sysmex Corp.		404,200		24,038,544
Terumo Corp.		808,400		34,335,120
				100,322,784
HEALTH CARE PROVIDERS & SERVICES — 0.41%
Alfresa Holdings Corp.		202,100		11,821,261
Medipal Holdings Corp.		808,400		12,435,095
Miraca Holdings Inc.		404,200		18,375,427
Suzuken Co. Ltd.		404,200		15,286,455
				57,918,238
HEALTH CARE TECHNOLOGY — 0.10%
M3 Inc.		4,042		13,405,350
				13,405,350
HOTELS, RESTAURANTS & LEISURE — 0.30%
McDonald’s Holdings Co. (Japan) Ltd.a		404,200		10,771,802
Oriental Land Co. Ltd.		210,100		31,433,175
				42,204,977
HOUSEHOLD DURABLES — 2.56%
Casio Computer Co. Ltd.		1,212,600		13,650,883
Iida Group Holdings Co. Ltd.b		680,080		10,248,009
Panasonic Corp.		11,721,815		146,544,221
Rinnai Corp.		202,100		16,910,145
Sekisui Chemical Co. Ltd.		2,028,000		23,028,972
Sekisui House Ltd.		2,121,000		26,474,835
Sharp Corp.a,b		8,084,000		26,058,257
Sony Corp.		5,456,700		95,164,121
				358,079,443
HOUSEHOLD PRODUCTS — 0.25%
Unicharm Corp.		606,300		34,275,716
				34,275,716
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.13%
Electric Power Development Co. Ltd.		606,300		18,771,450
				18,771,450
INDUSTRIAL CONGLOMERATES — 0.62%
Toshiba Corp.		20,210,000		87,124,871
				87,124,871
INSURANCE — 2.38%
Dai-ichi Life Insurance Co. Ltd. (The)		4,446,200		64,646,655

SCHEDULEOF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2014

Security	Shares		Value
MS&AD Insurance Group Holdings Inc.		2,627,340	$	61,986,330
NKSJ Holdings Inc.		1,818,950		45,783,398
Sony Financial Holdings Inc.		1,010,500		16,246,808
T&D Holdings Inc.		3,031,500		37,008,269
Tokio Marine Holdings Inc.		3,637,800		107,353,682
				333,025,142
INTERNET & CATALOG RETAIL — 0.39%
Rakuten Inc.		3,839,900		54,890,649
				54,890,649
INTERNET SOFTWARE & SERVICES — 0.57%
Dena Co. Ltd.a		496,400		10,699,848
Gree Inc.a		496,400		5,476,377
Kakaku.com Inc.		809,600		13,429,215
Yahoo! Japan Corp.		7,881,900		49,809,685
				79,415,125
IT SERVICES — 0.79%
Fujitsu Ltd.b		10,105,000		62,769,510
ITOCHU Techno-Solutions Corp.		202,100		9,336,222
Nomura Research Institute Ltd.		404,200		13,187,537
NTT Data Corp.		606,300		24,979,097
				110,272,366
LEISURE EQUIPMENT & PRODUCTS — 0.97%
Namco Bandai Holdings Inc.		1,010,598		22,545,747
Nikon Corp.		1,818,900		33,200,516
Sankyo Co. Ltd.		202,100		8,356,067
Sega Sammy Holdings Inc.		1,010,500		23,543,517
Shimano Inc.		404,200		36,473,639
Yamaha Corp.		808,400		11,017,336
				135,136,822
MACHINERY — 5.79%
Amada Co. Ltd.		2,021,000		16,771,538
FANUC Corp.		1,010,500		174,794,273
Hino Motors Ltd.		1,616,800		23,777,170
Hitachi Construction Machinery Co. Ltd.		606,300		11,726,216
IHI Corp.		6,063,000		27,622,545
Japan Steel Works Ltd. (The)		2,021,000		9,841,150
JTEKT Corp.		1,212,600		20,090,203
Kawasaki Heavy Industries Ltd.		8,084,000		32,949,042
Komatsu Ltd.		5,052,500		105,490,398
Kubota Corp.		6,063,000		84,530,926

Security	Shares		Value
Kurita Water Industries Ltd.		606,300	$	12,759,834
Makita Corp.		606,300		33,622,280
Mitsubishi Heavy Industries Ltd.		16,168,000		99,005,536
Nabtesco Corp.		404,200		10,094,604
NGK Insulators Ltd.		2,021,000		43,562,436
NSK Ltd.		2,021,000		22,018,831
SMC Corp.		224,100		56,680,953
Sumitomo Heavy Industries Ltd.		2,021,000		9,286,719
THK Co. Ltd.		606,900		13,860,617
				808,485,271
MARINE — 0.36%
Mitsui O.S.K. Lines Ltd.		6,063,000		25,068,202
Nippon Yusen K.K.		8,084,000		25,741,439
				50,809,641
MEDIA — 0.43%
Dentsu Inc.		1,010,500		37,869,618
Hakuhodo DY Holdings Inc.		1,414,700		10,534,189
Toho Co. Ltd.		606,300		11,702,454
				60,106,261
METALS & MINING — 1.85%
Daido Steel Co. Ltd.		2,021,000		9,247,117
Hitachi Metals Ltd.		242,000		3,601,607
JFE Holdings Inc.		2,627,350		53,285,793
Kobe Steel Ltd.b		14,147,000		19,266,477
Maruichi Steel Tube Ltd.		202,100		5,629,455
Mitsubishi Materials Corp.		6,063,000		18,949,660
Nippon Steel & Sumitomo Metal Corp.		38,399,705		111,739,699
Sumitomo Metal Mining Co. Ltd.		2,309,000		30,088,375
Yamato Kogyo Co. Ltd.		202,100		6,078,940
				257,887,123
MULTILINE RETAIL — 0.53%
Don Quijote Holdings Co. Ltd.		202,100		10,930,211
Isetan Mitsukoshi Holdings Ltd.		2,021,060		22,732,346
J. Front Retailing Co. Ltd.		2,021,000		12,751,913
Marui Group Co. Ltd.		1,212,600		9,944,116
Takashimaya Co. Ltd.		2,021,000		17,484,378
				73,842,964
OFFICE ELECTRONICS — 2.01%
Brother Industries Ltd.		1,212,600		17,250,725
Canon Inc.		6,063,050		187,834,851

10 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2014

Security	Shares		Value
Konica Minolta Holdings Inc.		3,031,500	$	30,681,815
Ricoh Co. Ltd.		3,637,800		45,514,825
				281,282,216
OIL, GAS & CONSUMABLE FUELS — 1.25%
Idemitsu Kosan Co. Ltd.		808,400		16,450,760
INPEX Corp.		4,850,400		61,304,228
Japan Petroleum Exploration Co. Ltd.		202,100		7,366,012
JX Holdings Inc.		11,923,995		61,568,073
Showa Shell Sekiyu K.K.		1,010,500		9,890,653
TonenGeneral Sekiyu K.K.		2,021,000		17,781,394
				174,361,120
PAPER & FOREST PRODUCTS — 0.14%
Oji Holdings Corp.		4,042,000		19,286,278
				19,286,278
PERSONAL PRODUCTS — 0.95%
Kao Corp.		2,829,400		96,886,817
Shiseido Co. Ltd.		2,021,000		35,681,595
				132,568,412
PHARMACEUTICALS — 5.33%
Astellas Pharma Inc.		2,425,230		156,684,139
Chugai Pharmaceutical Co. Ltd.		1,212,600		30,865,966
Daiichi Sankyo Co. Ltd.		3,637,869		62,445,956
Dainippon Sumitomo Pharma Co. Ltd.		808,400		14,906,273
Eisai Co. Ltd.		1,414,700		55,027,277
Hisamitsu Pharmaceutical Co. Inc.		202,100		9,425,327
Kyowa Hakko Kirin Co. Ltd.		2,021,000		21,603,008
Mitsubishi Tanabe Pharma Corp.		1,010,500		14,831,029
Ono Pharmaceutical Co. Ltd.		404,200		39,879,430
Otsuka Holdings Co. Ltd.		2,021,000		61,838,858
Santen Pharmaceutical Co. Ltd.		404,200		18,830,853
Shionogi & Co. Ltd.		1,616,800		34,849,948
Taisho Pharmaceutical Holdings Co. Ltd.		202,100		15,326,057
Takeda Pharmaceutical Co. Ltd.		4,244,100		202,589,087
Tsumura & Co.		202,100		5,360,160
				744,463,368

Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.95%
Japan Prime Realty Investment Corp.		4,042	$	13,959,780
Japan Real Estate Investment Corp.		4,222		22,792,554
Japan Retail Fund Investment Corp.		10,105		19,880,312
Nippon Building Fund Inc.		8,084		46,096,977
Nippon Prologis REIT Inc.		5,500		11,747,416
United Urban Investment Corp.		12,126		18,474,433
				132,951,472
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.81%
AEON Mall Co. Ltd.		606,300		16,722,035
Daito Trust Construction Co. Ltd.		404,200		37,483,496
Daiwa House Industry Co. Ltd.		2,871,000		51,926,380
Hulic Co. Ltd.		1,414,700		16,230,968
Mitsubishi Estate Co. Ltd.		6,369,000		149,950,590
Mitsui Fudosan Co. Ltd.		4,148,000		123,019,605
Nomura Real Estate Holdings Inc.		606,300		12,379,652
NTT Urban Development Corp.		606,300		5,209,671
Sumitomo Realty & Development Co. Ltd.		2,021,000		81,045,932
Tokyo Tatemono Co. Ltd.		2,021,000		16,355,715
Tokyu Fudosan Holdings Corp.b		2,706,200		21,238,095
				531,562,139
ROAD & RAIL — 3.46%
Central Japan Railway Co.		808,400		93,738,441
East Japan Railway Co.		1,818,900		141,534,354
Hankyu Hanshin Holdings Inc.		6,063,000		33,147,053
Keikyu Corp.		2,025,000		16,923,774
Keio Corp.		4,042,000		28,473,992
Keisei Electric Railway Co. Ltd.		270,000		2,359,673
Kintetsu Corp.		8,351,000		30,191,731
Nippon Express Co. Ltd.		4,042,000		18,771,449
Odakyu Electric Railway Co. Ltd.		2,186,000		19,490,129
Tobu Railway Co. Ltd.		6,063,000		29,345,241
Tokyu Corp.		6,063,000		36,830,059
West Japan Railway Co.		808,400		33,028,247
				483,834,143

SCHEDULEOF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2014

Security	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.65%
Advantest Corp.		808,400	$	8,752,089
Rohm Co. Ltd.		606,300		31,246,147
Sumco Corp.		606,300		4,633,459
Tokyo Electron Ltd.		808,452		46,274,204
				90,905,899
SOFTWARE — 0.96%
GungHo Online Entertainment Inc.a		1,818,900		11,173,765
Konami Corp.		606,300		15,183,489
Nexon Co. Ltd.		606,300		5,132,447
Nintendo Co. Ltd.		606,300		74,580,870
Oracle Corp. Japan		202,100		8,385,769
Trend Micro Inc.		606,300		20,256,532
				134,712,872
SPECIALTY RETAIL — 1.22%
ABC-MART Inc.		202,100		7,979,846
Fast Retailing Co. Ltd.		251,800		86,470,289
Nitori Holdings Co. Ltd.		404,200		18,217,019
Sanrio Co. Ltd.a		202,100		7,692,730
Shimamura Co. Ltd.		202,100		18,197,217
USS Co. Ltd.		1,212,600		16,288,391
Yamada Denki Co. Ltd.		4,648,300		15,347,838
				170,193,330
TEXTILES, APPAREL & LUXURY GOODS — 0.11%
ASICS Corp.		808,400		15,729,999
				15,729,999
TOBACCO — 1.33%
Japan Tobacco Inc.		5,860,900		185,591,817
				185,591,817
TRADING COMPANIES & DISTRIBUTORS — 3.98%
ITOCHU Corp.		8,084,000		100,114,398
Marubeni Corp.		8,084,000		56,472,757
Mitsubishi Corp.		7,477,700		142,645,196
Mitsui & Co. Ltd.		9,094,500		139,360,192
Sojitz Corp.		6,871,400		12,118,278
Sumitomo Corp.		6,063,000		79,719,257
Toyota Tsusho Corp.		1,010,500		24,790,986
				555,221,064
TRANSPORTATION INFRASTRUCTURE — 0.16%
Kamigumi Co. Ltd.		2,021,000		18,672,444
Mitsubishi Logistics Corp.		242,000		3,345,535
				22,017,979

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 4.88%
KDDI Corp.		2,829,400	$	171,901,331
NTT DOCOMO Inc.		8,084,000		134,726,733
SoftBank Corp.		4,983,500		374,403,351
				681,031,415
TOTAL COMMON STOCKS
(Cost: $14,785,502,881)				13,924,970,112
SHORT-TERM INVESTMENTS — 0.44%
MONEY MARKET FUNDS — 0.44%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		55,051,367		55,051,367
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		2,886,053		2,886,053
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		3,015,995		3,015,995
				60,953,415
TOTAL SHORT-TERM INVESTMENTS
(Cost: $60,953,415)				60,953,415
TOTAL INVESTMENTS IN SECURITIES — 100.13%
(Cost: $14,846,456,296)				13,985,923,527
Other Assets, Less Liabilities — (0.13)%				(17,986,438	)
NET ASSETS — 100.00%			$	13,967,937,089

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

Financial futures contracts purchased as of February 28, 2014 were as follows:

Number of Contracts		Issue (Expiration)	Exchange	Notional Value		Net Unrealized Appreciation (Depreciation)
	342	TOPIX Index (Mar. 2014)	Tokyo Stock	$	40,578,259	$	(1,251,036)

See notes to financial statements.

12 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Assets and Liabilities (Unaudited)

iSHARES^® MSCI JAPAN ETF

February 28, 2014

ASSETS
Investments, at cost:
Unaffiliated	$	14,785,502,881
Affiliated (Note 2)		60,953,415
Total cost of investments	$	14,846,456,296
Investments in securities, at fair value (including securities on loana)  (Note 1):
Unaffiliated	$	13,924,970,112
Affiliated (Note 2)		60,953,415
Total fair value of investments		13,985,923,527
Foreign currency, at valueb		33,827,840
Foreign currency pledged to broker, at valueb		2,552,981
Receivables:
Investment securities sold		35,744,329
Dividends and interest		14,713,827
Total Assets		14,072,762,504
LIABILITIES
Payables:
Investment securities purchased		40,647,682
Collateral for securities on loan (Note 1)		57,937,420
Futures variation margin		1,251,036
Investment advisory fees (Note 2)		4,989,277
Total Liabilities		104,825,415
NET ASSETS	$	13,967,937,089
Net assets consist of:
Paid-in capital	$	15,769,552,093
Distributions in excess of net investment income		(37,905,859	)
Accumulated net realized loss		(902,312,678	)
Net unrealized depreciation		(861,396,467	)
NET ASSETS	$	13,967,937,089
Shares outstandingc		1,212,600,000
Net asset value per share	$	11.52

^a  Securities on loan with a value of $55,000,422. See Note 1.

^b  Cost of foreign currency including currency at broker, if any: $36,264,152.

^c  $0.001 par value, number of shares authorized: 2,124,600,000

See notes to financial statements.

FINANCIAL STATEMENTS 13

Statement of Operations (Unaudited)

iSHARES^® MSCI JAPAN ETF

Six months ended February 28, 2014

NET INVESTMENT INCOME
Dividends — unaffiliateda	$	98,570,285
Interest — affiliated (Note 2)		1,117
Securities lending income — affiliated (Note 2)		1,722,770
Total investment income		100,294,172
EXPENSES
Investment advisory fees (Note 2)		31,001,737
Total expenses		31,001,737
Net investment income		69,292,435
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(74,863,219	)
In-kind redemptions — unaffiliated		144,501,466
Futures contracts		4,604,611
Foreign currency transactions		(4,891,850	)
Net realized gain		69,351,008
Net change in unrealized appreciation/depreciation on:
Investments		405,686,935
Futures contracts		(1,149,940	)
Translation of assets and liabilities in foreign currencies		652,057
Net change in unrealized appreciation/depreciation		405,189,052
Net realized and unrealized gain		474,540,060
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	543,832,495

^a  Net of foreign withholding tax of $8,137,809.

See notes to financial statements.

14 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® MSCI JAPAN ETF

	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	69,292,435		$	88,231,088
Net realized gain		69,351,008			326,567,847
Net change in unrealized appreciation/depreciation		405,189,052			632,581,952
Net increase in net assets resulting from operations		543,832,495			1,047,380,887
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(100,587,778	)		(94,344,922	)
Total distributions to shareholders		(100,587,778	)		(94,344,922	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,923,491,607			9,039,143,715
Cost of shares redeemed		(860,741,228	)		(4,159,272,055	)
Net increase in net assets from capital share transactions		3,062,750,379			4,879,871,660
INCREASE IN NET ASSETS		3,505,995,096			5,832,907,625
NET ASSETS
Beginning of period		10,461,941,993			4,629,034,368
End of period	$	13,967,937,089		$	10,461,941,993
Distributions in excess of net investment income included in net assets at end of period	$	(37,905,859	)	$	(6,610,516	)
SHARES ISSUED AND REDEEMED
Shares sold		332,400,000			831,000,000
Shares redeemed		(73,800,000	)		(390,000,000	)
Net increase in shares outstanding		258,600,000			441,000,000

See notes to financial statements.

FINANCIAL STATEMENTS 15

Financial Highlights

iSHARES^® MSCI JAPAN ETF

(For a share outstanding throughout each period)

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	10.97		$	9.02		$	9.80		$	9.43		$	10.24		$	11.62
Income from investment operations:
Net investment incomea		0.06			0.13			0.18			0.16			0.12			0.13
Net realized and unrealized gain (loss)b		0.58			1.97			(0.77	)		0.37			(0.77	)		(1.39	)
Total from investment operations		0.64			2.10			(0.59	)		0.53			(0.65	)		(1.26	)
Less distributions from:
Net investment income		(0.09	)		(0.15	)		(0.19	)		(0.16	)		(0.16	)		(0.12	)
Total distributions		(0.09	)		(0.15	)		(0.19	)		(0.16	)		(0.16	)		(0.12	)
Net asset value, end of period	$	11.52		$	10.97		$	9.02		$	9.80		$	9.43		$	10.24
Total return		5.80	%c		23.46	%		(5.96	)%		5.54	%		(6.41	)%		(10.68	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	13,967,937		$	10,461,942		$	4,629,034		$	7,194,509		$	3,942,769		$	6,164,170
Ratio of expenses to average net assetsd		0.49	%		0.50	%		0.53	%		0.51	%		0.54	%		0.56	%
Ratio of net investment income to average net assetsd		1.09	%		1.18	%		1.95	%		1.53	%		1.20	%		1.46	%
Portfolio turnover ratee		1	%		4	%		3	%		4	%		5	%		4	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

16 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^® MSCI JAPAN 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 amended and restated Articles of Incorporation.

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

iShares MSCI ETF	Diversification Classification
Japan	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.

Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

The Fund invests in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in emerging market and frontier market countries.

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.

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

NOTESTO FINANCIAL STATEMENTS 17

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

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”).

• 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 are valued at that day’s published net asset value (NAV).

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

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

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

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

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

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

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

18 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

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

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

As of February 28, 2014, the value of each of the Fund’s investments was classified as Level 1. The breakdown of the Fund’s investments into major categories is disclosed in its schedule of investments.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2014 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Fund may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2014, 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.

NOTESTO FINANCIAL STATEMENTS 19

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

FEDERAL INCOME TAXES

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.

LOANS OF PORTFOLIO SECURITIES

The Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the 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 Fund and any additional required collateral is delivered to the Fund on the next business day. Any securities lending cash collateral 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 Fund’s investment adviser, or its affiliates.

As of February 28, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2014 and the value of the related collateral are disclosed in the statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the statement 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 Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. The Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

Securities lending transactions are entered into by the Fund 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. In the event that a borrower defaults, the 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 the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

As of February 28, 2014, the Fund had securities on loan with a market value of $55,000,422 as disclosed in the Fund’s statement of assets and liabilities. The value of the related collateral, as disclosed in the Fund’s schedule of investments, exceeded the value of the securities on loan at period end.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

20 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

substantially all expenses of the Fund, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

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

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

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Effective January 1, 2014, the 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 the Fund bears to an annual rate of 0.04% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2014, (i) the Fund retains 75% of securities lending income (commencing January 1, 2015 the amount the Fund will retain is expected to change to 70% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, the Fund retained 65% of securities lending income and paid no collateral investment fees.

For the six months ended February 28, 2014, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $788,858.

In addition, commencing the business day following a “Hurdle Date” (the date that the aggregate securities lending income 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 calendar year 2013 or lesser amount as may be agreed to by the Fund and BTC) and pursuant to a securities lending agreement, (i) the Fund will receive for the remainder of that calendar year 80% of securities lending income (for any Hurdle Date after January 1, 2015, the Fund will retain 75% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees.

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.

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 “Interest – affiliated” in the statement of operations.

NOTESTO FINANCIAL STATEMENTS 21

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

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 BTC and/or BFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2014, were $114,767,515 and $95,461,426, respectively.

In-kind purchases and sales (see Note 4) for the six months ended February 28, 2014, were $3,835,259,408 and $842,300,788, respectively.

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 net asset value. 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.

5. INCOME TAX INFORMATION

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 net asset values per share.

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

As of August 31, 2013, the Fund’s fiscal year-end, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Non- Expiring a	Expiring 2014	Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
$243,977,849	$68,122,871	$	27,817,841	$	44,443,527	$	116,295,478	$	173,577,101	$	139,228,194	$	813,462,861

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

22 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

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

As of February 28, 2014, the cost of investments for federal income tax purposes was $14,963,583,128. Net unrealized depreciation was $977,659,601, of which $664,914,836 represented gross unrealized appreciation on securities and $1,642,574,437 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 2014, 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.

6. FINANCIAL FUTURES CONTRACTS

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

The following table shows the value of futures contracts held by the Fund as of February 28, 2014 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Liabilities
Equity contracts:
Variation margin/Net assets consist of – net unrealized appreciation (depreciation)a	$	(1,251,036	)

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

The following table shows the realized and unrealized gains (losses) on futures contracts held by the Fund during the six months ended February 28, 2014 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	4,604,611	$	(1,149,940	)

NOTESTO FINANCIAL STATEMENTS 23

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

For the six months ended February 28, 2014, the average quarter-end number of contracts and notional value of open futures contracts for the Fund were 474 and $57,301,927, respectively.

7. 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.

24 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® MSCI JAPAN ETF

Section 19(a) Notices

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

Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
$	0.058257	$	—	$	0.029470	$	0.087727		66	%		—	%		34	%		100	%

SUPPLEMENTAL INFORMATION 25

Notes:

26 2012 iSHARES ANNUAL REPORTTO SHAREHOLDERS

For more information visit www.iShares.com or call 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a daily and monthly basis on the Fund’s website.

©2014 BlackRock. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are their respective owners.

iS-SAR-81-0214

FEBRUARY 28, 2014

2014 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

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

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

^Ø   iShares MSCI Emerging Markets Eastern Europe ETF  |  ESR  |  NYSE Arca

^Ø   iShares MSCI EMU ETF  |  EZU  |  NYSE Arca

^Ø   iShares MSCI France ETF  |  EWQ  |  NYSE Arca

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

^Ø   iShares MSCI Netherlands ETF  |  EWN  |  NYSE Arca

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

^Ø   iShares MSCI Sweden ETF  |  EWD  |  NYSE Arca

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

^Ø   iShares MSCI United Kingdom ETF  |  EWU  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	16
Shareholder Expenses	16
Schedules of Investments	17
iShares MSCI Austria Capped ETF	17
iShares MSCI Belgium Capped ETF	19
iShares MSCI Emerging Markets Eastern Europe ETF	21
iShares MSCI EMU ETF	23
iShares MSCI France ETF	27
iShares MSCI Italy Capped ETF	30
iShares MSCI Netherlands ETF	32
iShares MSCI Spain Capped ETF	34
iShares MSCI Sweden ETF	35
iShares MSCI Switzerland Capped ETF	37
iShares MSCI United Kingdom ETF	39
Financial Statements	42
Financial Highlights	56
Notes to Financial Statements	67
Supplemental Information	79

Fund Performance Overview

iSHARES^® MSCI AUSTRIA CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Austria Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria Investable Market Index 25/50 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 15.51%, net of fees, while the total return for the Index was 15.81%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		15.84%		15.97%		16.16%		15.84%		15.97%		16.16%
5 Years		18.12%		18.28%		18.35%		129.92%		131.47%		132.14%
10 Years		5.54%		5.43%		5.52%		71.44%		69.76%		71.16%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,155.10	$	2.62	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	39.10	%
Industrials	22.77
Materials	15.14
Energy	13.20
Telecommunication Services	4.61
Information Technology	3.23
Utilities	1.95
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total  Investments*

Erste Group Bank AG	14.74	%
OMV AG	9.86
Voestalpine AG	6.64
IMMOFINANZ AG	6.29
Raiffeisen International Bank Holding AG	5.68
Andritz AG	4.82
Wienerberger AG	4.78
Telekom Austria AG	4.61
Vienna Insurance Group AG	4.60
Oesterreichische Post AG	4.09
TOTAL	66.11	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI BELGIUM CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Belgium Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium Investable Market Index 25/50 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 23.02%, net of fees, while the total return for the Index was 23.10%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		27.00%		26.85%		26.86%		27.00%		26.85%		26.86%
5 Years		22.03%		22.07%		24.17%		170.61%		171.07%		195.15%
10 Years		5.55%		5.46%		5.94%		71.70%		70.22%		78.16%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,230.20	$	2.71	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Consumer Staples	29.22	%
Financials	28.32
Materials	12.12
Health Care	10.88
Consumer Discretionary	4.43
Information Technology	4.12
Telecommunication Services	3.62
Energy	3.05
Industrials	3.02
Utilities	1.22
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total Investments*

Anheuser-Busch InBev NV	22.34	%
KBC Groep NV	8.53
Ageas	5.82
Solvay SA	5.07
UCB SA	4.68
Groupe Bruxelles Lambert SA	4.46
Delhaize Brothers and Co. “The Lion” (Delhaize Group) SA	4.21
Umicore SA	3.35
Belgacom SA	2.97
Colruyt SA	2.67
TOTAL	64.10	%

* Excludes money market funds.

6 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS EASTERN EUROPE ETF

Performance as of February 28, 2014

The iShares MSCI Emerging Markets Eastern Europe ETF (the “Fund”) seeks to track the investment results of an index composed of Eastern European emerging market equities, as represented by the MSCI Emerging Markets Eastern Europe Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 0.70%, net of fees, while the total return for the Index was 1.04%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(6.98)%		(7.93)%		(6.21)%		(6.98)%		(7.93)%		(6.21)%
Since Inception		1.30%		0.98%		1.84%		5.88%		4.40%		8.40%

The inception date of the Fund was 9/30/09. The first day of secondary market trading was 10/2/09.

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,007.00	$	3.33	$	1,000.00	$	1,021.50	$	3.36		0.67%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Energy	43.59	%
Financials	29.15
Materials	8.54
Telecommunication Services	7.06
Consumer Staples	5.58
Utilities	4.82
Health Care	0.86
Consumer Discretionary	0.40
TOTAL	100.00	%

COUNTRY ALLOCATION As of 2/28/14

Country Percentage of
Total  Investments*

Russia	70.10	%
Poland	23.56
Czech Republic	3.36
Hungary	2.98
TOTAL	100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI EMU ETF

Performance as of February 28, 2014

The iShares MSCI EMU ETF (the “Fund”) seeks to track the investment results of an index composed of equities from countries within the European Monetary Union, as represented by the MSCI EMU Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 22.16%, net of fees, while the total return for the Index was 22.47%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		30.44%		30.34%		30.69%		30.44%		30.34%		30.69%
5 Years		16.90%		17.06%		16.98%		118.34%		119.85%		119.09%
10 Years		5.97%		5.82%		6.11%		78.51%		76.15%		80.97%

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,221.60	$	2.64	$	1,000.00	$	1,022.40	$	2.41		0.48%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	23.65	%
Industrials	13.93
Consumer Discretionary	13.06
Consumer Staples	9.82
Materials	8.46
Health Care	8.05
Energy	6.56
Utilities	5.77
Telecommunication Services	5.43
Information Technology	5.27
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total  Investments*

Total SA (France)	3.32	%
Sanofi (France)	2.97
Bayer AG Registered (Germany)	2.81
Siemens AG Registered (Germany)	2.53
BASF SE (Germany)	2.53
Banco Santander SA (Spain)	2.52
Daimler AG Registered (Germany)	2.15
Anheuser-Busch InBev NV (Belgium)	2.02
BNP Paribas SA (France)	1.95
Allianz SE Registered (Germany)	1.95
TOTAL	24.75	%

* Excludes money market funds.

8 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI FRANCE ETF

Performance as of February 28, 2014

The iShares MSCI France ETF (the “Fund”) seeks to track the investment results of an index composed of French equities, as represented by the MSCI France Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 18.15%, net of fees, while the total return for the Index was 18.31%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		27.70%		27.33%		27.67%		27.70%		27.33%		27.67%
5 Years		16.39%		16.53%		16.43%		113.62%		114.84%		113.99%
10 Years		5.97%		5.86%		6.10%		78.65%		76.70%		80.72%

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
	1,000.00	$	1,181.50	$	2.65	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	18.58	%
Industrials	18.42
Consumer Discretionary	13.42
Energy	11.03
Health Care	10.61
Consumer Staples	10.01
Materials	6.03
Telecommunication Services	4.67
Utilities	4.08
Information Technology	3.15
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total Investments*

Total SA	10.12	%
Sanofi	9.05
BNP Paribas SA	5.95
Schneider Electric SA	3.58
Societe Generale	3.50
LVMH Moet Hennessy Louis Vuitton SA	3.44
AXA SA	3.42
Airbus Group NV	3.15
L’Air Liquide SA	3.13
L’Oreal SA	2.99
TOTAL	48.33	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI ITALY CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Italy Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Italian equities, as represented by the MSCI Italy 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 28.24%, net of fees, while the total return for the Index was 28.43%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		36.63%		36.92%		36.97%		36.63%		36.92%		36.97%
5 Years		9.92%		10.20%		10.28%		60.43%		62.51%		63.14%
10 Years		1.08%		1.01%		1.09%		11.33%		10.53%		11.41%

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,282.40	$	2.77	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	33.70	%
Energy	20.74
Utilities	15.87
Industrials	14.39
Consumer Discretionary	11.03
Telecommunication Services	4.27
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total Investments*

Eni SpA	16.26	%
Intesa Sanpaolo SpA	7.74
UniCredit SpA	7.47
Enel SpA	7.10
Assicurazioni Generali SpA	5.36
Snam SpA	4.49
Atlantia SpA	4.47
Fiat SpA	4.42
CNH Industrial NV	4.11
Tenaris SA	3.97
TOTAL	65.39	%

* Excludes money market funds.

10 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI NETHERLANDS ETF

Performance as of February 28, 2014

The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 14.91%, net of fees, while the total return for the Index was 15.17%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		29.28%		29.14%		29.80%		29.28%		29.14%		29.80%
5 Years		19.44%		19.63%		20.16%		143.12%		145.01%		150.48%
10 Years		7.13%		7.04%		7.63%		99.16%		97.45%		108.65%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,149.10	$	2.61	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Consumer Staples	28.09	%
Financials	22.35
Industrials	17.00
Information Technology	11.06
Materials	7.72
Consumer Discretionary	6.33
Telecommunication Services	4.63
Energy	2.82
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total  Investments*

Unilever NV CVA	16.37	%
ING Groep NV CVA	14.18
Koninklijke Philips NV	8.32
ASML Holding NV	7.88
Akzo Nobel NV	4.92
Koninklijke Ahold NV	4.76
AEGON NV	4.14
Heineken NV	3.95
Reed Elsevier NV	3.86
Koninklijke KPN NV	2.90
TOTAL	71.28	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

Fund Performance Overview

iSHARES^® MSCI SPAIN CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Spain Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Spanish equities, as represented by the MSCI Spain 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 33.17%, net of fees, while the total return for the Index was 33.83%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		37.25%		37.34%		37.74%		37.25%		37.34%		37.74%
5 Years		13.49%		13.65%		13.21%		88.28%		89.56%		85.98%
10 Years		7.43%		7.34%		7.12%		104.71%		103.12%		98.85%

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,331.70	$	2.78	$	1,000.00	$	1,022.40	$	2.41		0.48%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	47.59	%
Utilities	11.85
Industrials	11.36
Telecommunication Services	11.26
Energy	4.53
Consumer Discretionary	4.45
Information Technology	4.43
Health Care	2.66
Consumer Staples	1.87
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

Banco Santander SA	20.38	%
Banco Bilbao Vizcaya Argentaria SA	13.15
Telefonica SA	11.26
Iberdrola SA	4.62
Repsol SA	4.53
Industria de Diseno Textil SA	4.45
Amadeus IT Holding SA Class A	4.43
Banco Popular Espanol SA	3.35
Banco de Sabadell SA	3.23
CaixaBank SA	3.14
TOTAL	72.54	%

* Excludes money market funds.

12 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SWEDEN ETF

Performance as of February 28, 2014

The iShares MSCI Sweden ETF (the “Fund”) seeks to track the investment results of an index composed of Swedish equities, as represented by the MSCI Sweden Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 15.46%, net of fees, while the total return for the Index was 15.76%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		17.31%		17.53%		17.13%		17.31%		17.53%		17.13%
5 Years		27.53%		27.69%		27.49%		237.33%		239.51%		236.79%
10 Years		11.11%		10.99%		11.13%		186.77%		183.61%		187.25%

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,154.60	$	2.62	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	32.46	%
Industrials	28.10
Consumer Discretionary	11.65
Information Technology	10.86
Telecommunication Services	6.65
Consumer Staples	5.50
Health Care	2.75
Energy	1.02
Materials	1.01
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total  Investments*

Hennes & Mauritz AB Class B	9.70	%
Nordea Bank AB	9.64
Telefonaktiebolaget LM Ericsson Class B	8.93
Svenska Handelsbanken AB Class A	5.97
Swedbank AB Class A	5.66
Skandinaviska Enskilda Banken AB Class A	4.89
Volvo AB Class B	4.83
Atlas Copco AB Class A	4.27
TeliaSonera AB	4.18
Svenska Cellulosa AB Class B	4.05
TOTAL	62.12	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 13

Fund Performance Overview

iSHARES^® MSCI SWITZERLAND CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Switzerland Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Swiss equities, as represented by the MSCI Switzerland 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 16.86%, net of fees, while the total return for the Index was 17.11%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		20.98%		21.37%		21.28%		20.98%		21.37%		21.28%
5 Years		21.63%		21.90%		21.67%		166.22%		169.18%		166.65%
10 Years		10.19%		10.14%		9.70%		163.80%		162.65%		152.35%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,168.60	$	2.63	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 or more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Health Care	30.74	%
Financials	20.34
Consumer Staples	20.17
Industrials	11.33
Materials	7.64
Consumer Discretionary	6.91
Energy	1.44
Telecommunication Services	1.43
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total Investments*

Nestle SA Registered	17.20	%
Roche Holding AG Genusschein	14.83
Novartis AG Registered	12.91
UBS AG Registered	4.58
ABB Ltd. Registered	4.51
Compagnie Financiere Richemont SA Class A Bearer	4.26
Credit Suisse Group AG Registered	4.15
Zurich Insurance Group AG	3.98
Syngenta AG Registered	2.98
Swiss Re AG	2.95
TOTAL	72.35	%

* Excludes money market funds.

14 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI UNITED KINGDOM ETF

Performance as of February 28, 2014

The iShares MSCI United Kingdom ETF (the “Fund”) seeks to track the investment results of an index composed of U.K. equities, as represented by the MSCI United Kingdom Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 15.82%, net of fees, while the total return for the Index was 16.13%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		21.40%		21.42%		22.03%		21.40%		21.42%		22.03%
5 Years		19.47%		19.71%		20.23%		143.35%		145.84%		151.23%
10 Years		6.25%		6.07%		6.89%		83.35%		80.27%		94.72%

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 16 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,158.20	$	2.62	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total Investments*

Financials	21.96	%
Energy	18.69
Consumer Staples	16.03
Health Care	9.32
Consumer Discretionary	8.34
Materials	7.50
Industrials	7.09
Telecommunication Services	5.88
Utilities	4.09
Information Technology	1.10
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total Investments*

HSBC Holdings PLC	6.85	%
BP PLC	5.46
Royal Dutch Shell PLC Class A	4.88
GlaxoSmithKline PLC	4.72
Vodafone Group PLC	3.82
British American Tobacco PLC	3.56
Royal Dutch Shell PLC Class B	3.35
AstraZeneca PLC	2.98
Diageo PLC	2.74
Rio Tinto PLC	2.53
TOTAL	40.89	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 15

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 management fees. Without such 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. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2013 and held through February 28, 2014, 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. 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 for 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.

16 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI AUSTRIA CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.04%
AIR FREIGHT & LOGISTICS — 4.06%
Oesterreichische Post AG		81,634	$	4,075,307
				4,075,307
BUILDING PRODUCTS — 4.73%
Wienerberger AG		251,517		4,753,934
				4,753,934
CHEMICALS — 1.81%
Lenzing AG		29,106		1,823,060
				1,823,060
COMMERCIAL BANKS — 20.22%
Erste Group Bank AG		412,923		14,662,641
Raiffeisen International Bank Holding AG		161,945		5,647,678
				20,310,319
CONSTRUCTION MATERIALS — 2.27%
RHI AG		68,600		2,277,243
				2,277,243
CONTAINERS & PACKAGING — 3.03%
Mayr-Melnhof Karton AG		23,765		3,046,307
				3,046,307
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.57%
Telekom Austria AG		471,037		4,589,793
				4,589,793
ELECTRIC UTILITIES — 1.93%
EVN AG		125,293		1,937,278
				1,937,278
ELECTRICAL EQUIPMENT — 2.53%
Zumtobel AG		99,960		2,537,539
				2,537,539
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.20%
Austria Technologie & Systemtechnik AG		151,165		1,873,606
Kapsch TrafficCom AGa		24,010		1,343,204
				3,216,810
ENERGY EQUIPMENT & SERVICES — 3.31%
Schoeller-Bleckmann Oilfield Equipment AG		28,763		3,325,069
				3,325,069

Security	Shares		Value
INSURANCE — 4.56%
Vienna Insurance Group AG		89,376	$	4,579,688
				4,579,688
MACHINERY — 8.56%
Andritz AG		76,293		4,798,120
Palfinger AG		44,688		1,800,397
Semperit AG Holding		36,505		2,006,672
				8,605,189
METALS & MINING — 7.88%
AMAG Austria Metall AGb		39,641		1,310,172
Voestalpine AG		146,461		6,605,607
				7,915,779
OIL, GAS & CONSUMABLE FUELS — 9.76%
OMV AG		215,453		9,810,983
				9,810,983
REAL ESTATE MANAGEMENT & DEVELOPMENT — 13.95%
CA Immobilien Anlagen AGc		187,327		3,507,042
conwert Immobilien Invest SE		186,739		2,550,776
IMMOEAST AG Escrowc,d		998,769		14
IMMOFINANZ AGc		1,235,339		6,261,715
IMMOFINANZ AG Escrowc,d		897,599		12
S IMMO AG		218,001		1,692,138
				14,011,697
TRANSPORTATION INFRASTRUCTURE — 2.67%
Flughafen Wien AG		29,596		2,687,632
				2,687,632
TOTAL COMMON STOCKS
(Cost: $112,102,448)				99,503,627
SHORT-TERM INVESTMENTS — 0.33%
MONEY MARKET FUNDS — 0.33%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%e,f,g		143,565		143,565
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%e,f,g		7,526		7,526
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		184,316		184,316
				335,407
TOTAL SHORT-TERM INVESTMENTS
(Cost: $335,407)				335,407

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRIA CAPPED ETF

February 28, 2014

	Value
TOTAL INVESTMENTS IN SECURITIES — 99.37%
(Cost: $112,437,855)	$	99,839,034
Other Assets, Less Liabilities — 0.63%		631,362
NET ASSETS — 100.00%	$	100,470,396

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

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

^c  Non-income earning security.

^d  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^e  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

18 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI BELGIUM CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.90%
AIR FREIGHT & LOGISTICS — 0.92%
bpost SA		32,292	$	684,612
				684,612
BEVERAGES — 22.32%
Anheuser-Busch InBev NV		158,436		16,619,681
				16,619,681
BIOTECHNOLOGY — 2.98%
Ablynx NVa		63,504		848,142
Galapagos NVa		29,484		671,910
ThromboGenics NVa,b		23,652		698,910
				2,218,962
CAPITAL MARKETS — 1.67%
GIMV NV		13,932		703,687
RHJ International SAa,b		100,332		540,437
				1,244,124
CHEMICALS — 9.26%
Solvay SA		24,300		3,772,364
Tessenderlo Chemie NV		22,356		630,817
Umicore SA		50,652		2,491,906
				6,895,087
COMMERCIAL BANKS — 8.52%
KBC Groep NV		99,900		6,344,180
				6,344,180
COMMUNICATIONS EQUIPMENT — 0.84%
EVS Broadcast Equipment SA		10,044		624,252
				624,252
CONSTRUCTION & ENGINEERING — 1.14%
Compagnie d’Entreprises CFE SA		9,180		851,392
				851,392
DISTRIBUTORS — 0.94%
SA D’Ieteren NV		15,552		702,385
				702,385
DIVERSIFIED FINANCIAL SERVICES — 7.93%
Ackermans & van Haaren NV		13,068		1,533,072
Groupe Bruxelles Lambert SA		33,696		3,316,852
KBC Ancora SCAa		26,784		1,058,362
				5,908,286
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.97%
Belgacom SA		73,332		2,213,530
				2,213,530

Security	Shares		Value
ELECTRIC UTILITIES — 1.22%
Elia System Operator SA		18,900	$	909,716
				909,716
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.91%
Barco NV		8,532		675,929
				675,929
FOOD & STAPLES RETAILING — 6.87%
Colruyt SA		35,748		1,986,044
Delhaize Brothers and Co. “The Lion” (Delhaize Group) SA		43,524		3,132,499
				5,118,543
HEALTH CARE EQUIPMENT & SUPPLIES — 0.86%
Ion Beam Applications SAa		59,508		640,256
				640,256
HEALTH CARE PROVIDERS & SERVICES — 1.31%
Arseus NV		20,628		976,650
				976,650
HEALTH CARE TECHNOLOGY — 1.04%
Agfa-Gevaert NVa		267,192		774,968
				774,968
INSURANCE — 5.81%
Ageas		94,284		4,329,177
				4,329,177
IT SERVICES — 1.17%
Econocom Group SAb		73,008		873,231
				873,231
MARINE — 0.96%
Compagnie Maritime Belge SA		23,544		712,140
				712,140
MEDIA — 3.49%
Kinepolis Group NV		4,644		859,484
Telenet Group Holding NV		27,216		1,738,134
				2,597,618
METALS & MINING — 2.85%
Bekaert NV		27,864		1,084,682
Nyrstar NVa,b		144,288		585,894
Viohalco SAa,b		70,524		454,878
				2,125,454
OIL, GAS & CONSUMABLE FUELS — 3.04%
Euronav SAa		105,300		1,527,069
Exmar NV		42,876		739,636
				2,266,705

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BELGIUM CAPPED ETF

February 28, 2014

Security	Shares		Value
PHARMACEUTICALS — 4.68%
UCB SA		43,416	$	3,486,909
				3,486,909
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.36%
Befimmo SA		11,340		814,437
Cofinimmo SA		9,396		1,129,544
Intervest Offices & Warehouses		17,496		529,688
Warehouses De Pauw SCA		10,152		769,917
				3,243,586
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.20%
Melexis NV		23,220		891,234
				891,234
WIRELESS TELECOMMUNICATION SERVICES — 0.64%
Mobistar SA		28,836		476,727
				476,727
TOTAL COMMON STOCKS
(Cost: $65,401,998)				74,405,334
SHORT-TERM INVESTMENTS — 3.70%
MONEY MARKET FUNDS — 3.70%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		2,577,180		2,577,180
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		135,108		135,108
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		40,345		40,345
				2,752,633
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,752,633)				2,752,633

	Value
TOTAL INVESTMENTS IN SECURITIES — 103.60%
(Cost: $68,154,631)	$	77,157,967
Other Assets, Less Liabilities — (3.60)%		(2,678,464	)
NET ASSETS — 100.00%	$	74,479,503

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

20 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS EASTERN EUROPE ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 96.23%
CZECH REPUBLIC — 3.36%
CEZ AS		81,517	$	2,200,244
Komercni Banka AS		7,678		1,862,820
Telefonica Czech Republic AS		56,961		866,326
				4,929,390
HUNGARY — 2.98%
MOL Hungarian Oil and Gas PLC		21,105		1,240,520
OTP Bank PLC		106,057		1,884,571
Richter Gedeon Nyrt		70,563		1,257,321
				4,382,412
POLAND — 23.54%
Alior Bank SAa		21,197		681,771
Bank Handlowy w Warszawie SA		16,550		630,111
Bank Millennium SAa		215,099		647,327
Bank Pekao SA		66,351		4,239,610
Bank Zachodni WBK SA		14,173		1,970,284
Cyfrowy Polsat SAa		88,258		591,698
ENEA SA		111,865		537,011
Eurocash SA		41,872		551,039
Grupa Azoty SA		20,005		380,827
Grupa Lotos SAa		32,706		443,515
Jastrzebska Spolka Weglowa SA		20,790		354,473
Kernel Holding SAa		26,199		278,427
KGHM Polska Miedz SA		70,720		2,737,020
mBank SA		7,451		1,344,412
Orange Polska SA		331,199		1,108,565
Polska Grupa Energetyczna SA		377,756		2,303,680
Polski Koncern Naftowy Orlen SA		162,022		2,344,102
Polskie Gornictwo Naftowe i Gazownictwo SA		893,702		1,508,982
Powszechna Kasa Oszczednosci Bank Polski SA		442,342		6,465,618
Powszechny Zaklad Ubezpieczen SA		28,359		4,140,010
Synthos SA		268,384		475,370
Tauron Polska Energia SA		532,417		849,611
				34,583,463

Security	Shares		Value
RUSSIA — 66.35%
Federal Grid Co. of Unified Energy System OJSCa		159,958,000	$	312,698
Gazprom OAO		5,982,872		23,175,133
LUKOIL OAO		257,960		14,091,134
Magnit OJSC SP GDRb		131,457		7,361,592
MegaFon OAO SP GDRb		43,821		1,270,809
MMC Norilsk Nickel OJSC		28,002		4,659,760
Mobile TeleSystems OJSC SP ADR		261,185		4,497,606
Moscow Exchange MICEX-RTS OJSC		541,780		964,887
NovaTek OAO SP GDRb		46,049		5,829,803
Rosneft Oil Co. OJSC		589,424		4,001,307
Rostelecom OJSC		405,210		1,116,320
RusHydro OJSC		56,144,000		874,131
Sberbank of Russia		5,455,785		13,839,960
Severstal OAO		105,859		876,960
Sistema JSFC SP GDRb		60,906		1,507,424
Surgutneftegas OJSC		3,609,460		2,747,090
Tatneft OAO Class S		715,999		4,207,838
Uralkali OJSC		667,455		3,051,637
VTB Bank OJSC		2,621,390,999		3,073,241
				97,459,330
TOTAL COMMON STOCKS
(Cost: $156,801,406)				141,354,595
PREFERRED STOCKS — 3.72%
RUSSIA — 3.72%
AK Transneft OAO		787		1,778,077
Sberbank of Russia		504,800		1,059,728
Surgutneftegas OJSC		3,501,600		2,623,002
				5,460,807
TOTAL PREFERRED STOCKS
(Cost: $5,483,763)				5,460,807
SHORT-TERM INVESTMENTS — 0.08%
MONEY MARKET FUNDS — 0.08%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		116,650		116,650
				116,650
TOTAL SHORT-TERM INVESTMENTS
(Cost: $116,650)				116,650

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS EASTERN EUROPE ETF

February 28, 2014

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.03%
(Cost: $162,401,819)	$	146,932,052
Other Assets, Less Liabilities — (0.03)%		(51,217	)
NET ASSETS — 100.00%	$	146,880,835

SP ADR  —  Sponsored American Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

See notes to financial statements.

22 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EMU ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 97.92%
AUSTRIA — 0.92%
Andritz AG		178,414	$	11,220,580
Erste Group Bank AG		622,038		22,088,185
IMMOEAST AG Escrowa,b		105,078		1
IMMOFINANZ AGa		2,353,136		11,927,629
IMMOFINANZ AG Escrowa,b		68,575		1
OMV AG		359,239		16,358,500
Raiffeisen International Bank Holding AG		284,498		9,921,598
Telekom Austria AG		544,886		5,309,379
Vienna Insurance Group AG		94,029		4,818,111
Voestalpine AG		274,854		12,396,320
				94,040,304
BELGIUM — 3.86%
Ageas		540,064		24,797,769
Anheuser-Busch InBev NV		1,952,910		204,857,112
Belgacom SA		368,949		11,136,743
Colruyt SA		185,713		10,317,617
Delhaize Brothers and Co. “The Lion” (Delhaize Group) SA		248,333		17,872,963
Groupe Bruxelles Lambert SA		195,291		19,223,392
KBC Groep NV		602,750		38,277,822
Solvay SA		144,660		22,457,210
Telenet Group Holding NV		127,816		8,162,893
UCB SA		267,654		21,496,339
Umicore SA		277,265		13,640,491
				392,240,351
FINLAND — 2.94%
Elisa OYJ		349,595		9,792,063
Fortum OYJ		1,087,361		25,771,048
Kone OYJ Class B		754,643		30,757,554
Metso OYJ		304,542		9,867,707
Neste Oil OYJc		308,608		6,610,891
Nokia OYJa		9,087,059		70,095,085
Nokian Renkaat OYJ		272,443		12,229,256
Orion OYJ Class B		241,100		7,945,271
Pohjola Bank PLC Class A		327,896		7,608,279
Sampo OYJ Class A		1,084,950		55,009,177
Stora Enso OYJ Class R		1,318,817		15,036,358
UPM-Kymmene OYJ		1,273,008		23,138,120
Wartsila OYJ Abp		426,747		25,244,082
				299,104,891

Security	Shares		Value
FRANCE — 32.81%
Accor SA		388,171	$	19,849,940
Aeroports de Paris		72,330		8,785,085
Airbus Group NV		1,427,312		105,249,460
Alcatel-Lucenta,c		6,727,671		29,362,489
ALSTOM		523,187		14,130,444
ArcelorMittal		2,418,233		38,292,458
Arkema SA		154,304		16,793,625
Atos SA		166,359		16,187,073
AXA SA		4,359,088		114,029,350
BNP Paribas SA		2,415,822		198,395,070
Bouygues SA		467,734		18,869,984
Bureau Veritas SA		542,475		14,977,301
Cap Gemini SA		349,595		27,391,703
Carrefour SA		1,492,409		55,076,376
Casino Guichard-Perrachon SA		137,427		15,628,740
CGGa,c		385,760		5,913,998
Christian Dior SA		132,605		26,245,033
CNP Assurances SA		409,870		8,842,360
Compagnie de Saint-Gobain		1,005,387		60,403,703
Compagnie Generale des Etablissements Michelin Class B		453,268		55,447,599
Credit Agricole SAa		2,420,644		38,514,516
Danone		1,379,125		97,486,606
Dassault Systemes SA		154,304		17,748,389
Edenred SA		499,077		16,060,702
Electricite de France		593,106		23,604,346
Essilor International SA		499,077		52,152,476
Eurazeo		75,090		5,891,799
Eutelsat Communications SA		349,595		11,412,003
Fonciere des Regions		69,919		6,557,013
GDF Suez		3,228,329		82,889,251
Gecina SA		53,042		7,300,991
Groupe Eurotunnel SA Registered		1,339,413		16,105,500
Icade		86,796		8,561,712
Iliad SA		62,686		15,298,475
Imerys SA		84,385		7,867,017
JCDecaux SA		163,948		7,243,716
Kering		183,236		37,607,170
Klepierre		245,922		11,222,212
L’Air Liquide SA		759,465		104,641,810
L’Oreal SA		588,284		99,735,456
Lafarge SA		453,268		34,099,929

SCHEDULESOF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMU ETF

February 28, 2014

Security	Shares		Value
Lagardere SCA		274,854	$	11,044,892
Legrand SA		646,148		40,096,777
LVMH Moet Hennessy Louis Vuitton SA		614,805		114,506,300
Natixis		2,251,874		16,256,896
Orange		4,515,803		56,563,390
Pernod Ricard SA		515,954		60,778,522
Publicis Groupe SA		438,802		41,696,353
Remy Cointreau SA		62,686		5,324,597
Renault SA		467,734		46,648,461
Rexel SA		576,229		14,560,241
Safran SA		655,792		46,202,181
Sanofi		2,902,844		302,017,914
Schneider Electric SA		1,334,849		119,374,881
SCOR SE		376,116		13,184,221
SES SA Class A FDR		737,832		25,731,192
Societe BIC SA		72,330		9,278,584
Societe Generale		1,740,742		116,304,475
Sodexo		231,456		24,710,924
STMicroelectronics NVa		1,535,807		13,934,036
Suez Environnement SA		691,957		13,838,490
Technip SA		248,333		24,417,122
Thales SA		224,223		14,895,884
Total SA		5,195,705		337,489,684
Unibail-Rodamco SE		236,278		62,297,448
Valeo SA		180,825		25,336,788
Vallourec SA		260,388		14,004,189
Veolia Environnement		875,193		16,572,283
Vinci SA		1,164,513		87,060,951
Vivendi SA		2,931,776		83,879,679
Wendel		79,563		11,966,856
Zodiac Aerospace		421,925		14,909,453
				3,336,756,544
GERMANY — 28.45%
Adidas AG		506,310		59,020,107
Allianz SE Registered		1,106,649		198,239,828
Axel Springer SE		96,440		6,821,078
BASF SE		2,230,175		256,950,915
Bayer AG Registered		2,008,363		285,429,348
Bayerische Motoren Werke AG		802,863		93,367,252
Beiersdorf AG		243,544		24,901,541
Brenntag AG		125,372		23,332,989
Celesio AGc		115,728		4,088,651
Commerzbank AGa		2,343,492		42,530,440
Continental AG		267,621		65,183,352

Security	Shares		Value
Daimler AG Registered		2,336,259	$	217,868,508
Deutsche Bank AG Registered		2,471,275		120,281,273
Deutsche Boerse AG		467,734		38,398,900
Deutsche Lufthansa AG Registereda		552,119		14,328,493
Deutsche Post AG Registered		2,203,654		82,815,759
Deutsche Telekom AG Registered		7,035,298		119,468,131
Deutsche Wohnen AG Bearer		704,012		14,925,520
E.ON SE		4,380,787		83,618,278
Fraport AG		91,618		7,310,115
Fresenius Medical Care AG & Co. KGaA		520,842		36,047,192
Fresenius SE & Co. KGaA		303,786		47,244,057
GEA Group AG		443,624		21,530,684
Hannover Rueck SE Registered		147,071		12,532,948
HeidelbergCement AG		339,951		28,039,945
Henkel AG & Co. KGaA		315,841		31,970,856
Hochtief AG		74,741		6,952,445
Hugo Boss AG		77,152		10,281,833
Infineon Technologies AG		2,620,757		29,753,606
K+S AG Registeredc		417,103		14,111,130
Kabel Deutschland Holding AG		55,486		7,889,524
Lanxess AG		202,524		15,043,134
Linde AG		450,857		93,498,618
MAN SE		86,796		11,208,626
Merck KGaA		156,715		27,488,771
METRO AG		315,841		13,106,350
Muenchener Rueckversicherungs-Gesellschaft AG Registered		436,391		95,621,797
Osram Licht AGa		204,935		13,941,436
ProSiebenSat.1 Media AG Registered		525,598		25,080,881
QIAGEN NVa		578,706		13,056,241
RTL Group SAa		91,618		11,823,735
RWE AG		1,193,445		47,826,216
SAP AG		2,237,408		180,838,353
Siemens AG Registered		1,926,389		257,442,882
Sky Deutschland AGa		1,056,018		11,070,166
Suedzucker AG		200,113		5,569,182
Telefonica Deutschland Holding AGd		682,478		5,467,108
ThyssenKrupp AGa		1,094,594		29,873,152
United Internet AG Registered		260,388		12,125,096

24 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMU ETF

February 28, 2014

Security	Shares		Value
Volkswagen AG		69,919	$	17,874,861
				2,893,191,303
IRELAND — 1.09%
Bank of Irelanda		55,128,147		29,618,567
CRH PLC		1,784,140		52,856,362
Irish Bank Resolution Corp. Ltd.a,b		446,666		6
Kerry Group PLC Class A		366,472		27,701,755
Ryanair Holdings PLCa		43,520		444,857
Ryanair Holdings PLC SP ADRa		3,024		171,642
				110,793,189
ITALY — 7.69%
Assicurazioni Generali SpA		2,832,925		63,737,819
Atlantia SpA		904,125		22,926,734
Banca Monte dei Paschi di Siena SpAa,c		15,437,633		3,921,060
CNH Industrial NVa		2,283,217		25,133,128
Enel Green Power SpA		4,322,923		12,144,216
Enel SpA		16,016,273		82,289,693
Eni SpA		6,181,804		149,244,281
Exor SpA		241,100		9,813,375
Fiat SpAa,c		2,119,269		22,201,520
Finmeccanica SpAa		986,099		9,703,903
Intesa Sanpaolo SpA		28,208,700		87,505,200
Luxottica Group SpA		405,048		22,483,584
Mediobanca SpAa		1,258,542		12,558,756
Pirelli & C. SpA		583,462		10,153,696
Prysmian SpA		499,077		12,917,491
Saipem SpA		643,737		15,150,226
Snam SpA		4,887,097		27,836,245
Telecom Italia SpA		24,346,278		27,690,910
Telecom Italia SpA RNC		14,685,401		12,879,547
Tenaris SA		1,147,636		24,077,033
Terna SpA		3,627,533		18,537,627
UniCredit SpA		10,538,481		83,910,898
Unione di Banche Italiane SpA		2,087,926		18,138,726
UnipolSai SpAa		2,194,010		7,508,980
				782,464,648
NETHERLANDS — 8.60%
AEGON NV		4,375,965		39,460,406
Akzo Nobel NV		581,051		48,159,162
ASML Holding NV		867,960		75,583,299
Corio NV		166,359		7,814,370
Delta Lloyd NV		458,090		13,087,219
Fugro NV CVA		171,181		9,955,930

Security	Shares		Value
Gemalto NVc		192,880	$	21,711,301
Heineken Holding NV		245,922		15,917,947
Heineken NV		559,352		37,847,193
ING Groep NV CVAa		9,304,049		135,827,596
Koninklijke Ahold NV		2,449,576		45,724,399
Koninklijke DSM NV		373,705		23,894,835
Koninklijke KPN NVa		7,780,297		27,777,795
Koninklijke Philips NV		2,283,217		79,971,912
Koninklijke Vopak NV		173,592		10,175,274
OCI NVa		226,634		11,093,276
Randstad Holding NV		301,375		18,999,469
Reed Elsevier NV		1,685,289		36,962,890
Royal Boskalis Westminster NV CVA		190,469		9,540,102
TNT Express NV		1,036,730		10,101,915
Unilever NV CVA		3,958,862		157,089,453
Wolters Kluwer NV		737,766		21,326,958
Ziggo NV		366,505		16,780,484
				874,803,185
PORTUGAL — 0.60%
Banco Espirito Santo SA Registereda		4,363,910		8,534,539
Energias de Portugal SA		4,860,810		21,080,424
Galp Energia SGPS SA Class B		846,261		14,236,153
Jeronimo Martins SGPS SA		602,915		10,254,903
Portugal Telecom SGPS SA Registeredc		1,540,629		6,917,610
				61,023,629
SPAIN — 10.96%
Abertis Infraestructuras SA		943,493		22,178,863
Actividades de Construcciones y Servicios SA		426,747		15,350,972
Amadeus IT Holding SA Class A		921,398		40,551,061
Banco Bilbao Vizcaya Argentaria SA		14,060,952		174,685,530
Banco de Sabadell SA		8,313,128		27,487,146
Banco Popular Espanol SA		3,992,616		28,807,247
Banco Santander SA		28,174,946		255,508,299
Bankia SAa		9,846,524		20,684,889
CaixaBank SA		4,248,182		26,813,923
Distribuidora Internacional de Alimentacion SA		1,446,600		12,427,389
Enagas SA		424,953		12,375,295
Ferrovial SA		988,510		20,888,802

SCHEDULESOF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMU ETF

February 28, 2014

Security	Shares		Value
Gas Natural SDG SA		844,807	$	21,696,752
Grifols SA		359,470		20,504,715
Iberdrola SA		11,643,996		77,467,534
Industria de Diseno Textil SA		530,519		76,423,388
International Consolidated Airlines Group SAa		2,447,165		17,886,449
Mapfre SA		2,664,155		11,038,798
Red Electrica Corporacion SA		240,784		18,756,326
Repsol SA		2,117,803		53,249,714
Telefonica SA		9,941,807		152,552,885
Zardoya Otis SA		417,565		7,232,071
				1,114,568,048
TOTAL COMMON STOCKS
(Cost: $8,991,076,475)				9,958,986,092
PREFERRED STOCKS — 1.97%
GERMANY — 1.97%
Bayerische Motoren Werke AG		132,605		11,650,011
Fuchs Petrolub SE		86,796		8,667,205
Henkel AG & Co. KGaA		433,980		48,460,822
Porsche Automobil Holding SE		371,294		39,071,217
Volkswagen AG		352,006		91,886,754
				199,736,009
TOTAL PREFERRED STOCKS
(Cost: $179,433,677)				199,736,009
SHORT-TERM INVESTMENTS — 0.67%
MONEY MARKET FUNDS — 0.67%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%e,f,g		61,214,303		61,214,303
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%e,f,g		3,209,143		3,209,143
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		3,739,515		3,739,515
				68,162,961
TOTAL SHORT-TERM INVESTMENTS
(Cost: $68,162,961)				68,162,961

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.56%
(Cost: $9,238,673,113)	$	10,226,885,062
Other Assets, Less Liabilities — (0.56)%		(56,719,702	)
NET ASSETS — 100.00%	$	10,170,165,360

FDR  —  Fiduciary Depositary Receipts

SP ADR  —  Sponsored American Depositary Receipts

^a  Non-income earning security.

^b  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

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

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

^e  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

26 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI FRANCE ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.98%
AEROSPACE & DEFENSE — 5.42%
Airbus Group NV		167,366	$	12,341,507
Safran SA		77,318		5,447,246
Thales SA		25,996		1,727,001
Zodiac Aerospace		48,642		1,718,850
				21,234,604
AUTO COMPONENTS — 2.44%
Compagnie Generale des Etablissements Michelin Class B		53,399		6,532,220
Valeo SA		21,507		3,013,512
				9,545,732
AUTOMOBILES — 1.40%
Renault SA		54,806		5,465,961
				5,465,961
BEVERAGES — 1.98%
Pernod Ricard SA		60,568		7,134,810
Remy Cointreau SA		7,102		603,249
				7,738,059
BUILDING PRODUCTS — 1.82%
Compagnie de Saint-Gobain		118,590		7,124,893
				7,124,893
CHEMICALS — 3.63%
Arkema SA		17,889		1,946,944
L’Air Liquide SA		88,976		12,259,432
				14,206,376
COMMERCIAL BANKS — 11.10%
BNP Paribas SA		283,879		23,313,056
Credit Agricole SAa		285,353		4,540,210
Natixis		264,449		1,909,130
Societe Generale		204,953		13,693,558
				43,455,954
COMMERCIAL SERVICES & SUPPLIES — 0.75%
Edenred SA		57,955		1,865,039
Societe BIC SA		8,241		1,057,166
				2,922,205
COMMUNICATIONS EQUIPMENT — 0.89%
Alcatel-Lucenta,b		795,759		3,473,039
				3,473,039
CONSTRUCTION & ENGINEERING — 3.18%
Bouygues SA		54,605		2,202,952
Vinci SA		137,216		10,258,499
				12,461,451

Security	Shares		Value
CONSTRUCTION MATERIALS — 1.25%
Imerys SA		9,648	$	899,460
Lafarge SA		53,265		4,007,194
				4,906,654
DIVERSIFIED FINANCIAL SERVICES — 0.53%
Eurazeo		8,777		688,671
Wendel		9,179		1,380,589
				2,069,260
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.66%
Iliad SA		7,437		1,814,995
Orange		528,764		6,623,115
Vivendi SA		343,643		9,831,810
				18,269,920
ELECTRIC UTILITIES — 0.70%
Electricite de France		68,943		2,743,783
				2,743,783
ELECTRICAL EQUIPMENT — 5.20%
ALSTOM		61,573		1,662,988
Legrand SA		75,509		4,685,719
Schneider Electric SA		156,579		14,002,782
				20,351,489
ENERGY EQUIPMENT & SERVICES — 0.91%
CGGa		45,359		695,388
Technip SA		29,011		2,852,481
				3,547,869
FOOD & STAPLES RETAILING — 2.12%
Carrefour SA		175,473		6,475,716
Casino Guichard-Perrachon SA		16,080		1,828,681
				8,304,397
FOOD PRODUCTS — 2.92%
Danone		161,939		11,447,029
				11,447,029
HEALTH CARE EQUIPMENT & SUPPLIES — 1.56%
Essilor International SA		58,357		6,098,181
				6,098,181
HOTELS, RESTAURANTS & LEISURE — 1.33%
Accor SA		45,426		2,322,954
Sodexo		26,867		2,868,400
				5,191,354
INSURANCE — 4.08%
AXA SA		511,880		13,390,265
CNP Assurances SA		48,977		1,056,609

SCHEDULESOF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRANCE ETF

February 28, 2014

Security	Shares		Value
SCOR SE		43,818	$	1,535,979
				15,982,853
IT SERVICES — 1.31%
Atos SA		19,966		1,942,733
Cap Gemini SA		40,870		3,202,274
				5,145,007
MACHINERY — 0.42%
Vallourec SA		30,619		1,646,751
				1,646,751
MEDIA — 2.90%
Eutelsat Communications SA		40,803		1,331,953
JCDecaux SA		19,028		840,714
Lagardere SCA		31,758		1,276,182
Publicis Groupe SA		51,657		4,908,611
SES SA Class A FDR		86,631		3,021,174
				11,378,634
METALS & MINING — 1.15%
ArcelorMittal		284,951		4,512,168
				4,512,168
MULTI-UTILITIES — 3.38%
GDF Suez		378,416		9,716,054
Suez Environnement SA		80,065		1,601,225
Veolia Environnement		101,773		1,927,130
				13,244,409
OIL, GAS & CONSUMABLE FUELS — 10.12%
Total SA		609,968		39,620,784
				39,620,784
PERSONAL PRODUCTS — 2.98%
L’Oreal SA		68,943		11,688,337
				11,688,337
PHARMACEUTICALS — 9.05%
Sanofi		340,762		35,453,586
				35,453,586
PROFESSIONAL SERVICES — 0.44%
Bureau Veritas SA		62,980		1,738,827
				1,738,827
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.87%
Fonciere des Regions		8,040		753,992
Gecina SA		6,298		866,891
Icade		10,318		1,017,786
Klepierre		28,475		1,299,406
Unibail-Rodamco SE		27,738		7,313,447
				11,251,522

Security	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.42%
STMicroelectronics NV		181,771	$	1,649,168
				1,649,168
SOFTWARE — 0.53%
Dassault Systemes SA		17,956		2,065,339
				2,065,339
TEXTILES, APPAREL & LUXURY GOODS — 5.36%
Christian Dior SA		15,544		3,076,451
Kering		21,574		4,427,826
LVMH Moet Hennessy Louis Vuitton SA		72,360		13,476,917
				20,981,194
TRADING COMPANIES & DISTRIBUTORS — 0.44%
Rexel SA		68,675		1,735,290
				1,735,290
TRANSPORTATION INFRASTRUCTURE — 0.74%
Aeroports de Paris		8,442		1,025,352
Groupe Eurotunnel SA Registered		156,914		1,886,780
				2,912,132
TOTAL COMMON STOCKS
(Cost: $401,360,450)				391,564,211
SHORT-TERM INVESTMENTS — 0.02%
MONEY MARKET FUNDS — 0.02%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		21,604		21,604
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		1,132		1,132
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		54,495		54,495
				77,231
TOTAL SHORT-TERM INVESTMENTS
(Cost: $77,231)				77,231

28 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRANCE ETF

February 28, 2014

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.00%
(Cost: $401,437,681)	$	391,641,442
Other Assets, Less Liabilities — (0.00)%		(19,568	)
NET ASSETS — 100.00%	$	391,621,874

FDR  —  Fiduciary Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 29

Schedule of Investments (Unaudited)

iSHARES^® MSCI ITALY CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.95%
AEROSPACE & DEFENSE — 2.80%
Finmeccanica SpAa,b		3,163,950	$	31,135,477
				31,135,477
AUTO COMPONENTS — 2.66%
Pirelli & C. SpA		1,696,340		29,520,553
				29,520,553
AUTOMOBILES — 4.42%
Fiat SpAa		4,690,745		49,140,373
				49,140,373
CAPITAL MARKETS — 3.16%
Mediobanca SpAa		3,514,610		35,071,637
				35,071,637
COMMERCIAL BANKS — 20.77%
Banca Monte dei Paschi di Siena SpAa,b		71,459,435		18,150,239
Intesa Sanpaolo SpA		27,694,575		85,910,351
UniCredit SpA		10,421,900		82,982,641
Unione di Banche Italiane SpA		5,027,165		43,673,181
				230,716,412
DIVERSIFIED FINANCIAL SERVICES — 2.50%
Exor SpA		681,740		27,748,528
				27,748,528
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.26%
Telecom Italia SpA		30,111,815		34,248,502
Telecom Italia SpA RNC		14,959,120		13,119,606
				47,368,108
ELECTRIC UTILITIES — 10.87%
Enel SpA		15,351,610		78,874,734
Terna SpA		8,200,460		41,906,460
				120,781,194
ELECTRICAL EQUIPMENT — 3.01%
Prysmian SpA		1,291,835		33,436,258
				33,436,258
ENERGY EQUIPMENT & SERVICES — 4.47%
Saipem SpA		237,630		5,592,576
Tenaris SA		2,100,400		44,065,715
				49,658,291
GAS UTILITIES — 4.49%
Snam SpA		8,750,480		49,841,554
				49,841,554

Security	Shares		Value
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.50%
Enel Green Power SpA		1,994,045	$	5,601,792
				5,601,792
INSURANCE — 7.27%
Assicurazioni Generali SpA		2,644,635		59,501,493
UnipolSai SpAa		6,204,635		21,235,309
				80,736,802
MACHINERY — 4.10%
CNH Industrial NVa		4,142,950		45,604,642
				45,604,642
OIL, GAS & CONSUMABLE FUELS — 16.26%
Eni SpA		7,481,340		180,618,346
				180,618,346
TEXTILES, APPAREL & LUXURY GOODS — 3.95%
Luxottica Group SpA		789,875		43,844,731
				43,844,731
TRANSPORTATION INFRASTRUCTURE — 4.46%
Atlantia SpA		1,956,665		49,616,965
				49,616,965
TOTAL COMMON STOCKS
(Cost: $912,941,373)				1,110,441,663
SHORT-TERM INVESTMENTS — 3.63%
MONEY MARKET FUNDS — 3.63%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		37,794,011		37,794,011
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		1,981,341		1,981,341
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		516,351		516,351
				40,291,703
TOTAL SHORT-TERM INVESTMENTS
(Cost: $40,291,703)				40,291,703

30 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ITALY CAPPED ETF

February 28, 2014

	Value
TOTAL INVESTMENTS IN SECURITIES — 103.58%
(Cost: $953,233,076)	$	1,150,733,366
Other Assets, Less Liabilities — (3.58)%		(39,732,772	)
NET ASSETS — 100.00%	$	1,111,000,594

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 31

Schedule of Investments (Unaudited)

iSHARES^® MSCI NETHERLANDS ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.85%
AIR FREIGHT & LOGISTICS — 1.60%
PostNL NVa		348,705	$	1,669,275
TNT Express NV		344,574		3,357,535
				5,026,810
BEVERAGES — 5.59%
Heineken Holding NV		79,831		5,167,271
Heineken NV		182,736		12,364,387
				17,531,658
CAPITAL MARKETS — 0.52%
BinckBank NV		41,067		470,774
Tetragon Financial Group Ltd.		101,574		1,157,943
				1,628,717
CHEMICALS — 7.63%
Akzo Nobel NV		185,895		15,407,507
Koninklijke DSM NV		122,472		7,830,905
Koninklijke Ten Cate NV		20,412		676,609
				23,915,021
CONSTRUCTION & ENGINEERING — 3.42%
Arcadis NV		47,628		1,802,411
Grontmij NVa		48,114		240,559
Koninklijke BAM Groep NV		193,428		1,154,102
OCI NVa		75,087		3,675,357
Royal Boskalis Westminster NV CVA		62,208		3,115,839
Royal Imtech NVa,b		267,592		736,582
				10,724,850
DIVERSIFIED FINANCIAL SERVICES — 14.16%
ING Groep NV CVAa		3,039,607		44,374,499
SNS REAAL NVa,b,c		68,952		1
				44,374,500
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.63%
Koninklijke KPN NVa		2,537,163		9,058,368
Ziggo NV		118,827		5,440,511
				14,498,879
ELECTRICAL EQUIPMENT — 0.38%
Kendrion NV		7,938		274,637
TKH Group NV		26,001		912,147
				1,186,784
ENERGY EQUIPMENT & SERVICES — 1.77%
Fugro NV CVA		55,780		3,244,179
SBM Offshore NVa		148,716		2,304,579
				5,548,758

Security	Shares		Value
FOOD & STAPLES RETAILING — 4.84%
Amsterdam Commodities NV		11,178	$	262,146
Koninklijke Ahold NV		798,741		14,909,499
				15,171,645
FOOD PRODUCTS — 17.61%
Corbion NV		51,273		1,156,067
Koninklijke Wessanen NV		60,507		296,671
Nutreco NV		55,647		2,535,125
Unilever NV CVA		1,290,573		51,210,526
				55,198,389
HOUSEHOLD DURABLES — 0.17%
TomTom NVa,b		80,676		520,804
				520,804
INDUSTRIAL CONGLOMERATES — 8.31%
Koninklijke Philips NV		743,337		26,036,106
				26,036,106
INSURANCE — 5.52%
AEGON NV		1,436,616		12,954,731
Delta Lloyd NV		152,118		4,345,875
				17,300,606
LEISURE EQUIPMENT & PRODUCTS — 0.10%
Accell Group NV		15,309		306,589
				306,589
MACHINERY — 0.81%
Aalberts Industries NV		74,517		2,521,006
				2,521,006
MEDIA — 6.06%
Reed Elsevier NV		550,395		12,071,633
Wolters Kluwer NV		239,355		6,919,150
				18,990,783
METALS & MINING — 0.07%
AMG Advanced Metallurgical Group NVa		22,599		225,105
				225,105
OIL, GAS & CONSUMABLE FUELS — 1.05%
Koninklijke Vopak NV		55,890		3,276,050
				3,276,050
PROFESSIONAL SERVICES — 2.45%
Brunel International NV		7,776		494,408
Randstad Holding NV		98,658		6,219,659
USG People NV		51,273		976,549
				7,690,616

32 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI NETHERLANDS ETF

February 28, 2014

Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.12%
Corio NV		54,511	$	2,560,541
Eurocommercial Properties NV		28,188		1,269,568
Nieuwe Steen Investments NV		107,892		668,780
VastNed Retail NV		14,337		724,737
Wereldhave NV		16,524		1,418,396
				6,642,022
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 8.45%
ASM International NV		40,338		1,560,796
ASML Holding NV		283,095		24,652,350
BE Semiconductor Industries NV		19,197		270,442
				26,483,588
SOFTWARE — 2.59%
Gemalto NVb		62,694		7,057,073
Unit4 NV		19,926		1,062,441
				8,119,514
TOTAL COMMON STOCKS
(Cost: $289,427,037)				312,918,800
SHORT-TERM INVESTMENTS — 2.67%
MONEY MARKET FUNDS — 2.67%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%d,e,f		7,954,958		7,954,958
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%d,e,f		417,036		417,036
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		3,778		3,778
				8,375,772
TOTAL SHORT-TERM INVESTMENTS
(Cost: $8,375,772)				8,375,772

	Value
TOTAL INVESTMENTS IN SECURITIES — 102.52%
(Cost: $297,802,809)	$	321,294,572
Other Assets, Less Liabilities — (2.52)%		(7,888,560	)
NET ASSETS — 100.00%	$	313,406,012

^a  Non-income earning security.

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

^c  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 33

Schedule of Investments (Unaudited)

iSHARES^® MSCI SPAIN CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.88%
AIRLINES — 2.38%
International Consolidated Airlines Group SAa		4,298,800	$	31,420,140
				31,420,140
BIOTECHNOLOGY — 2.66%
Grifols SA		616,000		35,137,576
				35,137,576
COMMERCIAL BANKS — 45.79%
Banco Bilbao Vizcaya Argentaria SA		13,955,920		173,380,671
Banco de Sabadell SA		12,859,440		42,519,411
Banco Popular Espanol SA		6,116,880		44,134,089
Banco Santander SA		29,618,160		268,596,279
Bankia SAa		16,285,720		34,211,902
CaixaBank SA		6,567,440		41,452,751
				604,295,103
CONSTRUCTION & ENGINEERING — 4.80%
Actividades de Construcciones y Servicios SA		782,760		28,157,496
Ferrovial SA		1,665,400		35,192,574
				63,350,070
DIVERSIFIED TELECOMMUNICATION SERVICES — 11.25%
Telefonica SA		9,672,080		148,414,037
				148,414,037
ELECTRIC UTILITIES — 7.21%
Iberdrola SA		9,153,760		60,899,988
Red Electrica Corporacion SA		439,703		34,251,498
				95,151,486
FOOD & STAPLES RETAILING — 1.87%
Distribuidora Internacional de Alimentacion SA		2,869,680		24,652,723
				24,652,723
GAS UTILITIES — 4.62%
Enagas SA		851,753		24,804,377
Gas Natural SDG SA		1,408,880		36,183,554
				60,987,931
INSURANCE — 1.74%
Mapfre SA		5,530,360		22,914,780
				22,914,780
IT SERVICES — 4.43%
Amadeus IT Holding SA Class A		1,328,360		58,461,607
				58,461,607

Security	Shares		Value
MACHINERY — 1.42%
Zardoya Otis SA		1,082,400	$	18,746,766
				18,746,766
OIL, GAS & CONSUMABLE FUELS — 4.52%
Repsol SA		2,372,920		59,664,337
				59,664,337
SPECIALTY RETAIL — 4.44%
Industria de Diseno Textil SA		407,000		58,629,981
				58,629,981
TRANSPORTATION INFRASTRUCTURE — 2.75%
Abertis Infraestructuras SA		1,540,880		36,221,749
				36,221,749
TOTAL COMMON STOCKS
(Cost: $1,161,333,857)				1,318,048,286
SHORT-TERM INVESTMENTS — 0.08%
MONEY MARKET FUNDS — 0.08%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		1,077,235		1,077,235
				1,077,235
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,077,235)				1,077,235
TOTAL INVESTMENTS IN SECURITIES — 99.96%
(Cost: $1,162,411,092)				1,319,125,521
Other Assets, Less Liabilities — 0.04%				502,096
NET ASSETS — 100.00%			$	1,319,627,617

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

34 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI SWEDEN ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.99%
BUILDING PRODUCTS — 3.88%
Assa Abloy AB Class B		401,472	$	20,463,280
				20,463,280
COMMERCIAL BANKS — 26.16%
Nordea Bank AB		3,548,928		50,887,738
Skandinaviska Enskilda Banken AB Class A		1,835,712		25,834,917
Svenska Handelsbanken AB Class A		602,112		31,489,001
Swedbank AB Class A		1,057,920		29,892,910
				138,104,566
COMMERCIAL SERVICES & SUPPLIES — 0.80%
Securitas AB Class B		384,576		4,241,614
				4,241,614
COMMUNICATIONS EQUIPMENT — 8.93%
Telefonaktiebolaget LM Ericsson Class B		3,634,944		47,155,846
				47,155,846
CONSTRUCTION & ENGINEERING — 1.91%
Skanska AB Class B		462,912		10,059,455
				10,059,455
DIVERSIFIED FINANCIAL SERVICES — 6.30%
Industrivarden AB Class C		159,552		3,088,593
Investment AB Kinnevik Class B		268,224		10,422,198
Investor AB Class B		553,536		19,745,534
				33,256,325
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.18%
TeliaSonera AB		2,861,952		22,075,675
				22,075,675
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.92%
Hexagon AB Class B		286,080		10,160,280
				10,160,280
HEALTH CARE EQUIPMENT & SUPPLIES — 2.75%
Elekta AB Class Ba		442,752		5,892,393
Getinge AB Class B		239,616		8,633,530
				14,525,923
HOUSEHOLD DURABLES — 1.95%
Electrolux AB Class B		292,416		6,934,190
Husqvarna AB Class B		497,856		3,369,222
				10,303,412

Security	Shares		Value
HOUSEHOLD PRODUCTS — 4.05%
Svenska Cellulosa AB Class B		703,104	$	21,370,876
				21,370,876
MACHINERY — 21.51%
Alfa Laval AB		381,504		10,362,992
Atlas Copco AB Class A		801,408		22,532,230
Atlas Copco AB Class B		469,056		12,470,278
Sandvik AB		1,288,704		17,995,765
Scania AB Class B		386,688		11,892,241
SKF AB Class B		477,504		12,799,238
Volvo AB Class B		1,694,208		25,522,948
				113,575,692
METALS & MINING — 1.01%
Boliden AB		336,768		5,346,734
				5,346,734
OIL, GAS & CONSUMABLE FUELS — 1.02%
Lundin Petroleum ABb		268,032		5,385,202
				5,385,202
SPECIALTY RETAIL — 9.70%
Hennes & Mauritz AB Class B		1,134,720		51,229,934
				51,229,934
TOBACCO — 1.45%
Swedish Match AB		242,112		7,672,716
				7,672,716
WIRELESS TELECOMMUNICATION SERVICES — 2.47%
Millicom International Cellular SA SDR		79,104		8,255,372
Tele2 AB Class B		385,920		4,792,634
				13,048,006
TOTAL COMMON STOCKS
(Cost: $455,498,519)				527,975,536
SHORT-TERM INVESTMENTS — 0.78%
MONEY MARKET FUNDS — 0.78%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		3,933,773		3,933,773
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		206,227		206,227

SCHEDULESOF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SWEDEN ETF

February 28, 2014

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,950	$	1,950
				4,141,950
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,141,950)				4,141,950
TOTAL INVESTMENTS IN SECURITIES — 100.77%
(Cost: $459,640,469)				532,117,486
Other Assets, Less Liabilities — (0.77)%				(4,088,322	)
NET ASSETS — 100.00%			$	528,029,164

SDR  —  Swedish Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

36 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI SWITZERLAND CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.14%
BIOTECHNOLOGY — 1.30%
Actelion Ltd. Registereda		133,584	$	14,142,494
				14,142,494
BUILDING PRODUCTS — 1.30%
Geberit AG Registered		44,781		14,062,698
				14,062,698
CAPITAL MARKETS — 10.40%
Credit Suisse Group AG Registered		1,418,318		44,604,233
Julius Baer Group Ltd.a		257,554		12,053,106
Partners Group Holding AG		26,818		6,975,481
UBS AG Registereda		2,297,999		49,231,655
				112,864,475
CHEMICALS — 5.80%
EMS-Chemie Holding AG Registered		15,180		5,842,439
Givaudan SA Registereda		9,264		14,514,441
Sika AG Bearer		2,839		10,456,081
Syngenta AG Registered		88,297		32,078,837
				62,891,798
CONSTRUCTION MATERIALS — 1.78%
Holcim Ltd. Registereda		238,579		19,339,851
				19,339,851
DIVERSIFIED FINANCIAL SERVICES — 0.48%
Pargesa Holding SA Bearer		60,973		5,233,377
				5,233,377
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.42%
Swisscom AG Registered		26,059		15,414,100
				15,414,100
ELECTRICAL EQUIPMENT — 4.48%
ABB Ltd. Registereda		1,902,560		48,579,217
				48,579,217
ENERGY EQUIPMENT & SERVICES — 1.42%
Transocean Ltd.a		366,344		15,459,817
				15,459,817
FOOD PRODUCTS — 20.00%
Aryzta AGa		120,681		10,056,750
Barry Callebaut AG Registereda		4,952		6,167,511
Lindt & Spruengli AG Participation Certificates		1,438		7,075,717
Lindt & Spruengli AG Registered		150		8,696,356

Security	Shares		Value
Nestle SA Registered		2,446,510	$	184,988,154
				216,984,488
HEALTH CARE EQUIPMENT & SUPPLIES — 0.85%
Sonova Holding AG Registereda		65,527		9,254,722
				9,254,722
INSURANCE — 8.63%
Baloise Holding AG Registered		67,045		8,631,815
Swiss Life Holding AG Registereda		41,998		10,437,514
Swiss Re AGa		339,779		31,709,621
Zurich Insurance Group AGa		139,909		42,808,215
				93,587,165
LIFE SCIENCES TOOLS & SERVICES — 0.81%
Lonza Group AG Registereda		83,743		8,842,074
				8,842,074
MACHINERY — 1.90%
Schindler Holding AG Participation Certificates		60,973		9,130,721
Schindler Holding AG Registered		38,962		5,909,768
Sulzer AG Registered		39,468		5,578,753	��
				20,619,242
MARINE — 0.92%
Kuehne & Nagel International AG Registered		70,081		9,993,385
				9,993,385
PHARMACEUTICALS — 27.50%
Novartis AG Registered		1,665,752		138,907,226
Roche Holding AG Genusschein		517,638		159,499,265
				298,406,491
PROFESSIONAL SERVICES — 2.64%
Adecco SA Registereda		157,619		13,591,239
SGS SA Registered		6,072		15,021,444
				28,612,683
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.66%
Swiss Prime Site AG Registereda		85,261		7,153,483
				7,153,483
TEXTILES, APPAREL & LUXURY GOODS — 6.85%
Compagnie Financiere Richemont SA Class A Bearer		460,966		45,845,392
Swatch Group AG (The) Bearer		31,372		20,907,543
Swatch Group AG (The) Registered		64,262		7,543,927
				74,296,862
TOTAL COMMON STOCKS
(Cost: $829,505,949)				1,075,738,422

SCHEDULESOF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SWITZERLAND CAPPED ETF

February 28, 2014

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.04%
MONEY MARKET FUNDS — 0.04%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		443,188	$	443,188
				443,188
TOTAL SHORT-TERM INVESTMENTS
(Cost: $443,188)				443,188
TOTAL INVESTMENTS IN SECURITIES — 99.18%
(Cost: $829,949,137)				1,076,181,610
Other Assets, Less Liabilities — 0.82%				8,883,761
NET ASSETS — 100.00%			$	1,085,065,371

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

38 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI UNITED KINGDOM ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 98.53%
AEROSPACE & DEFENSE — 2.24%
BAE Systems PLC		4,815,599	$	33,160,547
Cobham PLC		1,614,041		8,068,690
Meggitt PLC		1,186,969		10,025,479
Rolls-Royce Holdings PLCa		2,813,777		47,107,537
				98,362,253
AIR FREIGHT & LOGISTICS — 0.22%
Royal Mail PLCa		972,696		9,780,557
				9,780,557
AIRLINES — 0.16%
easyJet PLCb		237,363		6,845,878
				6,845,878
AUTO COMPONENTS — 0.38%
GKN PLC		2,454,126		16,685,418
				16,685,418
BEVERAGES — 4.48%
Coca-Cola HBC AGa		299,792		7,460,737
Diageo PLC		3,756,292		118,251,259
SABMiller PLC		1,440,589		70,663,972
				196,375,968
CAPITAL MARKETS — 1.06%
3i Group PLC		1,453,988		10,258,365
Aberdeen Asset Management PLC		1,435,631		9,397,456
Hargreaves Lansdown PLC		319,409		7,477,885
ICAP PLC		823,883		6,054,390
Investec PLC		865,428		6,449,608
Schroders PLC		152,204		6,920,079
				46,557,783
CHEMICALS — 0.58%
Croda International PLC		203,191		8,652,555
Johnson Matthey PLC		306,650		16,763,402
				25,415,957
COMMERCIAL BANKS — 13.48%
Barclays PLC		22,893,281		96,719,961
HSBC Holdings PLC		28,056,338		296,073,751
Lloyds Banking Group PLCa		74,759,280		103,398,011
Royal Bank of Scotland Group PLCa		3,243,161		17,821,537
Standard Chartered PLC		3,631,284		76,981,429
				590,994,689

Security	Shares		Value
COMMERCIAL SERVICES & SUPPLIES — 0.89%
Aggreko PLC		402,586	$	10,524,912
Babcock International Group PLC		541,828		13,357,013
G4S PLC		2,321,892		9,237,575
Serco Group PLC		750,330		5,790,515
				38,910,015
CONTAINERS & PACKAGING — 0.22%
Rexam PLC		1,184,775		9,802,441
				9,802,441
DIVERSIFIED FINANCIAL SERVICES — 0.20%
London Stock Exchange Group PLC		263,706		8,957,957
				8,957,957
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.03%
BT Group PLC		11,833,550		81,268,498
Inmarsat PLC		670,859		7,807,980
Verizon Communications Inc.		16		759
				89,077,237
ELECTRIC UTILITIES — 0.76%
SSE PLC		1,419,874		33,384,333
				33,384,333
ENERGY EQUIPMENT & SERVICES — 0.39%
AMEC PLC		445,177		8,378,142
Petrofac Ltd.		388,232		8,900,464
				17,278,606
FOOD & STAPLES RETAILING — 2.06%
J Sainsbury PLC		1,849,638		10,619,628
Tesco PLC		12,097,927		66,743,045
Wm Morrison Supermarkets PLC		3,318,866		13,087,204
				90,449,877
FOOD PRODUCTS — 2.57%
Associated British Foods PLC		533,117		26,784,860
Tate & Lyle PLC		696,962		7,498,586
Unilever PLC		1,920,640		78,568,593
				112,852,039
HEALTH CARE EQUIPMENT & SUPPLIES — 0.49%
Smith & Nephew PLC		1,337,432		21,326,311
				21,326,311
HOTELS, RESTAURANTS & LEISURE — 2.29%
Carnival PLC		274,944		11,348,642
Compass Group PLC		2,689,525		42,570,895

SCHEDULESOF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI UNITED KINGDOM ETF

February 28, 2014

Security	Shares		Value
InterContinental Hotels Group PLC		387,814	$	12,621,412
TUI Travel PLC		672,181		5,038,721
Whitbread PLC		270,511		20,341,184
William Hill PLC		1,297,702		8,646,823
				100,567,677
HOUSEHOLD DURABLES — 0.25%
Persimmon PLCa		455,543		11,039,081
				11,039,081
HOUSEHOLD PRODUCTS — 1.82%
Reckitt Benckiser Group PLC		969,400		79,831,336
				79,831,336
INDUSTRIAL CONGLOMERATES — 0.75%
IMI PLC		408,000		10,427,141
Melrose Industries PLC		1,603,843		8,821,362
Smiths Group PLC		590,010		13,526,352
				32,774,855
INSURANCE — 5.52%
Admiral Group PLC		288,196		6,930,668
Aviva PLC		4,409,962		35,001,106
Direct Line Insurance Group PLC		1,683,513		7,462,380
Legal & General Group PLC		8,854,136		35,671,049
Old Mutual PLC		7,328,132		24,205,560
Prudential PLC		3,829,907		86,968,655
Resolution Ltd.		2,122,137		13,436,019
RSA Insurance Group PLC		5,495,804		8,956,866
Standard Life PLC		3,556,475		23,244,467
				241,876,770
INTERNET & CATALOG RETAIL — 0.22%
ASOS PLCa		81,148		9,465,036
				9,465,036
MACHINERY — 0.31%
Weir Group PLC (The)		318,982		13,722,312
				13,722,312
MEDIA — 3.09%
British Sky Broadcasting Group PLC		1,542,536		24,299,559
ITV PLC		5,722,654		19,362,839
Pearson PLC		1,224,858		20,793,635
Reed Elsevier PLC		1,748,459		26,825,574
WPP PLC		2,012,815		44,121,151
				135,402,758

Security	Shares		Value
METALS & MINING — 6.59%
Anglo American PLC		2,086,280	$	53,528,246
Antofagasta PLC		590,116		8,905,460
BHP Billiton PLC		3,160,622		102,147,427
Fresnillo PLC		276,895		4,415,289
Randgold Resources Ltd.		131,117		10,430,700
Rio Tinto PLC		1,902,589		109,443,697
				288,870,819
MULTI-UTILITIES — 2.71%
Centrica PLC		7,628,887		40,783,744
National Grid PLC		5,582,188		78,066,737
				118,850,481
MULTILINE RETAIL — 1.06%
Marks & Spencer Group PLC		2,418,607		20,407,979
Next PLC		231,999		26,185,384
				46,593,363
OIL, GAS & CONSUMABLE FUELS — 18.02%
BG Group PLC		5,101,507		93,059,807
BP PLC		27,907,998		235,906,002
Glencore Xstrata PLCa		15,878,477		87,599,958
Royal Dutch Shell PLC Class A		5,777,332		210,872,734
Royal Dutch Shell PLC Class B		3,710,112		144,683,376
Tullow Oil PLC		1,361,649		18,232,540
				790,354,417
PHARMACEUTICALS — 8.70%
AstraZeneca PLC		1,878,679		128,580,036
GlaxoSmithKline PLC		7,275,404		203,797,440
Shire PLC		879,662		48,942,837
				381,320,313
PROFESSIONAL SERVICES — 1.32%
Capita PLC		985,996		18,837,151
Experian PLC		1,497,254		27,124,167
Intertek Group PLC		241,468		11,901,175
				57,862,493
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.38%
British Land Co. PLC		1,425,854		16,654,940
Hammerson PLC		1,066,786		10,270,760
Intu Properties PLC		1,017,417		5,536,260
Land Securities Group PLC		1,177,260		21,425,819
SEGRO PLC		1,110,684		6,643,123
				60,530,902

40 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI UNITED KINGDOM ETF

February 28, 2014

Security	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.81%
ARM Holdings PLC		2,095,369	$	35,466,401
				35,466,401
SOFTWARE — 0.27%
Sage Group PLC (The)		1,641,355		11,874,622
				11,874,622
SPECIALTY RETAIL — 0.54%
Kingfisher PLC		3,551,010		23,446,787
				23,446,787
TEXTILES, APPAREL & LUXURY GOODS — 0.39%
Burberry Group PLC		663,530		17,135,565
				17,135,565
TOBACCO — 4.86%
British American Tobacco PLC		2,826,887		153,966,784
Imperial Tobacco Group PLC		1,446,454		59,073,865
				213,040,649
TRADING COMPANIES & DISTRIBUTORS — 1.10%
Bunzl PLC		499,044		13,155,361
Travis Perkins PLC		366,865		12,019,552
Wolseley PLC		397,328		23,145,372
				48,320,285
WATER UTILITIES — 0.56%
Severn Trent PLC		357,557		11,085,422
United Utilities Group PLC		1,020,416		13,329,953
				24,415,375
WIRELESS TELECOMMUNICATION SERVICES — 3.76%
Vodafone Group PLC		39,558,671		165,073,085
				165,073,085
TOTAL COMMON STOCKS (Cost: $3,944,051,702)				4,320,892,701
SHORT-TERM INVESTMENTS — 0.11%
MONEY MARKET FUNDS — 0.11%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		4,077,437		4,077,437
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		213,782		213,782

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		286,015	$	286,015
				4,577,234
TOTAL SHORT-TERM INVESTMENTS (Cost: $4,577,234)				4,577,234
TOTAL INVESTMENTS IN SECURITIES — 98.64%
(Cost: $3,948,628,936)				4,325,469,935
Other Assets, Less Liabilities — 1.36%				59,815,913
NET ASSETS — 100.00%			$	4,385,285,848

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

Financial futures contracts purchased as of February 28, 2014 were as follows:

Number of Contracts		Issue (Expiration)	Exchange	Notional Value		Net Unrealized Appreciation (Depreciation)
	540	FTSE 100 Index (Mar. 2014)	NYSE Liffe London	$	61,315,509	$	550,654

See notes to financial statements.

SCHEDULESOF INVESTMENTS 41

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI Austria Capped ETF			iShares MSCI Belgium Capped ETF			iShares MSCI Emerging Markets Eastern Europe ETF
ASSETS
Investments, at cost:
Unaffiliated	$	112,102,448		$	65,401,998		$	162,285,169
Affiliated (Note 2)		335,407			2,752,633			116,650
Total cost of investments	$	112,437,855		$	68,154,631		$	162,401,819
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	99,503,627		$	74,405,334		$	146,815,402
Affiliated (Note 2)		335,407			2,752,633			116,650
Total fair value of investments		99,839,034			77,157,967			146,932,052
Foreign currency, at valueb		28,356			90,709			57,062
Receivables:
Investment securities sold		4,446,494			2,012,872			639,529
Due from custodian (Note 4)		2,223,756			—			—
Dividends and interest		819,506			34,798			3,744
Total Assets		107,357,146			79,296,346			147,632,387
LIABILITIES
Payables:
Investment securities purchased		6,702,616			2,078,188			672,464
Collateral for securities on loan (Note 1)		151,091			2,712,288			—
Investment advisory fees (Note 2)		33,043			26,367			79,088
Total Liabilities		6,886,750			4,816,843			751,552
NET ASSETS	$	100,470,396		$	74,479,503		$	146,880,835
Net assets consist of:
Paid-in capital	$	197,632,510		$	115,630,649		$	166,493,490
Distributions in excess of net investment income		(497,614	)		(1,116,261	)		(180,322	)
Accumulated net realized loss		(84,078,742	)		(49,040,514	)		(3,961,955	)
Net unrealized appreciation (depreciation)		(12,585,758	)		9,005,629			(15,470,378	)
NET ASSETS	$	100,470,396		$	74,479,503		$	146,880,835
Shares outstandingc		4,900,000			4,320,000			6,150,000
Net asset value per share	$	20.50		$	17.24		$	23.88

^a  Securities on loan with values of $143,886, $2,575,136 and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $27,960, $89,959 and $57,256, respectively.

^c  $0.001 par value, number of shares authorized: 100 million, 136.2 million and 200 million, respectively.

See notes to financial statements.

42 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI EMU ETF			iShares MSCI France ETF			iShares MSCI Italy Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	9,170,510,152		$	401,360,450		$	912,941,373
Affiliated (Note 2)		68,162,961			77,231			40,291,703
Total cost of investments	$	9,238,673,113		$	401,437,681		$	953,233,076
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	10,158,722,101		$	391,564,211		$	1,110,441,663
Affiliated (Note 2)		68,162,961			77,231			40,291,703
Total fair value of investments		10,226,885,062			391,641,442			1,150,733,366
Foreign currency, at valueb		9,109,891			106,704			631,359
Receivables:
Investment securities sold		16,763,524			307,853			13,653,807
Due from custodian (Note 4)		2,098,566			—			—
Dividends and interest		5,318,191			94			112,086
Capital shares sold		296,548			—			—
Total Assets		10,260,471,782			392,056,093			1,165,130,618
LIABILITIES
Payables:
Investment securities purchased		22,308,957			272,788			13,980,341
Collateral for securities on loan (Note 1)		64,423,446			22,736			39,775,352
Securities related to in-kind transactions (Note 4)		74,831			—			—
Investment advisory fees (Note 2)		3,499,188			138,695			374,331
Total Liabilities		90,306,422			434,219			54,130,024
NET ASSETS	$	10,170,165,360		$	391,621,874		$	1,111,000,594
Net assets consist of:
Paid-in capital	$	9,441,673,545		$	408,119,554		$	1,009,377,072
Undistributed (distributions in excess of) net investment income		8,206,471			(256,744	)		(494,913	)
Accumulated net realized loss		(268,263,559	)		(6,445,909	)		(95,388,232	)
Net unrealized appreciation (depreciation)		988,548,903			(9,795,027	)		197,506,667
NET ASSETS	$	10,170,165,360		$	391,621,874		$	1,111,000,594
Shares outstandingc		241,100,000			13,400,000			66,750,000
Net asset value per share	$	42.18		$	29.23		$	16.64

^a  Securities on loan with values of $60,948,796, $21,542 and $37,126,485, respectively. See Note 1.

^b  Cost of foreign currency: $8,931,400, $105,492 and $624,982, respectively.

^c  $0.001 par value, number of shares authorized: 1 billion, 340.2 million and 95.4 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 43

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI Netherlands ETF			iShares MSCI Spain Capped ETF			iShares MSCI Sweden ETF
ASSETS
Investments, at cost:
Unaffiliated	$	289,427,037		$	1,161,333,857		$	455,498,519
Affiliated (Note 2)		8,375,772			1,077,235			4,141,950
Total cost of investments	$	297,802,809		$	1,162,411,092		$	459,640,469
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	312,918,800		$	1,318,048,286		$	527,975,536
Affiliated (Note 2)		8,375,772			1,077,235			4,141,950
Total fair value of investments		321,294,572			1,319,125,521			532,117,486
Foreign currency, at valueb		114,573			1,162,445			76,368
Receivables:
Investment securities sold		1,359,783			52,097,773			1,865,946
Due from custodian (Note 4)		—			7,331,155			—
Dividenads and interest		426,771			442			905
Total Assets		323,195,699			1,379,717,336			534,060,705
LIABILITIES
Payables:
Investment securities purchased		1,304,882			59,632,272			1,704,327
Collateral for securities on loan (Note 1)		8,371,994			—			4,140,000
Investment advisory fees (Note 2)		112,811			457,447			187,214
Total Liabilities		9,789,687			60,089,719			6,031,541
NET ASSETS	$	313,406,012		$	1,319,627,617		$	528,029,164
Net assets consist of:
Paid-in capital	$	329,067,582		$	1,269,368,498		$	504,590,706
Undistributed (distributions in excess of) net investment income		168,648			6,564,849			(4,596,545	)
Accumulated net realized loss		(39,332,642	)		(113,025,327	)		(44,446,662	)
Net unrealized appreciation		23,502,424			156,719,597			72,481,665
NET ASSETS	$	313,406,012		$	1,319,627,617		$	528,029,164
Shares outstandingc		12,150,000			33,075,000			14,400,000
Net asset value per share	$	25.79		$	39.90		$	36.67

^a  Securities on loan with values of $7,966,681, $  — and $3,932,700, respectively. See Note 1.

^b  Cost of foreign currency: $112,142, $1,157,289 and $74,702, respectively.

^c  $0.001 par value, number of shares authorized: 255 million, 127.8 million and 63.6 million, respectively.

See notes to financial statements.

44 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI Switzerland Capped ETF			iShares MSCI United Kingdom ETF
ASSETS
Investments, at cost:
Unaffiliated	$	829,505,949		$	3,944,051,702
Affiliated (Note 2)		443,188			4,577,234
Total cost of investments	$	829,949,137		$	3,948,628,936
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,075,738,422		$	4,320,892,701
Affiliated (Note 2)		443,188			4,577,234
Total fair value of investments		1,076,181,610			4,325,469,935
Foreign currency, at valueb		460,553			6,136,633
Foreign currency pledged to broker, at valueb		—			2,522,317
Receivables:
Investment securities sold		4,440,042			24,389,443
Dividends and interest		8,955,129			55,970,200
Futures variation margin		—			550,654
Total Assets		1,090,037,334			4,415,039,182
LIABILITIES
Payables:
Investment securities purchased		4,585,851			23,902,510
Collateral for securities on loan (Note 1)		—			4,291,219
Investment advisory fees (Note 2)		386,112			1,559,605
Total Liabilities		4,971,963			29,753,334
NET ASSETS	$	1,085,065,371		$	4,385,285,848
Net assets consist of:
Paid-in capital	$	885,783,998		$	4,052,446,584
Undistributed net investment income		2,129,248			144,026,314
Accumulated net realized loss		(49,363,901	)		(189,217,279	)
Net unrealized appreciation		246,516,026			378,030,229
NET ASSETS	$	1,085,065,371		$	4,385,285,848
Shares outstandingc		31,625,000			206,600,000
Net asset value per share	$	34.31		$	21.23

^a  Securities on loan with values of $  — and $4,083,532, respectively. See Note 1.

^b  Cost of foreign currency including currency at broker, if any: $451,054 and $8,624,445, respectively.

^c  $0.001 par value, number of shares authorized: 318.625 million and 934.2 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI Austria Capped ETF			iShares MSCI Belgium Capped ETF			iShares MSCI Emerging Markets Eastern Europe ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	346,388		$	518,144		$	707,534
Interest — affiliated (Note 2)		7			12			21
Securities lending income — affiliated (Note 2)		17,383			39,373			1,458
Total investment income		363,778			557,529			709,013
EXPENSES
Investment advisory fees (Note 2)		240,005			161,702			478,245
Total expenses		240,005			161,702			478,245
Net investment income		123,773			395,827			230,768
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(9,510,475	)		(1,214,140	)		(2,079,157	)
In-kind redemptions — unaffiliated		5,493,442			5,067,148			1,147,965
Foreign currency transactions		(34,819	)		5,837			12,764
Net realized gain (loss)		(4,051,852	)		3,858,845			(918,428	)
Net change in unrealized appreciation/depreciation on:
Investments		16,503,984			9,446,711			(1,006,263	)
Translation of assets and liabilities in foreign currencies		37,472			2,265			8,115
Net change in unrealized appreciation/depreciation		16,541,456			9,448,976			(998,148	)
Net realized and unrealized gain (loss)		12,489,604			13,307,821			(1,916,576	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	12,613,377		$	13,703,648		$	(1,685,808	)

^a  Net of foreign withholding tax of $13,612, $68,909 and $120,361, respectively.

See notes to financial statements.

46 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI EMU ETF			iShares MSCI France ETF			iShares MSCI Italy Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	46,018,813		$	2,933,895		$	6,307,211
Interest — affiliated (Note 2)		644			36			57
Securities lending income — affiliated (Note 2)		279,341			2,292			593,106
Total investment income		46,298,798			2,936,223			6,900,374
EXPENSES
Investment advisory fees (Note 2)		17,144,735			1,212,678			2,079,141
Total expenses		17,144,735			1,212,678			2,079,141
Net investment income		29,154,063			1,723,545			4,821,233
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(45,591,591	)		(9,509,904	)		(513,545	)
In-kind redemptions — unaffiliated		20,242,417			48,650,090			11,508,382
Foreign currency transactions		44,665			18,133			32,856
Net realized gain (loss)		(25,304,509	)		39,158,319			11,027,693
Net change in unrealized appreciation/depreciation on:
Investments		1,232,840,382			41,411,596			192,667,689
Translation of assets and liabilities in foreign currencies		330,498			6,177			846
Net change in unrealized appreciation/depreciation		1,233,170,880			41,417,773			192,668,535
Net realized and unrealized gain		1,207,866,371			80,576,092			203,696,228
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,237,020,434		$	82,299,637		$	208,517,461

^a  Net of foreign withholding tax of $5,514,874, $511,051 and $1,079,485, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI Netherlands ETF			iShares MSCI Spain Capped ETF			iShares MSCI Sweden ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	1,072,560		$	17,574,304		$	107,690
Interest — affiliated (Note 2)		10			134			24
Securities lending income — affiliated (Note 2)		16,778			51,364			1,355
Total investment income		1,089,348			17,625,802			109,069
EXPENSES
Investment advisory fees (Note 2)		715,603			2,014,422			1,161,709
Total expenses		715,603			2,014,422			1,161,709
Net investment income (loss)		373,745			15,611,380			(1,052,640	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		275,937			(17,491,063	)		(2,774,268	)
In-kind redemptions — unaffiliated		5,694,961			1,737,655			4,536,404
Foreign currency transactions		(15,376	)		29,017			10,561
Net realized gain (loss)		5,955,522			(15,724,391	)		1,772,697
Net change in unrealized appreciation/depreciation on:
Investments		32,459,288			189,456,145			66,878,175
Translation of assets and liabilities in foreign currencies		16,628			6,814			3,005
Net change in unrealized appreciation/depreciation		32,475,916			189,462,959			66,881,180
Net realized and unrealized gain		38,431,438			173,738,568			68,653,877
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	38,805,183		$	189,349,948		$	67,601,237

^a  Net of foreign withholding tax of $184,129, $978,960 and $19,004, respectively.

See notes to financial statements.

48 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI Switzerland Capped ETF		iShares MSCI United Kingdom ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	4,650,303	$	174,814,212	b
Interest — unaffiliated		—		831
Interest — affiliated (Note 2)		44		565
Securities lending income — affiliated (Note 2)		—		3,606
Total investment income		4,650,347		174,819,214
EXPENSES
Investment advisory fees (Note 2)		2,383,112		8,380,560
Total expenses		2,383,112		8,380,560
Net investment income		2,267,235		166,438,654
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		802,069		(20,127,274	)
In-kind redemptions — unaffiliated		6,636,153		18,785,857
Futures contracts		—		524,301
Foreign currency transactions		18,478		1,693,805
Net realized gain		7,456,700		876,689
Net change in unrealized appreciation/depreciation on:
Investments		142,912,885		328,291,898
Futures contracts		—		443,562
Translation of assets and liabilities in foreign currencies		317,552		678,181
Net change in unrealized appreciation/depreciation		143,230,437		329,413,641
Net realized and unrealized gain		150,687,137		330,290,330
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	152,954,372	$	496,728,984

^a  Net of foreign withholding tax of $957,691 and $765,426, respectively.

^b  Includes $125,275,366 related to a one-time special distribution from Vodafone Group PLC.

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Austria Capped ETF						iShares MSCI Belgium Capped ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	123,773		$	1,528,895		$	395,827		$	1,598,407
Net realized gain (loss)		(4,051,852	)		(11,669,743	)		3,858,845			(8,125,719	)
Net change in unrealized appreciation/depreciation		16,541,456			26,255,911			9,448,976			16,321,817
Net increase in net assets resulting from operations		12,613,377			16,115,063			13,703,648			9,794,505
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(621,114	)		(1,541,991	)		(1,582,228	)		(1,577,907	)
Total distributions to shareholders		(621,114	)		(1,541,991	)		(1,582,228	)		(1,577,907	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		61,246,183			81,897,298			10,965,629			43,904,093
Cost of shares redeemed		(54,991,277	)		(68,004,259	)		(19,823,297	)		(6,290,893	)
Net increase (decrease) in net assets from capital share transactions		6,254,906			13,893,039			(8,857,668	)		37,613,200
INCREASE IN NET ASSETS		18,247,169			28,466,111			3,263,752			45,829,798
NET ASSETS
Beginning of period		82,223,227			53,757,116			71,215,751			25,385,953
End of period	$	100,470,396		$	82,223,227		$	74,479,503		$	71,215,751
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(497,614	)	$	(273	)	$	(1,116,261	)	$	70,140
SHARES ISSUED AND REDEEMED
Shares sold		3,100,000			4,700,000			680,000			3,280,000
Shares redeemed		(2,800,000	)		(3,800,000	)		(1,320,000	)		(440,000	)
Net increase (decrease) in shares outstanding		300,000			900,000			(640,000	)		2,840,000

See notes to financial statements.

50 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets Eastern Europe ETF						iShares MSCI EMU ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	230,768		$	1,488,815		$	29,154,063		$	56,484,613
Net realized gain (loss)		(918,428	)		(3,516,141	)		(25,304,509	)		59,795,938
Net change in unrealized appreciation/depreciation		(998,148	)		(6,591,687	)		1,233,170,880			153,686,966
Net increase (decrease) in net assets resulting from operations		(1,685,808	)		(8,619,013	)		1,237,020,434			269,967,517
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,078,584	)		(885,320	)		(24,490,340	)		(54,004,208	)
Total distributions to shareholders		(1,078,584	)		(885,320	)		(24,490,340	)		(54,004,208	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		52,211,501			124,132,179			5,492,217,238			3,656,727,115
Cost of shares redeemed		(24,363,720	)		(13,432,406	)		(74,561,691	)		(1,126,936,712	)
Net increase in net assets from capital share transactions		27,847,781			110,699,773			5,417,655,547			2,529,790,403
INCREASE IN NET ASSETS		25,083,389			101,195,440			6,630,185,641			2,745,753,712
NET ASSETS
Beginning of period		121,797,446			20,602,006			3,539,979,719			794,226,007
End of period	$	146,880,835		$	121,797,446		$	10,170,165,360		$	3,539,979,719
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(180,322	)	$	667,494		$	8,206,471		$	3,542,748
SHARES ISSUED AND REDEEMED
Shares sold		2,000,000			4,800,000			140,700,000			108,500,000
Shares redeemed		(950,000	)		(550,000	)		(1,800,000	)		(33,600,000	)
Net increase in shares outstanding		1,050,000			4,250,000			138,900,000			74,900,000

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI France ETF						iShares MSCI Italy Capped ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,723,545		$	13,818,058		$	4,821,233		$	13,795,086
Net realized gain (loss)		39,158,319			17,439,638			11,027,693			(42,529,871	)
Net change in unrealized appreciation/depreciation		41,417,773			64,371,651			192,668,535			57,298,873
Net increase in net assets resulting from operations		82,299,637			95,629,347			208,517,461			28,564,088
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,097,626	)		(13,699,998	)		(5,316,146	)		(13,839,281	)
Return of capital		—			—			—			(452,885	)
Total distributions to shareholders		(2,097,626	)		(13,699,998	)		(5,316,146	)		(14,292,166	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		31,520,953			198,782,962			243,748,220			687,838,080
Cost of shares redeemed		(246,940,457	)		(155,498,446	)		(53,070,680	)		(181,200,015	)
Net increase (decrease) in net assets from capital share transactions		(215,419,504	)		43,284,516			190,677,540			506,638,065
INCREASE (DECREASE) IN NET ASSETS		(135,217,493	)		125,213,865			393,878,855			520,909,987
NET ASSETS
Beginning of period		526,839,367			401,625,502			717,121,739			196,211,752
End of period	$	391,621,874		$	526,839,367		$	1,111,000,594		$	717,121,739
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(256,744	)	$	117,337		$	(494,913	)	$	—
SHARES ISSUED AND REDEEMED
Shares sold		1,200,000			8,000,000			15,450,000			52,350,000
Shares redeemed		(9,000,000	)		(6,200,000	)		(3,600,000	)		(14,100,000	)
Net increase (decrease) in shares outstanding		(7,800,000	)		1,800,000			11,850,000			38,250,000

See notes to financial statements.

52 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Netherlands ETF						iShares MSCI Spain Capped ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	373,745		$	3,074,875		$	15,611,380		$	11,916,599
Net realized gain (loss)		5,955,522			1,741,733			(15,724,391	)		(33,347,860	)
Net change in unrealized appreciation/depreciation		32,475,916			22,041,313			189,462,959			54,581,536
Net increase in net assets resulting from operations		38,805,183			26,857,921			189,349,948			33,150,275
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(974,869	)		(2,491,248	)		(13,210,639	)		(10,629,551	)
Total distributions to shareholders		(974,869	)		(2,491,248	)		(13,210,639	)		(10,629,551	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		46,871,621			192,481,969			733,765,598			465,959,787
Cost of shares redeemed		(24,685,825	)		(41,855,281	)		(8,055,171	)		(265,795,649	)
Net increase in net assets from capital share transactions		22,185,796			150,626,688			725,710,427			200,164,138
INCREASE IN NET ASSETS		60,016,110			174,993,361			901,849,736			222,684,862
NET ASSETS
Beginning of period		253,389,902			78,396,541			417,777,881			195,093,019
End of period	$	313,406,012		$	253,389,902		$	1,319,627,617		$	417,777,881
Undistributed net investment income included in net assets at end of period	$	168,648		$	769,772		$	6,564,849		$	4,164,108
SHARES ISSUED AND REDEEMED
Shares sold		1,950,000			8,900,000			19,575,000			15,225,000
Shares redeemed		(1,050,000	)		(1,950,000	)		(225,000	)		(8,925,000	)
Net increase in shares outstanding		900,000			6,950,000			19,350,000			6,300,000

See notes to financial statements.

FINANCIAL STATEMENTS 53

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Sweden ETF						iShares MSCI Switzerland Capped ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(1,052,640	)	$	12,162,620		$	2,267,235		$	18,633,070
Net realized gain		1,772,697			2,931,080			7,456,700			36,591,404
Net change in unrealized appreciation/depreciation		66,881,180			56,694,094			143,230,437			102,892,043
Net increase in net assets resulting from operations		67,601,237			71,787,794			152,954,372			158,116,517
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,094,821	)		(12,548,817	)		—			(19,030,631	)
Total distributions to shareholders		(3,094,821	)		(12,548,817	)		—			(19,030,631	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		49,786,274			90,137,660			49,097,035			352,868,105
Cost of shares redeemed		(20,269,421	)		(86,203,125	)		(19,846,475	)		(143,663,266	)
Net increase in net assets from capital share transactions		29,516,853			3,934,535			29,250,560			209,204,839
INCREASE IN NET ASSETS		94,023,269			63,173,512			182,204,932			348,290,725
NET ASSETS
Beginning of period		434,005,895			370,832,383			902,860,439			554,569,714
End of period	$	528,029,164		$	434,005,895		$	1,085,065,371		$	902,860,439
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(4,596,545	)	$	(449,084	)	$	2,129,248		$	(137,987	)
SHARES ISSUED AND REDEEMED
Shares sold		1,425,000			2,850,000			1,500,000			12,500,000
Shares redeemed		(600,000	)		(2,850,000	)		(625,000	)		(5,000,000	)
Net increase in shares outstanding		825,000			—			875,000			7,500,000

See notes to financial statements.

54 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI United Kingdom ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	166,438,654		$	60,304,419
Net realized gain (loss)		876,689			(34,126,101	)
Net change in unrealized appreciation/depreciation		329,413,641			153,873,682
Net increase in net assets resulting from operations		496,728,984			180,052,000
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(41,057,233	)		(51,302,175	)
Total distributions to shareholders		(41,057,233	)		(51,302,175	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,313,917,143			1,203,907,210
Cost of shares redeemed		(55,099,196	)		(18,354,984	)
Net increase in net assets from capital share transactions		1,258,817,947			1,185,552,226
INCREASE IN NET ASSETS		1,714,489,698			1,314,302,051
NET ASSETS
Beginning of period		2,670,796,150			1,356,494,099
End of period	$	4,385,285,848		$	2,670,796,150
Undistributed net investment income included in net assets at end of period	$	144,026,314		$	18,644,893
SHARES ISSUED AND REDEEMED
Shares sold		65,200,000			64,800,000
Shares redeemed		(2,600,000	)		(1,000,000	)
Net increase in shares outstanding		62,600,000			63,800,000

See notes to financial statements.

FINANCIAL STATEMENTS 55

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Austria Capped ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	17.87		$	14.53		$	18.76		$	17.27		$	20.21		$	29.78
Income from investment operations:
Net investment incomea		0.02			0.32			0.35			0.42			0.43			0.51
Net realized and unrealized gain (loss)b		2.74			3.36			(4.09	)		1.53			(2.62	)		(9.36	)
Total from investment operations		2.76			3.68			(3.74	)		1.95			(2.19	)		(8.85	)
Less distributions from:
Net investment income		(0.13	)		(0.34	)		(0.49	)		(0.46	)		(0.75	)		(0.72	)
Total distributions		(0.13	)		(0.34	)		(0.49	)		(0.46	)		(0.75	)		(0.72	)
Net asset value, end of period	$	20.50		$	17.87		$	14.53		$	18.76		$	17.27		$	20.21
Total return		15.51	%c		25.49	%		(19.81	)%		10.92	%		(11.07	)%		(28.52	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	100,470		$	82,223		$	53,757		$	136,974		$	110,520		$	159,666
Ratio of expenses to average net assetsd		0.49	%		0.51	%		0.52	%		0.52	%		0.54	%		0.55	%
Ratio of net investment income to average net assetsd		0.25	%		1.82	%		2.32	%		1.95	%		2.20	%		3.25	%
Portfolio turnover ratee		16	%		26	%		13	%		12	%		11	%		26	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

56 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Belgium Capped ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	14.36		$	11.97		$	12.60		$	11.78		$	12.06		$	17.64
Income from investment operations:
Net investment incomea		0.09			0.42			0.38			0.35			0.19			0.22
Net realized and unrealized gain (loss)b		3.17			2.36			(0.33	)		0.80			(0.27	)		(5.46	)
Total from investment operations		3.26			2.78			0.05			1.15			(0.08	)		(5.24	)
Less distributions from:
Net investment income		(0.38	)		(0.39	)		(0.67	)		(0.33	)		(0.20	)		(0.34	)
Return of capital		—			—			(0.01	)		—			—			—
Total distributions		(0.38	)		(0.39	)		(0.68	)		(0.33	)		(0.20	)		(0.34	)
Net asset value, end of period	$	17.24		$	14.36		$	11.97		$	12.60		$	11.78		$	12.06
Total return		23.02	%c		23.43	%		1.11	%		9.59	%		(0.60	)%		(29.15	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	74,480		$	71,216		$	25,386		$	31,256		$	58,896		$	53,042
Ratio of expenses to average net assetsd		0.49	%		0.50	%		0.53	%		0.52	%		0.54	%		0.56	%
Ratio of net investment income to average net assetsd		1.19	%		3.01	%		3.35	%		2.56	%		1.55	%		2.23	%
Portfolio turnover ratee		7	%		24	%		19	%		12	%		17	%		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 57

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Eastern Europe ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Period from Sep 30, 2009 a to Aug. 31, 2010
Net asset value, beginning of period	$	23.88		$	24.24		$	29.28		$	25.66		$	24.65
Income from investment operations:
Net investment incomeb		0.04			0.73			1.01			0.67			0.26
Net realized and unrealized gain (loss)c		0.14			(0.77	)		(4.92	)		3.45			0.89
Total from investment operations		0.18			(0.04	)		(3.91	)		4.12			1.15
Less distributions from:
Net investment income		(0.18	)		(0.32	)		(1.13	)		(0.50	)		(0.13	)
Net realized gain		—			—			—			—			(0.01	)
Total distributions		(0.18	)		(0.32	)		(1.13	)		(0.50	)		(0.14	)
Net asset value, end of period	$	23.88		$	23.88		$	24.24		$	29.28		$	25.66
Total return		0.70	%d		(0.20	)%		(13.14	)%		15.86	%		4.68	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	146,881		$	121,797		$	20,602		$	32,212		$	12,832
Ratio of expenses to average net assetse		0.67	%		0.67	%		0.69	%		0.68	%		0.69	%
Ratio of expenses to average net assets prior to waived fees		n/a			n/a			n/a			0.68	%		n/a
Ratio of net investment income to average net assetse		0.32	%		2.96	%		3.97	%		2.06	%		1.05	%
Portfolio turnover ratef		4	%		9	%		8	%		24	%		13	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

58 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI EMU ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	34.64		$	29.09		$	31.55		$	30.75		$	35.64		$	45.97
Income from investment operations:
Net investment incomea		0.16			0.92			1.02			1.23			0.80			0.93
Net realized and unrealized gain (loss)b		7.51			5.55			(2.38	)		0.71			(4.76	)		(9.97	)
Total from investment operations		7.67			6.47			(1.36	)		1.94			(3.96	)		(9.04	)
Less distributions from:
Net investment income		(0.13	)		(0.92	)		(1.10	)		(1.14	)		(0.93	)		(1.29	)
Total distributions		(0.13	)		(0.92	)		(1.10	)		(1.14	)		(0.93	)		(1.29	)
Net asset value, end of period	$	42.18		$	34.64		$	29.09		$	31.55		$	30.75		$	35.64
Total return		22.16	%c		22.43	%		(3.99	)%		5.78	%		(11.19	)%		(19.05	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	10,170,165		$	3,539,980		$	794,226		$	738,233		$	823,972		$	741,270
Ratio of expenses to average net assetsd,e		0.48	%		0.50	%		0.53	%		0.52	%		0.54	%		0.56	%
Ratio of net investment income to average net assetsd		0.82	%		2.74	%		3.55	%		3.38	%		2.29	%		3.07	%
Portfolio turnover ratef		2	%		5	%		7	%		8	%		5	%		8	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Ratios for the years ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI France ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	24.85		$	20.70		$	22.60		$	21.03		$	24.28		$	30.70
Income from investment operations:
Net investment incomea		0.09			0.69			0.59			0.86			0.65			0.66
Net realized and unrealized gain (loss)b		4.41			4.14			(1.80	)		1.38			(3.30	)		(6.13	)
Total from investment operations		4.50			4.83			(1.21	)		2.24			(2.65	)		(5.47	)
Less distributions from:
Net investment income		(0.12	)		(0.68	)		(0.69	)		(0.67	)		(0.60	)		(0.95	)
Return of capital		—			—			(0.00	)c		—			—			—
Total distributions		(0.12	)		(0.68	)		(0.69	)		(0.67	)		(0.60	)		(0.95	)
Net asset value, end of period	$	29.23		$	24.85		$	20.70		$	22.60		$	21.03		$	24.28
Total return		18.15	%d		23.56	%		(5.05	)%		10.24	%		(10.98	)%		(17.11	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	391,622		$	526,839		$	401,626		$	357,137		$	239,706		$	184,511
Ratio of expenses to average net assetse,f		0.49	%		0.51	%		0.53	%		0.52	%		0.53	%		0.55	%
Ratio of net investment income to average net assetsf		0.69	%		2.94	%		2.91	%		3.38	%		2.71	%		3.18	%
Portfolio turnover rateg		2	%		5	%		6	%		6	%		6	%		6	%

^a  Based on average shares outstanding throughout each period.

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

^c  Rounds to less than $0.01.

^d  Not annualized.

^e  Ratios for the years ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes.

^f  Annualized for periods of less than one year.

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

See notes to financial statements.

60 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Italy Capped ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	13.06		$	11.78		$	13.58		$	15.00		$	19.05		$	25.04
Income from investment operations:
Net investment incomea		0.08			0.36			0.41			0.54			0.39			0.47
Net realized and unrealized gain (loss)b		3.60			1.23			(1.79	)		(1.47	)		(3.99	)		(5.82	)
Total from investment operations		3.68			1.59			(1.38	)		(0.93	)		(3.60	)		(5.35	)
Less distributions from:
Net investment income		(0.10	)		(0.30	)		(0.42	)		(0.49	)		(0.44	)		(0.64	)
Return of capital		—			(0.01	)		(0.00	)c		—			(0.01	)		—
Total distributions		(0.10	)		(0.31	)		(0.42	)		(0.49	)		(0.45	)		(0.64	)
Net asset value, end of period	$	16.64		$	13.06		$	11.78		$	13.58		$	15.00		$	19.05
Total return		28.24	%d		13.58	%		(9.98	)%		(6.80	)%		(19.11	)%		(20.78	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,111,001		$	717,122		$	196,212		$	144,612		$	76,500		$	125,716
Ratio of expenses to average net assetse,f		0.49	%		0.50	%		0.53	%		0.51	%		0.54	%		0.55	%
Ratio of net investment income to average net assetsf		1.13	%		2.78	%		3.41	%		3.15	%		2.17	%		2.85	%
Portfolio turnover rateg		8	%		45	%		14	%		16	%		12	%		18	%

^a  Based on average shares outstanding throughout each period.

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

^c  Rounds to less than $0.01.

^d  Not annualized.

^e  Ratios for the years ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes.

^f  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 61

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Netherlands ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	22.52		$	18.23		$	18.45		$	17.89		$	18.52		$	24.38
Income from investment operations:
Net investment incomea		0.03			0.44			0.39			0.48			0.45			0.35
Net realized and unrealized gain (loss)b		3.32			4.19			(0.08	)		0.55			(0.70	)		(5.55	)
Total from investment operations		3.35			4.63			0.31			1.03			(0.25	)		(5.20	)
Less distributions from:
Net investment income		(0.08	)		(0.34	)		(0.53	)		(0.47	)		(0.38	)		(0.66	)
Total distributions		(0.08	)		(0.34	)		(0.53	)		(0.47	)		(0.38	)		(0.66	)
Net asset value, end of period	$	25.79		$	22.52		$	18.23		$	18.45		$	17.89		$	18.52
Total return		14.91	%c		25.57	%		1.96	%��		5.44	%		(1.44	)%		(20.59	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	313,406		$	253,390		$	78,397		$	121,740		$	147,611		$	83,351
Ratio of expenses to average net assetsd		0.49	%		0.50	%		0.53	%		0.52	%		0.53	%		0.55	%
Ratio of net investment income to average net assetsd		0.25	%		2.09	%		2.21	%		2.26	%		2.31	%		2.24	%
Portfolio turnover ratee		3	%		11	%		10	%		6	%		9	%		15	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

62 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Spain Capped ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	30.44		$	26.28		$	35.89		$	37.02		$	47.65		$	50.41
Income from investment operations:
Net investment incomea		0.70			1.33			2.12			2.14			1.64			1.75
Net realized and unrealized gain (loss)b		9.34			4.07			(8.93	)		(1.36	)		(10.01	)		(2.14	)
Total from investment operations		10.04			5.40			(6.81	)		0.78			(8.37	)		(0.39	)
Less distributions from:
Net investment income		(0.58	)		(1.24	)		(2.80	)		(1.91	)		(2.26	)		(2.37	)
Total distributions		(0.58	)		(1.24	)		(2.80	)		(1.91	)		(2.26	)		(2.37	)
Net asset value, end of period	$	39.90		$	30.44		$	26.28		$	35.89		$	37.02		$	47.65
Total return		33.17	%c		20.88	%		(19.36	)%		1.78	%		(17.91	)%		0.64	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,319,628		$	417,778		$	195,093		$	180,360		$	194,362		$	278,734
Ratio of expenses to average net assetsd		0.48	%		0.51	%		0.53	%		0.52	%		0.54	%		0.56	%
Ratio of net investment income to average net assetsd		3.76	%		4.45	%		7.60	%		5.31	%		3.72	%		4.70	%
Portfolio turnover ratee		14	%		24	%		17	%		14	%		9	%		19	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 63

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Sweden ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	31.97		$	27.32		$	26.82		$	24.46		$	22.86		$	24.48
Income from investment operations:
Net investment income (loss)a		(0.08	)		0.97			0.83			1.18			0.48			0.40
Net realized and unrealized gain (loss)b		5.00			4.70			0.58			2.22			1.73			(1.56	)
Total from investment operations		4.92			5.67			1.41			3.40			2.21			(1.16	)
Less distributions from:
Net investment income		(0.22	)		(1.02	)		(0.86	)		(1.04	)		(0.61	)		(0.46	)
Return of capital		—			—			(0.05	)		—			—			—
Total distributions		(0.22	)		(1.02	)		(0.91	)		(1.04	)		(0.61	)		(0.46	)
Net asset value, end of period	$	36.67		$	31.97		$	27.32		$	26.82		$	24.46		$	22.86
Total return		15.46	%c		21.02	%		5.57	%		13.40	%		9.70	%		(4.04	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	528,029		$	434,006		$	370,832		$	329,887		$	249,491		$	190,333
Ratio of expenses to average net assetsd		0.49	%		0.51	%		0.53	%		0.51	%		0.53	%		0.55	%
Ratio of net investment income (loss) to average net assetsd		(0.44	)%		3.13	%		3.17	%		3.80	%		1.97	%		2.34	%
Portfolio turnover ratee		1	%		7	%		7	%		9	%		10	%		9	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

64 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Switzerland Capped ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	29.36		$	23.85		$	24.67		$	21.64		$	20.71		$	23.09
Income from investment operations:
Net investment incomea		0.07			0.67			0.63			0.59			0.39			0.25
Net realized and unrealized gain (loss)b		4.88			5.44			(0.80	)		2.97			0.90			(2.30	)
Total from investment operations		4.95			6.11			(0.17	)		3.56			1.29			(2.05	)
Less distributions from:
Net investment income		—			(0.60	)		(0.65	)		(0.53	)		(0.36	)		(0.33	)
Total distributions		—			(0.60	)		(0.65	)		(0.53	)		(0.36	)		(0.33	)
Net asset value, end of period	$	34.31		$	29.36		$	23.85		$	24.67		$	21.64		$	20.71
Total return		16.86	%c		25.71	%		(0.53	)%		16.30	%		6.35	%		(8.63	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,085,065		$	902,860		$	554,570		$	524,159		$	405,755		$	271,855
Ratio of expenses to average net assetsd		0.49	%		0.51	%		0.53	%		0.52	%		0.53	%		0.56	%
Ratio of net investment income to average net assetsd		0.46	%		2.38	%		2.73	%		2.35	%		1.80	%		1.42	%
Portfolio turnover ratee		2	%		13	%		8	%		7	%		7	%		16	%

^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 65

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI United Kingdom ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	18.55		$	16.91		$	16.43		$	15.01		$	15.02		$	19.35
Income from investment operations:
Net investment incomea		0.96	e		0.66			0.64			0.54			0.46			0.50
Net realized and unrealized gain (loss)b		1.96			1.49			0.46			1.35			(0.03	)		(4.26	)
Total from investment operations		2.92			2.15			1.10			1.89			0.43			(3.76	)
Less distributions from:
Net investment income		(0.24	)		(0.51	)		(0.62	)		(0.47	)		(0.44	)		(0.57	)
Total distributions		(0.24	)		(0.51	)		(0.62	)		(0.47	)		(0.44	)		(0.57	)
Net asset value, end of period	$	21.23		$	18.55		$	16.91		$	16.43		$	15.01		$	15.02
Total return		15.82	%c		12.91	%		6.94	%		12.50	%		2.87	%		(18.68	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	4,385,286		$	2,670,796		$	1,356,494		$	1,199,333		$	930,412		$	739,124
Ratio of expenses to average net assetsd		0.49	%		0.51	%		0.53	%		0.52	%		0.53	%		0.55	%
Ratio of net investment income to average net assetsd		9.64	%e		3.61	%		3.88	%		3.07	%		2.98	%		3.90	%
Portfolio turnover ratef		5	%		4	%		7	%		4	%		7	%		11	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Includes a one-time special distribution from Vodafone Group PLC which represented $0.72 per share and 7.25% of average net assets, annualized.

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

See notes to financial statements.

66 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Austria Capped		Non-diversified
MSCI Belgium Capped		Non-diversified
MSCI Emerging Markets Eastern Europe		Non-diversified
MSCI EMU		Diversified
MSCI France		Non-diversified
MSCI Italy Capped		Non-diversified

iShares ETF	Diversification Classification
MSCI Netherlands		Non-diversified
MSCI Spain Capped		Non-diversified
MSCI Sweden		Non-diversified
MSCI Switzerland Capped		Non-diversified
MSCI United Kingdom		Non-diversified

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

Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

Each Fund may invest in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Funds; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in emerging market and frontier market countries.

The United States and the European Union have imposed economic sanctions on certain Russian individuals and a financial institution. The United States or the European Union could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian securities, impairing the ability of the iShares Emerging Markets Eastern Europe ETF to buy, sell, receive or deliver those securities. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities.

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.

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

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

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

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

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

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing

68 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

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

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

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

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2014. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI Austria Capped
Assets:
Common Stocks	$	99,503,601	$	—	$	26	$	99,503,627
Money Market Funds		335,407		—		—		335,407
	$	99,839,008	$	—	$	26	$	99,839,034
MSCI Belgium Capped
Assets:
Common Stocks	$	73,950,456	$	454,878	$	—	$	74,405,334
Money Market Funds		2,752,633		—		—		2,752,633
	$	76,703,089	$	454,878	$	—	$	77,157,967
MSCI Emerging Markets Eastern Europe
Assets:
Common Stocks	$	141,354,595	$	—	$	—	$	141,354,595
Preferred Stocks		5,460,807		—		—		5,460,807
Money Market Funds		116,650		—		—		116,650
	$	146,932,052	$	—	$	—	$	146,932,052
MSCI EMU
Assets:
Common Stocks	$	9,958,986,084	$	—	$	8	$	9,958,986,092
Preferred Stocks		199,736,009		—		—		199,736,009
Money Market Funds		68,162,961		—		—		68,162,961
	$	10,226,885,054	$	—	$	8	$	10,226,885,062

NOTES TO FINANCIAL STATEMENTS 69

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI France
Assets:
Common Stocks	$	391,564,211	$	—	$	—	$	391,564,211
Money Market Funds		77,231		—		—		77,231
	$	391,641,442	$	—	$	—	$	391,641,442
MSCI Italy Capped
Assets:
Common Stocks	$	1,110,441,663	$	���	$	—	$	1,110,441,663
Money Market Funds		40,291,703		—		—		40,291,703
	$	1,150,733,366	$	—	$	—	$	1,150,733,366
MSCI Netherlands
Assets:
Common Stocks	$	312,918,799	$	—	$	1	$	312,918,800
Money Market Funds		8,375,772		—		—		8,375,772
	$	321,294,571	$	—	$	1	$	321,294,572
MSCI Spain Capped
Assets:
Common Stocks	$	1,318,048,286	$	—	$	—	$	1,318,048,286
Money Market Funds		1,077,235		—		—		1,077,235
	$	1,319,125,521	$	—	$	—	$	1,319,125,521
MSCI Sweden
Assets:
Common Stocks	$	527,975,536	$	—	$	—	$	527,975,536
Money Market Funds		4,141,950		—		—		4,141,950
	$	532,117,486	$	—	$	—	$	532,117,486
MSCI Switzerland Capped
Assets:
Common Stocks	$	1,075,738,422	$	—	$	—	$	1,075,738,422
Money Market Funds		443,188		—		—		443,188
	$	1,076,181,610	$	—	$	—	$	1,076,181,610
MSCI United Kingdom
Assets:
Common Stocks	$	4,320,892,701	$	—	$	—	$	4,320,892,701
Money Market Funds		4,577,234		—		—		4,577,234
Futures Contractsa		550,654		—		—		550,654
	$	4,326,020,589	$	—	$	—	$	4,326,020,589

^a  Futures contracts are shown at the net unrealized appreciation (depreciation) on the contracts.

70 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2014 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2014, 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.

FEDERAL INCOME TAXES

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.

NOTES TO FINANCIAL STATEMENTS 71

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 a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates.

As of February 28, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2014 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party. 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.

As of February 28, 2014, the following Funds had securities on loan with a market value as disclosed in the Funds’ statements of assets and liabilities:

iShares ETF	Market Value of Securities on Loan
MSCI Austria Capped	$	143,886
MSCI Belgium Capped		2,575,136
MSCI EMU		60,948,796
MSCI France		21,542

iShares ETF	Market Value of Securities on Loan
MSCI Italy Capped	$	37,126,485
MSCI Netherlands		7,966,681
MSCI Sweden		3,932,700
MSCI United Kingdom		4,083,532

As of February 28, 2014, the value of the related collateral, as disclosed in the Funds’ schedules of investments, exceeded the market value of the securities on loan.

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

72 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

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

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

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.75	%	First $14 billion
	0.68		Over $14 billion, up to and including $28 billion
	0.61		Over $28 billion, up to and including $42 billion
	0.56		Over $42 billion, up to and including $56 billion
	0.50		Over $56 billion, up to and including $70 billion
	0.45		Over $70 billion, up to and including $84 billion
	0.40		Over $84 billion

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Effective January 1, 2014, 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% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2014, (i) each Fund retains 75% of securities lending income (commencing January 1, 2015 the amount each Fund will retain is expected to change to 70% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, each Fund retained 65% of securities lending income and paid no collateral investment fees.

NOTES TO FINANCIAL STATEMENTS 73

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2014, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
MSCI Austria Capped	$	6,977
MSCI Belgium Capped		17,190
MSCI Emerging Markets Eastern Europe		760
MSCI EMU		132,528
MSCI France		1,223

iShares ETF	Fees Paid to BTC
MSCI Italy Capped	$	271,669
MSCI Netherlands		8,201
MSCI Spain Capped		27,648
MSCI Sweden		653
MSCI United Kingdom		1,935

In addition, commencing the business day following a “Hurdle Date” (the date that the aggregate securities lending income 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 calendar year 2013 or lesser amount as may be agreed to by the Funds and BTC) and pursuant to a securities lending agreement, (i) each Fund will receive for the remainder of that calendar year 80% of securities lending income (for any Hurdle Date after January 1, 2015, each Fund will retain 75% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees.

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 trades for the six months ended February 28, 2014, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. 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.

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 “Interest – 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.

74 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2014 were as follows:

iShares ETF	Purchases		Sales
MSCI Austria Capped	$	15,709,212	$	16,537,855
MSCI Belgium Capped		4,489,456		5,671,064
MSCI Emerging Markets Eastern Europe		5,364,828		5,245,399
MSCI EMU		206,425,800		177,654,130
MSCI France		11,419,592		16,767,626
MSCI Italy Capped		73,479,639		75,247,677
MSCI Netherlands		8,977,388		8,627,741
MSCI Spain Capped		146,387,586		120,861,171
MSCI Sweden		4,646,410		8,664,116
MSCI Switzerland Capped		18,118,322		19,231,940
MSCI United Kingdom		264,271,987		164,596,165

In-kind transactions (see Note 4) for the six months ended February 28, 2014 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Austria Capped	$	60,467,005	$	54,033,174
MSCI Belgium Capped		10,940,001		19,764,823
MSCI Emerging Markets Eastern Europe		52,004,396		24,266,954
MSCI EMU		5,463,231,267		74,121,661
MSCI France		31,439,809		241,590,657
MSCI Italy Capped		243,290,792		53,004,732
MSCI Netherlands		46,311,148		24,672,321
MSCI Spain Capped		710,699,774		7,833,330
MSCI Sweden		49,773,985		20,268,430
MSCI Switzerland Capped		48,413,599		19,567,434
MSCI United Kingdom		1,304,923,636		54,390,707

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 net asset value. 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

NOTES TO FINANCIAL STATEMENTS 75

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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.

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. INCOME TAX INFORMATION

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 net asset values per share.

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

As of August 31, 2013, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Expiring a		2014		2015		2016		2017		2018		2019		Total
MSCI Austria Capped	$	13,211,949	$	—	$	9,795,917	$	2,587,916	$	7,102,366	$	16,657,011	$	13,826,937	$	63,182,096
MSCI Belgium Capped		5,919,544		—		—		1,698,444		5,953,120		10,826,174		19,023,517		43,420,799
MSCI Emerging Markets Eastern Europe		950,241		—		—		—		—		—		204,914		1,155,155
MSCI EMU		40,686,903		—		—		—		26,644,200		68,035,542		30,230,739		165,597,384
MSCI France		7,140,691		—		158,472		335,795		3,408,374		7,008,530		2,858,814		20,910,676
MSCI Italy Capped		8,953,638		—		—		472,268		2,743,650		18,169,627		9,459,662		39,798,845
MSCI Netherlands		6,234,179		403,525		260,715		1,195,162		5,819,153		22,256,170		2,329,005		38,497,909
MSCI Spain Capped		20,350,046		—		—		—		5,946,927		15,120,672		8,619,903		50,037,548
MSCI Sweden		7,978,720		107,613		—		100,015		13,686,746		8,483,510		5,244,977		35,601,581
MSCI Switzerland Capped		6,801,347		—		—		—		2,837,786		22,569,380		6,955,758		39,164,271
MSCI United Kingdom		32,715,559		7,063,063		—		261,754		16,140,312		23,559,917		22,514,433		102,255,038

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

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

76 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Austria Capped	$	117,856,700	$	3,168,490	$	(21,186,156	)	$	(18,017,666	)
MSCI Belgium Capped		72,543,493		12,676,928		(8,062,454	)		4,614,474
MSCI Emerging Markets Eastern Europe		163,147,967		5,086,583		(21,302,498	)		(16,215,915	)
MSCI EMU		9,300,844,043		1,058,531,208		(132,490,189	)		926,041,019
MSCI France		418,741,826		26,066,013		(53,166,397	)		(27,100,384	)
MSCI Italy Capped		992,375,216		204,362,111		(46,003,961	)		158,358,150
MSCI Netherlands		302,635,884		28,996,400		(10,337,712	)		18,658,688
MSCI Spain Capped		1,206,244,018		158,228,822		(45,347,319	)		112,881,503
MSCI Sweden		468,888,507		89,750,397		(26,521,418	)		63,228,979
MSCI Switzerland Capped		842,572,274		261,742,912		(28,133,576	)		233,609,336
MSCI United Kingdom		4,017,437,325		522,165,433		(214,132,823	)		308,032,610

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2014, 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.

6. FINANCIAL FUTURES CONTRACTS

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

The following table shows the value of futures contracts held by the iShares MSCI United Kingdom ETF as of February 28, 2014 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
Equity contracts:
Variation margin/Net assets consist of – net unrealized appreciation (depreciation)a	$	550,654

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

NOTES TO FINANCIAL STATEMENTS 77

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI United Kingdom ETF during the six months ended February 28, 2014 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	524,301	$	443,562

For the six months ended February 28, 2014, the average quarter-end number of contracts and notional value of open futures contracts for the iShares MSCI United Kingdom ETF were 338 and $36,764,585, respectively.

7. SUBSEQUENT EVENTS

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

78 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts 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 distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Austria Capped	$	0.029896	$	—	$	0.102256	$	0.132152		23	%		—	%		77	%		100	%
MSCI Belgium Capped		0.246975		—		0.137061		0.384036		64			—			36			100
MSCI EMU		0.113723		—		0.012062		0.125785		90			—			10			100
MSCI Italy Capped		0.084443		—		0.011864		0.096307		88			—			12			100
MSCI Spain Capped		0.515203		—		0.064211		0.579414		89			—			11			100
MSCI Sweden		0.099153		—		0.122698		0.221851		45			—			55			100
MSCI United Kingdom		0.224237		—		0.012814		0.237051		95			—			5			100

SUPPLEMENTAL INFORMATION 79

Notes:

80 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 81

Notes:

82 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

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

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

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

©2014 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-82-0214

FEBRUARY 28, 2014

2014 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø   iShares MSCI Australia ETF  |  EWA  |  NYSE Arca

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

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

^Ø   iShares MSCI Malaysia ETF  |  EWM  |  NYSE Arca

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

^Ø   iShares MSCI Singapore ETF  |  EWS  |  NYSE Arca

^Ø   iShares MSCI South Korea Capped ETF  |  EWY  |  NYSE Arca

^Ø   iShares MSCI Taiwan ETF  |  EWT  |  NYSE Arca

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

Table of Contents

Fund Performance Overviews	5
About Fund Performance	14
Shareholder Expenses	14
Schedules of Investments	15
iShares MSCI Australia ETF	15
iShares MSCI Hong Kong ETF	18
iShares MSCI Japan Small-Cap ETF	20
iShares MSCI Malaysia ETF	31
iShares MSCI Pacific ex Japan ETF	33
iShares MSCI Singapore ETF	36
iShares MSCI South Korea Capped ETF	38
iShares MSCI Taiwan ETF	41
iShares MSCI Thailand Capped ETF	44
Financial Statements	48
Financial Highlights	59
Notes to Financial Statements	68
Supplemental Information	80

Fund Performance Overview

iSHARES^® MSCI AUSTRALIA ETF

Performance as of February 28, 2014

The iShares MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed of Australian equities, as represented by the MSCI Australia Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 8.03%, net of fees, while the total return for the Index was 8.29%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(3.59)%		(2.66)%		(3.19)%		(3.59)%		(2.66)%		(3.19)%
5 Years		22.19%		22.61%		22.77%		172.33%		177.04%		178.92%
10 Years		10.91%		10.82%		10.83%		181.55%		179.35%		179.50%

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,080.30	$	2.53	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	50.13	%
Materials	19.04
Consumer Staples	9.45
Industrials	5.43
Energy	5.39
Health Care	4.58
Consumer Discretionary	2.05
Telecommunication Services	1.96
Utilities	1.47
Information Technology	0.50
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total  Investments*

BHP Billiton Ltd.	10.98	%
Commonwealth Bank of Australia	10.72
Westpac Banking Corp.	9.27
Australia and New Zealand Banking Group Ltd.	7.86
National Australia Bank Ltd.	7.27
Wesfarmers Ltd.	4.38
Woolworths Ltd.	4.03
CSL Ltd.	3.13
Rio Tinto Ltd.	2.60
Woodside Petroleum Ltd.	2.23
TOTAL	62.47	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI HONG KONG ETF

Performance as of February 28, 2014

The iShares MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 7.83%, net of fees, while the total return for the Index was 8.17%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		3.73%		3.30%		4.39%		3.73%		3.30%		4.39%
5 Years		18.86%		19.24%		19.53%		137.22%		141.06%		144.04%
10 Years		9.03%		8.96%		9.63%		137.32%		135.81%		150.67%

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,078.30	$	2.52	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	57.08	%
Consumer Discretionary	19.06
Industrials	11.32
Utilities	10.80
Telecommunication Services	1.14
Information Technology	0.60
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14
Security	Percentage of Total  Investments*

AIA Group Ltd.	15.86	%
Hutchison Whampoa Ltd.	8.03
Cheung Kong (Holdings) Ltd.	6.22
Sands China Ltd.	5.53
Sun Hung Kai Properties Ltd.	5.53
Galaxy Entertainment Group Ltd.	5.31
Hong Kong Exchanges and Clearing Ltd.	4.60
CLP Holdings Ltd.	3.62
Hang Seng Bank Ltd.	3.43
Hong Kong and China Gas Co. Ltd. (The)	3.28
TOTAL	61.41	%

* Excludes money market funds.

6 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI JAPAN SMALL-CAP ETF

Performance as of February 28, 2014

The iShares MSCI Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Japanese equities, as represented by the MSCI Japan Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 7.87%, net of fees, while the total return for the Index was 8.30%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		14.05%		15.53%		14.84%		14.05%		15.53%		14.84%
5 Years		13.02%		13.96%		13.53%		84.39%		92.25%		88.59%
Since Inception		3.32%		3.46%		3.69%		22.45%		23.46%		25.20%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,078.70	$	2.53	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Industrials	25.52	%
Financials	19.07
Consumer Discretionary	18.37
Materials	11.12
Information Technology	10.75
Consumer Staples	9.04
Health Care	5.30
Energy	0.62
Utilities	0.21
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total  Investments*

Minebea Co. Ltd.	0.67	%
Ebara Corp.	0.64
Advance Residence Investment Corp.	0.53
Frontier Real Estate Investment Corp.	0.52
CyberAgent Inc.	0.50
Misumi Group Inc.	0.50
Nippon Kayaku Co. Ltd.	0.50
Sawai Pharmaceutical Co. Ltd.	0.49
OBIC Co. Ltd.	0.48
Dowa Holdings Co. Ltd.	0.47
TOTAL	5.30	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI MALAYSIA ETF

Performance as of February 28, 2014

The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 7.29%, net of fees, while the total return for the Index was 7.58%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		8.77%		8.25%		9.33%		8.77%		8.25%		9.33%
5 Years		20.49%		20.40%		21.15%		153.92%		152.96%		160.95%
10 Years		11.41%		11.19%		12.01%		194.53%		188.74%		210.84%

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,072.90	$	2.52	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	29.44	%
Industrials	13.12
Utilities	12.48
Telecommunication Services	11.94
Consumer Discretionary	10.33
Consumer Staples	10.21
Energy	5.81
Materials	4.69
Health Care	1.98
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total  Investments*

Malayan Banking Bhd	9.14	%
CIMB Group Holdings Bhd	7.46
Tenaga Nasional Bhd	7.15
Sime Darby Bhd	5.20
Genting Bhd	4.36
Public Bank Bhd Foreign	4.26
Petronas Chemicals Group Bhd	3.99
DiGi.Com Bhd	3.80
Axiata Group Bhd	3.54
Sapurakencana Petroleum Bhd	3.36
TOTAL	52.26	%

* Excludes money market funds.

8 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI PACIFIC EX JAPAN ETF

Performance as of February 28, 2014

The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 7.58%, net of fees, while the total return for the Index was 7.85%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(1.73)%		(1.29)%		(1.35)%		(1.73)%		(1.29)%		(1.35)%
5 Years		21.45%		21.88%		21.98%		164.18%		168.91%		170.09%
10 Years		10.47%		10.35%		10.57%		170.60%		167.67%		173.11%

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,075.80	$	2.52	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector	Percentage of Total Investments*
Financials		51.24	%
Materials		12.52
Industrials		8.81
Consumer Discretionary		6.77
Consumer Staples		6.70
Utilities		3.67
Energy		3.44
Telecommunication Services		3.33
Health Care		3.08
Information Technology		0.44
TOTAL		100.00	%

COUNTRY ALLOCATION As of 2/28/14

Country	Percentage of Total Investments*
Australia		63.51	%
Hong Kong		23.51
Singapore		11.89
New Zealand		1.09
TOTAL		100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI SINGAPORE ETF

Performance as of February 28, 2014

The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 3.84%, net of fees, while the total return for the Index was 3.86%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(3.91)%		(3.68)%		(3.28)%		(3.91)%		(3.68)%		(3.28)%
5 Years		21.35%		21.49%		21.74%		163.16%		164.72%		167.43%
10 Years		11.25%		11.05%		11.34%		190.39%		185.29%		192.84%

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,038.40	$	2.48	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	51.80	%
Industrials	20.49
Telecommunication Services	12.95
Consumer Discretionary	9.19
Consumer Staples	5.57
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total  Investments*

Singapore Telecommunications Ltd.	11.91	%
DBS Group Holdings Ltd.	11.34
United Overseas Bank Ltd.	11.04
Oversea-Chinese Banking Corp. Ltd.	10.14
Keppel Corp. Ltd.	5.23
Global Logistic Properties Ltd.	3.71
Genting Singapore PLC	3.44
Singapore Press Holdings Ltd.	3.30
CapitaLand Ltd.	3.02
Wilmar International Ltd.	2.80
TOTAL	65.93	%

* Excludes money market funds.

10 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI South Korea Capped ETF (the “Fund”) seeks to track the investment results of an index composed of South Korean equities, as represented by the MSCI Korea 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 8.20%, net of fees, while the total return for the Index was 8.40%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		0.14%		0.45%		0.56%		0.14%		0.45%		0.56%
5 Years		23.63%		24.21%		24.45%		188.86%		195.63%		198.55%
10 Years		9.41%		9.20%		10.12%		145.85%		141.14%		162.16%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,082.00	$	3.20	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector	Percentage of Total Investments*
Information Technology		33.34	%
Consumer Discretionary		18.73
Financials		14.37	��
Industrials		12.96
Materials		9.37
Consumer Staples		5.28
Energy		2.27
Utilities		1.90
Telecommunication Services		0.98
Health Care		0.80
TOTAL		100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security	Percentage of Total Investments*
Samsung Electronics Co. Ltd.		21.35	%
Hyundai Motor Co.		6.01
NAVER Corp.		3.68
Hyundai Mobis Co. Ltd.		3.42
SK Hynix Inc.		3.31
Shinhan Financial Group Co. Ltd.		3.08
POSCO		2.98
Kia Motors Corp.		2.35
KB Financial Group Inc.		2.19
LG Chem Ltd.		1.92
TOTAL		50.29	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

Fund Performance Overview

iSHARES^® MSCI TAIWAN ETF

Performance as of February 28, 2014

The iShares MSCI Taiwan ETF (the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 5.11%, net of fees, while the total return for the Index was 5.41%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		6.04%		5.93%		6.59%		6.04%		5.93%		6.59%
5 Years		17.63%		18.23%		18.24%		125.23%		131.03%		131.14%
10 Years		3.80%		3.70%		4.44%		45.26%		43.75%		54.37%

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,051.10	$	3.15	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Information Technology	54.29	%
Financials	17.58
Materials	11.79
Consumer Discretionary	4.84
Telecommunication Services	4.76
Industrials	3.25
Consumer Staples	2.74
Energy	0.64
Health Care	0.11
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/14

Security Percentage of
Total  Investments*

Taiwan Semiconductor Manufacturing Co. Ltd.	20.12	%
Hon Hai Precision Industry Co. Ltd.	7.12
MediaTek Inc.	4.76
Chunghwa Telecom Co. Ltd.	2.67
Cathay Financial Holding Co. Ltd.	2.63
Formosa Plastics Corp.	2.43
Nan Ya Plastics Corp.	2.36
Delta Electronics Inc.	2.32
China Steel Corp.	2.24
Fubon Financial Holding Co. Ltd.	2.14
TOTAL	48.79	%

* Excludes money market funds.

12 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI THAILAND CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Thailand Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand Investable Market Index 25/50 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 2.52%, net of fees, while the total return for the Index was 2.19%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(21.61)%		(21.39)%		(21.77)%		(21.61)%		(21.39)%		(21.77)%
5 Years		29.19%		29.25%		29.69%		259.91%		260.64%		266.92%
Since Inception		8.41%		8.39%		8.78%		61.46%		61.24%		64.70%

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,025.20	$	3.11	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	32.85	%
Energy	17.64
Materials	10.57
Consumer Staples	9.07
Telecommunication Services	8.65
Industrials	7.32
Consumer Discretionary	6.59
Information Technology	2.62
Health Care	2.62
Utilities	2.07
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

Siam Commercial Bank PCL NVDR	7.66	%
PTT PCL NVDR	7.18
Advanced Information Service PCL NVDR	6.23
PTT Exploration & Production PCL NVDR	6.07
Kasikornbank PCL Foreign	5.73
CP All PCL NVDR	4.84
PTT Global Chemical PCL NVDR	3.41
Siam Cement PCL Foreign (The)	3.33
Kasikornbank PCL NVDR	3.21
Bangkok Bank PCL NVDR	2.50
TOTAL	50.16	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 13

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 management fees. Without such 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. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2013 and held through February 28, 2014, 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. 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 for 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.

14 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 98.84%
AIR FREIGHT & LOGISTICS — 0.32%
Toll Holdings Ltd.		1,170,268	$	5,571,179
				5,571,179
AIRLINES — 0.11%
Qantas Airways Ltd.a		1,848,652		1,927,220
				1,927,220
BEVERAGES — 0.79%
Coca-Cola Amatil Ltd.		983,746		9,947,445
Treasury Wine Estates Ltd.		1,111,778		3,850,164
				13,797,609
BIOTECHNOLOGY — 3.10%
CSL Ltd.		836,308		54,032,316
				54,032,316
CAPITAL MARKETS — 1.43%
Macquarie Group Ltd.		496,266		24,988,580
				24,988,580
CHEMICALS — 1.23%
Incitec Pivot Ltd.		2,797,761		7,861,228
Orica Ltd.		632,484		13,662,713
				21,523,941
COMMERCIAL BANKS — 35.46%
Australia and New Zealand Banking Group Ltd.		4,712,988		135,547,759
Bank of Queensland Ltd.		549,356		5,894,177
Bendigo and Adelaide Bank Ltd.		711,477		7,086,082
Commonwealth Bank of Australia		2,768,901		184,988,849
National Australia Bank Ltd.		4,035,788		125,460,870
Westpac Banking Corp.		5,340,587		159,953,904
				618,931,641
COMMERCIAL SERVICES & SUPPLIES — 1.29%
Brambles Ltd.		2,681,785		22,486,077
				22,486,077
CONSTRUCTION & ENGINEERING — 0.27%
Leighton Holdings Ltd.		289,644		4,683,525
				4,683,525
CONSTRUCTION MATERIALS — 0.95%
Boral Ltd.		1,336,608		6,662,073
James Hardie Industries SE		761,632		9,882,420
				16,544,493
CONTAINERS & PACKAGING — 1.08%
Amcor Ltd.		2,072,790		18,752,389
				18,752,389

Security	Shares		Value
DIVERSIFIED FINANCIAL SERVICES — 0.64%
ASX Ltd.		332,549	$	11,177,157
				11,177,157
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.94%
Telstra Corp. Ltd.		7,480,958		33,806,385
				33,806,385
ELECTRIC UTILITIES — 0.20%
SP AusNet		2,899,852		3,438,285
				3,438,285
ENERGY EQUIPMENT & SERVICES — 0.31%
WorleyParsons Ltd.		355,504		5,347,642
				5,347,642
FOOD & STAPLES RETAILING — 8.55%
Metcash Ltd.		1,512,836		4,196,659
Wesfarmers Ltd.		1,963,867		75,478,868
Woolworths Ltd.		2,154,840		69,552,270
				149,227,797
GAS UTILITIES — 0.49%
APA Group		1,435,616		8,581,533
				8,581,533
HEALTH CARE EQUIPMENT & SUPPLIES — 0.29%
Cochlear Ltd.		98,019		5,025,914
				5,025,914
HEALTH CARE PROVIDERS & SERVICES — 1.14%
Ramsay Health Care Ltd.		225,632		9,742,000
Sonic Healthcare Ltd.		653,581		10,158,963
				19,900,963
HOTELS, RESTAURANTS & LEISURE — 1.65%
Crown Resorts Ltd.		688,162		10,641,052
Echo Entertainment Group Ltd.		1,347,389		3,207,190
Flight Centre Travel Group Ltd.		94,981		4,406,925
Tabcorp Holdings Ltd.		1,295,660		4,115,945
Tatts Group Ltd.		2,434,263		6,360,635
				28,731,747
INSURANCE — 5.12%
AMP Ltd.		5,080,672		21,959,297
Insurance Australia Group Ltd.		3,948,112		19,184,012
QBE Insurance Group Ltd.		2,107,439		24,176,486
Suncorp Group Ltd.		2,210,067		24,009,010
				89,328,805

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2014

Security	Shares		Value
IT SERVICES — 0.49%
Computershare Ltd.		812,108	$	8,626,103
				8,626,103
MEDIA — 0.23%
REA Group Ltd.		90,501		4,016,036
				4,016,036
METALS & MINING — 15.56%
Alumina Ltd.a		4,338,370		4,969,203
BHP Billiton Ltd.		5,516,902		189,474,328
Fortescue Metals Group Ltd.		2,674,373		13,018,802
Iluka Resources Ltd.		719,227		6,043,405
Newcrest Mining Ltd.		1,316,679		13,361,127
Rio Tinto Ltd.		748,527		44,770,717
				271,637,582
MULTI-UTILITIES — 0.77%
AGL Energy Ltd.		959,170		13,432,599
				13,432,599
MULTILINE RETAIL — 0.15%
Harvey Norman Holdings Ltd.b		916,110		2,631,496
				2,631,496
OIL, GAS & CONSUMABLE FUELS — 5.02%
Caltex Australia Ltd.		231,897		4,353,622
Origin Energy Ltd.		1,891,638		24,443,048
Santos Ltd.		1,669,810		20,381,285
Woodside Petroleum Ltd.		1,132,222		38,449,749
				87,627,704
PROFESSIONAL SERVICES — 0.74%
ALS Ltd.		661,064		4,489,887
Seek Ltd.		553,420		8,473,347
				12,963,234
REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.35%
BGP Holdings PLCa,c		18,888,372		261
CFS Retail Property Trust Group		3,618,877		6,379,552
Dexus Property Group		8,170,445		7,823,113
Federation Centres		2,452,339		5,244,795
Goodman Group		2,952,381		12,681,300
GPT Group		2,911,405		9,691,605
Mirvac Group		6,295,471		9,943,129
Stockland Corp. Ltd.		3,960,717		13,680,793
Westfield Group		3,391,169		31,165,207
Westfield Retail Trust		5,117,563		14,242,090
				110,851,845

Security	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.54%
Lend Lease Group		941,119	$	9,499,566
				9,499,566
ROAD & RAIL — 1.37%
Asciano Ltd.		1,675,475		8,081,219
Aurizon Holdings Ltd.		3,487,767		15,886,030
				23,967,249
TRANSPORTATION INFRASTRUCTURE — 1.26%
Sydney Airport		1,846,963		6,710,183
Transurban Group		2,424,979		15,341,843
				22,052,026
TOTAL COMMON STOCKS
(Cost: $1,706,321,265)				1,725,110,638
SHORT-TERM INVESTMENTS — 0.10%
MONEY MARKET FUNDS — 0.10%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%d,e,f		1,564,958		1,564,958
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%d,e,f		82,042		82,042
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		181,538		181,538
				1,828,538
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,828,538)				1,828,538
TOTAL INVESTMENTS IN SECURITIES — 98.94%
(Cost: $1,708,149,803)				1,726,939,176
Other Assets, Less Liabilities — 1.06%				18,502,218
NET ASSETS — 100.00%			$	1,745,441,394

^a  Non-income earning security.

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

^c  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^d  Affiliated issuer. See Note 2.

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

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

16 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2014

Financial futures contracts purchased as of February 28, 2014 were as follows:

Number of Contracts		Issue (Expiration)	Exchange	Notional Value		Net Unrealized Appreciation (Depreciation)
	152	ASX SPI 200 Index (Mar. 2014)	Sydney Futures	$	18,348,716	$	428,994

See notes to financial statements.

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited)

iSHARES^® MSCI HONG KONG ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.69%
AIRLINES — 0.67%
Cathay Pacific Airways Ltd.		7,235,000	$	14,729,064
				14,729,064
COMMERCIAL BANKS — 7.79%
Bank of East Asia Ltd. (The)		7,235,010		29,970,890
BOC Hong Kong (Holdings) Ltd.		21,705,000		65,861,288
Hang Seng Bank Ltd.a		4,630,400		75,054,834
				170,887,012
DIVERSIFIED FINANCIAL SERVICES — 5.24%
First Pacific Co. Ltd.		14,470,999		14,338,521
Hong Kong Exchanges and Clearing Ltd.		6,481,400		100,548,323
				114,886,844
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.13%
HKT Trust and HKT Ltd.		13,023,000		13,826,675
PCCW Ltd.		23,152,000		11,007,645
				24,834,320
ELECTRIC UTILITIES — 7.49%
Cheung Kong Infrastructure Holdings Ltd.		2,894,000		18,868,117
CLP Holdings Ltd.a		10,129,200		79,025,784
Power Assets Holdings Ltd.		7,958,500		66,499,858
				164,393,759
GAS UTILITIES — 3.27%
Hong Kong and China Gas Co. Ltd. (The)		33,281,353		71,699,605
				71,699,605
HOTELS, RESTAURANTS & LEISURE — 16.33%
Galaxy Entertainment Group Ltd.b		11,576,000		116,117,227
MGM China Holdings Ltd.		5,788,000		24,685,165
Sands China Ltd.		14,470,000		121,002,055
Shangri-La Asia Ltd.		8,682,000		14,497,873
SJM Holdings Ltd.a		11,576,000		37,139,614
Wynn Macau Ltd.a		9,260,800		44,627,199
				358,069,133
INDUSTRIAL CONGLOMERATES — 9.18%
Hopewell Holdings Ltd.a		3,617,742		12,236,196
Hutchison Whampoa Ltd.		13,023,800		175,529,017
NWS Holdings Ltd.		8,682,000		13,625,316
				201,390,529

Security	Shares		Value
INSURANCE — 15.81%
AIA Group Ltd.		70,903,000	$	346,701,651
				346,701,651
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.91%
Link REIT (The)a		13,746,500		63,852,356
				63,852,356
REAL ESTATE MANAGEMENT & DEVELOPMENT — 25.15%
Cheung Kong (Holdings) Ltd.a		8,682,000		136,029,429
Hang Lung Properties Ltd.		13,023,000		36,160,784
Henderson Land Development Co. Ltd.		5,788,365		32,443,275
Hysan Development Co. Ltd.		4,341,000		18,122,342
Kerry Properties Ltd.		3,617,500		11,932,406
New World Development Co. Ltd.		21,705,800		28,079,478
Sino Land Co. Ltd.		17,364,000		24,610,587
Sun Hung Kai Properties Ltd.		9,447,000		120,871,158
Swire Pacific Ltd. Class A		3,617,500		40,621,452
Swire Properties Ltd.		6,945,600		18,480,314
Wharf (Holdings) Ltd. (The)		8,682,150		60,576,652
Wheelock and Co. Ltd.		5,788,357		23,605,246
				551,533,123
ROAD & RAIL — 1.44%
MTR Corp. Ltd.		8,682,083		31,490,667
				31,490,667
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.60%
ASM Pacific Technology Ltd.a		1,447,000		13,107,002
				13,107,002
TEXTILES, APPAREL & LUXURY GOODS — 2.68%
Li & Fung Ltd.a		34,728,000		45,462,467
Yue Yuen Industrial (Holdings) Ltd.		4,341,000		13,284,124
				58,746,591
TOTAL COMMON STOCKS
(Cost: $2,090,978,902)				2,186,321,656
SHORT-TERM INVESTMENTS — 2.94%
MONEY MARKET FUNDS — 2.94%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		58,034,286		58,034,286

18 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI HONG KONG ETF

February 28, 2014

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		3,042,432	$	3,042,432
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		3,383,593		3,383,593
				64,460,311
TOTAL SHORT-TERM INVESTMENTS
(Cost: $64,460,311)				64,460,311
TOTAL INVESTMENTS IN SECURITIES — 102.63%
(Cost: $2,155,439,213)				2,250,781,967
Other Assets, Less Liabilities — (2.63)%				(57,624,141	)
NET ASSETS — 100.00%			$	2,193,157,826

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

Financial futures contracts purchased as of February 28, 2014 were as follows:

Number of Contracts		Issue (Expiration)	Exchange	Notional Value		Net Unrealized Appreciation (Depreciation)
	44	Hang Seng Index (Mar. 2014)	Hong Kong Futures	$	6,465,027	$	123,869

See notes to financial statements.

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.62%
AIR FREIGHT & LOGISTICS — 0.28%
Kintetsu World Express Inc.		5,000	$	214,815
Shibusawa Warehouse Co. Ltd. (The)		25,000		84,015
Yusen Logistics Co. Ltd.		5,000		66,624
				365,454
AIRLINES — 0.02%
Skymark Airlines Inc.a		7,500		24,837
				24,837
AUTO COMPONENTS — 4.11%
Aisan Industry Co. Ltd.		7,500		62,534
Akebono Brake Industry Co. Ltd.		22,500		103,610
Calsonic Kansei Corp.		50,000		249,841
Exedy Corp.		7,500		217,876
FCC Co. Ltd.		10,000		173,517
Futaba Industrial Co. Ltd.b		17,500		77,328
G-Tekt Corp.		2,500		64,297
Kayaba Industry Co. Ltd.		50,000		219,468
Keihin Corp.		12,500		187,258
Mitsuba Corp.		7,500		122,275
Musashi Seimitsu Industry Co. Ltd.		7,500		148,949
Nifco Inc.		12,500		336,673
Nippon Seiki Co. Ltd.		4,000		71,092
Nissan Shatai Co. Ltd.		25,000		344,144
Nissin Kogyo Co. Ltd.		10,000		193,504
Pacific Industrial Co. Ltd.		12,500		80,341
Press Kogyo Co. Ltd.		25,000		99,936
Riken Corp.		25,000		115,613
Sanden Corp.		25,000		131,289
Sanoh Industrial Co. Ltd.		7,500		49,086
Showa Corp.		12,500		160,682
T.RAD Co. Ltd.		25,000		71,033
Tachi-S Co. Ltd.		7,500		108,828
Taiho Kogyo Co. Ltd.		5,000		49,282
Takata Corp.		10,000		296,870
Tokai Rika Co. Ltd.		15,000		265,860
Tokai Rubber Industries Ltd.		10,000		98,271
Topre Corp.		10,000		122,275
Toyo Tire & Rubber Co. Ltd.		50,000		362,024
TPR Co. Ltd.		7,500		125,214
TS Tech Co. Ltd.		12,500		406,604
Unipres Corp.		10,000		180,767
Yorozu Corp.		5,000		100,573
				5,396,914

Security	Shares		Value
BEVERAGES — 1.06%
Coca-Cola East Japan Co. Ltd.		13,166	$	301,206
ITO EN Ltd.		15,000		335,521
Sapporo Holdings Ltd.		100,000		377,211
Takara Holdings Inc.		50,000		383,579
				1,397,517
BIOTECHNOLOGY — 0.69%
3-D Matrix Ltd.a,b		3,000		128,448
GNI Group Ltd.b		25,000		102,141
Japan Tissue Engineering Co. Ltd.b		25		87,934
NanoCarrier Co. Ltd.b		75		117,719
PeptiDream Inc.b		1,200		118,043
ReproCELL Inc.a,b		7,500		75,540
Sosei Group Corp.b		2,500		68,510
Takara Bio Inc.		12,500		211,507
				909,842
BUILDING PRODUCTS — 1.89%
Aica Kogyo Co. Ltd.		15,000		307,304
Central Glass Co. Ltd.		50,000		166,071
Maeda Kosen Co. Ltd.		5,000		71,033
Nichias Corp.		25,000		166,071
Nichiha Corp.		7,500		90,824
Nippon Sheet Glass Co. Ltd.b		250,000		350,267
Nitto Boseki Co. Ltd.		50,000		215,549
Noritz Corp.		7,500		148,067
Okabe Co. Ltd.		10,000		136,874
Sankyo Tateyama Inc.		5,300		119,745
Sanwa Holdings Corp.		50,000		349,777
Takara Standard Co. Ltd.		25,000		182,972
Takasago Thermal Engineering Co. Ltd.		17,500		176,946
				2,481,500
CAPITAL MARKETS — 2.02%
GCA Savvian Group Corp.		5,000		39,779
Ichigo Group Holdings Co. Ltd.		32,500		101,259
Ichiyoshi Securities Co. Ltd.		10,000		143,242
IwaiCosmo Holdings Inc.		5,000		59,325
JAFCO Co. Ltd.		7,500		388,723
kabu.com Securities Co. Ltd.		20,000		101,700
Kyokuto Securities Co. Ltd.		2,500		43,796
Marusan Securities Co. Ltd.		17,500		148,312
Matsui Securities Co. Ltd.		30,000		325,969
Mito Securities Co. Ltd.		25,000		105,570
Monex Group Inc.		47,500		193,137
Okasan Securities Group Inc.		50,000		425,709

20 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Sawada Holdings Co. Ltd.		7,500	$	73,776
SPARX Group Co. Ltd.b		25,000		53,642
Tokai Tokyo Financial Holdings Inc.		52,500		444,937
				2,648,876
CHEMICALS — 6.82%
Achilles Corp.		50,000		71,033
Adeka Corp.		25,000		273,845
C. Uyemura & Co. Ltd.		2,500		118,552
Chugoku Marine Paints Ltd.		25,000		144,516
Dai Nippon Toryo Co. Ltd.		50,000		81,321
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		25,000		108,754
Daiso Co. Ltd.		25,000		83,525
Denki Kagaku Kogyo K.K.		125,000		480,086
DIC Corp.		200,000		546,710
Earth Chemical Co. Ltd.		5,000		176,113
Fujimi Inc.		5,000		55,945
Fujimori Kogyo Co. Ltd.		2,500		56,631
Ishihara Sangyo Kaisha Ltd.b		100,000		104,835
JSP Corp.		5,000		73,826
Konishi Co. Ltd.		5,000		87,689
Kureha Corp.		25,000		119,287
Lintec Corp.		12,500		241,880
Nihon Nohyaku Co. Ltd.		25,000		337,530
Nihon Parkerizing Co. Ltd.		9,000		193,553
Nippon Kayaku Co. Ltd.		50,000		648,606
Nippon Shokubai Co. Ltd.		28,000		339,078
Nippon Soda Co. Ltd.		50,000		266,987
Nippon Synthetic Chemical Industry Co. Ltd. (The)		11,000		89,884
Nippon Valqua Industries Ltd.		25,000		68,829
Nissan Chemical Industries Ltd.		32,500		483,050
NOF Corp.		50,000		339,979
Sakai Chemical Industry Co. Ltd.		25,000		76,667
Sanyo Chemical Industries Ltd.		6,000		40,268
Shin-Etsu Polymer Co. Ltd.		12,500		45,069
Sumitomo Bakelite Co. Ltd.		50,000		188,115
Taiyo Holdings Co. Ltd.		5,000		160,927
Takasago International Corp.		25,000		148,925
Tenma Corp.		5,000		62,999
Toagosei Co. Ltd.		50,000		207,711
Tokai Carbon Co. Ltd.		50,000		151,374
Tokuyama Corp.		100,000		362,514
Tokyo Ohka Kogyo Co. Ltd.		10,000		208,789
Tosoh Corp.		150,000		577,573

Security	Shares		Value
Toyo Ink SC Holdings Co. Ltd.		50,000	$	227,796
Toyobo Co. Ltd.		250,000		431,098
Zeon Corp.		50,000		484,985
				8,966,854
COMMERCIAL BANKS — 5.74%
77 Bank Ltd. (The)		100,000		437,956
Aichi Bank Ltd. (The)		2,500		112,183
Awa Bank Ltd. (The)		50,000		247,391
Bank of Iwate Ltd. (The)		2,500		106,672
Bank of Nagoya Ltd. (The)		50,000		167,540
Bank of Saga Ltd. (The)		50,000		101,896
Bank of the Ryukyus Ltd.		10,000		122,863
Chiba Kogyo Bank Ltd. (The)b		10,000		63,489
Daishi Bank Ltd. (The)		75,000		257,189
Eighteenth Bank Ltd. (The)		50,000		105,325
Higashi-Nippon Bank Ltd. (The)		50,000		125,410
Higo Bank Ltd. (The)		50,000		251,800
Hokkoku Bank Ltd. (The)		75,000		246,902
Hokuetsu Bank Ltd. (The)		50,000		98,467
Hyakugo Bank Ltd. (The)		75,000		284,378
Hyakujushi Bank Ltd. (The)		75,000		236,614
Jimoto Holdings Inc.		47,500		89,820
Juroku Bank Ltd. (The)		75,000		248,371
Kagoshima Bank Ltd. (The)		50,000		288,542
Kansai Urban Banking Corp.		75,000		83,770
Keiyo Bank Ltd. (The)		50,000		206,731
Kiyo Bank Ltd. (The)b		17,500		217,411
Mie Bank Ltd. (The)		25,000		52,908
Minato Bank Ltd. (The)		50,000		82,790
Miyazaki Bank Ltd. (The)		50,000		136,678
Musashino Bank Ltd. (The)		7,500		233,307
Nanto Bank Ltd. (The)		75,000		265,272
North Pacific Bank Ltd.		92,500		347,107
Ogaki Kyoritsu Bank Ltd. (The)		75,000		196,933
Oita Bank Ltd. (The)		50,000		176,848
San-in Godo Bank Ltd. (The)		50,000		329,692
Senshu Ikeda Holdings Inc.		47,500		211,752
Shiga Bank Ltd. (The)		50,000		250,331
Tochigi Bank Ltd. (The)		25,000		91,118
Toho Bank Ltd. (The)		50,000		146,965
Tokyo Tomin Bank Ltd. (The)		10,000		99,642
TOMONY Holdings Inc.		37,500		142,189
Towa Bank Ltd. (The)		75,000		72,748
Tsukuba Bank Ltd. (The)		22,500		81,566
Yachiyo Bank Ltd. (The)		5,000		128,693

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Yamagata Bank Ltd. (The)		50,000	$	190,565
Yamanashi Chuo Bank Ltd. (The)		50,000		205,261
				7,543,085
COMMERCIAL SERVICES & SUPPLIES — 1.76%
AEON Delight Co. Ltd.		5,000		99,936
Daiseki Co. Ltd.		10,060		178,796
Duskin Co. Ltd.		12,500		231,960
Itoki Corp.		12,500		76,299
Kokuyo Co. Ltd.		25,000		172,684
Kyodo Printing Co. Ltd.		25,000		69,808
Matsuda Sangyo Co. Ltd.		5,060		66,036
Mitsubishi Pencil Co. Ltd.		5,000		120,120
Moshi Moshi Hotline Inc.		12,500		118,797
Nissha Printing Co. Ltd.b		7,500		108,093
Okamura Corp.		25,000		202,812
Oyo Corp.		5,000		74,119
Pilot Corp.		5,000		169,990
Pronexus Inc.		7,500		50,630
Sanix Inc.b		7,500		80,463
Sato Holdings Corp.		2,500		59,203
Sohgo Security Services Co. Ltd.		15,000		303,189
Toppan Forms Co. Ltd.		15,000		128,888
				2,311,823
COMMUNICATIONS EQUIPMENT — 0.49%
Denki Kogyo Co. Ltd.		25,000		166,316
Hitachi Kokusai Electric Inc.		25,000		337,530
Icom Inc.		2,500		54,842
Japan Radio Co. Ltd.b		25,000		85,730
				644,418
COMPUTERS & PERIPHERALS — 0.48%
Eizo Nanao Corp.		5,000		136,825
Japan Digital Laboratory Co. Ltd.		5,000		71,621
Melco Holdings Inc.		5,000		75,932
Roland DG Corp.		2,500		86,342
Wacom Co. Ltd.		42,500		258,585
				629,305
CONSTRUCTION & ENGINEERING — 4.08%
Chudenko Corp.		7,500		119,924
COMSYS Holdings Corp.		27,500		455,347
Fudo Tetra Corp.b		47,500		82,374
Hazama Ando Corp.		40,000		143,830
Hibiya Engineering Ltd.		7,500		86,489
Japan Bridge Corp.b		42,500		70,372
Kandenko Co. Ltd.		25,000		125,165
Kumagai Gumi Co. Ltd.b		50,000		126,390

Security	Shares		Value
Kyowa Exeo Corp.		22,500	$	322,956
Maeda Corp.		25,000		149,170
Maeda Road Construction Co. Ltd.		25,000		389,213
MIRAIT Holdings Corp.		17,500		163,229
Nippo Corp.		25,000		367,168
Nippon Koei Co. Ltd.		25,000		113,653
Nippon Road Co. Ltd. (The)		25,000		120,511
Nippon Steel & Sumikin Texeng Co. Ltd.		8,000		28,531
Nishimatsu Construction Co. Ltd.		75,000		255,719
Okumura Corp.		50,000		215,059
Penta-Ocean Construction Co. Ltd.		75,000		274,090
Raito Kogyo Co. Ltd.		15,000		122,275
SHO-BOND Holdings Co. Ltd.		5,000		225,837
Sumitomo Densetsu Co. Ltd.		2,500		35,982
Sumitomo Mitsui Construction Co. Ltd.b		217,500		232,278
Taihei Dengyo Kaisha Ltd.		1,000		6,868
Taikisha Ltd.		7,500		153,505
Tekken Corp.a,b		25,000		64,665
Toa Corp.b		50,000		100,426
Toda Corp.		50,000		157,743
Tokyu Construction Co. Ltd.b		20,040		77,949
Toshiba Plant Systems & Services Corp.		12,500		163,131
Totetsu Kogyo Co. Ltd.		7,500		146,598
Toyo Construction Co. Ltd.		20,000		65,644
Toyo Engineering Corp.		25,000		115,123
Yahagi Construction Co. Ltd.		10,000		90,825
				5,368,039
CONSTRUCTION MATERIALS — 0.29%
Sumitomo Osaka Cement Co. Ltd.		100,000		384,069
				384,069
CONSUMER FINANCE — 0.81%
AIFUL Corp.b		87,500		280,336
Hitachi Capital Corp.		12,500		295,767
J Trust Co. Ltd.		15,000		170,039
Jaccs Co. Ltd.		25,000		102,631
Orient Corp.b		92,500		185,788
Pocket Card Co. Ltd.a		5,000		30,030
				1,064,591
CONTAINERS & PACKAGING — 0.63%
FP Corp.		2,500		141,087
Fuji Seal International Inc.		7,500		261,598
Nihon Yamamura Glass Co. Ltd.		25,000		41,640

22 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Pack Corp. (The)		5,000	$	92,196
Rengo Co. Ltd.		50,000		288,052
				824,573
DISTRIBUTORS — 0.36%
Canon Marketing Japan Inc.		15,000		194,582
Chori Co. Ltd.		5,000		55,063
Doshisha Co. Ltd.		7,500		110,518
Nice Holdings Inc.		25,000		52,418
Paltac Corp.		5,000		65,693
				478,274
DIVERSIFIED CONSUMER SERVICES — 0.11%
Best Bridal Inc.		5,000		31,108
JP-Holdings Inc.a		17,500		79,728
Riso Kyoiku Co. Ltd.		12,500		37,231
				148,067
DIVERSIFIED FINANCIAL SERVICES — 0.92%
Century Tokyo Leasing Corp.		12,580		358,795
Financial Products Group Co. Ltd.		5,000		52,663
Fuyo General Lease Co. Ltd.		5,000		167,785
IBJ Leasing Co. Ltd.		5,000		124,333
Japan Securities Finance Co. Ltd.		22,500		141,968
Ricoh Leasing Co. Ltd.		5,000		131,436
Zenkoku Hosho Co. Ltd.		10,000		225,934
				1,202,914
ELECTRIC UTILITIES — 0.13%
Okinawa Electric Power Co. Inc. (The)		5,000		166,805
				166,805
ELECTRICAL EQUIPMENT — 2.36%
Chiyoda Integre Co. Ltd.		2,500		43,012
Cosel Co. Ltd.		7,500		86,783
Daihen Corp.		25,000		100,181
Denyo Co. Ltd.		5,000		75,393
Fujikura Ltd.		100,000		476,167
Furukawa Electric Co. Ltd.		175,000		473,228
Futaba Corp.		10,000		158,331
GS Yuasa Corp.		100,000		577,083
IDEC Corp.		7,500		67,163
Nippon Carbon Co. Ltd.		25,000		47,519
Nippon Signal Co. Ltd. (The)		17,500		151,742
Nitto Kogyo Corp.		7,500		155,269
Sinfonia Technology Co. Ltd.		50,000		79,361
SWCC Showa Holdings Co. Ltd.b		75,000		74,217
Takaoka Toko Holdings Co. Ltd.		2,500		40,513

Security	Shares		Value
Tatsuta Electric Wire and Cable Co. Ltd.		12,500	$	72,870
Toyo Tanso Co. Ltd.		2,500		53,201
Ushio Inc.		30,000		375,643
				3,107,676
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.23%
Ai Holdings Corp.		10,000		162,445
Alps Electric Co. Ltd.b		42,500		545,486
Amano Corp.		17,500		174,546
Anritsu Corp.		37,500		427,669
Azbil Corp.		17,500		425,734
Canon Electronics Inc.		7,500		134,326
Daiwabo Holdings Co. Ltd.		75,000		142,556
Enplas Corp.		2,500		162,886
Hakuto Co. Ltd.		7,500		75,173
Hioki E.E. Corp.		5,000		69,270
HORIBA Ltd.		10,000		384,069
Iriso Electronics Co. Ltd.		2,500		125,165
Japan Cash Machine Co. Ltd.		2,500		45,755
Kaga Electronics Co. Ltd.		5,000		63,930
Koa Corp.		10,000		105,717
Macnica Inc.		2,500		72,111
MARUWA Co. Ltd.		2,500		102,508
Mitsumi Electric Co. Ltd.b		25,000		195,953
Nichicon Corp.		15,000		123,157
Nidec Copal Electronics Corp.		5,000		34,978
Nippon Ceramic Co. Ltd.		5,000		87,150
Nippon Chemi-Con Corp.b		50,000		160,682
Oki Electric Industry Co. Ltd.b		175,000		414,932
Ryosan Co. Ltd.		7,500		158,281
Ryoyo Electro Corp.		7,500		84,064
Sanshin Electronics Co. Ltd.		10,000		69,074
Shinko Shoji Co. Ltd.		7,500		68,486
SIIX Corp.		5,000		78,920
Taiyo Yuden Co. Ltd.		27,500		338,142
TOKO Inc.		25,000		94,792
Topcon Corp.		20,000		294,518
Toyo Corp.		10,000		98,663
UKC Holdings Corp.		2,500		42,669
				5,563,807
ENERGY EQUIPMENT & SERVICES — 0.31%
Japan Drilling Co. Ltd.		2,500		116,225
Modec Inc.		5,000		125,606
Shinko Plantech Co. Ltd.		12,500		96,385

SCHEDULESOF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Toyo Kanetsu K.K.		25,000	$	69,318
				407,534
FOOD & STAPLES RETAILING — 2.89%
Ain Pharmaciez Inc.		2,500		108,264
Arcs Co. Ltd.		7,500		137,339
Cawachi Ltd.		5,000		91,265
cocokara fine Inc.		5,000		129,770
Cosmos Pharmaceutical Corp.		2,500		301,034
CREATE HOLDINGS Co. Ltd.		2,500		83,280
Heiwado Co. Ltd.		7,500		100,892
Izumiya Co. Ltd.		25,000		114,878
Kasumi Co. Ltd.		12,500		81,198
Kato Sangyo Co. Ltd.		5,000		92,588
Maruetsu Inc. (The)		25,000		87,689
Matsumotokiyoshi Co. Ltd.		7,500		239,921
Ministop Co. Ltd.		5,000		76,226
Mitsubishi Shokuhin Co. Ltd.		2,500		54,157
San-A & Co. Ltd.		5,000		140,695
Sugi Holdings Co. Ltd.		10,000		384,069
Sundrug Co. Ltd.		10,000		401,215
Tsuruha Holdings Inc.		5,000		463,430
UNY Co. Ltd.		57,500		340,273
Valor Co. Ltd.		10,000		125,410
Welcia Holdings Co. Ltd.		2,500		139,617
Yokohama Reito Co. Ltd.		12,500		99,079
				3,792,289
FOOD PRODUCTS — 3.27%
Ariake Japan Co. Ltd.		5,000		120,218
Dydo Drinco Inc.		2,500		105,448
Ezaki Glico Co. Ltd.		25,000		328,712
Fuji Oil Co. Ltd.		17,500		236,271
Fujiya Co. Ltd.		25,000		46,539
Hokuto Corp.		7,500		144,393
House Foods Group Inc.		17,500		280,336
Itoham Foods Inc.		50,000		215,059
J-Oil Mills Inc.		25,000		65,644
Kagome Co. Ltd.		20,000		340,567
Kameda Seika Co. Ltd.		2,500		72,160
Kewpie Corp.		27,500		394,455
KEY Coffee Inc.		7,500		115,588
Marudai Food Co. Ltd.		25,000		74,707
Maruha Nichiro Holdings Inc.		125,000		214,324
MEGMILK SNOW BRAND Co. Ltd.		12,500		161,294
Mitsui Sugar Co. Ltd.		25,000		104,100
Morinaga & Co. Ltd.		50,000		109,734

Security	Shares		Value
Morinaga Milk Industry Co. Ltd.		50,000	$	157,253
Nichirei Corp.		75,000		323,323
Nippon Beet Sugar Manufacturing Co. Ltd.		25,000		48,254
Nippon Flour Mills Co. Ltd.		25,000		126,390
Nippon Suisan Kaisha Ltd.b		70,000		154,999
Nisshin OilliO Group Ltd. (The)		25,000		81,811
Prima Meat Packers Ltd.		25,000		47,764
Sakata Seed Corp.		10,000		130,701
Warabeya Nichiyo Co. Ltd.		5,000		94,303
				4,294,347
GAS UTILITIES — 0.08%
Shizuoka Gas Co. Ltd.		17,500		100,647
				100,647
HEALTH CARE EQUIPMENT & SUPPLIES — 1.30%
Asahi Intecc Co. Ltd.		5,000		213,834
Eiken Chemical Co. Ltd.		5,000		85,681
Hogy Medical Co. Ltd.		2,500		132,269
JEOL Ltd.		25,000		92,588
Mani Inc.		2,500		91,118
Nagaileben Co. Ltd.		5,000		90,236
Nihon Kohden Corp.		10,000		401,705
Nikkiso Co. Ltd.		15,000		189,732
Nipro Corp.a		30,000		263,068
Paramount Bed Holdings Co. Ltd.		5,000		147,210
				1,707,441
HEALTH CARE PROVIDERS & SERVICES — 0.76%
BML Inc.		2,500		85,362
Message Co. Ltd.		2,500		80,831
Nichii Gakkan Co.		12,500		112,796
Ship Healthcare Holdings Inc.		7,500		267,109
Toho Holdings Co. Ltd.		12,500		256,454
Tokai Corp. (GIFU)		2,500		71,009
Tsukui Corp.		7,500		70,323
Vital KSK Holdings Inc.		7,500		50,335
				994,219
HOTELS, RESTAURANTS & LEISURE — 3.15%
Accordia Golf Co. Ltd.		27,500		356,464
Atom Corp.		12,500		67,114
Colowide Co. Ltd.		12,500		138,760
Doutor Nichires Holdings Co. Ltd.		5,000		79,263
Fuji Kyuko Co. Ltd.		25,000		223,142
Fujita Kanko Inc.		25,000		81,811
H.I.S. Co. Ltd.		5,000		285,602
Hiramatsu Inc.		7,500		54,451

24 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Kappa Create Co. Ltd.a,b		10,000	$	91,902
Kisoji Co. Ltd.		5,000		90,482
Kura Corp.		5,000		82,888
Kyoritsu Maintenance Co. Ltd.		2,500		88,791
MOS Food Services Inc.		7,500		151,962
Ohsho Food Service Corp.		2,500		78,504
PGM Holdings K.K.		7,500		69,882
Plenus Co. Ltd.		5,000		110,322
Resorttrust Inc.		20,000		331,358
Ringer Hut Co. Ltd.a		5,000		70,151
Round One Corp.		20,000		151,864
Royal Holdings Co. Ltd.		7,500		104,198
Saint Marc Holdings Co. Ltd.		2,500		115,613
Saizeriya Co. Ltd.		10,000		117,376
Starbucks Coffee Japan Ltd.		12,500		145,618
Tokyo Dome Corp.		50,000		291,481
Tokyotokeiba Co. Ltd.		50,000		160,682
Toridoll Corp.		5,000		46,000
Watami Co. Ltd.		7,500		108,828
Yomiuri Land Co. Ltd.		6,000		34,155
Yoshinoya Holdings Co. Ltd.a		15,000		200,607
Zensho Holdings Co. Ltd.a		20,000		213,785
				4,143,056
HOUSEHOLD DURABLES — 2.00%
Alpine Electronics Inc.		12,500		179,542
Chofu Seisakusho Co. Ltd.		5,000		122,569
Clarion Co. Ltd.a,b		50,000		72,993
Cleanup Corp.		5,000		43,208
Corona Corp.		5,000		52,418
Foster Electric Co. Ltd.		2,500		36,325
France Bed Holdings Co. Ltd.		25,000		45,559
Fujitsu General Ltd.		25,000		254,740
Funai Electric Co. Ltd.		5,000		54,965
Haseko Corp.b		75,000		477,637
Hoosiers Holdings Co. Ltd.		7,500		43,722
Misawa Homes Co. Ltd.		7,500		93,837
PanaHome Corp.		25,000		169,990
Pioneer Corp.a,b		72,500		163,376
Sangetsu Co. Ltd.		7,500		181,428
Sumitomo Forestry Co. Ltd.		37,500		382,844
Takamatsu Construction Group Co. Ltd.		5,000		84,848
Tama Home Co. Ltd.		2,500		20,306
Token Corp.		2,000		87,689
West Holdings Corp.a		5,000		58,786
				2,626,782

Security	Shares		Value
HOUSEHOLD PRODUCTS — 0.59%
Lion Corp.		50,000	$	276,295
Pigeon Corp.		10,000		448,734
S.T. Corp.		5,000		48,890
				773,919
INDUSTRIAL CONGLOMERATES — 0.32%
Katakura Industries Co. Ltd.		7,500		86,195
Nisshinbo Holdings Inc.		31,000		266,066
TOKAI Holdings Corp.		22,500		73,188
				425,449
INSURANCE — 0.03%
LIFENET INSURANCE Co.b		7,500		36,962
				36,962
INTERNET & CATALOG RETAIL — 0.59%
Askul Corp.		5,000		171,459
Belluna Co. Ltd.		15,000		72,454
Ikyu Corp.		50		58,198
Nissen Holdings Co. Ltd.		7,500		29,613
Senshukai Co. Ltd.		10,000		77,892
Start Today Co. Ltd.		15,000		368,589
				778,205
INTERNET SOFTWARE & SERVICES — 0.66%
F@N Communications Inc.		5,000		202,077
GMO Internet Inc.		20,000		224,759
Gurunavi Inc.		5,000		192,034
Internet Initiative Japan Inc.		7,500		141,968
SMS Co. Ltd.		2,500		56,435
UNITED Inc.		2,500		49,723
				866,996
IT SERVICES — 1.89%
Digital Garage Inc.		7,500		132,783
Future Architect Inc.		10,000		58,982
GMO Payment Gateway Inc.		2,537		128,012
Ines Corp.		7,500		55,186
Information Services International-Dentsu Ltd.		5,000		53,348
IT Holdings Corp.		17,548		301,049
NEC Networks & System Integration Corp.		5,000		108,509
Net One Systems Co. Ltd.		25,000		163,866
Nihon Unisys Ltd.		15,000		172,096
NS Solutions Corp.		5,000		130,309
OBIC Co. Ltd.		20,000		628,031

SCHEDULESOF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
SCSK Corp.		12,756	$	383,061
Trans Cosmos Inc.		7,500		162,397
				2,477,629
LEISURE EQUIPMENT & PRODUCTS — 0.67%
Daikoku Denki Co. Ltd.		2,500		58,566
Dunlop Sports Co. Ltd.		5,000		59,766
Fields Corp.		5,000		87,885
Heiwa Corp.		7,500		125,802
Mars Engineering Corp.		2,500		45,584
Mizuno Corp.a		25,000		137,657
Roland Corp.		5,000		70,004
Tamron Co. Ltd.		5,000		123,598
Tomy Co. Ltd.		20,000		87,591
Universal Entertainment Corp.		5,000		86,857
				883,310
LIFE SCIENCES TOOLS & SERVICES — 0.24%
Chiome Bioscience Inc.b		2,500		146,965
CMIC Holdings Co. Ltd.		2,500		33,876
EPS Co. Ltd.a		75		82,301
tella Inc.a,b		2,500		48,988
				312,130
MACHINERY — 8.82%
Aichi Corp.		10,000		42,228
Aida Engineering Ltd.		15,000		155,342
Asahi Diamond Industrial Co. Ltd.		15,000		184,147
Bando Chemical Industries Ltd.		25,000		96,507
Chugai Ro Co. Ltd.		25,000		55,602
CKD Corp.		15,000		148,141
Daifuku Co. Ltd.		25,000		333,856
Daiwa Industries Ltd.		8,000		53,456
DMG Mori Seiki Co Ltd.		27,500		452,383
Ebara Corp.		125,000		842,600
Fuji Machine Manufacturing Co. Ltd.		20,000		172,635
Fujitec Co. Ltd.		25,000		299,074
Furukawa Co. Ltd.		75,000		134,473
Glory Ltd.		17,500		455,568
Hitachi Koki Co. Ltd.		15,000		110,077
Hitachi Zosen Corp.		42,500		237,765
Hoshizaki Electric Co. Ltd.		10,000		371,332
Iseki & Co. Ltd.		50,000		140,107
Juki Corp.b		25,000		52,907
Kitz Corp.		25,000		120,266
Komori Corp.		15,000		197,521
Kyokuto Kaihatsu Kogyo Co. Ltd.		7,500		95,086
Makino Milling Machine Co. Ltd.		25,000		193,749

Security	Shares		Value
Max Co. Ltd.		4,000	$	47,107
Meidensha Corp.		50,000		210,650
Minebea Co. Ltd.		100,000		878,852
Mitsui Engineering & Shipbuilding Co. Ltd.		200,000		411,502
Miura Co. Ltd.		7,500		190,467
Nachi-Fujikoshi Corp.		50,000		315,975
Namura Shipbuilding Co. Ltd.		7,500		76,495
Nippon Sharyo Ltd.		25,000		115,368
Nippon Thompson Co. Ltd.		25,000		128,839
Nitta Corp.		5,000		111,840
Nitto Kohki Co. Ltd.		5,000		90,629
Noritake Co. Ltd.		25,000		59,521
NTN Corp.b		125,000		471,513
Obara Group Inc.		2,500		94,058
Oiles Corp.		7,580		167,174
Okuma Corp.		50,000		448,734
OSG Corp.		20,000		367,609
Ryobi Ltd.		25,000		87,444
Shima Seiki Manufacturing Ltd.		7,500		129,256
ShinMaywa Industries Ltd.		25,000		216,039
Sintokogio Ltd.		12,500		96,017
Sodick Co. Ltd.		17,500		71,499
Star Micronics Co. Ltd.		10,000		115,417
Tadano Ltd.		27,000		348,925
Takeuchi Manufacturing Co. Ltd.		2,500		69,025
Takuma Co. Ltd.		25,000		203,057
Tocalo Co. Ltd.		5,000		82,790
Torishima Pump Manufacturing Co. Ltd.		5,000		63,440
Toshiba Machine Co. Ltd.		25,000		123,451
Tsubakimoto Chain Co.		50,000		426,199
Tsugami Corp.		25,000		153,334
Union Tool Co.		2,500		59,227
YAMABIKO Corp.		2,500		90,016
Yushin Precision Equipment Co. Ltd.		5,000		119,679
				11,585,970
MARINE — 0.57%
Daiichi Chuo Kisen Kaishab		50,000		46,539
Iino Kaiun Kaisha Ltd.		25,000		124,676
Kawasaki Kisen Kaisha Ltd.		225,000		507,030
NS United Kaiwn Kaisha Ltd.b		25,000		65,889
				744,134

26 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
MEDIA — 2.05%
Adways Inc.a,b		2,500	$	44,824
Asatsu-DK Inc.		7,500		161,882
Avex Group Holdings Inc.		7,500		136,898
COOKPAD Inc.a,b		2,500		70,813
CyberAgent Inc.		15,000		657,669
Daiichikosho Co. Ltd.		10,000		299,809
Gakken Holdings Co. Ltd.		25,000		67,359
Kadokawa Corp.		5,000		163,376
Next Co. Ltd.		7,500		63,636
Shochiku Co. Ltd.		25,000		209,915
SKY Perfect JSAT Holdings Inc.		50,000		254,740
Toei Co. Ltd.		25,000		145,985
Tohokushinsha Film Corp.		5,000		46,392
Tokyo Broadcasting System Holdings Inc.		10,000		110,714
TV Asahi Corp.		2,500		47,690
USEN Corp.b		30,500		89,350
ValueCommerce Co. Ltd.a		5,000		52,614
Zenrin Co. Ltd.		7,500		70,911
				2,694,577
METALS & MINING — 2.57%
Aichi Steel Corp.		25,000		100,181
Asahi Holdings Inc.		7,500		125,949
Dowa Holdings Co. Ltd.		75,000		619,458
Godo Steel Ltd.		50,000		82,301
Kurimoto Ltd.		25,000		58,541
Kyoei Steel Ltd.		5,000		94,156
Mitsubishi Steel Manufacturing Co. Ltd.		25,000		57,561
Mitsui Mining & Smelting Co. Ltd.		175,000		457,797
Nakayama Steel Works Ltd.b		50,000		40,170
Neturen Co. Ltd.		10,000		68,290
Nippon Denko Co. Ltd.		25,000		70,053
Nippon Light Metal Holdings Co. Ltd.		150,000		205,751
Nippon Yakin Kogyo Co. Ltd.b		25,000		67,604
Nisshin Steel Holdings Co. Ltd.		22,500		220,889
Nittetsu Mining Co. Ltd.		25,000		102,876
Osaka Steel Co. Ltd.		5,000		87,689
Sanyo Special Steel Co. Ltd.		25,000		102,386
Toho Zinc Co. Ltd.		50,000		166,071
Tokyo Rope Manufacturing Co. Ltd.a,b		50,000		79,361
Tokyo Steel Manufacturing Co. Ltd.b		27,500		139,299

Security	Shares		Value
TOPY Industries Ltd.		50,000	$	85,240
UACJ Corp.		63,140		240,645
Yodogawa Steel Works Ltd.		25,000		103,855
				3,376,123
MULTILINE RETAIL — 1.12%
Daiei Inc. (The)b		30,000		92,588
Fuji Co. Ltd.		5,000		83,084
H2O Retailing Corp.		25,000		184,931
Izumi Co. Ltd.		12,500		362,759
Matsuya Co. Ltd.b		10,000		89,649
Ryohin Keikaku Co. Ltd.		5,000		451,673
Seria Co. Ltd.		5,000		206,731
				1,471,415
OFFICE ELECTRONICS — 0.21%
Riso Kagaku Corp.		5,000		109,734
Toshiba Tec Corp.		25,000		164,111
				273,845
OIL, GAS & CONSUMABLE FUELS — 0.31%
Cosmo Oil Co. Ltd.b		125,000		230,246
Itochu Enex Co. Ltd.		17,500		98,589
Nippon Coke & Engineering Co. Ltd.		62,500		79,606
				408,441
PAPER & FOREST PRODUCTS — 0.76%
Daio Paper Corp.		25,000		255,229
Hokuetsu Kishu Paper Co. Ltd.		25,000		113,653
Mitsubishi Paper Mills Ltd.b		100,000		90,139
Nippon Paper Industries Co. Ltd.a		27,500		541,836
				1,000,857
PERSONAL PRODUCTS — 1.20%
Aderans Co. Ltd.		7,500		81,933
Dr. Ci:Labo Co. Ltd.a		2,500		74,585
Euglena Co. Ltd.a,b		12,500		127,002
Fancl Corp.		12,500		157,008
Kobayashi Pharmaceutical Co. Ltd.		7,500		423,259
Kose Corp.		7,500		243,962
Mandom Corp.		5,000		169,500
Milbon Co. Ltd.		3,000		101,700
Pola Orbis Holdings Inc.		5,000		199,138
				1,578,087
PHARMACEUTICALS — 2.29%
Fuso Pharmaceutical Industries Ltd.		25,000		82,300
JCR Pharmaceuticals Co. Ltd.		2,500		61,774
Kaken Pharmaceutical Co. Ltd.		25,000		384,559
Kissei Pharmaceutical Co. Ltd.		5,000		134,179

SCHEDULESOF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
KYORIN Holdings Inc.		12,500	$	276,050
Mochida Pharmaceutical Co. Ltd.		2,500		168,275
Nichi-Iko Pharmaceutical Co. Ltd.		11,250		171,839
Nippon Shinyaku Co. Ltd.		12,000		229,148
Rohto Pharmaceutical Co. Ltd.		25,000		419,586
Sawai Pharmaceutical Co. Ltd.		10,000		636,849
Seikagaku Corp.		10,000		137,168
Torii Pharmaceutical Co. Ltd.		2,500		90,629
Towa Pharmaceutical Co. Ltd.		2,500		114,143
ZERIA Pharmaceutical Co. Ltd.		5,000		108,754
				3,015,253
PROFESSIONAL SERVICES — 0.81%
Benefit One Inc.		2,500		23,270
En-Japan Inc.		2,500		52,761
Meitec Corp.		7,500		195,831
Nihon M&A Center Inc.		2,500		200,607
Nomura Co. Ltd.		12,500		96,017
Pasona Group Inc.		7,500		45,265
Temp Holdings Co. Ltd.		12,500		367,413
Weathernews Inc.		2,500		61,554
Yumeshin Holdings Co. Ltd.		2,500		22,143
				1,064,861
REAL ESTATE INVESTMENT TRUSTS (REITS) — 8.10%
Activia Properties Inc.		50		423,750
Advance Residence Investment Corp.		325		694,165
Comforia Residential REIT Inc.		25		174,888
Daiwa House REIT Investment Corp.		50		204,037
Daiwa Office Investment Corp.		50		245,432
Daiwahouse Residential Investment Corp.		100		409,543
Frontier Real Estate Investment Corp.		125		676,040
Fukuoka REIT Corp.		125		209,915
Global One Real Estate Investment Corp. Ltd.		25		169,255
GLP J-REIT		525		551,413
Hankyu REIT Inc.		25		130,799
Heiwa Real Estate REIT Inc.		225		179,004
Ichigo Real Estate Investment Corp.		175		109,734
Industrial & Infrastructure Fund Investment Corp.		50		426,689
Japan Excellent Inc.		300		379,170
Japan Hotel REIT Investment Corp.		650		317,788

Security	Shares		Value
Japan Logistics Fund Inc.		200	$	445,990
Japan Rental Housing Investments Inc.		250		159,212
Kenedix Realty Investment Corp.		100		494,783
Kenedix Residential Investment Corp.		50		109,734
MID REIT Inc.		50		114,682
Mori Hills REIT Investment Corp.		300		405,330
MORI TRUST Sogo REIT Inc.		50		411,502
Nippon Accommodations Fund Inc.		150		515,848
Nomura Real Estate Master Fund Inc.		400		415,421
Nomura Real Estate Office Fund Inc.		100		421,300
Nomura Real Estate Residential Fund Inc.		50		263,068
ORIX JREIT Inc.		475		598,956
Premier Investment Corp.		50		193,259
Sekisui House SI Investment Corp.		50		259,149
TOKYU REIT Inc.		250		304,708
Top REIT Inc.		50		229,266
				10,643,830
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.39%
Airport Facilities Co. Ltd.		5,000		37,476
Daibiru Corp.		12,500		126,758
Daikyo Inc.		75,000		164,601
Goldcrest Co. Ltd.		5,000		109,489
Heiwa Real Estate Co. Ltd.		10,000		147,259
Japan Asset Marketing Co. Ltd.b		30,000		24,984
Kenedix Inc.b		72,500		242,933
Leopalace21 Corp.b		65,000		315,240
Raysum Co. Ltd.b		25		27,678
Relo Holdings Inc.		2,500		137,168
Sumitomo Real Estate Sales Co. Ltd.		5,000		148,680
Sun Frontier Fudousan Co. Ltd.		5,000		61,921
Takara Leben Co. Ltd.		25,000		73,238
TOC Co. Ltd.		20,000		144,222
Tosei Corp.		10,000		62,901
				1,824,548
ROAD & RAIL — 1.58%
Fukuyama Transporting Co. Ltd.		50,000		290,501
Hitachi Transport System Ltd.		12,500		199,383
Nippon Konpo Unyu Soko Co. Ltd.		15,000		262,627

28 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Sankyu Inc.		75,000	$	329,202
Seino Holdings Co. Ltd.		50,000		516,828
Senko Co. Ltd.		25,000		122,471
Sotetsu Holdings Inc.		100,000		356,635
				2,077,647
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.42%
Axell Corp.		2,500		40,293
Dainippon Screen Manufacturing Co. Ltd.b		50,000		260,618
DISCO Corp.		7,500		503,356
Megachips Corp.		7,500		91,559
Mimasu Semiconductor Industry Co. Ltd.		7,500		61,725
Mitsui High-Tech Inc.		7,500		51,070
Sanken Electric Co. Ltd.		25,000		173,909
Shindengen Electric Manufacturing Co. Ltd.		25,000		121,491
Shinko Electric Industries Co. Ltd.		20,000		149,905
Tokyo Seimitsu Co. Ltd.		10,000		204,869
ULVAC Inc.b		10,000		204,674
				1,863,469
SOFTWARE — 1.33%
Broadleaf Co. Ltd.		7,500		101,773
Capcom Co. Ltd.		12,500		238,328
Colopl Inc.a,b		7,500		215,157
DTS Corp.		5,000		97,487
Dwango Co. Ltd.		5,000		139,078
Fuji Soft Inc.		5,000		101,847
Justsystems Corp.b		7,500		63,122
NSD Co. Ltd.		10,000		128,448
Obic Business Consultants Co. Ltd.		2,500		87,812
Square Enix Holdings Co. Ltd.a		17,500		396,414
Systena Corp.		7,500		55,920
Tecmo Koei Holdings Co. Ltd.		10,000		122,667
				1,748,053
SPECIALTY RETAIL — 2.73%
Alpen Co. Ltd.		5,000		84,652
Aoki Holdings Inc.		10,000		142,752
Aoyama Trading Co. Ltd.		12,500		306,545
Arc Land Sakamoto Co. Ltd.		5,000		86,171
Asahi Co. Ltd.		5,000		65,595
Autobacs Seven Co. Ltd.		17,500		271,077
BIC Camera Inc.		20,000		116,592
Chiyoda Co. Ltd.		5,000		97,585

Security	Shares		Value
DCM Holdings Co. Ltd.		22,500	$	142,189
EDION Corp.		20,000		110,714
Geo Holdings Corp.		10,000		91,020
Gulliver International Co. Ltd.		15,000		115,074
Honeys Co. Ltd.		5,000		45,559
Jin Co. Ltd.a		2,500		68,976
Joshin Denki Co. Ltd.		7,000		52,947
K’s Holdings Corp.		12,500		340,469
Keiyo Co. Ltd.a		5,000		22,192
Kohnan Shoji Co. Ltd.		7,500		75,687
Komeri Co. Ltd.		7,500		182,678
Konaka Co. Ltd.		5,000		36,888
Nishimatsuya Chain Co. Ltd.		15,000		106,991
Otsuka Kagu Ltd.		2,500		21,726
Pal Co. Ltd.		2,500		43,771
Paris Miki Holdings Inc.		10,000		46,049
Shimachu Co. Ltd.		12,500		267,232
T-Gaia Corp.		7,500		71,792
Tsutsumi Jewelry Co. Ltd.		2,500		56,386
United Arrows Ltd.		5,000		164,846
VT Holdings Co. Ltd.		7,500		121,761
Xebio Co. Ltd.		7,500		136,090
Yellow Hat Ltd.		5,000		95,184
				3,587,190
TEXTILES, APPAREL & LUXURY GOODS — 1.40%
Atsugi Co. Ltd.		50,000		57,316
Daidoh Ltd.		7,500		48,352
Descente Ltd.		25,000		170,235
Fujibo Holdings Inc.		25,000		60,746
Gunze Ltd.		50,000		131,289
Japan Wool Textile Co. Ltd. (The)		25,000		175,134
Kurabo Industries Ltd.		50,000		88,179
Onward Holdings Co. Ltd.		25,000		173,664
Sanyo Shokai Ltd.		25,000		70,053
Seiko Holdings Corp.		50,000		204,772
Seiren Co. Ltd.		15,000		120,364
TSI Holdings Co. Ltd.		25,000		146,720
Unitika Ltd.b		150,000		91,118
Wacoal Holdings Corp.		25,000		264,782
Yondoshi Holdings Inc.		2,500		38,578
				1,841,302
TRADING COMPANIES & DISTRIBUTORS — 2.63%
Hanwa Co. Ltd.		50,000		219,958
Inaba Denki Sangyo Co. Ltd.		5,000		157,743
Inabata & Co. Ltd.		12,500		128,717

SCHEDULESOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Iwatani Corp.		50,000	$	317,445
Japan Pulp & Paper Co. Ltd.		25,000		79,361
Kamei Corp.		7,500		55,185
Kanamoto Co. Ltd.		7,500		212,144
Kanematsu Corp.		100,000		156,763
Kuroda Electric Co. Ltd.		10,000		163,033
Misumi Group Inc.		22,500		652,966
Mitsui Matsushima Co. Ltd.		50,000		77,892
MonotaRO Co. Ltd.		7,500		167,614
Nagase & Co. Ltd.		30,000		365,943
NEC Capital Solutions Ltd.		2,500		54,206
Nippon Steel & Sumikin Bussan Corp.		26,440		102,066
Nishio Rent All Co. Ltd.		5,000		157,253
Onoken Co. Ltd.		5,000		62,803
Trusco Nakayama Corp.		5,000		117,180
Yamazen Corp.		17,500		101,161
Yuasa Trading Co. Ltd.		50,000		101,896
				3,451,329
TRANSPORTATION INFRASTRUCTURE — 0.30%
Japan Airport Terminal Co. Ltd.		7,500		173,199
Mitsui-Soko Co. Ltd.		25,000		101,406
Sumitomo Warehouse Co. Ltd. (The)		25,000		124,675
				399,280
TOTAL COMMON STOCKS
(Cost: $127,060,607)				130,900,366
SHORT-TERM INVESTMENTS — 2.05%
MONEY MARKET FUNDS — 2.05%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		2,545,858		2,545,858
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		133,466		133,466
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		13,070		13,070
				2,692,394
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,692,394)				2,692,394

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.67%
(Cost: $129,753,001)	$	133,592,760
Other Assets, Less Liabilities — (1.67)%		(2,193,289	)
NET ASSETS — 100.00%	$	131,399,471

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

30 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI MALAYSIA ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.71%
AIRLINES — 0.67%
AirAsia Bhd		6,777,200	$	5,274,488
				5,274,488
AUTOMOBILES — 1.30%
UMW Holdings Bhd		2,845,700		10,248,515
				10,248,515
CHEMICALS — 3.98%
Petronas Chemicals Group Bhd		15,170,700		31,253,540
				31,253,540
COMMERCIAL BANKS — 25.33%
Alliance Financial Group Bhd		5,864,500		8,197,592
CIMB Group Holdings Bhd		26,749,564		58,454,716
Hong Leong Bank Bhd		3,053,140		13,213,345
Hong Leong Financial Group Bhd		1,141,600		5,505,045
Malayan Banking Bhd		23,997,120		71,628,822
Public Bank Bhd Foreign		5,740,800		33,395,284
RHB Capital Bhd		3,452,200		8,639,719
				199,034,523
CONSTRUCTION & ENGINEERING — 4.32%
Dialog Group Bhd		9,965,000		10,310,194
Gamuda Bhd		9,313,600		12,848,305
IJM Corp. Bhd		6,110,740		10,761,169
				33,919,668
CONSTRUCTION MATERIALS — 0.70%
Lafarge Malaysia Bhd		2,071,260		5,525,046
				5,525,046
DIVERSIFIED FINANCIAL SERVICES — 2.52%
AMMB Holdings Bhd		8,976,537		19,835,229
				19,835,229
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.28%
Telekom Malaysia Bhd		5,808,900		10,052,331
				10,052,331
ELECTRIC UTILITIES — 7.12%
Tenaga Nasional Bhd		15,287,212		55,988,568
				55,988,568
ENERGY EQUIPMENT & SERVICES — 4.19%
Bumi Armada Bhda		5,551,400		6,607,801
Sapurakencana Petroleum Bhda		19,480,700		26,338,929
				32,946,730

Security	Shares		Value
FOOD PRODUCTS — 8.56%
Felda Global Ventures Holdings Bhd		6,910,900	$	9,702,469
Genting Plantations Bhd		1,230,800		3,944,270
IOI Corp. Bhd		15,690,330		22,076,124
Kuala Lumpur Kepong Bhd		2,601,100		19,036,893
PPB Group Bhd		2,567,166		12,473,457
				67,233,213
GAS UTILITIES — 2.95%
Petronas Gas Bhd		3,216,500		23,167,832
				23,167,832
HEALTH CARE PROVIDERS & SERVICES — 1.97%
IHH Healthcare Bhda		13,212,900		15,485,285
				15,485,285
HOTELS, RESTAURANTS & LEISURE — 7.61%
Berjaya Sports Toto Bhd		3,657,313		4,263,981
Genting Bhd		11,083,700		34,166,144
Genting Malaysia Bhd		16,088,400		21,359,542
				59,789,667
INDUSTRIAL CONGLOMERATES — 5.63%
MMC Corp. Bhd		4,120,500		3,508,681
Sime Darby Bhd		14,651,125		40,736,075
				44,244,756
MARINE — 1.49%
MISC Bhda		6,040,920		11,707,567
				11,707,567
MEDIA — 1.04%
Astro Malaysia Holdings Bhd		8,439,200		8,139,134
				8,139,134
MULTI-UTILITIES — 2.38%
YTL Corp. Bhd		26,160,612		12,615,220
YTL Power International Bhda		11,676,475		6,058,296
				18,673,516
MULTILINE RETAIL — 0.35%
Parkson Holdings Bhd		3,252,671		2,739,927
				2,739,927
OIL, GAS & CONSUMABLE FUELS — 1.60%
Petronas Dagangan Bhd		1,344,600		12,582,157
				12,582,157
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.50%
IOI Properties Group Bhda		7,885,365		6,257,271
UEM Sunrise Bhd		8,243,200		5,534,882
				11,792,153

SCHEDULESOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MALAYSIA ETF

February 28, 2014

Security	Shares		Value
TOBACCO — 1.62%
British American Tobacco (Malaysia) Bhd		695,600	$	12,737,983
				12,737,983
TRANSPORTATION INFRASTRUCTURE — 0.98%
Malaysia Airports Holdings Bhd		3,001,100		7,675,635
				7,675,635
WIRELESS TELECOMMUNICATION SERVICES — 10.62%
Axiata Group Bhd		13,872,900		27,733,098
DiGi.Com Bhd		18,956,900		29,796,440
Maxis Bhd		12,196,700		25,945,673
				83,475,211
TOTAL COMMON STOCKS
(Cost: $348,381,437)				783,522,674
SHORT-TERM INVESTMENTS — 0.01%
MONEY MARKET FUNDS — 0.01%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		67,740		67,740
				67,740
TOTAL SHORT-TERM INVESTMENTS
(Cost: $67,740)				67,740
TOTAL INVESTMENTS IN SECURITIES — 99.72%
(Cost: $348,449,177)				783,590,414
Other Assets, Less Liabilities — 0.28%				2,238,858
NET ASSETS — 100.00%			$	785,829,272

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

32 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI PACIFIC EX JAPAN ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.37%
AUSTRALIA — 63.11%
AGL Energy Ltd.		995,200	$	13,937,179
ALS Ltd.a		710,800		4,827,690
Alumina Ltd.b		4,539,000		5,199,006
Amcor Ltd.		2,152,400		19,472,615
AMP Ltd.		5,492,000		23,737,107
APA Group		1,512,200		9,039,322
Asciano Ltd.		1,801,000		8,686,656
ASX Ltd.		373,200		12,543,460
Aurizon Holdings Ltd.		3,671,200		16,721,528
Australia and New Zealand Banking Group Ltd.		4,290,600		123,399,681
Bank of Queensland Ltd.		675,800		7,250,826
Bendigo and Adelaide Bank Ltd.		797,000		7,937,863
BGP Holdings PLCb,c		27,004,595		373
BHP Billiton Ltd.		5,692,200		195,494,822
Boral Ltd.		1,422,600		7,090,684
Brambles Ltd.		2,803,600		23,507,464
Caltex Australia Ltd.		241,000		4,524,522
CFS Retail Property Trust Group		3,971,600		7,001,351
Coca-Cola Amatil Ltd.		1,042,800		10,544,588
Cochlear Ltd.		102,400		5,250,549
Commonwealth Bank of Australia		2,887,000		192,878,982
Computershare Ltd.		854,800		9,079,572
Crown Resorts Ltd.		714,200		11,043,678
CSL Ltd.		867,800		56,066,956
Dexus Property Group		8,657,600		8,289,559
Echo Entertainment Group Ltd.		1,409,200		3,354,319
Federation Centres		2,694,000		5,761,634
Flight Centre Travel Group Ltd.		96,400		4,472,763
Fortescue Metals Group Ltd.		2,807,200		13,665,401
Goodman Group		3,149,200		13,526,692
GPT Group		3,134,000		10,432,588
Harvey Norman Holdings Ltd.		964,600		2,770,782
Iluka Resources Ltd.		746,200		6,270,050
Incitec Pivot Ltd.		2,992,000		8,407,006
Insurance Australia Group Ltd.		4,234,000		20,573,151
James Hardie Industries SE		804,600		10,439,944
Leighton Holdings Ltd.a		320,600		5,184,081
Lend Lease Group		1,026,800		10,364,422
Macquarie Group Ltd.		528,860		26,629,792
Metcash Ltd.		1,631,400		4,525,560
Mirvac Group		6,811,600		10,758,308
National Australia Bank Ltd.		3,839,600		119,361,958

Security	Shares		Value
Newcrest Mining Ltd.		1,331,200	$	13,508,481
Orica Ltd.		663,200		14,326,230
Origin Energy Ltd.		1,965,600		25,398,758
Qantas Airways Ltd.b		2,110,387		2,200,078
QBE Insurance Group Ltd.		2,200,000		25,238,343
Ramsay Health Care Ltd.		236,200		10,198,290
REA Group Ltd.		92,600		4,109,181
Rio Tinto Ltd.		777,200		46,485,699
Santos Ltd.		1,728,800		21,101,302
Seek Ltd.		584,000		8,941,554
Sonic Healthcare Ltd.		678,600		10,547,847
SP AusNet		3,289,200		3,899,925
Stockland Corp. Ltd.		4,200,600		14,509,377
Suncorp Group Ltd.		2,384,200		25,900,700
Sydney Airport		2,018,000		7,331,576
Tabcorp Holdings Ltd.		1,334,400		4,239,011
Tatts Group Ltd.		2,525,200		6,598,250
Telstra Corp. Ltd.		7,858,800		35,513,850
Toll Holdings Ltd.		1,266,800		6,030,729
Transurban Group		2,539,742		16,067,901
Treasury Wine Estates Ltd.		1,151,600		3,988,070
Wesfarmers Ltd.		2,023,800		77,782,321
Westfield Group		3,568,400		32,793,979
Westfield Retail Trust		5,554,400		15,457,800
Westpac Banking Corp.		5,583,200		167,220,314
Woodside Petroleum Ltd.		1,168,800		39,691,921
Woolworths Ltd.		2,241,000		72,333,276
WorleyParsons Ltd.		370,000		5,565,697
				1,777,004,944
HONG KONG — 23.37%
AIA Group Ltd.		21,440,014		104,837,429
ASM Pacific Technology Ltd.a		360,000		3,260,899
Bank of East Asia Ltd. (The)		2,400,120		9,942,451
BOC Hong Kong (Holdings) Ltd.		7,100,000		21,544,121
Cathay Pacific Airways Ltd.		2,000,000		4,071,614
Cheung Kong (Holdings) Ltd.		2,400,000		37,603,159
Cheung Kong Infrastructure Holdings Ltd.		1,000,000		6,519,736
CLP Holdings Ltd.		3,100,000		24,185,516
First Pacific Co. Ltd.		4,000,500		3,963,877
Galaxy Entertainment Group Ltd.b		3,800,000		38,117,265
Hang Lung Properties Ltd.		4,000,736		11,108,788
Hang Seng Bank Ltd.		1,440,000		23,341,172
Henderson Land Development Co. Ltd.		2,000,261		11,211,286

SCHEDULESOF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI PACIFIC EX JAPAN ETF

February 28, 2014

Security	Shares		Value
HKT Trust and HKT Ltd.		3,800,000	$	4,034,506
Hong Kong and China Gas Co. Ltd. (The)		10,000,406		21,544,351
Hong Kong Exchanges and Clearing Ltd.		1,979,600		30,710,257
Hopewell Holdings Ltd.a		900,000		3,044,047
Hutchison Whampoa Ltd.		3,800,000		51,214,720
Hysan Development Co. Ltd.		1,000,000		4,174,693
Kerry Properties Ltd.		1,200,000		3,958,227
Li & Fung Ltd.a		10,401,200		13,616,224
Link REIT (The)		4,000,000		18,579,960
MGM China Holdings Ltd.		1,600,000		6,823,819
MTR Corp. Ltd.		2,500,000		9,067,716
New World Development Co. Ltd.		6,800,941		8,797,965
NWS Holdings Ltd.		2,400,000		3,766,501
PCCW Ltd.		6,666,000		3,169,357
Power Assets Holdings Ltd.		2,436,000		20,354,797
Sands China Ltd.		4,240,000		35,456,027
Shangri-La Asia Ltd.a		2,801,000		4,677,326
Sino Land Co. Ltd.		5,200,800		7,371,271
SJM Holdings Ltd.		3,400,000		10,908,318
Sun Hung Kai Properties Ltd.		2,800,000		35,825,049
Swire Pacific Ltd. Class A		1,200,000		13,474,981
Swire Properties Ltd.		2,040,000		5,427,874
Wharf (Holdings) Ltd. (The)		2,600,600		18,144,773
Wheelock and Co. Ltd.		1,800,000		7,340,502
Wynn Macau Ltd.a		2,720,000		13,107,505
Yue Yuen Industrial (Holdings) Ltd.		1,200,000		3,672,183
				657,970,262
NEW ZEALAND — 1.08%
Auckland International Airport Ltd.		2,005,600		6,302,668
Contact Energy Ltd.		707,600		3,180,901
Fletcher Building Ltd.		1,259,600		9,969,929
Ryman Healthcare Ltd.		625,800		4,154,045
Telecom Corp. of New Zealand Ltd.		3,296,000		6,923,660
				30,531,203
SINGAPORE — 11.81%
Ascendas REIT		3,600,813		6,140,172
CapitaCommercial Trusta		3,400,000		3,932,265
CapitaLand Ltd.		4,600,000		10,349,728

Security	Shares		Value
CapitaMall Trust Management Ltd.		4,200,000	$	6,299,834
CapitaMalls Asia Ltd.		2,400,000		3,391,490
City Developments Ltd.		800,000		5,930,370
ComfortDelGro Corp. Ltd.		3,200,000		4,875,661
DBS Group Holdings Ltd.		3,200,000		41,733,639
Genting Singapore PLC		10,400,400		11,043,292
Global Logistic Properties Ltd.		5,400,000		12,064,419
Golden Agri-Resources Ltd.		12,000,987		5,258,189
Hutchison Port Holdings Trust		9,200,000		5,750,000
Jardine Cycle & Carriage Ltd.		200,000		6,195,626
Keppel Corp. Ltd.		2,600,200		21,492,140
Keppel Land Ltd.		1,200,000		3,040,973
Noble Group Ltd.a		7,600,708		6,180,413
Olam International Ltd.a		2,600,600		3,644,166
Oversea-Chinese Banking Corp. Ltd.		4,400,600		33,212,076
SembCorp Industries Ltd.		1,800,240		7,688,717
SembCorp Marine Ltd.a		1,400,200		4,543,161
Singapore Airlines Ltd.		1,000,800		8,074,663
Singapore Exchange Ltd.		1,400,000		7,604,010
Singapore Press Holdings Ltd.a		2,828,517		9,266,871
Singapore Technologies Engineering Ltd.		2,600,000		7,799,795
Singapore Telecommunications Ltd.		14,200,328		40,357,765
StarHub Ltd.		1,000,000		3,299,913
United Overseas Bank Ltd.		2,290,000		37,295,887
UOL Group Ltd.		800,000		3,865,161
Wilmar International Ltd.		3,400,000		9,260,283
Yangzijiang Shipbuildinga		3,400,000		3,046,499
				332,637,178
TOTAL COMMON STOCKS
(Cost: $2,597,966,591)				2,798,143,587
SHORT-TERM INVESTMENTS — 1.24%
MONEY MARKET FUNDS — 1.24%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%d,e,f		33,159,043		33,159,043
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%d,e,f		1,738,354		1,738,354

34 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI PACIFIC EX JAPAN ETF

February 28, 2014

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		122,835	$	122,835
				35,020,232
TOTAL SHORT-TERM INVESTMENTS
(Cost: $35,020,232)				35,020,232
TOTAL INVESTMENTS IN SECURITIES — 100.61%
(Cost: $2,632,986,823)				2,833,163,819
Other Assets, Less Liabilities — (0.61)%				(17,299,965	)
NET ASSETS — 100.00%			$	2,815,863,854

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

^b  Non-income earning security.

^c  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 35

Schedule of Investments (Unaudited)

iSHARES^® MSCI SINGAPORE ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.57%
AEROSPACE & DEFENSE — 2.60%
Singapore Technologies Engineering Ltd.		8,503,000	$	25,508,329
				25,508,329
AIRLINES — 2.54%
Singapore Airlines Ltd.		3,092,467		24,950,669
				24,950,669
COMMERCIAL BANKS — 32.39%
DBS Group Holdings Ltd.		8,503,500		110,900,624
Oversea-Chinese Banking Corp. Ltd.		13,141,000		99,177,359
United Overseas Bank Ltd.		6,632,000		108,011,494
				318,089,477
DISTRIBUTORS — 2.44%
Jardine Cycle & Carriage Ltd.		773,000		23,946,096
				23,946,096
DIVERSIFIED FINANCIAL SERVICES — 2.56%
Singapore Exchange Ltd.		4,638,000		25,191,000
				25,191,000
DIVERSIFIED TELECOMMUNICATION SERVICES — 11.85%
Singapore Telecommunications Ltd.		40,969,568		116,436,761
				116,436,761
FOOD & STAPLES RETAILING — 1.10%
Olam International Ltd.a		7,730,000		10,831,886
				10,831,886
FOOD PRODUCTS — 4.44%
Golden Agri-Resources Ltd.		37,104,628		16,257,258
Wilmar International Ltd.		10,049,000		27,369,582
				43,626,840
HOTELS, RESTAURANTS & LEISURE — 3.43%
Genting Singapore PLC		31,693,400		33,652,501
				33,652,501
INDUSTRIAL CONGLOMERATES — 7.56%
Keppel Corp. Ltd.		6,184,100		51,115,123
SembCorp Industries Ltd.		5,411,000		23,110,058
				74,225,181
MACHINERY — 2.45%
SembCorp Marine Ltd.a		4,638,000		15,048,693
Yangzijiang Shipbuilding		10,049,000		9,004,196
				24,052,889

Security	Shares		Value
MEDIA — 3.28%
Singapore Press Holdings Ltd.a		9,847,000	$	32,261,033
				32,261,033
REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.04%
Ascendas REIT		10,822,335		18,454,443
CapitaCommercial Trust		10,822,000		12,516,168
CapitaMall Trust Management Ltd.		12,368,800		18,552,712
				49,523,323
REAL ESTATE MANAGEMENT & DEVELOPMENT — 11.59%
CapitaLand Ltd.		13,141,000		29,566,472
CapitaMalls Asia Ltd.a		6,957,000		9,831,081
City Developments Ltd.a		2,319,000		17,190,661
Global Logistic Properties Ltd.		16,233,000		36,266,985
Keppel Land Ltd.		3,865,000		9,794,466
UOL Group Ltd.		2,319,000		11,204,136
				113,853,801
ROAD & RAIL — 1.68%
ComfortDelGro Corp. Ltd.		10,822,000		16,488,877
				16,488,877
TRADING COMPANIES & DISTRIBUTORS — 1.86%
Noble Group Ltd.		22,417,999		18,228,893
				18,228,893
TRANSPORTATION INFRASTRUCTURE — 1.72%
Hutchison Port Holdings Trusta		27,055,000		16,909,375
				16,909,375
WIRELESS TELECOMMUNICATION SERVICES — 1.04%
StarHub Ltd.		3,092,000		10,203,332
				10,203,332
TOTAL COMMON STOCKS
(Cost: $980,190,768)				977,980,263
SHORT-TERM INVESTMENTS — 5.30%
MONEY MARKET FUNDS — 5.30%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%b,c,d		49,286,194		49,286,194
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%b,c,d		2,583,815		2,583,815

36 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SINGAPORE ETF

February 28, 2014

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		169,699	$	169,699
				52,039,708
TOTAL SHORT-TERM INVESTMENTS
(Cost: $52,039,708)				52,039,708
TOTAL INVESTMENTS IN SECURITIES — 104.87%
(Cost: $1,032,230,476)				1,030,019,971
Other Assets, Less Liabilities — (4.87)%				(47,810,302	)
NET ASSETS — 100.00%			$	982,209,669

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

^b  Affiliated issuer. See Note 2.

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

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

Financial futures contracts purchased as of February 28, 2014 were as follows:

Number of Contracts		Issue (Expiration)	Exchange	Notional Value		Net Unrealized Appreciation (Depreciation)
	72	MSCI Singapore Index (Mar. 2014)	Singapore	$	4,006,126	$	(15,063)

See notes to financial statements.

SCHEDULESOF INVESTMENTS 37

Schedule of Investments (Unaudited)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 96.10%
AEROSPACE & DEFENSE — 0.23%
Korea Aerospace Industries Ltd.a		328,330	$	9,657,669
				9,657,669
AIR FREIGHT & LOGISTICS — 0.53%
Hyundai Glovis Co. Ltd.		99,692		21,899,554
				21,899,554
AIRLINES — 0.21%
Korean Air Lines Co. Ltd.b		262,921		8,509,527
				8,509,527
AUTO COMPONENTS — 4.88%
Halla Visteon Climate Control Corp.a		307,440		11,448,000
Hankook Tire Co. Ltd.		546,031		31,815,577
Hyundai Mobis Co. Ltd.		477,690		140,286,478
Hyundai Wia Corp.		119,167		18,865,782
				202,415,837
AUTOMOBILES — 8.26%
Hyundai Motor Co.		1,073,596		246,399,082
Kia Motors Corp.		1,860,209		96,539,184
				342,938,266
BEVERAGES — 0.15%
Hite Jinro Co. Ltd.a		289,550		6,374,169
				6,374,169
BUILDING PRODUCTS — 0.42%
KCC Corp.		36,477		17,631,974
				17,631,974
CAPITAL MARKETS — 1.57%
Daewoo Securities Co. Ltd.		1,404,117		11,232,936
Hyundai Securities Co. Ltd.		1,161,697		7,280,331
Korea Investment Holdings Co. Ltd.		324,114		11,674,176
Mirae Asset Securities Co. Ltd.		236,622		8,411,995
Samsung Securities Co. Ltd.a		475,531		17,640,307
Woori Investment & Securities Co. Ltd.		1,052,068		9,086,714
				65,326,459
CHEMICALS — 4.81%
Cheil Industries Inc.		356,435		23,005,500
Hanwha Chemical Corp.		686,972		13,514,203
Hanwha Corp.		370,550		12,496,300
Hyosung Corp.		199,043		13,574,080

Security	Shares		Value
Kumho Petro Chemical Co. Ltd.a		116,565	$	9,696,461
LG Chem Ltd.		329,468		78,547,641
Lotte Chemical Corp.		128,149		24,369,318
OCI Co. Ltd.a,b		125,637		24,362,397
				199,565,900
COMMERCIAL BANKS — 9.03%
BS Financial Group Inc.		1,297,762		19,329,664
DGB Financial Group Inc.		965,710		14,836,201
Hana Financial Group Inc.		1,964,238		76,729,484
Industrial Bank of Korea		1,347,570		17,168,105
KB Financial Group Inc.		2,400,372		89,718,822
Shinhan Financial Group Co. Ltd.		3,035,207		126,384,029
Woori Finance Holdings Co. Ltd.b		2,715,220		30,649,556
				374,815,861
COMMERCIAL SERVICES & SUPPLIES — 0.26%
S1 Corp.		143,241		10,922,546
				10,922,546
CONSTRUCTION & ENGINEERING — 2.58%
Daelim Industrial Co. Ltd.		219,928		18,150,498
Daewoo Engineering & Construction Co. Ltd.a,b		958,914		7,312,000
Doosan Heavy Industries & Construction Co. Ltd.		390,576		13,244,826
GS Engineering & Construction Corp.a,b		301,988		10,198,283
Hyundai Development Co. Engineering & Construction		457,629		12,539,249
Hyundai Engineering & Construction Co. Ltd.		534,211		29,225,220
Samsung Engineering Co. Ltd.a,b		234,297		16,483,096
				107,153,172
CONSUMER FINANCE — 0.23%
Samsung Card Co. Ltd.		306,420		9,644,695
				9,644,695
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.59%
KT Corp.		291,422		8,285,394
LG Uplus Corp.		1,665,585		16,304,790
				24,590,184

38 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

February 28, 2014

Security	Shares		Value
ELECTRIC UTILITIES — 1.53%
Korea Electric Power Corp.		1,830,630	$	63,450,407
				63,450,407
ELECTRICAL EQUIPMENT — 0.44%
LS Corp.		149,181		10,229,554
LS Industrial Systems Co. Ltd.		135,512		8,035,513
				18,265,067
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.65%
LG Display Co. Ltd.b		1,685,942		38,456,850
LG Innotek Co. Ltd.a,b		98,427		8,427,379
Samsung Electro-Mechanics Co. Ltd.a		444,805		28,250,847
Samsung SDI Co. Ltd.		249,895		34,997,005
				110,132,081
FOOD & STAPLES RETAILING — 0.87%
E-Mart Co. Ltd.		152,553		36,298,325
				36,298,325
FOOD PRODUCTS — 1.18%
CJ CheilJedang Corp.		62,047		15,954,943
Lotte Confectionery Co. Ltd.		6,185		10,440,627
ORION Corp.b		26,957		22,550,446
				48,946,016
GAS UTILITIES — 0.35%
Korea Gas Corp.b		220,969		14,365,572
				14,365,572
HOTELS, RESTAURANTS & LEISURE — 0.52%
Kangwon Land Inc.		727,632		21,743,757
				21,743,757
HOUSEHOLD DURABLES — 1.68%
Coway Co. Ltd.		402,497		25,752,267
LG Electronics Inc.		769,669		43,908,986
				69,661,253
HOUSEHOLD PRODUCTS — 0.72%
LG Household & Health Care Ltd.		69,574		29,784,841
				29,784,841
INDUSTRIAL CONGLOMERATES — 2.63%
CJ Corp.		116,973		13,971,014
Doosan Corp.		73,298		9,475,526
LG Corp.		696,861		36,556,643
Samsung Techwin Co. Ltd.		296,102		14,617,869
SK Holdings Co. Ltd.		190,828		34,411,606
				109,032,658

Security	Shares		Value
INSURANCE — 3.36%
Dongbu Insurance Co. Ltd.		336,338	$	16,163,128
Hanwha Life Insurance Co. Ltd.		1,870,260		11,983,680
Hyundai Marine & Fire Insurance Co. Ltd.		512,690		13,975,905
Samsung Fire & Marine Insurance Co. Ltd.		254,675		56,183,572
Samsung Life Insurance Co. Ltd.		435,559		41,209,798
				139,516,083
INTERNET SOFTWARE & SERVICES — 3.64%
NAVER Corp.		197,368		151,053,542
				151,053,542
IT SERVICES — 0.56%
SK C&C Co. Ltd.		169,877		23,074,628
				23,074,628
MACHINERY — 3.49%
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a		719,562		22,142,962
Doosan Infracore Co. Ltd.a,b		1,095,250		13,799,637
Hyundai Heavy Industries Co. Ltd.		298,807		61,440,877
Hyundai Mipo Dockyard Co. Ltd.a		88,548		13,105,933
Samsung Heavy Industries Co. Ltd.a		1,149,240		34,342,629
				144,832,038
MARINE — 0.19%
Hyundai Merchant Marine Co. Ltd.a,b		613,950		7,706,726
				7,706,726
MEDIA — 0.39%
Cheil Worldwide Inc.b		711,590		16,298,244
				16,298,244
METALS & MINING — 4.22%
Hyundai Steel Co.		512,427		32,641,720
Korea Zinc Co. Ltd.		64,172		20,498,971
POSCO		459,490		122,243,710
				175,384,401
MULTILINE RETAIL — 1.30%
Hyundai Department Store Co. Ltd.		118,983		15,771,517
Lotte Shopping Co. Ltd.		82,363		26,039,825

SCHEDULESOF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

February 28, 2014

Security	Shares		Value
Shinsegae Co. Ltd.		57,099	$	12,061,662
				53,873,004
OIL, GAS & CONSUMABLE FUELS — 2.25%
GS Holdings Corp.		394,528		18,312,752
S-Oil Corp.		342,319		20,972,049
SK Innovation Co. Ltd.		431,591		53,974,144
				93,258,945
PERSONAL PRODUCTS — 0.90%
AmorePacific Corp.		24,004		26,398,778
AmorePacific Group		23,544		11,027,635
				37,426,413
PHARMACEUTICALS — 0.79%
Celltrion Inc.a,b		471,755		21,190,306
Yuhan Corp.b		63,708		11,786,726
				32,977,032
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 24.35%
Samsung Electronics Co. Ltd.		692,668		875,324,714
SK Hynix Inc.b		3,739,010		135,725,187
				1,011,049,901
SOFTWARE — 0.75%
NCsoft Corp.a		116,635		20,868,651
NHN Entertainment Corp.a,b		110,692		10,296,689
				31,165,340
TOBACCO — 1.38%
KT&G Corp.		784,755		57,487,439
				57,487,439
TRADING COMPANIES & DISTRIBUTORS — 1.83%
Daewoo International Corp.a		362,863		14,276,577
Samsung C&T Corp.		896,268		52,810,546
SK Networks Co. Ltd.b		1,120,360		8,742,481
				75,829,604
WIRELESS TELECOMMUNICATION SERVICES — 0.38%
SK Telecom Co. Ltd.		76,729		15,561,432
				15,561,432
TOTAL COMMON STOCKS
(Cost: $2,261,201,836)				3,989,620,562
PREFERRED STOCKS — 2.68%
AUTOMOBILES — 1.47%
Hyundai Motor Co. Ltd.		183,532		23,725,917
Hyundai Motor Co. Ltd. Series 2a		274,678		37,309,892
				61,035,809

Security	Shares		Value
CHEMICALS — 0.23%
LG Chem Ltd.		66,323	$	9,474,714
				9,474,714
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.98%
Samsung Electronics Co. Ltd.		41,014		40,841,107
				40,841,107
TOTAL PREFERRED STOCKS
(Cost: $60,831,587)				111,351,630
SHORT-TERM INVESTMENTS — 4.00%
MONEY MARKET FUNDS — 4.00%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		154,904,049		154,904,049
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		8,120,802		8,120,802
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		3,086,899		3,086,899
				166,111,750
TOTAL SHORT-TERM INVESTMENTS
(Cost: $166,111,750)				166,111,750
TOTAL INVESTMENTS IN SECURITIES — 102.78%
(Cost: $2,488,145,173)				4,267,083,942
Other Assets, Less Liabilities — (2.78)%				(115,394,273	)
NET ASSETS — 100.00%			$	4,151,689,669

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

40 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI TAIWAN ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.90%
AIRLINES — 0.39%
China Airlines Ltd.a		16,957,761	$	5,820,870
EVA Airways Corp.a		9,970,212		5,117,064
				10,937,934
AUTO COMPONENTS — 1.13%
Cheng Shin Rubber Industry Co. Ltd.b		10,309,670		26,847,744
Nan Kang Rubber Tire Co. Ltd.a,b		3,988,404		4,857,486
				31,705,230
AUTOMOBILES — 0.43%
China Motor Co. Ltd.b		3,988,000		3,672,361
Yulon Motor Co. Ltd.b		4,985,362		8,506,938
				12,179,299
BUILDING PRODUCTS — 0.21%
Taiwan Glass Industry Corp.b		5,982,693		5,923,849
				5,923,849
CAPITAL MARKETS — 1.01%
Yuanta Financial Holding Co. Ltd.		53,838,453		28,253,726
				28,253,726
CHEMICALS — 7.54%
China Petrochemical Development Corp.b		10,967,540		4,778,254
Formosa Chemicals & Fibre Corp.		20,666,610		52,590,786
Formosa Plastics Corp.b		26,659,518		67,753,082
LCY Chemical Corp.b		2,991,048		3,746,461
Nan Ya Plastics Corp.		30,820,938		66,020,162
Taiwan Fertilizer Co. Ltd.		4,775,000		10,244,075
TSRC Corp.b		3,988,720		5,746,506
				210,879,326
COMMERCIAL BANKS — 9.90%
Chang Hwa Commercial Bank Ltd.		29,910,325		17,572,242
China Development Financial Holding Corp.b		87,736,508		25,482,912
CTBC Financial Holding Co. Ltd.b		84,745,193		54,682,439
E.Sun Financial Holding Co. Ltd.		30,866,008		19,407,138
First Financial Holding Co. Ltd.		44,865,210		26,728,399

Security	Shares		Value
Hua Nan Financial Holdings Co. Ltd.		34,895,630	$	20,040,397
Mega Financial Holding Co. Ltd.		59,820,271		47,780,400
SinoPac Financial Holdings Co. Ltd.		41,874,293		20,109,280
Taishin Financial Holdings Co. Ltd.		40,810,681		19,194,409
Taiwan Business Bank Ltd.a		21,831,818		6,521,155
Taiwan Cooperative Financial Holding Co. Ltd.		35,892,354		19,428,167
				276,946,938
COMMUNICATIONS EQUIPMENT — 0.75%
HTC Corp.b		4,657,884		20,908,054
				20,908,054
COMPUTERS & PERIPHERALS — 8.80%
Acer Inc.a,b		16,949,841		10,097,849
Advantech Co. Ltd.		1,941,771		12,273,059
ASUSTeK Computer Inc.b		4,226,857		40,667,002
Catcher Technology Co. Ltd.b		4,318,743		31,359,280
Chicony Electronics Co. Ltd.b		3,019,636		7,903,397
Clevo Co.		2,991,991		5,648,620
Compal Electronics Inc.		26,919,554		18,214,102
Foxconn Technology Co. Ltd.b		5,228,214		11,751,316
Inventec Corp.		14,955,868		15,771,338
Lite-On Technology Corp.		13,518,599		19,877,668
Pegatron Corp.b		9,970,037		13,392,980
Quanta Computer Inc.b		15,952,240		39,225,093
Simplo Technology Co. Ltd.		1,890,835		8,518,680
Wistron Corp.b		14,026,024		11,665,978
				246,366,362
CONSTRUCTION & ENGINEERING — 0.20%
CTCI Corp.b		3,988,000		5,495,379
				5,495,379
CONSTRUCTION MATERIALS — 1.83%
Asia Cement Corp.b		13,709,644		17,330,496
Taiwan Cement Corp.		21,187,504		33,776,369
				51,106,865
DIVERSIFIED FINANCIAL SERVICES — 2.56%
Chailease Holding Co. Ltd.b		4,780,400		11,754,565
Fubon Financial Holding Co. Ltd.		42,871,515		59,925,033
				71,679,598

SCHEDULESOF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TAIWAN ETF

February 28, 2014

Security	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.84%
Asia Pacific Telecom Co. Ltd.b		10,020,000	$	4,977,259
Chunghwa Telecom Co. Ltd.		24,570,648		74,608,873
				79,586,132
ELECTRICAL EQUIPMENT — 0.72%
Teco Electric and Machinery Co. Ltd.		11,539,092		13,253,694
Walsin Lihwa Corp.a		21,934,069		6,826,796
Ya Hsin Industrial Co. Ltd.a,c		6,845,461		2
				20,080,492
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 13.42%
AU Optronics Corp.a,b		56,829,830		19,319,666
Cheng Uei Precision Industry Co. Ltd.		2,991,761		6,388,769
Delta Electronics Inc.		11,647,180		64,774,897
Hon Hai Precision Industry Co. Ltd.		71,784,388		199,019,361
Innolux Corp.a,b		43,868,869		15,637,461
Largan Precision Co. Ltd.		641,794		28,490,756
Pacific Electric Wire & Cable Co. Ltd.a,c		197		—
Synnex Technology International Corp.b		7,976,538		13,637,358
TPK Holding Co. Ltd.b		1,485,466		8,874,161
Unimicron Technology Corp.b		8,504,794		6,007,083
WPG Holdings Co. Ltd.		8,973,744		10,662,578
Zhen Ding Technology Holding Ltd.		1,113,072		2,733,268
				375,545,358
FOOD & STAPLES RETAILING — 0.86%
President Chain Store Corp.		3,873,215		24,033,415
				24,033,415
FOOD PRODUCTS — 1.87%
Standard Foods Corp.		1,994,458		5,799,450
Uni-President Enterprises Co.		27,916,159		46,622,142
				52,421,592
HOTELS, RESTAURANTS & LEISURE — 0.09%
Formosa International Hotels Corp.		215,622		2,419,681
				2,419,681

Security	Shares		Value
INDUSTRIAL CONGLOMERATES — 0.75%
Far Eastern New Century Corp.		19,940,431	$	20,961,870
				20,961,870
INSURANCE — 3.57%
Cathay Financial Holding Co. Ltd.		49,759,603		73,412,577
China Life Insurance Co. Ltd.		13,464,049		12,776,137
Shin Kong Financial Holding Co. Ltd.		41,433,898		13,675,457
				99,864,171
LEISURE EQUIPMENT & PRODUCTS — 0.77%
Giant Manufacturing Co. Ltd.		1,941,590		13,233,162
Merida Industry Co. Ltd.b		1,257,000		8,442,785
				21,675,947
MACHINERY — 0.37%
Hiwin Technologies Corp.		1,026,919		10,269,868
				10,269,868
MARINE — 0.62%
Evergreen Marine Corp. Ltd.a		10,967,766		6,515,935
U-Ming Marine Transport Corp.		2,991,800		5,016,286
Wan Hai Lines Ltd.		3,988,854		1,862,905
Yang Ming Marine Transport Corp.a		8,973,635		3,850,328
				17,245,454
METALS & MINING — 2.42%
China Steel Corp.b		73,877,958		62,666,299
Feng Hsin Iron & Steel Co. Ltd.		2,991,050		5,005,156
				67,671,455
MULTILINE RETAIL — 0.20%
Far Eastern Department Stores Ltd.		6,159,212		5,620,906
				5,620,906
OIL, GAS & CONSUMABLE FUELS — 0.64%
Formosa Petrochemical Corp.b		6,979,950		17,923,299
				17,923,299
PHARMACEUTICALS — 0.11%
ScinoPharm Taiwan Ltd.b		1,035,720		2,963,791
				2,963,791
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.52%
Farglory Land Development Co. Ltd.b		2,127,270		3,482,494
Highwealth Construction Corp.		1,994,200		4,054,483

42 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TAIWAN ETF

February 28, 2014

Security	Shares		Value
Ruentex Development Co. Ltd.		3,988,487	$	7,082,335
				14,619,312
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 31.26%
Advanced Semiconductor Engineering Inc.b		39,880,448		39,488,199
Epistar Corp.b		4,985,047		11,714,811
Hermes Microvision Inc.		252,000		9,398,640
Kinsus Interconnect Technology Corp.		1,787,043		6,104,659
MediaTek Inc.		9,064,175		133,129,509
Novatek Microelectronics Corp. Ltd.b		3,539,544		16,238,584
Phison Electronics Corp.		896,698		5,978,381
Powertech Technology Inc.b		3,988,036		5,567,824
Radiant Opto-Electronics Corp.b		2,892,583		11,742,944
Realtek Semiconductor Corp.b		2,881,063		8,558,178
Siliconware Precision Industries Co. Ltd.		18,632,214		23,491,669
Taiwan Semiconductor Manufacturing Co. Ltd.		157,764,882		562,367,392
Transcend Information Inc.		997,905		3,043,317
United Microelectronics Corp.b		76,769,501		31,165,914
Vanguard International Semiconductor Corp.		4,569,000		6,748,391
				874,738,412
SPECIALTY RETAIL — 0.70%
Hotai Motor Co. Ltd.b		1,594,000		19,571,193
				19,571,193
TEXTILES, APPAREL & LUXURY GOODS — 1.51%
Eclat Textile Co. Ltd.b		997,000		12,701,895
Formosa Taffeta Co. Ltd.b		4,722,515		5,104,705
Pou Chen Corp.		12,961,103		17,304,001
Ruentex Industries Ltd.		2,991,262		7,059,054
				42,169,655
WIRELESS TELECOMMUNICATION SERVICES — 1.91%
Far EasTone Telecommunications Co. Ltd.		10,659,259		21,601,376
Taiwan Mobile Co. Ltd.		10,612,609		31,909,984
				53,511,360
TOTAL COMMON STOCKS
(Cost: $1,696,221,459)				2,795,275,923

Security	Shares		Value
SHORT-TERM INVESTMENTS — 7.66%
MONEY MARKET FUNDS — 7.66%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%d,e,f		201,291,983	$	201,291,983
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%d,e,f		10,552,677		10,552,677
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		2,373,819		2,373,819
				214,218,479
TOTAL SHORT-TERM INVESTMENTS
(Cost: $214,218,479)				214,218,479
TOTAL INVESTMENTS IN SECURITIES — 107.56%
(Cost: $1,910,439,938)				3,009,494,402
Other Assets, Less Liabilities — (7.56)%				(211,593,638	)
NET ASSETS — 100.00%			$	2,797,900,764

^a  Non-income earning security.

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

^c  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^d  Affiliated issuer. See Note 2.

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

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

Financial futures contracts purchased as of February 28, 2014 were as follows:

Number of Contracts		Issue (Expiration)	Exchange	Notional Value		Net Unrealized Appreciation (Depreciation)
	10	MSCI Taiwan Index (Mar. 2014)	Singapore	$	302,800	$	2,446

See notes to financial statements.

SCHEDULESOF INVESTMENTS 43

Schedule of Investments (Unaudited)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.52%
AIRLINES — 0.43%
Nok Airlines PCL NVDR		491,300	$	278,591
Thai Airways International PCL NVDR		4,269,766		1,701,363
				1,979,954
AUTO COMPONENTS — 0.58%
Somboon Advance Technology PCL NVDR		1,821,125		915,447
Sri Trang Agro-Industry PCL NVDR		4,559,971		1,761,092
				2,676,539
BUILDING PRODUCTS — 0.49%
Diamond Building Products PCL NVDR		1,317,400		256,414
Dynasty Ceramic PCL NVDR		1,103,900		1,717,178
Union Mosaic Industry PCL NVDR		1,084,500		275,903
				2,249,495
CAPITAL MARKETS — 0.06%
Asia Plus Securities PCL NVDR		2,440,300		267,779
				267,779
CHEMICALS — 4.76%
Indorama Ventures PCL NVDR		7,398,110		4,716,649
PTT Global Chemical PCL NVDR		6,769,007		15,560,936
Siam Gas and Petrochemicals PCL NVDR		2,879,600		1,553,439
				21,831,024
COMMERCIAL BANKS — 25.78%
Bangkok Bank PCL Foreign		1,669,200		8,774,492
Bangkok Bank PCL NVDR		2,159,400		11,384,423
Kasikornbank PCL Foreign		4,933,300		26,159,721
Kasikornbank PCL NVDR		2,802,200		14,644,447
Kiatnakin Bank PCL NVDR		2,247,873		2,738,788
Krung Thai Bank PCL NVDR		16,559,600		9,085,574
LH Financial Group PCL NVDR		31,373,547		1,182,819
Siam Commercial Bank PCL NVDR		7,523,100		34,934,855
Thanachart Capital PCL NVDR		3,509,300		3,442,072
TISCO Financial Group PCL NVDRa		2,362,610		2,860,478
TMB Bank PCL NVDR		38,933,100		2,959,512
				118,167,181

Security	Shares		Value
CONSTRUCTION & ENGINEERING — 1.16%
CH. Karnchang PCL NVDR		3,112,400	$	1,564,548
Italian-Thai Development PCL NVDRb		11,805,848		1,266,528
Sino-Thai Engineering & Construction PCL NVDR		4,255,628		2,113,139
Sriracha Construction PCL NVDR		312,800		357,143
				5,301,358
CONSTRUCTION MATERIALS — 4.83%
Siam Cement PCL (The) Foreign		1,163,800		15,196,285
Siam Cement PCL (The) NVDR		419,000		5,522,452
TPI Polene PCL NVDR		4,214,100		1,420,846
				22,139,583
CONSUMER FINANCE — 0.06%
Krungthai Card PCL NVDR		286,900		283,602
				283,602
CONTAINERS & PACKAGING — 0.19%
Polyplex PCL NVDR		3,404,750		892,279
				892,279
DISTRIBUTORS — 0.38%
Energy Earth PCL NVDR		7,355,100		1,465,384
Jaymart PCL NVDR		465,700		268,357
				1,733,741
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.41%
Jasmine International PCL NVDR		18,507,768		4,396,481
Samart Telcoms PCL NVDR		684,100		276,785
Thaicom PCL NVDR		1,389,500		1,746,192
True Corp. PCL NVDRa,b		20,582,500		4,605,433
				11,024,891
ELECTRIC UTILITIES — 0.06%
Gunkul Engineering PCL NVDR		624,400		279,425
				279,425
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.55%
Cal-Comp Electronics (Thailand) PCL NVDR		18,105,300		1,442,874
Delta Electronics (Thailand) PCL NVDR		2,756,344		4,583,346
Hana Microelectronics PCL NVDR		3,586,600		2,803,320
KCE Electronics PCL NVDR		476,800		379,979
Loxley PCL NVDR		2,523,105		286,145

44 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2014

Security	Shares		Value
Samart Corp. PCL NVDR		3,386,837	$	1,681,740
SVI PCL NVDR		3,710,715		504,998
				11,682,402
FOOD & STAPLES RETAILING — 4.81%
CP All PCL NVDR		18,336,400		22,059,884
				22,059,884
FOOD PRODUCTS — 4.16%
Charoen Pokphand Foods PCL NVDR		12,787,300		10,680,580
GFPT PCL NVDR		4,495,500		1,887,766
Khon Kaen Sugar Industry PCL NVDR		4,049,000		1,625,805
Thai Union Frozen Products PCL NVDR		1,354,700		2,823,589
Thai Vegetable Oil PCL NVDR		2,965,353		2,035,982
				19,053,722
HEALTH CARE PROVIDERS & SERVICES — 2.61%
Bangkok Chain Hospital PCL NVDR		6,639,725		1,190,572
Bangkok Dusit Medical Services PCL NVDR		1,256,100		4,928,147
Bumrungrad Hospital PCL NVDR		1,838,476		5,015,306
Chularat Hospital PCL NVDR		894,200		279,566
Vibhavadi Medical Center PCL NVDR		1,932,060		544,826
				11,958,417
HOTELS, RESTAURANTS & LEISURE — 1.78%
Central Plaza Hotel PCL NVDR		3,056,700		2,834,182
Erawan Group PCL (The) NVDR		2,662,500		293,793
Minor International PCL NVDR		6,212,700		4,722,604
MK Restaurants Group PCL NVDRb		193,100		295,939
				8,146,518
HOUSEHOLD DURABLES — 0.07%
Srithai Superware PCL NVDR		519,600		299,417
				299,417
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.41%
CK Power PCL NVDRb		823,400		275,097
Glow Energy PCL NVDR		2,599,100		5,895,277
SPCG PCL NVDRb		477,900		278,317
				6,448,691

Security	Shares		Value
INSURANCE — 0.06%
Thai Reinsurance PCL NVDRb		2,944,600	$	272,573
				272,573
INTERNET & CATALOG RETAIL — 0.06%
OfficeMate PCL NVDR		279,300		284,651
				284,651
MARINE — 1.01%
Precious Shipping PCL NVDR		2,542,000		1,986,851
Thoresen Thai Agencies PCL NVDRb		4,632,806		2,655,432
				4,642,283
MEDIA — 2.52%
BEC World PCL NVDR		4,760,100		7,368,124
GMM Grammy PCL NVDRb		611,820		320,678
Major Cineplex Group PCL NVDR		3,325,200		1,875,362
MCOT PCL NVDR		1,222,900		1,133,877
RS PCL NVDR		1,069,000		255,577
VGI Global Media PCL NVDR		1,731,220		583,706
				11,537,324
METALS & MINING — 0.73%
G J Steel PCL NVDRb		526,252,700		967,821
STP & I PCL NVDR		3,382,500		2,104,667
Univentures PCL NVDR		1,293,200		295,305
				3,367,793
OIL, GAS & CONSUMABLE FUELS — 17.56%
Bangchak Petroleum PCL NVDR		2,347,600		2,068,766
Banpu PCL NVDR		5,689,800		4,534,400
Energy Absolute PCL NVDR		1,498,600		422,594
Esso (Thailand) PCL NVDR		7,511,300		1,381,388
IRPC PCL NVDR		51,129,200		5,328,407
PTT Exploration & Production PCL NVDR		5,864,084		27,680,274
PTT PCL NVDR		3,645,500		32,739,663
Thai Oil PCL NVDR		3,962,000		6,314,912
				80,470,404
PERSONAL PRODUCTS — 0.06%
DSG International Thailand PCL		851,600		266,247
				266,247
REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.73%
Amata Corp. PCL NVDR		3,880,400		1,629,471
Ananda Development PCL NVDRb		4,794,900		273,364

SCHEDULESOF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2014

Security	Shares		Value
AP (Thailand) PCL NVDR		7,380,060	$	1,131,044
Asset Corp. PCL NVDR		12,181,737		1,150,031
Bangkok Land PCL NVDR		51,069,200		2,379,316
Central Pattana PCL NVDR		5,675,700		7,176,172
Country Group Development PCL NVDRb		7,585,200		255,746
Golden Land Property Development PCL NVDRb		1,498,100		259,441
Hemaraj Land and Development PCL NVDR		27,343,600		2,564,641
LPN Development PCL NVDR		3,372,347		1,560,841
MBK PCL NVDR		61,400		266,302
Natural Park PCL NVDRb		180,198,300		331,399
Pruksa Real Estate PCL NVDR		4,137,280		2,485,538
Quality Houses PCL NVDR		25,614,641		2,198,345
Rojana Industrial Park PCL NVDR		1,177,100		256,166
Sansiri PCL NVDR		21,639,828		1,339,845
Siam Future Development PCL NVDR		5,461,887		937,519
Supalai PCL NVDR		3,949,200		2,142,555
Thai Factory Development PCL NVDR		1,189,800		255,283
Ticon Industrial Connection PCL NVDR		3,541,593		1,791,151
WHA Corp. PCL NVDR		473,550		449,963
				30,834,133
ROAD & RAIL — 1.13%
BTS Group Holdings PCL NVDR		20,243,300		5,181,044
				5,181,044
SOFTWARE — 0.06%
Mono Technology PCL NVDR		1,154,900		277,884
				277,884
SPECIALTY RETAIL — 1.10%
Home Product Center PCL NVDRa		11,160,183		3,112,879
Siam Global House PCL NVDR		4,205,318		1,946,369
				5,059,248
TEXTILES, APPAREL & LUXURY GOODS — 0.07%
MC Group PLC NVDR		654,500		298,913
				298,913
TRANSPORTATION INFRASTRUCTURE — 3.05%
Airports of Thailand PCL NVDR		1,841,700		10,584,483
Bangkok Aviation Fuel PCL NVDR		667,000		541,778

Security	Shares		Value
Bangkok Expressway PCL NVDR		2,393,000	$	2,420,505
Bangkok Metro PCL NVDRb		14,818,841		413,338
				13,960,104
WATER UTILITIES — 0.60%
Eastern Water Resources and Management PCL NVDR		808,600		294,938
Thai Tap Water Supply PCL NVDR		8,607,466		2,440,431
				2,735,369
WIRELESS TELECOMMUNICATION SERVICES — 6.20%
Advanced Information Service PCL NVDR		4,395,719		28,429,018
				28,429,018
TOTAL COMMON STOCKS
(Cost: $570,882,738)				456,092,890
WARRANTS — 0.02%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.00%
Loxley PCL NVDR (Expires 04/21/16)b		50,876		—
				—
MARINE — 0.02%
Thoresen Thai Agencies PCL NVDR (Expires 09/12/2015)b		372,108		60,450
				60,450
METALS & MINING — 0.00%
G J Steel PCL NVDR (Expires 02/07/20)b		30		—
				—
TOTAL WARRANTS
(Cost: $0)				60,450
SHORT-TERM INVESTMENTS — 1.44%
MONEY MARKET FUNDS — 1.44%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		5,748,891		5,748,891
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		301,384		301,384

46 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2014

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		551,737	$	551,737
				6,602,012
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,602,012)				6,602,012
TOTAL INVESTMENTS IN SECURITIES — 100.98%
(Cost: $577,484,750)				462,755,352
Other Assets, Less Liabilities — (0.98)%				(4,472,353	)
NET ASSETS — 100.00%			$	458,282,999

NVDR  —  Non-Voting Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 47

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI Australia ETF			iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF
ASSETS
Investments, at cost:
Unaffiliated	$	1,706,321,265		$	2,090,978,902		$	127,060,607
Affiliated (Note 2)		1,828,538			64,460,311			2,692,394
Total cost of investments	$	1,708,149,803		$	2,155,439,213		$	129,753,001
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,725,110,638		$	2,186,321,656		$	130,900,366
Affiliated (Note 2)		1,828,538			64,460,311			2,692,394
Total fair value of investments		1,726,939,176			2,250,781,967			133,592,760
Foreign currency, at valueb		6,192,472			3,668,741			221,768
Foreign currency pledged to broker, at valueb		172,900			421,341			—
Receivables:
Investment securities sold		10,798,079			—			10,778
Dividends and interest		12,800,075			11,780			275,422
Capital shares sold		—			—			5,291,344
Futures variation margin		428,994			123,869			—
Total Assets		1,757,331,696			2,255,007,698			139,392,072
LIABILITIES
Payables:
Investment securities purchased		9,608,019			—			5,187,317
Collateral for securities on loan (Note 1)		1,647,000			61,076,718			2,679,324
Capital shares redeemed		—			—			77,671
Investment advisory fees (Note 2)		635,283			773,154			48,289
Total Liabilities		11,890,302			61,849,872			7,992,601
NET ASSETS	$	1,745,441,394		$	2,193,157,826		$	131,399,471
Net assets consist of:
Paid-in capital	$	1,932,524,455		$	2,475,594,652		$	129,402,958
Undistributed (distributions in excess of) net investment income		(8,905,315	)		1,482,126			(1,506,842	)
Accumulated net realized loss		(197,281,854	)		(379,385,327	)		(339,715	)
Net unrealized appreciation		19,104,108			95,466,375			3,843,070
NET ASSETS	$	1,745,441,394		$	2,193,157,826		$	131,399,471
Shares outstandingc		70,200,000			108,525,000			2,500,000
Net asset value per share	$	24.86		$	20.21		$	52.56

^a  Securities on loan with values of $1,553,126, $58,028,244 and $2,497,146, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker, if any: $6,401,411, $4,090,330 and $221,620, respectively.

^c  $0.001 par value, number of shares authorized: 627.8 million, 375 million and 500 million, respectively.

See notes to financial statements.

48 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF			iShares MSCI Singapore ETF
ASSETS
Investments, at cost:
Unaffiliated	$	348,381,437		$	2,597,966,591		$	980,190,768
Affiliated (Note 2)		67,740			35,020,232			52,039,708
Total cost of investments	$	348,449,177		$	2,632,986,823		$	1,032,230,476
Investments in securities, at fair value (including securities on loana)  (Note 1):
Unaffiliated	$	783,522,674		$	2,798,143,587		$	977,980,263
Affiliated (Note 2)		67,740			35,020,232			52,039,708
Total fair value of investments		783,590,414			2,833,163,819			1,030,019,971
Foreign currency, at valueb		1,182,532			4,856,607			1,761,423
Foreign currency pledged to broker, at valueb		—			—			102,617
Receivables:
Investment securities sold		1,240,437			12,980,335			5,293,457
Dividends and interest		1,312,292			13,782,936			918,354
Total Assets		787,325,675			2,864,783,697			1,038,095,822
LIABILITIES
Payables:
Investment securities purchased		1,212,855			12,360,882			3,552,039
Collateral for securities on loan (Note 1)		—			34,897,397			51,870,009
Capital shares redeemed		—			594,614			89,831
Futures variation margin		—			—			15,063
Investment advisory fees (Note 2)		283,548			1,066,950			359,211
Total Liabilities		1,496,403			48,919,843			55,886,153
NET ASSETS	$	785,829,272		$	2,815,863,854		$	982,209,669
Net assets consist of:
Paid-in capital	$	384,957,707		$	2,998,159,150		$	1,204,319,657
Undistributed (distributions in excess of) net investment income		5,524,610			(12,378,044	)		(18,339,403	)
Accumulated net realized loss		(39,814,134	)		(370,006,369	)		(201,541,076	)
Net unrealized appreciation (depreciation)		435,161,089			200,089,117			(2,229,509	)
NET ASSETS	$	785,829,272		$	2,815,863,854		$	982,209,669
Shares outstandingc		51,000,000			60,000,000			77,300,000
Net asset value per share	$	15.41		$	46.93		$	12.71

^a  Securities on loan with values of $  —, $33,060,660 and $49,119,632, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker, if any: $1,171,251, $4,862,845 and $1,867,615, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2014

		iShares MSCI South Korea Capped ETF			iShares MSCI Taiwan ETF			iShares MSCI Thailand Capped ETF
ASSETS
Investments, at cost:
Unaffiliated		$	2,322,033,423		$	1,696,221,459		$	570,882,738
Affiliated (Note 2)			166,111,750			214,218,479			6,602,012
Total cost of investments		$	2,488,145,173		$	1,910,439,938		$	577,484,750
Investments in securities, at fair value (including securities on loana)  (Note 1):
Unaffiliated		$	4,100,972,192		$	2,795,275,923		$	456,153,340
Affiliated (Note 2)			166,111,750			214,218,479			6,602,012
Total fair value of investments			4,267,083,942			3,009,494,402			462,755,352
Cash pledged to broker			—			48,000			—
Receivables:
Investment securities sold			59,268,553			5,413,386			9,871,478
Dividends and interest			37,188,008			229,463			1,198,820
Total Assets			4,363,540,503			3,015,185,251			473,825,650
LIABILITIES
Payables:
Investment securities purchased			46,876,949			4,077,235			9,238,191
Collateral for securities on loan (Note 1)			163,024,851			211,844,660			6,050,275
Capital shares redeemed			—			—			31,675
Foreign taxes (Note 1)			3,061			40,220			—
Investment advisory fees (Note 2)			1,945,973			1,322,372			222,510
Total Liabilities			211,850,834			217,284,487			15,542,651
NET ASSETS		$	4,151,689,669		$	2,797,900,764		$	458,282,999
Net assets consist of:
Paid-in capital		$	3,327,105,431		$	2,809,553,527		$	591,691,416
Undistributed (distributions in excess of) net investment income			(52,384,408	)		(13,063,774	)		997,509
Accumulated net realized loss			(901,489,165	)		(1,097,645,590	)		(19,677,677	)
Net unrealized appreciation (depreciation)			1,778,457,811			1,099,056,601			(114,728,249	)
NET ASSETS		$	4,151,689,669		$	2,797,900,764		$	458,282,999
Shares outstandingb			67,500,000			199,400,000			6,650,000
	��
Net asset value per share		$	61.51		$	14.03		$	68.91

^a  Securities on loan with values of $155,395,514, $197,896,450 and $5,445,522, respectively. See Note 1.

^b  $0.001 par value, number of shares authorized: 200 million, 900 million and 200 million, respectively.

See notes to financial statements.

50 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI Australia ETF			iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	48,007,404		$	22,096,529		$	809,155
Interest — unaffiliated		3,465			—			—
Interest — affiliated (Note 2)		291			307			17
Securities lending income — affiliated (Note 2)		11,817			136,442			30,602
Total investment income		48,022,977			22,233,278			839,774
EXPENSES
Investment advisory fees (Note 2)		4,696,921			5,408,575			290,238
Total expenses		4,696,921			5,408,575			290,238
Net investment income		43,326,056			16,824,703			549,536
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(18,065,549	)		(13,326,885	)		(240,688	)
In-kind redemptions — unaffiliated		38,080,086			39,082,004			2,666,924
Futures contracts		440,229			(200,114	)		—
Foreign currency transactions		77,640			(10,811	)		(28,907	)
Net realized gain		20,532,406			25,544,194			2,397,329
Net change in unrealized appreciation/depreciation on:
Investments		74,550,129			117,789,233			3,283,030
Futures contracts		(277,380	)		230,847			—
Translation of assets and liabilities in foreign currencies		318,681			(2,067	)		4,717
Net change in unrealized appreciation/depreciation		74,591,430			118,018,013			3,287,747
Net realized and unrealized gain		95,123,836			143,562,207			5,685,076
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	138,449,892		$	160,386,910		$	6,234,612

^a  Net of foreign withholding tax of $586,585, $  — and $73,153, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF			iShares MSCI Singapore ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	18,875,301		$	61,280,143		$	8,008,886
Interest — affiliated (Note 2)		121			621			186
Securities lending income — affiliated (Note 2)		—			297,124			829,284
Total investment income		18,875,422			61,577,888			8,838,356
EXPENSES
Investment advisory fees (Note 2)		1,980,179			7,899,197			2,757,993
Total expenses		1,980,179			7,899,197			2,757,993
Net investment income		16,895,243			53,678,691			6,080,363
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		24,102,824			(25,765,315	)		(2,290,330	)
In-kind redemptions — unaffiliated		—			148,084,577			19,382,026
Futures contracts		—			—			69,301
Foreign currency transactions		(91,841	)		32,575			59,258
Net realized gain		24,010,983			122,351,837			17,220,255
Net change in unrealized appreciation/depreciation on:
Investments		14,269,443			18,394,683			17,896,445
Futures contracts		—			—			70,717
Translation of assets and liabilities in foreign currencies		(50,841	)		255,033			(26,394	)
Net change in unrealized appreciation/depreciation		14,218,602			18,649,716			17,940,768
Net realized and unrealized gain		38,229,585			141,001,553			35,161,023
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	55,124,828		$	194,680,244		$	41,241,386

^a  Net of foreign withholding tax of $680,391, $823,106 and $119,426, respectively.

See notes to financial statements.

52 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI South Korea Capped ETF			iShares MSCI Taiwan ETF			iShares MSCI Thailand Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	37,363,771		$	3,248,241		$	4,144,322
Interest — unaffiliated		1,362			84			—
Interest — affiliated (Note 2)		1,253			1,455			150
Securities lending income — affiliated (Note 2)		1,468,590			1,533,018	b		16,229
		38,834,976			4,782,798			4,160,701
Less: Other foreign taxes (Note 1)		(3,357	)		(826,580	)		(6,886	)
Total investment income		38,831,619			3,956,218			4,153,815
EXPENSES
Investment advisory fees (Note 2)		12,719,149			8,564,460			1,741,050
Total expenses		12,719,149			8,564,460			1,741,050
Net investment income (loss)		26,112,470			(4,608,242	)		2,412,765
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(32,780,057	)		(13,422,410	)		(10,478,839	)
In-kind redemptions — unaffiliated		—			—			12,906,533
Futures contracts		—			1,311,746			—
Foreign currency transactions		(527,202	)		(29,199	)		(120,586	)
Net realized gain (loss)		(33,307,259	)		(12,139,863	)		2,307,108
Net change in unrealized appreciation/depreciation on:
Investments		271,010,985			150,435,448			5,323,587
Futures contracts		—			(485,635	)		—
Translation of assets and liabilities in foreign currencies		(479,924	)		(10,983	)		45,595
Net change in unrealized appreciation/depreciation		270,531,061			149,938,830			5,369,182
Net realized and unrealized gain		237,223,802			137,798,967			7,676,290
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	263,336,272		$	133,190,725		$	10,089,055

^a  Net of foreign withholding tax of $10,514,484, $744,642 and $460,480, respectively.

^b  Net of foreign tax paid of $354,860.

See notes to financial statements.

FINANCIAL STATEMENTS 53

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Australia ETF						iShares MSCI Hong Kong ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	43,326,056		$	95,118,733		$	16,824,703		$	71,264,718
Net realized gain		20,532,406			67,936,094			25,544,194			176,369,407
Net change in unrealized appreciation/depreciation		74,591,430			13,198,281			118,018,013			55,861,708
Net increase in net assets resulting from operations		138,449,892			176,253,108			160,386,910			303,495,833
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(47,170,688	)		(130,032,525	)		(20,218,078	)		(71,372,977	)
Total distributions to shareholders		(47,170,688	)		(130,032,525	)		(20,218,078	)		(71,372,977	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		88,774,098			352,326,670			195,289,926			1,549,740,139
Cost of shares redeemed		(351,460,828	)		(975,397,089	)		(267,157,351	)		(1,522,980,733	)
Net increase (decrease) in net assets from capital share transactions		(262,686,730	)		(623,070,419	)		(71,867,425	)		26,759,406
INCREASE (DECREASE) IN NET ASSETS		(171,407,526	)		(576,849,836	)		68,301,407			258,882,262
NET ASSETS
Beginning of period		1,916,848,920			2,493,698,756			2,124,856,419			1,865,974,157
End of period	$	1,745,441,394		$	1,916,848,920		$	2,193,157,826		$	2,124,856,419
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(8,905,315	)	$	(5,060,683	)	$	1,482,126		$	4,875,501
SHARES ISSUED AND REDEEMED
Shares sold		3,400,000			14,000,000			9,750,000			81,300,000
Shares redeemed		(14,400,000	)		(39,400,000	)		(13,575,000	)		(79,125,000	)
Net increase (decrease) in shares outstanding		(11,000,000	)		(25,400,000	)		(3,825,000	)		2,175,000

See notes to financial statements.

54 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Japan Small-Cap ETF						iShares MSCI Malaysia ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	549,536		$	836,485		$	16,895,243		$	26,000,206
Net realized gain (loss)		2,397,329			(227,736	)		24,010,983			17,549,880
Net change in unrealized appreciation/depreciation		3,287,747			6,085,205			14,218,602			(15,851,478	)
Net increase in net assets resulting from operations		6,234,612			6,693,954			55,124,828			27,698,608
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,933,040	)		(1,107,270	)		(13,690,575	)		(23,444,016	)
Total distributions to shareholders		(1,933,040	)		(1,107,270	)		(13,690,575	)		(23,444,016	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		48,735,436			49,278,602			25,932,707			93,307,043
Cost of shares redeemed		(10,625,224	)		(8,694,664	)		(90,676,125	)		(225,115,455	)
Net increase (decrease) in net assets from capital share transactions		38,110,212			40,583,938			(64,743,418	)		(131,808,412	)
INCREASE (DECREASE) IN NET ASSETS		42,411,784			46,170,622			(23,309,165	)		(127,553,820	)
NET ASSETS
Beginning of period		88,987,687			42,817,065			809,138,437			936,692,257
End of period	$	131,399,471		$	88,987,687		$	785,829,272		$	809,138,437
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(1,506,842	)	$	(123,338	)	$	5,524,610		$	2,319,942
SHARES ISSUED AND REDEEMED
Shares sold		900,000			1,000,000			1,650,000			6,150,000
Shares redeemed		(200,000	)		(200,000	)		(6,075,000	)		(15,225,000	)
Net increase (decrease) in shares outstanding		700,000			800,000			(4,425,000	)		(9,075,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 55

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Pacific ex Japan ETF						iShares MSCI Singapore ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	53,678,691		$	136,122,747		$	6,080,363		$	48,795,283
Net realized gain		122,351,837			310,413,133			17,220,255			90,919,970
Net change in unrealized appreciation/depreciation		18,649,716			(214,606,307	)		17,940,768			(131,975,048	)
Net increase in net assets resulting from operations		194,680,244			231,929,573			41,241,386			7,740,205
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(68,006,609	)		(156,573,693	)		(22,837,450	)		(63,036,613	)
Total distributions to shareholders		(68,006,609	)		(156,573,693	)		(22,837,450	)		(63,036,613	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		294,242,691			971,290,034			17,820,214			206,627,419
Cost of shares redeemed		(613,119,958	)		(1,227,160,297	)		(189,491,873	)		(528,540,126	)
Net decrease in net assets from capital share transactions		(318,877,267	)		(255,870,263	)		(171,671,659	)		(321,912,707	)
DECREASE IN NET ASSETS		(192,203,632	)		(180,514,383	)		(153,267,723	)		(377,209,115	)
NET ASSETS
Beginning of period		3,008,067,486			3,188,581,869			1,135,477,392			1,512,686,507
End of period	$	2,815,863,854		$	3,008,067,486		$	982,209,669		$	1,135,477,392
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(12,378,044	)	$	1,949,874		$	(18,339,403	)	$	(1,582,316	)
SHARES ISSUED AND REDEEMED
Shares sold		6,000,000			20,400,000			1,300,000			15,200,000
Shares redeemed		(13,500,000	)		(26,700,000	)		(14,900,000	)		(39,800,000	)
Net decrease in shares outstanding		(7,500,000	)		(6,300,000	)		(13,600,000	)		(24,600,000	)

See notes to financial statements.

56 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI South Korea Capped ETF						iShares MSCI Taiwan ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	26,112,470		$	12,511,437		$	(4,608,242	)	$	47,025,597
Net realized gain (loss)		(33,307,259	)		693,348			(12,139,863	)		(46,800,296	)
Net change in unrealized appreciation/depreciation		270,531,061			69,998,753			149,938,830			230,468,377
Net increase in net assets resulting from operations		263,336,272			83,203,538			133,190,725			230,693,678
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(61,830,398	)		(18,847,855	)		(51,978,221	)		(53,961,288	)
Total distributions to shareholders		(61,830,398	)		(18,847,855	)		(51,978,221	)		(53,961,288	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		695,365,250			699,217,627			197,917,711			608,307,506
Cost of shares redeemed		(121,697,900	)		(56,608,080	)		(123,226,369	)		(390,170,968	)
Net increase in net assets from capital share transactions		573,667,350			642,609,547			74,691,342			218,136,538
INCREASE IN NET ASSETS		775,173,224			706,965,230			155,903,846			394,868,928
NET ASSETS
Beginning of period		3,376,516,445			2,669,551,215			2,641,996,918			2,247,127,990
End of period	$	4,151,689,669		$	3,376,516,445		$	2,797,900,764		$	2,641,996,918
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(52,384,408	)	$	(16,666,480	)	$	(13,063,774	)	$	43,522,689
SHARES ISSUED AND REDEEMED
Shares sold		11,050,000			11,900,000			14,000,000			45,000,000
Shares redeemed		(2,100,000	)		(1,050,000	)		(8,800,000	)		(29,400,000	)
Net increase in shares outstanding		8,950,000			10,850,000			5,200,000			15,600,000

See notes to financial statements.

FINANCIAL STATEMENTS 57

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Thailand Capped ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,412,765		$	18,562,467
Net realized gain		2,307,108			93,291,603
Net change in unrealized appreciation/depreciation		5,369,182			(137,693,757	)
Net increase (decrease) in net assets resulting from operations		10,089,055			(25,839,687	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(4,154,577	)		(18,144,635	)
Total distributions to shareholders		(4,154,577	)		(18,144,635	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		179,387,771			476,258,075
Cost of shares redeemed		(268,912,044	)		(486,368,459	)
Net decrease in net assets from capital share transactions		(89,524,273	)		(10,110,384	)
DECREASE IN NET ASSETS		(83,589,795	)		(54,094,706	)
NET ASSETS
Beginning of period		541,872,794			595,967,500
End of period	$	458,282,999		$	541,872,794
Undistributed net investment income included in net assets at end of period	$	997,509		$	2,739,321
SHARES ISSUED AND REDEEMED
Shares sold		2,400,000			5,700,000
Shares redeemed		(3,750,000	)		(6,150,000	)
Net decrease in shares outstanding		(1,350,000	)		(450,000	)

See notes to financial statements.

58 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Australia ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	23.61		$	23.39		$	24.18		$	20.92		$	20.33		$	23.96
Income from investment operations:
Net investment incomea		0.56			1.02			1.04			0.99			0.72			0.78
Net realized and unrealized gain (loss)b		1.29			0.64			(0.72	)		3.33			0.69			(3.47	)
Total from investment operations		1.85			1.66			0.32			4.32			1.41			(2.69	)
Less distributions from:
Net investment income		(0.60	)		(1.44	)		(1.11	)		(1.06	)		(0.82	)		(0.94	)
Total distributions		(0.60	)		(1.44	)		(1.11	)		(1.06	)		(0.82	)		(0.94	)
Net asset value, end of period	$	24.86		$	23.61		$	23.39		$	24.18		$	20.92		$	20.33
Total return		8.03	%c		7.06	%		1.84	%		20.54	%		6.86	%		(8.91	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,745,441		$	1,916,849		$	2,493,699		$	3,090,425		$	2,196,817		$	1,593,676
Ratio of expenses to average net assetsd		0.49	%		0.51	%		0.53	%		0.52	%		0.53	%		0.55	%
Ratio of net investment income to average net assetsd		4.48	%		4.05	%		4.61	%		3.95	%		3.24	%		4.92	%
Portfolio turnover ratee		4	%		6	%		9	%		9	%		8	%		14	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Hong Kong ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	18.91		$	16.94		$	17.59		$	16.02		$	14.39		$	15.87
Income from investment operations:
Net investment incomea		0.15			0.48			0.54			0.42			0.42			0.52
Net realized and unrealized gain (loss)b		1.33			2.05			(0.65	)		1.56			1.69			(1.46	)
Total from investment operations		1.48			2.53			(0.11	)		1.98			2.11			(0.94	)
Less distributions from:
Net investment income		(0.18	)		(0.56	)		(0.54	)		(0.41	)		(0.48	)		(0.54	)
Total distributions		(0.18	)		(0.56	)		(0.54	)		(0.41	)		(0.48	)		(0.54	)
Net asset value, end of period	$	20.21		$	18.91		$	16.94		$	17.59		$	16.02		$	14.39
Total return		7.83	%c		15.04	%		(0.33	)%		12.27	%		14.85	%		(4.77	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,193,158		$	2,124,856		$	1,865,974		$	1,607,982		$	1,976,317		$	1,951,777
Ratio of expenses to average net assetsd		0.49	%		0.51	%		0.53	%		0.52	%		0.53	%		0.55	%
Ratio of net investment income to average net assetsd		1.51	%		2.47	%		3.26	%		2.25	%		2.67	%		4.29	%
Portfolio turnover ratee		2	%		12	%		11	%		15	%		5	%		9	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

60 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Japan Small-Cap ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	49.44		$	42.82		$	46.49		$	40.74		$	44.45		$	43.24
Income from investment operations:
Net investment incomea		0.24			0.65			0.82			0.78			0.61			0.60
Net realized and unrealized gain (loss)b		3.65			6.97			(3.25	)		5.87			(3.39	)		1.29
Total from investment operations		3.89			7.62			(2.43	)		6.65			(2.78	)		1.89
Less distributions from:
Net investment income		(0.77	)		(1.00	)		(1.24	)		(0.90	)		(0.93	)		(0.68	)
Total distributions		(0.77	)		(1.00	)		(1.24	)		(0.90	)		(0.93	)		(0.68	)
Net asset value, end of period	$	52.56		$	49.44		$	42.82		$	46.49		$	40.74		$	44.45
Total return		7.87	%c		18.07	%		(5.18	)%		16.38	%		(6.25	)%		4.62	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	131,399		$	88,988		$	42,817		$	74,387		$	36,664		$	35,556
Ratio of expenses to average net assetsd		0.49	%		0.50	%		0.53	%		0.51	%		0.53	%		0.56	%
Ratio of net investment income to average net assetsd		0.92	%		1.36	%		1.84	%		1.72	%		1.46	%		1.59	%
Portfolio turnover ratee		5	%		17	%		7	%		10	%		7	%		7	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 61

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Malaysia ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	14.60		$	14.52		$	13.92		$	12.98		$	9.79		$	9.39
Income from investment operations:
Net investment incomea		0.32			0.41			0.38			0.41			0.24			0.28
Net realized and unrealized gainb		0.75			0.04			0.76			0.92			3.20			0.40
Total from investment operations		1.07			0.45			1.14			1.33			3.44			0.68
Less distributions from:
Net investment income		(0.26	)		(0.37	)		(0.52	)		(0.39	)		(0.25	)		(0.28	)
Return of capital		—			—			(0.02	)		—			—			—
Total distributions		(0.26	)		(0.37	)		(0.54	)		(0.39	)		(0.25	)		(0.28	)
Net asset value, end of period	$	15.41		$	14.60		$	14.52		$	13.92		$	12.98		$	9.79
Total return		7.29	%c		3.02	%		8.61	%		10.19	%		35.76	%		8.00	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	785,829		$	809,138		$	936,692		$	978,402		$	794,142		$	513,000
Ratio of expenses to average net assetsd		0.49	%		0.51	%		0.53	%		0.52	%		0.53	%		0.56	%
Ratio of net investment income to average net assetsd		4.15	%		2.71	%		2.73	%		2.84	%		2.17	%		3.45	%
Portfolio turnover ratee		7	%		17	%		24	%		49	%		29	%		52	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2014 and the years ended August 31, 2013, August 31, 2012, August 31, 2011, August 31, 2010, and August 31, 2009, were 4%, 8%, 14%, 14%, 10%, and 12%, respectively. See Note 4.

See notes to financial statements.

62 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Pacific ex Japan ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	44.56		$	43.21		$	44.47		$	39.25		$	36.85		$	41.37
Income from investment operations:
Net investment incomea		0.78			1.69			1.73			1.64			1.25			1.38
Net realized and unrealized gain (loss)b		2.56			1.71			(1.14	)		5.31			2.52			(4.79	)
Total from investment operations		3.34			3.40			0.59			6.95			3.77			(3.41	)
Less distributions from:
Net investment income		(0.97	)		(2.05	)		(1.85	)		(1.73	)		(1.37	)		(1.11	)
Total distributions		(0.97	)		(2.05	)		(1.85	)		(1.73	)		(1.37	)		(1.11	)
Net asset value, end of period	$	46.93		$	44.56		$	43.21		$	44.47		$	39.25		$	36.85
Total return		7.58	%c		7.87	%		1.82	%		17.61	%		10.27	%		(7.23	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,815,864		$	3,008,067		$	3,188,582		$	3,548,867		$	3,438,149		$	3,382,554
Ratio of expenses to average net assetsd		0.49	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assetsd		3.35	%		3.59	%		4.16	%		3.53	%		3.09	%		4.83	%
Portfolio turnover ratee		4	%		8	%		7	%		10	%		7	%		10	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 63

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Singapore ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	12.49		$	13.10		$	13.05		$	12.17		$	10.25		$	11.44
Income from investment operations:
Net investment incomea		0.07			0.44			0.41			0.45			0.32			0.32
Net realized and unrealized gain (loss)b		0.41			(0.47	)		0.11			0.92			1.97			(1.16	)
Total from investment operations		0.48			(0.03	)		0.52			1.37			2.29			(0.84	)
Less distributions from:
Net investment income		(0.26	)		(0.58	)		(0.47	)		(0.49	)		(0.37	)		(0.35	)
Total distributions		(0.26	)		(0.58	)		(0.47	)		(0.49	)		(0.37	)		(0.35	)
Net asset value, end of period	$	12.71		$	12.49		$	13.10		$	13.05		$	12.17		$	10.25
Total return		3.84	%c		(0.38	)%		4.67	%		11.27	%		22.68	%		(5.87	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	982,210		$	1,135,477		$	1,512,687		$	1,713,199		$	1,730,001		$	1,294,039
Ratio of expenses to average net assetsd		0.49	%		0.51	%		0.53	%		0.52	%		0.53	%		0.55	%
Ratio of net investment income to average net assetsd		1.07	%		3.23	%		3.32	%		3.34	%		2.80	%		3.97	%
Portfolio turnover ratee		0	%f		10	%		3	%		10	%		9	%		15	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

^f  Rounds to less than 1%.

See notes to financial statements.

64 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI South Korea Capped ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	57.67		$	55.97		$	56.74		$	47.76		$	42.01		$	43.55
Income from investment operations:
Net investment incomea		0.39			0.23			0.23			0.29			0.32			0.30
Net realized and unrealized gain (loss)b		4.35			1.83			(0.63	)		9.19			5.82			(1.45	)
Total from investment operations		4.74			2.06			(0.40	)		9.48			6.14			(1.15	)
Less distributions from:
Net investment income		(0.90	)		(0.36	)		(0.37	)		(0.43	)		(0.39	)		(0.39	)
Return of capital		—			—			—			(0.07	)		—			—
Total distributions		(0.90	)		(0.36	)		(0.37	)		(0.50	)		(0.39	)		(0.39	)
Net asset value, end of period	$	61.51		$	57.67		$	55.97		$	56.74		$	47.76		$	42.01
Total return		8.20	%c		3.65	%		(0.62	)%		19.76	%		14.65	%		(2.31	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	4,151,690		$	3,376,516		$	2,669,551		$	4,071,225		$	3,255,168		$	2,398,550
Ratio of expenses to average net assetsd,e		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%		0.65	%
Ratio of net investment income to average net assetsd		1.27	%		0.40	%		0.42	%		0.49	%		0.67	%		0.91	%
Portfolio turnover ratef		7	%		13	%		12	%		18	%		14	%		62	%

^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  Ratios for the years ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes.

^f  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2014 and the years ended August 31, 2013, August 31, 2012, August 31, 2011, August 31, 2010 and August 31, 2009 were 3%, 11%, 8%, 6%, 6%, and 8%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 65

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Taiwan ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	13.60		$	12.58		$	13.78		$	12.19		$	10.94		$	13.13
Income from investment operations:
Net investment income (loss)a		(0.02	)		0.24			0.28			0.39			0.23			0.30
Net realized and unrealized gain (loss)b		0.71			1.05			(1.01	)		1.49			1.23			(1.89	)
Total from investment operations		0.69			1.29			(0.73	)		1.88			1.46			(1.59	)
Less distributions from:
Net investment income		(0.26	)		(0.27	)		(0.47	)		(0.29	)		(0.21	)		(0.60	)
Total distributions		(0.26	)		(0.27	)		(0.47	)		(0.29	)		(0.21	)		(0.60	)
Net asset value, end of period	$	14.03		$	13.60		$	12.58		$	13.78		$	12.19		$	10.94
Total return		5.11	%c		10.30	%		(4.80	)%		15.24	%		13.30	%		(9.67	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,797,901		$	2,641,997		$	2,247,128		$	2,857,512		$	2,721,439		$	3,035,331
Ratio of expenses to average net assetsd,e		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%		0.65	%
Ratio of net investment income (loss) to average net assetsd		(0.33	)%		1.80	%		2.25	%		2.64	%		1.90	%		3.18	%
Portfolio turnover ratef		7	%		21	%		22	%		23	%		9	%		52	%

^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  Ratios for the years ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes.

^f  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2014 and the years ended August 31, 2013, August 31, 2012, August 31, 2011, August 31, 2010 and August 31, 2009 were 2%, 6%, 7%, 8%, 4% and 14%, respectively. See Note 4.

See notes to financial statements.

66 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Thailand Capped ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	67.73		$	70.53		$	66.27		$	55.06		$	36.87		$	38.83
Income from investment operations:
Net investment incomea		0.31			1.84			1.76			1.65			1.44			1.17
Net realized and unrealized gain (loss)b		1.41			(2.75	)		4.37			11.10			17.95			(1.88	)
Total from investment operations		1.72			(0.91	)		6.13			12.75			19.39			(0.71	)
Less distributions from:
Net investment income		(0.54	)		(1.89	)		(1.87	)		(1.54	)		(1.20	)		(1.25	)
Total distributions		(0.54	)		(1.89	)		(1.87	)		(1.54	)		(1.20	)		(1.25	)
Net asset value, end of period	$	68.91		$	67.73		$	70.53		$	66.27		$	55.06		$	36.87
Total return		2.52	%c		(1.65	)%		9.57	%		23.33	%		53.19	%		(0.33	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	458,283		$	541,873		$	595,968		$	632,840		$	520,304		$	94,021
Ratio of expenses to average net assetsd,e		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%		0.65	%
Ratio of net investment income to average net assetsd		0.86	%		2.22	%		2.66	%		2.56	%		3.22	%		4.00	%
Portfolio turnover ratef		8	%		24	%		12	%		22	%		14	%		15	%

^a  Based on average shares outstanding throughout each period.

^b  The amount 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  Ratios for the years ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 67

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Australia		Non-diversified
MSCI Hong Kong		Non-diversified
MSCI Japan Small-Cap		Diversified
MSCI Malaysia		Non-diversified
MSCI Pacific ex Japan		Diversified

iShares ETF	Diversification Classification
MSCI Singapore		Non-diversified
MSCI South Korea Capped		Non-diversified
MSCI Taiwan		Non-diversified
MSCI Thailand Capped		Non-diversified

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

Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

Each Fund invests in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Funds; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in emerging market and frontier market countries.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

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

68 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Directors of the Company (the “Board”).

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

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

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

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

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

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

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

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

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

NOTESTO FINANCIAL STATEMENTS 69

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2014. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI Australia
Assets:
Common Stocks	$	1,725,110,377	$	—	$	261	$	1,725,110,638
Money Market Funds		1,828,538		—		—		1,828,538
Futures Contractsa		428,994		—		—		428,994
	$	1,727,367,909	$	—	$	261	$	1,727,368,170
MSCI Hong Kong
Assets:
Common Stocks	$	2,186,321,656	$	—	$	—	$	2,186,321,656
Money Market Funds		64,460,311		—		—		64,460,311
Futures Contractsa		123,869		—		—		123,869
	$	2,250,905,836	$	—	$	—	$	2,250,905,836
MSCI Japan Small-Cap
Assets:
Common Stocks	$	130,900,366	$	—	$	—	$	130,900,366
Money Market Funds		2,692,394		—		—		2,692,394
	$	133,592,760	$	—	$	—	$	133,592,760
MSCI Malaysia
Assets:
Common Stocks	$	783,522,674	$	—	$	—	$	783,522,674
Money Market Funds		67,740		—		—		67,740
	$	783,590,414	$	—	$	—	$	783,590,414
MSCI Pacific ex Japan
Assets:
Common Stocks	$	2,798,143,214	$	—	$	373	$	2,798,143,587
Money Market Funds		35,020,232		—		—		35,020,232
	$	2,833,163,446	$	—	$	373	$	2,833,163,819

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Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Investment Type	Investments
	Level 1			Level 2			Level 3		Total
MSCI Singapore
Assets:
Common Stocks	$	977,980,263		$	—		$	—	$	977,980,263
Money Market Funds		52,039,708			—			—		52,039,708
Liabilities:
Futures Contractsa		(15,063	)		—			—		(15,063	)
	$	1,030,004,908		$	—		$	—	$	1,030,004,908
MSCI South Korea Capped
Assets:
Common Stocks	$	3,989,620,562		$	—		$	—	$	3,989,620,562
Preferred Stocks		111,351,630			—			—		111,351,630
Money Market Funds		166,111,750			—			—		166,111,750
	$	4,267,083,942		$	—		$	—	$	4,267,083,942
MSCI Taiwan
Assets:
Common Stocks	$	2,795,275,921		$	—		$	2	$	2,795,275,923
Money Market Funds		214,218,479			—			—		214,218,479
Futures Contractsa		2,446			—			—		2,446
	$	3,009,496,846		$	—		$	2	$	3,009,496,848
MSCI Thailand Capped
Assets:
Common Stocks	$	456,092,890		$	—		$	—	$	456,092,890
Warrants		60,450			0	b		—		60,450
Money Market Funds		6,602,012			—			—		6,602,012
	$	462,755,352		$	0	b	$	—	$	462,755,352

^a  Futures contracts are shown at the net unrealized appreciation (depreciation) on the contracts.

^b  Rounds to less than $1.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2014 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

NOTESTO FINANCIAL STATEMENTS 71

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2014, 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.

FEDERAL INCOME TAXES

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.

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. Any securities lending cash collateral 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.

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Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2014 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party. 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.

As of February 28, 2014, the following Funds had securities on loan with a market value as disclosed in the Funds’ statements of assets and liabilities:

iShares ETF	Market Value of Securities on Loan
MSCI Australia	$	1,553,126
MSCI Hong Kong		58,028,244
MSCI Japan Small-Cap		2,497,146
MSCI Pacific ex Japan		33,060,660

iShares ETF	Market Value of Securities on Loan
MSCI Singapore	$	49,119,632
MSCI South Korea Capped		155,395,514
MSCI Taiwan		197,896,450
MSCI Thailand Capped		5,445,522

As of February 28, 2014, the value of the related collateral, as disclosed in the Funds’ schedules of investments, exceeded the market value of the securities on loan.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, BFA is entitled to an annual investment advisory fee

NOTESTO FINANCIAL STATEMENTS 73

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

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

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

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

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

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

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

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. Effective January 1, 2014, 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% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2014, (i) each Fund retains 75% of securities lending income (commencing January 1, 2015 the amount each Fund will retain is expected to change to 70% of securities lending income) and

74 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

(ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, each Fund retained 65% of securities lending income and paid no collateral investment fees.

For the six months ended February 28, 2014, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
MSCI Australia	$	6,090
MSCI Hong Kong		72,580
MSCI Japan Small-Cap		14,104
MSCI Pacific ex Japan		146,235

iShares ETF	Fees Paid to BTC
MSCI Singapore	$	404,004
MSCI South Korea Capped		676,982
MSCI Taiwan		863,782
MSCI Thailand Capped		5,693

In addition, commencing the business day following a “Hurdle Date” (the date that the aggregate securities lending income 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 calendar year 2013 or lesser amount as may be agreed to by the Funds and BTC) and pursuant to a securities lending agreement, (i) each Fund will receive for the remainder of that calendar year 80% of securities lending income (for any Hurdle Date after January 1, 2015, each Fund will retain 75% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2014, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Taiwan ETF in the amount of $113,579, related to the foreign tax on the securities lending income. Such reimbursement is included in “Securities lending income – affiliated” in the Fund’s statement of operations.

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

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 “Interest – 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.

NOTESTO FINANCIAL STATEMENTS 75

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2014 were as follows:

iShares ETF	Purchases		Sales
MSCI Australia	$	68,942,356	$	71,713,874
MSCI Hong Kong		61,590,985		47,430,712
MSCI Japan Small-Cap		10,267,308		6,090,173
MSCI Malaysia		57,037,060		119,185,711
MSCI Pacific ex Japan		139,219,552		153,464,816
MSCI Singapore		4,981,705		24,010,117
MSCI South Korea Capped		783,811,815		297,647,197
MSCI Taiwan		233,466,786		192,740,719
MSCI Thailand Capped		44,138,733		41,047,237

In-kind transactions (see Note 4) for the six months ended February 28, 2014 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Australia	$	88,066,462	$	349,540,551
MSCI Hong Kong		165,404,442		252,130,729
MSCI Japan Small-Cap		42,714,459		10,477,299
MSCI Pacific ex Japan		288,441,397		600,732,335
MSCI Singapore		17,158,499		182,881,134
MSCI Thailand Capped		174,901,010		267,824,525

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 net asset value. 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.

5. INCOME TAX INFORMATION

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

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Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 net asset values per share.

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

As of August 31, 2013, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2014		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Australia	$	61,564,683	$	—	$	7,066	$	529,868	$	24,006,125	$	23,348,244	$	12,127,364	$	121,583,350
MSCI Hong Kong		132,365,884		425,440		2,899,247		3,185,408		29,235,556		114,836,904		34,565,959		317,514,398
MSCI Japan Small-Cap		590,294		—		—		—		131,718		541,322		203,697		1,467,031
MSCI Malaysia		—		—		—		—		29,674,200		—		—		29,674,200
MSCI Pacific ex Japan		136,545,276		—		—		—		66,207,828		104,799,503		36,600,987		344,153,594
MSCI Singapore		31,047,538		—		—		807,115		15,680,510		132,420,824		11,588,528		191,544,515
MSCI South Korea Capped		13,308,753		—		—		—		60,990,953		226,591,665		78,503,704		379,395,075
MSCI Taiwan		26,586,528		14,435,986		64,999,586		16,734,578		343,375,145		363,052,013		19,669,958		848,853,794
MSCI Thailand Capped		900,335		—		—		—		555,444		2,321,428		1,304,910		5,082,117

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

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

As of February 28, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Australia	$	1,780,963,363	$	178,031,752	$	(232,055,939	)	$	(54,024,187	)
MSCI Hong Kong		2,195,621,417		262,879,528		(207,718,978	)		55,160,550
MSCI Japan Small-Cap		131,159,667		11,762,194		(9,329,101	)		2,433,093
MSCI Malaysia		381,320,895		439,968,040		(37,698,521	)		402,269,519
MSCI Pacific ex Japan		2,739,490,058		359,023,765		(265,350,004	)		93,673,761
MSCI Singapore		1,057,808,537		77,377,495		(105,166,061	)		(27,788,566	)
MSCI South Korea Capped		3,017,095,071		1,792,702,702		(542,713,831	)		1,249,988,871
MSCI Taiwan		2,125,906,842		1,173,701,494		(290,113,934	)		883,587,560
MSCI Thailand Capped		592,956,848		3,459,569		(133,661,065	)		(130,201,496	)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2014, 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.

NOTESTO FINANCIAL STATEMENTS 77

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

6. FINANCIAL FUTURES CONTRACTS

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

The following table shows the value of futures contracts held by the Funds as of February 28, 2014 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares MSCI Australia ETF		iShares MSCI Hong Kong ETF		iShares MSCI Taiwan ETF
Equity contracts:
Variation margin/Net assets consist of — net unrealized appreciation (depreciation)a	$	428,994	$	123,869	$	2,446

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

Liabilities
	iShares MSCI Singapore ETF
Equity contracts:
Variation margin/Net assets consist of — net unrealized appreciation (depreciation)a	$	(15,063	)

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

78 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the Funds during the six months ended February 28, 2014 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares MSCI Australia ETF			iShares MSCI Hong Kong ETF			iShares MSCI Singapore ETF		iShares MSCI Taiwan ETF
Equity contracts:
Futures contracts	$	440,229		$	(200,114	)	$	69,301	$	1,311,746
	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI Australia ETF			iShares MSCI Hong Kong ETF			iShares MSCI Singapore ETF		iShares MSCI Taiwan ETF
Equity contracts:
Futures contracts	$	(277,380	)	$	230,847		$	70,717	$	(485,635	)

The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2014:

	iShares MSCI Australia ETF		iShares MSCI Hong Kong ETF		iShares MSCI Singapore ETF		iShares MSCI Taiwan ETF
Average number of contracts purchased		164		51		116		259
Average value of contracts purchased	$	19,388,210	$	7,543,152	$	6,520,506	$	7,327,740

7. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 79

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts 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 distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Australia	$	0.368183	$	—	$	0.231891	$	0.600074		61	%		—	%		39	%		100	%
MSCI Japan Small-Cap		0.374796		—		0.398420		0.773216		48			—			52			100
MSCI Malaysia		0.189489		—		0.067611		0.257100		74			—			26			100
MSCI Pacific ex Japan		0.695424		—		0.270261		0.965685		72			—			28			100
MSCI Singapore		0.070075		—		0.188853		0.258928		27			—			73			100
MSCI South Korea Capped		0.244213		—		0.653832		0.898045		27			—			73			100
MSCI Taiwan		0.237828		—		0.024159		0.261987		91			—			9			100

80 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 81

Notes:

82 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

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

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

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

©2014 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-83-0214

FEBRUARY 28, 2014

  2014 SEMI-ANNUAL REPORT (UNAUDITED)  

iShares, Inc.

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

^Ø   iShares MSCI Canada ETF  |  EWC  |  NYSE Arca

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

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

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

^Ø   iShares MSCI Mexico Capped ETF  |  EWW  |  NYSE Arca

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

^Ø   iShares MSCI Turkey ETF  |  TUR  |  NYSE Arca

^Ø   iShares MSCI USA ETF  |  EUSA  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	14
Shareholder Expenses	14
Schedules of Investments	15
iShares MSCI Brazil Capped ETF	15
iShares MSCI Canada ETF	18
iShares MSCI Chile Capped ETF	21
iShares MSCI Colombia Capped ETF	23
iShares MSCI Israel Capped ETF	24
iShares MSCI Mexico Capped ETF	26
iShares MSCI South Africa ETF	28
iShares MSCI Turkey ETF	30
iShares MSCI USA ETF	33
Financial Statements	43
Financial Highlights	54
Notes to Financial Statements	63
Supplemental Information	76

Fund Performance Overview

iSHARES^® MSCI BRAZIL CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Brazil Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was -2.28%, net of fees, while the total return for the Index was -1.98%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(23.56)%		(23.18)%		(23.17)%		(23.56)%		(23.18)%		(23.17)%
5 Years		7.08%		7.07%		7.63%		40.81%		40.73%		44.40%
10 Years		12.61%		12.55%		13.60%		227.83%		226.14%		257.84%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	977.20	$	3.04	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	27.79	%
Consumer Staples	17.31
Materials	16.70
Energy	12.39
Utilities	6.34
Industrials	6.07
Consumer Discretionary	6.06
Telecommunication Services	3.37
Information Technology	3.30
Health Care	0.67
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

AMBEV SA	8.13	%
Itau Unibanco Holding SA (Preferred)	8.04
Petroleo Brasileiro SA (Preferred)	5.87
Banco Bradesco SA (Preferred)	5.67
Vale SA Class A (Preferred)	5.43
Vale SA	4.04
Petroleo Brasileiro SA	3.76
BRF SA	3.39
Cielo SA	2.73
BM&F Bovespa SA	2.25
TOTAL	49.31	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI CANADA ETF

Performance as of February 28, 2014

The iShares MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of Canadian equities, as represented by the MSCI Canada Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 8.08%, net of fees, while the total return for the Index was 8.17%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		5.22%		5.92%		5.37%		5.22%		5.92%		5.37%
5 Years		16.26%		16.37%		16.53%		112.37%		113.44%		114.90%
10 Years		8.92%		8.88%		9.12%		134.96%		134.05%		139.25%

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		��	Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,080.80	$	2.53	$	1,000.00	$	1,022.40		$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	36.96	%
Energy	25.50
Materials	12.45
Industrials	7.17
Consumer Discretionary	5.14
Health Care	4.14
Consumer Staples	3.44
Telecommunication Services	2.60
Information Technology	1.33
Utilities	1.27
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

Royal Bank of Canada	7.10	%
Toronto-Dominion Bank (The)	6.33
Bank of Nova Scotia	5.24
Suncor Energy Inc.	3.72
Canadian National Railway Co.	3.60
Valeant Pharmaceuticals International Inc.	3.43
Bank of Montreal	3.22
Canadian Natural Resources Ltd.	3.01
Manulife Financial Corp.	2.65
Canadian Imperial Bank of Commerce	2.54
TOTAL	40.84	%

* Excludes money market funds.

6 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI CHILE CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Chile Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile Investable Market Index 25/50 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was -7.38%, net of fees, while the total return for the Index was -7.41%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(32.76)%		(32.73)%		(32.56)%		(32.76)%		(32.73)%		(32.56)%
5 Years		7.43%		7.09%		8.47%		43.08%		40.84%		50.16%
Since Inception		(0.33)%		(0.42)%		0.36%		(2.04)%		(2.64)%		2.26%

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	926.20	$	2.96	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Utilities	24.59	%
Financials	17.17
Consumer Staples	12.68
Materials	11.29
Consumer Discretionary	10.49
Industrials	10.44
Energy	9.02
Telecommunication Services	2.34
Information Technology	1.69
Health Care	0.29
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

S.A.C.I. Falabella SA	9.04	%
Empresas Copec SA	9.02
Enersis SA	8.32
LATAM Airlines Group SA	7.35
Empresa Nacional de Electricidad SA	6.49
Cencosud SA	4.94
Banco Santander (Chile) SA	4.56
Banco de Chile	4.53
Sociedad Quimica y Minera de Chile SA Series B (Preferred)	4.50
Empresas CMPC SA	4.39
TOTAL	63.14	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI COLOMBIA CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Colombia Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Colombian equities, as represented by the MSCI All Colombia Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was -10.94%, net of fees, while the total return for the Index was -11.08%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		(8.48)%		(8.32)%		(8.83)%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	890.60	$	2.86	$	1,000.00	$	1,021.80	$	3.06		0.61%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	35.32	%
Energy	26.21
Utilities	15.49
Materials	9.33
Consumer Staples	8.36
Industrials	5.29
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

Ecopetrol SA	16.80	%
Bancolombia SA (Preferred)	7.50
Grupo de Inversiones Suramericana SA	6.71
Pacific Rubiales Energy Corp.	5.65
Avianca Holdings SA (Preferred)	5.29
Cemex Latam Holdings SA	4.93
Grupo Nutresa SA	4.44
Corporacion Financiera Colombiana SA NVS	4.39
Interconexion Electrica SA ESP	4.27
Isagen SA ESP	4.20
TOTAL	64.18	%

* Excludes money market funds.

8 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI ISRAEL CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Israel Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 18.89%, net of fees, while the total return for the Index was 19.08%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		18.36%		19.19%		18.46%		18.36%		19.19%		18.46%
5 Years		12.86%		13.74%		13.14%		83.07%		90.31%		85.36%
Since Inception		2.63%		2.82%		3.06%		16.67%		17.91%		19.58%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,188.90	$	3.36	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	35.50	%
Health Care	25.35
Materials	10.80
Telecommunication Services	7.26
Information Technology	6.54
Industrials	5.25
Energy	4.87
Consumer Staples	3.83
Consumer Discretionary	0.60
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

Teva Pharmaceutical Industries Ltd.	23.74	%
Bank Hapoalim BM	9.91
Bank Leumi le-Israel BM	8.26
Israel Chemicals Ltd.	6.49
Bezeq The Israel Telecommunication Corp. Ltd.	4.66
NICE Systems Ltd.	4.11
Mizrahi Tefahot Bank Ltd.	2.71
Delek Group Ltd. (The)	2.67
Israel Discount Bank Ltd. Class A	2.56
Israel Corp. Ltd. (The)	2.45
TOTAL	67.56	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI MEXICO CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Mexico Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico Investable Market Index 25/50 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was -1.03%, net of fees, while the total return for the Index was -1.56%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(13.54)%		(13.74)%		(13.37)%		(13.54)%		(13.74)%		(13.37)%
5 Years		22.12%		22.20%		21.57%		171.65%		172.49%		165.50%
10 Years		13.57%		13.51%		13.30%		257.03%		255.12%		248.65%

Index performance through November 30, 2007 reflects the performance of the MSCI Mexico Index. Index performance beginning on December 1, 2007 through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico Investable Market Index 25/50.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	989.70	$	2.42	$	1,000.00	$	1,022.40	$	2.46		0.49%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Consumer Staples	21.10	%
Financials	20.13
Materials	17.20
Telecommunication Services	17.18
Industrials	12.88
Consumer Discretionary	10.29
Health Care	1.22
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

America Movil SAB de CV Series L	16.70	%
Fomento Economico Mexicano SAB de CV BD Units	7.44
Grupo Financiero Banorte SAB de CV Series O	7.12
Grupo Televisa SAB de CV CPO	6.56
Cemex SAB de CV CPO	6.23
Wal-Mart de Mexico SAB de CV Series V	4.52
Grupo Mexico SAB de CV Series B	4.41
Alfa SAB de CV Series A	3.76
Grupo Financiero Inbursa SAB de CV Series O	3.17
Fibra Uno Administracion SA de CV	2.51
TOTAL	62.42	%

* Excludes money market funds.

10 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SOUTH AFRICA ETF

Performance as of February 28, 2014

The iShares MSCI South Africa ETF (the “Fund”) seeks to track the investment results of an index composed of South African equities, as represented by the MSCI South Africa Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 7.78%, net of fees, while the total return for the Index was 8.15%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(1.04)%		(1.13)%		(0.40)%		(1.04)%		(1.13)%		(0.40)%
5 Years		18.59%		18.60%		19.41%		134.57%		134.66%		142.79%
10 Years		11.05%		10.89%		11.99%		185.14%		181.17%		210.32%

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,077.80	$	3.19	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector	Percentage of Total Investments*
Financials		25.10	%
Consumer Discretionary		25.05
Telecommunication Services		12.63
Materials		12.01
Energy		10.81
Health Care		5.89
Consumer Staples		4.82
Industrials		3.69
TOTAL		100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security	Percentage of Total Investments*
Naspers Ltd. Class N		17.22	%
MTN Group Ltd.		11.14
Sasol Ltd.		10.12
Standard Bank Group Ltd.		5.02
FirstRand Ltd.		3.56
Sanlam Ltd.		3.17
Aspen Pharmacare Holdings Ltd.		3.14
Remgro Ltd.		3.00
AngloGold Ashanti Ltd.		2.57
Bidvest Group Ltd.		2.51
TOTAL		61.45	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

Fund Performance Overview

iSHARES^® MSCI TURKEY ETF

Performance as of February 28, 2014

The iShares MSCI Turkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was -12.57%, net of fees, while the total return for the Index was -12.05%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(34.19)%		(34.06)%		(33.60)%		(34.19)%		(34.06)%		(33.60)%
5 Years		16.77%		16.62%		17.43%		117.10%		115.69%		123.27%
Since Inception		(0.72)%		(0.79)%		(0.30)%		(4.21)%		(4.59)%		(1.75)%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	874.30	$	2.88	$	1,000.00	$	1,021.70	$	3.11		0.62%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	44.87	%
Industrials	14.32
Consumer Staples	13.93
Telecommunication Services	8.59
Materials	7.31
Consumer Discretionary	6.20
Energy	3.92
Health Care	0.48
Utilities	0.28
Information Technology	0.10
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

Turkiye Garanti Bankasi AS	10.39	%
Akbank TAS	7.65
Turkcell Iletisim Hizmetleri AS	6.58
BIM Birlesik Magazalar AS	6.47
Turkiye Halk Bankasi AS	5.04
Turkiye Is Bankasi AS Class C	4.78
Haci Omer Sabanci Holding AS	4.74
KOC Holding AS	3.85
Turkiye Petrol Rafinerileri AS	3.62
Anadolu Efes Biracilik ve Malt Sanayii AS	3.58
TOTAL	56.70	%

* Excludes money market funds.

12 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI USA ETF

Performance as of February 28, 2014

The iShares MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities, as represented by the MSCI USA Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 15.15%, net of fees, while the total return for the Index was 15.26%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		25.53%		25.77%		25.77%		25.53%		25.77%		25.77%
Since Inception		15.46%		15.49%		15.67%		73.20%		73.37%		74.39%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,151.50	$	0.80	$	1,000.00	$	1,024.10	$	0.75		0.15%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Information Technology	18.94	%
Financials	15.74
Health Care	13.51
Consumer Discretionary	13.04
Industrials	10.43
Energy	9.92
Consumer Staples	9.30
Materials	3.49
Utilities	3.05
Telecommunication Services	2.58
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

Apple Inc.	2.70	%
Exxon Mobil Corp.	2.40
Google Inc. Class A	1.92
Microsoft Corp.	1.74
Johnson & Johnson	1.48
General Electric Co.	1.47
Wells Fargo & Co.	1.33
Chevron Corp.	1.27
Procter & Gamble Co. (The)	1.22
J.P. Morgan Chase & Co.	1.22
TOTAL	16.75	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 13

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 management fees. Without such 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. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2013 and held through February 28, 2014, 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. 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 for 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.

14 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI BRAZIL CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 59.45%
AEROSPACE & DEFENSE — 1.59%
Embraer SA		7,341,932	$	65,844,810
				65,844,810
BEVERAGES — 8.09%
AMBEV SA		46,213,960		333,943,341
				333,943,341
CAPITAL MARKETS — 0.74%
CETIP SA — Mercados Organizados		2,839,926		30,393,044
				30,393,044
COMMERCIAL BANKS — 4.03%
Banco Bradesco SA		4,052,120		50,564,768
Banco do Brasil SA		7,161,697		63,461,955
Banco Santander (Brasil) SA Units		10,717,541		52,532,468
				166,559,191
DIVERSIFIED CONSUMER SERVICES — 2.47%
Anhanguera Educacional Participacoes SA		5,568,200		31,297,289
Estacio Participacoes SA		3,156,000		29,857,705
Kroton Educacional SA		2,181,800		40,815,351
				101,970,345
DIVERSIFIED FINANCIAL SERVICES — 2.24%
BM&F Bovespa SA		21,433,200		92,393,974
				92,393,974
ELECTRIC UTILITIES — 1.40%
Centrais Eletricas Brasileiras SA		4,172,899		8,931,719
CPFL Energia SA		3,452,700		24,831,061
EDP Energias do Brasil SA		3,839,000		14,675,629
Transmissora Alianca de Energia Eletrica SA		1,224,000		9,452,466
				57,890,875
FOOD & STAPLES RETAILING — 0.52%
Raia Drogasil SA		3,023,500		21,394,887
				21,394,887
FOOD PRODUCTS — 4.39%
BRF SA		7,572,250		139,127,128
JBS SA		8,598,722		27,607,198
M Dias Branco SA		412,300		14,455,210
				181,189,536

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 0.67%
Odontoprev SA		1,646,100	$	6,038,988
Qualicorp SAa		2,387,900		21,711,899
				27,750,887
HOUSEHOLD DURABLES — 0.99%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		4,285,100		23,956,938
MRV Engenharia e Participacoes SA		4,891,047		17,001,413
				40,958,351
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.80%
Tractebel Energia SA		2,313,300		32,877,380
				32,877,380
INSURANCE — 2.65%
BB Seguridade Participacoes SA		6,761,600		67,442,329
Porto Seguro SA		1,806,800		25,121,945
Sul America SA Units		2,661,450		17,055,611
				109,619,885
IT SERVICES — 2.72%
Cielo SA		4,127,132		112,188,734
				112,188,734
MACHINERY — 0.80%
WEG SA		2,525,100		33,066,271
				33,066,271
METALS & MINING — 5.02%
Companhia Siderurgica Nacional SA		9,526,754		41,720,331
Vale SA		11,729,900		165,704,923
				207,425,254
MULTILINE RETAIL — 1.20%
Lojas Americanas SA		1,716,600		9,112,089
Lojas Renner SA		1,644,800		40,627,123
				49,739,212
OIL, GAS & CONSUMABLE FUELS — 6.48%
Cosan SA Industria e Comercio		1,785,190		26,510,377
Petroleo Brasileiro SA		27,757,744		154,354,920
Ultrapar Participacoes SA		3,894,900		86,951,642
				267,816,939
PAPER & FOREST PRODUCTS — 1.02%
Duratex SA		1,285,010		5,979,477
Fibria Celulose SAa		3,404,426		36,142,879
				42,122,356

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRAZIL CAPPED ETF

February 28, 2014

Security	Shares		Value
PERSONAL PRODUCTS — 1.57%
Hypermarcas SA		4,988,100	$	31,026,153
Natura Cosmeticos SA		2,297,200		33,936,803
				64,962,956
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.08%
BR Malls Participacoes SA		5,327,200		40,957,411
BR Properties SA		2,788,900		20,295,933
Multiplan Empreendimentos Imobiliarios SA		1,237,800		24,427,474
				85,680,818
ROAD & RAIL — 1.12%
ALL-America Latina Logistica SA		6,705,800		19,376,776
Localiza Rent A Car SA		2,026,240		27,028,099
				46,404,875
SOFTWARE — 0.56%
Totvs SA		1,682,100		23,301,693
				23,301,693
SPECIALTY RETAIL — 0.51%
Companhia Hering SA		1,970,300		21,001,914
				21,001,914
TOBACCO — 1.03%
Souza Cruz SA		4,898,900		42,655,662
				42,655,662
TRANSPORTATION INFRASTRUCTURE — 2.16%
CCR SA		10,762,300		74,082,955
EcoRodovias Infraestrutura e Logistica SA		2,822,800		14,923,622
				89,006,577
WATER UTILITIES — 1.32%
Companhia de Saneamento Basico do Estado de Sao Paulo		4,448,500		40,942,958
Companhia de Saneamento de Minas Gerais SA		952,400		13,576,593
				54,519,551
WIRELESS TELECOMMUNICATION SERVICES — 1.28%
TIM Participacoes SA		10,753,590		52,755,198
				52,755,198
TOTAL COMMON STOCKS
(Cost: $1,813,059,712)				2,455,434,516

Security	Shares		Value
PREFERRED STOCKS — 39.95%
CHEMICALS — 0.45%
Braskem SA Class A		2,723,236	$	18,827,167
				18,827,167
COMMERCIAL BANKS — 15.88%
Banco Bradesco SA		19,917,536		232,854,413
Banco do Estado do Rio Grande do Sul SA Class B		2,970,010		14,494,056
Itau Unibanco Holding SA		24,701,310		330,231,982
Itausa-Investimentos Itau SA		21,585,341		78,450,148
				656,030,599
CONTAINERS & PACKAGING — 0.78%
Klabin SA		6,471,300		32,134,880
				32,134,880
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.07%
Oi SA		11,981,193		18,412,878
Telefonica Brasil SA		3,655,274		67,253,286
				85,666,164
ELECTRIC UTILITIES — 1.97%
Centrais Eletricas Brasileiras SA Class B		3,324,051		12,934,770
Companhia Energetica de Minas Gerais		8,920,590		51,285,757
Companhia Paranaense de Energia Class B		1,572,900		17,001,595
				81,222,122
FOOD & STAPLES RETAILING — 1.61%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A		1,575,464		66,694,193
				66,694,193
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.82%
AES Tiete SA		1,653,600		12,317,055
Companhia Energetica de Sao Paulo Class B		2,223,670		21,418,054
				33,735,109
MACHINERY — 0.36%
Marcopolo SA		7,441,600		14,749,404
				14,749,404
METALS & MINING — 8.98%
Bradespar SA		3,184,900		29,054,032
Gerdau SA		10,520,446		65,032,209

16 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRAZIL CAPPED ETF

February 28, 2014

Security	Shares		Value
Metalurgica Gerdau SA		3,829,290	$	29,358,983
Usinas Siderurgicas de Minas Gerais SA Class A		5,881,800		24,599,823
Vale SA Class A		17,892,600		222,814,954
				370,860,001
MULTILINE RETAIL — 0.85%
Lojas Americanas SA		5,647,105		34,980,141
				34,980,141
OIL, GAS & CONSUMABLE FUELS — 5.84%
Petroleo Brasileiro SA		41,438,878		241,076,349
				241,076,349
PAPER & FOREST PRODUCTS — 0.34%
Suzano Papel e Celulose SA Class A		3,726,100		14,164,284
				14,164,284
TOTAL PREFERRED STOCKS
(Cost: $1,218,123,948)				1,650,140,413
RIGHTS — 0.01%
COMMERCIAL BANKS — 0.01%
Itausa-Investimentos Itau SAa		322,304		303,540
				303,540
TOTAL RIGHTS
(Cost: $0)				303,540
SHORT-TERM INVESTMENTS — 0.01%
MONEY MARKET FUNDS — 0.01%
BlackRock Cash Funds: Treasury,
SL Agency Shares
0.00%b,c		664,005		664,005
				664,005
TOTAL SHORT-TERM INVESTMENTS
(Cost: $664,005)				664,005
TOTAL INVESTMENTS IN SECURITIES — 99.42% (Cost: $3,031,847,665)				4,106,542,474
Other Assets, Less Liabilities — 0.58%				23,962,787
NET ASSETS — 100.00%			$	4,130,505,261

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited)

iSHARES^® MSCI CANADA ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.64%
AEROSPACE & DEFENSE — 0.62%
Bombardier Inc. Class B		3,342,079	$	10,899,232
CAE Inc.		604,880		8,131,004
				19,030,236
AUTO COMPONENTS — 1.50%
Magna International Inc. Class A		517,514		46,082,800
				46,082,800
CAPITAL MARKETS — 0.74%
CI Financial Corp.		361,878		11,209,898
IGM Financial Inc.		233,534		11,390,307
				22,600,205
CHEMICALS — 3.67%
Agrium Inc.		334,486		30,818,219
Methanex Corp.		221,967		15,560,449
Potash Corp. of Saskatchewan Inc.		1,997,623		66,049,055
				112,427,723
COMMERCIAL BANKS — 25.32%
Bank of Montreal		1,490,599		98,219,695
Bank of Nova Scotia		2,798,265		160,066,977
Canadian Imperial Bank of Commerce		925,720		77,506,418
National Bank of Canada		754,269		30,281,146
Royal Bank of Canada		3,335,762		216,819,256
Toronto-Dominion Bank (The)		4,266,732		193,341,413
				776,234,905
COMMUNICATIONS EQUIPMENT — 0.36%
BlackBerry Ltd.a,b		1,096,164		10,942,330
				10,942,330
CONSTRUCTION & ENGINEERING — 0.51%
SNC-Lavalin Group Inc.		351,358		15,670,576
				15,670,576
DIVERSIFIED FINANCIAL SERVICES — 0.36%
Onex Corp.		209,338		11,157,633
				11,157,633
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.53%
BCE Inc.		592,251		25,841,929
Bell Aliant Inc.		173,570		4,192,838
TELUS Corp. NVS		477,764		16,931,823
				46,966,590

Security	Shares		Value
ELECTRIC UTILITIES — 0.44%
Fortis Inc.		491,269	$	13,593,721
				13,593,721
FOOD & STAPLES RETAILING — 2.96%
Alimentation Couche-Tard Inc. Class B		321,907		25,375,676
Empire Co. Ltd. Class A		127,287		8,142,366
George Weston Ltd.		118,886		8,637,077
Loblaw Companies Ltd.b		260,886		10,768,220
Metro Inc. Class A		212,484		11,878,143
Shoppers Drug Mart Corp.		477,348		26,003,058
				90,804,540
FOOD PRODUCTS — 0.47%
Saputo Inc.		292,436		14,434,891
				14,434,891
HEALTH CARE PROVIDERS & SERVICES — 0.70%
Catamaran Corp.a		477,593		21,512,071
				21,512,071
HOTELS, RESTAURANTS & LEISURE — 0.60%
Tim Hortons Inc.		340,793		18,475,078
				18,475,078
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.23%
TransAlta Corp.		620,728		7,149,629
				7,149,629
INSURANCE — 7.74%
Fairfax Financial Holdings Ltd.		48,507		20,155,635
Great-West Lifeco Inc.		694,290		19,318,065
Industrial Alliance Insurance and Financial Services Inc.		229,331		9,558,997
Intact Financial Corp.		304,013		18,293,786
Manulife Financial Corp.		4,265,735		80,963,993
Power Corp. of Canada		808,953		22,135,766
Power Financial Corp.		576,476		18,149,138
Sun Life Financial Inc.		1,405,427		48,677,963
				237,253,343
IT SERVICES — 0.51%
CGI Group Inc. Class Aa,b		481,806		15,743,189
				15,743,189
MEDIA — 1.64%
Shaw Communications Inc. Class B		899,445		20,809,239
Thomson Reuters Corp.		861,538		29,575,359
				50,384,598

18 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CANADA ETF

February 28, 2014

Security	Shares		Value
METALS & MINING — 8.74%
Agnico-Eagle Mines Ltd.		401,854	$	12,898,390
Barrick Gold Corp.		2,696,166		54,948,738
Eldorado Gold Corp.		1,657,902		11,008,248
First Quantum Minerals Ltd.		1,299,165		25,209,869
Franco-Nevada Corp.		339,781		17,370,438
Goldcorp Inc.		1,879,844		50,555,993
Kinross Gold Corp.		2,647,799		13,825,627
New Gold Inc.a,b		1,165,586		7,128,612
Silver Wheaton Corp.		826,867		21,102,121
Teck Resources Ltd. Class B		1,311,789		29,187,735
Turquoise Hill Resources Ltd.a,b		1,862,942		7,118,880
Yamana Gold Inc.		1,743,099		17,447,524
				267,802,175
MULTI-UTILITIES — 0.59%
ATCO Ltd. Class I NVS		176,731		8,276,558
Canadian Utilities Ltd. Class A		277,723		9,832,390
				18,108,948
MULTILINE RETAIL — 0.92%
Canadian Tire Corp. Ltd. Class A NVS		177,778		16,036,075
Dollarama Inc.		155,681		12,144,229
				28,180,304
OIL, GAS & CONSUMABLE FUELS — 25.41%
AltaGas Ltd.		281,961		10,823,003
ARC Resources Ltd.		724,813		19,558,394
Athabasca Oil Corp.a,b		742,687		5,736,459
Baytex Energy Corp.		289,302		10,550,722
Cameco Corp.		915,205		22,165,993
Canadian Natural Resources Ltd.		2,513,103		91,992,352
Canadian Oil Sands Ltd.		1,121,387		21,385,320
Cenovus Energy Inc.		1,749,401		46,320,921
Crescent Point Energy Corp.		911,052		31,982,909
Enbridge Inc.		1,820,962		76,987,237
Encana Corp.		1,713,663		32,509,981
Enerplus Corp.		467,083		9,253,471
Husky Energy Inc.		796,329		24,221,869
Imperial Oil Ltd.		686,931		30,916,394
Inter Pipeline Ltd.		710,304		19,218,217
Keyera Corp.		181,991		10,980,784
MEG Energy Corp.a		334,526		10,311,240
Pacific Rubiales Energy Corp.		713,236		9,825,962
Pembina Pipeline Corp.		724,833		26,133,145
Pengrowth Energy Corp.		1,203,468		8,110,458

Security	Shares		Value
Penn West Petroleum Ltd.		1,129,838	$	9,267,744
Peyto Exploration & Development Corp.		327,162		10,669,450
Suncor Energy Inc.		3,446,072		113,722,399
Talisman Energy Inc.		2,397,423		24,690,024
Tourmaline Oil Corp.a		372,438		17,061,594
TransCanada Corp.		1,636,847		72,071,839
Vermilion Energy Inc.		224,071		12,651,373
				779,119,254
PHARMACEUTICALS — 3.42%
Valeant Pharmaceuticals International Inc.a		734,271		104,845,634
				104,845,634
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.47%
H&R Real Estate Investment Trust		305,075		6,129,336
RioCan Real Estate Investment Trust		341,890		8,110,602
				14,239,938
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.20%
Brookfield Asset Management Inc. Class A		1,278,115		51,808,139
Brookfield Office Properties Inc.		642,747		12,274,874
First Capital Realty Inc.		216,707		3,476,866
				67,559,879
ROAD & RAIL — 5.66%
Canadian National Railway Co.		1,947,167		110,045,411
Canadian Pacific Railway Ltd.		405,000		63,569,944
				173,615,355
SOFTWARE — 0.46%
Open Text Corp.		273,510		13,950,381
				13,950,381
TEXTILES, APPAREL & LUXURY GOODS — 0.45%
Gildan Activewear Inc.		268,250		13,757,218
				13,757,218
TRADING COMPANIES & DISTRIBUTORS — 0.36%
Finning International Inc.		398,698		10,862,940
				10,862,940
WIRELESS TELECOMMUNICATION SERVICES — 1.06%
Rogers Communications Inc. Class B		840,523		32,498,653
				32,498,653
TOTAL COMMON STOCKS
(Cost: $3,341,695,509)				3,055,004,737

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CANADA ETF

February 28, 2014

Security	Shares		Value
SHORT-TERM INVESTMENTS — 1.46%
MONEY MARKET FUNDS — 1.46%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		42,187,621	$	42,187,621
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		2,211,674		2,211,674
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		303,832		303,832
				44,703,127
TOTAL SHORT-TERM INVESTMENTS
(Cost: $44,703,127)				44,703,127
TOTAL INVESTMENTS IN SECURITIES — 101.10%
(Cost: $3,386,398,636)				3,099,707,864
Other Assets, Less Liabilities — (1.10)%				(33,624,788	)
NET ASSETS — 100.00%			$	3,066,083,076

NVS  —  Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

Financial futures contracts purchased as of February 28, 2014 were as follows:

Number of Contracts		Issue (Expiration)	Exchange	Notional Value		Net Unrealized Appreciation (Depreciation)
	76	S&P/TSX 60 Index (Mar. 2014)	Montreal	$	11,155,409	$	652,534

See notes to financial statements.

20 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI CHILE CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 92.99%
AIRLINES — 7.31%
LATAM Airlines Group SA		1,343,245	$	20,814,273
				20,814,273
BEVERAGES — 4.55%
Compania Cervecerias Unidas SA		730,109		8,264,899
Vina Concha y Toro SA		2,389,877		4,701,327
				12,966,226
COMMERCIAL BANKS — 14.94%
Banco de Chile		100,562,598		12,838,085
Banco de Credito e Inversiones		158,617		8,680,291
Banco Santander (Chile) SA		238,501,724		12,913,473
CorpBanca SA		680,545,881		8,097,686
				42,529,535
CONSTRUCTION & ENGINEERING — 1.26%
Besalco SA		1,791,099		1,619,534
SalfaCorp SA		2,041,814		1,974,206
				3,593,740
DIVERSIFIED FINANCIAL SERVICES — 0.64%
Inversiones la Construccion SA		137,041		1,818,592
				1,818,592
ELECTRIC UTILITIES — 9.42%
E.CL SA		2,460,536		3,269,513
Enersis SA		82,129,501		23,547,161
				26,816,674
FOOD & STAPLES RETAILING — 4.91%
Cencosud SA		4,586,052		13,976,258
				13,976,258
FOOD PRODUCTS — 1.15%
Empresas Aquachile SAa		2,647,533		1,399,794
Empresas Iansa SA		23,405,937		880,940
Multiexport Foods SAa		5,798,233		996,171
				3,276,905
HEALTH CARE PROVIDERS & SERVICES — 0.29%
Cruz Blanca Salud SA		999,444		815,042
				815,042
HOTELS, RESTAURANTS & LEISURE — 0.23%
Enjoy SA		5,999,448		643,756
				643,756
HOUSEHOLD DURABLES — 0.28%
Socovesa SA		3,620,774		785,213
				785,213

Security	Shares		Value
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 11.79%
AES Gener SA		11,939,825	$	6,252,436
Colbun SA		38,066,437		8,906,764
Empresa Nacional de Electricidad SA		13,533,852		18,387,148
				33,546,348
IT SERVICES — 1.69%
Sonda SA		2,436,081		4,798,768
				4,798,768
MARINE — 0.90%
Compania SudAmericana de Vapores SAa		52,894,263		2,564,346
				2,564,346
METALS & MINING — 2.02%
CAP SA		366,908		5,750,333
				5,750,333
MULTILINE RETAIL — 9.44%
Empresas Hites SA		1,488,374		832,223
Empresas la Polar SAa		7,130,138		466,052
S.A.C.I. Falabella SA		3,070,240		25,585,196
				26,883,471
OIL, GAS & CONSUMABLE FUELS — 8.98%
Empresas Copec SA		1,911,338		25,549,936
				25,549,936
PAPER & FOREST PRODUCTS — 4.73%
Empresas CMPC SA		5,159,872		12,442,028
Masisa SA		20,879,945		1,026,867
				13,468,895
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.48%
Parque Arauco SA		2,423,893		4,218,088
				4,218,088
TEXTILES, APPAREL & LUXURY GOODS — 0.48%
Forus SA		290,674		1,379,875
				1,379,875
TRANSPORTATION INFRASTRUCTURE — 0.91%
Sociedad Matriz SAAM SA		31,840,398		2,594,232
				2,594,232
WATER UTILITIES — 3.26%
Aguas Andinas SA Series A		10,230,577		6,268,476
Inversiones Aguas Metropolitanas SA		1,883,590		3,015,506
				9,283,982

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHILE CAPPED ETF

February 28, 2014

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 2.33%
Empresa Nacional de Telecomunicaciones SA		573,951	$	6,626,994
				6,626,994
TOTAL COMMON STOCKS
(Cost: $223,844,182)				264,701,482
PREFERRED STOCKS — 6.48%
BEVERAGES — 2.00%
Coca-Cola Embonor SA		751,310		1,432,183
Embotelladora Andina SA Class B		1,095,679		4,250,124
				5,682,307
CHEMICALS — 4.48%
Sociedad Quimica y Minera de Chile SA Series B		417,375		12,751,909
				12,751,909
TOTAL PREFERRED STOCKS
(Cost: $17,718,964)				18,434,216
RIGHTS — 0.02%
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.02%
Parque Arauco SAa		405,000		52,190
				52,190
TOTAL RIGHTS
(Cost: $0)				52,190
SHORT-TERM INVESTMENTS — 0.34%
MONEY MARKET FUNDS — 0.34%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		977,105		977,105
				977,105
TOTAL SHORT-TERM INVESTMENTS
(Cost: $977,105)				977,105

		Value
TOTAL INVESTMENTS IN SECURITIES — 99.83%
(Cost: $242,540,251)	$	284,164,993
Other Assets, Less Liabilities — 0.17%		473,892
NET ASSETS — 100.00%	$	284,638,885

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

22 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI COLOMBIA CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 78.95%
COMMERCIAL BANKS — 7.10%
Banco de Bogota SA		13,020	$	432,293
Bancolombia SA		56,760		668,107
Grupo Aval Acciones y Valores SA		208,263		122,062
				1,222,462
CONSTRUCTION MATERIALS — 9.02%
Cementos Argos SA		35,490		159,470
Cemex Latam Holdings SAa		106,575		848,457
Grupo Argos SA		59,745		545,086
				1,553,013
DIVERSIFIED FINANCIAL SERVICES — 12.85%
Bolsa de Valores de Colombia		31,254,315		303,773
Corporacion Financiera Colombiana SA NVS		43,665		754,106
Grupo de Inversiones Suramericana SA		71,250		1,154,644
				2,212,523
ELECTRIC UTILITIES — 12.16%
Celsia SA ESP		241,575		637,136
Interconexion Electrica SA ESP		197,730		733,961
Isagen SA ESP		499,875		722,670
				2,093,767
FOOD & STAPLES RETAILING — 3.91%
Almacenes Exito SA		54,720		674,028
				674,028
FOOD PRODUCTS — 4.43%
Grupo Nutresa SA		64,650		762,873
				762,873
GAS UTILITIES — 3.31%
Empresa de Energia de Bogota SA		827,460		569,840
				569,840
OIL, GAS & CONSUMABLE FUELS — 26.17%
Canacol Energy Ltd.a		101,160		646,101
Ecopetrol SA		1,689,871		2,888,739
Pacific Rubiales Energy Corp.		70,485		971,043
				4,505,883
TOTAL COMMON STOCKS
(Cost: $15,613,112)				13,594,389

Security	Shares		Value
PREFERRED STOCKS — 20.91%
AIRLINES — 5.28%
Avianca Holdings SA		439,980	$	910,066
				910,066
COMMERCIAL BANKS — 13.45%
Banco Davivienda SA		60,975		717,721
Bancolombia SA		103,710		1,289,632
Grupo Aval Acciones y Valores SA		521,235		308,039
				2,315,392
CONSTRUCTION MATERIALS — 0.30%
Grupo Argos SA		5,640		51,732
				51,732
DIVERSIFIED FINANCIAL SERVICES — 1.88%
Grupo de Inversiones Suramericana SA		19,545		323,610
				323,610
TOTAL PREFERRED STOCKS
(Cost: $3,883,465)				3,600,800
SHORT-TERM INVESTMENTS — 0.04%
MONEY MARKET FUNDS — 0.04%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		7,457		7,457
				7,457
TOTAL SHORT-TERM INVESTMENTS
(Cost: $7,457)				7,457
TOTAL INVESTMENTS IN SECURITIES — 99.90%
(Cost: $19,504,034)				17,202,646
Other Assets, Less Liabilities — 0.10%				16,424
NET ASSETS — 100.00%			$	17,219,070

NVS  —  Non-Voting Shares

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 23

Schedule of Investments (Unaudited)

iSHARES^® MSCI ISRAEL CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.77%
AEROSPACE & DEFENSE — 2.32%
Elbit Systems Ltd.		51,969	$	2,981,577
				2,981,577
BIOTECHNOLOGY — 0.73%
Kamada Ltd.a		55,335		940,509
				940,509
CHEMICALS — 10.60%
Frutarom		84,354		2,150,117
Israel Chemicals Ltd.		982,770		8,312,441
Israel Corp. Ltd. (The)a		5,916		3,139,708
				13,602,266
COMMERCIAL BANKS — 23.95%
Bank Hapoalim BM		2,335,494		12,689,445
Bank Leumi le-Israel BMa		2,772,258		10,579,529
First International Bank of Israel Ltd.		45,696		724,926
Israel Discount Bank Ltd. Class Aa		1,755,523		3,281,774
Mizrahi Tefahot Bank Ltd.		281,163		3,466,421
Union Bank of Israela		0		1
				30,742,096
COMMUNICATIONS EQUIPMENT — 0.62%
Ituran Location and Control Ltd.		35,853		795,648
				795,648
CONSTRUCTION & ENGINEERING — 1.28%
Electra (Israel) Ltd.		3,621		554,505
Shikun & Binui Ltd.		453,084		1,091,871
				1,646,376
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.65%
Bezeq The Israel Telecommunication Corp. Ltd.		3,681,384		5,971,067
				5,971,067
ELECTRICAL EQUIPMENT — 0.67%
Ormat Industries Ltd.		116,688		861,506
				861,506
FOOD & STAPLES RETAILING — 1.14%
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		13,770		793,174
Shufersal Ltd.		167,280		671,950
				1,465,124
FOOD PRODUCTS — 2.68%
Osem Investment Ltd.		86,496		1,935,884
Strauss Group Ltd.		83,589		1,502,936
				3,438,820

Security	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES — 0.87%
Given Imaging Ltd.a		36,720	$	1,110,733
				1,110,733
INDUSTRIAL CONGLOMERATES — 0.72%
Discount Investment Corp. Ltd. Registereda		56,967		469,587
Koor Industries Ltd.a		21,318		449,739
				919,326
INSURANCE — 3.39%
Clal Insurance Enterprises Holdings Ltd.		43,350		838,972
Harel Insurance Investments & Financial Services Ltd.		237,303		1,415,211
Menorah Mivtachim Holdings Ltd.		56,712		664,723
Migdal Insurance & Financial Holdings Ltd.		593,640		973,585
Phoenix Holdings Ltd.		125,410		463,129
				4,355,620
IT SERVICES — 0.34%
MATRIX IT Ltd.		74,001		429,652
				429,652
MACHINERY — 0.24%
Plasson Industries Ltd.		7,446		312,549
				312,549
OIL, GAS & CONSUMABLE FUELS — 4.86%
Delek Group Ltd. (The)		9,129		3,421,003
Naphtha Israel Petroleum Corp. Ltd.a		77,368		535,045
Oil Refineries Ltd.a		2,473,143		721,149
Paz Oil Co. Ltd.		10,200		1,566,959
				6,244,156
PAPER & FOREST PRODUCTS — 0.18%
Hadera Paper Ltd.a		4,437		233,443
				233,443
PHARMACEUTICALS — 23.69%
Teva Pharmaceutical Industries Ltd.		626,586		30,415,314
				30,415,314
REAL ESTATE MANAGEMENT & DEVELOPMENT — 8.08%
Africa Israel Investments Ltd.a		199,869		477,073
Africa Israel Properties Ltd.a		28,561		483,141
Airport City Ltd.a		74,409		761,637
AL-ROV (Israel) Ltd.a		9,180		345,854

24 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ISRAEL CAPPED ETF

February 28, 2014

Security	Shares		Value
Alony Hetz Properties & Investments Ltd.		159,732	$	1,085,413
Alrov Properties and Lodgings Ltd.a		10,353		333,350
Amot Investments Ltd.		146,574		442,527
Bayside Land Corp. Ltd.		1,377		389,875
Gazit Globe Ltd.		175,287		2,267,637
Jerusalem Economy Ltd.		45,951		439,649
Jerusalem Oil Exploration Ltd.a		19,431		865,785
Melisron Ltd.		28,408		765,954
Nitsba Holdings (1995) Ltd.a		57,426		938,508
Norstar Holdings Inc.		18,870		529,621
Property & Building Corp. Ltd.		3,519		243,462
				10,369,486
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.34%
EZchip Semiconductor Ltd.a		63,546		1,725,412
				1,725,412
SOFTWARE — 4.23%
Babylon Ltd.b		68,493		162,997
NICE Systems Ltd.		128,673		5,260,919
				5,423,916
SPECIALTY RETAIL — 0.60%
Delek Automotive Systems Ltd.		73,032		768,901
				768,901
WIRELESS TELECOMMUNICATION SERVICES — 2.59%
Cellcom Israel Ltd.		123,216		1,556,914
Partner Communications Co. Ltd.a,b		192,423		1,773,751
				3,330,665
TOTAL COMMON STOCKS
(Cost: $136,447,518)				128,084,162
WARRANTS — 0.00%
INSURANCE — 0.00%
Clal Biotechnology Industries Ltd. (Expires 05/08/14)a		1		1
				1
TOTAL WARRANTS
(Cost: $0)				1

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.56%
MONEY MARKET FUNDS — 0.56%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		520,513	$	520,513
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		27,288		27,288
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		171,322		171,322
				719,123
TOTAL SHORT-TERM INVESTMENTS
(Cost: $719,123)				719,123
TOTAL INVESTMENTS IN SECURITIES — 100.33%
(Cost: $137,166,641)				128,803,286
Other Assets, Less Liabilities — (0.33)%				(426,668	)
NET ASSETS — 100.00%			$	128,376,618

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 25

Schedule of Investments (Unaudited)

iSHARES^® MSCI MEXICO CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.87%
AIRLINES — 0.42%
Grupo Aeromexico SAB de CVa,b		7,098,736	$	10,462,452
				10,462,452
BEVERAGES — 9.63%
Arca Continental SAB de CV		5,348,429		28,054,088
Coca-Cola FEMSA SAB de CV Series L		2,745,358		26,621,842
Fomento Economico Mexicano SAB de CV BD Units		21,557,310		184,724,625
				239,400,555
BUILDING PRODUCTS — 0.05%
Corporacion Geo SAB de CV Series Ba,b		15,588,128		311,762
Urbi Desarrollos Urbanos SAB de CVa,b		29,674,089		884,289
				1,196,051
CHEMICALS — 2.00%
Mexichem SAB de CV		15,225,174		49,626,877
				49,626,877
COMMERCIAL BANKS — 14.56%
Banregio Grupo Financiero SAB de CVb		3,647,700		19,045,129
Compartamos SAB de CV		17,656,706		30,049,429
Grupo Financiero Banorte SAB de CV Series O		27,192,478		176,632,794
Grupo Financiero Inbursa SAB de CV Series O		32,784,192		78,567,700
Grupo Financiero Santander Mexico SAB de CV Series B		26,074,050		57,564,998
				361,860,050
CONSTRUCTION & ENGINEERING — 2.38%
Empresas ICA SAB de CVa,b		10,952,288		17,903,395
Promotora y Operadora Infraestructura SAB de CVa		3,194,700		41,247,613
				59,151,008
CONSTRUCTION MATERIALS — 6.22%
Cemex SAB de CV CPOa		118,066,508		154,578,270
				154,578,270
CONTAINERS & PACKAGING — 0.34%
Bio Pappel SAB de CVa,b		4,012,600		8,543,732
				8,543,732

Security	Shares		Value
DIVERSIFIED FINANCIAL SERVICES — 0.59%
Bolsa Mexicana de Valores SAB de CV		8,069,287	$	14,598,042
				14,598,042
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.48%
Axtel SAB de CV CPOa,b		33,394,577		11,825,552
				11,825,552
FOOD & STAPLES RETAILING — 6.40%
Controladora Comercial Mexicana SAB de CV BC Units		6,907,455		27,615,738
Grupo Comercial Chedraui SAB de CVb		6,610,100		19,289,908
Wal-Mart de Mexico SAB de CV Series V		52,909,433		112,216,696
				159,122,342
FOOD PRODUCTS — 2.87%
Grupo Bimbo SAB de CV Series A		23,394,704		61,382,560
Grupo Herdez SAB de CVb		3,751,744		9,866,413
				71,248,973
HOTELS, RESTAURANTS & LEISURE — 1.05%
Alsea SAB de CVb		7,648,466		23,723,426
Hoteles City Express SAB de CVa		1,408,500		2,284,356
				26,007,782
HOUSEHOLD DURABLES — 0.40%
Consorcio ARA SAB de CVa,b		26,332,319		9,960,920
				9,960,920
HOUSEHOLD PRODUCTS — 2.17%
Kimberly-Clark de Mexico SAB de CV Series A		22,297,354		53,924,099
				53,924,099
INDUSTRIAL CONGLOMERATES — 5.58%
Alfa SAB de CV Series A		38,758,451		93,324,047
Grupo Carso SAB de CV Series A1		8,700,633		45,374,613
				138,698,660
MEDIA — 7.20%
Grupo Televisa SAB de CV CPO		27,686,597		162,846,964
TV Azteca SAB de CV CPOb		27,884,239		16,169,353
				179,016,317

26 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MEXICO CAPPED ETF

February 28, 2014

Security	Shares		Value
METALS & MINING — 8.61%
Grupo Mexico SAB de CV Series B		35,598,386	$	109,475,604
Grupo Simec SAB de CV Series Ba,b		3,294,654		12,833,584
Industrias CH SAB de CV Series Ba		3,588,683		21,996,662
Industrias Penoles SAB de CV		2,067,718		50,247,846
Minera Frisco SAB de CV Series A1a		11,457,603		19,482,056
				214,035,752
MULTILINE RETAIL — 1.63%
El Puerto de Liverpool SAB de CV Series C1		3,090,195		32,014,320
Grupo Famsa SAB de CV Series Aa,b		6,154,140		8,498,723
				40,513,043
PHARMACEUTICALS — 1.22%
Genomma Lab Internacional SAB de CV Series Ba,b		12,824,293		30,326,886
				30,326,886
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.31%
Concentradora Fibra Hotelera Mexicana SAB de CV		10,092,700		16,117,229
Fibra Shop Portafolios Inmobiliarios SAPI de CV		2,053,500		2,483,876
Fibra Uno Administracion SAB de CV		19,631,400		62,210,382
Macquarie Mexico Real Estate Management SA de CV		11,076,300		19,243,495
TF Administradora Industrial S de RL SAB de CV		3,479,200		6,977,183
				107,032,165
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.65%
Corporacion Inmobiliaria Vesta SAB de CVb		8,809,649		16,176,881
				16,176,881
TRANSPORTATION INFRASTRUCTURE — 4.43%
Grupo Aeroportuario del Centro Norte SAB de CVb		4,827,992		14,913,125
Grupo Aeroportuario del Pacifico SAB de CV Series B		5,438,849		29,193,633
Grupo Aeroportuario del Sureste SAB de CV Series B		3,252,665		36,298,309

Security	Shares		Value
OHL Mexico SAB de CVa		11,809,800	$	29,729,032
				110,134,099
WIRELESS TELECOMMUNICATION SERVICES — 16.68%
America Movil SAB de CV Series L		427,682,918		414,628,889
				414,628,889
TOTAL COMMON STOCKS
(Cost: $2,921,093,336)				2,482,069,397
SHORT-TERM INVESTMENTS — 3.62%
MONEY MARKET FUNDS — 3.62%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		84,641,170		84,641,170
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		4,437,290		4,437,290
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		907,532		907,532
				89,985,992
TOTAL SHORT-TERM INVESTMENTS
(Cost: $89,985,992)				89,985,992
TOTAL INVESTMENTS IN SECURITIES — 103.49%
(Cost: $3,011,079,328)				2,572,055,389
Other Assets, Less Liabilities — (3.49)%				(86,710,384	)
NET ASSETS — 100.00%			$	2,485,345,005

CPO  —  Certificates of Participation (Ordinary)

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 27

Schedule of Investments (Unaudited)

iSHARES^® MSCI SOUTH AFRICA ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.92%
CAPITAL MARKETS — 0.68%
Investec Ltd.		417,963	$	3,081,683
				3,081,683
COMMERCIAL BANKS — 7.97%
Barclays Africa Group Ltd.		557,786		6,884,991
Nedbank Group Ltd.		335,769		6,595,504
Standard Bank Group Ltd.		1,995,819		22,892,439
				36,372,934
CONSTRUCTION MATERIALS — 0.51%
PPC Ltd.		844,204		2,310,573
				2,310,573
CONTAINERS & PACKAGING — 0.73%
Nampak Ltd.		974,048		3,355,112
				3,355,112
DISTRIBUTORS — 1.07%
Imperial Holdings Ltd.		310,610		4,901,286
				4,901,286
DIVERSIFIED FINANCIAL SERVICES — 8.16%
African Bank Investments Ltd.a		2,250,005		2,136,528
FirstRand Ltd.		5,098,708		16,219,224
Remgro Ltd.		791,109		13,690,437
RMB Holdings Ltd.		1,161,319		5,176,434
				37,222,623
FOOD & STAPLES RETAILING — 3.48%
Massmart Holdings Ltd.		178,010		2,013,472
Pick n Pay Stores Ltd.		395,254		1,660,974
Shoprite Holdings Ltd.		703,803		9,230,504
SPAR Group Ltd. (The)		284,140		3,001,500
				15,906,450
FOOD PRODUCTS — 1.34%
Tiger Brands Ltd.		267,828		6,094,712
				6,094,712
HEALTH CARE PROVIDERS & SERVICES — 2.75%
Life Healthcare Group Holdings Ltd.		1,543,176		5,423,222
Mediclinic International Ltd.		611,004		3,823,557
Netcare Ltd.		1,575,179		3,306,750
				12,553,529
HOUSEHOLD DURABLES — 2.33%
Steinhoff International Holdings Ltd.		2,201,454		10,636,578
				10,636,578

Security	Shares		Value
INDUSTRIAL CONGLOMERATES — 2.90%
Bidvest Group Ltd.		485,388	$	11,461,696
Reunert Ltd.		297,795		1,754,597
				13,216,293
INSURANCE — 5.87%
Discovery Ltd.		485,843		3,593,024
Liberty Holdings Ltd.		187,782		2,142,883
MMI Holdings Ltd.		1,804,175		3,844,585
Rand Merchant Insurance Holdings Ltd.		1,097,116		2,742,343
Sanlam Ltd.		2,935,164		14,454,831
				26,777,666
MEDIA — 17.21%
Naspers Ltd. Class N		649,585		78,541,020
				78,541,020
METALS & MINING — 10.13%
African Rainbow Minerals Ltd.		177,828		3,625,511
Anglo American Platinum Ltd.a,b		110,938		4,745,596
AngloGold Ashanti Ltd.		661,054		11,726,566
Assore Ltd.		57,260		2,309,750
Gold Fields Ltd.		1,265,387		4,819,232
Harmony Gold Mining Co. Ltd.		644,986		2,085,956
Impala Platinum Holdings Ltd.		883,794		9,379,525
Kumba Iron Ore Ltd.		132,473		5,495,377
Northam Platinum Ltd.b		524,049		2,059,753
				46,247,266
MULTILINE RETAIL — 1.63%
Woolworths Holdings Ltd.		1,252,579		7,448,949
				7,448,949
OIL, GAS & CONSUMABLE FUELS — 10.80%
Exxaro Resources Ltd.a		235,134		3,130,669
Sasol Ltd.		907,951		46,156,800
				49,287,469
PAPER & FOREST PRODUCTS — 0.62%
Sappi Ltd.b		888,593		2,849,818
				2,849,818
PHARMACEUTICALS — 3.13%
Aspen Pharmacare Holdings Ltd.		562,603		14,298,473
				14,298,473
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.42%
Growthpoint Properties Ltd.		3,021,133		6,609,410
Redefine Properties Ltd.		5,042,682		4,431,579
				11,040,989

28 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH AFRICA ETF

February 28, 2014

Security	Shares		Value
SPECIALTY RETAIL — 2.78%
Foschini Group Ltd. (The)		314,054	$	2,616,690
Mr. Price Group Ltd.		392,596		5,459,631
Truworths International Ltd.		723,596		4,627,835
				12,704,156
TRADING COMPANIES & DISTRIBUTORS — 0.79%
Barloworld Ltd.		360,449		3,609,272
				3,609,272
WIRELESS TELECOMMUNICATION SERVICES — 12.62%
MTN Group Ltd.		2,771,632		50,804,975
Vodacom Group Ltd.a		611,897		6,811,799
				57,616,774
TOTAL COMMON STOCKS
(Cost: $545,340,021)				456,073,625
SHORT-TERM INVESTMENTS — 2.95%
MONEY MARKET FUNDS — 2.95%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		12,546,712		12,546,712
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		657,758		657,758
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		262,660		262,660
				13,467,130
TOTAL SHORT-TERM INVESTMENTS
(Cost: $13,467,130)				13,467,130
TOTAL INVESTMENTS IN SECURITIES — 102.87%
(Cost: $558,807,151)				469,540,755
Other Assets, Less Liabilities — (2.87)%				(13,120,217	)
NET ASSETS — 100.00%			$	456,420,538

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 29

Schedule of Investments (Unaudited)

iSHARES^® MSCI TURKEY ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.94%
AIRLINES — 2.69%
Turk Hava Yollari AO		4,679,556	$	13,961,857
				13,961,857
AUTO COMPONENTS — 0.13%
Goodyear Lastikleri Turk AS		30,010		687,179
				687,179
AUTOMOBILES — 2.00%
Ford Otomotiv Sanayi AS		594,600		5,270,894
Tofas Turk Otomobil Fabrikasi AS		1,059,857		5,118,109
				10,389,003
BEVERAGES — 5.59%
Anadolu Efes Biracilik ve Malt Sanayii AS		1,756,346		18,555,755
Coca-Cola Icecek AS		538,453		10,425,294
				28,981,049
BUILDING PRODUCTS — 0.38%
Trakya Cam Sanayii ASa		2,099,955		1,951,985
				1,951,985
CAPITAL MARKETS — 0.09%
Is Yatirim Menkul Degerler AS		811,194		474,490
				474,490
CHEMICALS — 0.34%
Bagfas Bandirma Gubre Fabrikalari ASa		45,740		678,198
Gubre Fabrikalari TASa,b		706,427		1,105,094
				1,783,292
COMMERCIAL BANKS — 34.07%
Akbank TAS		15,270,058		39,604,939
Albaraka Turk Katilim Bankasi ASb		2,676,522		1,832,569
Asya Katilim Bankasi ASa,b		4,196,893		2,264,579
Sekerbank TASa,b		2,962,648		3,224,066
Tekstil Bankasi ASa,b		891,096		444,457
Turkiye Garanti Bankasi AS		19,596,949		53,848,514
Turkiye Halk Bankasi AS		5,302,043		26,084,686
Turkiye Is Bankasi AS Class C		13,364,017		24,784,089
Turkiye Sinai Kalkinma Bankasi ASa		4,946,975		3,880,596
Turkiye Vakiflar Bankasi TAO Class Da		6,364,477		9,523,340
Yapi ve Kredi Bankasi ASa		7,378,847		11,074,627
				176,566,462

Security	Shares		Value
COMMUNICATIONS EQUIPMENT — 0.10%
Nortel Networks Netas Telekomunikasyon ASa		219,268	$	501,093
				501,093
CONSTRUCTION & ENGINEERING — 0.51%
Tekfen Holding ASa		1,257,225		2,645,109
				2,645,109
CONSTRUCTION MATERIALS — 1.66%
Adana Cimento Sanayii TAS Class A		481,428		798,960
Akcansa Cimento Sanayi ve TAS		405,142		1,974,824
Baticim Bati Anodolu Cimento Sanayii ASb		473,891		1,233,397
Cimsa Cimento Sanayi ve TAS		400,303		2,114,596
Goltas Goller Bolgesi Cimento Sanayi ve TAS		36,303		762,143
Konya Cimento Sanayii AS		8,135		885,282
Mardin Cimento Sanayii ve TAS		411,033		810,734
				8,579,936
CONSUMER FINANCE — 0.13%
Is Finansal Fabrikasi ASa,b		1,619,076		653,386
				653,386
CONTAINERS & PACKAGING — 0.32%
Anadolu Cam Sanayii ASa		1,228,205		941,174
Kartonsan Karton Sanayi ve TAS		7,166		713,221
				1,654,395
DISTRIBUTORS — 0.27%
Dogus Otomotiv Servis ve TASa		464,909		1,395,528
				1,395,528
DIVERSIFIED FINANCIAL SERVICES — 4.74%
Haci Omer Sabanci Holding AS		6,922,679		24,578,116
				24,578,116
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.00%
Turk Telekomunikasyon AS		3,854,350		10,381,264
				10,381,264
FOOD & STAPLES RETAILING — 6.74%
BIM Birlesik Magazalar AS		1,801,800		33,496,780
Bizim Toptan Satis Magazalari AS		151,510		1,435,821
				34,932,601
FOOD PRODUCTS — 1.59%
Pinar Sut Mamulleri Sanayii AS		154,678		1,265,955
Tat Gida Sanayi ASb		518,172		495,757

30 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TURKEY ETF

February 28, 2014

Security	Shares		Value
Ulker Biskuvi Sanayi AS		1,162,303	$	6,456,068
				8,217,780
GAS UTILITIES — 0.00%
Aygaz AS		1		3
				3
HEALTH CARE PROVIDERS & SERVICES — 0.22%
Selcuk Ecza Deposu Ticaret ve Sanayi ASa		1,319,191		1,148,475
				1,148,475
HOTELS, RESTAURANTS & LEISURE — 0.18%
Net Holding ASa		931,803		954,872
				954,872
HOUSEHOLD DURABLES — 2.30%
Arcelik AS		2,005,329		10,774,983
Vestel Beyaz Esya Sanayi ve TASb		394,782		560,292
Vestel Elektronik Sanayi ve TASa,b		849,273		600,738
				11,936,013
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.28%
Akenerji Elektrik Uretim ASa,b		1,855,776		841,469
Zorlu Enerji Elektrik Uretim ASa,b		1,478,383		630,126
				1,471,595
INDUSTRIAL CONGLOMERATES — 8.52%
Akfen Holding ASa		738,612		1,252,566
Alarko Holding AS		566,812		1,141,129
Dogan Sirketler Grubu Holding ASa,b		5,171,335		1,617,947
Eczacibasi Yatirim Holding Ortakligi ASa		235,242		541,865
Enka Insaat ve Sanayi AS		3,524,388		10,675,121
Ihlas Holding ASa,b		4,699,986		767,206
KOC Holding AS		5,377,086		19,944,031
Kombassan Holdings ASb		1,381,866		1,491,268
Turkiye Sise ve Cam Fabrikalari AS		3,995,302		4,094,215
Yazicilar Holding AS		339,177		2,652,944
				44,178,292
INSURANCE — 0.69%
Aksigorta AS		777,421		987,022
Anadolu Anonim Turk Sigorta Sirketib		1,911,850		1,248,329
Anadolu Hayat Emeklilik ASa		592,181		1,358,681
				3,594,032

Security	Shares		Value
MACHINERY — 0.32%
Otokar Otomotiv ve Savunma Sanayi ASa		70,910	$	1,655,874
				1,655,874
MEDIA — 0.56%
Besiktas Futbol Yatirimlar Sanayi ve Ticaret ASa,b		920,372		801,267
Dogan Yayin Holding ASa,b		4,233,643		959,836
Fenerbahce Sportif Hizmetler Sanayi ve Ticaret ASa,b		42,232		576,396
Galatasaray Sportif Sinai ve Ticari Yatirimlar ASa,b		52,798		547,036
				2,884,535
METALS & MINING — 4.99%
Borusan Mannesmann Boru Sanayi ve TAS		359,893		900,793
Eregli Demir ve Celik Fabrikalari TAS		11,866,470		13,021,156
Izmir Demir Celik Sanayi ASa,b		794,283		875,174
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Ab		1,228,445		1,219,867
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Bb		608,174		1,403,648
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Da,b		5,209,664		2,716,566
Koza Altin Isletmeleri AS		387,591		3,330,393
Koza Anadolu Metal Madencilik Isletmeleri ASb		1,483,966		1,513,976
Park Elektrik Uretim Madencilik Sanayi ve TASa,b		443,102		890,062
				25,871,635
MULTILINE RETAIL — 0.16%
Boyner Buyuk Magazacilik ASa,b		312,196		843,696
				843,696
OIL, GAS & CONSUMABLE FUELS — 3.92%
Ipek Dogal Enerji Kaynaklari ve Uretim ASb		877,551		1,006,713
Turcas Petrolculuk ASa		567,764		576,672
Turkiye Petrol Rafinerileri AS		1,061,781		18,728,249
				20,311,634
PHARMACEUTICALS — 0.26%
EIS Eczacibasi Ilac Sanayi ve TASa		1,382,088		1,334,836
				1,334,836

SCHEDULESOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TURKEY ETF

February 28, 2014

Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.13%
Akmerkez Gayrimenkul Yatirim Ortakligi AS		174,345	$	1,383,440
Dogus Gayrimenkul Yatirim Ortakligi ASa,b		399,334		872,762
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		17,723,472		18,081,895
Halk Gayrimenkul Yatrm Ortakligi ASa,b		1,699,871		863,270
Is Gayrimenkul Yatirim Ortakligi AS		2,393,196		1,378,144
Saf Gayrimenkul Yatirim Ortakligi ASa,b		1,503,188		790,649
Sinpas Gayrimenkul Yatirim Ortakligi AS		2,030,894		626,194
Torunlar Gayrimenkul Yatirim Ortakligi AS		1,270,826		1,630,742
Vakif Gayrimenkul Yatirim Ortakligi ASa,b		178,465		934,647
				26,561,743
TEXTILES, APPAREL & LUXURY GOODS — 0.59%
Aksa Akrilik Kimya Sanayii AS		705,238		2,596,596
Ihlas Madencilik ASb		168,553		437,165
				3,033,761
TRANSPORTATION INFRASTRUCTURE — 1.89%
TAV Havalimanlari Holding AS		1,385,210		9,798,348
				9,798,348
WIRELESS TELECOMMUNICATION SERVICES — 6.58%
Turkcell Iletisim Hizmetleri ASa,b		6,526,113		34,089,427
				34,089,427
TOTAL COMMON STOCKS
(Cost: $731,842,950)				518,003,296
SHORT-TERM INVESTMENTS — 5.39%
MONEY MARKET FUNDS — 5.39%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		26,452,047		26,452,047
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		1,386,895		1,386,895

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		122,692	$	122,692
				27,961,634
TOTAL SHORT-TERM INVESTMENTS
(Cost: $27,961,634)				27,961,634
TOTAL INVESTMENTS IN SECURITIES — 105.33%
(Cost: $759,804,584)				545,964,930
Other Assets, Less Liabilities — (5.33)%				(27,643,930	)
NET ASSETS — 100.00%			$	518,321,000

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

32 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI USA ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.72%
AEROSPACE & DEFENSE — 2.76%
B/E Aerospace Inc.a		790	$	66,557
Boeing Co. (The)		5,798		747,478
General Dynamics Corp.		2,429		266,073
Honeywell International Inc.		6,063		572,590
L-3 Communications Holdings Inc.		726		83,780
Lockheed Martin Corp.		2,219		360,144
Northrop Grumman Corp.		1,711		207,082
Precision Castparts Corp.		1,174		302,751
Raytheon Co.		2,579		252,510
Rockwell Collins Inc.		1,040		85,842
Textron Inc.		2,277		90,397
TransDigm Group Inc.		400		71,256
United Technologies Corp.		7,077		828,151
				3,934,611
AIR FREIGHT & LOGISTICS — 0.71%
C.H. Robinson Worldwide Inc.		1,228		63,684
Expeditors International of Washington Inc.		1,693		66,890
FedEx Corp.		2,451		326,792
United Parcel Service Inc. Class B		5,800		555,466
				1,012,832
AIRLINES — 0.09%
Delta Air Lines Inc.		1,732		57,520
Southwest Airlines Co.		1,359		30,496
United Continental Holdings Inc.a		747		33,585
				121,601
AUTO COMPONENTS — 0.49%
Autoliv Inc.		772		74,375
BorgWarner Inc.		1,856		114,051
Delphi Automotive PLC		2,354		156,706
Johnson Controls Inc.		5,591		276,195
TRW Automotive Holdings Corp.a		919		75,652
				696,979
AUTOMOBILES — 0.78%
Ford Motor Co.		29,920		460,469
General Motors Co.a		9,880		357,656
Harley-Davidson Inc.		1,807		119,370
Tesla Motors Inc.a,b		699		171,122
				1,108,617
BEVERAGES — 2.00%
Beam Inc.		1,189		98,639

Security	Shares		Value
Brown-Forman Corp. Class B NVS		993	$	83,213
Coca-Cola Co. (The)		32,264		1,232,485
Coca-Cola Enterprises Inc.		1,999		94,113
Constellation Brands Inc. Class Aa		1,353		109,634
Dr Pepper Snapple Group Inc.		1,643		85,617
Molson Coors Brewing Co. Class B NVS		1,244		70,697
Monster Beverage Corp.a		1,172		86,728
PepsiCo Inc.		12,436		995,750
				2,856,876
BIOTECHNOLOGY — 2.66%
Alexion Pharmaceuticals Inc.a		1,594		281,819
Amgen Inc.		6,120		759,002
Biogen Idec Inc.a		1,914		652,062
BioMarin Pharmaceutical Inc.a		1,172		94,932
Celgene Corp.a		3,346		537,869
Gilead Sciences Inc.a		12,443		1,030,156
Pharmacyclics Inc.a		510		70,717
Regeneron Pharmaceuticals Inc.a		629		209,143
Vertex Pharmaceuticals Inc.a		1,885		152,421
				3,788,121
BUILDING PRODUCTS — 0.05%
Masco Corp.		2,923		68,252
				68,252
CAPITAL MARKETS — 2.20%
Affiliated Managers Group Inc.a		438		82,366
Ameriprise Financial Inc.		1,572		171,332
Bank of New York Mellon Corp. (The)		9,352		299,264
BlackRock Inc.c		1,087		331,361
Charles Schwab Corp. (The)		9,415		249,592
Eaton Vance Corp. NVS		984		37,235
Franklin Resources Inc.		3,309		176,204
Goldman Sachs Group Inc. (The)		3,494		581,576
Invesco Ltd.		3,597		123,377
Legg Mason Inc.		889		40,859
Morgan Stanley		11,875		365,750
Northern Trust Corp.		1,845		114,113
Raymond James Financial Inc.		1,031		54,416
SEI Investments Co.		1,194		40,083
State Street Corp.		3,539		232,406
T. Rowe Price Group Inc.		2,128		172,730
TD Ameritrade Holding Corp.		1,768		59,104
				3,131,768

SCHEDULESOF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2014

Security	Shares		Value
CHEMICALS — 2.61%
Air Products and Chemicals Inc.		1,705	$	206,851
Airgas Inc.		530		57,134
Albemarle Corp.		673		44,411
Ashland Inc.		596		56,245
Celanese Corp. Series A		1,300		69,407
CF Industries Holdings Inc.		463		116,167
Dow Chemical Co. (The)		9,843		479,453
E.I. du Pont de Nemours and Co.		7,515		500,649
Eastman Chemical Co.		1,241		108,501
Ecolab Inc.		2,207		237,804
FMC Corp.		1,068		82,428
International Flavors & Fragrances Inc.		669		62,745
LyondellBasell Industries NV Class A		3,810		335,585
Monsanto Co.		4,267		469,455
Mosaic Co. (The)		2,407		117,606
PPG Industries Inc.		1,156		228,680
Praxair Inc.		2,387		311,193
Sherwin-Williams Co. (The)		696		139,534
Sigma-Aldrich Corp.		971		91,672
				3,715,520
COMMERCIAL BANKS — 2.73%
BB&T Corp.		5,730		216,594
CIT Group Inc.		1,544		75,162
Comerica Inc.		1,499		72,222
Fifth Third Bancorp		7,161		155,358
First Republic Bank		744		38,666
KeyCorp		7,175		94,495
M&T Bank Corp.b		957		111,577
PNC Financial Services Group Inc. (The)c		4,335		354,516
Regions Financial Corp.		11,142		118,551
SunTrust Banks Inc.		4,365		164,473
U.S. Bancorp		14,803		608,995
Wells Fargo & Co.		40,612		1,885,209
				3,895,818
COMMERCIAL SERVICES & SUPPLIES — 0.42%
ADT Corp. (The)		1,529		46,955
Cintas Corp.		845		51,258
Iron Mountain Inc.		1,159		31,525
Republic Services Inc.		2,349		80,124
Stericycle Inc.a		693		79,002
Tyco International Ltd.		3,783		159,567

Security	Shares		Value
Waste Management Inc.		3,626	$	150,479
				598,910
COMMUNICATIONS EQUIPMENT — 1.65%
Cisco Systems Inc.		43,388		945,858
F5 Networks Inc.a		615		69,089
Harris Corp.		886		65,405
Juniper Networks Inc.a		4,052		108,350
Motorola Solutions Inc.		1,888		124,986
QUALCOMM Inc.		13,711		1,032,301
				2,345,989
COMPUTERS & PERIPHERALS — 3.71%
Apple Inc.		7,302		3,842,604
EMC Corp.		16,697		440,300
Hewlett-Packard Co.		15,590		465,829
NetApp Inc.		2,768		111,855
SanDisk Corp.		1,833		136,192
Seagate Technology PLC		2,670		139,347
Western Digital Corp.		1,740		151,363
				5,287,490
CONSTRUCTION & ENGINEERING — 0.23%
Chicago Bridge & Iron Co. NV		788		66,342
Fluor Corp.		1,315		102,162
Jacobs Engineering Group Inc.a		1,052		63,804
KBR Inc.		1,194		32,978
Quanta Services Inc.a		1,690		59,505
				324,791
CONSTRUCTION MATERIALS — 0.08%
Martin Marietta Materials Inc.		378		46,108
Vulcan Materials Co.		1,047		71,123
				117,231
CONSUMER FINANCE — 0.96%
American Express Co.		7,821		713,901
Capital One Financial Corp.		4,678		343,505
Discover Financial Services		3,886		222,979
SLM Corp.		3,521		84,293
				1,364,678
CONTAINERS & PACKAGING — 0.25%
Avery Dennison Corp.		754		37,564
Ball Corp.		1,118		62,116
Crown Holdings Inc.a		1,102		49,612
MeadWestvaco Corp.		1,464		54,798
Owens-Illinois Inc.a		1,265		42,909
Rock-Tenn Co. Class A		575		64,181

34 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2014

Security	Shares		Value
Sealed Air Corp.		1,502	$	51,128
				362,308
DISTRIBUTORS — 0.13%
Genuine Parts Co.		1,253		110,377
LKQ Corp.a		2,490		69,446
				179,823
DIVERSIFIED CONSUMER SERVICES — 0.05%
H&R Block Inc.		2,199		69,576
				69,576
DIVERSIFIED FINANCIAL SERVICES — 4.34%
Bank of America Corp.		86,557		1,430,787
Berkshire Hathaway Inc. Class Ba		9,018		1,044,104
Citigroup Inc.		24,589		1,195,763
CME Group Inc.		2,596		191,637
IntercontinentalExchange Group Inc.		934		195,056
J.P. Morgan Chase & Co.		30,507		1,733,408
Leucadia National Corp.		2,522		70,465
McGraw Hill Financial Inc.		2,075		165,294
Moody’s Corp.		1,585		125,215
NASDAQ OMX Group Inc. (The)		933		35,818
				6,187,547
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.27%
AT&T Inc.		42,751		1,365,039
CenturyLink Inc.		4,780		149,423
Frontier Communications Corp.		8,104		39,547
Level 3 Communications Inc.a		1,239		45,620
Verizon Communications Inc.		33,553		1,596,452
Windstream Holdings Inc.		4,777		38,312
				3,234,393
ELECTRIC UTILITIES — 1.63%
American Electric Power Co. Inc.		3,974		199,495
Duke Energy Corp.		5,747		407,347
Edison International		2,522		132,077
Entergy Corp.		1,465		93,496
Exelon Corp.		6,987		212,475
FirstEnergy Corp.		3,389		104,314
NextEra Energy Inc.		3,530		322,607
Northeast Utilities		2,545		113,125
OGE Energy Corp.		1,596		57,456
Pepco Holdings Inc.		2,025		41,290
Pinnacle West Capital Corp.		886		49,306
PPL Corp.		5,149		166,261
Southern Co. (The)		7,154		302,972

Security		Shares		Value
Xcel Energy Inc.			4,059	$	122,947
					2,325,168
ELECTRICAL EQUIPMENT — 0.75%
AMETEK Inc.			1,966		104,670
Eaton Corp. PLC			3,865		288,754
Emerson Electric Co.			5,711		372,700
Rockwell Automation Inc.			1,129		138,686
Roper Industries Inc.			808		109,581
Sensata Technologies Holding NVa			1,186		48,199
					1,062,590
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.56%
Amphenol Corp. Class A			1,274		112,137
Arrow Electronics Inc.a			819		46,380
Avnet Inc.			1,106		48,144
Corning Inc.			11,715		225,748
Flextronics International Ltd.a			5,079		45,457
FLIR Systems Inc.			1,137		38,817
TE Connectivity Ltd.			3,320		194,486
Trimble Navigation Ltd.a			2,118		80,802
					791,971
ENERGY EQUIPMENT & SERVICES — 1.92%
Baker Hughes Inc.			3,606		228,188
Cameron International Corp.a			1,929		123,572
Core Laboratories NV			369		69,390
Diamond Offshore Drilling Inc.			563		26,630
Ensco PLC Class A			1,883		99,159
FMC Technologies Inc.a			1,933		97,114
Halliburton Co.			6,860		391,020
Helmerich & Payne Inc.			860		84,925
Nabors Industries Ltd.			2,344		53,959
National Oilwell Varco Inc.			3,457		266,327
Nobel Corp. PLC			2,048		63,590
Oceaneering International Inc.			883		63,205
Rowan Companies PLC Class Aa			1,012		33,760
Schlumberger Ltd.			10,671		992,403
Superior Energy Services Inc.			1,280		37,875
Weatherford International Ltd.a,b			6,286		104,788
					2,735,905
FOOD & STAPLES RETAILING — 2.23%
Costco Wholesale Corp.			3,556		415,341
CVS Caremark Corp.	��		9,661		706,605
Kroger Co. (The)			4,007		168,054
Safeway Inc.			2,033		76,136

SCHEDULESOF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2014

Security	Shares		Value
Sysco Corp.		4,757	$	171,347
Wal-Mart Stores Inc.		13,209		986,712
Walgreen Co.		7,321		497,462
Whole Foods Market Inc.		2,897		156,583
				3,178,240
FOOD PRODUCTS — 1.59%
Archer-Daniels-Midland Co.		5,325		216,195
Bunge Ltd.		1,180		93,940
Campbell Soup Co.		1,670		72,328
ConAgra Foods Inc.		3,440		97,696
General Mills Inc.		5,161		258,205
Green Mountain Coffee Roasters Inc.		1,017		111,646
Hershey Co. (The)		1,245		131,746
Hormel Foods Corp.		1,173		55,659
J.M. Smucker Co. (The)		858		85,809
Kellogg Co.		2,067		125,446
Kraft Foods Group Inc.		4,856		268,391
McCormick & Co. Inc. NVS		968		64,275
Mead Johnson Nutrition Co. Class A		1,652		134,721
Mondelez International Inc. Class A		13,518		460,017
Tyson Foods Inc. Class A		2,199		86,750
				2,262,824
GAS UTILITIES — 0.07%
ONEOK Inc.		1,685		99,651
				99,651
HEALTH CARE EQUIPMENT & SUPPLIES — 2.06%
Abbott Laboratories		12,568		499,955
Baxter International Inc.		4,426		307,607
Becton, Dickinson and Co.		1,566		180,434
Boston Scientific Corp.a		10,897		142,751
C.R. Bard Inc.		606		87,361
CareFusion Corp.a		1,741		70,563
Covidien PLC		3,671		264,128
DENTSPLY International Inc.		1,148		52,096
Edwards Lifesciences Corp.a		893		62,296
Hologic Inc.a		2,164		47,132
Intuitive Surgical Inc.a		309		137,452
Medtronic Inc.		8,093		479,591
ResMed Inc.b		1,169		51,459
St. Jude Medical Inc.		2,368		159,414
Stryker Corp.		2,463		197,631
Varian Medical Systems Inc.a		849		71,172
Zimmer Holdings Inc.		1,378		129,312
				2,940,354

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 2.18%
Aetna Inc.		2,973	$	216,167
AmerisourceBergen Corp.		1,877		127,354
Cardinal Health Inc.		2,760		197,423
Cigna Corp.		2,242		178,441
DaVita HealthCare Partners Inc.a		1,480		101,720
Express Scripts Holding Co.a		6,538		492,377
HCA Holdings Inc.a		2,547		130,406
Henry Schein Inc.a		688		81,899
Humana Inc.		1,256		141,250
Laboratory Corp. of America Holdingsa		708		66,226
McKesson Corp.		1,864		330,021
Omnicare Inc.		844		49,712
Patterson Companies Inc.		706		29,059
Quest Diagnostics Inc.		1,178		62,434
UnitedHealth Group Inc.		8,169		631,219
Universal Health Services Inc. Class B		743		59,648
WellPoint Inc.		2,383		215,876
				3,111,232
HEALTH CARE TECHNOLOGY — 0.11%
Cerner Corp.a,b		2,519		154,591
				154,591
HOTELS, RESTAURANTS & LEISURE — 1.91%
Carnival Corp.		3,115		123,541
Chipotle Mexican Grill Inc.a		252		142,433
Darden Restaurants Inc.		1,037		52,949
International Game Technology		1,966		29,667
Las Vegas Sands Corp.		3,332		284,053
Marriott International Inc. Class A		1,938		105,098
McDonald’s Corp.		8,086		769,383
MGM Resorts Internationala		3,185		87,747
Royal Caribbean Cruises Ltd.		1,244		65,845
Starbucks Corp.		6,119		434,204
Starwood Hotels & Resorts Worldwide Inc.		1,560		128,638
Wyndham Worldwide Corp.		1,048		76,378
Wynn Resorts Ltd.		659		159,801
Yum! Brands Inc.		3,631		268,984
				2,728,721
HOUSEHOLD DURABLES — 0.39%
D.R. Horton Inc.		2,377		58,379
Garmin Ltd.		960		51,514

36 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2014

Security	Shares		Value
Leggett & Platt Inc.		1,150	$	36,858
Lennar Corp. Class A		1,300		57,044
Mohawk Industries Inc.a		506		71,614
Newell Rubbermaid Inc.		2,331		74,848
PulteGroup Inc.		2,806		58,898
Toll Brothers Inc.a		1,395		54,419
Whirlpool Corp.		632		91,406
				554,980
HOUSEHOLD PRODUCTS — 1.94%
Church & Dwight Co. Inc.		1,133		77,021
Clorox Co. (The)		1,029		89,811
Colgate-Palmolive Co.		7,502		471,351
Energizer Holdings Inc.		504		49,060
Kimberly-Clark Corp.		3,098		341,864
Procter & Gamble Co. (The)		22,059		1,735,161
				2,764,268
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.14%
AES Corp. (The)		5,590		76,303
Calpine Corp.a		2,863		54,540
NRG Energy Inc.		2,611		75,902
				206,745
INDUSTRIAL CONGLOMERATES — 2.22%
3M Co.		5,191		699,383
Danaher Corp.		4,822		368,835
General Electric Co.		82,106		2,091,240
				3,159,458
INSURANCE — 2.90%
ACE Ltd.		2,751		269,240
Aflac Inc.		3,801		243,568
Alleghany Corp.a		136		52,428
Allstate Corp. (The)		3,690		200,219
American International Group Inc.		11,344		564,591
Aon PLC		2,320		198,592
Arch Capital Group Ltd.a		1,102		61,844
Assurant Inc.		601		39,444
Axis Capital Holdings Ltd.		834		36,671
Chubb Corp. (The)		1,996		174,610
Cincinnati Financial Corp.		1,246		58,413
Everest Re Group Ltd.		388		57,905
Fidelity National Financial Inc. Class A		1,994		65,922
Hartford Financial Services Group Inc. (The)		3,439		121,018

Security	Shares		Value
Lincoln National Corp.		2,103	$	105,423
Loews Corp.		2,661		115,700
Marsh & McLennan Companies Inc.		4,459		214,746
MetLife Inc.		7,731		391,730
PartnerRe Ltd.		386		38,168
Principal Financial Group Inc.		2,381		107,978
Progressive Corp. (The)		4,654		113,977
Prudential Financial Inc.		3,744		316,668
RenaissanceRe Holdings Ltd.b		358		34,193
Torchmark Corp.		742		57,512
Travelers Companies Inc. (The)		2,954		247,663
Unum Group		2,145		74,603
W.R. Berkley Corp.		941		38,807
Willis Group Holdings PLC		1,381		56,842
XL Group PLC		2,260		68,704
				4,127,179
INTERNET & CATALOG RETAIL — 1.48%
Amazon.com Inc.a		2,971		1,075,799
Expedia Inc.		852		66,908
Liberty Interactive Corp. Series Aa		3,888		113,530
Netflix Inc.a		434		193,403
Priceline.com Inc.a		419		565,164
TripAdvisor Inc.a		931		93,323
				2,108,127
INTERNET SOFTWARE & SERVICES — 3.54%
Akamai Technologies Inc.a		1,447		88,455
eBay Inc.a		9,474		556,787
Equinix Inc.a		404		76,744
Facebook Inc. Class Aa		14,962		1,024,299
Google Inc. Class Aa		2,245		2,729,134
LinkedIn Corp. Class Aa		825		168,333
Rackspace Hosting Inc.a		957		35,189
VeriSign Inc.a,b		1,111		61,227
Yahoo! Inc.a		7,838		303,095
				5,043,263
IT SERVICES — 3.50%
Accenture PLC Class A		5,158		429,919
Alliance Data Systems Corp.a		400		114,044
Automatic Data Processing Inc.		3,899		303,264
Cognizant Technology Solutions Corp. Class Aa		2,451		255,051
Computer Sciences Corp.		1,218		76,978
Fidelity National Information Services Inc.		2,385		132,630
Fiserv Inc.a		2,114		122,718

SCHEDULESOF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2014

Security	Shares		Value
FleetCor Technologies Inc.a		564	$	73,280
International Business Machines Corp.		8,372		1,550,243
Leidos Holdings Inc.		602		26,885
MasterCard Inc. Class A		8,448		656,579
Paychex Inc.		2,637		110,121
Teradata Corp.a		1,320		60,614
Total System Services Inc.		1,386		42,218
Vantiv Inc. Class Aa,b		1,010		32,148
Visa Inc. Class A		4,106		927,710
Western Union Co.		4,478		74,917
				4,989,319
LEISURE EQUIPMENT & PRODUCTS — 0.16%
Hasbro Inc.		957		52,788
Mattel Inc.		2,711		101,147
Polaris Industries Inc.		531		71,170
				225,105
LIFE SCIENCES TOOLS & SERVICES — 0.58%
Agilent Technologies Inc.		2,690		153,142
Illumina Inc.a		1,025		175,777
Mettler-Toledo International Inc.a		234		57,508
Thermo Fisher Scientific Inc.		2,941		366,272
Waters Corp.a		704		78,426
				831,125
MACHINERY — 1.71%
AGCO Corp.		789		41,407
Caterpillar Inc.		5,164		500,753
Cummins Inc.		1,436		209,541
Deere & Co.		2,950		253,493
Dover Corp.		1,386		130,700
Flowserve Corp.		1,136		92,255
Illinois Tool Works Inc.		3,404		280,830
Ingersoll-Rand PLC		2,352		143,801
Joy Global Inc.		861		47,355
PACCAR Inc.		2,895		190,607
Pall Corp.		883		75,938
Parker Hannifin Corp.		1,212		146,107
Pentair Ltd. Registered		1,616		130,589
SPX Corp.		337		36,288
Stanley Black & Decker Inc.		1,195		99,233
Xylem Inc.		1,513		59,536
				2,438,433
MEDIA — 3.90%
Cablevision NY Group Class A		1,518		26,717

Security	Shares		Value
CBS Corp. Class B NVS		4,549	$	305,147
Charter Communications Inc. Class Aa		516		65,413
Comcast Corp. Class A		17,335		896,046
Comcast Corp. Class A Special NVS		3,811		190,150
DIRECTVa		4,052		314,435
Discovery Communications Inc. Series Aa		1,203		100,234
Discovery Communications Inc. Series C NVSa		684		52,757
DISH Network Corp. Class Aa		1,773		104,323
Interpublic Group of Companies Inc. (The)		3,339		59,167
Liberty Global PLC Series Aa		1,697		146,875
Liberty Global PLC Series C NVSa,b		1,320		111,751
Liberty Media Corp.a		804		110,277
News Corp. Class A NVSa		3,090		56,640
Omnicom Group Inc.		2,096		158,625
Scripps Networks Interactive Inc. Class A		671		54,512
Sirius XM Holdings Inc.a		24,438		88,221
Time Warner Cable Inc.		2,287		320,981
Time Warner Inc.		7,342		492,869
Twenty-First Century Fox Inc. Class A		12,037		403,721
Twenty-First Century Fox Inc. Class B		3,568		116,067
Viacom Inc. Class B NVS		3,207		281,350
Walt Disney Co. (The)		13,549		1,094,895
				5,551,173
METALS & MINING — 0.42%
Alcoa Inc.		8,659		101,657
Freeport-McMoRan Copper & Gold Inc.		8,392		273,747
Newmont Mining Corp.		4,027		93,668
Nucor Corp.		2,584		129,820
				598,892
MULTI-UTILITIES — 1.15%
Alliant Energy Corp.		893		48,436
Ameren Corp.		1,963		79,325
CenterPoint Energy Inc.		3,304		78,140
CMS Energy Corp.		2,159		61,380
Consolidated Edison Inc.		2,380		133,399
Dominion Resources Inc.		4,722		327,707
DTE Energy Co.		1,434		102,904

38 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2014

Security	Shares		Value
Integrys Energy Group Inc.		634	$	36,309
MDU Resources Group Inc.		1,454		49,378
NiSource Inc.		2,578		89,766
PG&E Corp.		3,674		161,876
Public Service Enterprise Group Inc.		4,101		150,343
SCANA Corp.		1,092		54,054
Sempra Energy		1,878		177,415
Wisconsin Energy Corp.		1,873		82,337
				1,632,769
MULTILINE RETAIL — 0.67%
Dollar General Corp.a		2,484		148,792
Dollar Tree Inc.a		1,688		92,452
Family Dollar Stores Inc.		847		55,478
Kohl’s Corp.		1,664		93,500
Macy’s Inc.		2,989		172,944
Nordstrom Inc.		1,262		77,588
Sears Holdings Corp.a,b		308		13,783
Target Corp.		4,869		304,507
				959,044
OFFICE ELECTRONICS — 0.07%
Xerox Corp.		9,589		105,383
				105,383
OIL, GAS & CONSUMABLE FUELS — 7.98%
Anadarko Petroleum Corp.		4,084		343,709
Apache Corp.		3,238		256,741
Cabot Oil & Gas Corp.		3,404		119,140
Cheniere Energy Inc.a,b		1,671		82,598
Chesapeake Energy Corp.		4,321		111,957
Chevron Corp.		15,603		1,799,494
Cimarex Energy Co.		700		80,997
Cobalt International Energy Inc.a		66		1,272
Concho Resources Inc.a		851		103,082
ConocoPhillips		9,444		628,026
CONSOL Energy Inc.		1,849		74,145
Continental Resources Inc.a		382		45,657
Denbury Resources Inc.		3,016		49,342
Devon Energy Corp.		3,155		203,245
Energen Corp.		591		47,540
EOG Resources Inc.		2,218		420,134
EQT Corp.		1,218		124,589
Exxon Mobil Corp.		35,454		3,413,157
Hess Corp.		2,451		196,154
HollyFrontier Corp.		1,500		68,355
Kinder Morgan Inc.		5,450		173,582
Kinder Morgan Management LLCa,b		902		62,960

Security	Shares		Value
Marathon Oil Corp.		5,619	$	188,236
Marathon Petroleum Corp.		2,443		205,212
Murphy Oil Corp.		1,459		86,621
Noble Energy Inc.		2,924		201,054
Occidental Petroleum Corp.		6,550		632,206
Peabody Energy Corp.		2,170		38,105
Phillips 66		4,621		345,928
Pioneer Natural Resources Co.		1,123		225,925
QEP Resources Inc.		1,453		42,035
Range Resources Corp.		1,310		112,725
Southwestern Energy Co.a		2,883		119,183
Spectra Energy Corp.		5,401		201,349
Tesoro Corp.		1,050		53,561
Valero Energy Corp.		4,371		209,721
Whiting Petroleum Corp.a		956		65,687
Williams Companies Inc. (The)		5,577		230,330
				11,363,754
PAPER & FOREST PRODUCTS — 0.12%
International Paper Co.		3,441		168,231
				168,231
PERSONAL PRODUCTS — 0.17%
Avon Products Inc.		3,516		54,393
Estee Lauder Companies Inc. (The) Class A		1,960		134,926
Herbalife Ltd.		707		47,086
				236,405
PHARMACEUTICALS — 5.87%
AbbVie Inc.		12,910		657,248
Actavis PLCa		1,416		312,681
Allergan Inc.		2,411		306,197
Bristol-Myers Squibb Co.		13,374		719,120
Eli Lilly and Co.		8,251		491,842
Forest Laboratories Inc.a		1,969		192,115
Hospira Inc.a		1,338		57,909
Johnson & Johnson		22,896		2,109,179
Merck & Co. Inc.		23,726		1,352,145
Mylan Inc.a		3,087		171,545
Perrigo Co. PLC		1,088		178,911
Pfizer Inc.		52,606		1,689,179
Zoetis Inc.		4,078		126,499
				8,364,570
PROFESSIONAL SERVICES — 0.35%
Dun & Bradstreet Corp. (The)		316		31,350
Equifax Inc.		1,006		70,480

SCHEDULESOF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2014

Security	Shares		Value
IHS Inc. Class Aa		517	$	61,978
Manpowergroup Inc.		636		49,710
Nielsen Holdings NV		2,164		102,444
Robert Half International Inc.		1,157		47,368
Towers Watson & Co. Class A		530		57,823
Verisk Analytics Inc. Class Aa		1,237		78,815
				499,968
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.36%
American Capital Agency Corp.		3,102		69,144
American Realty Capital Properties Inc.		6,054		88,933
American Tower Corp.		3,207		261,274
Annaly Capital Management Inc.		7,670		85,751
AvalonBay Communities Inc.		998		128,712
Boston Properties Inc.		1,244		139,863
Camden Property Trust		676		45,089
Digital Realty Trust Inc.b		1,028		55,676
Duke Realty Corp.		2,664		44,755
Equity Residential		2,778		162,430
Federal Realty Investment Trust		529		58,883
General Growth Properties Inc.		4,431		97,571
HCP Inc.		3,721		144,263
Health Care REIT Inc.		2,324		136,512
Host Hotels & Resorts Inc.		6,069		119,377
Kimco Realty Corp.		3,298		73,413
Liberty Property Trust		1,169		44,726
Macerich Co. (The)		1,153		69,330
Plum Creek Timber Co. Inc.		1,425		61,688
Prologis Inc.		4,067		167,520
Public Storage		1,195		201,955
Rayonier Inc.		1,025		48,267
Realty Income Corp.b		1,583		70,317
Regency Centers Corp.		770		39,093
Simon Property Group Inc.		2,528		407,741
SL Green Realty Corp.		743		73,802
UDR Inc.		2,026		52,291
Ventas Inc.		2,371		148,022
Vornado Realty Trust		1,382		133,073
Weyerhaeuser Co.		4,759		140,438
				3,369,909
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.08%
CBRE Group Inc. Class Aa		2,274		63,559
Realogy Holdings Corp.a		1,170		55,528
				119,087

Security	Shares		Value
ROAD & RAIL — 0.96%
CSX Corp.		8,231	$	228,081
Hertz Global Holdings Inc.a		3,639		101,929
J.B. Hunt Transport Services Inc.		763		54,837
Kansas City Southern Industries Inc.		883		82,931
Norfolk Southern Corp.		2,497		229,499
Union Pacific Corp.		3,735		673,719
				1,370,996
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.11%
Altera Corp.		2,593		94,152
Analog Devices Inc.		2,534		128,778
Applied Materials Inc.		9,834		186,452
Avago Technologies Ltd.		1,993		122,968
Broadcom Corp. Class A		4,193		124,616
Cree Inc.a		974		59,833
Intel Corp.		40,299		997,803
KLA-Tencor Corp.		1,352		88,083
Lam Research Corp.a		1,312		67,870
Linear Technology Corp.		1,926		90,214
LSI Corp.		4,496		49,861
Marvell Technology Group Ltd.		3,227		49,341
Maxim Integrated Products Inc.		2,295		75,069
Microchip Technology Inc.		1,631		74,292
Micron Technology Inc.a		8,536		206,486
NVIDIA Corp.		4,542		83,482
Texas Instruments Inc.		8,898		400,054
Xilinx Inc.		2,167		113,117
				3,012,471
SOFTWARE — 3.74%
Activision Blizzard Inc.		3,728		72,137
Adobe Systems Inc.a		3,843		263,668
ANSYS Inc.a		742		61,972
Autodesk Inc.a		1,802		94,533
CA Inc.		2,603		87,200
Citrix Systems Inc.a		1,517		91,096
Electronic Arts Inc.a		2,503		71,561
Intuit Inc.		2,196		171,617
Microsoft Corp.		64,357		2,465,517
NetSuite Inc.a		267		30,729
Nuance Communications Inc.a,b		56		856
Oracle Corp.		29,568		1,156,404
Red Hat Inc.a		1,525		89,960
Salesforce.com Inc.a		4,648		289,896
ServiceNow Inc.a		1,005		68,400

40 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2014

Security	Shares		Value
Symantec Corp.		5,575	$	119,751
Synopsys Inc.a		1,274		51,470
VMware Inc. Class Aa		673		64,642
Workday Inc. Class Aa		687		75,515
				5,326,924
SPECIALTY RETAIL — 2.20%
Advance Auto Parts Inc.		600		76,416
AutoZone Inc.a,b		276		148,609
Bed Bath & Beyond Inc.a		1,757		119,160
Best Buy Co. Inc.		2,161		57,547
CarMax Inc.a		1,812		87,755
Dick’s Sporting Goods Inc.		830		44,546
GameStop Corp. Class A		944		35,221
Gap Inc. (The)		2,008		87,850
Home Depot Inc. (The)		11,429		937,521
L Brands Inc.		2,025		114,068
Lowe’s Companies Inc.		8,499		425,205
O’Reilly Automotive Inc.a		868		130,938
PetSmart Inc.		805		53,983
Ross Stores Inc.		1,752		127,546
Staples Inc.		5,330		72,435
Tiffany & Co.		1,028		95,861
TJX Companies Inc. (The)		5,824		357,943
Tractor Supply Co.		1,144		80,721
Ulta Salon, Cosmetics & Fragrance Inc.a		490		43,948
Urban Outfitters Inc.a		955		35,755
				3,133,028
TEXTILES, APPAREL & LUXURY GOODS — 0.85%
Coach Inc.		2,243		109,481
Fossil Group Inc.a		410		47,113
Lululemon Athletica Inc.a		815		41,003
Michael Kors Holdings Ltd.a		1,571		154,005
Nike Inc. Class B		5,784		452,887
PVH Corp.		659		83,318
Ralph Lauren Corp.		491		79,090
Under Armour Inc. Class Aa,b		668		75,584
VF Corp.		2,868		168,036
				1,210,517
THRIFTS & MORTGAGE FINANCE — 0.12%
Hudson City Bancorp Inc.		3,865		36,717
New York Community Bancorp Inc.		3,567		57,001
Ocwen Financial Corp.a		946		35,418
People’s United Financial Inc.		2,664		37,749
				166,885

Security	Shares		Value
TOBACCO — 1.35%
Altria Group Inc.		16,212	$	587,847
Lorillard Inc.		2,957		145,071
Philip Morris International Inc.		13,001		1,051,911
Reynolds American Inc.		2,658		135,106
				1,919,935
TRADING COMPANIES & DISTRIBUTORS — 0.16%
Fastenal Co.		2,288		107,971
W.W. Grainger Inc.		474		120,879
				228,850
WATER UTILITIES — 0.05%
American Water Works Co. Inc.		1,439		64,525
				64,525
WIRELESS TELECOMMUNICATION SERVICES — 0.30%
Crown Castle International Corp.a		2,710		205,689
SBA Communications Corp. Class Aa		1,046		99,548
Sprint Corp.a		8,002		69,937
T-Mobile US Inc.a		1,949		59,445
				434,619
TOTAL COMMON STOCKS
(Cost: $113,182,738)				142,080,915
SHORT-TERM INVESTMENTS — 0.87%
MONEY MARKET FUNDS — 0.87%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		1,061,003		1,061,003
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		55,623		55,623
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		124,764		124,764
				1,241,390
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,241,390)				1,241,390

SCHEDULESOF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2014

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.59%
(Cost: $114,424,128)	$	143,322,305
Other Assets, Less Liabilities — (0.59)%		(844,142	)
NET ASSETS — 100.00%	$	142,478,163

NVS  —  Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

42 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI Brazil Capped ETF			iShares MSCI Canada ETF			iShares MSCI Chile Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	3,031,183,660		$	3,341,695,509		$	241,563,146
Affiliated (Note 2)		664,005			44,703,127			977,105
Total cost of investments	$	3,031,847,665		$	3,386,398,636		$	242,540,251
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	4,105,878,469		$	3,055,004,737		$	283,187,888
Affiliated (Note 2)		664,005			44,703,127			977,105
Total fair value of investments		4,106,542,474			3,099,707,864			284,164,993
Foreign currency, at valueb		16,176,684			9,396,734			541,992
Receivables:
Investment securities sold		33,400,863			28,756,304			1,910,419
Dividends and interest		12,180,126			3,775,256			1,052
Capital shares sold		9,874,821			—			—
Futures variation margin		—			652,534			—
Total Assets		4,178,174,968			3,142,288,692			286,618,456
LIABILITIES
Payables:
Investment securities purchased		45,702,644			29,933,974			1,846,402
Due to broker for foreign currency pledged for futures, at valueb		—			358,573			—
Collateral for securities on loan (Note 1)		—			44,399,295			—
Capital shares redeemed		—			274,158			—
Securities related to in-kind transactions (Note 4)		—			111,830			—
Investment advisory fees (Note 2)		1,967,063			1,127,786			133,169
Total Liabilities		47,669,707			76,205,616			1,979,571
NET ASSETS	$	4,130,505,261		$	3,066,083,076		$	284,638,885
Net assets consist of:
Paid-in capital	$	4,867,666,114		$	3,682,430,422		$	381,587,999
Undistributed (distributions in excess of) net investment income		(2,393,247	)		(6,241,434	)		476,643
Accumulated net realized loss		(1,809,560,298	)		(324,088,450	)		(139,050,420	)
Net unrealized appreciation (depreciation)		1,074,792,692			(286,017,462	)		41,624,663
NET ASSETS	$	4,130,505,261		$	3,066,083,076		$	284,638,885
Shares outstandingc		100,750,000			105,200,000			6,450,000
Net asset value per share	$	41.00		$	29.15		$	44.13

^a  Securities on loan with values of $  —, $42,213,088 and $  —, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker, if any: $16,176,684, $9,018,695 and $541,992, respectively.

^c  $0.001 par value, number of shares authorized: 500 million, 340.2 million and 200 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 43

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI Colombia Capped ETF			iShares MSCI Israel Capped ETF			iShares MSCI Mexico Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	19,496,577		$	136,447,518		$	2,921,093,336
Affiliated (Note 2)		7,457			719,123			89,985,992
Total cost of investments	$	19,504,034		$	137,166,641		$	3,011,079,328
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	17,195,189		$	128,084,163		$	2,482,069,397
Affiliated (Note 2)		7,457			719,123			89,985,992
Total fair value of investments		17,202,646			128,803,286			2,572,055,389
Foreign currency, at valueb		2,085			152,294			3,216,719
Receivables:
Investment securities sold		321,274			4,506,235			20,401,809
Dividends and interest		4,102			191,730			659,964
Total Assets		17,530,107			133,653,545			2,596,333,881
LIABILITIES
Payables:
Investment securities purchased		303,053			4,673,609			20,850,517
Collateral for securities on loan (Note 1)		—			547,801			89,078,460
Capital shares redeemed		—			—			111,134
Investment advisory fees (Note 2)		7,984			55,517			948,765
Total Liabilities		311,037			5,276,927			110,988,876
NET ASSETS	$	17,219,070		$	128,376,618		$	2,485,345,005
Net assets consist of:
Paid-in capital	$	19,207,616		$	168,323,056		$	3,121,372,424
Undistributed (distributions in excess of) net investment income		(2,877	)		(400,581	)		154,440
Undistributed net realized gain (accumulated net realized loss)		315,823			(31,183,706	)		(197,131,815	)
Net unrealized depreciation		(2,301,492	)		(8,362,151	)		(439,050,044	)
NET ASSETS	$	17,219,070		$	128,376,618		$	2,485,345,005
Shares outstandingc		750,000			2,550,000			41,100,000
Net asset value per share	$	22.96		$	50.34		$	60.47

^a  Securities on loan with values of $  —, $520,717 and $83,696,157, respectively. See Note 1.

^b  Cost of foreign currency: $2,178, $151,845 and $3,198,109, respectively.

^c  $0.001 par value, number of shares authorized: 25 million, 500 million and 255 million, respectively.

See notes to financial statements.

44 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI South Africa ETF			iShares MSCI Turkey ETF			iShares MSCI USA ETF
ASSETS
Investments, at cost:
Unaffiliated	$	545,340,021		$	731,842,950		$	112,659,954
Affiliated (Note 2)		13,467,130			27,961,634			1,764,174
Total cost of investments	$	558,807,151		$	759,804,584		$	114,424,128
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	456,073,625		$	518,003,296		$	141,395,038
Affiliated (Note 2)		13,467,130			27,961,634			1,927,267
Total fair value of investments		469,540,755			545,964,930			143,322,305
Foreign currency, at valueb		298,583			382,517			—
Receivables:
Investment securities sold		1,367,635			—			692,218
Due from custodian (Note 4)		—			80,079			—
Dividends and interest		10,902			60,678			293,291
Capital shares sold		—			3,014			9,192
Total Assets		471,217,875			546,491,218			144,317,006
LIABILITIES
Payables:
Investment securities purchased		1,384,222			80,079			706,626
Collateral for securities on loan (Note 1)		13,204,470			27,838,942			1,116,626
Investment advisory fees (Note 2)		208,645			251,197			15,591
Total Liabilities		14,797,337			28,170,218			1,838,843
NET ASSETS	$	456,420,538		$	518,321,000		$	142,478,163
Net assets consist of:
Paid-in capital	$	586,975,120		$	793,219,393		$	86,755,127
Undistributed (distributions in excess of) net investment income (loss)		(1,324,522	)		(791,979	)		400,594
Undistributed net realized gain (accumulated net realized loss)		(39,968,077	)		(60,255,262	)		26,424,265
Net unrealized appreciation (depreciation)		(89,261,983	)		(213,851,152	)		28,898,177
NET ASSETS	$	456,420,538		$	518,321,000		$	142,478,163
Shares outstandingc		7,300,000			12,100,000			3,550,000
Net asset value per share	$	62.52		$	42.84		$	40.13

^a  Securities on loan with values of $12,525,775, $25,883,781 and $1,093,212, respectively. See Note 1.

^b  Cost of foreign currency: $294,149, $394,015 and $  —, respectively.

^c  $0.001 par value, number of shares authorized: 400 million, 200 million and 500 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI Brazil Capped ETF			iShares MSCI Canada ETF			iShares MSCI Chile Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	81,907,135		$	41,960,060		$	1,993,718
Interest — unaffiliated		—			2,318			—
Interest — affiliated (Note 2)		531			376			51
Securities lending income — affiliated (Note 2)		—			126,394			—
Total investment income		81,907,666			42,089,148			1,993,769
EXPENSES
Investment advisory fees (Note 2)		15,056,025			8,207,494			1,123,600
Total expenses		15,056,025			8,207,494			1,123,600
Net investment income		66,851,641			33,881,654			870,169
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(27,593,263	)		(40,448,015	)		(28,238,404	)
In-kind redemptions — unaffiliated		—			41,199,629			—
Futures contracts		—			1,257,273			—
Foreign currency transactions		(2,446,389	)		(1,200,572	)		(229,512	)
Net realized gain (loss)		(30,039,652	)		808,315			(28,467,916	)
Net change in unrealized appreciation/depreciation on:
Investments		(23,595,015	)		225,772,884			(5,586,734	)
Futures contracts		—			232,926			—
Translation of assets and liabilities in foreign currencies		2,843,490			267,768			2,514
Net change in unrealized appreciation/depreciation		(20,751,525	)		226,273,578			(5,584,220	)
Net realized and unrealized gain (loss)		(50,791,177	)		227,081,893			(34,052,136	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	16,060,464		$	260,963,547		$	(33,181,967	)

^a  Net of foreign withholding tax of $7,101,288, $7,267,684 and $576,806, respectively.

See notes to financial statements.

46 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI Colombia Capped ETF			iShares MSCI Israel Capped ETF			iShares MSCI Mexico Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	184,254		$	1,060,400		$	33,323,705
Interest — affiliated (Note 2)		5			11			225
Securities lending income — affiliated (Note 2)		—			17,938			689,930
Total investment income		184,259			1,078,349			34,013,860
EXPENSES
Investment advisory fees (Note 2)		57,875			283,324			6,008,476
Interest expense (Note 7)		263			—			—
Total expenses		58,138			283,324			6,008,476
Net investment income		126,121			795,025			28,005,384
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		358,128			(1,961,085	)		(36,842,038	)
Investments — affiliated (Note 2)		—			—			(19,863,537	)
In-kind redemptions — unaffiliated		—			4,015,775			38,600,988
In-kind redemptions — affiliated (Note 2)		—			—			(64,003	)
Foreign currency transactions		(5,388	)		20,078			(360,093	)
Net realized gain (loss)		352,740			2,074,768			(18,528,683	)
Net change in unrealized appreciation/depreciation on:
Investments		(2,676,329	)		12,764,677			(72,392,166	)
Translation of assets and liabilities in foreign currencies		1,485			2,527			183,496
Net change in unrealized appreciation/depreciation		(2,674,844	)		12,767,204			(72,208,670	)
Net realized and unrealized gain (loss)		(2,322,104	)		14,841,972			(90,737,353	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,195,983	)	$	15,636,997		$	(62,731,969	)

^a  Net of foreign withholding tax of $5,949, $243,488 and $239,701, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI South Africa ETF			iShares MSCI Turkey ETF			iShares MSCI USA ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	8,279,008		$	380,762		$	1,699,555
Dividends — affiliated (Note 2)		—			—			7,027
Interest — affiliated (Note 2)		54			15			27
Securities lending income — affiliated (Note 2)		48,371			271,314			3,408
Total investment income		8,327,433			652,091			1,710,017
EXPENSES
Investment advisory fees (Note 2)		1,653,951			1,444,017			123,147
Total expenses		1,653,951			1,444,017			123,147
Net investment income (loss)		6,673,482			(791,926	)		1,586,870
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,189,237	)		(9,272,696	)		50,788
Investments — affiliated (Note 2)		—			—			(77	)
In-kind redemptions — unaffiliated		38,830,454			(8,892,341	)		26,723,336
In-kind redemptions — affiliated (Note 2)		—			—			146,006
Foreign currency transactions		(49,074	)		(69,927	)		—
Net realized gain (loss)		36,592,143			(18,234,964	)		26,920,053
Net change in unrealized appreciation/depreciation on:
Investments		(4,905,942	)		(36,862,725	)		(4,614,566	)
Short positions (Note 1)		—			—			(7	)
Translation of assets and liabilities in foreign currencies		18,173			13,955			—
Net change in unrealized appreciation/depreciation		(4,887,769	)		(36,848,770	)		(4,614,573	)
Net realized and unrealized gain (loss)		31,704,374			(55,083,734	)		22,305,480
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	38,377,856		$	(55,875,660	)	$	23,892,350

^a  Net of foreign withholding tax of $1,264,388, $67,152 and $134, respectively.

See notes to financial statements.

48 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Brazil Capped ETF						iShares MSCI Canada ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	66,851,641		$	234,016,311		$	33,881,654		$	90,664,360
Net realized gain (loss)		(30,039,652	)		(504,905,186	)		808,315			(217,797	)
Net change in unrealized appreciation/depreciation		(20,751,525	)		(731,631,556	)		226,273,578			(21,929,084	)
Net increase (decrease) in net assets resulting from operations		16,060,464			(1,002,520,431	)		260,963,547			68,517,479
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(57,932,331	)		(201,420,612	)		(45,530,772	)		(101,089,405	)
Total distributions to shareholders		(57,932,331	)		(201,420,612	)		(45,530,772	)		(101,089,405	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		788,078,104			2,841,464,893			108,760,061			644,392,669
Cost of shares redeemed		(1,599,331,310	)		(4,024,510,606	)		(686,333,014	)		(1,438,141,791	)
Net decrease in net assets from capital share transactions		(811,253,206	)		(1,183,045,713	)		(577,572,953	)		(793,749,122	)
DECREASE IN NET ASSETS		(853,125,073	)		(2,386,986,756	)		(362,140,178	)		(826,321,048	)
NET ASSETS
Beginning of period		4,983,630,334			7,370,617,090			3,428,223,254			4,254,544,302
End of period	$	4,130,505,261		$	4,983,630,334		$	3,066,083,076		$	3,428,223,254
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(2,393,247	)	$	(11,312,557	)	$	(6,241,434	)	$	5,407,684
SHARES ISSUED AND REDEEMED
Shares sold		17,500,000			56,450,000			3,800,000			22,700,000
Shares redeemed		(33,950,000	)		(79,350,000	)		(24,000,000	)		(51,900,000	)
Net decrease in shares outstanding		(16,450,000	)		(22,900,000	)		(20,200,000	)		(29,200,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Chile Capped ETF						iShares MSCI Colombia Capped ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Period from June 18, 2013a to August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	870,169		$	5,971,692		$	126,121		$	18,943
Net realized gain (loss)		(28,467,916	)		(18,305,706	)		352,740			(39,871	)
Net change in unrealized appreciation/depreciation		(5,584,220	)		(89,351,302	)		(2,674,844	)		373,352
Net increase (decrease) in net assets resulting from operations		(33,181,967	)		(101,685,316	)		(2,195,983	)		352,424
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(393,526	)		(5,669,647	)		(144,987	)		—
Return of capital		—			(235,875	)		—			—
Total distributions to shareholders		(393,526	)		(5,905,522	)		(144,987	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		147,527,856			96,241,277			1,372,079			17,835,537
Cost of shares redeemed		(194,203,094	)		(172,557,468	)		—			—
Net increase (decrease) in net assets from capital share transactions		(46,675,238	)		(76,316,191	)		1,372,079			17,835,537
INCREASE (DECREASE) IN NET ASSETS		(80,250,731	)		(183,907,029	)		(968,891	)		18,187,961
NET ASSETS
Beginning of period		364,889,616			548,796,645			18,187,961			—
End of period	$	284,638,885		$	364,889,616		$	17,219,070		$	18,187,961
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	476,643		$	—		$	(2,877	)	$	15,989
SHARES ISSUED AND REDEEMED
Shares sold		2,950,000			1,600,000			50,000			700,000
Shares redeemed		(4,150,000	)		(3,050,000	)		—			—
Net increase (decrease) in shares outstanding		(1,200,000	)		(1,450,000	)		50,000			700,000

^a  Commencement of operations.

See notes to financial statements.

50 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Israel Capped ETF						iShares MSCI Mexico Capped ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	795,025		$	1,746,415		$	28,005,384		$	23,387,350
Net realized gain (loss)		2,074,768			(2,451,315	)		(18,528,683	)		58,110,855
Net change in unrealized appreciation/depreciation		12,767,204			13,324,637			(72,208,670	)		(251,180,438	)
Net increase (decrease) in net assets resulting from operations		15,636,997			12,619,737			(62,731,969	)		(169,682,233	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,081,474	)		(1,885,659	)		(32,082,799	)		(20,571,276	)
Total distributions to shareholders		(1,081,474	)		(1,885,659	)		(32,082,799	)		(20,571,276	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		64,670,585			4,057,008			1,079,574,097			2,551,091,943
Cost of shares redeemed		(21,559,275	)		(12,993,789	)		(716,466,520	)		(1,326,485,790	)
Net increase (decrease) in net assets from capital share transactions		43,111,310			(8,936,781	)		363,107,577			1,224,606,153
INCREASE IN NET ASSETS		57,666,833			1,797,297			268,292,809			1,034,352,644
NET ASSETS
Beginning of period		70,709,785			68,912,488			2,217,052,196			1,182,699,552
End of period	$	128,376,618		$	70,709,785		$	2,485,345,005		$	2,217,052,196
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(400,581	)	$	(114,132	)	$	154,440		$	4,231,855
SHARES ISSUED AND REDEEMED
Shares sold		1,350,000			100,000			16,500,000			36,200,000
Shares redeemed		(450,000	)		(300,000	)		(11,200,000	)		(19,800,000	)
Net increase (decrease) in shares outstanding		900,000			(200,000	)		5,300,000			16,400,000

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI South Africa ETF						iShares MSCI Turkey ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	6,673,482		$	10,563,037		$	(791,926	)	$	12,304,114
Net realized gain (loss)		36,592,143			9,898,524			(18,234,964	)		23,341,248
Net change in unrealized appreciation/depreciation		(4,887,769	)		(55,224,683	)		(36,848,770	)		(125,847,399	)
Net increase (decrease) in net assets resulting from operations		38,377,856			(34,763,122	)		(55,875,660	)		(90,202,037	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(6,998,718	)		(13,575,195	)		—			(12,901,893	)
Total distributions to shareholders		(6,998,718	)		(13,575,195	)		—			(12,901,893	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		147,170,567			295,390,025			297,567,739			506,879,433
Cost of shares redeemed		(269,698,492	)		(171,404,561	)		(159,447,125	)		(528,983,742	)
Net increase (decrease) in net assets from capital share transactions		(122,527,925	)		123,985,464			138,120,614			(22,104,309	)
INCREASE (DECREASE) IN NET ASSETS		(91,148,787	)		75,647,147			82,244,954			(125,208,239	)
NET ASSETS
Beginning of period		547,569,325			471,922,178			436,076,046			561,284,285
End of period	$	456,420,538		$	547,569,325		$	518,321,000		$	436,076,046
Distributions in excess of net investment income (loss) included in net assets at end of period	$	(1,324,522	)	$	(999,286	)	$	(791,979	)	$	(53	)
SHARES ISSUED AND REDEEMED
Shares sold		2,300,000			4,800,000			6,150,000			7,950,000
Shares redeemed		(4,300,000	)		(2,800,000	)		(2,950,000	)		(9,050,000	)
Net increase (decrease) in shares outstanding		(2,000,000	)		2,000,000			3,200,000			(1,100,000	)

See notes to financial statements.

52 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI USA ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,586,870		$	3,339,631
Net realized gain		26,920,053			4,666,050
Net change in unrealized appreciation/depreciation		(4,614,573	)		18,945,599
Net increase in net assets resulting from operations		23,892,350			26,951,280
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,805,132	)		(3,310,642	)
Total distributions to shareholders		(1,805,132	)		(3,310,642	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		30,147,905			36,217,071
Cost of shares redeemed		(89,587,130	)		(25,497,372	)
Net increase (decrease) in net assets from capital share transactions		(59,439,225	)		10,719,699
INCREASE (DECREASE) IN NET ASSETS		(37,352,007	)		34,360,337
NET ASSETS
Beginning of period		179,830,170			145,469,833
End of period	$	142,478,163		$	179,830,170
Undistributed net investment income included in net assets at end of period	$	400,594		$	618,856
SHARES ISSUED AND REDEEMED
Shares sold		800,000			1,100,000
Shares redeemed		(2,350,000	)		(800,000	)
Net increase (decrease) in shares outstanding		(1,550,000	)		300,000

See notes to financial statements.

FINANCIAL STATEMENTS 53

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Brazil Capped ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	42.52		$	52.61		$	65.00		$	68.07		$	58.26		$	73.27
Income from investment operations:
Net investment incomea		0.62			1.59			1.73			2.24			1.56			1.56
Net realized and unrealized gain (loss)b		(1.55	)		(10.32	)		(12.64	)		(1.69	)		10.83			(14.63	)
Total from investment operations		(0.93	)		(8.73	)		(10.91	)		0.55			12.39			(13.07	)
Less distributions from:
Net investment income		(0.59	)		(1.36	)		(0.56	)		(3.62	)		(2.58	)		(1.94	)
Return of capital		—			—			(0.92	)		—			—			—
Total distributions		(0.59	)		(1.36	)		(1.48	)		(3.62	)		(2.58	)		(1.94	)
Net asset value, end of period	$	41.00		$	42.52		$	52.61		$	65.00		$	68.07		$	58.26
Total return		(2.28	)%c		(16.85	)%		(16.79	)%		0.36	%		21.12	%		(16.05	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	4,130,505		$	4,983,630		$	7,370,617		$	11,332,121		$	9,240,453		$	8,777,366
Ratio of expenses to average net assetsd,e		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%		0.65	%
Ratio of net investment income to average net assetse		2.75	%		3.02	%		2.92	%		3.08	%		2.24	%		3.38	%
Portfolio turnover ratef		21	%		56	%		7	%		11	%		13	%		30	%

^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  Ratios for the years ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2014 and the years ended August 31, 2013, August 31, 2012, August 31, 2011, August 31, 2010 and August 31, 2009 were 5%, 20%, 6%, 11%, 13% and 14%, respectively. See Note 4.

See notes to financial statements.

54 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Canada ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	27.34		$	27.52		$	29.89		$	26.10		$	23.70		$	30.55
Income from investment operations:
Net investment incomea		0.29			0.60			0.53			0.53			0.43			0.41
Net realized and unrealized gain (loss)b		1.91			(0.10	)		(2.33	)		3.78			2.39			(6.84	)
Total from investment operations		2.20			0.50			(1.80	)		4.31			2.82			(6.43	)
Less distributions from:
Net investment income		(0.39	)		(0.68	)		(0.57	)		(0.52	)		(0.42	)		(0.42	)
Total distributions		(0.39	)		(0.68	)		(0.57	)		(0.52	)		(0.42	)		(0.42	)
Net asset value, end of period	$	29.15		$	27.34		$	27.52		$	29.89		$	26.10		$	23.70
Total return		8.08	%c		1.84	%		(5.87	)%		16.50	%		11.91	%		(20.51	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,066,083		$	3,428,223		$	4,254,544		$	5,092,547		$	3,447,242		$	2,393,638
Ratio of expenses to average net assetsd,e		0.49	%		0.51	%		0.53	%		0.52	%		0.53	%		0.55	%
Ratio of net investment income to average net assetse		2.01	%		2.12	%		1.94	%		1.70	%		1.63	%		2.00	%
Portfolio turnover ratef		3	%		7	%		5	%		8	%		6	%		6	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Ratios for the years ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 55

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Chile Capped ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	47.70		$	60.31		$	67.11		$	67.37		$	44.61		$	44.80
Income from investment operations:
Net investment incomea		0.11			0.68			0.97			0.95			0.59			0.76
Net realized and unrealized gain (loss)b		(3.63	)		(12.58	)		(6.80	)		(0.23	)		22.86			(0.42	)
Total from investment operations		(3.52	)		(11.90	)		(5.83	)		0.72			23.45			0.34
Less distributions from:
Net investment income		(0.05	)		(0.68	)		(0.92	)		(0.98	)		(0.66	)		(0.53	)
Return of capital		—			(0.03	)		(0.05	)		(0.00	)c		(0.03	)		—
Total distributions		(0.05	)		(0.71	)		(0.97	)		(0.98	)		(0.69	)		(0.53	)
Net asset value, end of period	$	44.13		$	47.70		$	60.31		$	67.11		$	67.37		$	44.61
Total return		(7.38	)%d		(19.87	)%		(8.68	)%		0.93	%		52.88	%		0.89	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	284,639		$	364,890		$	548,797		$	708,018		$	670,350		$	263,205
Ratio of expenses to average net assetse		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%		0.65	%
Ratio of net investment income to average net assetse		0.48	%		1.12	%		1.55	%		1.30	%		1.05	%		1.98	%
Portfolio turnover ratef		46	%		34	%		48	%		38	%		42	%		53	%

^a  Based on average shares outstanding throughout each period.

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

^c  Rounds to less than $0.01.

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2014 and the years ended August 31, 2013, August 31, 2012, August 31, 2011, August 31, 2010, and August 31, 2009 were 5%, 16%, 20%, 12%, 9% and 14%, respectively. See Note 4.

See notes to financial statements.

56 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Colombia Capped ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Period from Jun. 18, 2013a to Aug. 31, 2013
Net asset value, beginning of period	$	25.98		$	25.28
Income from investment operations:
Net investment incomeb		0.17			0.03
Net realized and unrealized gain (loss)c		(3.00	)		0.67
Total from investment operations		(2.83	)		0.70
Less distributions from:
Net investment income		(0.19	)		—
Total distributions		(0.19	)		—
Net asset value, end of period	$	22.96		$	25.98
Total return		(10.94	)%d		2.77	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	17,219		$	18,188
Ratio of expenses to average net assetse		0.61	%		0.61	%
Ratio of net investment income to average net assetse		1.33	%		0.61	%
Portfolio turnover ratef		15	%		2	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2014 and for the period ended August 31, 2013 were 15% and 2%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 57

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Israel Capped ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	42.85		$	37.25		$	45.89		$	49.41		$	46.87		$	48.62
Income from investment operations:
Net investment incomea		0.41			0.95			1.12			1.39			1.40			0.98
Net realized and unrealized gain (loss)b		7.65			5.68			(8.66	)		(3.18	)		2.63			(1.75	)
Total from investment operations		8.06			6.63			(7.54	)		(1.79	)		4.03			(0.77	)
Less distributions from:
Net investment income		(0.57	)		(1.03	)		(1.07	)		(1.73	)		(1.49	)		(0.98	)
Return of capital		—			—			(0.03	)		—			—			—
Total distributions		(0.57	)		(1.03	)		(1.10	)		(1.73	)		(1.49	)		(0.98	)
Net asset value, end of period	$	50.34		$	42.85		$	37.25		$	45.89		$	49.41		$	46.87
Total return		18.89	%c		17.82	%		(16.52	)%		(4.26	)%		8.57	%		(0.63	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	128,377		$	70,710		$	68,912		$	78,018		$	128,473		$	107,792
Ratio of expenses to average net assetsd		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%		0.66	%
Ratio of net investment income to average net assetsd		1.74	%		2.20	%		2.75	%		2.49	%		2.64	%		2.66	%
Portfolio turnover ratee		8	%		14	%		20	%		17	%		21	%		27	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

58 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Mexico Capped ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	61.93		$	60.96		$	58.39		$	48.17		$	42.59		$	51.94
Income from investment operations:
Net investment incomea		0.73			0.75			0.73			0.80			0.72			0.43
Net realized and unrealized gain (loss)b		(1.32	)		0.85			2.76			10.15			5.61			(9.17	)
Total from investment operations		(0.59	)		1.60			3.49			10.95			6.33			(8.74	)
Less distributions from:
Net investment income		(0.87	)		(0.63	)		(0.92	)		(0.73	)		(0.75	)		(0.61	)
Total distributions		(0.87	)		(0.63	)		(0.92	)		(0.73	)		(0.75	)		(0.61	)
Net asset value, end of period	$	60.47		$	61.93		$	60.96		$	58.39		$	48.17		$	42.59
Total return		(1.03	)%c		2.53	%		6.13	%		22.67	%		14.83	%		(16.50	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,485,345		$	2,217,052		$	1,182,700		$	1,243,731		$	1,450,039		$	694,278
Ratio of expenses to average net assetsd		0.49	%		0.50	%		0.53	%		0.52	%		0.53	%		0.55	%
Ratio of net investment income to average net assetsd		2.26	%		1.09	%		1.26	%		1.35	%		1.46	%		1.25	%
Portfolio turnover ratee		6	%		32	%		10	%		5	%		11	%		13	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI South Africa ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	58.88		$	64.65		$	69.06		$	58.74		$	51.99		$	55.80
Income from investment operations:
Net investment incomea		0.78			1.32			2.10			1.65			1.18			1.94
Net realized and unrealized gain (loss)b		3.78			(5.31	)		(4.41	)		11.08			6.92			(3.84	)
Total from investment operations		4.56			(3.99	)		(2.31	)		12.73			8.10			(1.90	)
Less distributions from:
Net investment income		(0.92	)		(1.78	)		(2.10	)		(2.41	)		(1.35	)		(1.91	)
Total distributions		(0.92	)		(1.78	)		(2.10	)		(2.41	)		(1.35	)		(1.91	)
Net asset value, end of period	$	62.52		$	58.88		$	64.65		$	69.06		$	58.74		$	51.99
Total return		7.78	%c		(6.35	)%		(3.17	)%		21.58	%		15.80	%		(2.23	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	456,421		$	547,569		$	471,922		$	504,102		$	505,191		$	488,728
Ratio of expenses to average net assetsd		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%		0.66	%
Ratio of net investment income to average net assetsd		2.50	%		2.08	%		3.26	%		2.38	%		2.09	%		4.81	%
Portfolio turnover ratee		1	%		5	%		4	%		4	%		5	%		16	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

60 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Turkey ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	49.00		$	56.13		$	47.73		$	60.81		$	48.01		$	52.42
Income from investment operations:
Net investment income (loss)a		(0.09	)		1.07			0.86			0.84			1.00			0.78
Net realized and unrealized gain (loss)b		(6.07	)		(7.08	)		8.70			(12.59	)		13.02			(4.22	)
Total from investment operations		(6.16	)		(6.01	)		9.56			(11.75	)		14.02			(3.44	)
Less distributions from:
Net investment income		—			(1.12	)		(1.16	)		(1.33	)		(1.22	)		(0.97	)
Total distributions		—			(1.12	)		(1.16	)		(1.33	)		(1.22	)		(0.97	)
Net asset value, end of period	$	42.84		$	49.00		$	56.13		$	47.73		$	60.81		$	48.01
Total return		(12.57	)%c		(11.05	)%		20.37	%		(19.74	)%		29.55	%		(5.56	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	518,321		$	436,076		$	561,284		$	448,677		$	601,988		$	242,435
Ratio of expenses to average net assetsd		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%		0.65	%
Ratio of net investment income (loss) to average net assetsd		(0.34	)%		1.67	%		1.75	%		1.30	%		1.81	%		2.39	%
Portfolio turnover ratee		4	%		9	%		9	%		12	%		13	%		16	%

^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 61

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI USA ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Period from May 5, 2010a to Aug. 31, 2010
Net asset value, beginning of period	$	35.26		$	30.31		$	26.17		$	22.44		$	24.83
Income from investment operations:
Net investment incomeb		0.36			0.69			0.59			0.51			0.17
Net realized and unrealized gain (loss)c		4.96			4.96			3.94			3.73			(2.49	)
Total from investment operations		5.32			5.65			4.53			4.24			(2.32	)
Less distributions from:
Net investment income		(0.45	)		(0.70	)		(0.39	)		(0.51	)		(0.07	)
Total distributions		(0.45	)		(0.70	)		(0.39	)		(0.51	)		(0.07	)
Net asset value, end of period	$	40.13		$	35.26		$	30.31		$	26.17		$	22.44
Total return		15.15	%d		18.85	%		17.44	%		18.89	%		(9.37	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	142,478		$	179,830		$	145,470		$	5,233		$	2,244
Ratio of expenses to average net assetse		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Ratio of net investment income to average net assetse		1.93	%		2.10	%		2.04	%		1.90	%		2.21	%
Portfolio turnover ratef		3	%		5	%		6	%		8	%		1	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

62 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Brazil Capped		Non-diversified
MSCI Canada		Diversified
MSCI Chile Capped		Non-diversified
MSCI Colombia Capped		Non-diversified
MSCI Israel Capped		Non-diversified

iShares ETF	Diversification Classification
MSCI Mexico Capped		Non-diversified
MSCI South Africa		Non-diversified
MSCI Turkey		Non-diversified
MSCI USA		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.

Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

Certain Funds invest in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Funds; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in emerging market and frontier market countries.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

NOTESTO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

SECURITY VALUATION

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

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

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

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

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

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

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

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

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

64 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2014. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI Brazil Capped
Assets:
Common Stocks	$	2,455,434,516	$	—	$	—	$	2,455,434,516
Preferred Stocks		1,650,140,413		—		—		1,650,140,413
Rights		303,540		—		—		303,540
Money Market Funds		664,005		—		—		664,005
	$	4,106,542,474	$	—	$	—	$	4,106,542,474
MSCI Canada
Assets:
Common Stocks	$	3,055,004,737	$	—	$	—	$	3,055,004,737
Money Market Funds		44,703,127		—		—		44,703,127
Futures Contractsa		652,534		—		—		652,534
	$	3,100,360,398	$	—	$	—	$	3,100,360,398
MSCI Chile Capped
Assets:
Common Stocks	$	264,701,482	$	—	$	—	$	264,701,482
Preferred Stocks		18,434,216		—		—		18,434,216
Rights		52,190		—		—		52,190
Money Market Funds		977,105		—		—		977,105
	$	284,164,993	$	—	$	—	$	284,164,993

NOTESTO FINANCIAL STATEMENTS 65

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI Colombia Capped
Assets:
Common Stocks	$	13,594,389	$	—	$	—	$	13,594,389
Preferred Stocks		3,600,800		—		—		3,600,800
Money Market Funds		7,457		—		—		7,457
	$	17,202,646	$	—	$	—	$	17,202,646
MSCI Israel Capped
Assets:
Common Stocks	$	126,973,429	$	1,110,733	$	—	$	128,084,162
Warrants		1		—		—		1
Money Market Funds		719,123		—		—		719,123
	$	127,692,553	$	1,110,733	$	—	$	128,803,286
MSCI Mexico Capped
Assets:
Common Stocks	$	2,480,873,346	$	1,196,051	$	—	$	2,482,069,397
Money Market Funds		89,985,992		—		—		89,985,992
	$	2,570,859,338	$	1,196,051	$	—	$	2,572,055,389
MSCI South Africa
Assets:
Common Stocks	$	456,073,625	$	—	$	—	$	456,073,625
Money Market Funds		13,467,130		—		—		13,467,130
	$	469,540,755	$	—	$	—	$	469,540,755
MSCI Turkey
Assets:
Common Stocks	$	518,003,296	$	—	$	—	$	518,003,296
Money Market Funds		27,961,634		—		—		27,961,634
	$	545,964,930	$	—	$	—	$	545,964,930
MSCI USA
Assets:
Common Stocks	$	142,080,915	$	—	$	—	$	142,080,915
Money Market Funds		1,241,390		—		—		1,241,390
	$	143,322,305	$	—	$	—	$	143,322,305

^a  Futures contracts are shown at the net unrealized appreciation (depreciation) on the contracts.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2014 are

66 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

SHORT POSITIONS

From time to time, in order to track the performance of their respective benchmark index, the Funds may sell non-index securities that will be received through corporate actions occurring on the opening of market trading on the following business day. Such short positions are valued consistent with how securities are valued as described under “Security Valuation.” The obligation to deliver the securities is recorded as a liability in the Funds’ statements of assets and liabilities and is equal to the current fair value of the securities to be delivered. Any market fluctuations between the value of the obligation to sell these securities and the current fair value are reflected as unrealized appreciation (depreciation) in the Funds’ statements of operations. Upon receipt of the securities related to the corporate actions, the Funds record a realized gain (loss). Dividends on securities sold short, if any, are reflected as an expense in the statements of operations. Details of the short position resulting from the non-index securities sold by the Funds, if any, are included in their respective schedule of investments.

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2014, 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.

NOTESTO FINANCIAL STATEMENTS 67

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

FEDERAL INCOME TAXES

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.

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates.

As of February 28, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2014 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party. 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.

68 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2014, the following Funds had securities on loan with a market value as disclosed in the Funds’ statements of assets and liabilities:

iShares ETF	Market Value of Securities on Loan
MSCI Canada	$	42,213,088
MSCI Israel Capped		520,717
MSCI Mexico Capped		83,696,157
MSCI South Africa		12,525,775
MSCI Turkey		25,883,781
MSCI USA		1,093,212

As of February 28, 2014, the value of the related collateral, as disclosed in the Funds’ schedules of investments, exceeded the market value of the securities on loan.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

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

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

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

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

NOTESTO FINANCIAL STATEMENTS 69

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

iShares ETF	Investment Advisory Fee
MSCI Colombia Capped		0.61	%
MSCI USA		0.15

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Effective January 1, 2014, 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% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2014, (i) all Funds except the iShares MSCI USA ETF retain 75% of securities lending income (commencing January 1, 2015 the amount each Fund will retain is expected to change to 70% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, Fund retained 65% of securities lending income and paid no collateral investment fees.

Pursuant to a securities lending agreement effective January 1, 2014, (i) the iShares MSCI USA ETF retains 70% of securities lending income and (ii) the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, the Fund retained 65% of securities lending income and paid no collateral investment fees.

For the six months ended February 28, 2014, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
MSCI Canada	$	65,362
MSCI Israel Capped		8,703
MSCI Mexico Capped		339,690
MSCI South Africa		23,488
MSCI Turkey		126,835
MSCI USA		1,829

In addition, commencing the business day following a “Hurdle Date” (the date that the aggregate securities lending income 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 calendar year 2013 or lesser amount as may be agreed to by the Funds and BTC) and pursuant to a securities lending agreement, all Funds except the iShares MSCI USA ETF will (i) receive for the remainder of that calendar year 80% of securities lending income (for any Hurdle Date after January 1,

70 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

2015, each Fund will retain 75% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees. The iShares MSCI USA ETF will (i) receive for the remainder of that calendar year 75% of securities lending income and (ii) the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.

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 trades for the six months ended February 28, 2014, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. 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.

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 “Interest – 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.

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended February 28, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Period		Shares Purchased		Shares Sold			Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
MSCI Mexico Capped
Desarrolladora Homex SAB de CV		28,207,210		5,221,000		(33,428,210	)		—	$	—	$	—	$	(19,927,540	)
MSCI USA
BlackRock Inc.		1,575		262		(750	)		1,087	$	331,361	$	2,559	$	86,413
PNC Financial Services Group Inc. (The)		6,204		1,081		(2,950	)		4,335		354,516		4,468		59,516
										$	685,877	$	7,027	$	145,929

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

NOTESTO FINANCIAL STATEMENTS 71

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2014 were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil Capped	$	1,018,876,247	$	1,807,696,826
MSCI Canada		97,972,987		114,876,232
MSCI Chile Capped		164,931,324		212,494,347
MSCI Colombia Capped		4,069,448		2,777,953
MSCI Israel Capped		7,652,726		7,825,734
MSCI Mexico Capped		152,615,322		147,704,978
MSCI South Africa		10,892,643		5,569,661
MSCI Turkey		19,645,955		21,147,567
MSCI USA		4,513,647		5,078,231

In-kind transactions (see Note 4) for the six months ended February 28, 2014 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Canada	$	107,624,414	$	678,547,923
MSCI Colombia Capped		96,013		–
MSCI Israel Capped		64,385,157		21,309,247
MSCI Mexico Capped		1,062,342,694		713,124,218
MSCI South Africa		140,718,580		269,059,695
MSCI Turkey		297,207,711		158,326,213
MSCI USA		30,016,384		89,058,594

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 net asset value. 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.

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.

72 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

5. INCOME TAX INFORMATION

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 net asset values per share.

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

As of August 31, 2013, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2014		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Brazil Capped	$	542,485,416	$	—	$	—	$	—	$	—	$	198,226,310	$	—	$	740,711,726
MSCI Canada		60,743,987		—		5,363,291		5,107,471		27,886,883		68,928,677		14,903,919		182,934,228
MSCI Chile Capped		57,337,145		—		—		—		1,886,881		11,712,090		976,991		71,913,107
MSCI Colombia Capped		36,917		—		—		—		—		—		—		36,917
MSCI Israel Capped		8,974,706		—		—		—		784,479		10,801,191		7,130,249		27,690,625
MSCI Mexico Capped		37,504,583		632,766		—		853,150		8,973,988		2,789,471		22,863,665		73,617,623
MSCI South Africa		16,619,692		260,738		1,607,845		972,024		15,339,464		14,856,365		6,137,142		55,793,270
MSCI Turkey		21,068,743		—		—		—		720,636		5,982,737		3,859,184		31,631,300
MSCI USA		175,480		—		—		—		—		—		—		175,480

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

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

As of February 28, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Brazil Capped	$	3,710,500,662	$	1,254,830,596	$	(858,788,784	)	$	396,041,812
MSCI Canada		3,448,725,441		337,671,790		(686,689,367	)		(349,017,577	)
MSCI Chile Capped		275,593,573		54,730,572		(46,159,152	)		8,571,420
MSCI Colombia Capped		19,504,034		524,653		(2,826,041	)		(2,301,388	)
MSCI Israel Capped		138,416,477		7,833,449		(17,446,640	)		(9,613,191	)
MSCI Mexico Capped		3,111,502,470		33,086,520		(572,533,601	)		(539,447,081	)
MSCI South Africa		569,881,913		35,978,850		(136,320,008	)		(100,341,158	)
MSCI Turkey		769,427,014		2,598,636		(226,060,720	)		(223,462,084	)
MSCI USA		114,744,436		29,880,383		(1,302,514	)		28,577,869

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2014, 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.

NOTESTO FINANCIAL STATEMENTS 73

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

6. FINANCIAL FUTURES CONTRACTS

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

The following table shows the value of futures contracts held by the iShares MSCI Canada ETF as of February 28, 2014 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
Equity contracts:
Variation margin / Net assets consist of — net unrealized appreciation (depreciation)a	$	652,534

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

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI Canada ETF during the six months ended February 28, 2014 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	1,257,273	$	232,926

For the six months ended February 28, 2014, the average quarter-end number of contracts and notional value of open futures contracts for the iShares MSCI Canada ETF were 74 and $10,655,308, respectively.

7. LINE OF CREDIT

The iShares MSCI Colombia Capped ETF, along with certain other iShares funds, is a party to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 29, 2014. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

74 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2014, the Fund’s maximum amount borrowed, the average borrowings and the weighted average interest rate under the credit agreement were $900,000, $44,751 and 1.17%, respectively.

8. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 75

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts 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 distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Brazil Capped	$	0.379245	$	—	$	0.208304	$	0.587549		65	%		—	%		35	%		100	%
MSCI Canada		0.275358		—		0.112468		0.387826		71			—			29			100
MSCI Colombia Capped		0.193316		—		—		0.193316		100			—			—			100
MSCI Israel Capped		0.375337		—		0.193860		0.569197		66			—			34			100
MSCI Mexico Capped		0.827210		—		0.045802		0.873012		95			—			5			100
MSCI South Africa		0.879485		—		0.041399		0.920884		96			—			4			100
MSCI USA		0.411014		—		0.037882		0.448896		92			—			8			100

76 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 77

Notes:

78 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

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

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

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

©2014 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-84-0214

FEBRUARY 28, 2014

  2014 SEMI-ANNUAL REPORT (UNAUDITED)  

iShares, Inc.

^Ø   iShares MSCI Emerging Markets ETF  |  EEM  |  NYSE Arca

Table of Contents

Fund Performance Overview	5
About Fund Performance	6
Shareholder Expenses	6
Consolidated Schedule of Investments	7
Consolidated Financial Statements	22
Financial Highlights	25
Notes to Consolidated Financial Statements	26
Supplemental Information	36

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS ETF

Performance as of February 28, 2014

The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 4.39%, net of fees, while the total return for the Index was 4.77%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(6.55)%		(6.62)%		(6.01)%		(6.55)%		(6.62)%		(6.01)%
5 Years		15.27%		15.24%		16.88%		103.51%		103.27%		118.16%
10 Years		9.35%		9.16%		9.91%		144.42%		140.33%		157.32%

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 (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,043.90	$	3.40	$	1,000.00	$	1,021.50	$	3.36		0.67%

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

PORTFOLIO ALLOCATION As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	26.13	%
Information Technology	17.22
Energy	10.77
Materials	9.47
Consumer Discretionary	9.35
Consumer Staples	8.35
Telecommunication Services	7.02
Industrials	6.52
Utilities	3.44
Health Care	1.73
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS As of 2/28/14

Country Percentage of
Total  Investments*

China	19.86	%
South Korea	16.24
Taiwan	11.92
Brazil	10.27
South Africa	7.56
India	6.38
Russia	5.53
Mexico	5.00
Malaysia	3.94
Indonesia	2.61
TOTAL	89.31	%

* 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 management fees. Without such 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. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2013 and held through February 28, 2014, 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. 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 for 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.

6 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 93.92%
BRAZIL — 5.94%
ALL — America Latina Logistica SA		3,782,500	$	10,929,741
AMBEV SA		39,739,715		287,160,269
Anhanguera Educacional Participacoes SA		2,923,300		16,431,048
Banco Bradesco SA		5,439,540		67,877,821
Banco do Brasil SA		6,671,474		59,117,942
Banco Santander (Brasil) SA Units		8,146,280		39,929,326
BB Seguridade Participacoes SA		5,348,100		53,343,634
BM&F Bovespa SA		15,791,100		68,072,079
BR Malls Participacoes SA		3,477,900		26,739,334
BR Properties SA		1,609,500		11,712,971
BRF SA		5,578,685		102,498,784
CCR SA		7,703,800		53,029,582
Centrais Eletricas Brasileiras SA		2,246,637		4,808,726
CETIP SA — Mercados Organizados		1,728,023		18,493,397
Cielo SA		3,037,062		82,557,122
Companhia de Saneamento Basico do Estado de Sao Paulo		3,033,124		27,916,167
Companhia de Saneamento de Minas Gerais SA		350,400		4,995,000
Companhia Hering SA		1,207,100		12,866,777
Companhia Siderurgica Nacional SA		6,190,228		27,108,747
Cosan SA Industria e Comercio		1,082,300		16,072,340
CPFL Energia SA		1,903,936		13,692,690
Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,513,400		14,051,800
Duratex SA		2,679,278		12,467,360
EcoRodovias Infraestrutura e Logistica SA		1,638,100		8,660,332
EDP Energias do Brasil SA		2,312,700		8,840,929
Embraer SA		4,916,900		44,096,342
Estacio Participacoes SA		1,970,400		18,641,199
Fibria Celulose SAa		2,238,461		23,764,483

Security	Shares		Value
Hypermarcas SA		2,764,100	$	17,192,797
JBS SA		5,648,565		18,135,376
Kroton Educacional SA		1,443,300		27,000,090
Localiza Rent A Car SA		1,088,689		14,522,067
Lojas Americanas SA		852,300		4,524,195
Lojas Renner SA		1,070,200		26,434,307
M Dias Branco SA		190,300		6,671,905
MRV Engenharia e Participacoes SA		2,537,800		8,821,462
Multiplan Empreendimentos Imobiliarios SA		653,200		12,890,634
Natura Cosmeticos SA		1,525,900		22,542,298
Odontoprev SA		2,730,000		10,015,454
Petroleo Brasileiro SA		25,057,774		139,340,961
Porto Seguro SA		985,200		13,698,329
Qualicorp SAa		1,557,700		14,163,334
Raia Drogasil SA		1,557,500		11,021,179
Souza Cruz SA		3,282,200		28,578,745
Sul America SA Units		1,243,665		7,969,891
TIM Participacoes SA		7,355,876		36,086,618
Totvs SA		1,036,200		14,354,209
Tractebel Energia SA		1,382,200		19,644,281
Transmissora Alianca de Energia Eletrica SA		482,200		3,723,839
Ultrapar Participacoes SA		2,819,400		62,941,657
Vale SA		11,149,648		157,507,870
WEG SA		1,776,300		23,260,709
				1,836,918,149
CHILE — 1.45%
AES Gener SA		20,335,430		10,648,898
Aguas Andinas SA Series A		20,438,207		12,522,891
Banco de Chile		195,272,662		24,929,021
Banco de Credito e Inversiones		282,036		15,434,376
Banco Santander (Chile) SA		577,405,587		31,263,136
CAP SA		638,698		10,009,937
Cencosud SA		9,803,985		29,878,209
Colbun SA		57,432,637		13,438,056
Compania Cervecerias Unidas SA		1,072,926		12,145,617
CorpBanca SA		1,241,119,624		14,767,845
E.CL SA		5,084,776		6,756,554

CONSOLIDATED SCHEDULEOF INVESTMENTS 7

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Empresa Nacional de Electricidad SA		28,558,249	$	38,799,357
Empresa Nacional de Telecomunicaciones SA		1,006,719		11,623,851
Empresas CMPC SA		9,976,178		24,055,614
Empresas Copec SA		3,735,225		49,930,865
Enersis SA		171,814,575		49,260,563
LATAM Airlines Group SA		2,555,294		39,595,596
S.A.C.I. Falabella SA		5,680,964		47,341,112
Vina Concha y Toro SA		2,620,141		5,154,299
				447,555,797
CHINA — 19.79%
AAC Technologies Holdings Inc.b		5,661,500		25,641,083
Agile Property Holdings Ltd.		13,428,000		11,471,082
Agricultural Bank of China Ltd. Class H		183,771,000		77,902,679
Air China Ltd. Class H		15,936,000		10,389,852
Aluminum Corp. of China Ltd. Class Ha,b		31,294,000		11,209,478
Anhui Conch Cement Co. Ltd. Class Hb		10,678,000		38,936,407
Anta Sports Products Ltd.b		7,783,402		12,034,560
AviChina Industry & Technology Co. Ltd. Class H		16,756,000		10,212,005
Bank of China Ltd. Class H		635,582,000		266,973,840
Bank of Communications Co. Ltd. Class H		72,879,600		46,764,344
BBMG Corp. Class H		8,899,500		6,627,855
Beijing Capital International Airport Co. Ltd. Class H		20,876,000		15,816,272
Beijing Enterprises Holdings Ltd.		5,182,000		49,676,371
Beijing Enterprises Water Group Ltd.		19,638,000		14,068,622
Belle International Holdings Ltd.b		38,029,000		46,892,821
Biostime International Holdings Ltd.		1,211,000		10,805,464
Brilliance China Automotive Holdings Ltd.		24,308,000		37,020,836
BYD Co. Ltd. Class Ha,b		4,242,500		27,987,966

Security	Shares		Value
China Agri-Industries Holdings Ltd.		23,783,600	$	10,204,726
China BlueChemical Ltd. Class H		10,762,000		6,281,606
China Cinda Asset Management Co. Ltd.		27,575,000		16,628,034
China CITIC Bank Corp. Ltd. Class H		67,732,800		36,392,727
China Coal Energy Co. Class Hb		33,508,000		17,140,304
China Communications Construction Co. Ltd. Class H		38,426,000		26,835,147
China Communications Services Corp. Ltd. Class H		15,890,000		7,473,022
China Construction Bank Corp. Class H		610,435,760		419,224,538
China COSCO Holdings Co. Ltd. Class Ha,b		22,269,500		9,583,772
China Everbright International Ltd.		19,854,000		29,060,686
China Everbright Ltd.		11,840,000		15,621,804
China Gas Holdings Ltd.		20,044,000		31,456,558
China International Marine Containers (Group) Co. Ltd. Class H		1,699,700		4,147,933
China Life Insurance Co. Ltd. Class H		62,536,000		182,909,168
China Longyuan Power Group Corp. Ltd. Class H		20,856,000		24,884,076
China Mengniu Dairy Co. Ltd.		12,096,000		62,030,370
China Merchants Bank Co. Ltd. Class H		38,879,967		68,231,122
China Merchants Holdings (International) Co. Ltd.		10,410,000		36,953,183
China Minsheng Banking Corp. Ltd. Class Hb		43,181,700		42,953,302
China Mobile Ltd.		50,821,500		482,935,379
China National Building Material Co. Ltd. Class Hb		22,142,000		21,111,937
China Oilfield Services Ltd. Class H		14,256,000		38,666,005

8 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
China Overseas Grand Oceans Group Ltd.		2,981,000	$	2,131,741
China Overseas Land & Investment Ltd.		35,166,960		94,475,762
China Pacific Insurance (Group) Co. Ltd. Class H		22,459,800		77,122,770
China Petroleum & Chemical Corp. Class H		214,080,800		190,053,757
China Railway Construction Corp. Ltd. Class H		16,412,000		13,618,425
China Railway Group Ltd. Class H		31,242,000		13,565,889
China Resources Cement Holdings Ltd.b		18,970,000		14,030,035
China Resources Enterprise Ltd.		10,918,000		30,737,890
China Resources Gas Group Ltd.		7,664,000		26,958,620
China Resources Land Ltd.		17,970,000		40,658,571
China Resources Power Holdings Co. Ltd.		17,110,999		41,316,590
China Shenhua Energy Co. Ltd. Class H		28,410,000		77,238,389
China Shipping Container Lines Co. Ltd. Class Ha,b		33,956,000		8,400,348
China State Construction International Holdings Ltd.		14,348,000		24,587,962
China Taiping Insurance Holdings Co. Ltd.a		6,417,200		10,732,473
China Telecom Corp. Ltd. Class H		113,576,000		49,170,584
China Unicom (Hong Kong) Ltd.		40,620,000		54,117,780
China Vanke Co. Ltd. Class B		10,684,604		15,832,000
Chongqing Changan Automobile Co. Ltd.		5,242,300		10,469,672
Chongqing Rural Commercial Bank Co. Ltd. Class H		20,781,000		8,675,429
CITIC Pacific Ltd.b		12,115,000		17,451,981
CITIC Securities Co. Ltd. Class H		9,282,500		19,256,190
CNOOC Ltd.		150,511,000		246,680,529

Security	Shares		Value
COSCO Pacific Ltd.		13,424,000	$	17,988,494
Country Garden Holdings Co. Ltd.		38,001,381		19,683,619
CSPC Pharmaceutical Group Ltd.		4,442,000		4,006,417
CSR Corp Ltd. Class H		15,645,000		11,772,479
Datang International Power Generation Co. Ltd. Class H		23,904,000		9,609,586
Dongfeng Motor Group Co. Ltd. Class H		23,806,000		32,452,758
ENN Energy Holdings Ltd.		6,936,000		49,063,774
Evergrande Real Estate Group Ltd.b		54,797,388		23,370,466
Far East Horizon Ltd.		10,990,000		7,929,855
Fosun International Ltd.b		12,571,000		15,630,636
Franshion Properties (China) Ltd.b		21,850,000		6,784,971
GCL-Poly Energy Holdings Ltd.a,b		80,456,000		30,270,585
Geely Automobile Holdings Ltd.b		40,335,000		15,175,550
Golden Eagle Retail Group Ltd.b		5,440,000		8,453,289
GOME Electrical Appliances Holdings Ltd.b		82,773,200		13,864,768
Great Wall Motor Co. Ltd. Class H		8,789,500		40,091,006
Greentown China Holdings Ltd.		4,406,000		5,767,900
Guangdong Investment Ltd.b		24,690,110		25,832,032
Guangzhou Automobile Group Co. Ltd. Class H		20,098,742		18,645,794
Guangzhou R&F Properties Co. Ltd. Class H		8,752,800		11,864,304
Haier Electronics Group Co. Ltd.		8,214,000		24,289,407
Haitian International Holdings Ltd.b		1,330,000		2,875,565
Haitong Securities Co. Ltd. Class Hb		8,836,400		11,795,453
Hanergy Solar Group Ltd.a,b		92,082,000		12,813,802
Hengan International Group Co. Ltd.		6,306,500		68,460,147

CONSOLIDATED SCHEDULEOF INVESTMENTS 9

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Huaneng Power International Inc. Class H		28,348,000	$	25,312,508
Industrial and Commercial Bank of China Ltd. Class H		624,593,085		374,222,282
Inner Mongolia Yitai Coal Co. Ltd. Class B		10,375,204		12,242,741
Intime Retail Group Co. Ltd.b		8,561,000		8,736,333
Jiangsu Expressway Co. Ltd. Class H		9,220,000		11,737,278
Jiangxi Copper Co. Ltd. Class H		12,951,000		22,460,938
Kingboard Chemical Holdings Co. Ltd.		5,238,100		11,487,165
Kunlun Energy Co. Ltd.		27,524,000		49,153,483
Lee & Man Paper Manufacturing Ltd.		12,248,000		7,322,556
Lenovo Group Ltd.b		54,546,000		58,193,270
Longfor Properties Co. Ltd.b		13,228,500		18,237,861
New China Life Insurance Co. Ltd. Class Ha		4,528,400		14,324,379
New World China Land Ltd.		2,056,000		1,226,545
Nine Dragons Paper (Holdings) Ltd.b		13,898,000		10,636,978
People’s Insurance Co. Group of China Ltd. Class H		35,262,000		15,220,582
PetroChina Co. Ltd. Class H		177,054,000		186,611,569
PICC Property and Casualty Co. Ltd. Class H		27,663,200		37,782,249
Ping An Insurance (Group) Co. of China Ltd. Class H		15,778,000		128,178,906
Poly Property Group Co. Ltd.b		18,996,458		8,689,214
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		13,856,000		17,674,722
Shanghai Electric Group Co. Ltd. Class H		17,616,000		6,014,959
Shanghai Industrial Holdings Ltd.		5,828,000		19,862,081

Security	Shares		Value
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		5,226,500	$	13,603,224
Shenzhou International Group Holdings Ltd.		3,452,000		12,053,678
Shimao Property Holdings Ltd.		12,850,000		25,828,979
Shougang Fushan Resources Group Ltd.b		24,200,000		6,423,358
Shui On Land Ltd.		48,914,100		13,487,373
Sihuan Pharmaceutical Holdings Group Ltd.b		17,420,000		21,076,246
Sino Biopharmaceutical Ltd.		26,204,000		24,343,464
Sino-Ocean Land Holdings Ltd.		35,086,000		18,625,614
Sinopec Engineering Group Co. Ltd.		6,011,500		7,497,867
Sinopec Shanghai Petrochemical Co. Ltd. Class H		37,011,000		11,063,647
Sinopharm Group Co. Ltd. Class H		8,004,800		22,226,817
SOHO China Ltd.		22,900,500		17,350,093
Sun Art Retail Group Ltd.b		18,999,000		21,591,303
Tencent Holdings Ltd.		8,619,900		691,386,829
Tingyi (Cayman Islands) Holding Corp.		17,240,000		48,314,339
Tsingtao Brewery Co. Ltd. Class H		3,468,000		26,073,508
Uni-President China Holdings Ltd.b		6,890,000		6,880,190
Want Want China Holdings Ltd.b		51,657,000		78,539,966
Weichai Power Co. Ltd. Class H		3,650,200		13,780,463
Wumart Stores Inc. Class H		2,524,750		2,989,602
Yantai Changyu Pioneer Wine Co. Ltd. Class B		868,313		2,092,172
Yanzhou Coal Mining Co. Ltd. Class Hb		16,490,800		11,835,223
Yingde Gases Group Co. Ltd.		8,381,000		7,505,164
Yuexiu Property Co. Ltd.		45,036,000		9,284,517
Zhejiang Expressway Co. Ltd. Class H		20,174,000		17,701,850
Zhongsheng Group Holdings Ltd.b		5,173,500		7,425,901

10 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Zhuzhou CSR Times Electric Co. Ltd. Class H		4,378,000	$	13,876,834
Zijin Mining Group Co. Ltd. Class Hb		55,064,000		11,990,409
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class Hb		9,489,040		7,079,138
ZTE Corp. Class Ha,b		5,502,000		11,654,722
				6,115,844,069
COLOMBIA — 0.72%
Almacenes Exito SA		1,668,686		20,554,476
Bancolombia SA		348,157		4,098,065
Bancolombia SA SP ADRb		236,285		11,932,392
Cementos Argos SA		3,381,887		15,196,151
Cemex Latam Holdings SAa		991,673		7,894,830
Corporacion Financiera Colombiana SA NVS		749,983		12,952,404
Ecopetrol SA		44,939,335		76,821,252
Grupo Argos SA		2,262,481		20,641,845
Grupo de Inversiones Suramericana SA		2,003,094		32,461,188
Interconexion Electrica SA ESP		2,759,077		10,241,513
Isagen SA ESP		6,692,727		9,675,680
				222,469,796
CZECH REPUBLIC — 0.27%
CEZ AS		1,445,268		39,009,569
Komercni Banka AS		150,098		36,416,453
Telefonica Czech Republic AS		535,153		8,139,199
				83,565,221
EGYPT — 0.16%
Global Telecom Holding SP GDRa		15,181,726		48,642,250
				48,642,250
GREECE — 0.59%
Alpha Bank AEa		13,682,798		13,852,237
Folli Follie Groupa		287,490		10,105,355
Hellenic Petroleum SA		583,893		5,637,045
Hellenic Telecommunications Organization SAa		2,111,979		37,045,406
Jumbo SAa		940,664		17,837,998

Security	Shares		Value
National Bank of Greece SAa		2,927,548	$	14,394,449
OPAP SA		1,916,090		30,169,061
Piraeus Bank SAa		8,636,325		23,856,131
Public Power Corp. SA		1,021,150		16,317,888
Titan Cement Co. SAa		429,540		13,882,271
				183,097,841
HUNGARY — 0.23%
MOL Hungarian Oil and Gas PLC		397,819		23,383,203
OTP Bank PLC		1,874,351		33,306,121
Richter Gedeon Nyrt		896,674		15,977,310
				72,666,634
INDIA — 6.35%
ACC Ltd.		385,251		6,867,761
Adani Enterprises Ltd.		1,098,745		4,507,195
Adani Ports and Special Economic Zone Ltd.		3,201,340		8,638,659
Aditya Birla Nuvo Ltd.		255,953		4,486,611
Ambuja Cements Ltd.		5,616,122		15,222,790
Apollo Hospitals Enterprise Ltd.		600,341		8,914,066
Asian Paints Ltd.		2,412,621		18,411,903
Bajaj Auto Ltd.		678,725		21,313,914
Bank of Baroda		454,748		4,043,794
Bharat Heavy Electricals Ltd.		4,711,159		12,750,838
Bharat Petroleum Corp. Ltd.		1,456,697		8,884,019
Bharti Airtel Ltd.		5,037,527		23,375,166
Cairn India Ltd.		4,021,136		21,033,435
Cipla Ltd.		2,948,649		18,282,766
Coal India Ltd.		4,394,247		17,299,069
Dabur India Ltd.		2,924,707		8,184,744
Divi’s Laboratories Ltd.		336,737		7,739,572
DLF Ltd.		3,411,300		7,768,716
Dr. Reddy’s Laboratories Ltd.		879,704		41,096,853
GAIL (India) Ltd.		2,918,631		17,458,574
GlaxoSmithKline Consumer Healthcare Ltd.		48,262		3,394,225
Godrej Consumer Products Ltd.		956,963		12,104,856
HCL Technologies Ltd.		1,924,371		48,918,082
HDFC Bank Ltd.		9,991,423		107,942,188

CONSOLIDATED SCHEDULEOF INVESTMENTS 11

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Hero Motocorp Ltd.		635,988	$	20,185,282
Hindalco Industries Ltd.		8,923,552		15,167,735
Hindustan Unilever Ltd.		5,301,785		46,982,985
Housing Development Finance Corp. Ltd.		12,569,138		166,148,673
ICICI Bank Ltd.		1,924,353		32,409,420
Idea Cellular Ltd.		5,843,288		12,152,304
Infosys Ltd.		3,891,297		240,135,969
ITC Ltd.		18,661,857		98,653,718
Jaiprakash Associates Ltd.		7,938,909		5,366,897
Jindal Steel & Power Ltd.		2,998,282		11,578,554
JSW Steel Ltd.		720,388		10,181,089
Kotak Mahindra Bank Ltd.		2,532,699		27,970,837
Larsen & Toubro Ltd.		2,690,424		48,167,618
LIC Housing Finance Ltd.		2,696,067		8,978,190
Mahindra & Mahindra Financial Services Ltd.		1,902,748		7,619,588
Mahindra & Mahindra Ltd.		2,566,162		40,347,287
Nestle India Ltd.		49,088		3,852,671
NTPC Ltd.		8,621,193		15,634,432
Oil & Natural Gas Corp. Ltd.		6,535,807		30,722,933
Oil India Ltd.		623,246		4,580,828
Piramal Enterprises Ltd.		348,242		3,118,614
Power Finance Corp. Ltd.		2,047,613		5,437,836
Power Grid Corp. of India Ltd.		9,132,327		13,923,925
Ranbaxy Laboratories Ltd.a		1,084,088		6,399,058
Reliance Capital Ltd.		826,377		4,108,552
Reliance Communications Ltd.		4,028,666		7,299,438
Reliance Industries Ltd.		10,982,409		141,745,371
Reliance Infrastructure Ltd.		730,775		4,278,771
Reliance Power Ltd.a		4,243,377		4,237,900
Rural Electrification Corp. Ltd.		2,445,829		7,639,763
Sesa Sterlite Ltd.		9,139,423		26,195,845
Shriram Transport Finance Co. Ltd.		1,126,107		10,742,349
Siemens Ltd.		480,792		4,807,920
State Bank of India		1,175,653		29,083,091
Sun Pharmaceuticals Industries Ltd.		5,326,523		55,405,121
Tata Consultancy Services Ltd.		4,021,717		147,667,352
Tata Motors Ltd.		6,638,240		44,656,569

Security	Shares		Value
Tata Power Co. Ltd.		7,735,889	$	9,835,238
Tata Steel Ltd.		2,532,132		14,045,611
Tech Mahindra Ltd.		738,862		22,259,440
Ultratech Cement Ltd.		455,928		13,529,248
United Breweries Ltd.		552,501		7,153,631
United Spirits Ltd.		735,703		28,336,673
Wipro Ltd.		5,165,469		49,775,353
Yes Bank Ltd.		1,346,238		6,623,673
				1,963,783,148
INDONESIA — 2.60%
PT Adaro Energy Tbk		106,473,300		9,125,759
PT Astra Agro Lestari Tbk		3,570,000		7,841,761
PT Astra International Tbk		173,864,000		104,087,759
PT Bank Central Asia Tbk		110,861,000		97,644,390
PT Bank Danamon Indonesia Tbk		32,391,316		11,383,975
PT Bank Mandiri (Persero) Tbk		82,172,400		64,412,856
PT Bank Negara Indonesia (Persero) Tbk		63,903,776		25,046,273
PT Bank Rakyat Indonesia (Persero) Tbk		97,400,222		77,817,819
PT Bukit Asam (Persero) Tbk		5,412,400		4,464,099
PT Bumi Serpong Damai Tbk		53,988,000		7,138,563
PT Charoen Pokphand Indonesia Tbk		67,305,445		24,553,240
PT Global Mediacom Tbk		46,906,300		8,828,518
PT Gudang Garam Tbk		4,556,200		18,720,884
PT Indo Tambangraya Megah Tbk		3,155,900		7,068,085
PT Indocement Tunggal Prakarsa Tbk		10,625,500		20,548,064
PT Indofood CBP Sukses Makmur Tbk		5,314,900		5,116,204
PT Indofood Sukses Makmur Tbk		41,104,800		25,405,025
PT Jasa Marga (Persero) Tbk		14,886,500		6,892,492
PT Kalbe Farma Tbk		183,376,215		22,904,256
PT Lippo Karawaci Tbk		156,663,600		12,685,312
PT Matahari Department Store Tbka		10,923,600		13,173,434
PT Media Nusantara Citra Tbk		30,086,700		6,569,884

12 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
PT Perusahaan Gas Negara (Persero) Tbk		99,507,400	$	42,000,711
PT Semen Gresik (Persero) Tbk		23,650,500		30,558,834
PT Surya Citra Media Tbk		11,589,600		2,800,313
PT Telekomunikasi Indonesia (Persero) Tbk		393,752,800		78,859,097
PT Tower Bersama Infrastructure Tbk		6,263,900		3,372,330
PT Unilever Indonesia Tbk		12,028,900		29,608,564
PT United Tractors Tbk		17,310,753		28,294,559
PT XL Axiata Tbk		17,085,800		6,843,739
				803,766,799
MALAYSIA — 3.93%
AirAsia Bhd		10,362,800		8,065,051
Alliance Financial Group Bhd		7,524,800		10,518,414
AMMB Holdings Bhd		18,773,975		41,484,382
Astro Malaysia Holdings Bhd		3,695,200		3,563,813
Axiata Group Bhd		21,594,500		43,169,228
Berjaya Sports Toto Bhd		9,276,448		10,815,209
British American Tobacco (Malaysia) Bhd		1,247,700		22,848,161
Bumi Armada Bhd		8,089,100		9,628,411
CIMB Group Holdings Bhd		38,792,500		84,771,647
Dialog Group Bhd		4,935,900		5,106,883
DiGi.Com Bhd		25,566,200		40,184,932
Felda Global Ventures Holdings Bhd		9,502,800		13,341,334
Gamuda Bhd		18,771,000		25,894,985
Genting Bhd		18,445,200		56,858,392
Genting Malaysia Bhd		31,437,300		41,737,297
Genting Plantations Bhd		3,388,700		10,859,561
Hong Leong Bank Bhd		3,489,400		15,101,386
Hong Leong Financial Group Bhd		702,800		3,389,055
IHH Healthcare Bhda		17,974,100		21,065,327
IJM Corp. Bhd		16,846,020		29,666,271
IOI Corp. Bhd		30,384,420		42,750,550
IOI Properties Group Bhda		16,242,259		12,888,715
Kuala Lumpur Kepong Bhd		4,781,100		34,991,844
Lafarge Malaysia Bhd		3,132,500		8,355,883
Malayan Banking Bhd		35,421,200		105,728,471

Security	Shares		Value
Malaysia Airports Holdings Bhd		4,155,400	$	10,627,881
Maxis Bhd		15,593,100		33,170,733
MISC Bhda		7,778,400		15,074,879
MMC Corp. Bhd		10,670,400		9,086,042
Parkson Holdings Bhd		6,044,810		5,091,920
Petronas Chemicals Group Bhd		19,064,300		39,274,844
Petronas Dagangan Bhd		1,363,100		12,755,271
Petronas Gas Bhd		3,944,200		28,409,315
PPB Group Bhd		4,332,200		21,049,481
Public Bank Bhd Foreign		8,449,600		49,152,869
RHB Capital Bhd		3,517,900		8,804,145
Sapurakencana Petroleum Bhda		29,226,000		39,515,086
Sime Darby Bhd		24,189,873		67,257,666
Telekom Malaysia Bhd		9,094,700		15,738,425
Tenaga Nasional Bhd		25,965,950		95,098,855
UEM Sunrise Bhd		9,212,500		6,185,716
UMW Holdings Bhd		6,107,400		21,995,214
YTL Corp. Bhd		37,200,162		17,938,732
YTL Power International Bhda		28,382,460		14,726,135
				1,213,738,411
MEXICO — 4.98%
Alfa SAB de CV Series A		26,999,800		65,011,127
America Movil SAB de CV Series L		295,860,600		286,830,142
Arca Continental SAB de CV		3,631,936		19,050,576
Cemex SAB de CV CPOa		96,601,354		126,475,073
Coca-Cola FEMSA SAB de CV Series L		3,492,893		33,870,717
Compartamos SAB de CV		9,153,800		15,578,583
Controladora Comercial Mexicana SAB de CV BC Units		3,106,200		12,418,468
El Puerto de Liverpool SAB de CV Series C1		1,772,700		18,365,114
Fibra Uno Administracion SAB de CV		11,270,300		35,714,706
Fomento Economico Mexicano SAB de CV BD Units		16,821,800		144,146,032

CONSOLIDATED SCHEDULEOF INVESTMENTS 13

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Genomma Lab Internacional SAB de CV Series Ba,b		5,709,700	$	13,502,298
Grupo Aeroportuario del Pacifico SAB de CV Series B		1,619,300		8,691,775
Grupo Aeroportuario del Sureste SAB de CV Series B		1,774,000		19,797,059
Grupo Bimbo SAB de CV Series A		11,872,200		31,150,043
Grupo Carso SAB de CV Series A1		3,165,041		16,505,984
Grupo Comercial Chedraui SAB de CV		671,400		1,959,311
Grupo Financiero Banorte SAB de CV Series O		21,037,556		136,652,581
Grupo Financiero Inbursa SAB de CV Series O		18,619,800		44,622,568
Grupo Financiero Santander Mexico SAB de CV Series B		15,716,300		34,697,670
Grupo Mexico SAB de CV Series B		33,055,388		101,655,130
Grupo Televisa SAB de CV CPO		22,684,200		133,423,877
Industrias CH SAB de CV Series Ba,b		1,334,200		8,177,915
Industrias Penoles SAB de CV		1,237,743		30,078,531
Kimberly-Clark de Mexico SAB de CV Series A		14,681,300		35,505,373
Mexichem SAB de CVb		8,564,392		27,915,873
Minera Frisco SAB de CV Series A1a,b		3,560,141		6,053,523
OHL Mexico SAB de CVa,b		4,620,700		11,631,775
Promotora y Operadora Infraestructura SAB de CVa		1,706,300		22,030,489
Wal-Mart de Mexico SAB de CV Series V		45,576,100		96,663,280
				1,538,175,593
PERU — 0.45%
Compania de Minas Buenaventura SA SP ADR		1,625,119		20,476,499

Security	Shares		Value
Credicorp Ltd.		583,742	$	75,828,086
Southern Copper Corp.		1,417,896		43,260,007
				139,564,592
PHILIPPINES — 0.96%
Aboitiz Equity Ventures Inc.		16,575,930		21,910,605
Aboitiz Power Corp.		5,722,364		4,980,707
Alliance Global Group Inc.		12,092,180		8,127,375
Ayala Corp.		2,070,306		26,693,427
Ayala Land Inc.		44,097,500		30,132,715
Bank of the Philippine Islands		11,401,642		23,066,389
BDO Unibank Inc.		9,209,096		17,330,885
DMCI Holdings Inc.		1,980,000		3,078,571
Energy Development Corp.		9,920,200		1,300,172
Globe Telecom Inc.		461,965		17,594,724
International Container Terminal Services Inc.		6,543,810		14,213,563
JG Summit Holdings Inc.		8,553,284		8,987,320
Jollibee Foods Corp.		6,287,939		24,089,561
Metro Pacific Investments Corp.		37,033,100		3,858,047
Metropolitan Bank & Trust Co.		1,110,678		2,040,452
Philippine Long Distance Telephone Co.		369,815		22,337,207
SM Investments Corp.		1,589,835		24,719,290
SM Prime Holdings Inc.		61,704,725		20,183,466
Universal Robina Corp.		7,037,560		22,073,673
				296,718,149
POLAND — 1.86%
Alior Bank SAa,b		314,564		10,117,495
Bank Handlowy w Warszawie SA		294,229		11,202,230
Bank Millennium SAa		3,755,128		11,300,816
Bank Pekao SA		1,122,953		71,752,998
Bank Zachodni WBK SA		240,721		33,464,244
Cyfrowy Polsat SAa		1,794,260		12,029,056
ENEA SA		1,082,702		5,197,543
Eurocash SA		567,298		7,465,683
Grupa Azoty SA		147,245		2,803,042
Grupa Lotos SAa		568,206		7,705,253
Jastrzebska Spolka Weglowa SA		370,344		6,314,423
Kernel Holding SAa		389,171		4,135,868
KGHM Polska Miedz SA		1,177,961		45,589,684

14 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
mBank SAb		131,289	$	23,688,960
Orange Polska SA		5,795,437		19,398,069
Polska Grupa Energetyczna SA		5,742,561		35,020,021
Polski Koncern Naftowy Orlen SA		2,690,800		38,929,965
Polskie Gornictwo Naftowe i Gazownictwo SA		15,394,629		25,993,249
Powszechna Kasa Oszczednosci Bank Polski SA		7,452,594		108,932,966
Powszechny Zaklad Ubezpieczen SA		476,672		69,587,326
Synthos SA		5,123,627		9,075,122
Tauron Polska Energia SA		9,472,327		15,115,582
				574,819,595
RUSSIA — 5.20%
Federal Grid Co. of Unified Energy System OJSCa		2,180,108,500		4,261,846
Gazprom OAO		99,255,737		384,475,031
LUKOIL OAO		4,284,395		234,036,228
Magnit OJSC SP GDRc		2,183,127		122,255,112
MegaFon OAO SP GDRb,c		734,582		21,302,878
MMC Norilsk Nickel OJSC		451,188		75,081,339
Mobile TeleSystems OJSC SP ADR		4,336,783		74,679,403
Moscow Exchange MICEX-RTS OJSC		3,302,180		5,881,038
NovaTek OAO SP GDRc		764,437		96,777,724
Rosneft Oil Co. OJSC		10,120,247		68,701,342
Rostelecom OJSC		9,269,460		25,536,591
RusHydro OJSC		993,126,100		15,462,431
Sberbank of Russia		90,613,721		229,864,322
Severstal OAO		1,759,113		14,572,896
Sistema JSFC SP GDRc		894,602		22,141,400
Surgutneftegas OJSC		59,982,110		45,651,217
Tatneft OAO Class S		12,442,310		73,121,931
Uralkali OJSC		10,845,655		49,586,863
VTB Bank OJSC		38,664,872,000		45,329,541
				1,608,719,133
SOUTH AFRICA — 7.53%
African Bank Investments Ltd.b		11,888,809		11,289,208
African Rainbow Minerals Ltd.		652,318		13,299,289

Security	Shares		Value
Anglo American Platinum Ltd.a,b		563,999	$	24,126,194
AngloGold Ashanti Ltd.		3,295,149		58,453,291
Aspen Pharmacare Holdings Ltd.		2,662,554		67,668,419
Assore Ltd.b		177,937		7,177,611
Barclays Africa Group Ltd.		2,550,575		31,482,835
Barloworld Ltd.		1,840,102		18,425,431
Bidvest Group Ltd.		2,790,786		65,900,144
Discovery Ltd.		2,201,396		16,280,299
Exxaro Resources Ltd.b		1,346,318		17,925,422
FirstRand Ltd.		27,510,912		87,513,474
Foschini Group Ltd. (The)b		1,875,485		15,626,495
Gold Fields Ltd.		6,303,927		24,008,532
Growthpoint Properties Ltd.		12,539,795		27,433,629
Harmony Gold Mining Co. Ltd.		3,412,579		11,036,655
Impala Platinum Holdings Ltd.		4,482,497		47,571,826
Imperial Holdings Ltd.		1,752,078		27,647,005
Investec Ltd.		3,366,438		24,821,085
Kumba Iron Ore Ltd.b		595,155		24,688,814
Liberty Holdings Ltd.		1,078,325		12,305,358
Life Healthcare Group Holdings Ltd.		7,440,642		26,148,834
Massmart Holdings Ltd.		554,974		6,277,314
Mediclinic International Ltd.		2,530,339		15,834,421
MMI Holdings Ltd.		7,508,286		15,999,690
Mr. Price Group Ltd.		1,856,909		25,823,080
MTN Group Ltd.		14,331,912		262,708,914
Nampak Ltd.		3,033,165		10,447,749
Naspers Ltd. Class N		3,352,593		405,360,461
Nedbank Group Ltd.		2,246,599		44,129,903
Netcare Ltd.		11,625,464		24,405,168
Northam Platinum Ltd.a		1,942,392		7,634,491
Pick n Pay Stores Ltd.b		3,498,702		14,702,577
PPC Ltd.		5,182,746		14,185,094
Rand Merchant Insurance Holdings Ltd.		3,827,568		9,567,361
Redefine Properties Ltd.		16,910,000		14,860,744
Remgro Ltd.		3,780,194		65,417,671
Reunert Ltd.		1,987,983		11,713,123
RMB Holdings Ltd.		3,973,396		17,710,913
Sanlam Ltd.		16,246,285		80,008,237
Sappi Ltd.a,b		2,934,502		9,411,278

CONSOLIDATED SCHEDULEOF INVESTMENTS 15

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Sasol Ltd.		4,706,633	$	239,267,445
Shoprite Holdings Ltd.		3,799,212		49,827,355
SPAR Group Ltd. (The)		1,571,142		16,596,689
Standard Bank Group Ltd.		10,774,454		123,585,121
Steinhoff International Holdings Ltd.		9,974,950		48,195,118
Tiger Brands Ltd.		1,486,534		33,827,670
Truworths International Ltd.		4,056,303		25,942,515
Vodacom Group Ltd.b		2,868,623		31,934,269
Woolworths Holdings Ltd.		6,824,436		40,584,167
				2,326,788,388
SOUTH KOREA — 15.42%
AmorePacific Corp.		29,184		32,095,565
AmorePacific Group		20,725		9,707,260
BS Financial Group Inc.		1,417,210		21,108,795
Celltrion Inc.a,b		563,686		25,319,666
Cheil Industries Inc.		457,216		29,510,241
Cheil Worldwide Inc.a		801,950		18,367,848
CJ CheilJedang Corp.b		69,963		17,990,486
CJ Corp.		128,048		15,293,789
Coway Co. Ltd.		488,172		31,233,862
Daelim Industrial Co. Ltd.		240,034		19,809,832
Daewoo Engineering & Construction Co. Ltd.a,b		606,390		4,623,901
Daewoo International Corp.		340,216		13,385,548
Daewoo Securities Co. Ltd.		1,286,730		10,293,840
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		837,870		25,783,634
DGB Financial Group Inc.		1,409,590		21,655,528
Dongbu Insurance Co. Ltd.		360,568		17,327,530
Doosan Corp.		90,953		11,757,859
Doosan Heavy Industries & Construction Co. Ltd.		369,015		12,513,670
Doosan Infracore Co. Ltd.a		933,650		11,763,553
E-Mart Co. Ltd.		180,077		42,847,361
GS Engineering & Construction Corp.a,b		287,295		9,702,093
GS Holdings Corp.		420,630		19,524,325
Halla Visteon Climate Control Corp.b		265,117		9,872,038
Hana Financial Group Inc.		2,266,108		88,521,502
Hankook Tire Co. Ltd.		623,448		36,326,432
Hanwha Chemical Corp.b		717,600		14,116,721
Hanwha Corp.		343,550		11,585,761

Security	Shares		Value
Hanwha Life Insurance Co. Ltd.		1,864,900	$	11,949,336
Hite Jinro Co. Ltd.b		91,820		2,021,330
Hyosung Corp.		210,773		14,374,028
Hyundai Department Store Co. Ltd.		118,169		15,663,619
Hyundai Development Co. Engineering & Constructionb		435,440		11,931,260
Hyundai Engineering & Construction Co. Ltd.		614,273		33,605,193
Hyundai Glovis Co. Ltd.		111,285		24,446,213
Hyundai Heavy Industries Co. Ltd.		354,683		72,930,134
Hyundai Marine & Fire Insurance Co. Ltd.		554,570		15,117,552
Hyundai Merchant Marine Co. Ltd.a,b		481,408		6,042,967
Hyundai Mipo Dockyard Co. Ltd.b		104,543		15,473,343
Hyundai Mobis Co. Ltd.		575,103		168,894,417
Hyundai Motor Co.		1,324,779		304,047,639
Hyundai Securities Co. Ltd.b		579,160		3,629,584
Hyundai Steel Co.		575,817		36,679,678
Hyundai Wia Corp.		129,232		20,459,211
Industrial Bank of Koreab		1,467,500		18,696,019
Kangwon Land Inc.		680,820		20,344,879
KB Financial Group Inc.		3,507,165		131,087,479
KCC Corp.		34,072		16,469,463
Kia Motors Corp.		2,220,316		115,227,641
Korea Aerospace Industries Ltd.b		384,770		11,317,825
Korea Electric Power Corp.		2,170,205		75,220,220
Korea Gas Corp.a		236,886		15,400,364
Korea Investment Holdings Co. Ltd.		265,150		9,550,368
Korea Zinc Co. Ltd.		72,551		23,175,542
Korean Air Lines Co. Ltd.a		232,008		7,509,018
KT Corp.		110,250		3,134,508
KT Corp. SP ADR		385,200		5,423,616
KT&G Corp.		951,582		69,708,396
Kumho Petro Chemical Co. Ltd.b		116,724		9,709,687
LG Chem Ltd.		388,978		92,735,270

16 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
LG Corp.		828,232	$	43,448,236
LG Display Co. Ltd.a		1,951,672		44,518,233
LG Electronics Inc.b		893,984		51,001,054
LG Household & Health Care Ltd.		81,056		34,700,320
LG Innotek Co. Ltd.a,b		97,983		8,389,364
LG Uplus Corp.		1,649,630		16,148,603
Lotte Chemical Corp.		142,823		27,159,784
Lotte Confectionery Co. Ltd.		4,111		6,939,599
Lotte Shopping Co. Ltd.		85,088		26,901,358
LS Corp.		129,756		8,897,554
LS Industrial Systems Co. Ltd.		145,069		8,602,218
Mirae Asset Securities Co. Ltd.		152,439		5,419,260
NAVER Corp.		236,291		180,842,854
NCsoft Corp.b		130,929		23,426,172
NHN Entertainment Corp.a,b		107,917		10,038,556
OCI Co. Ltd.a,b		142,047		27,544,477
ORION Corp.b		31,568		26,407,704
POSCO		548,873		146,023,356
S-Oil Corp.b		379,159		23,229,039
S1 Corp.		186,169		14,195,931
Samsung C&T Corp.		1,088,861		64,158,648
Samsung Card Co. Ltd.		293,878		9,249,931
Samsung Electro-Mechanics Co. Ltd.		510,199		32,404,208
Samsung Electronics Co. Ltd.		927,032		1,171,490,556
Samsung Engineering Co. Ltd.a,b		245,539		17,273,985
Samsung Fire & Marine Insurance Co. Ltd.		307,472		67,831,060
Samsung Heavy Industries Co. Ltd.		1,393,410		41,639,137
Samsung Life Insurance Co. Ltd.		511,194		48,365,896
Samsung SDI Co. Ltd.		296,511		41,525,428
Samsung Securities Co. Ltd.b		482,436		17,896,455
Samsung Techwin Co. Ltd.		311,969		15,401,186
Shinhan Financial Group Co. Ltd.		3,886,448		161,829,146
Shinsegae Co. Ltd.		63,308		13,373,259

Security	Shares		Value
SK C&C Co. Ltd.		185,120	$	25,145,105
SK Holdings Co. Ltd.		210,853		38,022,672
SK Hynix Inc.a		4,473,060		162,371,030
SK Innovation Co. Ltd.		494,772		61,875,468
SK Networks Co. Ltd.a		730,080		5,697,018
SK Telecom Co. Ltd.		63,912		12,962,012
SK Telecom Co. Ltd. SP ADR		131,114		2,934,331
Woori Finance Holdings Co. Ltd.a		2,963,500		33,452,155
Woori Investment & Securities Co. Ltd.		929,971		8,032,162
Yuhan Corp.		81,410		15,061,803
				4,765,840,762
TAIWAN — 11.88%
Acer Inc.a,b		21,852,053		13,018,336
Advanced Semiconductor Engineering Inc.		49,891,701		49,400,985
Advantech Co. Ltd.		2,326,800		14,706,654
Asia Cement Corp.b		19,463,292		24,603,739
Asia Pacific Telecom Co. Ltd.		6,152,000		3,055,898
ASUSTeK Computer Inc.b		5,552,968		53,425,644
AU Optronics Corp.a,b		68,119,000		23,157,492
Catcher Technology Co. Ltd.b		5,263,210		38,217,249
Cathay Financial Holding Co. Ltd.		65,264,185		96,287,183
Chailease Holding Co. Ltd.b		6,515,200		16,020,279
Chang Hwa Commercial Bank Ltd.		36,070,761		21,191,483
Cheng Shin Rubber Industry Co. Ltd.		14,709,128		38,304,515
Cheng Uei Precision Industry Co. Ltd.		2,933,503		6,264,362
Chicony Electronics Co. Ltd.		5,634,675		14,747,829
China Airlines Ltd.a		17,937,347		6,157,120
China Development Financial Holding Corp.		124,429,848		36,140,427
China Life Insurance Co. Ltd.		15,574,730		14,778,978
China Motor Co. Ltd.		4,072,000		3,749,713
China Petrochemical Development Corp.b		17,307,725		7,540,497

CONSOLIDATED SCHEDULEOF INVESTMENTS 17

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
China Steel Corp.b		101,508,288	$	86,103,472
Chunghwa Telecom Co. Ltd.		32,823,410		99,668,418
Clevo Co.		5,923,553		11,183,155
Compal Electronics Inc.b		36,067,908		24,403,991
CTBC Financial Holding Co. Ltd.		108,723,755		70,154,776
CTCI Corp.b		1,954,000		2,692,570
Delta Electronics Inc.		15,673,000		87,164,186
E.Sun Financial Holding Co. Ltd.		36,619,076		23,024,404
Eclat Textile Co. Ltd.		1,585,000		20,193,082
Epistar Corp.b		6,111,345		14,361,600
EVA Airways Corp.a		10,930,800		5,610,071
Evergreen Marine Corp. Ltd.a		15,172,325		9,013,857
Far Eastern Department Stores Ltd.		10,160,796		9,272,758
Far Eastern New Century Corp.		25,524,356		26,831,828
Far EasTone Telecommunications Co. Ltd.		12,754,000		25,846,445
Farglory Land Development Co. Ltd.		8,377,727		13,714,940
Feng Hsin Iron & Steel Co. Ltd.		5,190,000		8,684,831
First Financial Holding Co. Ltd.		53,135,791		31,655,589
Formosa Chemicals & Fibre Corp.		26,417,090		67,224,161
Formosa International Hotels Corp.		236,923		2,658,717
Formosa Petrochemical Corp.b		7,505,000		19,271,536
Formosa Plastics Corp.		36,285,280		92,216,204
Formosa Taffeta Co. Ltd.		7,927,000		8,568,528
Foxconn Technology Co. Ltd.b		6,919,819		15,553,491
Fubon Financial Holding Co. Ltd.		56,252,969		78,629,389
Giant Manufacturing Co. Ltd.		3,375,203		23,004,140
Hermes Microvision Inc.		382,000		14,247,145

Security	Shares		Value
Highwealth Construction Corp.		2,870,600	$	5,836,325
Hiwin Technologies Corp.		1,734,300		17,344,145
Hon Hai Precision Industry Co. Ltd.		92,339,654		256,008,018
Hotai Motor Co. Ltd.b		2,154,000		26,446,894
HTC Corp.b		6,003,708		26,949,115
Hua Nan Financial Holdings Co. Ltd.		30,624,162		17,587,313
Innolux Corp.a,b		50,611,958		18,041,097
Inventec Corp.		17,999,281		18,980,693
Kinsus Interconnect Technology Corp.		1,878,000		6,415,374
Largan Precision Co. Ltd.b		903,000		40,086,309
LCY Chemical Corp.b		4,276,076		5,356,033
Lite-On Technology Corp.		17,276,734		25,403,607
MediaTek Inc.		12,038,338		176,812,344
Mega Financial Holding Co. Ltd.		75,188,162		60,055,235
Merida Industry Co. Ltd.		1,712,000		11,498,845
Nan Kang Rubber Tire Co. Ltd.a,b		5,192,248		6,323,650
Nan Ya Plastics Corp.		40,688,160		87,156,300
Novatek Microelectronics Corp. Ltd.		4,565,000		20,943,132
Pegatron Corp.b		11,729,414		15,756,391
Phison Electronics Corp.		1,348,535		8,990,827
Pou Chen Corp.		19,036,220		25,414,717
Powertech Technology Inc.b		4,411,300		6,158,756
President Chain Store Corp.		5,162,000		32,030,365
Quanta Computer Inc.b		20,740,000		50,997,756
Radiant Opto-Electronics Corp.b		3,863,240		15,683,495
Realtek Semiconductor Corp.b		3,479,637		10,336,238
Ruentex Development Co. Ltd.		7,246,337		12,867,283
Ruentex Industries Ltd.		5,188,598		12,244,530
ScinoPharm Taiwan Ltd.b		2,547,640		7,290,263
Shin Kong Financial Holding Co. Ltd.		33,815,479		11,160,961
Siliconware Precision Industries Co. Ltd.		25,922,190		32,682,938

18 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Simplo Technology Co. Ltd.		2,859,202	$	12,881,414
SinoPac Financial Holdings Co. Ltd.		51,827,209		24,888,966
Standard Foods Corp.b		2,756,914		8,016,507
Synnex Technology International Corp.		11,388,985		19,471,563
Taishin Financial Holdings Co. Ltd.		43,704,121		20,555,275
Taiwan Business Bank Ltd.a		19,517,811		5,829,962
Taiwan Cement Corp.		30,003,296		47,830,193
Taiwan Cooperative Financial Holding Co. Ltd.		33,563,246		18,167,445
Taiwan Fertilizer Co. Ltd.		5,754,000		12,344,379
Taiwan Glass Industry Corp.		4,456,176		4,412,347
Taiwan Mobile Co. Ltd.		14,769,600		44,409,220
Taiwan Semiconductor Manufacturing Co. Ltd.		207,284,000		738,882,831
Teco Electric and Machinery Co. Ltd.b		23,544,000		27,042,419
TPK Holding Co. Ltd.b		1,733,827		10,357,868
Transcend Information Inc.		831,000		2,534,306
TSRC Corp.b		7,828,850		11,278,939
U-Ming Marine Transport Corp.		3,528,000		5,915,321
Uni-President Enterprises Co.		38,107,733		63,642,857
Unimicron Technology Corp.b		8,487,000		5,994,514
United Microelectronics Corp.b		101,546,000		41,224,365
Vanguard International Semiconductor Corp.		6,365,000		9,401,074
Walsin Lihwa Corp.a		17,275,000		5,376,700
Wan Hai Lines Ltd.		2,365,300		1,104,660
Wistron Corp.		16,906,212		14,061,540
WPG Holdings Co. Ltd.		10,163,532		12,076,281
Yang Ming Marine Transport Corp.a		22,563,075		9,681,166
Yuanta Financial Holding Co. Ltd.		63,259,140		33,197,582
Yulon Motor Co. Ltd.b		8,813,000		15,038,356
Zhen Ding Technology Holding Ltd.		1,785,075		4,383,444
				3,670,582,110

Security	Shares		Value
THAILAND — 2.22%
Advanced Information Service PCL NVDR		8,779,000	$	56,777,594
Airports of Thailand PCL NVDR		3,750,800		21,556,322
Bangkok Bank PCL Foreign		5,424,500		28,514,996
Bangkok Bank PCL NVDRb		4,846,700		25,551,951
Bangkok Dusit Medical Services PCL NVDR		2,681,500		10,520,521
Banpu PCL NVDRb		10,089,300		8,040,515
BEC World PCL NVDR		8,393,400		12,992,083
BTS Group Holdings PCL NVDR		38,944,200		9,967,328
Central Pattana PCL NVDR		11,149,200		14,096,690
Charoen Pokphand Foods PCL NVDR		23,975,600		20,025,597
CP All PCL NVDR		38,033,400		45,756,657
Glow Energy PCL NVDR		4,651,400		10,550,302
Home Product Center PCL NVDRb		15,274,650		4,260,515
Indorama Ventures PCL NVDR		13,070,980		8,333,376
IRPC PCL NVDR		81,342,200		8,477,041
Kasikornbank PCL Foreign		9,837,300		52,164,074
Kasikornbank PCL NVDR		5,596,500		29,247,609
Krung Thai Bank PCL NVDR		32,254,800		17,696,886
Minor International PCL NVDR		8,827,800		6,710,481
PTT Exploration & Production PCL NVDR		11,541,939		54,481,490
PTT Global Chemical PCL NVDR		13,133,530		30,192,023
PTT PCL NVDR		7,185,400		64,530,949
Siam Cement PCL Foreign (The)		2,672,800		34,900,009
Siam Cement PCL NVDR (The)b		1,038,700		13,690,146
Siam Commercial Bank PCL NVDRb		14,707,200		68,295,503
Thai Oil PCL NVDR		7,246,800		11,550,455
TMB Bank PCL NVDR		92,760,700		7,051,235
True Corp. PCL NVDRa,b		40,295,900		9,016,401
				684,948,749

CONSOLIDATED SCHEDULEOF INVESTMENTS 19

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
TURKEY — 1.39%
Akbank TAS		15,566,798	$	40,374,574
Anadolu Efes Biracilik ve Malt Sanayii AS		1,414,674		14,945,998
Arcelik AS		1,490,369		8,008,013
BIM Birlesik Magazalar AS		1,716,819		31,916,922
Coca-Cola Icecek AS		429,177		8,309,539
Emlak Konut Gayrimenkul Yatirim Ortakligi ASb		17,848,575		18,209,528
Enka Insaat ve Sanayi AS		2,719,222		8,236,329
Eregli Demir ve Celik Fabrikalari TASb		13,365,047		14,665,554
Ford Otomotiv Sanayi AS		629,654		5,581,634
Haci Omer Sabanci Holding AS		6,958,421		24,705,013
KOC Holding AS		5,106,354		18,939,864
Koza Altin Isletmeleri ASb		442,124		3,798,971
Migros Ticaret ASa		1		4
TAV Havalimanlari Holding AS		1,463,420		10,351,570
Tofas Turk Otomobil Fabrikasi AS		885,412		4,275,704
Turk Hava Yollari AO		4,807,454		14,343,451
Turk Telekomunikasyon AS		3,445,469		9,279,988
Turkcell Iletisim Hizmetleri ASa,b		6,346,923		33,153,420
Turkiye Garanti Bankasi AS		20,030,102		55,038,731
Turkiye Halk Bankasi AS		5,460,077		26,862,173
Turkiye Is Bankasi AS Class C		13,502,665		25,041,217
Turkiye Petrol Rafinerileri AS		1,147,429		20,238,954
Turkiye Sise ve Cam Fabrikalari ASb		4,054,648		4,155,031
Turkiye Vakiflar Bankasi TAO Class Db		7,715,793		11,545,351
Ulker Biskuvi Sanayi AS		720,128		3,999,985
Yapi ve Kredi Bankasi ASb		9,042,902		13,572,144
				429,549,662
TOTAL COMMON STOCKS
(Cost: $29,341,078,608)				29,027,754,848
PREFERRED STOCKS — 5.69%
BRAZIL — 4.28%
AES Tiete SA		951,900		7,090,351
Banco Bradesco SA		17,617,958		205,970,220

Security	Shares		Value
Banco do Estado do Rio Grande do Sul SA Class B		1,629,200	$	7,950,719
Bradespar SA		2,004,900		18,289,563
Braskem SA Class Aa		1,384,300		9,570,396
Centrais Eletricas Brasileiras SA Class B		2,014,937		7,840,658
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A		1,061,886		44,952,871
Companhia Energetica de Minas Gerais		6,047,402		34,767,385
Companhia Energetica de Sao Paulo Class B		1,499,400		14,441,995
Companhia Paranaense de Energia Class B		873,375		9,440,376
Gerdau SA		7,412,685		45,821,563
Itau Unibanco Holding SA		21,152,502		282,787,944
Itausa — Investimentos Itau SA		24,350,744		88,500,778
Klabin SA		4,147,000		20,592,979
Lojas Americanas SA		3,295,416		20,412,958
Marcopolo SA		3,456,100		6,850,061
Metalurgica Gerdau SA		2,434,400		18,664,428
Oi SA		5,862,368		9,009,376
Petroleo Brasileiro SA		35,129,427		204,370,254
Suzano Papel e Celulose SA Class A		2,545,500		9,676,387
Telefonica Brasil SA		2,559,567		47,093,403
Usinas Siderurgicas de Minas Gerais SA Class Aa		3,330,600		13,929,778
Vale SA Class A		15,717,851		195,732,999
				1,323,757,442
CHILE — 0.10%
Embotelladora Andina SA Class B		1,839,407		7,135,035
Sociedad Quimica y Minera de Chile SA Series B		807,937		24,684,611
				31,819,646
COLOMBIA — 0.25%
Banco Davivienda SA		818,931		9,639,423
Bancolombia SA		3,084,426		38,354,776
Grupo Argos SA		913,164		8,375,892
Grupo Aval Acciones y Valores SA		14,465,153		8,548,602

20 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Grupo de Inversiones Suramericana SA		668,605	$	11,070,214
				75,988,907
RUSSIA — 0.30%
AK Transneft OAO		13,473		30,439,684
Sberbank of Russia		8,511,038		17,867,241
Surgutneftegas OJSC		60,034,200		44,970,833
				93,277,758
SOUTH KOREA — 0.76%
Hyundai Motor Co. Ltd.		117,150		15,144,450
Hyundai Motor Co. Ltd. Series 2		276,780		37,595,410
LG Chem Ltd.		63,750		9,107,143
Samsung Electronics Co. Ltd.		172,641		171,913,239
				233,760,242
TOTAL PREFERRED STOCKS
(Cost: $2,072,299,498)				1,758,603,995
RIGHTS — 0.00%
BRAZIL — 0.00%
Itausa — Investimentos Itau SAa		384,288		361,915
				361,915
TOTAL RIGHTS
(Cost: $0)				361,915
SHORT-TERM INVESTMENTS — 3.73%
MONEY MARKET FUNDS — 3.73%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%d,e,f		1,052,228,010		1,052,228,010
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%d,e,f		55,162,766		55,162,766
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		46,735,968		46,735,968
				1,154,126,744
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,154,126,744)				1,154,126,744

	Value
TOTAL INVESTMENTS IN SECURITIES — 103.34%
(Cost: $32,567,504,850)	$	31,940,847,502
Other Assets, Less Liabilities — (3.34)%		(1,032,653,236	)
NET ASSETS — 100.00%	$	30,908,194,266

CPO  —  Certificates of Participation (Ordinary)

NVDR  —  Non-Voting Depositary Receipts

NVS  —  Non-Voting Shares

SP ADR  —  Sponsored American Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

Financial futures contracts purchased as of February 28, 2014 were as follows:

Number of Contracts		Issue (Expiration)	Exchange	Notional Value		Net Unrealized Appreciation (Depreciation)
	2,325	MSCI Emerging Markets E-Mini (Mar. 2014)	NYSE Liffe	$	111,274,500	$	153,097

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULEOF INVESTMENTS 21

Consolidated Statement of Assets and Liabilities (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2014

ASSETS
Investments, at cost:
Unaffiliated	$	31,413,378,106
Affiliated (Note 2)		1,154,126,744
Total cost of investments	$	32,567,504,850
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	30,786,720,758
Affiliated (Note 2)		1,154,126,744
Total fair value of investments		31,940,847,502
Foreign currency, at valueb		29,640,678
Cash		647,000
Cash pledged to broker		7,337,999
Receivables:
Investment securities sold		448,042,614
Dividends and interest		71,873,537
Total Assets		32,498,389,330
LIABILITIES
Payables:
Investment securities purchased		141,193,494
Collateral for securities on loan (Note 1)		1,107,390,776
Capital shares redeemed		324,279,382
Futures variation margin		906,750
Foreign taxes (Note 1)		61,307
Securities related to in-kind transactions (Note 4)		25,799
Investment advisory fees (Note 2)		16,337,556
Total Liabilities		1,590,195,064
NET ASSETS	$	30,908,194,266
Net assets consist of:
Paid-in capital	$	38,826,219,709
Distributions in excess of net investment income		(57,175,898	)
Accumulated net realized loss		(7,233,573,606	)
Net unrealized depreciation		(627,275,939	)
NET ASSETS	$	30,908,194,266
Shares outstandingc		777,150,000
Net asset value per share	$	39.77

^a  Securities on loan with a value of $1,039,943,814. See Note 1.

^b  Cost of foreign currency: $29,553,174.

^c  $0.001 par value, number of shares authorized: 2 billion.

See notes to consolidated financial statements.

22 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statement of Operations (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ETF

Six months ended February 28, 2014

NET INVESTMENT INCOME
Dividends — unaffiliateda	$	329,715,043
Interest — affiliated (Note 2)		10,299
Securities lending income — affiliated (Note 2)b		9,073,458
		338,798,800
Less: Other foreign taxes (Note 1)		(1,243,923	)
Total investment income		337,554,877
EXPENSES
Investment advisory fees (Note 2)		130,400,386
Mauritius income taxes (Note 1)		644,890
Commitment fees (Note 7)		46,665
Total expenses		131,091,941
Less investment advisory fees waived (Note 2)		(298,237	)
Net expenses		130,793,704
Net investment income		206,761,173
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,269,323,388	)
In-kind redemptions — unaffiliated		522,035,267
Futures contracts		11,229,013
Foreign currency transactions		(13,415,057	)
Net realized loss		(749,474,165	)
Net change in unrealized appreciation/depreciation on:
Investments		1,712,601,295
Futures contracts		4,834,131
Translation of assets and liabilities in foreign currencies		2,483,119
Net change in unrealized appreciation/depreciation		1,719,918,545
Net realized and unrealized gain		970,444,380
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,177,205,553

^a  Net of foreign withholding tax of $40,581,045.

^b  Net of securities lending income tax paid $631,009.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 23

Consolidated Statements of Changes in Net Assets

iSHARES^® MSCI EMERGING MARKETS ETF

	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	206,761,173		$	751,988,177
Net realized loss		(749,474,165	)		(879,811,483	)
Net change in unrealized appreciation/depreciation		1,719,918,545			(306,437,138	)
Net increase (decrease) in net assets resulting from operations		1,177,205,553			(434,260,444	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(363,107,821	)		(729,020,568	)
Total distributions to shareholders		(363,107,821	)		(729,020,568	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		6,065,174,387			15,077,037,675
Cost of shares redeemed		(10,775,270,185	)		(13,366,192,611	)
Net increase (decrease) in net assets from capital share transactions		(4,710,095,798	)		1,710,845,064
INCREASE (DECREASE) IN NET ASSETS		(3,895,998,066	)		547,564,052
NET ASSETS
Beginning of period		34,804,192,332			34,256,628,280
End of period	$	30,908,194,266		$	34,804,192,332
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(57,175,898	)	$	99,170,750
SHARES ISSUED AND REDEEMED
Shares sold		145,350,000			355,500,000
Shares redeemed		(273,600,000	)		(323,550,000	)
Net increase (decrease) in shares outstanding		(128,250,000	)		31,950,000

See notes to consolidated financial statements.

24 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® MSCI EMERGING MARKETS ETF

(For a share outstanding throughout each period)

	Six months ended Feb. 28, 2014 (Consolidated) (Unaudited)			Year ended Aug. 31, 2013 (Consolidated)			Year ended Aug. 31, 2012 (Consolidated)			Year ended Aug. 31, 2011 (Consolidated)			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	38.44		$	39.22		$	42.71		$	40.19		$	35.48		$	40.07
Income from investment operations:
Net investment incomea		0.22			0.75			0.86			0.81			0.58			0.66
Net realized and unrealized gain (loss)b		1.48			(0.76	)		(3.53	)		2.56			4.73			(4.66	)
Total from investment operations		1.70			(0.01	)		(2.67	)		3.37			5.31			(4.00	)
Less distributions from:
Net investment income		(0.37	)		(0.77	)		(0.82	)		(0.85	)		(0.60	)		(0.59	)
Total distributions		(0.37	)		(0.77	)		(0.82	)		(0.85	)		(0.60	)		(0.59	)
Net asset value, end of period	$	39.77		$	38.44		$	39.22		$	42.71		$	40.19		$	35.48
Total return		4.39	%c		(0.08	)%		(6.18	)%		8.23	%		14.97	%		(9.47	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	30,908,194		$	34,804,192		$	34,256,628		$	33,496,549		$	39,766,955		$	30,268,121
Ratio of expenses to average net assetsd,e		0.67	%		0.67	%		0.68	%		0.67	%		0.68	%		0.72	%
Ratio of expenses to average net assets prior to waived feesd,e		0.67	%		0.67	%		0.69	%		0.67	%		0.68	%		0.72	%
Ratio of net investment income to average net assetse		1.06	%		1.78	%		2.13	%		1.76	%		1.45	%		2.32	%
Portfolio turnover ratef		11	%		24	%		15	%		17	%		14	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Ratios for the years ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014 and the years ended August 31, 2013, August 31, 2012 and August 31, 2011 were 3%, 9%, 10% and 15%, respectively. See Note 4.

See notes to consolidated financial statements.

FINANCIAL HIGHLIGHTS 25

Notes to Consolidated Financial Statements (Unaudited)

iSHARES^® MSCI EMERGING MARKETS 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 amended and restated Articles of Incorporation.

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

iShares ETF	Diversification Classification
MSCI Emerging Markets	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.

The Fund carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (the “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of the Fund also serves as the investment adviser to the Subsidiary. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for the Fund include the accounts of the Subsidiary.

Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

The Fund invests in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in emerging market and frontier market countries.

The United States and the European Union have imposed economic sanctions on certain Russian individuals and a financial institution. The United States or the European Union could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian securities, impairing the ability of the Fund to buy, sell, receive or deliver those securities. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities.

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.

26 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

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.

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”).

• 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 are valued at that day’s published net asset value (NAV).

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

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

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

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

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 27

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

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

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

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

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

As of February 28, 2014, the value of each of the Fund’s investments was classified as Level 1. The breakdown of the Fund’s investments into major categories is disclosed in its consolidated schedule of investments.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2014 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Fund may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax

28 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

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 consolidated 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 as of February 28, 2014, if any, are disclosed in the Fund’s consolidated statement of assets and liabilities.

The Fund conducts its investment activities in India through the Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”). In order to be eligible to claim benefits under the DTAA, the Subsidiary must satisfy certain conditions, including the establishment and maintenance of valid tax residence in Mauritius. The Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. These income taxes, if any, are paid by the Fund and are disclosed in the consolidated statement of operations. Further, the Subsidiary is not subject to tax in Mauritius on any gains from the sale of securities. Any dividends paid by the Subsidiary to the Fund will also be exempt from tax in Mauritius. The foregoing is based upon current interpretation and practice and is subject to future changes in the tax laws of India or Mauritius and in the DTAA.

As a result of legislative changes enacted by the 2012 India Finance Act (“the Act”) and its general anti-avoidance rules (“GAAR”), which are effective April 1, 2013 but have been proposed to be deferred until April 1, 2016, the Subsidiary’s ability to leverage the treaty between Mauritius and India may be adversely impacted, and therefore the Fund may be subject to taxes on capital gains and/or dividends realized on Indian securities. The Act also includes provisions that impose Indian tax on the transfer of shares of an Indian company. However, until more definitive guidance on the legislative changes is available, the impact to the Fund, if any, cannot be determined at this time.

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.

FEDERAL INCOME TAXES

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.

LOANS OF PORTFOLIO SECURITIES

The Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the 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 Fund and any additional required collateral is delivered to the Fund on the next business day. Any securities lending cash collateral may be

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 29

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

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 Fund’s investment adviser, or its affiliates.

As of February 28, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2014 and the value of the related collateral are disclosed in the consolidated statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the consolidated statement 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 Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. The Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

Securities lending transactions are entered into by the Fund 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. In the event that a borrower defaults, the 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 the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

As of February 28, 2014, the Fund had securities on loan with a market value of $1,039,943,814 as disclosed in the Fund’s consolidated statement of assets and liabilities. As of February 28, 2014, the value of the related collateral, as disclosed in the Fund’s consolidated schedule of investments, exceeded the market value of the securities on loan.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of the 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 Fund, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

30 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.75	%	First $14 billion
	0.68		Over $14 billion, up to and including $28 billion
	0.61		Over $28 billion, up to and including $42 billion
	0.56		Over $42 billion, up to and including $56 billion
	0.50		Over $56 billion, up to and including $70 billion
	0.45		Over $70 billion, up to and including $84 billion
	0.40		Over $84 billion

BFA has voluntarily waived a portion of its investment advisory fees for the Fund in the amount of $298,237.

BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund, through December 31, 2014 in an amount equal to the investment advisory fees payable on the amount of the Fund’s investment in other iShares funds. The Fund did not hold any iShares funds during the six months ended February 28, 2014.

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Effective January 1, 2014, the 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 the Fund bears to an annual rate of 0.04% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2014, (i) the Fund retains 75% of securities lending income (commencing January 1, 2015 the amount the Fund will retain is expected to change to 70% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, the Fund retained 65% of securities lending income and paid no collateral investment fees.

For the six months ended February 28, 2014, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $4,579,204.

In addition, commencing the business day following a “Hurdle Date” (the date that the aggregate securities lending income 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 calendar year 2013 or lesser amount as may be agreed to by the Fund and BTC) and pursuant to a securities lending agreement, (i) the Fund will receive for the remainder of that calendar year 80% of securities lending income (for any Hurdle Date after January 1, 2015, the Fund will retain 75% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 31

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

For the six months ended February 28, 2014, BTC, the Fund’s securities lending agent, has agreed to voluntarily reimburse the Fund in the amount of $204,293, related to the foreign tax on the securities lending income. Such reimbursement is included in the “Securities lending income – affiliated” in the Fund’s consolidated statement of operations.

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.

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 “Interest — affiliated” in the consolidated 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.

The Fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the Fund’s underlying index.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2014, were $4,217,107,650 and $6,725,717,467, respectively.

In-kind purchases and sales (see Note 4) for the six months ended February 28, 2014, were $2,880,796,515 and $5,103,974,841, respectively.

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 net asset value. 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 consolidated statements of changes in net assets.

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

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

32 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

5. INCOME TAX INFORMATION

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 net asset values per share.

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

As of August 31, 2013, the Fund’s fiscal year-end, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Non- Expiring   a	Expiring 2014		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
$1,554,579,736	$	11,239,258	$	29,973,301	$	13,844,901	$	228,196,854	$	1,201,366,175	$	873,167,649	$	3,912,367,874

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

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

As of February 28, 2014, the cost of investments for federal income tax purposes was $33,282,086,410. Net unrealized depreciation was $1,341,238,908, of which $4,770,495,082 represented gross unrealized appreciation on securities and $6,111,733,990 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 2014, 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 consolidated financial statements.

6. FINANCIAL FUTURES CONTRACTS

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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 33

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

The following table shows the value of futures contracts held by the Fund as of February 28, 2014 and the related locations in the consolidated statement of assets and liabilities, presented by risk exposure category:

Assets
Equity contracts:
Variation margin / Net assets consist of – net unrealized appreciation (depreciation)a	$	153,097

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

The following table shows the realized and unrealized gains (losses) on futures contracts held by the Fund during the six months ended February 28, 2014 and the related locations in the consolidated statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	11,229,013	$	4,834,131

For the six months ended February 28, 2014, the average quarter-end number of contracts and notional value of open futures contracts for the Fund were 2,857 and $135,054,592, respectively.

7. LINE OF CREDIT

The Fund, along with certain other iShares funds, is a party to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 29, 2014. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets. The Fund did not borrow under the credit agreement during the six months ended February 28, 2014.

8. LEGAL PROCEEDINGS

On January 18, 2013, a lawsuit was filed in the United States District Court for the Middle District of Tennessee by Laborers’ Local 265 Pension Fund and Plumbers and Pipefitters Local No. 572 Pension Fund (the “Plaintiffs”) against BFA, BTC, and the current members of the iShares Trust Board of Trustees and the Board of Directors of iShares, Inc. (collectively, “Defendants”) for alleged violations of, among other things, Sections 36(a) and 36(b) of the 1940 Act. The complaint purports to be brought derivatively on behalf of iShares Trust and iShares, Inc., as well as the following eight funds: iShares Russell Mid-Cap ETF; iShares MSCI EAFE ETF; iShares MSCI Emerging Markets ETF; iShares Russell 2000 Growth ETF; iShares Russell 2000 Value ETF; iShares Core S&P Mid-Cap ETF; iShares Core S&P Small-Cap ETF; and iShares U.S. Real Estate ETF. The complaint alleges, among other things, that BFA and BTC breached their fiduciary duties under the 1940 Act by charging allegedly excessive fees in connection with the provision of securities lending services to the above eight funds, that the individual defendants breached their fiduciary duties under the 1940 Act by approving those fee arrangements, and that the securities

34 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

lending contracts are unenforceable under Section 47(b) of the 1940 Act. Plaintiffs seek injunctive relief, rescission of the securities lending contracts, and monetary damages of an unspecified amount. Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit. On March 11, 2013, the Defendants filed a motion to dismiss the lawsuit. On August 28, 2013, the court dismissed the claims without prejudice. The deadline for the Plaintiffs’ request to amend the complaint was September 17, 2013. The Plaintiffs submitted a motion to extend the time to file and the court granted the 30-day extension until October 17, 2013. The Plaintiffs did not amend their complaint prior to this deadline. The Court dismissed the complaint with prejudice on October 24, 2013. The Plaintiffs filed a notice of appeal on November 8, 2013. On February 13, 2014, the Plaintiffs filed an appeal brief with the United States Court of Appeals for the Sixth Circuit. The Defendants filed a response on March 17, 2014 and the Plaintiffs will have 30 days from the date of the response to reply back to the court.

9. SUBSEQUENT EVENTS

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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 35

Supplemental Information (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ETF

Section 19(a) Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts 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 distributions for federal income tax purposes.

Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
$	0.244875	$	—	$	0.120903	$	0.365778		67	%		—	%		33	%		100	%

36 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 37

Notes:

38 2012 iSHARES ANNUAL REPORTTO SHAREHOLDERS

For more information visit www.iShares.com or call 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a daily and monthly basis on the Fund’s website.

©2014 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-85-0214

FEBRUARY 28, 2014

2014 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø   iShares MSCI BRIC ETF  |  BKF  |  NYSE Arca

^Ø   iShares MSCI Emerging Markets Asia ETF  |  EEMA  |  NASDAQ

^Ø   iShares MSCI Emerging Markets Consumer Discretionary ETF  |  EMDI  |  NASDAQ

^Ø   iShares MSCI Emerging Markets Energy Capped ETF  |  EMEY  |  NASDAQ

^Ø   iShares MSCI Emerging Markets Growth ETF  |  EGRW  |  NASDAQ

^Ø   iShares MSCI Emerging Markets Minimum Volatility ETF  |  EEMV  |  NYSE Arca

^Ø   iShares MSCI Emerging Markets Small-Cap ETF  |  EEMS  |  NYSE Arca

^Ø   iShares MSCI Emerging Markets Value ETF  |  EVAL  |  NASDAQ

Table of Contents

Fund Performance Overviews	5
About Fund Performance	13
Shareholder Expenses	13
Consolidated Schedules of Investments	14
iShares MSCI BRIC ETF	14
iShares MSCI Emerging Markets Asia ETF	20
iShares MSCI Emerging Markets Consumer Discretionary ETF	28
iShares MSCI Emerging Markets Energy Capped ETF	30
iShares MSCI Emerging Markets Growth ETF	32
iShares MSCI Emerging Markets Minimum Volatility ETF	39
iShares MSCI Emerging Markets Small-Cap ETF	44
iShares MSCI Emerging Markets Value ETF	54
Consolidated Financial Statements	61
Consolidated Financial Highlights	71
Notes to Consolidated Financial Statements	79
Supplemental Information	90

Fund Performance Overview

iSHARES^® MSCI BRIC ETF

Performance as of February 28, 2014

The iShares MSCI BRIC ETF (the “Fund”) seeks to track the investment of an index composed of Chinese equities that are available to international investors, and Brazilian, Russian, and Indian equities, as represented by the MSCI BRIC Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 3.42%, net of fees, while the total return for the Index was 3.97%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(9.45)%		(9.74)%		(8.73)%		(9.45)%		(9.74)%		(8.73)%
5 Years		12.23%		12.27%		13.01%		78.08%		78.34%		84.33%
Since Inception		(5.44)%		(5.58)%		(5.03)%		(29.70)%		(30.34)%		(27.75)%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,034.20	$	3.43	$	1,000.00	$	1,021.40	$	3.41		0.68%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	30.17	%
Energy	19.01
Information Technology	11.05
Consumer Staples	9.43
Materials	7.85
Telecommunication Services	6.85
Industrials	4.99
Consumer Discretionary	4.81
Utilities	3.62
Health Care	2.22
TOTAL	100.00	%

COUNTRY ALLOCATION

As of 2/28/14

Country Percentage of
Total  Investments*

China	47.22	%
Brazil	24.39
India	15.18
Russia	13.21
TOTAL	100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

Performance as of February 28, 2014

The iShares MSCI Emerging Markets Asia ETF (the “Fund”) seeks to track the investment results of an index composed of Asian emerging market equities, as represented by the MSCI Emerging Markets Asia Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 7.45%, net of fees, while the total return for the Index was 7.25%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(0.60)%		(0.42)%		(0.72)%		(0.60)%		(0.42)%		(0.72)%
Since Inception		2.50%		2.40%		2.74%		5.21%		5.01%		5.74%

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,074.50	$	2.52	$	1,000.00	$	1,022.40	$	2.46		0.49%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Information Technology	26.42	%
Financials	25.03
Consumer Discretionary	9.33
Industrials	7.59
Energy	7.25
Materials	7.10
Consumer Staples	6.33
Telecommunication Services	6.03
Utilities	3.14
Health Care	1.78
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of
Total  Investments*

China	30.90	%
South Korea	25.37
Taiwan	18.56
India	9.97
Malaysia	6.17
Indonesia	4.08
Thailand	3.42
Philippines	1.53
TOTAL	100.00	%

* Excludes money market funds.

6 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY ETF

Performance as of February 28, 2014

The iShares MSCI Emerging Markets Consumer Discretionary ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities in the consumer discretionary sector, as represented by the MSCI Emerging Markets Consumer Discretionary Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 10.65%, net of fees, while the total return for the Index was 11.03%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		6.49%		6.20%		7.21%		6.49%		6.20%		7.21%
Since Inception		4.42%		4.28%		5.22%		9.31%		9.00%		11.04%

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,106.50	$	3.50	$	1,000.00	$	1,021.50	$	3.36		0.67%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Automobiles & Components	42.52	%
Media	21.33
Retailing	17.12
Consumer Durables & Apparel	10.62
Consumer Services	8.41
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of
Total  Investments*

South Korea	31.36	%
South Africa	20.35
China	11.38
Taiwan	6.19
Brazil	5.52
Indonesia	5.04
Mexico	5.00
India	4.47
Malaysia	4.39
Greece	1.89
TOTAL	95.59	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS ENERGY CAPPED ETF

Performance as of February 28, 2014

The iShares MSCI Emerging Markets Energy Capped ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities in the energy sector, as represented by the MSCI Emerging Markets Energy 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was -3.56%, net of fees, while the total return for the Index was -3.57%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(14.10)%		(13.86)%		(14.03)%		(14.10)%		(13.86)%		(14.03)%
Since Inception		(15.08)%		(15.10)%		(14.64)%		(28.56)%		(28.60)%		(27.82)%

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	964.40	$	3.26	$	1,000.00	$	1,021.50	$	3.36		0.67%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Integrated Oil & Gas	53.43	%
Oil & Gas Exploration & Production	16.65
Oil & Gas Refining & Marketing	16.46
Coal & Consumable Fuels	6.88
Oil & Gas Storage & Transportation	3.12
Oil & Gas Equipment & Services	1.89
Oil & Gas Drilling	1.57
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of
Total  Investments*

Russia	28.79	%
China	22.42
Brazil	11.50
India	7.82
South Africa	6.91
Thailand	5.32
South Korea	3.79
Malaysia	2.70
Poland	2.69
Colombia	2.35
TOTAL	94.29	%

* Excludes money market funds.

8 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

Performance as of February 28, 2014

The iShares MSCI Emerging Markets Growth ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that exhibit growth characteristics, as represented by the MSCI Emerging Markets Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 7.27%, net of fees, while the total return for the Index was 7.35%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(3.25)%		(4.87)%		(2.96)%		(3.25)%		(4.87)%		(2.96)%
Since Inception		1.31%		1.14%		1.91%		2.71%		2.36%		3.98%

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,072.70	$	2.52	$	1,000.00	$	1,022.40	$	2.46		0.49%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Information Technology	25.15	%
Financials	21.58
Consumer Staples	13.44
Consumer Discretionary	11.12
Industrials	6.68
Materials	6.35
Energy	5.71
Telecommunication Services	3.93
Health Care	3.26
Utilities	2.78
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of
Total  Investments*

China	20.84	%
South Korea	16.60
Taiwan	11.34
Brazil	10.38
South Africa	7.41
India	6.33
Russia	5.45
Mexico	4.90
Malaysia	3.82
Indonesia	2.53
TOTAL	89.60	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

Performance as of February 28, 2014

The iShares MSCI Emerging Markets Minimum Volatility ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregated, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 1.86%, net of fees, while the total return for the Index was 1.97%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(6.30)%		(6.95)%		(6.13)%		(6.30)%		(6.95)%		(6.13)%
Since Inception		7.97%		7.64%		8.25%		19.90%		19.05%		20.64%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,018.60	$	1.25	$	1,000.00	$	1,023.60	$	1.25		0.25%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	26.58	%
Consumer Staples	13.04
Telecommunication Services	12.08
Information Technology	11.23
Utilities	8.58
Health Care	6.90
Industrials	6.47
Energy	6.30
Materials	4.52
Consumer Discretionary	4.30
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of
Total  Investments*

China	21.80	%
Taiwan	16.34
South Korea	12.26
Malaysia	8.83
South Africa	8.62
Brazil	5.78
Chile	4.98
Indonesia	4.60
Thailand	2.89
Colombia	2.86
TOTAL	88.96	%

* Excludes money market funds.

10 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

Performance as of February 28, 2014

The iShares MSCI Emerging Markets Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 9.41%, net of fees, while the total return for the Index was 9.29%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(1.26)%		(3.07)%		(1.40)%		(1.26)%		(3.07)%		(1.40)%
Since Inception		0.53%		0.27%		1.05%		1.35%		0.70%		2.70%

The inception date of the Fund was 8/16/11. The first day of secondary market trading was 8/18/11.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,094.10	$	3.48	$	1,000.00	$	1,021.50	$	3.36		0.67%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Consumer Discretionary	18.31	%
Financials	17.81
Information Technology	16.83
Industrials	14.91
Materials	11.49
Consumer Staples	7.34
Health Care	5.60
Utilities	2.84
Energy	2.63
Telecommunication Services	2.24
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of
Total  Investments*

Taiwan	21.21	%
China	19.87
South Korea	16.88
South Africa	7.56
India	5.17
Brazil	5.15
Malaysia	5.01
Thailand	3.93
Indonesia	3.84
Mexico	2.15
TOTAL	90.77	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

Performance as of February 28, 2014

The iShares MSCI Emerging Markets Value ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that exhibit value characteristics, as represented by the MSCI Emerging Markets Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 2.04%, net of fees, while the total return for the Index was 2.18%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(9.41)%		(12.53)%		(9.14)%		(9.41)%		(12.53)%		(9.14)%
Since Inception		(6.16)%		(6.20)%		(5.80)%		(12.26)%		(12.33)%		(11.58)%

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,020.40	$	2.45	$	1,000.00	$	1,022.40	$	2.46		0.49%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	30.34	%
Energy	16.07
Materials	12.89
Telecommunication Services	10.44
Information Technology	8.97
Consumer Discretionary	7.34
Industrials	6.65
Utilities	4.41
Consumer Staples	2.73
Health Care	0.16
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of
Total  Investments*

China	18.88	%
South Korea	15.74
Taiwan	12.30
Brazil	10.22
South Africa	7.79
India	6.51
Russia	5.70
Mexico	5.17
Malaysia	4.05
Indonesia	2.74
TOTAL	89.10	%

* Excludes money market funds.

12 2014 iSHARES SEMI-ANNUAL REPORTTO 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 management fees. Without such 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. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2013 and held through February 28, 2014, 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. 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 for your Fund under the heading entitled “Expenses Paid During Period.”

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

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

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 13

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI BRIC ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 88.87%
BRAZIL — 14.19%
ALL – America Latina Logistica SA		119,000	$	343,857
AMBEV SA		1,285,565		9,289,528
Anhanguera Educacional Participacoes SA		119,000		668,866
Banco Bradesco SA		190,490		2,377,048
Banco do Brasil SA		214,289		1,898,879
Banco Santander (Brasil) SA Units		261,837		1,283,405
BB Seguridade Participacoes SA		166,600		1,661,721
BM&F Bovespa SA		523,669		2,257,426
BR Malls Participacoes SA		119,000		914,914
BR Properties SA		47,600		346,404
BRF SA		190,400		3,498,274
CCR SA		238,000		1,638,288
Centrais Eletricas Brasileiras SA		95,600		204,623
CETIP SA — Mercados Organizados		48,117		514,951
Cielo SA		95,284		2,590,126
Companhia de Saneamento Basico do Estado de Sao Paulo		95,200		876,199
Companhia de Saneamento de Minas Gerais SA		23,800		339,272
Companhia Hering SA		47,600		507,380
Companhia Siderurgica Nacional SA		190,400		833,815
Cosan SA Industria e Comercio		47,600		706,868
CPFL Energia SA		71,400		513,493
Cyrela Brazil Realty SA Empreendimentos e Participacoes		71,400		399,180
Duratex SA		71,480		332,615
EcoRodovias Infraestrutura e Logistica SA		47,600		251,652
EDP Energias do Brasil SA		71,400		272,946
Embraer SA		166,600		1,494,122
Estacio Participacoes SA		71,400		675,488
Fibria Celulose SAa		71,441		758,449
Hypermarcas SA		95,200		592,147
JBS SA		214,252		687,881

Security	Shares		Value
Kroton Educacional SA		47,600	$	890,462
Localiza Rent A Car SA		47,660		635,739
Lojas Americanas SA		23,800		126,336
Lojas Renner SA		23,800		587,868
MRV Engenharia e Participacoes SA		95,200		330,918
Multiplan Empreendimentos Imobiliarios SA		23,800		469,683
Natura Cosmeticos SA		47,600		703,200
Odontoprev SA		71,400		261,943
Petroleo Brasileiro SA		785,400		4,367,443
Porto Seguro SA		23,800		330,918
Qualicorp SAa		47,600		432,801
Raia Drogasil SA		71,450		505,594
Souza Cruz SA		119,000		1,036,156
Sul America SA Units		23,872		152,981
TIM Participacoes SA		238,069		1,167,924
Totvs SA		23,800		329,695
Tractebel Energia SA		47,600		676,507
Transmissora Alianca de Energia Eletrica SA		24,400		188,432
Ultrapar Participacoes SA		95,200		2,125,291
Vale SA		357,000		5,043,236
WEG SA		47,600		623,324
				59,716,268
CHINA — 47.10%
AAC Technologies Holdings Inc.		238,000		1,077,908
Agile Property Holdings Ltd.		476,000		406,631
Agricultural Bank of China Ltd. Class H		5,712,000		2,421,384
Air China Ltd. Class H		484,000		315,555
Aluminum Corp. of China Ltd. Class Ha,b		952,000		341,005
Anhui Conch Cement Co. Ltd. Class Hb		357,000		1,301,770
Anta Sports Products Ltd.b		238,040		368,053
Bank of China Ltd. Class H		20,468,000		8,597,507
Bank of Communications Co. Ltd. Class H		2,384,200		1,529,860
BBMG Corp. Class H		357,000		265,874
Beijing Capital International Airport Co. Ltd. Class H		476,000		360,632
Beijing Enterprises Holdings Ltd.		119,000		1,140,774
Beijing Enterprises Water Group Ltd.		952,000		682,011

14 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2014

Security	Shares		Value
Belle International Holdings Ltd.		1,190,000	$	1,467,366
Biostime International Holdings Ltd.b		56,500		504,136
Brilliance China Automotive Holdings Ltd.		952,000		1,449,886
BYD Co. Ltd. Class Ha,b		119,000		785,048
China Agri-Industries Holdings Ltd.b		470,800		202,004
China BlueChemical Ltd. Class H		476,000		277,834
China Cinda Asset Management Co. Ltd.a		1,190,000		717,583
China CITIC Bank Corp. Ltd. Class H		2,142,000		1,150,893
China Coal Energy Co. Class Hb		952,000		486,975
China Communications Construction Co. Ltd. Class H		1,190,000		831,047
China Communications Services Corp. Ltd. Class H		476,800		224,238
China Construction Bank Corp. Class H		19,516,370		13,403,116
China COSCO Holdings Co. Ltd. Class Ha,b		714,000		307,273
China Everbright International Ltd.b		714,000		1,045,096
China Everbright Ltd.		404,000		533,041
China Gas Holdings Ltd.		476,000		747,023
China International Marine Containers (Group) Co. Ltd. Class H		119,000		290,407
China Life Insurance Co. Ltd. Class H		2,142,000		6,265,054
China Longyuan Power Group Corp. Ltd. Class H		714,000		851,900
China Mengniu Dairy Co. Ltd.		238,000		1,220,505
China Merchants Bank Co. Ltd. Class H		1,268,456		2,226,035
China Merchants Holdings (International) Co. Ltd.		424,000		1,505,106
China Minsheng Banking Corp. Ltd. Class H		1,428,000		1,420,447
China Mobile Ltd.		1,666,000		15,831,299
China National Building Material Co. Ltd. Class H		952,000		907,712

Security	Shares		Value
China Oilfield Services Ltd. Class H		486,000	$	1,318,159
China Overseas Grand Oceans Group Ltd.		238,000		170,196
China Overseas Land & Investment Ltd.		952,800		2,559,690
China Pacific Insurance (Group) Co. Ltd. Class H		714,000		2,451,743
China Petroleum & Chemical Corp. Class H		7,140,600		6,339,185
China Railway Construction Corp. Ltd. Class H		476,000		394,977
China Railway Group Ltd. Class H		952,000		413,377
China Resources Cement Holdings Ltd.		476,000		352,045
China Resources Enterprise Ltd.		458,000		1,289,426
China Resources Gas Group Ltd.		271,000		953,260
China Resources Land Ltd.		476,000		1,076,988
China Resources Power Holdings Co. Ltd.		476,200		1,149,843
China Shenhua Energy Co. Ltd. Class H		952,000		2,588,207
China Shipping Container Lines Co. Ltd. Class Ha,b		952,000		235,515
China State Construction International Holdings Ltd.		476,000		815,714
China Taiping Insurance Holdings Co. Ltd.a,b		238,000		398,044
China Telecom Corp. Ltd. Class H		3,808,000		1,648,602
China Unicom (Hong Kong) Ltd.		1,429,900		1,905,047
China Vanke Co. Ltd. Class B		357,001		528,989
Chongqing Changan Automobile Co. Ltd.		214,200		427,790
Chongqing Rural Commercial Bank Co. Ltd. Class H		714,000		298,073
CITIC Pacific Ltd.b		238,000		342,845
CITIC Securities Co. Ltd. Class H		238,000		493,722
CNOOC Ltd.		4,760,000		7,801,419
COSCO Pacific Ltd.		476,000		637,852
Country Garden Holdings Co. Ltd.		1,190,356		616,570

CONSOLIDATED SCHEDULESOF INVESTMENTS 15

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2014

Security	Shares		Value
CSPC Pharmaceutical Group Ltd.		476,000	$	429,323
CSR Corp Ltd. Class H		479,000		360,436
Datang International Power Generation Co. Ltd. Class H		952,000		382,711
Dongfeng Motor Group Co. Ltd. Class H		952,000		1,297,783
ENN Energy Holdings Ltd.		124,000		877,149
Evergrande Real Estate Group Ltd.b		1,666,000		710,530
Far East Horizon Ltd.b		476,000		343,459
Fosun International Ltd.b		476,000		591,853
Franshion Properties (China) Ltd.b		952,000		295,620
GCL-Poly Energy Holdings Ltd.a		2,618,000		984,990
Geely Automobile Holdings Ltd.		1,190,000		447,723
Golden Eagle Retail Group Ltd.		238,000		369,831
GOME Electrical Appliances Holdings Ltd.		2,856,400		478,456
Great Wall Motor Co. Ltd. Class H		293,500		1,338,724
Greentown China Holdings Ltd.		238,000		311,566
Guangdong Investment Ltd.		476,000		498,015
Guangzhou Automobile Group Co. Ltd. Class H		802,454		744,444
Guangzhou R&F Properties Co. Ltd. Class H		285,600		387,127
Haier Electronics Group Co. Ltd.		268,000		792,496
Haitong Securities Co. Ltd. Class H		380,800		508,319
Hanergy Solar Group Ltd.a,b		3,000,000		417,469
Hengan International Group Co. Ltd.		238,000		2,583,607
Huaneng Power International Inc. Class H		952,000		850,060
Industrial and Commercial Bank of China Ltd. Class H		19,992,050		11,978,151
Inner Mongolia Yitai Coal Co. Ltd. Class B		286,570		338,153
Intime Retail Group Co. Ltd.b		238,000		242,874
Jiangsu Expressway Co. Ltd. Class H		476,000		605,959
Jiangxi Copper Co. Ltd. Class H		476,000		825,527
Kingboard Chemical Holdings Co. Ltd.b		119,100		261,187

Security	Shares		Value
Kunlun Energy Co. Ltd.		952,000	$	1,700,120
Lee & Man Paper Manufacturing Ltd.b		476,000		284,580
Lenovo Group Ltd.b		1,904,000		2,031,313
Longfor Properties Co. Ltd.		357,000		492,189
New China Life Insurance Co. Ltd. Class Ha		190,400		602,279
New World China Land Ltd.		476,000		283,967
Nine Dragons Paper (Holdings) Ltd.b		476,000		364,312
People’s Insurance Co. Group of China Ltd. Class H		1,190,000		513,655
PetroChina Co. Ltd. Class H		5,712,000		6,020,340
PICC Property and Casualty Co. Ltd. Class H		953,200		1,301,875
Ping An Insurance (Group) Co. of China Ltd. Class H		556,500		4,520,951
Poly Property Group Co. Ltd.		484,984		221,838
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		608,000		775,565
Shanghai Electric Group Co. Ltd. Class H		476,000		162,530
Shanghai Industrial Holdings Ltd.b		238,000		811,115
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		190,400		495,562
Shenzhou International Group Holdings Ltd.		238,000		831,047
Shimao Property Holdings Ltd.		357,000		717,583
Shougang Fushan Resources Group Ltd.		952,000		252,687
Shui On Land Ltd.		1,071,333		295,405
Sihuan Pharmaceutical Holdings Group Ltd.		480,000		580,746
Sino Biopharmaceutical Ltd.		952,000		884,406
Sino-Ocean Land Holdings Ltd.		833,000		442,203
Sinopec Engineering Group Co. Ltd.		238,000		296,846
Sinopec Shanghai Petrochemical Co. Ltd. Class H		747,000		223,300
Sinopharm Group Co. Ltd. Class H		285,600		793,022
SOHO China Ltd.		595,000		450,790

16 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2014

Security	Shares		Value
Sun Art Retail Group Ltd.b		595,000	$	676,184
Tencent Holdings Ltd.		274,700		22,033,198
Tingyi (Cayman Islands) Holding Corp.		476,000		1,333,969
Uni-President China Holdings Ltd.		238,000		237,661
Want Want China Holdings Ltd.		1,666,000		2,533,008
Weichai Power Co. Ltd. Class H		239,775		905,214
Wumart Stores Inc. Class H		238,000		281,820
Yantai Changyu Pioneer Wine Co. Ltd. Class B		48,200		116,136
Yanzhou Coal Mining Co. Ltd. Class Hb		476,000		341,619
Yingde Gases Group Co. Ltd.		321,500		287,902
Yuexiu Property Co. Ltd.		1,452,000		299,341
Zhejiang Expressway Co. Ltd. Class H		476,000		417,670
Zhongsheng Group Holdings Ltd.b		119,000		170,809
Zhuzhou CSR Times Electric Co. Ltd. Class H		119,000		377,191
Zijin Mining Group Co. Ltd. Class Hb		1,429,000		311,171
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class Hb		333,200		248,578
ZTE Corp. Class Ha,b		190,440		403,403
				198,245,908
INDIA — 15.13%
ACC Ltd.		6,188		110,312
Adani Enterprises Ltd.		24,514		100,560
Adani Ports and Special Economic Zone Ltd.		109,574		295,680
Aditya Birla Nuvo Ltd.		9,282		162,705
Ambuja Cements Ltd.		180,642		489,639
Apollo Hospitals Enterprise Ltd.		21,420		318,051
Asian Paints Ltd.		83,300		635,703
Bajaj Auto Ltd.		22,610		710,019
Bank of Baroda		9,282		82,539
Bharat Heavy Electricals Ltd.		155,414		420,631
Bharat Petroleum Corp. Ltd.		47,362		288,849
Bharti Airtel Ltd.		164,934		765,328
Cairn India Ltd.		123,284		644,864
Cipla Ltd.		93,772		581,423
Coal India Ltd.		138,040		543,429

Security	Shares		Value
Dabur India Ltd.		67,103	$	187,787
Divi’s Laboratories Ltd.		11,662		268,040
DLF Ltd.		117,572		267,752
Dr. Reddy’s Laboratories Ltd.		28,798		1,345,347
GAIL (India) Ltd.		96,390		576,583
GlaxoSmithKline Consumer Healthcare Ltd.		2,856		200,860
Godrej Consumer Products Ltd.		34,986		442,546
HCL Technologies Ltd.		66,164		1,681,909
HDFC Bank Ltd.		321,062		3,468,588
Hero Motocorp Ltd.		21,896		694,945
Hindalco Industries Ltd.		277,032		470,883
Hindustan Unilever Ltd.		175,644		1,556,510
Housing Development Finance Corp. Ltd.		405,552		5,360,903
ICICI Bank Ltd.		60,637		1,021,232
Idea Cellular Ltd.		184,212		383,106
Infosys Ltd.		125,426		7,740,168
ITC Ltd.		617,610		3,264,923
Jaiprakash Associates Ltd.		250,138		169,099
Jindal Steel & Power Ltd.		96,152		371,313
JSW Steel Ltd.		21,420		302,724
Kotak Mahindra Bank Ltd.		81,396		898,928
Larsen & Toubro Ltd.		85,646		1,533,351
LIC Housing Finance Ltd.		78,778		262,339
Mahindra & Mahindra Financial Services Ltd.		70,775		283,420
Mahindra & Mahindra Ltd.		83,300		1,309,710
Nestle India Ltd.		5,806		455,684
NTPC Ltd.		301,308		546,419
Oil & Natural Gas Corp. Ltd.		207,060		973,329
Oil India Ltd.		32,368		237,903
Piramal Enterprises Ltd.		20,944		187,560
Power Finance Corp. Ltd.		62,594		166,231
Power Grid Corp. of India Ltd.		321,300		489,881
Ranbaxy Laboratories Ltd.a		34,510		203,703
Reliance Capital Ltd.		25,480		126,681
Reliance Communications Ltd.		138,992		251,836
Reliance Industries Ltd.		354,382		4,573,861
Reliance Infrastructure Ltd.		30,226		176,977
Reliance Power Ltd.a		161,084		160,876
Rural Electrification Corp. Ltd.		77,597		242,381
Sesa Sterlite Ltd.		285,838		819,282
Shriram Transport Finance Co. Ltd.		34,550		329,585

CONSOLIDATED SCHEDULESOF INVESTMENTS 17

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2014

Security	Shares		Value
Siemens Ltd.		17,853	$	178,530
State Bank of India		37,360		924,205
Sun Pharmaceuticals Industries Ltd.		171,360		1,782,443
Tata Consultancy Services Ltd.		128,758		4,727,670
Tata Motors Ltd.		197,778		1,330,486
Tata Power Co. Ltd.		289,170		367,644
Tata Steel Ltd.		76,874		426,416
Tech Mahindra Ltd.		15,708		473,229
Ultratech Cement Ltd.		10,711		317,839
United Breweries Ltd.		17,612		228,035
United Spirits Ltd.		24,514		944,192
Wipro Ltd.		171,360		1,651,255
Yes Bank Ltd.		41,650		204,924
				63,711,755
RUSSIA — 12.45%
Federal Grid Co. of Unified Energy System OJSCa		76,168,500		148,900
Gazprom OAO		3,224,908		12,491,939
LUKOIL OAO		138,040		7,540,472
Magnit OJSC SP GDRc		71,166		3,985,296
MegaFon OAO SP GDRc		24,038		697,102
MMC Norilsk Nickel OJSC		14,760		2,456,184
Mobile TeleSystems OJSC SP ADR		140,658		2,422,131
Moscow Exchange MICEX-RTS OJSC		290,360		517,118
NovaTek OAO SP GDRc		25,228		3,193,865
Rosneft Oil Co. OJSC		318,962		2,165,275
Rostelecom OJSC		218,960		603,217
RusHydro OJSC		29,750,200		463,194
Sberbank of Russia		2,963,180		7,516,846
Severstal OAO		54,740		453,479
Sistema JSFC SP GDRc		33,320		824,670
Surgutneftegas OJSC		1,904,020		1,449,112
Tatneft OAO Class S		387,943		2,279,893
Uralkali OJSC		359,380		1,643,103
VTB Bank OJSC		1,316,146,001		1,543,010
				52,394,806
TOTAL COMMON STOCKS
(Cost: $396,488,176)				374,068,737
PREFERRED STOCKS — 10.87%
BRAZIL — 10.14%
AES Tiete SA		23,800		177,277

Security	Shares		Value
Banco Bradesco SA		547,408	$	6,399,706
Banco do Estado do Rio Grande do Sul SA Class B		47,600		232,294
Bradespar SA		71,400		651,342
Braskem SA Class A		47,600		329,084
Centrais Eletricas Brasileiras SA Class B		47,682		185,543
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A		23,856		1,009,897
Companhia Energetica de Minas Gerais		194,632		1,118,968
Companhia Energetica de Sao Paulo Class B		47,600		458,476
Companhia Paranaense de Energia Class B		23,800		257,256
Gerdau SA		238,000		1,471,199
Itau Unibanco Holding SA		690,270		9,228,224
Itausa — Investimentos Itau SA		785,633		2,855,319
Klabin SA		142,800		709,110
Lojas Americanas SA		119,070		737,561
Marcopolo SA		142,800		283,032
Metalurgica Gerdau SA		71,400		547,420
Oi SA		190,499		292,762
Petroleo Brasileiro SA		1,166,214		6,784,610
Suzano Papel e Celulose SA Class A		71,400		271,418
Telefonica Brasil SA		95,264		1,752,760
Usinas Siderurgicas de Minas Gerais SA Class A		95,200		398,161
Vale SA Class A		523,600		6,520,344
				42,671,763
RUSSIA — 0.73%
AK Transneft OAO		476		1,075,432
Sberbank of Russia		261,830		549,660
Surgutneftegas OJSC		1,927,800		1,444,090
				3,069,182
TOTAL PREFERRED STOCKS
(Cost: $56,770,520)				45,740,945

18 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2014

Security	Shares		Value
RIGHTS — 0.00%
BRAZIL — 0.00%
Itausa – Investimentos Itau SAa		12,063	$	11,361
				11,361
TOTAL RIGHTS
(Cost: $0)				11,361
SHORT-TERM INVESTMENTS — 2.48%
MONEY MARKET FUNDS — 2.48%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%d,e,f		9,905,714		9,905,714
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%d,e,f		519,304		519,304
				10,425,018
TOTAL SHORT-TERM INVESTMENTS
(Cost: $10,425,018)				10,425,018
TOTAL INVESTMENTS IN SECURITIES — 102.22%
(Cost: $463,683,714)				430,246,061
Other Assets, Less Liabilities — (2.22)%				(9,327,851	)
NET ASSETS — 100.00%			$	420,918,210

SP ADR  —  Sponsored American Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULESOF INVESTMENTS 19

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 98.38%
CHINA — 30.80%
AAC Technologies Holdings Inc.		12,000	$	54,348
Agile Property Holdings Ltd.		24,000		20,502
Agricultural Bank of China Ltd. Class H		329,000		139,467
Air China Ltd. Class H		30,000		19,559
Aluminum Corp. of China Ltd. Class Ha,b		64,000		22,925
Anhui Conch Cement Co. Ltd. Class H		19,000		69,282
Anta Sports Products Ltd.		18,000		27,831
AviChina Industry & Technology Co. Ltd. Class H		44,000		26,816
Bank of China Ltd. Class H		1,151,000		483,473
Bank of Communications Co. Ltd. Class H		133,000		85,342
BBMG Corp. Class H		18,000		13,405
Beijing Capital International Airport Co. Ltd. Class H		36,000		27,275
Beijing Enterprises Holdings Ltd.		7,500		71,898
Beijing Enterprises Water Group Ltd.		48,000		34,387
Belle International Holdings Ltd.		72,000		88,782
Biostime International Holdings Ltd.		2,500		22,307
Brilliance China Automotive Holdings Ltd.		44,000		67,012
BYD Co. Ltd. Class Ha,b		8,500		56,075
China Agri-Industries Holdings Ltd.		33,800		14,502
China BlueChemical Ltd. Class H		38,000		22,180
China Cinda Asset Management Co. Ltd.a		62,000		37,387
China CITIC Bank Corp. Ltd. Class H		132,000		70,923
China Coal Energy Co. Class Hb		64,000		32,738
China Communications Construction Co. Ltd. Class H		70,000		48,885
China Communications Services Corp. Ltd. Class H		36,000		16,931
China Construction Bank Corp. Class H		1,092,000		749,945
China COSCO Holdings Co. Ltd. Class Ha		44,000		18,936
China Everbright International Ltd.		45,000		65,867
China Everbright Ltd.		18,000		23,749
China Gas Holdings Ltd.		26,000		40,804

Security	Shares		Value
China International Marine Containers (Group) Co. Ltd. Class H		6,200	$	15,130
China Life Insurance Co. Ltd. Class H		113,000		330,509
China Longyuan Power Group Corp. Ltd. Class H		44,000		52,498
China Mengniu Dairy Co. Ltd.		20,000		102,563
China Merchants Bank Co. Ltd. Class H		70,831		124,303
China Merchants Holdings (International) Co. Ltd.		18,000		63,896
China Minsheng Banking Corp. Ltd. Class H		79,500		79,080
China Mobile Ltd.		92,000		874,237
China National Building Material Co. Ltd. Class H		50,000		47,674
China Oilfield Services Ltd. Class H		30,000		81,368
China Overseas Grand Oceans Group Ltd.		16,000		11,442
China Overseas Land & Investment Ltd.		62,000		166,563
China Pacific Insurance (Group) Co. Ltd. Class H		40,000		137,353
China Petroleum & Chemical Corp. Class H		390,600		346,762
China Railway Construction Corp. Ltd. Class H		31,000		25,723
China Railway Group Ltd. Class H		68,000		29,527
China Resources Cement Holdings Ltd.		40,000		29,584
China Resources Enterprise Ltd.		18,000		50,676
China Resources Gas Group Ltd.		12,000		42,211
China Resources Land Ltd.		32,000		72,403
China Resources Power Holdings Co. Ltd.		30,000		72,439
China Shenhua Energy Co. Ltd. Class H		52,000		141,373
China Shipping Container Lines Co. Ltd. Class Ha,b		51,000		12,617
China State Construction International Holdings Ltd.		28,000		47,983
China Taiping Insurance Holdings Co. Ltd.a		14,000		23,414
China Telecom Corp. Ltd. Class H		212,000		91,781
China Unicom (Hong Kong) Ltd.		72,000		95,925

20 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2014

Security	Shares		Value
Chongqing Rural Commercial Bank Co. Ltd. Class H		41,000	$	17,116
CITIC Pacific Ltd.b		23,000		33,132
CITIC Securities Co. Ltd. Class H		15,000		31,117
CNOOC Ltd.		273,000		447,434
COSCO Pacific Ltd.		22,000		29,481
Country Garden Holdings Co. Ltd.		67,964		35,203
CSR Corp Ltd. Class H		29,000		21,822
Datang International Power Generation Co. Ltd. Class H		46,000		18,492
Dongfeng Motor Group Co. Ltd. Class H		42,000		57,255
ENN Energy Holdings Ltd.		12,000		84,885
Evergrande Real Estate Group Ltd.b		88,000		37,531
Far East Horizon Ltd.		22,000		15,874
Fosun International Ltd.		25,500		31,706
Franshion Properties (China) Ltd.		58,000		18,010
GCL-Poly Energy Holdings Ltd.a,b		151,000		56,812
Geely Automobile Holdings Ltd.		75,000		28,218
Golden Eagle Retail Group Ltd.		14,000		21,755
GOME Electrical Appliances Holdings Ltd.		139,000		23,283
Great Wall Motor Co. Ltd. Class H		17,000		77,541
Greentown China Holdings Ltd.		9,500		12,436
Guangdong Investment Ltd.		40,000		41,850
Guangzhou Automobile Group Co. Ltd. Class H		32,000		29,687
Guangzhou R&F Properties Co. Ltd. Class H		12,400		16,808
Haier Electronics Group Co. Ltd.		16,000		47,313
Haitong Securities Co. Ltd. Class H		21,600		28,833
Hanergy Solar Group Ltd.a,b		144,000		20,039
Hengan International Group Co. Ltd.		11,500		124,838
Huaneng Power International Inc. Class H		48,000		42,860
Industrial and Commercial Bank of China Ltd. Class H		1,125,000		674,039
Intime Retail Group Co. Ltd.b		13,500		13,777
Jiangsu Expressway Co. Ltd. Class H		26,000		33,099
Jiangxi Copper Co. Ltd. Class H		22,000		38,155
Kingboard Chemical Holdings Co. Ltd.		9,700		21,272
Kunlun Energy Co. Ltd.		50,000		89,292
Lee & Man Paper Manufacturing Ltd.		29,000		17,338
Lenovo Group Ltd.		96,000		102,419

Security	Shares		Value
Longfor Properties Co. Ltd.		22,000	$	30,331
New China Life Insurance Co. Ltd. Class Ha		11,200		35,428
Nine Dragons Paper (Holdings) Ltd.b		28,000		21,430
People’s Insurance Co. Group of China Ltd. Class H		64,000		27,625
PetroChina Co. Ltd. Class H		322,000		339,382
PICC Property and Casualty Co. Ltd. Class H		48,000		65,558
Ping An Insurance (Group) Co. of China Ltd. Class H		29,000		235,593
Poly Property Group Co. Ltd.		41,000		18,754
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		28,000		35,717
Shanghai Electric Group Co. Ltd. Class H		32,000		10,926
Shanghai Industrial Holdings Ltd.		8,000		27,264
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		11,200		29,151
Shenzhou International Group Holdings Ltd.		9,000		31,426
Shimao Property Holdings Ltd.		23,000		46,231
Shougang Fushan Resources Group Ltd.		54,000		14,333
Shui On Land Ltd.		57,000		15,717
Sihuan Pharmaceutical Holdings Group Ltd.		29,000		35,087
Sino Biopharmaceutical Ltd.		48,000		44,592
Sino-Ocean Land Holdings Ltd.b		56,500		29,993
Sinopec Shanghai Petrochemical Co. Ltd. Class H		69,000		20,626
Sinopharm Group Co. Ltd. Class H		16,000		44,427
SOHO China Ltd.		34,500		26,138
Sun Art Retail Group Ltd.		37,000		42,048
Tencent Holdings Ltd.		15,600		1,251,248
Tingyi (Cayman Islands) Holding Corp.		28,000		78,469
Tsingtao Brewery Co. Ltd. Class H		6,000		45,110
Uni-President China Holdings Ltd.		13,000		12,982
Want Want China Holdings Ltd.		91,000		138,358
Weichai Power Co. Ltd. Class H		7,800		29,447
Wumart Stores Inc. Class H		11,000		13,025
Yanzhou Coal Mining Co. Ltd. Class Hb		32,000		22,966
Yingde Gases Group Co. Ltd.		17,500		15,671

CONSOLIDATED SCHEDULESOF INVESTMENTS 21

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2014

Security	Shares		Value
Yuexiu Property Co. Ltd.		94,000	$	19,379
Zhejiang Expressway Co. Ltd. Class H		18,000		15,794
Zhongsheng Group Holdings Ltd.b		6,000		8,612
Zhuzhou CSR Times Electric Co. Ltd. Class H		9,000		28,527
Zijin Mining Group Co. Ltd. Class Hb		84,000		18,291
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class Hb		19,000		14,175
ZTE Corp. Class Ha,b		10,000		21,183
				11,044,303
INDIA — 9.93%
ACC Ltd.		651		11,605
Adani Enterprises Ltd.		2,949		12,097
Adani Ports and Special Economic Zone Ltd.		5,069		13,678
Aditya Birla Nuvo Ltd.		531		9,308
Ambuja Cements Ltd.		9,163		24,837
Apollo Hospitals Enterprise Ltd.		1,043		15,487
Asian Paints Ltd.		4,170		31,823
Bajaj Auto Ltd.		1,412		44,341
Bank of Baroda		637		5,664
Bharat Heavy Electricals Ltd.		7,814		21,149
Bharat Petroleum Corp. Ltd.		2,408		14,686
Bharti Airtel Ltd.		9,767		45,321
Cairn India Ltd.		6,504		34,021
Cipla Ltd.		4,649		28,826
Coal India Ltd.		6,948		27,353
Dabur India Ltd.		5,553		15,540
Divi’s Laboratories Ltd.		527		12,113
DLF Ltd.		5,506		12,539
Dr. Reddy’s Laboratories Ltd.		1,665		77,783
GAIL (India) Ltd.		4,276		25,578
GlaxoSmithKline Consumer Healthcare Ltd.		144		10,127
Godrej Consumer Products Ltd.		1,598		20,213
HCL Technologies Ltd.		3,730		94,818
HDFC Bank Ltd.		17,930		193,706
Hero Motocorp Ltd.		1,236		39,229
Hindalco Industries Ltd.		13,708		23,300
Hindustan Unilever Ltd.		9,826		87,075
Housing Development Finance Corp. Ltd.		22,974		303,688
ICICI Bank Ltd.		3,380		56,925
Idea Cellular Ltd.		9,219		19,173

Security	Shares		Value
Infosys Ltd.		7,054	$	435,310
ITC Ltd.		34,669		183,274
Jaiprakash Associates Ltd.		13,030		8,809
Jindal Steel & Power Ltd.		4,894		18,899
JSW Steel Ltd.		1,066		15,066
Kotak Mahindra Bank Ltd.		5,076		56,059
Larsen & Toubro Ltd.		4,645		83,161
LIC Housing Finance Ltd.		4,303		14,329
Mahindra & Mahindra Financial Services Ltd.		3,648		14,608
Mahindra & Mahindra Ltd.		4,949		77,812
Nestle India Ltd.		350		27,470
NTPC Ltd.		14,604		26,484
Oil & Natural Gas Corp. Ltd.		12,573		59,102
Oil India Ltd.		1,757		12,914
Piramal Enterprises Ltd.		948		8,490
Power Finance Corp. Ltd.		3,768		10,007
Power Grid Corp. of India Ltd.		22,646		34,528
Ranbaxy Laboratories Ltd.a		1,645		9,710
Reliance Capital Ltd.		1,357		6,747
Reliance Communications Ltd.		7,732		14,009
Reliance Industries Ltd.		20,111		259,564
Reliance Infrastructure Ltd.		1,636		9,579
Reliance Power Ltd.a		8,059		8,049
Rural Electrification Corp. Ltd.		4,226		13,200
Sesa Sterlite Ltd.		14,736		42,237
Shriram Transport Finance Co. Ltd.		1,731		16,513
Siemens Ltd.		1,020		10,200
State Bank of India		2,266		56,056
Sun Pharmaceuticals Industries Ltd.		9,901		102,988
Tata Consultancy Services Ltd.		7,255		266,385
Tata Motors Ltd.		12,249		82,401
Tata Power Co. Ltd.		13,302		16,912
Tata Steel Ltd.		5,202		28,855
Tech Mahindra Ltd.		841		25,337
Ultratech Cement Ltd.		539		15,994
United Breweries Ltd.		799		10,345
United Spirits Ltd.		1,381		53,191
Wipro Ltd.		9,828		94,704
				3,561,301
INDONESIA — 4.06%
PT Adaro Energy Tbk		205,500		17,613
PT Astra Agro Lestari Tbk		6,000		13,179
PT Astra International Tbk		312,500		187,086
PT Bank Central Asia Tbk		194,500		171,312

22 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2014

Security	Shares		Value
PT Bank Danamon Indonesia Tbk		51,000	$	17,924
PT Bank Mandiri (Persero) Tbk		138,500		108,567
PT Bank Negara Indonesia (Persero) Tbk		106,500		41,741
PT Bank Rakyat Indonesia (Persero) Tbk		174,500		139,417
PT Bukit Asam (Persero) Tbk		9,000		7,423
PT Bumi Serpong Damai Tbk		86,000		11,371
PT Charoen Pokphand Indonesia Tbk		105,500		38,487
PT Global Mediacom Tbk		93,500		17,598
PT Gudang Garam Tbk		8,500		34,926
PT Indo Tambangraya Megah Tbk		8,000		17,917
PT Indocement Tunggal Prakarsa Tbk		25,500		49,313
PT Indofood CBP Sukses Makmur Tbk		20,000		19,252
PT Indofood Sukses Makmur Tbk		66,000		40,792
PT Jasa Marga (Persero) Tbk		33,000		15,279
PT Kalbe Farma Tbk		379,000		47,338
PT Lippo Karawaci Tbk		269,000		21,781
PT Matahari Department Store Tbka		28,000		33,767
PT Media Nusantara Citra Tbk		65,500		14,303
PT Perusahaan Gas Negara (Persero) Tbk		177,000		74,709
PT Semen Gresik (Persero) Tbk		46,500		60,083
PT Telekomunikasi Indonesia (Persero) Tbk		713,500		142,897
PT Unilever Indonesia Tbk		23,000		56,613
PT United Tractors Tbk		25,000		40,863
PT XL Axiata Tbk		37,500		15,021
				1,456,572
MALAYSIA — 6.15%
AirAsia Bhd		16,000		12,452
Alliance Financial Group Bhd		17,700		24,742
AMMB Holdings Bhd		23,400		51,706
Astro Malaysia Holdings Bhd		30,300		29,223
Axiata Group Bhd		40,100		80,163
Berjaya Sports Toto Bhd		7,268		8,474
British American Tobacco (Malaysia) Bhd		1,800		32,962
Bumi Armada Bhda		13,900		16,545
CIMB Group Holdings Bhd		74,600		163,020
Dialog Group Bhd		25,200		26,073
DiGi.Com Bhd		54,500		85,663
Felda Global Ventures Holdings Bhd		22,400		31,448

Security	Shares			Value
Gamuda Bhd		25,900		$	35,730
Genting Bhd		31,100			95,868
Genting Malaysia Bhd		47,000			62,399
Genting Plantations Bhd		3,900			12,498
Hong Leong Bank Bhd		8,500			36,786
Hong Leong Financial Group Bhd		4,000			19,289
IHH Healthcare Bhda		38,900			45,590
IJM Corp. Bhd		13,600			23,950
IOI Corp. Bhd		45,100			63,455
IOI Properties Group Bhda		19,399			15,394
Kuala Lumpur Kepong Bhd		7,300			53,427
Lafarge Malaysia Bhd		6,300			16,805
Malayan Banking Bhd		67,000			199,988
Malaysia Airports Holdings Bhd		7,700			19,694
Maxis Bhd		34,200			72,753
MISC Bhda		15,000			29,071
MMC Corp. Bhd		14,000			11,921
Parkson Holdings Bhd		8,800			7,413
Petronas Chemicals Group Bhd		42,800			88,173
Petronas Dagangan Bhd		4,000			37,430
Petronas Gas Bhd		9,700			69,867
PPB Group Bhd		7,700			37,413
Public Bank Bhd Foreign		15,500			90,166
RHB Capital Bhd		10,800			27,029
Sapurakencana Petroleum Bhda		55,400			74,904
Sime Darby Bhd		41,500			115,387
Telekom Malaysia Bhd		15,700			27,169
Tenaga Nasional Bhd		43,800			160,415
UEM Sunrise Bhd		20,800			13,966
UMW Holdings Bhd		7,600			27,371
YTL Corp. Bhd		67,553			32,575
YTL Power International Bhda		34,300			17,796
					2,204,163
PHILIPPINES — 1.53%
Aboitiz Equity Ventures Inc.		33,840			44,731
Aboitiz Power Corp.		28,100	��		24,458
Alliance Global Group Inc.		27,900			18,752
Ayala Corp.		2,560			33,007
Ayala Land Inc.		93,100			63,617
Bank of the Philippine Islands		11,140			22,537
BDO Unibank Inc.		25,670			48,309
DMCI Holdings Inc.		12,000			18,658
Energy Development Corp.		103,600			13,578
Globe Telecom Inc.		490			18,663

CONSOLIDATED SCHEDULESOF INVESTMENTS 23

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2014

Security	Shares		Value
International Container Terminal Services Inc.		10,500	$	22,807
JG Summit Holdings Inc.		32,026		33,651
Jollibee Foods Corp.		5,490		21,033
Metro Pacific Investments Corp.		114,200		11,897
Metropolitan Bank & Trust Co.		4,784		8,789
Philippine Long Distance Telephone Co.		725		43,791
SM Investments Corp.		2,253		35,030
SM Prime Holdings Inc.		82,050		26,838
Universal Robina Corp.		11,810		37,043
				547,189
SOUTH KOREA — 24.01%
AmorePacific Corp.		50		54,988
AmorePacific Group		36		16,862
BS Financial Group Inc.		2,450		36,492
Celltrion Inc.a		1,048		47,074
Cheil Industries Inc.		704		45,438
Cheil Worldwide Inc.a		1,340		30,691
CJ CheilJedang Corp.		110		28,286
CJ Corp.		230		27,471
Coway Co. Ltd.		787		50,353
Daelim Industrial Co. Ltd.		391		32,269
Daewoo Engineering & Construction Co. Ltd.a		1,880		14,336
Daewoo International Corp.		770		30,295
Daewoo Securities Co. Ltd.		2,650		21,200
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		1,440		44,313
DGB Financial Group Inc.		1,920		29,497
Dongbu Insurance Co. Ltd.		692		33,255
Doosan Corp.		148		19,133
Doosan Heavy Industries & Construction Co. Ltd.		802		27,197
Doosan Infracore Co. Ltd.a		2,500		31,499
E-Mart Co. Ltd.		310		73,761
GS Engineering & Construction Corp.a		576		19,452
GS Holdings Corp.		773		35,880
Halla Visteon Climate Control Corp.		510		18,991
Hana Financial Group Inc.		4,158		162,425
Hankook Tire Co. Ltd.		978		56,985
Hanwha Chemical Corp.		1,430		28,131
Hanwha Corp.		870		29,340
Hanwha Life Insurance Co. Ltd.		3,140		20,120

Security	Shares		Value
Hite Jinro Co. Ltd.		290	$	6,384
Hyosung Corp.		376		25,642
Hyundai Department Store Co. Ltd.		212		28,101
Hyundai Development Co. Engineering & Construction		920		25,208
Hyundai Engineering & Construction Co. Ltd.		1,151		62,968
Hyundai Glovis Co. Ltd.		217		47,669
Hyundai Heavy Industries Co. Ltd.		647		133,037
Hyundai Marine & Fire Insurance Co. Ltd.		840		22,898
Hyundai Merchant Marine Co. Ltd.a		795		9,979
Hyundai Mipo Dockyard Co. Ltd.b		181		26,790
Hyundai Mobis Co. Ltd.		1,047		307,480
Hyundai Motor Co.		2,368		543,475
Hyundai Securities Co. Ltd.		1,500		9,400
Hyundai Steel Co.		1,096		69,815
Hyundai Wia Corp.		246		38,945
Industrial Bank of Korea		2,950		37,583
Kangwon Land Inc.		1,470		43,928
KB Financial Group Inc.b		5,670		211,928
KCC Corp.		65		31,419
Kia Motors Corp.		4,058		210,598
Korea Aerospace Industries Ltd.		770		22,649
Korea Electric Power Corp.		3,860		133,789
Korea Gas Corp.a		435		28,280
Korea Investment Holdings Co. Ltd.		750		27,014
Korea Zinc Co. Ltd.		137		43,763
Korean Air Lines Co. Ltd.a		418		13,529
KT Corp.		1,120		31,843
KT&G Corp.		1,668		122,190
Kumho Petro Chemical Co. Ltd.		230		19,133
LG Chem Ltd.		723		172,369
LG Corp.		1,508		79,108
LG Display Co. Ltd.a		3,580		81,661
LG Electronics Inc.		1,647		93,960
LG Household & Health Care Ltd.		147		62,931
LG Innotek Co. Ltd.a		173		14,812
LG Uplus Corp.		3,150		30,836
Lotte Chemical Corp.		254		48,302
Lotte Confectionery Co. Ltd.		12		20,257
Lotte Shopping Co. Ltd.		161		50,902
LS Corp.		255		17,486
LS Industrial Systems Co. Ltd.		276		16,366
Mirae Asset Securities Co. Ltd.		460		16,353

24 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2014

Security	Shares		Value
NAVER Corp.		424	$	324,504
NCsoft Corp.		234		41,868
NHN Entertainment Corp.a		180		16,744
OCI Co. Ltd.a		241		46,733
ORION Corp.a		54		45,173
POSCO		1,014		269,767
S-Oil Corp.		648		39,699
S1 Corp.		137		10,447
Samsung C&T Corp.		1,825		107,534
Samsung Card Co. Ltd.		510		16,052
Samsung Electro-Mechanics Co. Ltd.		901		57,225
Samsung Electronics Co. Ltd.		1,673		2,114,170
Samsung Engineering Co. Ltd.a		431		30,321
Samsung Fire & Marine Insurance Co. Ltd.		555		122,438
Samsung Heavy Industries Co. Ltd.		2,250		67,237
Samsung Life Insurance Co. Ltd.		954		90,261
Samsung SDI Co. Ltd.		496		69,463
Samsung Securities Co. Ltd.		911		33,794
Samsung Techwin Co. Ltd.		379		18,710
Shinhan Financial Group Co. Ltd.		6,470		269,407
Shinsegae Co. Ltd.		112		23,659
SK C&C Co. Ltd.		339		46,047
SK Holdings Co. Ltd.		410		73,934
SK Hynix Inc.a		8,180		296,932
SK Innovation Co. Ltd.		944		118,055
SK Networks Co. Ltd.a		2,230		17,401
SK Telecom Co. Ltd.		153		31,030
Woori Finance Holdings Co. Ltd.a		5,770		65,132
Woori Investment & Securities Co. Ltd.		2,460		21,247
Yuhan Corp.		107		19,796
				8,611,294
TAIWAN — 18.49%
Acer Inc.a		36,000		21,447
Advanced Semiconductor Engineering Inc.		87,434		86,574
Advantech Co. Ltd.		6,000		37,923
Asia Cement Corp.		26,990		34,118
ASUSTeK Computer Inc.		11,000		105,832
AU Optronics Corp.a		124,000		42,155
Catcher Technology Co. Ltd.		10,000		72,612
Cathay Financial Holding Co. Ltd.		118,185		174,364
Chailease Holding Co. Ltd.		11,700		28,769
Chang Hwa Commercial Bank Ltd.		90,956		53,436

Security	Shares		Value
Cheng Shin Rubber Industry Co. Ltd.		27,776	$	72,332
Cheng Uei Precision Industry Co. Ltd.		7,059		15,074
Chicony Electronics Co. Ltd.		7,522		19,688
China Airlines Ltd.a		34,000		11,671
China Development Financial Holding Corp.		206,200		59,890
China Life Insurance Co. Ltd.		34,626		32,857
China Motor Co. Ltd.		4,000		3,683
China Petrochemical Development Corp.		25,800		11,240
China Steel Corp.		175,046		148,481
Chunghwa Telecom Co. Ltd.		57,000		173,081
Clevo Co.		12,322		23,263
Compal Electronics Inc.		57,000		38,567
CTBC Financial Holding Co. Ltd.		198,218		127,902
CTCI Corp.		10,000		13,780
Delta Electronics Inc.		28,000		155,720
E.Sun Financial Holding Co. Ltd.		62,680		39,410
Eclat Textile Co. Ltd.		2,000		25,480
Epistar Corp.		13,000		30,550
EVA Airways Corp.a		30,000		15,397
Evergreen Marine Corp. Ltd.a		24,000		14,258
Far Eastern Department Stores Ltd.		18,869		17,220
Far Eastern New Century Corp.		41,656		43,790
Far EasTone Telecommunications Co. Ltd.		24,000		48,637
Farglory Land Development Co. Ltd.		8,530		13,964
Feng Hsin Iron & Steel Co. Ltd.		3,000		5,020
First Financial Holding Co. Ltd.		97,743		58,230
Formosa Chemicals & Fibre Corp.		47,950		122,020
Formosa International Hotels Corp.		1,100		12,344
Formosa Petrochemical Corp.		16,000		41,085
Formosa Plastics Corp.		64,400		163,668
Formosa Taffeta Co. Ltd.		15,000		16,214
Foxconn Technology Co. Ltd.		11,115		24,983
Fubon Financial Holding Co. Ltd.		100,396		140,332
Giant Manufacturing Co. Ltd.		4,000		27,263
Highwealth Construction Corp.		7,200		14,639
Hiwin Technologies Corp.		3,193		31,932
Hon Hai Precision Industry Co. Ltd.		167,400		464,110
Hotai Motor Co. Ltd.		4,000		49,112
HTC Corp.		10,000		44,888
Hua Nan Financial Holdings Co. Ltd.		90,615		52,040
Innolux Corp.a		99,019		35,296
Inventec Corp.		38,980		41,105

CONSOLIDATED SCHEDULESOF INVESTMENTS 25

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2014

Security	Shares		Value
Kinsus Interconnect Technology Corp.		6,000	$	20,496
Largan Precision Co. Ltd.		2,000		88,785
LCY Chemical Corp.		9,199		11,522
Lite-On Technology Corp.		31,324		46,059
MediaTek Inc.		21,176		311,021
Mega Financial Holding Co. Ltd.		137,542		109,859
Merida Industry Co. Ltd.		3,000		20,150
Nan Kang Rubber Tire Co. Ltd.a		2,879		3,506
Nan Ya Plastics Corp.		72,090		154,421
Novatek Microelectronics Corp. Ltd.		9,000		41,290
Pegatron Corp.		28,000		37,613
Pou Chen Corp.		30,000		40,052
Powertech Technology Inc.		10,000		13,961
President Chain Store Corp.		9,000		55,845
Quanta Computer Inc.		37,000		90,980
Radiant Opto-Electronics Corp.		8,363		33,951
Realtek Semiconductor Corp.		10,140		30,121
Ruentex Development Co. Ltd.		12,633		22,432
Ruentex Industries Ltd.		9,855		23,257
ScinoPharm Taiwan Ltd.		4,160		11,904
Shin Kong Financial Holding Co. Ltd.		89,282		29,468
Siliconware Precision Industries Co. Ltd.		41,000		51,693
Simplo Technology Co. Ltd.		5,200		23,427
SinoPac Financial Holdings Co. Ltd.		87,797		42,163
Standard Foods Corp.		8,352		24,286
Synnex Technology International Corp.		19,000		32,484
Taishin Financial Holdings Co. Ltd.		88,549		41,647
Taiwan Business Bank Ltd.a		54,254		16,206
Taiwan Cement Corp.		47,000		74,926
Taiwan Cooperative Financial Holding Co. Ltd.		84,840		45,923
Taiwan Fertilizer Co. Ltd.		11,000		23,599
Taiwan Glass Industry Corp.		11,450		11,337
Taiwan Mobile Co. Ltd.		25,000		75,170
Taiwan Semiconductor Manufacturing Co. Ltd.		375,000		1,336,722
Teco Electric and Machinery Co. Ltd.		29,000		33,309
TPK Holding Co. Ltd.		2,591		15,479
Transcend Information Inc.		3,000		9,149
TSRC Corp.		8,600		12,390
U-Ming Marine Transport Corp.		8,000		13,413
Uni-President Enterprises Co.		66,039		110,290

Security	Shares		Value
Unimicron Technology Corp.		17,000	$	12,007
United Microelectronics Corp.		180,000		73,074
Vanguard International Semiconductor Corp.		10,000		14,770
Walsin Lihwa Corp.a		44,000		13,695
Wan Hai Lines Ltd.		15,000		7,005
Wistron Corp.		39,945		33,224
WPG Holdings Co. Ltd.		20,000		23,764
Yang Ming Marine Transport Corp.a		18,000		7,723
Yuanta Financial Holding Co. Ltd.		123,000		64,549
Yulon Motor Co. Ltd.		10,000		17,064
Zhen Ding Technology Holding Ltd.		7,455		18,307
				6,632,934
THAILAND — 3.41%
Advanced Information Service PCL NVDR		16,200		104,772
Airports of Thailand PCL NVDR		6,200		35,632
Bangkok Bank PCL Foreign		7,700		40,477
Bangkok Bank PCL NVDR		9,700		51,139
Bangkok Dusit Medical Services PCL NVDR		4,900		19,224
Banpu PCL NVDR		17,600		14,026
BEC World PCL NVDR		14,600		22,599
BTS Group Holdings PCL NVDR		82,800		21,192
Central Pattana PCL NVDR		19,200		24,276
Charoen Pokphand Foods PCL NVDR		38,900		32,491
CP All PCL NVDR		69,400		83,493
Glow Energy PCL NVDR		7,400		16,785
Home Product Center PCL NVDR		37,566		10,478
Indorama Ventures PCL NVDR		19,800		12,623
IRPC PCL NVDR		135,600		14,131
Kasikornbank PCL Foreign		17,800		94,388
Kasikornbank PCL NVDR		9,700		50,693
Krung Thai Bank PCL NVDR		48,950		26,857
Minor International PCL NVDR		31,900		24,249
PTT Exploration & Production PCL NVDR		22,810		107,670
PTT Global Chemical PCL NVDR		21,900		50,345
PTT PCL NVDR		13,300		119,445
Siam Cement PCL Foreign (The)		4,900		63,982
Siam Cement PCL NVDR (The)		2,100		27,678
Siam Commercial Bank PCL NVDR		26,100		121,200
Thai Oil PCL NVDR		12,300		19,604

26 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2014

Security	Shares		Value
True Corp. PCL NVDRa		64,400	$	14,410
				1,223,859
TOTAL COMMON STOCKS
(Cost: $34,733,893)				35,281,615
PREFERRED STOCKS — 1.27%
SOUTH KOREA — 1.27%
Hyundai Motor Co. Ltd.		344		44,470
Hyundai Motor Co. Ltd. Series 2		575		78,103
LG Chem Ltd.		100		14,286
Samsung Electronics Co. Ltd.		319		317,655
				454,514
TOTAL PREFERRED STOCKS
(Cost: $291,450)				454,514
SHORT-TERM INVESTMENTS — 1.25%
MONEY MARKET FUNDS — 1.25%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		426,064		426,064
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		22,337		22,337
				448,401
TOTAL SHORT-TERM INVESTMENTS
(Cost: $448,401)				448,401
TOTAL INVESTMENTS IN SECURITIES — 100.90%
(Cost: $35,473,744)				36,184,530
Other Assets, Less Liabilities — (0.90)%				(321,336	)
NET ASSETS — 100.00%			$	35,863,194

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULESOF INVESTMENTS 27

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 96.63%
BRAZIL — 4.79%
Anhanguera Educacional Participacoes SA		6,606	$	37,130
Companhia Hering SA		2,200		23,450
Cyrela Brazil Realty SA Empreendimentos e Participacoes		4,800		26,836
Estacio Participacoes SA		4,400		41,627
Kroton Educacional SA		3,000		56,122
Lojas Americanas SA		2,200		11,678
Lojas Renner SA		2,002		49,450
MRV Engenharia e Participacoes SA		5,402		18,777
				265,070
CHILE — 1.78%
S.A.C.I. Falabella SA		11,824		98,533
				98,533
CHINA — 11.35%
Anta Sports Products Ltd.		14,002		21,650
Belle International Holdings Ltd.		76,001		93,715
Brilliance China Automotive Holdings Ltd.		48,000		73,104
BYD Co. Ltd. Class Ha,b		8,000		52,776
Chongqing Changan Automobile Co. Ltd.		14,000		27,960
Dongfeng Motor Group Co. Ltd. Class H		44,001		59,983
Geely Automobile Holdings Ltd.		80,001		30,099
Golden Eagle Retail Group Ltd.		10,000		15,539
GOME Electrical Appliances Holdings Ltd.		166,000		27,806
Great Wall Motor Co. Ltd. Class H		17,002		77,550
Guangzhou Automobile Group Co. Ltd. Class H		36,001		33,399
Haier Electronics Group Co. Ltd.		16,001		47,316
Intime Retail Group Co. Ltd.		17,001		17,349
Shenzhou International Group Holdings Ltd.		10,000		34,918
Zhongsheng Group Holdings Ltd.		10,000		14,354
				627,518
GREECE — 1.88%
Folli Follie Groupb		480		16,872
Jumbo SAb		1,586		30,076
OPAP SA		3,632		57,186
				104,134

Security	Shares		Value
INDIA — 4.46%
Bajaj Auto Ltd.		1,364	$	42,834
Hero Motocorp Ltd.		1,320		41,895
Mahindra & Mahindra Ltd.		5,002		78,645
Tata Motors Ltd.		12,398		83,403
				246,777
INDONESIA — 5.03%
PT Astra International Tbk		326,000		195,168
PT Global Mediacom Tbk		117,000		22,021
PT Matahari Department Store Tbkb		23,200		27,978
PT Media Nusantara Citra Tbk		73,000		15,941
PT Surya Citra Media Tbk		71,000		17,155
				278,263
MALAYSIA — 4.38%
Astro Malaysia Holdings Bhd		25,800		24,883
Berjaya Sports Toto Bhd		10,032		11,696
Genting Bhd		33,400		102,957
Genting Malaysia Bhd		48,601		64,525
Parkson Holdings Bhd		9,201		7,751
UMW Holdings Bhd		8,401		30,255
				242,067
MEXICO — 4.99%
El Puerto de Liverpool SAB de CV Series C1		3,001		31,090
Grupo Televisa SAB de CV CPO		41,602		244,695
				275,785
PHILIPPINES — 0.48%
Jollibee Foods Corp.		6,841		26,208
				26,208
POLAND — 0.36%
Cyfrowy Polsat SAb		2,944		19,737
				19,737
SOUTH AFRICA — 20.30%
Foschini Group Ltd. (The)		3,085		25,704
Imperial Holdings Ltd.		3,050		48,128
Mr. Price Group Ltd.		3,877		53,915
Naspers Ltd. Class N		6,399		773,700
Steinhoff International Holdings Ltd.		21,010		101,512
Truworths International Ltd.		7,188		45,972
Woolworths Holdings Ltd.		12,370		73,563
				1,122,494
SOUTH KOREA — 28.88%
Cheil Worldwide Inc.b		1,480		33,898
Coway Co. Ltd.		877		56,112

28 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY ETF

February 28, 2014

Security	Shares		Value
Halla Visteon Climate Control Corp.		620	$	23,087
Hankook Tire Co. Ltd.		1,208		70,386
Hyundai Department Store Co. Ltd.		252		33,403
Hyundai Mobis Co. Ltd.		1,102		323,632
Hyundai Motor Co.		2,490		571,475
Hyundai Wia Corp.		248		39,262
Kangwon Land Inc.		1,562		46,677
Kia Motors Corp.		4,252		220,666
LG Electronics Inc.		1,714		97,782
Lotte Shopping Co. Ltd.		180		56,909
Shinsegae Co. Ltd.		112		23,659
				1,596,948
TAIWAN — 6.17%
Cheng Shin Rubber Industry Co. Ltd.		26,754		69,671
China Motor Co. Ltd.		10,002		9,210
Eclat Textile Co. Ltd.		2,000		25,480
Far Eastern Department Stores Ltd.		16,569		15,121
Formosa International Hotels Corp.		1		11
Formosa Taffeta Co. Ltd.		14,002		15,135
Giant Manufacturing Co. Ltd.		4,001		27,269
Hotai Motor Co. Ltd.		4,001		49,124
Merida Industry Co. Ltd.		4,000		26,867
Nan Kang Rubber Tire Co. Ltd.b		10,939		13,323
Pou Chen Corp.		34,000		45,393
Ruentex Industries Ltd.		8,760		20,673
Yulon Motor Co. Ltd.		14,001		23,891
				341,168
THAILAND — 1.04%
BEC World PCL NVDR		15,801		24,458
Home Product Center PCL NVDR		47,833		13,342
Minor International PCL NVDR		25,800		19,612
				57,412
TURKEY — 0.74%
Arcelik AS		3,758		20,192
Ford Otomotiv Sanayi AS		1,200		10,638
Tofas Turk Otomobil Fabrikasi AS		2,128		10,276
				41,106
TOTAL COMMON STOCKS
(Cost: $5,083,834)				5,343,220
PREFERRED STOCKS — 3.12%
BRAZIL — 0.72%
Lojas Americanas SA		6,401		39,650
				39,650

Security	Shares		Value
SOUTH KOREA — 2.40%
Hyundai Motor Co. Ltd.		386	$	49,900
Hyundai Motor Co. Ltd. Series 2		612		83,129
				133,029
TOTAL PREFERRED STOCKS
(Cost: $133,137)				172,679
SHORT-TERM INVESTMENTS — 0.98%
MONEY MARKET FUNDS — 0.98%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		50,189		50,189
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		2,631		2,631
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,034		1,034
				53,854
TOTAL SHORT-TERM INVESTMENTS
(Cost: $53,854)				53,854
TOTAL INVESTMENTS IN SECURITIES — 100.73%
(Cost: $5,270,825)				5,569,753
Other Assets, Less Liabilities — (0.73)%				(40,245	)
NET ASSETS — 100.00%			$	5,529,508

CPO  —  Certificates of Participation (Ordinary)

NVDR  —  Non-Voting Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULESOF INVESTMENTS 29

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ENERGY CAPPED ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 91.77%
BRAZIL — 6.05%
Cosan SA Industria e Comercio		700	$	10,395
Petroleo Brasileiro SA		10,502		58,399
Ultrapar Participacoes SA		1,601		35,742
				104,536
CHILE — 1.72%
Empresas Copec SA		2,223		29,716
				29,716
CHINA — 22.35%
China Coal Energy Co. Class Ha		25,000		12,788
China Oilfield Services Ltd. Class H		10,001		27,125
China Petroleum & Chemical Corp. Class H		96,402		85,583
China Shenhua Energy Co. Ltd. Class H		16,500		44,859
CNOOC Ltd.		69,001		113,089
Kunlun Energy Co. Ltd.		6,000		10,715
PetroChina Co. Ltd. Class H		78,000		82,211
Yanzhou Coal Mining Co. Ltd. Class Ha		14,002		10,049
				386,419
COLOMBIA — 2.34%
Ecopetrol SA		23,653		40,434
				40,434
GREECE — 0.39%
Hellenic Petroleum SA		698		6,739
				6,739
HUNGARY — 0.77%
MOL Hungarian Oil and Gas PLC		228		13,402
				13,402
INDIA — 7.80%
Bharat Petroleum Corp. Ltd.		1,296		7,904
Cairn India Ltd.		2,705		14,149
Coal India Ltd.		2,855		11,239
Oil & Natural Gas Corp. Ltd.		4,016		18,878
Oil India Ltd.		940		6,909
Reliance Industries Ltd.		5,867		75,723
				134,802
INDONESIA — 1.20%
PT Adaro Energy Tbk		107,002		9,171
PT Bukit Asam (Persero) Tbk		6,500		5,361
PT Indo Tambangraya Megah Tbk		2,800		6,271
				20,803
MALAYSIA — 2.69%
Bumi Armada Bhdb		7,201		8,571

Security		Shares		Value
Petronas Dagangan Bhd			1,501	$	14,046
Sapurakencana Petroleum Bhdb			17,701		23,933
					46,550
POLAND — 2.68%
Grupa Lotos SAb			507		6,875
Polski Koncern Naftowy Orlen SA			1,591		23,018
Polskie Gornictwo Naftowe i Gazownictwo SA			9,757		16,475
					46,368
RUSSIA — 26.21%
Gazprom OAO			48,320		187,171
LUKOIL OAO			1,983		108,322
NovaTek OAO SP GDRc			422		53,425
Rosneft Oil Co. OJSC			5,532		37,554
Surgutneftegas OJSC			36,602		27,857
Tatneft OAO Class S			6,621		38,911
					453,240
SOUTH AFRICA — 6.89%
Exxaro Resources Ltd.			840		11,184
Sasol Ltd.			2,124		107,976
					119,160
SOUTH KOREA — 3.78%
GS Holdings Corp.			290		13,461
S-Oil Corp.			263		16,112
SK Innovation Co. Ltd.			286		35,767
					65,340
TAIWAN — 0.89%
Formosa Petrochemical Corp.			6,000		15,407
					15,407
THAILAND — 5.30%
Banpu PCL NVDR			9,700		7,730
IRPC PCL NVDR			67,100		6,993
PTT Exploration & Production PCL NVDR			6,533		30,838
PTT PCL NVDR			4,102		36,839
Thai Oil PCL NVDR			5,801		9,246
					91,646
TURKEY — 0.71%
Turkiye Petrol Rafinerileri AS			699		12,329
					12,329
TOTAL COMMON STOCKS
(Cost: $2,078,392)	��				1,586,891

30 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ENERGY CAPPED ETF

February 28, 2014

Security	Shares		Value
PREFERRED STOCKS — 7.91%
BRAZIL — 5.42%
Petroleo Brasileiro SA		16,100	$	93,664
				93,664
RUSSIA — 2.49%
AK Transneft OAO		8		18,074
Surgutneftegas OJSC		33,402		25,021
				43,095
TOTAL PREFERRED STOCKS
(Cost: $262,080)				136,759
SHORT-TERM INVESTMENTS — 1.43%
MONEY MARKET FUNDS — 1.43%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%d,e,f		22,522		22,522
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%d,e,f		1,181		1,181
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		991		991
				24,694
TOTAL SHORT-TERM INVESTMENTS
(Cost: $24,694)				24,694
TOTAL INVESTMENTS IN SECURITIES — 101.11%
(Cost: $2,365,166)				1,748,344
Other Assets, Less Liabilities — (1.11)%				(19,127	)
NET ASSETS — 100.00%			$	1,729,217

NVDR  —  Non-Voting Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

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

^b  Non-income earning security.

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULESOF INVESTMENTS 31

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 95.31%
BRAZIL — 7.26%
ALL – America Latina Logistica SA		1,400	$	4,045
AMBEV SA		13,500		97,551
Anhanguera Educacional Participacoes SA		1,200		6,745
Banco Bradesco SA		880		10,981
BB Seguridade Participacoes SA		1,800		17,954
BR Malls Participacoes SA		1,200		9,226
BR Properties SA		600		4,367
BRF SA		1,800		33,072
CCR SA		2,600		17,897
CETIP SA — Mercados Organizados		600		6,421
Cielo SA		1,080		29,358
Companhia Hering SA		400		4,264
Companhia Siderurgica Nacional SA		600		2,628
Cosan SA Industria e Comercio		400		5,940
Cyrela Brazil Realty SA Empreendimentos e Participacoes		800		4,473
Duratex SA		840		3,909
EcoRodovias Infraestrutura e Logistica SA		400		2,115
Embraer SA		1,200		10,762
Estacio Participacoes SA		600		5,676
Fibria Celulose SAa		800		8,493
Hypermarcas SA		1,000		6,220
JBS SA		1,800		5,779
Kroton Educacional SA		600		11,224
Localiza Rent A Car SA		410		5,469
Lojas Americanas SA		400		2,123
Lojas Renner SA		400		9,880
Multiplan Empreendimentos Imobiliarios SA		200		3,947
Natura Cosmeticos SA		400		5,909
Odontoprev SA		800		2,935
Qualicorp SAa		400		3,637
Raia Drogasil SA		600		4,246
Souza Cruz SA		600		5,224
Totvs SA		400		5,541
Ultrapar Participacoes SA		1,000		22,325
WEG SA		600		7,857
				388,193
CHILE — 1.33%
Banco de Credito e Inversiones		57		3,119
Cencosud SA		3,256		9,923

Security	Shares		Value
Compania Cervecerias Unidas SA		429	$	4,856
Empresas CMPC SA		1,660		4,003
Empresas Copec SA		1,190		15,907
LATAM Airlines Group SA		932		14,442
S.A.C.I. Falabella SA		2,274		18,950
				71,200
CHINA — 20.78%
AAC Technologies Holdings Inc.b		2,000		9,058
Air China Ltd. Class H		4,000		2,608
Anhui Conch Cement Co. Ltd. Class Hb		4,000		14,586
AviChina Industry & Technology Co. Ltd. Class H		8,000		4,876
Beijing Capital International Airport Co. Ltd. Class H		8,000		6,061
Beijing Enterprises Holdings Ltd.		2,000		19,173
Beijing Enterprises Water Group Ltd.		8,000		5,731
Belle International Holdings Ltd.		14,000		17,263
Brilliance China Automotive Holdings Ltd.		8,000		12,184
BYD Co. Ltd. Class Ha,b		1,000		6,597
China Cinda Asset Management Co. Ltd.a		6,000		3,618
China Everbright International Ltd.		8,000		11,710
China Gas Holdings Ltd.		8,000		12,555
China Life Insurance Co. Ltd. Class H		22,000		64,347
China Longyuan Power Group Corp. Ltd. Class H		8,000		9,545
China Mengniu Dairy Co. Ltd.		4,000		20,513
China Merchants Holdings (International) Co. Ltd.		4,000		14,199
China Minsheng Banking Corp. Ltd. Class H		4,000		3,979
China Oilfield Services Ltd. Class H		4,000		10,849
China Overseas Grand Oceans Group Ltd.		2,000		1,430
China Overseas Land & Investment Ltd.		12,000		32,238
China Pacific Insurance (Group) Co. Ltd. Class H		7,200		24,723
China Railway Construction Corp. Ltd. Class H		6,000		4,979
China Railway Group Ltd. Class H		12,000		5,211
China Resources Enterprise Ltd.		4,000		11,261
China Resources Gas Group Ltd.		4,000		14,070

32 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2014

Security	Shares		Value
China Resources Land Ltd.		4,000	$	9,050
China Resources Power Holdings Co. Ltd.		4,000		9,658
China Shipping Container Lines Co. Ltd. Class Ha,b		14,000		3,463
China State Construction International Holdings Ltd.		4,000		6,855
China Taiping Insurance Holdings Co. Ltd.a		2,400		4,014
China Unicom (Hong Kong) Ltd.		12,000		15,988
CITIC Securities Co. Ltd. Class H		3,000		6,223
CNOOC Ltd.		52,000		85,226
Country Garden Holdings Co. Ltd.		14,000		7,252
CSPC Pharmaceutical Group Ltd.		4,000		3,608
CSR Corp Ltd. Class H		6,000		4,515
Dongfeng Motor Group Co. Ltd. Class H		8,000		10,906
ENN Energy Holdings Ltd.		4,000		28,295
Evergrande Real Estate Group Ltd.b		8,000		3,412
GCL-Poly Energy Holdings Ltd.a		18,000		6,772
Geely Automobile Holdings Ltd.		20,000		7,525
Golden Eagle Retail Group Ltd.		2,000		3,108
Great Wall Motor Co. Ltd. Class H		3,000		13,684
Greentown China Holdings Ltd.		2,000		2,618
Guangzhou Automobile Group Co. Ltd. Class H		4,000		3,711
Haier Electronics Group Co. Ltd.		2,000		5,914
Haitong Securities Co. Ltd. Class H		2,400		3,204
Hanergy Solar Group Ltd.a,b		32,000		4,453
Hengan International Group Co. Ltd.		2,000		21,711
Huaneng Power International Inc. Class H		8,000		7,143
Intime Retail Group Co. Ltd.		3,000		3,061
Kunlun Energy Co. Ltd.		8,000		14,287
Lee & Man Paper Manufacturing Ltd.		4,000		2,391
Lenovo Group Ltd.		20,000		21,337
Longfor Properties Co. Ltd.		4,000		5,515
New China Life Insurance Co. Ltd. Class Ha		1,800		5,694
People’s Insurance Co. Group of China Ltd. Class H		14,000		6,043
PICC Property and Casualty Co. Ltd. Class H		8,000		10,926
Ping An Insurance (Group) Co. of China Ltd. Class H		5,000		40,620

Security	Shares		Value
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		8,000	$	10,205
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		1,600		4,164
Shenzhou International Group Holdings Ltd.		2,000		6,984
Shimao Property Holdings Ltd.		4,000		8,040
Sihuan Pharmaceutical Holdings Group Ltd.		6,000		7,259
Sino Biopharmaceutical Ltd.		8,000		7,432
Sino-Ocean Land Holdings Ltd.		7,000		3,716
Sinopec Engineering Group Co. Ltd.		2,000		2,495
Sinopec Shanghai Petrochemical Co. Ltd. Class H		12,000		3,587
Sinopharm Group Co. Ltd. Class H		3,200		8,885
Sun Art Retail Group Ltd.		7,000		7,955
Tencent Holdings Ltd.		3,000		240,625
Tingyi (Cayman Islands) Holding Corp.		4,000		11,210
Uni-President China Holdings Ltd.		4,000		3,994
Want Want China Holdings Ltd.		18,000		27,367
Weichai Power Co. Ltd. Class H		2,000		7,551
Wumart Stores Inc. Class H		2,000		2,368
Yingde Gases Group Co. Ltd.		3,000		2,686
Zhongsheng Group Holdings Ltd.		2,000		2,871
Zhuzhou CSR Times Electric Co. Ltd. Class H		2,000		6,339
ZTE Corp. Class Ha,b		1,600		3,389
				1,110,668
COLOMBIA — 0.66%
Almacenes Exito SA		404		4,976
Bancolombia SA		394		4,638
Cementos Argos SA		1,006		4,520
Cemex Latam Holdings SAa		424		3,375
Corporacion Financiera Colombiana SA NVS		176		3,040
Ecopetrol SA		3,926		6,711
Interconexion Electrica SA ESP		654		2,428
Isagen SA ESP		3,778		5,462
				35,150
CZECH REPUBLIC — 0.31%
Komercni Banka AS		56		13,587
Telefonica Czech Republic AS		206		3,133
				16,720

CONSOLIDATED SCHEDULESOF INVESTMENTS 33

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2014

Security	Shares		Value
GREECE — 0.53%
Hellenic Petroleum SA		250	$	2,413
Hellenic Telecommunications Organization SAa		344		6,034
Jumbo SAa		276		5,234
National Bank of Greece SAa		978		4,809
Public Power Corp. SA		340		5,433
Titan Cement Co. SAa		140		4,525
				28,448
HUNGARY — 0.23%
MOL Hungarian Oil and Gas PLC		116		6,818
Richter Gedeon Nyrt		306		5,453
				12,271
INDIA — 6.31%
Adani Ports and Special Economic Zone Ltd.		1,216		3,281
Apollo Hospitals Enterprise Ltd.		113		1,678
Asian Paints Ltd.		800		6,105
Bharti Airtel Ltd.		1,708		7,925
Cipla Ltd.		972		6,027
Dabur India Ltd.		1,222		3,420
Divi’s Laboratories Ltd.		190		4,367
Dr. Reddy’s Laboratories Ltd.		290		13,548
GlaxoSmithKline Consumer Healthcare Ltd.		32		2,250
Godrej Consumer Products Ltd.		338		4,275
HCL Technologies Ltd.		624		15,862
HDFC Bank Ltd.		3,325		35,922
Hindustan Unilever Ltd.		1,866		16,536
Housing Development Finance Corp. Ltd.		4,254		56,233
Idea Cellular Ltd.		2,042		4,247
ITC Ltd.		6,298		33,294
Kotak Mahindra Bank Ltd.		814		8,990
Mahindra & Mahindra Financial Services Ltd.		650		2,603
Nestle India Ltd.		36		2,825
Ranbaxy Laboratories Ltd.a		198		1,169
Sun Pharmaceuticals Industries Ltd.		1,748		18,182
Tata Consultancy Services Ltd.		1,350		49,569
Tata Motors Ltd.		2,074		13,952
Tech Mahindra Ltd.		276		8,315
Ultratech Cement Ltd.		96		2,849
United Breweries Ltd.		263		3,405
United Spirits Ltd.		270		10,399
				337,228

Security	Shares		Value
INDONESIA — 2.52%
PT Astra International Tbk		19,000	$	11,375
PT Bank Central Asia Tbk		36,000		31,708
PT Bank Rakyat Indonesia (Persero) Tbk		10,000		7,990
PT Bumi Serpong Damai Tbk		24,000		3,173
PT Charoen Pokphand Indonesia Tbk		21,000		7,661
PT Global Mediacom Tbk		18,000		3,388
PT Indocement Tunggal Prakarsa Tbk		4,000		7,735
PT Indofood CBP Sukses Makmur Tbk		4,000		3,851
PT Jasa Marga (Persero) Tbk		6,000		2,778
PT Kalbe Farma Tbk		70,000		8,743
PT Lippo Karawaci Tbk		61,000		4,939
PT Matahari Department Store Tbka		4,000		4,824
PT Media Nusantara Citra Tbk		16,000		3,494
PT Perusahaan Gas Negara (Persero) Tbk		15,000		6,331
PT Semen Gresik (Persero) Tbk		8,000		10,337
PT Surya Citra Media Tbk		14,000		3,383
PT Tower Bersama Infrastructure Tbka		6,000		3,230
PT Unilever Indonesia Tbk		4,000		9,846
				134,786
MALAYSIA — 3.81%
AirAsia Bhd		2,800		2,179
Astro Malaysia Holdings Bhd		5,000		4,822
Axiata Group Bhd		7,200		14,393
British American Tobacco (Malaysia) Bhd		200		3,662
Bumi Armada Bhda		3,600		4,285
Dialog Group Bhd		5,400		5,587
DiGi.Com Bhd		9,200		14,461
Felda Global Ventures Holdings Bhd		3,400		4,773
Gamuda Bhd		4,500		6,208
Genting Bhd		3,200		9,864
Genting Malaysia Bhd		8,200		10,887
Genting Plantations Bhd		800		2,564
Hong Leong Bank Bhd		1,600		6,924
IHH Healthcare Bhda		6,000		7,032
IJM Corp. Bhd		2,000		3,522
Kuala Lumpur Kepong Bhd		1,600		11,710
Malaysia Airports Holdings Bhd		1,600		4,092
Maxis Bhd		3,000		6,382

34 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2014

Security	Shares		Value
MMC Corp. Bhd		2,200	$	1,873
Petronas Chemicals Group Bhd		7,200		14,833
Petronas Dagangan Bhd		600		5,615
Petronas Gas Bhd		1,800		12,965
Public Bank Bhd Foreign		3,000		17,452
Sapurakencana Petroleum Bhda		10,400		14,061
Telekom Malaysia Bhd		2,200		3,807
UEM Sunrise Bhd		4,800		3,223
UMW Holdings Bhd		1,800		6,483
				203,659
MEXICO — 4.88%
America Movil SAB de CV Series Lb		50,800		49,249
Coca-Cola FEMSA SAB de CV Series L		800		7,758
Compartamos SAB de CV		3,000		5,106
El Puerto de Liverpool SAB de CV Series C1		600		6,216
Fibra Uno Administracion SAB de CV		3,800		12,042
Fomento Economico Mexicano SAB de CV BD Units		1,800		15,424
Genomma Lab Internacional SAB de CV Series Ba,b		2,200		5,203
Grupo Bimbo SAB de CV Series A		4,800		12,594
Grupo Carso SAB de CV Series A1		1,000		5,215
Grupo Financiero Banorte SAB de CV Series O		4,600		29,880
Grupo Financiero Inbursa SAB de CV Series O		4,200		10,065
Grupo Televisa SAB de CV CPO		7,200		42,349
Kimberly-Clark de Mexico SAB de CV Series A		1,600		3,869
Mexichem SAB de CVb		3,200		10,430
Minera Frisco SAB de CV Series A1a		1,800		3,061
Promotora y Operadora Infraestructura SAB de CVa		800		10,329
Wal-Mart de Mexico SAB de CV Series Vb		15,200		32,238
				261,028
PERU — 0.48%
Credicorp Ltd.		200		25,980
				25,980
PHILIPPINES — 0.93%
Alliance Global Group Inc.		5,000		3,361
Ayala Corp.		220		2,836
Ayala Land Inc.		16,000		10,933

Security	Shares		Value
Bank of the Philippine Islands		1,722	$	3,484
International Container Terminal Services Inc.		2,400		5,213
Jollibee Foods Corp.		1,240		4,750
SM Investments Corp.		348		5,411
SM Prime Holdings Inc.		20,400		6,673
Universal Robina Corp.		2,200		6,900
				49,561
POLAND — 1.78%
Alior Bank SAa		118		3,795
Bank Handlowy w Warszawie SA		136		5,178
Bank Millennium SAa		1,094		3,292
Bank Pekao SA		350		22,364
Bank Zachodni WBK SA		78		10,843
Cyfrowy Polsat SAa		644		4,317
Eurocash SA		200		2,632
Grupa Azoty SA		124		2,361
Kernel Holding SAa		102		1,084
mBank SA		40		7,217
Polskie Gornictwo Naftowe i Gazownictwo SA		5,246		8,858
Powszechna Kasa Oszczednosci Bank Polski SA		1,598		23,358
				95,299
RUSSIA — 5.13%
Magnit OJSC SP GDRc		748		41,888
MegaFon OAO SP GDRc		264		7,656
Mobile TeleSystems OJSC SP ADR		1,474		25,382
NovaTek OAO SP GDRc		260		32,916
Rosneft Oil Co. OJSC		3,180		21,587
Rostelecom OJSC		3,420		9,422
RusHydro OJSC		242,000		3,768
Sberbank of Russia		31,040		78,741
Severstal OAO		380		3,148
Sistema JSFC SP GDRc		336		8,316
Tatneft OAO Class S		4,100		24,095
VTB Bank OJSC		14,740,000		17,281
				274,200
SOUTH AFRICA — 7.39%
Anglo American Platinum Ltd.a,b		150		6,417
AngloGold Ashanti Ltd.		764		13,553
Aspen Pharmacare Holdings Ltd.		810		20,586
Assore Ltd.		80		3,227
Bidvest Group Ltd.		840		19,835
Discovery Ltd.		1,046		7,736

CONSOLIDATED SCHEDULESOF INVESTMENTS 35

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2014

Security	Shares			Value
FirstRand Ltd.		8,344		$	26,543
Foschini Group Ltd. (The)		602			5,016
Harmony Gold Mining Co. Ltd.		938			3,034
Impala Platinum Holdings Ltd.		480			5,094
Imperial Holdings Ltd.		158			2,493
Life Healthcare Group Holdings Ltd.		2,630			9,243
Massmart Holdings Ltd.		318			3,597
Mediclinic International Ltd.		1,030			6,446
Mr. Price Group Ltd.		692			9,623
Naspers Ltd. Class N		1,150			139,046
Netcare Ltd.		2,136			4,484
Northam Platinum Ltd.a		829			3,258
Pick n Pay Stores Ltd.b		754			3,168
Rand Merchant Insurance Holdings Ltd.		1,164			2,909
Remgro Ltd.		1,278			22,116
RMB Holdings Ltd.		1,690			7,533
Sanlam Ltd.		5,518			27,175
Shoprite Holdings Ltd.		1,234			16,184
SPAR Group Ltd. (The)		516			5,451
Truworths International Ltd.		1,282	��		8,199
Woolworths Holdings Ltd.		2,182			12,976
					394,942
SOUTH KOREA — 16.10%
AmorePacific Corp.		8			8,798
AmorePacific Group		6			2,810
Celltrion Inc.a		179			8,040
Cheil Industries Inc.		133			8,584
Cheil Worldwide Inc.a		180			4,123
CJ CheilJedang Corp.		24			6,172
CJ Corp.		44			5,255
Coway Co. Ltd.		152			9,725
Daewoo Engineering & Construction Co. Ltd.a		420			3,203
Daewoo International Corp.		100			3,934
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		300			9,232
Doosan Corp.		34			4,395
Doosan Infracore Co. Ltd.a		150			1,890
E-Mart Co. Ltd.		60			14,276
Halla Visteon Climate Control Corp.		80			2,979
Hankook Tire Co. Ltd.		212			12,353
Hyundai Department Store Co. Ltd.		20			2,651
Hyundai Glovis Co. Ltd.		36			7,908
Hyundai Heavy Industries Co. Ltd.		46			9,459

Security	Shares		Value
Hyundai Merchant Marine Co. Ltd.a		111	$	1,393
Hyundai Mipo Dockyard Co. Ltd.		38		5,624
Hyundai Wia Corp.		44		6,966
Kia Motors Corp.		280		14,531
Korea Aerospace Industries Ltd.		100		2,942
Korea Electric Power Corp.		710		24,609
Korean Air Lines Co. Ltd.a		80		2,589
Kumho Petro Chemical Co. Ltd.		48		3,993
LG Chem Ltd.		136		32,423
LG Display Co. Ltd.a		700		15,967
LG Household & Health Care Ltd.		26		11,131
LG Innotek Co. Ltd.a		30		2,569
LG Uplus Corp.		720		7,048
Lotte Chemical Corp.		46		8,748
Lotte Confectionery Co. Ltd.		2		3,376
LS Industrial Systems Co. Ltd.		46		2,728
NAVER Corp.		80		61,227
NCsoft Corp.		44		7,873
OCI Co. Ltd.a		50		9,696
ORION Corp.		10		8,365
S1 Corp.		17		1,296
Samsung C&T Corp.		357		21,035
Samsung Electro-Mechanics Co. Ltd.		134		8,511
Samsung Electronics Co. Ltd.		312		394,275
Samsung SDI Co. Ltd.		48		6,722
Samsung Techwin Co. Ltd.		106		5,233
SK C&C Co. Ltd.		52		7,063
SK Hynix Inc.a		1,520		55,176
Yuhan Corp.		9		1,665
				860,561
TAIWAN — 11.31%
Acer Inc.a		4,000		2,383
Cathay Financial Holding Co. Ltd.		28,496		42,041
Chailease Holding Co. Ltd.		2,200		5,410
Cheng Shin Rubber Industry Co. Ltd.		6,900		17,969
China Airlines Ltd.a		12,000		4,119
China Steel Corp.		10,000		8,482
Clevo Co.		2,080		3,927
Delta Electronics Inc.		6,000		33,369
E.Sun Financial Holding Co. Ltd.		13,200		8,300
Epistar Corp.		2,000		4,700
EVA Airways Corp.a		6,000		3,079
Far Eastern Department Stores Ltd.		4,120		3,760
Formosa Chemicals & Fibre Corp.		6,000		15,268
Formosa Petrochemical Corp.		4,000		10,271

36 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2014

Security	Shares		Value
Formosa Plastics Corp.		8,000	$	20,331
Giant Manufacturing Co. Ltd.		2,000		13,631
Hiwin Technologies Corp.		51		510
MediaTek Inc.		4,000		58,750
Nan Kang Rubber Tire Co. Ltd.a		2,234		2,721
Nan Ya Plastics Corp.		14,000		29,989
President Chain Store Corp.		2,000		12,410
Ruentex Industries Ltd.		2,190		5,168
Standard Foods Corp.		2,300		6,688
Taiwan Fertilizer Co. Ltd.		2,000		4,291
Taiwan Semiconductor Manufacturing Co. Ltd.		72,000		256,651
Uni-President Enterprises Co.		12,720		21,243
Vanguard International Semiconductor Corp.		2,000		2,954
Yang Ming Marine Transport Corp.a		6,000		2,574
Yulon Motor Co. Ltd.		2,000		3,413
				604,402
THAILAND — 2.22%
Advanced Information Service PCL NVDR		2,800		18,109
Airports of Thailand PCL NVDR		1,400		8,046
Bangkok Dusit Medical Services PCL NVDR		1,000		3,923
BEC World PCL NVDR		3,200		4,953
Central Pattana PCL NVDR		4,400		5,563
Charoen Pokphand Foods PCL NVDR		5,600		4,677
CP All PCL NVDR		12,800		15,399
Home Product Center PCL NVDR		10,733		2,994
Indorama Ventures PCL NVDR		4,200		2,678
IRPC PCL NVDR		30,000		3,127
Kasikornbank PCL Foreign		2,800		14,848
Minor International PCL NVDR		4,800		3,649
Siam Cement PCL Foreign (The)		1,200		15,669
Siam Commercial Bank PCL NVDR		2,400		11,145
TMB Bank PCL NVDR		34,800		2,645
True Corp. PCL NVDRa		5,600		1,253
				118,678
TURKEY — 1.35%
Akbank TAS		3,174		8,232
Anadolu Efes Biracilik ve Malt Sanayii AS		602		6,360
Arcelik AS		666		3,579
BIM Birlesik Magazalar AS		620		11,526

Security	Shares		Value
Coca-Cola Icecek AS		196	$	3,795
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		4,420		4,509
Eregli Demir ve Celik Fabrikalari TAS		3,828		4,201
Koza Altin Isletmeleri AS		106		911
TAV Havalimanlari Holding AS		512		3,622
Turk Hava Yollari AO		586		1,748
Turkcell Iletisim Hizmetleri ASa		694		3,625
Turkiye Garanti Bankasi AS		6,594		18,119
Ulker Biskuvi Sanayi AS		386		2,144
				72,371
TOTAL COMMON STOCKS
(Cost: $4,901,775)				5,095,345
PREFERRED STOCKS — 4.36%
BRAZIL — 3.08%
Banco Bradesco SA		2,270		26,539
Braskem SA Class A		600		4,148
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A		400		16,933
Itau Unibanco Holding SA		7,220		96,524
Klabin SA		1,400		6,952
Lojas Americanas SA		1,200		7,433
Marcopolo SA		1,200		2,379
Suzano Papel e Celulose SA Class A		1,000		3,801
				164,709
CHILE — 0.20%
Embotelladora Andina SA Class B		632		2,451
Sociedad Quimica y Minera de Chile SA Series B		262		8,005
				10,456
COLOMBIA — 0.33%
Bancolombia SA		950		11,813
Grupo Aval Acciones y Valores SA		10,148		5,998
				17,811
RUSSIA — 0.30%
AK Transneft OAO		4		9,037
Sberbank of Russia		3,400		7,138
				16,175
SOUTH KOREA — 0.45%
Samsung Electronics Co. Ltd.		24		23,899
				23,899
TOTAL PREFERRED STOCKS
(Cost: $284,979)				233,050

CONSOLIDATED SCHEDULESOF INVESTMENTS 37

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2014

Security	Shares		Value
SHORT-TERM INVESTMENTS — 3.05%
MONEY MARKET FUNDS — 3.05%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%d,e,f		148,594	$	148,594
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%d,e,f		7,790		7,790
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		6,592		6,592
				162,976
TOTAL SHORT-TERM INVESTMENTS
(Cost: $162,976)				162,976
TOTAL INVESTMENTS IN SECURITIES — 102.72%
(Cost: $5,349,730)				5,491,371
Other Assets, Less Liabilities — (2.72)%				(145,636	)
NET ASSETS — 100.00%			$	5,345,735

CPO  —  Certificates of Participation (Ordinary)

NVDR  —  Non-Voting Depositary Receipts

NVS  —  Non-Voting Shares

SP ADR  —  Sponsored American Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

38 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 95.72%
BRAZIL — 5.21%
AMBEV SA		1,955,700	$	14,131,942
CCR SA		1,193,900		8,218,284
Cielo SA		335,720		9,125,950
CPFL Energia SA		1,038,800		7,470,822
EcoRodovias Infraestrutura e Logistica SA		1,865,400		9,862,025
EDP Energias do Brasil SA		2,350,300		8,984,666
Natura Cosmeticos SA		298,600		4,411,252
Souza Cruz SA		1,343,000		11,693,758
Totvs SA		634,300		8,786,793
Tractebel Energia SA		1,305,700		18,557,038
Transmissora Alianca de Energia Eletrica SA		634,100		4,896,902
Ultrapar Participacoes SA		74,600		1,665,407
				107,804,839
CHILE — 4.95%
AES Gener SA		5,759,369		3,015,964
Aguas Andinas SA Series A		14,158,380		8,675,118
Banco de Chile		221,560,001		28,284,931
Banco de Credito e Inversiones		150,398		8,230,507
Colbun SA		50,956,794		11,922,842
CorpBanca SA		1,276,000,705		15,182,889
Empresa Nacional de Electricidad SA		8,791,788		11,944,560
Empresa Nacional de Telecomunicaciones SA		532,813		6,152,004
Empresas CMPC SA		423,661		1,021,576
S.A.C.I. Falabella SA		279,509		2,329,229
Vina Concha y Toro SA		2,839,660		5,586,133
				102,345,753
CHINA — 21.63%
AAC Technologies Holdings Inc.a		942,500		4,268,607
Agricultural Bank of China Ltd. Class H		16,041,000		6,799,968
Bank of China Ltd. Class H		43,303,000		18,189,263
Bank of Communications Co. Ltd. Class H		2,611,000		1,675,389
Beijing Enterprises Holdings Ltd.		2,042,500		19,580,082
China BlueChemical Ltd. Class H		1,508,000		880,195

Security	Shares		Value
China CITIC Bank Corp. Ltd. Class H		4,476,000	$	2,404,948
China Communications Services Corp. Ltd. Class H		13,572,000		6,382,873
China Construction Bank Corp. Class H		21,889,000		15,032,550
China Gas Holdings Ltd.		7,540,000		11,833,090
China Life Insurance Co. Ltd. Class H		1,492,000		4,363,894
China Mengniu Dairy Co. Ltd.		2,611,000		13,389,657
China Minsheng Banking Corp. Ltd. Class H		936,000		931,049
China Mobile Ltd.		2,983,000		28,346,197
China Pacific Insurance (Group) Co. Ltd. Class H		742,000		2,547,890
China Petroleum & Chemical Corp. Class H		13,818,000		12,267,157
China Resources Enterprise Ltd.		746,000		2,100,244
China Resources Gas Group Ltd.		8,162,000		28,710,368
China Resources Power Holdings Co. Ltd.		3,730,000		9,006,539
China Telecom Corp. Ltd. Class H		7,464,000		3,231,398
China Vanke Co. Ltd. Class B		1,156,676		1,713,914
ENN Energy Holdings Ltd.		332,000		2,348,497
Guangdong Investment Ltd.a		12,682,000		13,268,545
Haier Electronics Group Co. Ltd.		795,000		2,350,874
Hanergy Solar Group Ltd.a,b		10,772,000		1,498,993
Hengan International Group Co. Ltd.		1,866,000		20,256,344
Huaneng Power International Inc. Class H		754,000		673,262
Industrial and Commercial Bank of China Ltd. Class H		19,773,000		11,846,909
Inner Mongolia Yitai Coal Co. Ltd. Class B		11,872,127		14,009,110
Jiangsu Expressway Co. Ltd. Class H		12,682,000		16,144,486
Kunlun Energy Co. Ltd.a		3,784,000		6,757,622
Lenovo Group Ltd.a		13,584,000		14,492,307
PetroChina Co. Ltd. Class H		3,716,000		3,916,594

CONSOLIDATED SCHEDULESOF INVESTMENTS 39

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

February 28, 2014

Security	Shares		Value
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		1,492,000	$	1,903,196
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		7,255,400		18,883,924
Shenzhou International Group Holdings Ltd.		3,770,000		13,164,069
Sihuan Pharmaceutical Holdings Group Ltd.a		2,597,000		3,142,079
Sino Biopharmaceutical Ltd.		3,016,000		2,801,858
Sinopec Engineering Group Co. Ltd.		1,696,500		2,115,966
SOHO China Ltd.		18,077,500		13,696,046
Sun Art Retail Group Ltd.a		19,391,500		22,037,357
Tencent Holdings Ltd.		298,200		23,918,091
Tingyi (Cayman Islands) Holding Corp.		6,412,000		17,969,347
Tsingtao Brewery Co. Ltd. Class H		1,096,000		8,240,071
Uni-President China Holdings Ltd.a		1,508,000		1,505,853
Want Want China Holdings Ltd.		754,000		1,146,391
Wumart Stores Inc. Class H		746,000		883,352
Zhejiang Expressway Co. Ltd. Class H		14,920,000		13,091,682
ZTE Corp. Class Hb		904,800		1,916,611
				447,634,708
COLOMBIA — 1.08%
Almacenes Exito SA		193,012		2,377,476
Corporacion Financiera Colombiana SA NVS		205,186		3,543,616
Ecopetrol SA		7,108,229		12,151,115
Grupo Argos SA		475,677		4,339,860
				22,412,067
CZECH REPUBLIC — 0.72%
Telefonica Czech Republic AS		985,528		14,989,000
				14,989,000
EGYPT — 0.92%
Commercial International Bank (Egypt) SAE		2,824,834		14,857,402
Qatar National Bank Alahly		313,768		1,577,258
Telecom Egypt Co.		1,228,850		2,688,741
				19,123,401

Security	Shares		Value
INDIA — 1.34%
Cipla Ltd.		1,750,255	$	10,852,259
Dr. Reddy’s Laboratories Ltd.		132,844		6,206,031
Sun Pharmaceuticals Industries Ltd.		1,032,914		10,744,105
				27,802,395
INDONESIA — 4.56%
PT Astra Agro Lestari Tbk		1,869,000		4,105,392
PT Bank Central Asia Tbk		30,088,100		26,501,061
PT Bank Danamon Indonesia Tbk		16,778,400		5,896,793
PT Bank Mandiri (Persero) Tbk		8,765,200		6,870,818
PT Bank Negara Indonesia (Persero) Tbk		8,611,400		3,375,129
PT Bank Rakyat Indonesia (Persero) Tbk		1,519,100		1,213,684
PT Indocement Tunggal Prakarsa Tbk		559,500		1,081,986
PT Indofood Sukses Makmur Tbk		3,947,500		2,439,772
PT Jasa Marga (Persero) Tbk		22,742,300		10,529,750
PT Telekomunikasi Indonesia (Persero) Tbk		87,035,000		17,430,991
PT Unilever Indonesia Tbk		6,062,900		14,923,539
				94,368,915
MALAYSIA — 8.76%
Astro Malaysia Holdings Bhd		1,081,700		1,043,239
Berjaya Sports Toto Bhd		3,896,213		4,542,510
Hong Leong Bank Bhd		3,879,500		16,789,656
IHH Healthcare Bhdb		20,738,900		24,305,624
Malayan Banking Bhd		10,276,700		30,674,844
Maxis Bhd		11,093,100		23,598,018
Petronas Chemicals Group Bhd		3,282,800		6,762,979
Petronas Dagangan Bhd		1,753,300		16,406,586
Petronas Gas Bhd		1,855,200		13,362,649
Public Bank Bhd Foreign		5,491,000		31,942,152
Sime Darby Bhd		2,686,200		7,468,726
Tenaga Nasional Bhd		1,193,800		4,372,226
				181,269,209
MEXICO — 2.04%
Arca Continental SAB de CV		298,400		1,565,196
Coca-Cola FEMSA SAB de CV Series L		335,700		3,255,296

40 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

February 28, 2014

Security	Shares		Value
El Puerto de Liverpool SAB de CV Series C1a		1,827,900	$	18,936,985
Fibra Uno Administracion SAB de CV		408,100		1,293,237
Grupo Aeroportuario del Pacifico SAB de CV Series B		782,700		4,201,230
Grupo Aeroportuario del Sureste SAB de CV Series B		259,700		2,898,138
Grupo Financiero Santander Mexico SAB de CV Series B		3,301,900		7,289,771
Wal-Mart de Mexico SAB de CV Series V		1,305,500		2,768,862
				42,208,715
PERU — 1.27%
Compania de Minas Buenaventura SA SP ADR		209,244		2,636,475
Credicorp Ltd.		181,427		23,567,367
				26,203,842
PHILIPPINES — 2.76%
Aboitiz Power Corp.		4,414,900		3,842,699
Bank of the Philippine Islands		7,192,724		14,551,428
International Container Terminal Services Inc.		1,958,820		4,254,679
Jollibee Foods Corp.		1,843,620		7,063,045
Metropolitan Bank & Trust Co.		3,091,840		5,680,091
Philippine Long Distance Telephone Co.		358,015		21,624,475
				57,016,417
POLAND — 0.34%
Polskie Gornictwo Naftowe i Gazownictwo SA		4,191,929		7,077,914
				7,077,914
RUSSIA — 1.04%
LUKOIL OAO		245,192		13,393,679
Mobile TeleSystems OJSC SP ADR		44,133		759,970
Rosneft Oil Co. OJSC		1,098,300		7,455,815
				21,609,464
SOUTH AFRICA — 8.55%
Aspen Pharmacare Holdings Ltd.		936,027		23,788,989

Security	Shares		Value
Bidvest Group Ltd.		211,870	$	5,002,986
Discovery Ltd.		557,171		4,120,526
Foschini Group Ltd. (The)		203,115		1,692,349
Growthpoint Properties Ltd.		5,816,242		12,724,341
Liberty Holdings Ltd.		389,143		4,440,724
Life Healthcare Group Holdings Ltd.		4,702,796		16,527,153
Massmart Holdings Ltd.		80,941		915,524
Mediclinic International Ltd.		120,575		754,537
Mr. Price Group Ltd.		168,434		2,342,325
Nedbank Group Ltd.		435,925		8,562,867
Pick n Pay Stores Ltd.		980,047		4,118,447
PPC Ltd.		2,032,007		5,561,571
Redefine Properties Ltd.		12,762,400		11,215,776
Remgro Ltd.		969,036		16,769,530
Sasol Ltd.		112,784		5,733,513
Shoprite Holdings Ltd.		701,565		9,201,152
SPAR Group Ltd. (The)		446,613		4,717,777
Standard Bank Group Ltd.		1,907,275		21,876,822
Tiger Brands Ltd.		200,021		4,551,692
Truworths International Ltd.		652,294		4,171,815
Vodacom Group Ltd.a		737,548		8,210,579
				177,000,995
SOUTH KOREA — 11.46%
AmorePacific Corp.		14,813		16,290,831
Cheil Industries Inc.		120,722		7,791,799
CJ CheilJedang Corp.		13,332		3,428,229
Dongbu Insurance Co. Ltd.		171,270		8,230,586
E-Mart Co. Ltd.		14,760		3,511,981
Hyundai Marine & Fire Insurance Co. Ltd.		556,614		15,173,272
Hyundai Wia Corp.		12,806		2,027,367
Kangwon Land Inc.		411,810		12,306,079
Korea Electric Power Corp.		70,890		2,457,077
KT Corp.		419,230		11,919,092
KT&G Corp.		435,093		31,872,855
LG Household & Health Care Ltd.		17,437		7,464,833
Lotte Shopping Co. Ltd.		9,275		2,932,377
NAVER Corp.a		21,796		16,681,342
NCsoft Corp.		7,041		1,259,795
ORION Corp.		8,904		7,448,498
S1 Corp.		170,570		13,006,462
Samsung Electro-Mechanics Co. Ltd.		14,840		942,531

CONSOLIDATED SCHEDULESOF INVESTMENTS 41

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

February 28, 2014

Security	Shares		Value
Samsung Electronics Co. Ltd.		11,565	$	14,614,693
Samsung Fire & Marine Insurance Co. Ltd.		51,198		11,294,734
Samsung Life Insurance Co. Ltd.		116,865		11,057,016
Samsung SDI Co. Ltd.a		37,751		5,286,908
SK C&C Co. Ltd.		76,593		10,403,733
SK Telecom Co. Ltd.		76,128		15,439,543
Yuhan Corp.		23,373		4,324,279
				237,165,912
TAIWAN — 16.22%
Advanced Semiconductor Engineering Inc.		1,122,000		1,110,964
Advantech Co. Ltd.		2,984,000		18,860,519
Asia Cement Corp.		10,322,201		13,048,396
ASUSTeK Computer Inc.		547,000		5,262,740
China Airlines Ltd.b		20,034,828		6,877,095
China Steel Corp.		18,308,468		15,529,990
Chunghwa Telecom Co. Ltd.		10,073,000		30,586,705
Compal Electronics Inc.		3,339,000		2,259,208
Delta Electronics Inc.		746,000		4,148,822
EVA Airways Corp.b		2,968,000		1,523,282
Far EasTone Telecommunications Co. Ltd.		10,481,000		21,240,128
Feng Hsin Iron & Steel Co. Ltd.		3,730,000		6,241,699
First Financial Holding Co. Ltd.		11,966,093		7,128,787
Formosa Chemicals & Fibre Corp.		385,300		980,482
Formosa Petrochemical Corp.		3,730,000		9,577,992
Formosa Plastics Corp.		3,127,840		7,949,161
Formosa Taffeta Co. Ltd.		5,224,000		5,646,775
Giant Manufacturing Co. Ltd.		1,119,000		7,626,691
Hua Nan Financial Holdings Co. Ltd.		23,822,800		13,681,323
Lite-On Technology Corp.		12,756,301		18,756,790
MediaTek Inc.		238,000		3,495,610
President Chain Store Corp.		1,492,000		9,257,905
ScinoPharm Taiwan Ltd.		2,343,360		6,705,700
Standard Foods Corp.		754,000		2,192,468
Synnex Technology International Corp.		5,599,000		9,572,520
Taiwan Cement Corp.		5,564,000		8,869,932

Security	Shares		Value
Taiwan Cooperative Financial Holding Co. Ltd.		40,613,876	$	21,983,879
Taiwan Mobile Co. Ltd.		8,208,000		24,679,807
Taiwan Semiconductor Manufacturing Co. Ltd.		8,614,000		30,705,393
Transcend Information Inc.		2,238,000		6,825,243
TSRC Corp.		2,275,100		3,277,712
U-Ming Marine Transport Corp.		4,851,000		8,133,567
United Microelectronics Corp.		4,476,000		1,817,110
				335,554,395
THAILAND — 2.87%
Advanced Information Service PCL NVDR		1,671,200		10,808,374
Bangkok Bank PCL NVDR		3,294,300		17,367,650
Bangkok Dusit Medical Services PCL NVDR		2,736,000		10,734,345
CP All PCL NVDRa		6,672,200		8,027,091
Kasikornbank PCL NVDR		798,800		4,174,572
PTT Exploration & Production PCL NVDR		185,600		876,089
PTT PCL NVDR		825,900		7,417,278
				59,405,399
TOTAL COMMON STOCKS
(Cost: $2,040,396,868)				1,980,993,340
PREFERRED STOCKS — 3.50%
BRAZIL — 0.53%
AES Tiete SA		1,010,900		7,529,820
Companhia Energetica de Minas Gerais		161,686		929,556
Companhia Paranaense de Energia Class B		224,800		2,429,880
				10,889,256
COLOMBIA — 1.76%
Banco Davivienda SA		899,089		10,582,942
Bancolombia SA		112,874		1,403,586
Grupo Argos SA		744,432		6,828,217
Grupo de Inversiones Suramericana SA		1,057,966		17,516,935
				36,331,680
RUSSIA — 0.51%
AK Transneft OAO		2,262		5,110,559
Surgutneftegas OJSC		7,364,000		5,516,276
				10,626,835

42 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

February 28, 2014

Security	Shares		Value
SOUTH KOREA — 0.70%
Samsung Electronics Co. Ltd.		14,584	$	14,522,522
				14,522,522
TOTAL PREFERRED STOCKS
(Cost: $79,482,669)				72,370,293
SHORT-TERM INVESTMENTS — 2.63%
MONEY MARKET FUNDS — 2.63%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		50,692,860		50,692,860
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		2,657,560		2,657,560
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,033,786		1,033,786
				54,384,206
TOTAL SHORT-TERM INVESTMENTS
(Cost: $54,384,206)				54,384,206
TOTAL INVESTMENTS IN SECURITIES — 101.85%
(Cost: $2,174,263,743)				2,107,747,839
Other Assets, Less Liabilities — (1.85)%				(38,315,850	)
NET ASSETS — 100.00%			$	2,069,431,989

NVS  —  Non-Voting Shares

NVDR  —  Non-Voting Depositary Receipts

SP ADR  —  Sponsored American Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULESOF INVESTMENTS 43

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 98.87%
BRAZIL — 4.52%
Aliansce Shopping Centers SA		12,500	$	94,499
Alupar Investimento SA Unitsa		4,800		36,247
Arezzo Industria e Comercio SA		5,700		67,468
Autometal SA		4,200		28,318
B2W Companhia Global do Varejoa		5,600		55,760
Banco ABC Brasil SAa		166		497
Brasil Brokers Participacoes SA		14,000		30,086
Brasil Insurance Participacoes e Administracao SA		6,400		43,452
Brazil Pharma SAa		8,400		18,878
Companhia de Locacao das Americas		11,000		16,481
Direcional Engenharia SA		5,600		24,692
Equatorial Energia SA		11,242		95,432
Eternit SA		12,600		44,769
Even Construtora e Incorporadora SA		22,200		67,854
EZ TEC Empreendimentos e Participacoes SA		7,000		77,641
Fleury SA		5,600		47,945
Gafisa SA		37,800		53,399
Helbor Empreendimentos SA		14,040		41,351
Iguatemi Empresa de Shopping Centers SA		5,900		53,999
International Meal Co. Holdings SAa		4,200		27,149
Iochpe-Maxion SA		7,000		70,420
Julio Simoes Logistica SA		7,000		41,892
LPS Brasil — Consultoria de Imoveis SA		5,400		27,832
Marfrig Global Foods SAa		15,400		27,029
Mills Estruturas e Servicos de Engenharia SA		6,600		72,611
Multiplus SA		5,300		58,218
PDG Realty SA Empreendimentos e Participacoesa		88,200		57,013
Prumo Logistica SAa		76,165		29,996
Restoque Comercio e Confeccoes de Roupas SA		11,200		29,966
Santos Brasil Participacoes SA Units		4,400		28,253
Sao Martinho SA		4,200		53,669
SLC Agricola SA		4,200		32,453
Tecnisa SAa		16,500		53,258

Security	Shares		Value
Tegma Gestao Logistica SA		2,700	$	21,441
TPI — Triunfo Participacoes e Investimentos SA		12,800		48,384
UNICASA Industria de Moveis SA		11,200		22,295
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		4,200		53,039
Vanguarda Agro SAa		39,310		51,830
				1,705,516
CHILE — 1.13%
Besalco SA		32,595		29,473
Compania SudAmericana de Vapores SAa		612,458		29,692
Inversiones Aguas Metropolitanas SA		37,310		59,731
Parque Arauco SA		46,322		80,610
SalfaCorp SA		30,432		29,424
Sociedad Matriz SAAM SA		786,147		64,052
Sonda SA		66,935		131,854
				424,836
CHINA — 19.81%
361 Degrees International Ltd.		129,000		33,243
Ajisen (China) Holdings Ltd.		42,000		46,486
AMVIG Holdings Ltd.		78,000		31,658
Anhui Expressway Co. Ltd. Class H		112,000		57,435
Anton Oilfield Services Groupb		106,000		73,207
Anxin-China Holdings Ltd.		224,000		48,488
Asia Cement China Holdings Corp.		119,000		83,105
Asian Citrus Holdings Ltd.		84,000		20,348
Beijing Capital Land Ltd. Class H		126,000		51,627
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.a		28,000		42,139
Boshiwa International Holding Ltd.a,c		32,000		4,156
Bosideng International Holdings Ltd.		336,000		60,177
C C Land Holdings Ltd.		159,000		34,828
China Automation Group Ltd.		129,000		24,600
China Datang Corp. Renewable Power Co. Ltd. Class H		210,000		41,940
China Dongxiang (Group) Co. Ltd.		238,000		47,226
China High Speed Transmission Equipment Group Co. Ltd.a,b		96,000		71,248
China Huiyuan Juice Group Ltd.a		63,000		34,499
China Lilang Ltd.		106,000		68,290
China Lumena New Materials Corp.b		210,000		37,340

44 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
China Medical System Holdings Ltd.b		83,000	$	106,623
China Merchants Land Ltd.a		112,000		22,368
China Metal Recycling Holdings Ltd.a,b,c		12,000		—
China Modern Dairy Holdings Ltd.a,b		187,000		91,801
China Oil and Gas Group Ltd.		420,000		74,681
China Power International Development Ltd.		239,000		79,451
China Power New Energy Development Co. Ltd.a		560,000		49,787
China Precious Metal Resources Holdings Co. Ltd.a		352,000		47,169
China Rare Earth Holdings Ltd.a		448,000		61,765
China Resources and Transportation Group Ltd.a		1,500,000		79,242
China Rongsheng Heavy Industries Group Holdings Ltd.a,b		320,000		63,084
China Shanshui Cement Group Ltd.		126,000		44,484
China Shineway Pharmaceutical Group Ltd.		36,000		55,848
China Singyes Solar Technologies Holdings Ltd.		54,000		65,612
China South City Holdings Ltd.		280,000		140,342
China Suntien Green Energy Corp. Ltd. Class H		154,000		65,282
China Travel International Investment Hong Kong Ltd.		446,000		93,096
China Vanadium Titano-Magnetite Mining Co. Ltd.a,b		195,000		23,618
China Water Affairs Group Ltd.		150,000		48,898
China Yongda Automobiles Services Holdings Ltd.		51,000		46,722
China Yurun Food Group Ltd.a,b		112,000		67,826
China ZhengTong Auto Services Holdings Ltd.a		112,000		62,631
Chinasoft International Ltd.a,b		168,000		51,086
Chongqing Machinery & Electric Co. Ltd. Class H		280,000		33,913
CIMC Enric Holdings Ltd.		56,000		86,153
CITIC 21CN Co. Ltd.a		160,000		86,998
CITIC Dameng Holdings Ltd.a		392,000		29,295
CITIC Resources Holdings Ltd.a		336,000		39,397
Comba Telecom Systems Holdings Ltd.a,b		112,000		37,521

Security	Shares		Value
Coolpad Group Ltd.		112,000	$	75,186
Cosco International Holdings Ltd.b		196,000		81,066
Dah Chong Hong Holdings Ltd.		105,000		65,345
Dazhong Transportation Group Co. Ltd. Class B		75,200		48,128
Digital China Holdings Ltd.		82,000		81,461
Dongyue Group Ltd.		166,000		61,386
Extrawell Pharmaceutical Holdings Ltd.a,b		420,000		30,846
Fantasia Holdings Group Co. Ltd.		238,500		41,486
First Tractor Co. Ltd. Class Hb		92,000		58,322
Fufeng Group Ltd.		88,400		35,082
Hangzhou Steam Turbine Co. Ltd. Class B		39,080		50,807
Harbin Electric Co. Ltd. Class H		108,000		67,908
HC International Inc.a		50,000		116,608
Hengdeli Holdings Ltd.b		169,600		34,964
Hisense Kelon Electrical Holdings Co. Ltd. Class Ha		32,000		51,210
Hopson Development Holdings Ltd.a		48,000		44,716
Huabao International Holdings Ltd.		185,000		88,674
Hunan Nonferrous Metal Corp. Ltd. Class Ha		212,000		63,646
Inspur International Ltd.		201,000		40,661
Interchina Holdings Co. Ltd.a		510,000		32,199
Jiangsu Future Land Co. Ltd. Class B		74,700		36,304
Ju Teng International Holdings Ltd.		72,000		54,920
Kaisa Group Holdings Ltd.a		154,000		52,186
Kingdee International Software Group Co. Ltd.a		198,000		71,944
Kingsoft Corp. Ltd.b		52,000		176,883
KWG Property Holdings Ltd.		124,500		63,044
Labixiaoxin Snacks Group Ltd.b		70,000		53,305
Lao Feng Xiang Co. Ltd. Class B		8,000		20,896
Li Ning Co. Ltd.a		77,000		59,230
Lijun International Pharmaceutical (Holding) Co. Ltd.		192,000		66,548
Lonking Holdings Ltd.a		168,000		33,336
Luthai Textile Co. Ltd. Class B		55,800		76,858
MIE Holdings Corp.		112,000		21,358
Minth Group Ltd.		72,000		144,166
NetDragon Websoft Inc.		21,000		45,079
New World Department Store China Ltd.		51,000		26,548

CONSOLIDATED SCHEDULESOF INVESTMENTS 45

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
North Mining Shares Co. Ltd.a		1,280,000	$	52,776
NVC Lighting Holdings Ltd.		108,000		29,779
Peak Sport Products Co. Ltd.		186,000		47,932
Ports Design Ltd.		42,000		27,978
Renhe Commercial Holdings Co. Ltd.a		812,000		40,804
REXLot Holdings Ltd.		700,000		101,919
Semiconductor Manufacturing International Corp.a,b		1,584,000		136,744
Shenguan Holdings Group Ltd.		144,000		60,116
Shenzhen Expressway Co. Ltd. Class H		144,000		63,455
Shenzhen International Holdings Limitedb		79,500		103,664
Shenzhen Investment Ltd.		204,000		68,341
Shougang Concord International Enterprises Co. Ltd.a,b		1,460,000		72,426
Shunfeng Photovoltaic International Ltd.a		96,000		86,586
Sino Oil And Gas Holdings Ltd.a		1,330,000		46,269
Sinopec Kantons Holdings Ltd.		84,000		91,998
Sinotrans Ltd. Class H		196,000		87,380
Sinotrans Shipping Ltd.		231,000		77,089
Skyworth Digital Holdings Ltd.		140,000		71,434
Sparkle Roll Group Ltd.a		432,000		33,398
Sunac China Holdings Ltd.		126,000		66,725
Sunny Optical Technology Group Co Ltd.		56,000		53,250
TCL Communication Technology Holdings Ltd.a		56,000		61,620
Tech Pro Technology Development Ltd.a		208,000		105,058
Texhong Textile Group Ltd.		21,000		27,762
Tianjin Development Holdings Ltd.a		84,000		54,658
Tianjin Port Development Holdings Ltd.		306,000		47,707
Tianneng Power International Ltd.		84,000		32,470
Tibet 5100 Water Resources Holdings Ltd.		126,000		60,556
Tong Ren Tang Technologies Co. Ltd. Class H		28,000		97,951
Towngas China Co. Ltd.		96,000		123,076
Travelsky Technology Ltd. Class H		112,000		112,995
VODone Ltd.a		392,000		60,610
West China Cement Ltd.		496,000		56,240
Winsway Coking Coal Holding Ltd.a		490,000		26,517

Security	Shares		Value
Wison Engineering Services Co. Ltd.c		112,000	$	25,716
Xingda International Holdings Ltd.		72,000		37,665
Xinjiang Xinxin Mining Industry Co. Ltd. Class Ha,b		266,000		36,673
XTEP International Holdings Ltd.		104,000		50,519
Yanchang Petroleum International Ltd.a		570,000		29,745
Yip’s Chemical Holdings Ltd.		42,000		31,929
Yuexiu Real Estate Investment Trustb		168,000		79,443
Yuexiu Transport Infrastructure Ltd.		102,000		49,547
				7,467,559
COLOMBIA — 0.02%
Bolsa de Valores de Colombia		858,911		8,348
				8,348
CZECH REPUBLIC — 0.26%
Pegas Nonwovens SA		2,366		73,130
Philip Morris CR AS		42		23,097
				96,227
EGYPT — 0.95%
Orascom Telecom Media And Technology Holding SAE SP GDRb		379,722		359,217
				359,217
GREECE — 1.01%
Ellaktor SAa		8,540		45,765
Frigoglass SAa		2,436		15,476
Hellenic Exchanges — Athens Stock Exchange SA Holding		4,760		55,158
Intralot SA		9,520		28,269
Marfin Investment Group Holdings SAa		54,404		35,842
Metka SA		3,670		66,858
Motor Oil (Hellas) Corinth Refineries SA		3,556		46,609
Mytilineos Holdings SAa		8,895		86,243
				380,220
INDIA — 5.15%
Amtek Auto Ltd.a		51,290		82,918
Andhra Bank		42,882		38,849
Ashok Leyland Ltd.		199,824		50,456
Aurobindo Pharma Ltd.		11,494		97,202
Bharat Forge Ltd.		12,795		78,993
Biocon Ltd.		9,207		68,102
CESC Ltd.		11,994		93,767
Cox & Kings Ltd.		22,366		50,484

46 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
EID Parry India Ltd.		19,334	$	39,414
Gujarat Fluorochemicals Ltd.		7,756		29,676
Gujarat Gas Co. Ltd.		6,386		23,507
Gujarat Mineral Development Corp. Ltd.		20,594		35,104
Gujarat State Petronet Ltd.		36,344		33,981
GVK Power & Infrastructure Ltd.a		218,148		31,853
Hexaware Technologies Ltd.		26,508		68,344
Housing Development & Infrastructure Ltd.a		30,968		20,885
India Infoline Ltd.		31,083		35,531
Indiabulls Housing Finance Ltd.		14,574		45,041
Indian Hotels Co. Ltd.		52,728		58,870
Indraprastha Gas Ltd.		5,616		22,938
Jammu & Kashmir Bank Ltd.		3,864		83,134
Jindal Saw Ltd.		31,094		23,579
Just Dial Ltd.a		2,296		53,101
Manappuram Finance Ltd.		58,164		21,256
MAX India Ltd.		22,092		68,597
MindTree Ltd.		4,262		113,017
PTC India Ltd.		38,406		38,542
Redington India Ltd.		35,392		39,686
SE Investments Ltd.		13,709		81,086
Syndicate Bank		29,834		38,917
Tata Global Beverages Ltd.		30,940		69,737
Thermax Ltd.		7,336		82,841
Torrent Pharmaceuticals Ltd.		8,540		76,306
UPL Ltd.		19,152		56,486
Voltas Ltd.		42,393		91,243
				1,943,443
INDONESIA — 3.83%
PT ACE Hardware Indonesia Tbk		714,000		49,203
PT Agung Podomoro Land Tbk		844,500		16,877
PT AKR Corporindo Tbk		175,500		68,936
PT Alam Sutera Realty Tbk		916,500		45,395
PT Arwana Citramulia Tbk		504,000		36,902
PT Bakrieland Development Tbka		4,229,299		6,193
PT Bank Bukopin Tbk		1,082,200		55,933
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		308,000		26,929
PT Bank Tabungan Negara (Persero) Tbk		724,423		67,394
PT Bumi Resources Minerals Tbka		840,000		16,787
PT Bumi Resources Tbka		1,113,000		31,159
PT Ciputra Development Tbk		854,000		71,725

Security	Shares		Value
PT Citra Marga Nusaphala Persada Tbka		114,400	$	30,795
PT Gajah Tunggal Tbk		161,000		30,372
PT Garuda Indonesia (Persero) Tbka		564,000		23,320
PT Hanson International Tbka		1,015,000		52,459
PT Japfa Comfeed Indonesia Tbk		429,000		58,942
PT Kawasan Industri Jababeka Tbk		1,960,178		37,316
PT Medco Energi Internasional Tbk		145,500		31,835
PT Mitra Adiperkasa Tbk		77,000		45,766
PT MNC Investama Tbk		1,967,000		55,067
PT MNC Sky Vision Tbk		112,985		20,438
PT Pakuwon Jati Tbk		1,638,000		46,562
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		224,000		39,941
PT Ramayana Lestari Sentosa Tbk		369,000		45,454
PT Sampoerna Agro Tbk		154,000		24,873
PT Sentul City Tbka		2,065,000		30,240
PT Sigmagold Inti Perkasa Tbka		728,000		29,411
PT Sugih Energy Tbka		1,050,000		41,606
PT Summarecon Agung Tbk		1,060,800		91,834
PT Surya Semesta Internusa Tbk		432,450		29,987
PT Timah (Persero) Tbk		487,300		67,791
PT Trada Maritime Tbka		483,000		73,226
PT Wijaya Karya (Persero) Tbk		231,000		42,682
				1,443,350
MALAYSIA — 4.98%
Carlsberg Brewery Malaysia Bhd		22,500		90,371
DRB-Hicom Bhd		125,000		97,284
Eastern & Oriental Bhd		82,600		50,672
Hai-O Enterprise Bhd		84,000		63,580
Hibiscus Petroleum Bhda		56,000		36,747
IGB Corp. Bhd		129,900		102,683
IJM Land Bhd		56,000		45,121
KNM Group Bhda		201,600		39,379
KPJ Healthcare Bhd		100,150		103,008
Magnum Bhd		84,800		79,973
Mah Sing Group Bhd		82,620		52,197
Malaysian Airline System Bhda		464,800		35,465
Malaysian Pacific Industries Bhd		70,000		93,575
Malaysian Resources Corp. Bhd		154,000		74,262
Media Prima Bhd		95,200		75,253
OSK Holdings Bhd		108,387		53,590
POS Malaysia Bhd		71,800		104,090
QL Resources Bhd		85,540		82,237
Sarawak Oil Palms Bhd		29,400		53,658

CONSOLIDATED SCHEDULESOF INVESTMENTS 47

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Scomi Group Bhda		451,800	$	57,225
Sunway Real Estate Investment Trust Bhd		191,700		78,400
TAN Chong Motor Holdings Bhd		35,700		62,106
TIME dotCom Bhda		58,400		64,344
Top Glove Corp. Bhd		57,700		101,611
Uchi Technologies Bhd		89,600		35,824
Wah Seong Corp. Bhd		109,218		60,667
WCT Holdings Bhd		139,890		86,244
				1,879,566
MEXICO — 2.15%
Alsea SAB de CV		35,159		109,054
Axtel SAB de CV CPOa,b		105,000		37,182
Banregio Grupo Financiero SAB de CV		16,800		87,715
Bolsa Mexicana de Valores SAB de CV		29,400		53,187
Concentradora Fibra Hotelera Mexicana SAB de CV		29,400		46,949
Consorcio ARA SAB de CVa		107,800		40,778
Corporacion Geo SAB de CV Series Ba		38,700		774
Corporacion Inmobiliaria Vesta SAB de CV		40,200		73,818
Empresas ICA SAB de CVa		47,700		77,974
Grupo Aeroportuario del Centro Norte SAB de CV		20,700		63,940
Grupo Herdez SAB de CV		17,900		47,074
Macquarie Mexico Real Estate Management SA de CV		36,400		63,240
TF Administradora Industrial S de RL SAB de CV		23,800		47,728
TV Azteca SAB de CV CPO		96,600		56,016
Urbi Desarrollos Urbanos SAB de CVa,b		124,600		3,713
				809,142
PHILIPPINES — 1.12%
Belle Corp.a		615,933		75,068
Cebu Air Inc.		24,080		27,217
Cosco Capital Inc.a		130,200		27,128
EEI Corp.		216,972		53,471
Filinvest Land Inc.		1,572,000		51,420
First Gen Corp.		91,800		36,774
First Philippine Holdings Corp.		24,370		39,147
Manila Water Co. Inc.		66,900		36,646

Security	Shares		Value
Melco Crown Philippines Resorts Corp.a		103,600	$	30,174
Philex Petroleum Corp.a		27,000		5,111
Philippine National Banka		21,303		41,189
				423,345
POLAND — 1.85%
Asseco Poland SA		6,510		106,600
Budimex SA		1,428		60,514
Getin Noble Bank SAa		129,564		145,414
Globe Trade Centre SAa		21,742		53,050
Lubelski Wegiel Bogdanka SA		3,126		131,229
Netia SAa		26,949		43,718
Rovese SAa		39,452		24,164
TVN SA		13,874		73,492
Warsaw Stock Exchange SA		4,521		58,150
				696,331
RUSSIA — 0.94%
Aeroflot — Russian Airlines OJSC		44,056		86,565
LSR Group OJSC SP GDRd		29,983		101,942
Pharmstandard GDRa,d		3,822		23,314
PIK Groupa		43,530		99,814
Sollers OJSC		2,313		42,552
				354,187
SOUTH AFRICA — 7.54%
Acucap Properties Ltd.		14,130		52,354
Adcock Ingram Holdings Ltd.		14,580		81,711
Aeci Ltd.		9,453		115,283
African Oxygen Ltd.		17,463		31,376
ArcelorMittal South Africa Ltd.a		18,217		68,209
Astral Foods Ltd.		7,104		54,892
Aveng Ltd.a		22,848		47,220
AVI Ltd.		24,248		115,645
Brait SEa		26,950		117,040
Capital Property Fund		110,667		101,892
City Lodge Hotels Ltd.		3,654		39,800
Clicks Group Ltd.		17,268		90,377
Clover Industries Ltd.		23,106		43,021
Coronation Fund Managers Ltd.		24,183		198,138
DataTec Ltd.		20,474		89,602
DRDGOLD Ltd.		59,655		22,214
Emira Property Fund		32,457		41,063
Famous Brands Ltd.		5,043		45,539
Fountainhead Property Trust		25,261		17,426
Grindrod Ltd.		29,634		71,038
Group Five Ltd.		15,912		63,697

48 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Hyprop Investments Ltd.		16,254	$	116,892
Illovo Sugar Ltd.		15,810		38,267
JD Group Ltd.		8,385		17,743
JSE Ltd.		8,336		65,645
Lewis Group Ltd.		4,653		25,384
Mondi Ltd.		10,066		181,140
Murray & Roberts Holdings Ltd.a		36,657		85,314
Omnia Holdings Ltd.		4,281		85,686
Pick n Pay Holdings Ltd.		15,210		29,098
Pinnacle Holdings Ltd.		23,019		50,102
Resilient Property Income Fund Ltd.		22,398		112,597
Royal Bafokeng Platinum Ltd.a		3,261		19,429
SA Corporate Real Estate Fund Nominees Pty Ltd.		141,096		50,308
Sibanye Gold Ltd.		46,228		93,302
Sun International Ltd.		9,989		88,278
Super Group Ltd.a		24,300		62,211
Sycom Property Fund		11,076		23,303
Tongaat Hulett Ltd.		6,762		68,931
Vukile Property Fund Ltd.		48,907		72,984
Wilson Bayly Holmes-Ovcon Ltd.		3,846		47,265
				2,841,416
SOUTH KOREA — 16.83%
Able C&C Co. Ltd.		1,078		34,587
Ahnlab Inc.		644		34,387
Asiana Airlines Inc.a		15,120		72,519
Binggrae Co. Ltd.		561		51,397
Chabio & Diostech Co. Ltd.a		6,919		84,908
Chong Kun Dang Pharmaceutical Corp.a		954		66,579
Chongkundang Holdings Corp.		1,680		75,777
CJ CGV Co. Ltd.		1,800		86,838
CJ E&M Corp.a		1,560		56,628
CJ O Shopping Co. Ltd.		266		103,285
CNK International Co. Ltd.a		3,450		11,893
Cosmax Inc.		960		53,958
CrucialTec Co. Ltd.a		3,201		29,506
Daesang Corp.		1,680		62,243
Daishin Securities Co. Ltd.		5,760		45,918
Daum Communications Corp.		1,050		68,852
Dong-A Socio Holdings Co. Ltd.		490		56,459
Dong-A ST Co. Ltd.		463		52,047
Dongsuh Companies Inc.		4,116		60,342
Dongyang Mechatronics Corp.		6,510		64,948
Doosan Engine Co. Ltd.a		8,680		68,220

Security	Shares			Value
Duksan Hi-Metal Co. Ltd.a		3,373		$	55,453
Fila Korea Ltd.		1,087			88,080
Foosung Co. Ltd.a		7,420			25,092
GemVax & Kael Co. Ltd.a		2,588			33,214
Grand Korea Leisure Co. Ltd.		3,050			125,714
Green Cross Corp.		574			73,128
GS Home Shopping Inc.		224			54,369
Hana Tour Service Inc.		882			58,745
Handsome Co. Ltd.		1,590			40,513
Hanjin Heavy Industries & Construction Co. Ltd.a		5,048			61,947
Hanjin Shipping Co. Ltd.a		11,450			71,971
Hankook Tire Worldwide Co. Ltd.		3,030			61,026
Hanmi Pharm Co. Ltd.a		590			75,443
Hansol Paper Co.		5,180			62,839
Hanwha Investment & Securities Co. Ltd.a		11,370			38,663
Hotel Shilla Co. Ltd.		2,632			205,382
Huchems Fine Chemical Corp.		3,360			71,292
Hwa Shin Co. Ltd.		3,060			36,405
Hyundai Corp.		2,240			70,295
Hyundai Greenfood Co. Ltd.		4,200			66,492
Hyundai Home Shopping Network Corp.		490			77,115
Ilyang Pharmaceutical Co. Ltd.		1,200			31,307
Infraware Inc.a		3,060			27,805
Interflex Co. Ltd.a		882			16,979
INTOPS Co. Ltd.		1,830	��		36,343
Jusung Engineering Co. Ltd.a		6,398			31,466
KEPCO Plant Service & Engineering Co. Ltd.		1,032			62,548
KIWOOM Securities Co. Ltd.		1,047			52,375
Kolao Holdings		2,522			60,245
Kolon Industries Inc.		1,668			83,439
Komipharm International Co. Ltd.a		3,465			26,616
Korea Petrochemical Industrial Co. Ltd.		812			59,559
Korean Reinsurance Co.		8,434			88,093
KT Skylife Co. Ltd.		1,710			43,411
Kumho Tire Co. Inc.a		6,740			88,393
LG Fashion Corp.		2,490			64,728
LG Hausys Ltd.		826			132,702
LG International Corp.		3,072			81,584
LG Life Sciences Ltd.a		1,260			48,275
LIG Insurance Co. Ltd.		3,570			103,505
Lock & Lock Co. Ltd.		1,775			28,600

CONSOLIDATED SCHEDULESOF INVESTMENTS 49

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Lotte Chilsung Beverage Co. Ltd.		56	$	79,738
Lotte Food Co. Ltd.		70		49,771
Mando Corp.		952		118,164
Medipost Co. Ltd.a		591		35,654
Medy-Tox Inc.		392		58,167
MegaStudy Co. Ltd.		713		51,964
Meritz Finance Group Inc.		9,600		66,098
Meritz Fire & Marine Insurance Co. Ltd.		5,790		81,630
Namhae Chemical Corp.		8,250		64,918
Namyang Dairy Products Co. Ltd.		57		45,653
Nexen Tire Corp.		2,520		33,875
NongShim Co. Ltd.		246		68,903
OCI Materials Co. Ltd.		770		24,164
Paradise Co. Ltd.		3,514		96,450
Partron Co. Ltd.		3,864		48,866
Poongsan Corp.		2,380		57,744
POSCO Chemtech Co. Ltd.		448		53,340
POSCO ICT Co. Ltd.		6,389		44,768
S&T Dynamics Co. Ltd.		6,110		66,681
S.M. Entertainment Co.a		1,783		76,164
Samsung Fine Chemicals Co. Ltd.		1,413		54,667
Samyang Holdings Corp.		384		26,367
SeAH Besteel Corp.		1,170		26,359
Seegene Inc.a		630		35,469
Seoul Semiconductor Co. Ltd.		2,976		128,100
SFA Engineering Corp.		912		34,344
SK Broadband Co. Ltd.a		12,796		56,219
SK Chemicals Co. Ltd.		1,626		94,742
SK Securities Co. Ltd.a		101,600		70,240
SKC Co. Ltd.		1,961		56,029
Soulbrain Co. Ltd.		843		34,233
STX Offshore & Shipbuilding Co. Ltd.a		2,520		13,102
Sung Kwang Bend Co. Ltd.		2,007		43,430
Sungwoo Hitech Co. Ltd.		2,427		34,558
Suprema Inc.a		2,358		58,425
Taekwang Industrial Co. Ltd.		55		71,564
Taewoong Co. Ltd.a		2,279		53,479
Taihan Electric Wire Co. Ltd.a		9,521		20,335
TK Corp.a		1,999		37,077
TONGYANG Life Insurance Co.		2,760		26,113
TONGYANG Securities Inc.		10,440		23,129
ViroMed Co. Ltd.a		1,092		51,966
Wonik IPS Co. Ltd.a		8,271		68,492
Woongjin Thinkbig Co. Ltd.a		5,880		36,464

Security	Shares		Value
YESCO Co. Ltd.		1,030	$	37,630
Youngone Corp.		1,960		66,925
				6,344,612
TAIWAN — 21.14%
A.G.V. Products Corp.a		283,000		85,092
Ability Enterprise Co. Ltd.		54,000		33,864
ALI Corp.		39,000		41,448
Altek Corp.		51,133		54,005
Ambassador Hotel Ltd. (The)		27,000		25,665
AmTRAN Technology Co. Ltd.		78,312		48,851
Asia Optical Co. Inc.a		30,000		36,636
Asia Polymer Corp.		78,400		62,621
BES Engineering Corp.		248,000		70,149
Career Technology (MFG.) Co. Ltd.		50,000		52,149
Cathay Real Estate Development Co. Ltd.		84,000		48,934
Cheng Loong Corp.		132,000		60,776
China Bills Finance Corp.		153,000		59,588
China Man-Made Fibers Corp.a		93,000		37,755
China Steel Chemical Corp.		12,000		69,311
China Synthetic Rubber Corp.		51,000		47,384
Chipbond Technology Corp.		39,000		66,678
Chong Hong Construction Co.		12,040		33,380
Chroma ATE Inc.		27,000		64,697
Chung Hung Steel Corp.a		247,000		66,197
Compeq Manufacturing Co. Ltd.		114,000		60,955
Coretronic Corp.		54,000		53,914
CSBC Corp. Taiwan		69,420		43,992
Cyberlink Corp.		16,125		47,048
CyberTAN Technology Inc.		42,000		48,241
D-Link Corp.		126,000		88,372
Dynapack International Technology Corp.		9,000		23,467
Elan Microelectronics Corp.		36,000		64,638
Faraday Technology Corp.		42,000		60,717
Firich Enterprises Co. Ltd.		16,000		81,325
FLEXium Interconnect Inc.		15,101		45,456
Formosan Rubber Group Inc.		84,000		79,292
G Tech Optoelectronics Corp.		35,000		43,608
Gallop No. 1 REIT		112,000		67,981
Gemtek Technology Corp.		36,000		35,052
Genesis Photonics Inc.a		62,899		37,576
Genius Electronic Optical Co. Ltd.		6,357		19,240
Gigabyte Technology Co. Ltd.		63,000		93,571
Gigastorage Corp.a		56,400		81,906

50 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Gintech Energy Corp.a		56,000	$	53,601
Global Unichip Corp.		12,000		31,289
Gloria Material Technology Corp.		86,818		68,628
Goldsun Development & Construction Co. Ltd.		210,000		84,907
Grand Pacific Petrochemical Corp.		98,000		66,308
Great Wall Enterprise Co. Ltd.		56,253		48,552
Greatek Electronics Inc.		56,000		55,911
Green Energy Technology Inc.a		36,125		33,981
HannStar Display Corp.a		168,000		62,103
HannsTouch Solution Inc.a		84,000		27,170
Hey Song Corp.		22,500		24,358
Ho Tung Chemical Corp.		151,951		75,980
Holy Stone Enterprise Co. Ltd.		64,500		90,263
Huaku Development Co. Ltd.		22,080		55,240
Huang Hsiang Construction Co.		12,000		20,358
Hung Sheng Construction Ltd.		68,000		53,192
Infortrend Technology Inc.		84,000		55,449
ITEQ Corp.		51,600		58,416
Jih Sun Financial Holdings Co. Ltd.		91,761		26,167
Kenda Rubber Industrial Co. Ltd.		48,783		118,182
Kerry TJ Logistics Co. Ltd.		42,000		60,994
King Yuan Electronics Co. Ltd.		112,000		90,567
King’s Town Bank		73,000		69,150
Kingdom Construction Co.		39,000		42,671
Kinpo Electronics Inc.		168,000		65,430
L&K Engineering Co. Ltd.		56,000		52,954
Lealea Enterprise Co. Ltd.		157,690		57,251
Lien Hwa Industrial Corp.		70,000		44,475
Makalot Industrial Co. Ltd.		14,000		76,705
Masterlink Securities Corp.		208,000		68,514
Medigen Biotechnology Corp.a		8,397		55,845
Mercuries & Associates Ltd.		29,548		19,554
Micro-Star International Co. Ltd.		93,000		92,853
Microbio Co. Ltd.a		65,727		70,721
MIN AIK Technology Co. Ltd.		14,000		83,174
Mitac Holdings Corp.a		69,000		61,717
Motech Industries Inc.a		28,000		48,241
Neo Solar Power Corp.a		83,854		104,340
Newmax Technology Co. Ltd.a		15,939		33,932
Pan-International Industrial Corp.		48,480		36,962
PChome Online Inc.		6,312		45,312
Phihong Technology Co. Ltd.		70,000		49,789
Pixart Imaging Inc.		21,635		41,845
President Securities Corp.		127,510		71,755

Security	Shares		Value
Prince Housing & Development Corp.		111,579	$	57,266
Radium Life Tech Co. Ltd.		70,557		55,192
Ritek Corp.a		266,000		46,268
Sanyang Industry Co. Ltd.		76,820		151,875
Senao International Co. Ltd.		9,000		26,140
Shihlin Electric & Engineering Corp.		56,000		68,942
Shining Building Business Co. Ltd.a		75,600		62,006
Shinkong Synthetic Fibers Corp.		126,135		42,048
Shinkong Textile Co. Ltd.		27,000		35,067
Silitech Technology Corp.		32,200		39,270
Sino-American Silicon Products Inc.a		42,000		78,599
Sinyi Realty Co.		33,508		54,468
Soft-World International Corp.		21,140		66,355
Solar Applied Materials Technology Corp.		56,799		51,647
Solartech Energy Corp.a		83,744		63,987
Ta Chen Stainless Pipe Co. Ltd.		203,600		93,071
Ta Chong Bank Ltd.a		96,808		33,390
Taichung Commercial Bank Co. Ltd.		90,395		32,222
Taiflex Scientific Co. Ltd.		21,000		39,923
Taiwan Hon Chuan Enterprise Co. Ltd.		27,000		58,459
Taiwan Life Insurance Co. Ltd.a		48,599		44,672
Taiwan Paiho Ltd.		56,050		60,309
Taiwan Secom Co. Ltd.		30,000		76,342
Taiwan Surface Mounting Technology Co. Ltd.		40,141		59,818
Taiwan TEA Corp.a		91,000		79,292
Taiwan-Sogo Shinkong Security Corp.		64,000		92,732
Ton Yi Industrial Corp.		84,000		86,639
Tong Hsing Electronic Industries Ltd.		16,000		83,966
Tong Yang Industry Co. Ltd.		47,133		65,648
Topco Technologies Corp.		28,000		69,219
Tsann Kuen Enterprise Co. Ltd.		15,000		20,967
TTY Biopharm Co. Ltd.		23,852		78,725
TXC Corp.		36,000		43,013
Union Bank of Taiwana		108,383		38,813
Unity Opto Technology Co. Ltd.a		51,679		57,311
UPC Technology Corp.		115,661		52,872
USI Corp.		64,950		43,946
Ve Wong Corp.		70,000		56,720
Visual Photonics Epitaxy Co. Ltd.		69,900		70,943
Wafer Works Corp.a		84,270		45,614

CONSOLIDATED SCHEDULESOF INVESTMENTS 51

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
Wah Lee Industrial Corp.		42,000	$	73,747
Waterland Financial Holdings Co. Ltd.		168,941		55,146
Weikeng Industrial Co. Ltd.		129,000		102,611
Win Semiconductors Corp.		36,000		32,794
Winbond Electronics Corp.a		252,000		71,945
Wintek Corp.a		112,000		37,336
WT Microelectronics Co. Ltd.		55,299		69,904
Yageo Corp.a		128,100		61,095
YFY Inc.		202,000		96,673
Yieh Phui Enterprise Co. Ltd.a		201,014		62,564
YungShin Global Holding Corp.		35,000		65,846
Yungtay Engineering Co. Ltd.		40,000		113,275
Zinwell Corp.		39,000		48,721
				7,971,750
THAILAND — 3.91%
Amata Corp. PCL NVDR		93,600		39,305
Bangkok Land PCL NVDR		1,458,400		67,947
Bumrungrad Hospital PCL NVDR		48,700		132,852
Central Plaza Hotel PCL NVDR		61,200		56,745
Delta Electronics (Thailand) PCL NVDR		56,000		93,119
Esso (Thailand) PCL NVDR		212,300		39,044
G J Steel PCL NVDRa		10,545,900		19,395
Hana Microelectronics PCL NVDR		81,200		63,467
Hemaraj Land and Development PCL NVDR		596,400		55,938
Jasmine International PCL NVDR		460,800		109,462
Khon Kaen Sugar Industry PCL NVDR		135,500		54,408
Kiatnakin Bank PCL NVDR		50,432		61,446
Pruksa Real Estate PCL NVDR		69,300		41,633
Sino-Thai Engineering & Construction PCL NVDR		86,128		42,767
Sri Trang Agro-Industry PCL NVDR		146,500		56,579
Supalai PCL NVDR		110,300		59,841
Thai Airways International PCL NVDR		66,300		26,418
Thai Tap Water Supply PCL NVDR		224,000		63,509
Thai Union Frozen Products PCL NVDR		48,500		101,088
Thai Vegetable Oil PCL NVDR		101,200		69,483
Thaicom PCL NVDR		66,800		83,948
Thanachart Capital PCL NVDR		77,000		75,525
TISCO Financial Group PCL NVDR		50,740		61,432
				1,475,351

Security	Shares		Value
TURKEY — 1.73%
Asya Katilim Bankasi ASa		106,935	$	57,701
Bagfas Bandirma Gubre Fabrikalari AS		3,274		48,544
Bizim Toptan Satis Magazalari AS		6,742		63,892
Eczacibasi Yatirim Holding Ortakligi AS		22,468		51,754
Ihlas Holding ASa,b		295,275		48,200
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Da		123,158		64,220
Koza Anadolu Metal Madencilik Isletmeleri ASa		25,802		26,324
Net Holding ASb		45,555		46,683
Nortel Networks Netas Telekomunikasyon AS		7,112		16,253
Saf Gayrimenkul Yatirim Ortakligi ASa		65,922		34,674
Tat Gida Sanayi ASa		44,214		42,301
Tekfen Holding AS		16,352		34,403
Turkiye Sinai Kalkinma Bankasi AS		87,696		68,792
Yazicilar Holding AS		6,356		49,715
				653,456
TOTAL COMMON STOCKS
(Cost: $37,420,025)				37,277,872
PREFERRED STOCKS — 0.80%
BRAZIL — 0.61%
Banco ABC Brasil SA		6,272		30,205
Banco Daycoval SA		6,000		21,087
Banco Industrial e Comercial SA		6,300		19,661
Banco Panamericano SA		17,711		28,962
Companhia de Ferro Ligas da Bahia – Ferbasa		7,500		38,816
GOL Linhas Aereas Inteligentes SA		8,100		38,420
Randon SA Implementos e Participacoes		8,100		28,572
Saraiva Livreiros Editores SA		2,800		25,771
				231,494
COLOMBIA — 0.19%
Avianca Holdings SA		34,937		72,265
				72,265
TOTAL PREFERRED STOCKS
(Cost: $407,546)				303,759

52 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2014

Security	Shares		Value
RIGHTS — 0.02%
CHILE — 0.00%
Parque Arauco SAa		7,615	$	981
				981
MALAYSIA — 0.02%
QL Resources Bhda		13,160		5,422
				5,422
POLAND — 0.00%
Polimex-Mostostal SAa		65,920		808
				808
TOTAL RIGHTS
(Cost: $0)				7,211
SHORT-TERM INVESTMENTS — 3.15%
MONEY MARKET FUNDS — 3.15%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%e,f,g		1,085,513		1,085,513
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%e,f,g		56,908		56,908
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		43,768		43,768
				1,186,189
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,186,189)				1,186,189
TOTAL INVESTMENTS IN SECURITIES — 102.84%
(Cost: $39,013,760)				38,775,031
Other Assets, Less Liabilities — (2.84)%				(1,072,240	)
NET ASSETS — 100.00%			$	37,702,791

CPO  —  Certificates of Participation (Ordinary)

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

^c  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

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

^e  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULESOF INVESTMENTS 53

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 92.08%
BRAZIL — 4.47%
Banco Bradesco SA		1,600	$	19,966
Banco do Brasil SA		8,000		70,890
Banco Santander (Brasil) SA Units		9,600		47,055
BM&F Bovespa SA		19,200		82,767
Centrais Eletricas Brasileiras SA		800		1,712
Companhia de Saneamento Basico do Estado de Sao Paulo		3,200		29,452
Companhia de Saneamento de Minas Gerais SA		800		11,404
Companhia Siderurgica Nacional SA		4,800		21,021
CPFL Energia SA		1,600		11,507
EDP Energias do Brasil SA		2,400		9,175
Embraer SA		2,400		21,524
MRV Engenharia e Participacoes SA		3,200		11,123
Petroleo Brasileiro SA		29,600		164,599
Porto Seguro SA		800		11,123
Souza Cruz SA		800		6,966
Sul America SA Units		1,600		10,253
TIM Participacoes SA		8,000		39,247
Tractebel Energia SA		1,600		22,740
Transmissora Alianca de Energia Eletrica SA		800		6,178
Vale SA		12,800		180,822
				779,524
CHILE — 1.55%
AES Gener SA		19,232		10,071
Aguas Andinas SA Series A		26,592		16,293
Banco de Chile		185,811		23,721
Banco de Credito e Inversiones		120		6,567
Banco Santander (Chile) SA		687,880		37,245
CAP SA		576		9,027
Colbun SA		60,456		14,145
CorpBanca SA		1,473,488		17,533
E.CL SA		4,704		6,250
Empresa Nacional de Electricidad SA		32,472		44,117
Empresa Nacional de Telecomunicaciones SA		1,160		13,394
Empresas CMPC SA		6,177		14,895
Enersis SA		199,568		57,218
				270,476

Security	Shares		Value
CHINA — 18.80%
Agile Property Holdings Ltd.		16,000	$	13,668
Agricultural Bank of China Ltd. Class H		210,000		89,022
Aluminum Corp. of China Ltd. Class Ha,b		32,000		11,462
Anta Sports Products Ltd.		8,000		12,370
Bank of China Ltd. Class H		736,000		309,154
Bank of Communications Co. Ltd. Class H		88,000		56,467
BBMG Corp. Class H		8,000		5,958
China Agri-Industries Holdings Ltd.		17,800		7,637
China BlueChemical Ltd. Class H		16,000		9,339
China Cinda Asset Management Co. Ltd.a		16,000		9,648
China CITIC Bank Corp. Ltd. Class H		80,000		42,984
China Coal Energy Co. Class Hb		40,000		20,461
China Communications Construction Co. Ltd. Class H		40,000		27,934
China Communications Services Corp. Ltd. Class H		16,000		7,525
China Construction Bank Corp. Class H		704,000		483,481
China COSCO Holdings Co. Ltd. Class Ha		12,000		5,164
China International Marine Containers (Group) Co. Ltd. Class H		4,800		11,714
China Merchants Bank Co. Ltd. Class H		44,000		77,216
China Minsheng Banking Corp. Ltd. Class H		32,000		31,831
China Mobile Ltd.		60,000		570,155
China National Building Material Co. Ltd. Class H		32,000		30,511
China Petroleum & Chemical Corp. Class H		246,000		218,391
China Resources Cement Holdings Ltd.		16,000		11,834
China Shenhua Energy Co. Ltd. Class H		32,000		86,999
China Telecom Corp. Ltd. Class H		128,000		55,415
Chongqing Rural Commercial Bank Co. Ltd. Class H		24,000		10,019

54 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2014

Security	Shares		Value
CITIC Pacific Ltd.b		16,000	$	23,048
COSCO Pacific Ltd.		16,000		21,440
Datang International Power Generation Co. Ltd. Class H		32,000		12,864
Evergrande Real Estate Group Ltd.b		24,000		10,236
Far East Horizon Ltd.		8,000		5,772
Fosun International Ltd.		16,000		19,894
Franshion Properties (China) Ltd.		32,000		9,937
GCL-Poly Energy Holdings Ltd.a,b		32,000		12,040
GOME Electrical Appliances Holdings Ltd.		64,000		10,720
Greentown China Holdings Ltd.		4,000		5,236
Guangdong Investment Ltd.		16,000		16,740
Guangzhou R&F Properties Co. Ltd. Class H		9,600		13,013
Haitong Securities Co. Ltd. Class H		6,400		8,543
Industrial and Commercial Bank of China Ltd. Class H		728,000		436,178
Jiangsu Expressway Co. Ltd. Class H		16,000		20,368
Jiangxi Copper Co. Ltd. Class H		16,000		27,749
Kingboard Chemical Holdings Co. Ltd.		5,000		10,965
New World China Land Ltd.		16,000		9,545
Nine Dragons Paper (Holdings) Ltd.b		16,000		12,246
PetroChina Co. Ltd. Class H		208,000		219,228
Poly Property Group Co. Ltd.		16,000		7,319
Shanghai Electric Group Co. Ltd. Class H		32,000		10,926
Shanghai Industrial Holdings Ltd.		8,000		27,264
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		2,400		6,247
Shougang Fushan Resources Group Ltd.		32,000	��	8,494
Shui On Land Ltd.		36,833		10,156
Sino-Ocean Land Holdings Ltd.		16,000		8,494
SOHO China Ltd.		20,000		15,153
Yanzhou Coal Mining Co. Ltd. Class Hb		16,000		11,483
Yuexiu Property Co. Ltd.		64,000		13,194
Zhejiang Expressway Co. Ltd. Class H		16,000		14,039
Zijin Mining Group Co. Ltd. Class Hb		48,000		10,452
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class Hb		14,400		10,743
				3,276,085

Security	Shares		Value
COLOMBIA — 0.75%
Almacenes Exito SA		832	$	10,249
Ecopetrol SA		32,368		55,331
Grupo Argos SA		2,776		25,327
Grupo de Inversiones Suramericana SA		2,232		36,171
Interconexion Electrica SA ESP		1,096		4,068
				131,146
CZECH REPUBLIC — 0.26%
CEZ AS		1,448		39,083
Telefonica Czech Republic AS		464		7,057
				46,140
EGYPT — 0.17%
Global Telecom Holding SP GDRa		9,019		28,897
				28,897
GREECE — 0.63%
Alpha Bank AEa		16,176		16,376
Folli Follie Groupa		280		9,842
Hellenic Telecommunications Organization SAa		1,248		21,891
OPAP SA		2,184		34,387
Piraeus Bank SAa		10,150		28,038
				110,534
HUNGARY — 0.25%
MOL Hungarian Oil and Gas PLC		104		6,113
OTP Bank PLC		2,064		36,676
				42,789
INDIA — 6.47%
ACC Ltd.		384		6,845
Adani Enterprises Ltd.		976		4,004
Aditya Birla Nuvo Ltd.		416		7,292
Ambuja Cements Ltd.		6,824		18,497
Bajaj Auto Ltd.		840		26,378
Bank of Baroda		792		7,043
Bharat Heavy Electricals Ltd.		6,312		17,084
Bharat Petroleum Corp. Ltd.		1,888		11,514
Cairn India Ltd.		4,872		25,484
Coal India Ltd.		4,600		18,109
DLF Ltd.		4,456		10,148
GAIL (India) Ltd.		3,536		21,152
Hero Motocorp Ltd.		696		22,090
Hindalco Industries Ltd.		10,680		18,153
ICICI Bank Ltd.		2,088		35,166
Infosys Ltd.		4,496		277,453

CONSOLIDATED SCHEDULESOF INVESTMENTS 55

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2014

Security	Shares		Value
Jaiprakash Associates Ltd.		8,104	$	5,478
Jindal Steel & Power Ltd.		3,360		12,975
JSW Steel Ltd.		816		11,532
Larsen & Toubro Ltd.		2,946		52,743
LIC Housing Finance Ltd.		2,305		7,676
Mahindra & Mahindra Ltd.		3,048		47,923
NTPC Ltd.		8,928		16,191
Oil & Natural Gas Corp. Ltd.		7,152		33,619
Oil India Ltd.		976		7,174
Piramal Enterprises Ltd.		976		8,740
Power Finance Corp. Ltd.		2,848		7,563
Power Grid Corp. of India Ltd.		12,264		18,699
Reliance Capital Ltd.		1,392		6,921
Reliance Communications Ltd.		4,104		7,436
Reliance Industries Ltd.		12,688		163,759
Reliance Infrastructure Ltd.		1,136		6,651
Reliance Power Ltd.a		4,392		4,386
Rural Electrification Corp. Ltd.		2,968		9,271
Sesa Sterlite Ltd.		11,164		31,999
Shriram Transport Finance Co. Ltd.		1,160		11,066
Siemens Ltd.		352		3,520
State Bank of India		1,392		34,435
Tata Power Co. Ltd.		10,752		13,670
Tata Steel Ltd.		3,128		17,351
Ultratech Cement Ltd.		112		3,324
Wipro Ltd.		5,520		53,192
Yes Bank Ltd.		1,000		4,920
				1,128,626
INDONESIA — 2.73%
PT Adaro Energy Tbk		152,000		13,028
PT Astra Agro Lestari Tbk		4,000		8,786
PT Astra International Tbk		128,000		76,630
PT Bank Danamon Indonesia Tbk		36,000		12,652
PT Bank Mandiri (Persero) Tbk		88,800		69,608
PT Bank Negara Indonesia (Persero) Tbk		80,000		31,355
PT Bank Rakyat Indonesia (Persero) Tbk		72,000		57,524
PT Bukit Asam (Persero) Tbk		8,000		6,598
PT Gudang Garam Tbk		4,000		16,436
PT Indo Tambangraya Megah Tbk		4,000		8,959
PT Indofood Sukses Makmur Tbk		44,000		27,195
PT Perusahaan Gas Negara (Persero) Tbk		60,000		25,325
PT Telekomunikasi Indonesia (Persero) Tbk		441,600		88,442

Security	Shares		Value
PT United Tractors Tbk		16,000	$	26,152
PT XL Axiata Tbk		16,000		6,409
				475,099
MALAYSIA — 4.03%
AirAsia Bhd		4,800		3,736
Alliance Financial Group Bhd		11,200		15,656
AMMB Holdings Bhd		14,400		31,819
Berjaya Sports Toto Bhd		6,471		7,544
British American Tobacco (Malaysia) Bhd		800		14,650
CIMB Group Holdings Bhd		40,700		88,940
Genting Bhd		8,000		24,660
IOI Corp. Bhd		28,800		40,521
IOI Properties Group Bhda		12,600		9,999
Lafarge Malaysia Bhd		4,800		12,804
Malayan Banking Bhd		42,400		126,559
Maxis Bhd		14,400		30,633
MISC Bhda		12,000		23,257
Parkson Holdings Bhd		9,600		8,087
PPB Group Bhd		5,600		27,210
RHB Capital Bhd		5,600		14,015
Sime Darby Bhd		26,400		73,403
Telekom Malaysia Bhd		6,400		11,075
Tenaga Nasional Bhd		29,600		108,408
YTL Corp. Bhd		35,200		16,974
YTL Power International Bhda		24,800		12,867
				702,817
MEXICO — 5.15%
Alfa SAB de CV Series A		28,000		67,419
America Movil SAB de CV Series L		172,000		166,750
Arca Continental SAB de CV		2,400		12,589
Cemex SAB de CV CPOa		111,540		146,033
Coca-Cola FEMSA SAB de CV Series L		1,600		15,515
Controladora Comercial Mexicana SAB de CV BC Units		1,600		6,397
Fomento Economico Mexicano SAB de CV BD Units		12,000		102,828
Grupo Aeroportuario del Pacifico SAB de CV Series B		3,200		17,176
Grupo Aeroportuario del Sureste SAB de CV Series B		2,400		26,783
Grupo Carso SAB de CV Series A1		3,200		16,688
Grupo Comercial Chedraui SAB de CV		3,200		9,338

56 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2014

Security	Shares		Value
Grupo Financiero Banorte SAB de CV Series O		8,800	$	57,162
Grupo Financiero Inbursa SAB de CV Series O		8,000		19,172
Grupo Financiero Santander Mexico SAB de CV Series B		16,800		37,090
Grupo Mexico SAB de CV Series B		36,000		110,711
Industrias CH SAB de CV Series Ba		2,400		14,711
Industrias Penoles SAB de CV		1,400		34,022
Kimberly-Clark de Mexico SAB de CV Series A		9,600		23,217
OHL Mexico SAB de CVa		5,600		14,097
				897,698
PERU — 0.41%
Compania de Minas Buenaventura SA SP ADR		1,844		23,234
Southern Copper Corp.		1,592		48,572
				71,806
PHILIPPINES — 1.00%
Aboitiz Equity Ventures Inc.		15,300		20,224
Aboitiz Power Corp.		20,800		18,104
Ayala Corp.		1,280		16,504
BDO Unibank Inc.		11,120		20,927
DMCI Holdings Inc.		8,000		12,439
Energy Development Corp.		40,000		5,242
Globe Telecom Inc.		360		13,711
JG Summit Holdings Inc.		16,960		17,821
Metro Pacific Investments Corp.		74,400		7,751
Metropolitan Bank & Trust Co.		4,760		8,745
Philippine Long Distance Telephone Co.		400		24,160
SM Investments Corp.		573		8,909
				174,537
POLAND — 1.95%
ENEA SA		1,402		6,730
Grupa Lotos SAa		514		6,970
Jastrzebska Spolka Weglowa SA		352		6,002
Kernel Holding SAa		352		3,741
KGHM Polska Miedz SA		1,320		51,087
Orange Polska SA		6,648		22,252
Polska Grupa Energetyczna SA		7,664		46,738
Polski Koncern Naftowy Orlen SA		3,200		46,297
Powszechna Kasa Oszczednosci Bank Polski SA		3,225		47,139
Powszechny Zaklad Ubezpieczen SA		512		74,745

Security	Shares		Value
Synthos SA		5,288	$	9,366
Tauron Polska Energia SA		11,784		18,804
				339,871
RUSSIA — 5.38%
Federal Grid Co. of Unified Energy System OJSCa		3,120,000		6,099
Gazprom OAO		116,000		449,335
LUKOIL OAO		5,048		275,749
MMC Norilsk Nickel OJSC		512		85,201
Severstal OAO		1,760		14,580
Surgutneftegas OJSC		65,600		49,927
Uralkali OJSC		12,480		57,059
				937,950
SOUTH AFRICA — 7.76%
African Bank Investments Ltd.b		13,763		13,069
African Rainbow Minerals Ltd.		880		17,941
Anglo American Platinum Ltd.a		264		11,293
AngloGold Ashanti Ltd.		1,272		22,564
Barclays Africa Group Ltd.		3,224		39,795
Barloworld Ltd.		2,192		21,949
Exxaro Resources Ltd.		1,160		15,445
Gold Fields Ltd.		7,592		28,914
Growthpoint Properties Ltd.		18,736		40,989
Harmony Gold Mining Co. Ltd.		1,776		5,744
Impala Platinum Holdings Ltd.		3,592		38,121
Imperial Holdings Ltd.		1,256		19,819
Investec Ltd.		2,584		19,052
Kumba Iron Ore Ltd.		688		28,540
Liberty Holdings Ltd.		1,472		16,798
Mediclinic International Ltd.		1,712		10,713
MMI Holdings Ltd.		11,528		24,565
MTN Group Ltd.		16,528		302,964
Nampak Ltd.		6,064		20,888
Nedbank Group Ltd.		2,096		41,172
PPC Ltd.		4,000		10,948
Redefine Properties Ltd.		31,152		27,377
Reunert Ltd.		2,208		13,010
Sappi Ltd.a		5,096		16,343
Sasol Ltd.		5,352		272,076
Standard Bank Group Ltd.		12,288		140,946
Steinhoff International Holdings Ltd.		11,688		56,472
Tiger Brands Ltd.		1,496		34,043
Vodacom Group Ltd.		3,664		40,789
				1,352,339

CONSOLIDATED SCHEDULESOF INVESTMENTS 57

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2014

Security	Shares		Value
SOUTH KOREA — 14.41%
BS Financial Group Inc.		1,520	$	22,640
Daelim Industrial Co. Ltd.		206		17,001
Daewoo Engineering & Construction Co. Ltd.a		480		3,660
Daewoo Securities Co. Ltd.		1,760		14,080
DGB Financial Group Inc.		910		13,980
Dongbu Insurance Co. Ltd.		408		19,607
Doosan Heavy Industries & Construction Co. Ltd.		566		19,194
Doosan Infracore Co. Ltd.a		480		6,048
GS Engineering & Construction Corp.a		360		12,157
GS Holdings Corp.		560		25,993
Hana Financial Group Inc.		2,675		104,494
Hanwha Chemical Corp.		960		18,885
Hanwha Corp.		480		16,187
Hanwha Life Insurance Co. Ltd.		2,480		15,891
Hite Jinro Co. Ltd.		400		8,806
Hyosung Corp.		88		6,001
Hyundai Department Store Co. Ltd.		80		10,604
Hyundai Development Co. Engineering & Construction		480		13,152
Hyundai Engineering & Construction Co. Ltd.		736		40,265
Hyundai Heavy Industries Co. Ltd.		272		55,929
Hyundai Marine & Fire Insurance Co. Ltd.		560		15,266
Hyundai Merchant Marine Co. Ltd.a		423		5,310
Hyundai Mobis Co. Ltd.		664		195,001
Hyundai Motor Co.		1,504		345,180
Hyundai Securities Co. Ltd.		1,200		7,520
Hyundai Steel Co.		664		42,297
Industrial Bank of Korea		2,020		25,735
Kangwon Land Inc.		960		28,688
KB Financial Group Inc.		3,140		117,364
KCC Corp.		48		23,202
Kia Motors Corp.		1,672		86,772
Korea Gas Corp.a		273		17,748
Korea Investment Holdings Co. Ltd.		400		14,408
Korea Zinc Co. Ltd.		75		23,958
KT Corp.		560		15,921
KT&G Corp.		1,032		75,599
LG Corp.		920		48,262
LG Electronics Inc.		1,064		60,700
Lotte Confectionery Co. Ltd.		8		13,504

Security	Shares		Value
Lotte Shopping Co. Ltd.		104	$	32,881
LS Corp.		184		12,617
Mirae Asset Securities Co. Ltd.		320		11,376
NHN Entertainment Corp.a		104		9,674
POSCO		632		168,139
S-Oil Corp.		456		27,937
S1 Corp.		72		5,490
Samsung Card Co. Ltd.		320		10,072
Samsung Engineering Co. Ltd.a		288		20,261
Samsung Fire & Marine Insurance Co. Ltd.		344		75,890
Samsung Heavy Industries Co. Ltd.		1,000		29,883
Samsung Life Insurance Co. Ltd.		600		56,768
Samsung SDI Co. Ltd.		160		22,408
Samsung Securities Co. Ltd.		560		20,774
Shinhan Financial Group Co. Ltd.		4,080		169,889
Shinsegae Co. Ltd.		40		8,450
SK C&C Co. Ltd.		88		11,953
SK Holdings Co. Ltd.		272		49,049
SK Innovation Co. Ltd.		600		75,035
SK Networks Co. Ltd.a		1,360		10,613
SK Telecom Co. Ltd.		88		17,847
Woori Finance Holdings Co. Ltd.a		3,760		42,443
Woori Investment & Securities Co. Ltd.		1,360		11,746
Yuhan Corp.a		16		2,960
				2,511,164
TAIWAN — 12.25%
Acer Inc.a		12,000		7,149
Advanced Semiconductor Engineering Inc.		56,000		55,449
Asia Cement Corp.		24,300		30,718
Asia Pacific Telecom Co. Ltd.		8,000		3,974
ASUSTeK Computer Inc.		8,000		76,969
AU Optronics Corp.a		72,000		24,477
Catcher Technology Co. Ltd.		8,000		58,090
Chang Hwa Commercial Bank Ltd.		25,050		14,717
Cheng Uei Precision Industry Co. Ltd.		8,000		17,084
Chicony Electronics Co. Ltd.		8,050		21,070
China Development Financial Holding Corp.		128,000		37,177
China Life Insurance Co. Ltd.		16,000		15,182
China Motor Co. Ltd.		8,000		7,367
China Petrochemical Development Corp.		17,050		7,428

58 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2014

Security	Shares		Value
China Steel Corp.		72,840	$	61,786
Chunghwa Telecom Co. Ltd.		40,000		121,460
Compal Electronics Inc.		40,000		27,064
CTBC Financial Holding Co. Ltd.		120,529		77,772
Far Eastern New Century Corp.		32,400		34,060
Far EasTone Telecommunications Co. Ltd.		16,000		32,425
First Financial Holding Co. Ltd.		67,510		40,219
Formosa Chemicals & Fibre Corp.		8,720		22,190
Formosa Plastics Corp.		17,200		43,712
Formosa Taffeta Co. Ltd.		8,000		8,647
Foxconn Technology Co. Ltd.		8,000		17,981
Fubon Financial Holding Co. Ltd.		64,000		89,458
Hon Hai Precision Industry Co. Ltd.		108,800		301,644
HTC Corp.		8,000		35,910
Hua Nan Financial Holdings Co. Ltd.		58,100		33,367
Innolux Corp.a		65,640		23,398
Inventec Corp.		24,000		25,309
LCY Chemical Corp.		8,149		10,207
Lite-On Technology Corp.		16,089		23,657
Mega Financial Holding Co. Ltd.		94,130		75,185
Novatek Microelectronics Corp. Ltd.		8,000		36,702
Pegatron Corp.		16,000		21,493
Pou Chen Corp.		24,000		32,042
Powertech Technology Inc.		8,000		11,169
Quanta Computer Inc.		24,000		59,014
Realtek Semiconductor Corp.		8,060		23,942
Ruentex Development Co. Ltd.		8,586		15,246
Shin Kong Financial Holding Co. Ltd.		65,259		21,539
Siliconware Precision Industries Co. Ltd.		32,000		40,346
SinoPac Financial Holdings Co. Ltd.		56,955		27,351
Synnex Technology International Corp.		16,000		27,355
Taishin Financial Holdings Co. Ltd.		59,207		27,847
Taiwan Cement Corp.		32,000		51,013
Taiwan Cooperative Financial Holding Co. Ltd.		56,153		30,395
Taiwan Mobile Co. Ltd.		16,000		48,109
Teco Electric and Machinery Co. Ltd.		16,000		18,377
U-Ming Marine Transport Corp.		8,000		13,413
Unimicron Technology Corp.		16,000		11,301
United Microelectronics Corp.		112,000		45,468

Security	Shares		Value
Walsin Lihwa Corp.a		40,000	$	12,450
Wistron Corp.		24,900		20,710
WPG Holdings Co. Ltd.		16,000		19,011
Yuanta Financial Holding Co. Ltd.		72,000		37,785
				2,134,380
THAILAND — 2.23%
Bangkok Bank PCL Foreign		5,600		29,437
Bangkok Bank PCL NVDR		5,600		29,523
Banpu PCL NVDR		9,900		7,890
BTS Group Holdings PCL NVDR		39,200		10,033
Charoen Pokphand Foods PCL NVDR		11,200		9,355
Glow Energy PCL NVDR		3,200		7,258
Kasikornbank PCL NVDR		6,400		33,447
Krung Thai Bank PCL NVDR		36,800		20,191
PTT Exploration & Production PCL NVDR		13,600		64,196
PTT Global Chemical PCL NVDR		16,000		36,782
PTT PCL NVDR		8,800		79,031
Siam Commercial Bank PCL NVDR		8,800		40,864
Thai Oil PCL NVDR		8,000		12,751
True Corp. PCL NVDRa		36,000		8,055
				388,813
TURKEY — 1.43%
Akbank TAS		7,248		18,799
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		4,040		4,122
Enka Insaat ve Sanayi AS		3,864		11,704
Ford Otomotiv Sanayi AS		560		4,964
Haci Omer Sabanci Holding AS		8,768		31,130
KOC Holding AS		6,104		22,640
Tofas Turk Otomobil Fabrikasi AS		528		2,550
Turk Hava Yollari AO		2,530		7,548
Turk Telekomunikasyon AS		4,496		12,109
Turkcell Iletisim Hizmetleri ASa		4,544		23,736
Turkiye Halk Bankasi AS		5,560		27,354
Turkiye Is Bankasi AS Class C		16,656		30,889
Turkiye Petrol Rafinerileri AS		1,368		24,129
Turkiye Sise ve Cam Fabrikalari AS		3,896		3,992
Turkiye Vakiflar Bankasi TAO Class D		7,616		11,396
Yapi ve Kredi Bankasi AS		7,976		11,971
				249,033
TOTAL COMMON STOCKS
(Cost: $17,241,652)				16,049,724

CONSOLIDATED SCHEDULESOF INVESTMENTS 59

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2014

Security	Shares		Value
PREFERRED STOCKS — 7.46%
BRAZIL — 5.70%
AES Tiete SA		800	$	5,959
Banco Bradesco SA		13,600		158,997
Banco do Estado do Rio Grande do Sul SA Class B		1,600		7,808
Bradespar SA		2,400		21,894
Centrais Eletricas Brasileiras SA Class B		3,200		12,452
Companhia Energetica de Minas Gerais		6,796		39,069
Companhia Energetica de Sao Paulo Class B		1,600		15,411
Companhia Paranaense de Energia Class B		800		8,647
Gerdau SA		8,000		49,452
Itausa – Investimentos Itau SA		28,021		101,840
Metalurgica Gerdau SA		3,200		24,534
Oi SA		6,400		9,836
Petroleo Brasileiro SA		40,000		232,705
Telefonica Brasil SA		3,200		58,877
Usinas Siderurgicas de Minas Gerais SA Class A		4,000		16,729
Vale SA Class A		18,400		229,134
				993,344
COLOMBIA — 0.21%
Banco Davivienda SA		920		10,829
Grupo Argos SA		1,112		10,200
Grupo de Inversiones Suramericana SA		920		15,233
				36,262
RUSSIA — 0.30%
Surgutneftegas OJSC		68,800		51,537
				51,537
SOUTH KOREA — 1.25%
Hyundai Motor Co. Ltd.		232		29,991
Hyundai Motor Co. Ltd. Series 2		376		51,073
LG Chem Ltd.		72		10,286
Samsung Electronics Co. Ltd.		128		127,460
				218,810
TOTAL PREFERRED STOCKS
(Cost: $1,598,470)				1,299,953

Security	Shares		Value
RIGHTS — 0.00%
BRAZIL — 0.00%
Itausa – Investimentos Itau SAa		430	$	405
				405
TOTAL RIGHTS
(Cost: $0)				405
SHORT-TERM INVESTMENTS — 0.70%
MONEY MARKET FUNDS — 0.70%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		110,639		110,639
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		5,801		5,801
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		5,748		5,748
				122,188
TOTAL SHORT-TERM INVESTMENTS
(Cost: $122,188)				122,188
TOTAL INVESTMENTS IN SECURITIES — 100.24%
(Cost: $18,962,310)				17,472,270
Other Assets, Less Liabilities — (0.24)%				(41,589	)
NET ASSETS — 100.00%			$	17,430,681

CPO  —  Certificates of Participation (Ordinary)

NVDR  —  Non-Voting Depositary Receipts

SP ADR  —  Sponsored American Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

60 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Consumer Discretionary ETF
ASSETS
Investments, at cost:
Unaffiliated	$	453,258,696		$	35,025,343		$	5,216,971
Affiliated (Note 2)		10,425,018			448,401			53,854
Total cost of investments	$	463,683,714		$	35,473,744		$	5,270,825
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	419,821,043		$	35,736,129		$	5,515,899
Affiliated (Note 2)		10,425,018			448,401			53,854
Total fair value of investments		430,246,061			36,184,530			5,569,753
Foreign currency, at valueb		433,617			25,878			2,679
Cash		540,398			13,913			—
Receivables:
Investment securities sold		3,451,161			233,205			16,864
Dividends and interest		355,062			81,147			13,191
Total Assets		435,026,299			36,538,673			5,602,487
LIABILITIES
Payables:
Investment securities purchased		3,461,315			213,944			17,366
Collateral for securities on loan (Note 1)		10,425,018			448,401			52,820
Foreign taxes (Note 1)		—			5			—
Investment advisory fees (Note 2)		221,756			13,129			2,793
Total Liabilities		14,108,089			675,479			72,979
NET ASSETS	$	420,918,210		$	35,863,194		$	5,529,508
Net assets consist of:
Paid-in capital	$	636,210,843		$	45,157,324		$	6,088,418
Distributions in excess of net investment income		(321,952	)		(40,495	)		(3,362	)
Accumulated net realized loss		(181,538,218	)		(9,963,701	)		(854,311	)
Net unrealized appreciation (depreciation)		(33,432,463	)		710,066			298,763
NET ASSETS	$	420,918,210		$	35,863,194		$	5,529,508
Shares outstandingc		11,900,000			650,000			100,000
Net asset value per share	$	35.37		$	55.17		$	55.30

^a  Securities on loan with values of $9,772,483, $420,052 and $50,136, respectively. See Note 1.

^b  Cost of foreign currency: $432,004, $25,610 and $2,683, respectively.

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

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 61

Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI Emerging Markets Energy Capped ETF			iShares MSCI Emerging Markets Growth ETF			iShares MSCI Emerging Markets Minimum Volatility ETF
ASSETS
Investments, at cost:
Unaffiliated	$	2,340,472		$	5,186,754		$	2,119,879,537
Affiliated (Note 2)		24,694			162,976			54,384,206
Total cost of investments	$	2,365,166		$	5,349,730		$	2,174,263,743
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,723,650		$	5,328,395		$	2,053,363,633
Affiliated (Note 2)		24,694			162,976			54,384,206
Total fair value of investments		1,748,344			5,491,371			2,107,747,839
Foreign currency, at valueb		1,140			6,037			11,153,079
Receivables:
Investment securities sold		41,699			5,392			8,527,665
Dividends and interest		2,594			8,498			4,186,497
Total Assets		1,793,777			5,511,298			2,131,615,080
LIABILITIES
Payables:
Investment securities purchased		39,944			7,227			8,433,243
Collateral for securities on loan (Note 1)		23,703			156,384			53,350,420
Foreign taxes (Note 1)		—			1			—
Investment advisory fees (Note 2)		913			1,951			399,428
Total Liabilities		64,560			165,563			62,183,091
NET ASSETS	$	1,729,217		$	5,345,735		$	2,069,431,989
Net assets consist of:
Paid-in capital	$	3,421,694		$	5,931,623		$	2,222,478,759
Undistributed (distributions in excess of) net investment income		182			(2,717	)		(530,735	)
Accumulated net realized loss		(1,075,831	)		(724,806	)		(85,859,985	)
Net unrealized appreciation (depreciation)		(616,828	)		141,635			(66,656,050	)
NET ASSETS	$	1,729,217		$	5,345,735		$	2,069,431,989
Shares outstandingc		50,000			100,000			37,100,000
Net asset value per share	$	34.58		$	53.46		$	55.78

^a  Securities on loan with values of $21,694, $147,808 and $49,820,767, respectively. See Note 1.

^b  Cost of foreign currency: $1,142, $5,989 and $11,256,721, respectively.

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

See notes to consolidated financial statements.

62 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI Emerging Markets Small-Cap ETF			iShares MSCI Emerging Markets Value ETF
ASSETS
Investments, at cost:
Unaffiliated	$	37,827,571		$	18,840,122
Affiliated (Note 2)		1,186,189			122,188
Total cost of investments	$	39,013,760		$	18,962,310
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	37,588,842		$	17,350,082
Affiliated (Note 2)		1,186,189			122,188
Total fair value of investments		38,775,031			17,472,270
Foreign currency, at valueb		58,628			15,634
Cash		—			6,854
Receivables:
Investment securities sold		249,657			157,681
Dividends and interest		61,111			34,068
Total Assets		39,144,427			17,686,507
LIABILITIES
Payables:
Investment securities purchased		279,655			132,911
Collateral for securities on loan (Note 1)		1,142,421			116,440
Foreign taxes (Note 1)		28			—
Investment advisory fees (Note 2)		19,532			6,475
Total Liabilities		1,441,636			255,826
NET ASSETS	$	37,702,791		$	17,430,681
Net assets consist of:
Paid-in capital	$	46,717,916		$	20,009,220
Undistributed (distributions in excess of) net investment income		(127,601	)		4,777
Accumulated net realized loss		(8,649,123	)		(1,093,131	)
Net unrealized depreciation		(238,401	)		(1,490,185	)
NET ASSETS	$	37,702,791		$	17,430,681
Shares outstandingc		800,000			400,000
Net asset value per share	$	47.13		$	43.58

^a  Securities on loan with values of $1,026,486 and $109,073, respectively. See Note 1.

^b  Cost of foreign currency: $57,932 and $15,526, respectively.

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

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 63

Consolidated Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Consumer Discretionary ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	4,014,680		$	218,366		$	29,925
Interest — affiliated (Note 2)		60			7			—
Securities lending income — affiliated (Note 2)		93,162			4,028			903
Payment from affiliate (Note 2)		—			56,083			—
		4,107,902			278,484			30,828
Less: Other foreign taxes (Note 1)		—			(1,860	)		(38	)
Total investment income		4,107,902			276,624			30,790
EXPENSES
Investment advisory fees (Note 2)		1,635,866			115,321			15,254
Mauritius income taxes (Note 1)		18,745			—			—
Commitment fees (Note 6)		1,346			84			3
Interest expense (Note 6)		390			44			—
Total expenses		1,656,347			115,449			15,257
Less investment advisory fees waived (Note 2)		—			(32,222	)		—
Net expenses		1,656,347			83,227			15,257
Net investment income		2,451,555			193,397			15,533
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(11,222,592	)		(103,690	)		(34,130	)
In-kind redemptions — unaffiliated		2,284,613			—			—
Foreign currency transactions		(101,446	)		(3,858	)		(2,884	)
Net realized loss		(9,039,425	)		(107,548	)		(37,014	)
Net change in unrealized appreciation/depreciation on:
Investments		24,436,515			2,221,079			248,544
Translation of assets and liabilities in foreign currencies		72,384			(15	)		(49	)
Net change in unrealized appreciation/depreciation		24,508,899			2,221,064			248,495
Net realized and unrealized gain		15,469,474			2,113,516			211,481
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,921,029		$	2,306,913		$	227,014

^a Net of foreign withholding tax of $332,592, $32,190 and $6,713, respectively.

See notes to consolidated financial statements.

64 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI Emerging Markets Energy Capped ETF			iShares MSCI Emerging Markets Growth ETF			iShares MSCI Emerging Markets Minimum Volatility ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	15,131		$	35,430		$	21,687,812
Interest — affiliated (Note 2)		—			1			313
Securities lending income — affiliated (Note 2)		166			701			99,590
		15,297			36,132			21,787,715
Less: Other foreign taxes (Note 1)		—			(262	)		—
Total investment income		15,297			35,870			21,787,715
EXPENSES
Investment advisory fees (Note 2)		6,288			18,194			8,286,889
Mauritius income taxes (Note 1)		—			—			22,266
Commitment fees (Note 6)		3			6			972
Total expenses		6,291			18,200			8,310,127
Less investment advisory fees waived (Note 2)		—			(5,084	)		(5,199,878	)
Net expenses		6,291			13,116			3,110,249
Net investment income		9,006			22,754			18,677,466
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(72,280	)		(78,800	)		(79,757,219	)
In-kind redemptions — unaffiliated		—			—			26,066,792
Foreign currency transactions		(1	)		(563	)		(1,197,952	)
Net realized loss		(72,281	)		(79,363	)		(54,888,379	)
Net change in unrealized appreciation/depreciation on:
Investments		(704	)		421,390			78,870,258
Translation of assets and liabilities in foreign currencies		97			344			(15,969	)
Net change in unrealized appreciation/depreciation		(607	)		421,734			78,854,289
Net realized and unrealized gain (loss)		(72,888	)		342,371			23,965,910
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(63,882	)	$	365,125		$	42,643,376

^a  Net of foreign withholding tax of $1,787, $4,680 and $2,392,254, respectively.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 65

Consolidated Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI Emerging Markets Small-Cap ETF			iShares MSCI Emerging Markets Value ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	241,561		$	154,453
Interest — unaffiliated		1			—
Interest — affiliated (Note 2)		7			3
Securities lending income — affiliated (Note 2)		14,993			913
Payment from affiliate (Note 2)		73,193			—
		329,755			155,369
Less: Other foreign taxes (Note 1)		(1,052	)		(408	)
Total investment income		328,703			154,961
EXPENSES
Investment advisory fees (Note 2)		111,586			53,279
Commitment fees (Note 6)		31			16
Interest expense (Note 6)		71			16
Total expenses		111,688			53,311
Less investment advisory fees waived (Note 2)		—			(14,887	)
Net expenses		111,688			38,424
Net investment income		217,015			116,537
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(248,813	)		(126,601	)
Foreign currency transactions		(5,962	)		(2,347	)
Net realized loss		(254,775	)		(128,948	)
Net change in unrealized appreciation/depreciation on:
Investments		3,098,029			147
Translation of assets and liabilities in foreign currencies		1,569			972
Net change in unrealized appreciation/depreciation		3,099,598			1,119
Net realized and unrealized gain (loss)		2,844,823			(127,829	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,061,838		$	(11,292	)

^a  Net of foreign withholding tax of $23,538 and $18,142, respectively.

See notes to consolidated financial statements.

66 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI BRIC ETF						iShares MSCI Emerging Markets Asia ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,451,555		$	14,531,717		$	193,397		$	1,481,906
Net realized loss		(9,039,425	)		(28,282,720	)		(107,548	)		(13,002,316	)
Net change in unrealized appreciation/depreciation		24,508,899			18,953,553			2,221,064			187,713
Net increase (decrease) in net assets resulting from operations		17,921,029			5,202,550			2,306,913			(11,332,697	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,048,808	)		(13,252,516	)		(570,137	)		(1,144,738	)
Total distributions to shareholders		(3,048,808	)		(13,252,516	)		(570,137	)		(1,144,738	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			21,679,666			2,785,624			208,872,206
Cost of shares redeemed		(68,814,952	)		(223,917,437	)		—			(185,124,642	)
Net increase (decrease) in net assets from capital share transactions		(68,814,952	)		(202,237,771	)		2,785,624			23,747,564
INCREASE (DECREASE) IN NET ASSETS		(53,942,731	)		(210,287,737	)		4,522,400			11,270,129
NET ASSETS
Beginning of period		474,860,941			685,148,678			31,340,794			20,070,665
End of period	$	420,918,210		$	474,860,941		$	35,863,194		$	31,340,794
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(321,952	)	$	275,301		$	(40,495	)	$	336,245
SHARES ISSUED AND REDEEMED
Shares sold		—			550,000			50,000			3,650,000
Shares redeemed		(1,900,000	)		(5,950,000	)		—			(3,450,000	)
Net increase (decrease) in shares outstanding		(1,900,000	)		(5,400,000	)		50,000			200,000

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 67

Consolidated Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets Consumer Discretionary ETF						iShares MSCI Emerging Markets Energy Capped ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	15,533		$	19,267		$	9,006		$	51,980
Net realized loss		(37,014	)		(42,811	)		(72,281	)		(89,021	)
Net change in unrealized appreciation/depreciation		248,495			138,120			(607	)		(118,848	)
Net increase (decrease) in net assets resulting from operations		227,014			114,576			(63,882	)		(155,889	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(21,742	)		(30,681	)		(12,017	)		(46,822	)
Total distributions to shareholders		(21,742	)		(30,681	)		(12,017	)		(46,822	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,816,123			—			—			—
Net increase in net assets from capital share transactions		2,816,123			—			—			—
INCREASE (DECREASE) IN NET ASSETS		3,021,395			83,895			(75,899	)		(202,711	)
NET ASSETS
Beginning of period		2,508,113			2,424,218			1,805,116			2,007,827
End of period	$	5,529,508		$	2,508,113		$	1,729,217		$	1,805,116
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(3,362	)	$	2,847		$	182		$	3,193
SHARES ISSUED
Shares sold		50,000			—			—			—
Net increase in shares outstanding		50,000			—			—			—

See notes to consolidated financial statements.

68 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets Growth ETF						iShares MSCI Emerging Markets Minimum Volatility ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	22,754		$	56,453		$	18,677,466		$	44,316,678
Net realized loss		(79,363	)		(488,613	)		(54,888,379	)		(21,497,246	)
Net change in unrealized appreciation/depreciation		421,734			188,328			78,854,289			(153,606,739	)
Net increase (decrease) in net assets resulting from operations		365,125			(243,832	)		42,643,376			(130,787,307	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(45,668	)		(78,638	)		(35,096,010	)		(29,485,424	)
Total distributions to shareholders		(45,668	)		(78,638	)		(35,096,010	)		(29,485,424	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			2,836,973			264,856,705			2,246,859,727
Cost of shares redeemed		—			(7,609,183	)		(658,699,554	)		(18,086,598	)
Net increase (decrease) in net assets from capital share transactions		—			(4,772,210	)		(393,842,849	)		2,228,773,129
INCREASE (DECREASE) IN NET ASSETS		319,457			(5,094,680	)		(386,295,483	)		2,068,500,398
NET ASSETS
Beginning of period		5,026,278			10,120,958			2,455,727,472			387,227,074
End of period	$	5,345,735		$	5,026,278		$	2,069,431,989		$	2,455,727,472
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(2,717	)	$	20,197		$	(530,735	)	$	15,887,809
SHARES ISSUED AND REDEEMED
Shares sold		—			50,000			4,400,000			37,500,000
Shares redeemed		—			(150,000	)		(11,500,000	)		(300,000	)
Net increase (decrease) in shares outstanding		—			(100,000	)		(7,100,000	)		37,200,000

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 69

Consolidated Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets Small-Cap ETF						iShares MSCI Emerging Markets Value ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	217,015		$	452,278		$	116,537		$	287,929
Net realized gain (loss)		(254,775	)		192,570			(128,948	)		(808,943	)
Net change in unrealized appreciation/depreciation		3,099,598			(2,594,104	)		1,119			(187,045	)
Net increase (decrease) in net assets resulting from operations		3,061,838			(1,949,256	)		(11,292	)		(708,059	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(515,875	)		(514,561	)		(159,964	)		(279,968	)
Total distributions to shareholders		(515,875	)		(514,561	)		(159,964	)		(279,968	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		4,513,075			24,419,011			6,815,327			7,122,017
Cost of shares redeemed		—			—			—			(4,408,081	)
Net increase in net assets from capital share transactions		4,513,075			24,419,011			6,815,327			2,713,936
INCREASE IN NET ASSETS		7,059,038			21,955,194			6,644,071			1,725,909
NET ASSETS
Beginning of period		30,643,753			8,688,559			10,786,610			9,060,701
End of period	$	37,702,791		$	30,643,753		$	17,430,681		$	10,786,610
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(127,601	)	$	171,259		$	4,777		$	48,204
SHARES ISSUED AND REDEEMED
Shares sold		100,000			500,000			150,000			150,000
Shares redeemed		—			—			—			(100,000	)
Net increase in shares outstanding		100,000			500,000			150,000			50,000

See notes to consolidated financial statements.

70 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI BRIC ETF
	Six months ended Feb. 28, 2014 (Consolidated)			Year ended Aug. 31, 2013 (Consolidated)			Year ended Aug. 31, 2012 (Consolidated)			Year ended Aug. 31, 2011 (Consolidated)			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	34.41		$	35.68		$	42.25		$	42.94		$	37.57		$	44.13
Income from investment operations:
Net investment incomea		0.19			0.84			0.98			0.89			0.66			0.58
Net realized and unrealized gain (loss)b		1.00			(1.25	)		(6.62	)		(0.58	)		5.35			(6.60	)
Total from investment operations		1.19			(0.41	)		(5.64	)		0.31			6.01			(6.02	)
Less distributions from:
Net investment income		(0.23	)		(0.86	)		(0.93	)		(1.00	)		(0.64	)		(0.54	)
Total distributions		(0.23	)		(0.86	)		(0.93	)		(1.00	)		(0.64	)		(0.54	)
Net asset value, end of period	$	35.37		$	34.41		$	35.68		$	42.25		$	42.94		$	37.57
Total return		3.42	%c		(1.17	)%		(13.33	)%		0.49	%		15.95	%		(13.08	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	420,918		$	474,861		$	685,149		$	866,194		$	946,814		$	497,839
Ratio of expenses to average net assetsd		0.68	%		0.67	%		0.69	%		0.67	%		0.69	%		0.72	%
Ratio of expenses to average net assets prior to waived feesd,e		n/a			n/a			n/a			0.67	%		n/a			n/a
Ratio of net investment income to average net assetsd		1.01	%		2.18	%		2.55	%		1.86	%		1.52	%		1.87	%
Portfolio turnover ratef		3	%		10	%		32	%		13	%		9	%		7	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Ratios for the years ended March 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014 and the years ended August 31, 2013, August 31, 2012, August 31, 2011, August 31, 2010 and August 31, 2009 were 3%, 9%, 20%, 10%, 8% and 6%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 71

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets Asia ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	52.23		$	50.18		$	54.71
Income from investment operations:
Net investment incomeb		0.31			1.15			0.87
Net realized and unrealized gain (loss)c		3.58			1.82			(4.99	)
Total from investment operations		3.89			2.97			(4.12	)
Less distributions from:
Net investment income		(0.95	)		(0.92	)		(0.41	)
Total distributions		(0.95	)		(0.92	)		(0.41	)
Net asset value, end of period	$	55.17		$	52.23		$	50.18
Total return		7.45	%d,e		5.88	%		(7.52	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	35,863		$	31,341		$	20,071
Ratio of expenses to average net assetsf		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feesf		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetsf		1.14	%		2.09	%		3.05	%
Portfolio turnover rateg		4	%		174	%		3	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Includes payment from an affiliate. See Note 2. Not including these proceeds, the Fund’s total return would have been 7.28%.

^f Annualized for periods of less than one year.

^g  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014, the year ended August 31, 2013 and the period ended August 31, 2012 were 4%, 21% and 3%, respectively. See Note 4.

See notes to consolidated financial statements.

72 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets Consumer Discretionary ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	50.16		$	48.48		$	51.54
Income from investment operations:
Net investment incomeb		0.18			0.39			0.26
Net realized and unrealized gain (loss)c		5.18			1.90			(3.19	)
Total from investment operations		5.36			2.29			(2.93	)
Less distributions from:
Net investment income		(0.22	)		(0.61	)		(0.13	)
Total distributions		(0.22	)		(0.61	)		(0.13	)
Net asset value, end of period	$	55.30		$	50.16		$	48.48
Total return		10.65	%d		4.73	%		(5.68	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,530		$	2,508		$	2,424
Ratio of expenses to average net assetse		0.67	%		0.67	%		0.68	%
Ratio of net investment income to average net assetse		0.68	%		0.76	%		0.94	%
Portfolio turnover ratef		4	%		10	%		54	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014, the year ended August 31, 2013, and the period ended August 31, 2012 were 4%, 10%, and 5%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 73

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets Energy Capped ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	36.10		$	40.16		$	51.12
Income from investment operations:
Net investment incomeb		0.18			1.04			1.05
Net realized and unrealized lossc		(1.46	)		(4.16	)		(11.14	)
Total from investment operations		(1.28	)		(3.12	)		(10.09	)
Less distributions from:
Net investment income		(0.24	)		(0.94	)		(0.84	)
Return of capital		—			—			(0.03	)
Total distributions		(0.24	)		(0.94	)		(0.87	)
Net asset value, end of period	$	34.58		$	36.10		$	40.16
Total return		(3.56	)%d		(7.73	)%		(19.71	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,729		$	1,805		$	2,008
Ratio of expenses to average net assetse		0.67	%		0.67	%		0.68	%
Ratio of net investment income to average net assetse		0.96	%		2.56	%		4.23	%
Portfolio turnover ratef		9	%		7	%		29	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014 , the year ended August 31, 2013 and the period ended August 31, 2012 were 9%, 7% and 3%, respectively. See Note 4.

See notes to consolidated financial statements.

74 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets Growth ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	50.26		$	50.60		$	54.24
Income from investment operations:
Net investment incomeb		0.23			0.85			0.66
Net realized and unrealized gain (loss)c		3.43			0.13			(3.87	)
Total from investment operations		3.66			0.98			(3.21	)
Less distributions from:
Net investment income		(0.46	)		(1.32	)		(0.43	)
Total distributions		(0.46	)		(1.32	)		(0.43	)
Net asset value, end of period	$	53.46		$	50.26		$	50.60
Total return		7.27	%d		1.76	%		(5.90	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,346		$	5,026		$	10,121
Ratio of expenses to average net assetse		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feese		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetse		0.85	%		1.59	%		2.27	%
Portfolio turnover ratef		14	%		64	%		12	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

f Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014, the year ended August 31, 2013 and the period ended August 31, 2012 were 14%, 28% and 12%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 75

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets Minimum Volatility ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Oct. 18, 2011a to Aug. 31, 2012
Net asset value, beginning of period	$	55.56		$	55.32		$	49.30
Income from investment operations:
Net investment incomeb		0.43			1.85			1.93
Net realized and unrealized gain (loss)c		0.62			(0.60	)		5.41
Total from investment operations		1.05			1.25			7.34
Less distributions from:
Net investment income		(0.83	)		(1.01	)		(1.32	)
Total distributions		(0.83	)		(1.01	)		(1.32	)
Net asset value, end of period	$	55.78		$	55.56		$	55.32
Total return		1.86	%d		2.22	%		15.16	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,069,432		$	2,455,727		$	387,227
Ratio of expenses to average net assetse		0.25	%		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived feese		0.67	%		0.67	%		0.69	%
Ratio of net investment income to average net assetse		1.51	%		3.13	%		4.08	%
Portfolio turnover ratef		18	%		23	%		31	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months February 28, 2014, the year ended August 31, 2013 and the period ended August 31, 2012 were 12%, 23% and 16%, respectively. See Note 4.

See notes to consolidated financial statements.

76 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets Small-Cap ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Period from Aug. 16, 2011a to Aug. 31, 2011
Net asset value, beginning of period	$	43.78		$	43.44		$	49.60		$	50.54
Income from investment operations:
Net investment incomeb		0.30			1.07			0.50			0.07
Net realized and unrealized gain (loss)c		3.79			1.13			(5.52	)		(1.01	)
Total from investment operations		4.09			2.20			(5.02	)		(0.94	)
Less distributions from:
Net investment income		(0.74	)		(1.86	)		(1.14	)		—
Total distributions		(0.74	)		(1.86	)		(1.14	)		—
Net asset value, end of period	$	47.13		$	43.78		$	43.44		$	49.60
Total return		9.41	%d,e		4.85	%		(9.98	)%		(1.86	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	37,703		$	30,644		$	8,689		$	69,443
Ratio of expenses to average net assetsf		0.67	%		0.67	%		0.69	%		0.69	%
Ratio of net investment income to average net assetsf		1.31	%		2.26	%		1.13	%		3.33	%
Portfolio turnover rateg		10	%		21	%		32	%		2	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

e Includes payment from an affiliate. See Note 2. Not including these proceeds, the Fund’s total return would have been 9.20%.

^f  Annualized for periods of less than one year.

^g Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014, the years ended August 31, 2013, August 31, 2012, and the period ended August 31, 2011 were 10%, 21%, 17% and 2%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 77

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets Value ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	43.15		$	45.30		$	52.58
Income from investment operations:
Net investment incomeb		0.34			1.34			1.00
Net realized and unrealized gain (loss)c		0.55			(2.11	)		(7.54	)
Total from investment operations		0.89			(0.77	)		(6.54	)
Less distributions from:
Net investment income		(0.46	)		(1.38	)		(0.74	)
Total distributions		(0.46	)		(1.38	)		(0.74	)
Net asset value, end of period	$	43.58		$	43.15		$	45.30
Total return		2.04	%d		(1.83	)%		(12.41	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	17,431		$	10,787		$	9,061
Ratio of expenses to average net assetse		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feese		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetse		1.49	%		2.84	%		3.73	%
Portfolio turnover ratef		14	%		47	%		12	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014, the year ended August 31, 2013 and the period ended August 31, 2012 were 14%, 26% and 12%, respectively. See Note 4.

See notes to consolidated financial statements.

78 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI BRIC		Diversified
MSCI Emerging Markets Asia		Diversified
MSCI Emerging Markets Consumer Discretionary		Non-diversified
MSCI Emerging Markets Energy Capped		Non-diversified

iShares ETF	Diversification Classification
MSCI Emerging Markets Growth		Non-diversified
MSCI Emerging Markets Minimum Volatility		Non-diversified
MSCI Emerging Markets Small-Cap		Non-diversified
MSCI Emerging Markets Value		Non-diversified

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

Each Fund carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (each, a “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of each Fund also serves as the investment adviser to each Subsidiary. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for each Fund include the accounts of its Subsidiary.

Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

Each Fund invests in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Funds; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in emerging market and frontier market countries.

The United States and the European Union have imposed economic sanctions on certain Russian individuals and a financial institution. The United States or the European Union could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian securities, impairing the ability of the Funds to buy, sell, receive or deliver those securities. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities.

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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 79

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

• Open-end U.S. mutual funds 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 based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

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

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

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure

80 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

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

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

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

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2014. The breakdown of each Fund’s investments into major categories is disclosed in its respective consolidated schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI BRIC
Assets:
Common Stocks	$	374,068,737	$	—	$	—	$	374,068,737
Preferred Stocks		45,740,945		—		—		45,740,945
Rights		11,361		—		—		11,361
Money Market Funds		10,425,018		—		—		10,425,018
	$	430,246,061	$	—	$	—	$	430,246,061
MSCI Emerging Markets Asia
Assets:
Common Stocks	$	35,281,615	$	—	$	—	$	35,281,615
Preferred Stocks		454,514		—		—		454,514
Money Market Funds		448,401		—		—		448,401
	$	36,184,530	$	—	$	—	$	36,184,530

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 81

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI Emerging Markets Consumer Discretionary
Assets:
Common Stocks	$	5,343,220	$	—	$	—	$	5,343,220
Preferred Stocks		172,679		—		—		172,679
Money Market Funds		53,854		—		—		53,854
	$	5,569,753	$	—	$	—	$	5,569,753
MSCI Emerging Markets Energy Capped
Assets:
Common Stocks	$	1,586,891	$	—	$	—	$	1,586,891
Preferred Stocks		136,759		—		—		136,759
Money Market Funds		24,694		—		—		24,694
	$	1,748,344	$	—	$	—	$	1,748,344
MSCI Emerging Markets Growth
Assets:
Common Stocks	$	5,095,345	$	—	$	—	$	5,095,345
Preferred Stocks		233,050		—		—		233,050
Money Market Funds		162,976		—		—		162,976
	$	5,491,371	$	—	$	—	$	5,491,371
MSCI Emerging Markets Minimum Volatility
Assets:
Common Stocks	$	1,980,993,340	$	—	$	—	$	1,980,993,340
Preferred Stocks		72,370,293		—		—		72,370,293
Money Market Funds		54,384,206		—		—		54,384,206
	$	2,107,747,839	$	—	$	—	$	2,107,747,839
MSCI Emerging Markets Small-Cap
Assets:
Common Stocks	$	37,170,260	$	77,740	$	29,872	$	37,277,872
Preferred Stocks		303,759		—		—		303,759
Rights		981		6,230		—		7,211
Money Market Funds		1,186,189		—		—		1,186,189
	$	38,661,189	$	83,970	$	29,872	$	38,775,031
MSCI Emerging Markets Value
Assets:
Common Stocks	$	16,049,724	$	—	$	—	$	16,049,724
Preferred Stocks		1,299,953		—		—		1,299,953
Rights		405		—		—		405
Money Market Funds		122,188		—		—		122,188
	$	17,472,270	$	—	$	—	$	17,472,270

82 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2014 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their consolidated statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2014, if any, are disclosed in the Funds’ consolidated statements of assets and liabilities.

Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”). In order to be eligible to claim benefits under the DTAA, each Subsidiary must satisfy certain conditions, including the establishment and maintenance of valid tax residence in Mauritius. Each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. These income taxes, if any, are paid by the Funds and are disclosed in the consolidated statements of operations. Further, each Subsidiary is not subject to tax in Mauritius on any gains from the sale of securities. Any dividends paid by a Subsidiary to its Fund will also be exempt from tax in Mauritius. The foregoing is based upon current interpretation and practice and is subject to future changes in the tax laws of India or Mauritius and in the DTAA.

As a result of legislative changes enacted by the 2012 India Finance Act (“the Act”) and its general anti-avoidance rules (“GAAR”), which are effective April 1, 2013 but have been proposed to be deferred until April 1, 2016, the Subsidiaries’ ability to leverage the treaty between Mauritius and India may be adversely impacted, and therefore the Funds may be subject to taxes on capital gains and/or dividends realized on Indian securities. The Act also includes provisions that impose Indian tax on the transfer of shares of an Indian company. However, until more definitive guidance on the legislative changes is available, the impact to the Funds, if any, cannot be determined at this time.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 83

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

DISTRIBUTIONS TO SHAREHOLDERS

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

FEDERAL INCOME TAXES

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.

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities, for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan . The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates.

As of February 28, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2014 and the value of the related collateral are disclosed in the consolidated statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the consolidated statements of operations.

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party. 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.

84 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2014, the following Funds had securities on loan with a market value as disclosed in the Funds’ consolidated statements of assets and liabilities:

iShares ETF	Market Value of Securities on Loan
MSCI BRIC	$	9,772,483
MSCI Emerging Markets Asia		420,052
MSCI Emerging Markets Consumer Discretionary		50,136
MSCI Emerging Markets Energy Capped		21,694

iShares ETF	Market Value of Securities on Loan
MSCI Emerging Markets Growth	$	147,808
MSCI Emerging Markets Minimum Volatility		49,820,767
MSCI Emerging Markets Small-Cap		1,026,486
MSCI Emerging Markets Value		109,073

As of February 28, 2014, the value of the related collateral, as disclosed in the Funds’ consolidated schedules of investments, exceeded the market value of the securities on loan.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

For its investment advisory services to each of the iShares MSCI BRIC, iShares MSCI Emerging Markets Consumer Discretionary, iShares MSCI Emerging Markets Energy Capped, iShares MSCI Emerging Markets Minimum Volatility and iShares MSCI Emerging Markets Small-Cap ETFs, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.75	%	First $14 billion
	0.68		Over $14 billion, up to and including $28 billion
	0.61		Over $28 billion, up to and including $42 billion
	0.56		Over $42 billion, up to and including $56 billion
	0.50		Over $56 billion, up to and including $70 billion
	0.45		Over $70 billion, up to and including $84 billion
	0.40		Over $84 billion

BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI Emerging Markets Minimum Volatility ETF through December 31, 2014 in order to limit total annual operating expenses to 0.25% of average daily net assets.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 85

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

iShares ETF	Investment Advisory Fee
MSCI Emerging Markets Asia		0.68	%
MSCI Emerging Markets Growth		0.68
MSCI Emerging Markets Value		0.68

BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI Emerging Markets Asia, iShares Emerging Markets Growth and iShares Emerging Markets Value ETFs through December 31, 2014 in order to limit total annual operating expenses to 0.49% 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. Effective January 1, 2014 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% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2014, (i) each Fund retains 75% of securities lending income (commencing January 1, 2015 the amount each Fund will retain is expected to change to 70% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, each Fund retained 65% of securities lending income and paid no collateral investment fees.

For the six months ended February 28, 2014, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
MSCI BRIC	$	44,614
MSCI Emerging Markets Asia		1,846
MSCI Emerging Markets Consumer Discretionary		396
MSCI Emerging Markets Energy Capped		76
MSCI Emerging Markets Growth		331
MSCI Emerging Markets Minimum Volatility		45,495
MSCI Emerging Markets Small-Cap		7,001
MSCI Emerging Markets Value		431

In addition, commencing the business day following a “Hurdle Date” (the date that the aggregate securities lending income 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 calendar year 2013 or lesser amount as may be agreed to by the Funds and BTC) and pursuant to a securities lending agreement, (i) each Fund will receive for the remainder

86 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

of that calendar year 80% of securities lending income (for any Hurdle Date after January 1, 2015, each Fund will retain 75% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees.

The iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap ETF received payments from BTC to compensate for foregone securities lending revenue. The payments are reported in the consolidated statements of operations under “Payment from affiliate”.

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.

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 “Interest – affiliated” in the consolidated statements of operations.

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2014 were as follows:

iShares ETF	Purchases		Sales
MSCI BRIC	$	14,755,609	$	42,669,276
MSCI Emerging Markets Asia		3,692,924		1,254,238
MSCI Emerging Markets Consumer Discretionary		1,749,073		184,747
MSCI Emerging Markets Energy Capped		179,524		171,838
MSCI Emerging Markets Growth		750,418		771,142
MSCI Emerging Markets Minimum Volatility		442,652,681		684,971,378
MSCI Emerging Markets Small-Cap		7,702,391		3,505,921
MSCI Emerging Markets Value		5,662,123		2,202,489

In-kind transactions (see Note 4) for the six months ended February 28, 2014 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI BRIC	$	—	$	39,527,631
MSCI Emerging Markets Consumer Discretionary		1,235,754		—
MSCI Emerging Markets Minimum Volatility		111,190,843		288,184,373
MSCI Emerging Markets Value		3,296,483		—

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 net asset value. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the consolidated statements of changes in net assets.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 87

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

5. INCOME TAX INFORMATION

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 net asset values per share.

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

As of August 31, 2013, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI BRIC	$	104,204,792	$	1,540,740	$	11,268,086	$	7,760,558	$	124,774,176
MSCI Emerging Markets Asia		97,875		—		—		—		97,875
MSCI Emerging Markets Consumer Discretionary		769,815		—		—		—		769,815
MSCI Emerging Markets Energy Capped		913,361		—		—		—		913,361
MSCI Emerging Markets Growth		498,606		—		—		—		498,606
MSCI Emerging Markets Minimum Volatility		1,230,114		—		—		—		1,230,114
MSCI Emerging Markets Small-Cap		8,288,581		—		—		—		8,288,581
MSCI Emerging Markets Value		433,576		—		—		—		433,576

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

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

As of February 28, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI BRIC	$	475,357,508	$	57,588,063	$	(102,699,510	)	$	(45,111,447	)
MSCI Emerging Markets Asia		36,008,049		4,035,667		(3,859,186	)		176,481
MSCI Emerging Markets Consumer Discretionary		5,276,426		704,317		(410,990	)		293,327

88 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Emerging Markets Energy Capped	$	2,372,146	$	40,845	$	(664,647	)	$	(623,802	)
MSCI Emerging Markets Growth		5,368,496		616,670		(493,795	)		122,875
MSCI Emerging Markets Minimum Volatility		2,190,446,699		142,356,939		(225,055,799	)		(82,698,860	)
MSCI Emerging Markets Small-Cap		39,192,836		4,418,114		(4,835,919	)		(417,805	)
MSCI Emerging Markets Value		19,387,023		695,481		(2,610,234	)		(1,914,753	)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2014, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.

6. LINE OF CREDIT

The Funds, along with certain other iShares funds, are parties to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 29, 2014. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended February 28, 2014, the maximum amounts borrowed, the average borrowings and the weighted average interest rates under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowings		Weighted Average Interest Rates
MSCI BRIC	$	1,165,000	$	66,215		1.17	%
MSCI Emerging Markets Asia		115,000		7,541		1.17
MSCI Emerging Markets Small-Cap		200,000		12,017		1.17
MSCI Emerging Markets Value		56,000		2,785		1.17

The iShares MSCI Emerging Markets Consumer Discretionary ETF, the iShares MSCI Emerging Markets Energy Capped ETF, the iShares MSCI Emerging Markets Growth ETF, and the iShares MSCI Emerging Markets Minimum Volatility ETF did not borrow under the credit agreement during the six months ended February 28, 2014.

7. SUBSEQUENT EVENTS

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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 89

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts 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 distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI BRIC	$	0.183764	$	—	$	0.043759	$	0.227523		81	%		—	%		19	%		100	%
MSCI Emerging Markets Asia		0.775928		—		0.174300		0.950228		82			—			18			100
MSCI Emerging Markets Consumer Discretionary		0.094505		—		0.122915		0.217420		43			—			57			100
MSCI Emerging Markets Energy Capped		0.202049		—		0.038291		0.240340		84			—			16			100
MSCI Emerging Markets Growth		0.335223		—		0.121457		0.456680		73			—			27			100
MSCI Emerging Markets Minimum Volatility		0.682834		—		0.148825		0.831659		82			—			18			100
MSCI Emerging Markets Small-Cap		0.583818		—		0.153146		0.736964		79			—			21			100
MSCI Emerging Markets Value		0.337601		—		0.119439		0.457040		74			—			26			100

90 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

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

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

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

©2014 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-810-0214

FEBRUARY 28, 2014

  2014 SEMI-ANNUAL REPORT (UNAUDITED)  

iShares, Inc.

^Ø   iShares MSCI All Country World Minimum Volatility ETF  |  ACWV  |  NYSE Arca

^Ø   iShares MSCI Emerging Markets EMEA ETF  |  EEME  |  NASDAQ

^Ø   iShares MSCI Frontier 100 ETF  |  FM  |  NYSE Arca

^Ø   iShares MSCI World ETF  |  URTH  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	9
Shareholder Expenses	9
Schedules of Investments	10
iShares MSCI All Country World Minimum Volatility ETF	10
iShares MSCI Emerging Markets EMEA ETF	15
iShares MSCI Frontier 100 ETF	18
iShares MSCI World ETF	20
Financial Statements	35
Financial Highlights	41
Notes to Financial Statements	45
Supplemental Information	55

Fund Performance Overview

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

Performance as of February 28, 2014

The iShares MSCI All Country World Minimum Volatility ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 7.63%, net of fees, while the total return for the Index was 7.54%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		10.33%		9.93%		9.94%		10.33%		9.93%		9.94%
Since Inception		13.13%		13.04%		12.79%		33.91%		33.65%		32.97%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,076.30	$	1.03	$	1,000.00	$	1,023.80	$	1.00		0.20%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of Total Investments*

Health Care	16.53	%
Financials	15.69
Consumer Staples	14.53
Consumer Discretionary	12.48
Telecommunication Services	9.19
Utilities	8.51
Industrials	7.98
Information Technology	7.93
Energy	4.72
Materials	2.44
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of Total Investments*

United States	52.31	%
Japan	12.46
Canada	8.55
Switzerland	5.64
China	5.55
Taiwan	3.61
United Kingdom	3.25
Hong Kong	3.13
Singapore	1.31
Malaysia	1.21
TOTAL	97.02	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS EMEA ETF

Performance as of February 28, 2014

The iShares MSCI Emerging Markets EMEA ETF (the “Fund”) seeks to track the investment results of an index composed of European, Middle Eastern and African emerging market equities, as represented by the MSCI Emerging Markets EMEA Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 3.39%, net of fees, while the total return for the Index was 3.73%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(6.40)%		(6.48)%		(6.07)%		(6.40)%		(6.48)%		(6.07)%
Since Inception		1.04%		0.90%		1.56%		2.20%		1.92%		3.33%

The inception date of the Fund was 1/18/12. The first day of secondary market trading was 1/19/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,033.90	$	2.47	$	1,000.00	$	1,022.40	$	2.46		0.49%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of Total Investments*

Financials	29.20	%
Energy	24.63
Consumer Discretionary	12.31
Telecommunication Services	10.50
Materials	9.48
Consumer Staples	5.85
Health Care	2.89
Industrials	2.67
Utilities	2.47
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of Total Investments*

South Africa	42.79	%
Russia	31.41
Poland	10.57
Turkey	7.96
Greece	3.24
Czech Republic	1.52
Hungary	1.34
Egypt	1.17
TOTAL	100.00	%

* Excludes money market funds.

6 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI FRONTIER 100 ETF

Performance as of February 28, 2014

The iShares MSCI Frontier 100 ETF (the “Fund”) seeks to track the investment results of an index composed of frontier market equities, as represented by the MSCI Frontier Markets 100 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 14.44%, net of fees, while the total return for the Index was 14.90%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		21.83%		21.02%		22.33%		21.83%		21.02%		22.33%
Since Inception		24.54%		25.63%		25.04%		37.95%		39.71%		38.79%

The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,144.40	$	4.20	$	1,000.00	$	1,020.90	$	3.96		0.79%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of Total Investments*

Financials	55.65	%
Telecommunication Services	14.14
Industrials	10.82
Energy	7.87
Consumer Staples	6.75
Materials	2.88
Utilities	1.22
Health Care	0.67
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of Total Investments*

Kuwait	20.58	%
Qatar	19.01
United Arab Emirates	17.50
Nigeria	11.65
Argentina	4.71
Pakistan	4.10
Kenya	3.74
Morocco	3.71
Oman	3.46
Kazakhstan	3.02
TOTAL	91.48	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI WORLD ETF

Performance as of February 28, 2014

The iShares MSCI World ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, as represented by the MSCI World Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 14.67%, net of fees, while the total return for the Index was 14.67%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		21.59%		21.22%		21.68%		21.59%		21.22%		21.68%
Since Inception		19.22%		19.36%		19.06%		45.61%		45.95%		45.25%

The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,146.70	$	1.28	$	1,000.00	$	1,023.60	$	1.20		0.24%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of Total Investments*

Financials	20.69	%
Information Technology	12.30
Consumer Discretionary	12.24
Health Care	12.07
Industrials	11.03
Consumer Staples	9.75
Energy	9.41
Materials	5.70
Telecommunication Services	3.61
Utilities	3.20
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of Total Investments*

United States	54.58	%
United Kingdom	8.89
Japan	8.20
France	4.16
Canada	4.03
Germany	3.98
Switzerland	3.96
Australia	3.19
Spain	1.50
Sweden	1.38
TOTAL	93.87	%

* Excludes money market funds.

8 2014 iSHARES SEMI-ANNUAL REPORTTO 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 management fees. Without such 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. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2013 and held through February 28, 2014, 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. 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 for 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^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.16%
CANADA — 8.50%
Bank of Montreal		60,900	$	4,012,871
Bank of Nova Scotia		87,787		5,021,611
BCE Inc.		164,150		7,162,424
Bell Aliant Inc.		49,525		1,196,349
Canadian Imperial Bank of Commerce		44,275		3,706,949
Dollarama Inc.		43,400		3,385,510
Enbridge Inc.		258,125		10,913,094
Fairfax Financial Holdings Ltd.		3,720		1,545,735
First Capital Realty Inc.		61,250		982,700
Franco-Nevada Corp.		34,300		1,753,500
Goldcorp Inc.		34,475		927,161
H&R Real Estate Investment Trust		34,125		685,614
Intact Financial Corp.		84,589		5,090,088
National Bank of Canada		200,900		8,065,401
Pembina Pipeline Corp.		129,850		4,681,615
RioCan Real Estate Investment Trust		64,575		1,531,902
Shaw Communications Inc. Class B		254,100		5,878,767
Shoppers Drug Mart Corp.		40,427		2,202,221
TELUS Corp. NVS		121,856		4,318,543
Thomson Reuters Corp.		152,075		5,220,516
Tim Hortons Inc.		97,125		5,265,343
TransCanada Corp.		254,450		11,203,661
				94,751,575
CHILE — 0.21%
Banco de Chile		13,941,900		1,779,860
Empresa Nacional de Electricidad SA		401,100		544,936
				2,324,796
CHINA — 5.52%
Beijing Enterprises Holdings Ltd.a		350,000		3,355,216
China Communications Services Corp. Ltd. Class H		1,400,000		658,416
China Construction Bank Corp. Class H		7,525,000		5,167,890
China Gas Holdings Ltd.		1,400,000		2,197,125
China Mengniu Dairy Co. Ltd.		351,000		1,799,988
China Mobile Ltd.		1,595,000		15,156,615
China Petroleum & Chemical Corp. Class H		1,818,400		1,614,315

Security	Shares		Value
China Resources Gas Group Ltd.		700,000	$	2,462,296
China Resources Power Holdings Co. Ltd.		350,000		845,118
China Telecom Corp. Ltd. Class H		1,750,000		757,629
China Unicom (Hong Kong) Ltd.		1,050,000		1,398,909
Guangdong Investment Ltd.a		1,050,000		1,098,563
Haier Electronics Group Co. Ltd.		168,000		496,788
Hengan International Group Co. Ltd.		350,000		3,799,421
Industrial and Commercial Bank of China Ltd. Class H		1,225,000		733,954
Inner Mongolia Yitai Coal Co. Ltd. Class B		682,542		805,400
Jiangsu Expressway Co. Ltd. Class H		804,000		1,023,511
Lenovo Group Ltd.a		3,500,000		3,734,031
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		446,500		1,162,124
Shenzhou International Group Holdings Ltd.a		350,000		1,222,128
Sinopec Engineering Group Co. Ltd.		525,000		654,808
SOHO China Ltd.		1,050,000		795,511
Sun Art Retail Group Ltd.a		1,487,500		1,690,461
Tencent Holdings Ltd.		70,000		5,614,575
Tingyi (Cayman Islands) Holding Corp.a		700,000		1,961,719
Yuexiu Property Co. Ltd.		1,750,000		360,776
Zhejiang Expressway Co. Ltd. Class H		1,050,000		921,331
				61,488,618
COLOMBIA — 0.05%
Corporacion Financiera Colombiana SA NVS		34,300		592,370
				592,370
CZECH REPUBLIC — 0.07%
Telefonica Czech Republic AS		54,600		830,417
				830,417
DENMARK — 0.07%
TrygVesta A/S		7,525		726,999
				726,999
EGYPT — 0.13%
Commercial International Bank (Egypt) SAE		279,210		1,468,523
				1,468,523

10 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

February 28, 2014

Security	Shares		Value
FRANCE — 0.25%
Iliad SA		11,550	$	2,818,769
				2,818,769
GERMANY — 0.11%
Fresenius Medical Care AG & Co. KGaA		17,325		1,199,054
				1,199,054
HONG KONG — 3.11%
Cheung Kong Infrastructure Holdings Ltd.		351,000		2,288,427
CLP Holdings Ltd.		1,076,000		8,394,714
Hang Seng Bank Ltd.		490,000		7,942,482
Hong Kong and China Gas Co. Ltd. (The)		175,000		377,011
Link REIT (The)		1,487,500		6,909,423
MTR Corp. Ltd.		875,000		3,173,701
Power Assets Holdings Ltd.		551,000		4,604,061
Swire Pacific Ltd. Class A		87,500		982,551
				34,672,370
INDONESIA — 0.41%
PT Bank Central Asia Tbk		3,500,000		3,082,737
PT Jasa Marga (Persero) Tbk		1,295,000		599,589
PT Telekomunikasi Indonesia (Persero) Tbk		4,375,000		876,206
				4,558,532
IRELAND — 0.10%
Ryanair Holdings PLC SP ADRb		19,059		1,081,789
				1,081,789
ISRAEL — 0.58%
Bank Leumi le-Israel BMb		132,300		504,885
NICE Systems Ltd.		36,400		1,488,249
Teva Pharmaceutical Industries Ltd.		92,737		4,501,577
				6,494,711
JAPAN — 12.39%
ABC-MART Inc.		17,500		690,981
ANA Holdings Inc.a		875,000		1,946,064
Aozora Bank Ltd.		350,000		1,015,039
Astellas Pharma Inc.		35,000		2,261,206
Bank of Kyoto Ltd. (The)		175,000		1,345,956
Bank of Yokohama Ltd. (The)		525,000		2,638,760
Benesse Holdings Inc.		40,200		1,506,540
Chiba Bank Ltd. (The)		351,000		2,118,415
Chugai Pharmaceutical Co. Ltd.		70,000		1,781,806

Security	Shares		Value
Chugoku Bank Ltd. (The)		122,500	$	1,513,472
Eisai Co. Ltd.		140,000		5,445,549
FamilyMart Co. Ltd.		35,000		1,553,422
Gunma Bank Ltd. (The)		227,000		1,189,879
Hachijuni Bank Ltd. (The)		227,000		1,214,344
Hisamitsu Pharmaceutical Co. Inc.		35,000		1,632,293
ITOCHU Techno-Solutions Corp.		17,500		808,431
Iyo Bank Ltd. (The)		157,500		1,421,227
Japan Airlines Co. Ltd.		35,100		1,740,126
Japan Real Estate Investment Corp.		350		1,889,482
Kamigumi Co. Ltd.		175,000		1,616,862
Keikyu Corp.		227,000		1,897,134
Keio Corp.		175,000		1,232,793
Kintetsu Corp.		175,000		632,685
Kyowa Hakko Kirin Co. Ltd.		175,000		1,870,622
Lawson Inc.		35,000		2,421,006
McDonald’s Holdings Co. (Japan) Ltd.		52,800		1,407,103
Miraca Holdings Inc.		40,200		1,827,541
Mitsubishi Tanabe Pharma Corp.		140,000		2,054,769
Nippon Prologis REIT Inc.		875		1,868,907
Nippon Telegraph and Telephone Corp.		52,500		2,932,470
Nissin Foods Holdings Co. Ltd.		35,000		1,560,280
Nitori Holdings Co. Ltd.		40,200		1,811,787
NTT DOCOMO Inc.		630,000		10,499,486
Odakyu Electric Railway Co. Ltd.		175,000		1,560,280
Oracle Corp. Japan		22,700		941,895
Oriental Land Co. Ltd.		35,000		5,236,369
Osaka Gas Co. Ltd.		700,000		2,901,092
Otsuka Holdings Co. Ltd.		227,500		6,961,079
PARK24 Co. Ltd.		70,000		1,408,024
Rakuten Inc.		35,000		500,318
Rinnai Corp.		17,500		1,464,263
Sankyo Co. Ltd.		35,000		1,447,117
Sanrio Co. Ltd.a		17,500		666,120
Santen Pharmaceutical Co. Ltd.		53,100		2,473,821
Secom Co. Ltd.		105,000		5,901,974
Seven Bank Ltd.		297,500		1,084,309
Shimamura Co. Ltd.		17,500		1,575,712
Shizuoka Bank Ltd. (The)		350,000		3,367,462
Suzuken Co. Ltd.		40,200		1,520,325
Takeda Pharmaceutical Co. Ltd.		227,500		10,859,550
Tobu Railway Co. Ltd.		700,000		3,388,037
Toho Co. Ltd.		70,000		1,351,100

SCHEDULESOF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

February 28, 2014

Security	Shares		Value
Tokyo Gas Co. Ltd.		175,000	$	874,443
TonenGeneral Sekiyu K.K.		175,000		1,539,705
Tsumura & Co.		17,500		464,141
Unicharm Corp.		22,700		1,283,290
USS Co. Ltd.		157,500		2,115,637
West Japan Railway Co.		105,000		4,289,913
Yamato Holdings Co. Ltd.		245,000		5,057,708
Yamazaki Baking Co. Ltd.		44,000		508,264
				138,088,385
MALAYSIA — 1.21%
Hong Leong Bank Bhd		127,700		552,659
IHH Healthcare Bhdb		1,575,000		1,845,872
Malayan Banking Bhd		770,000		2,298,367
Maxis Bhd		1,382,500		2,940,951
Petronas Dagangan Bhd		87,500		818,785
Public Bank Bhd Foreign		682,500		3,970,227
Telekom Malaysia Bhd		595,000		1,029,651
				13,456,512
NEW ZEALAND — 0.16%
Auckland International Airport Ltd.		580,300		1,823,613
				1,823,613
PERU — 0.10%
Compania de Minas Buenaventura SA SP ADR		90,473		1,139,960
				1,139,960
PHILIPPINES — 0.28%
Bank of the Philippine Islands		491,759		994,866
International Container Terminal Services Inc.		329,000		714,609
Philippine Long Distance Telephone Co.		23,625		1,426,974
				3,136,449
SINGAPORE — 1.30%
ComfortDelGro Corp. Ltd.		1,400,000		2,133,102
Oversea-Chinese Banking Corp. Ltd.		350,000		2,641,510
Singapore Airlines Ltd.		350,000		2,823,873
Singapore Press Holdings Ltd.a		524,660		1,718,907
Singapore Telecommunications Ltd.		1,225,000		3,481,487
StarHub Ltd.a		525,000		1,732,454
				14,531,333
SWITZERLAND — 5.61%
Barry Callebaut AG Registered		1,400		1,743,642
Givaudan SA Registeredb		4,725		7,402,929

Security	Shares		Value
Lindt & Spruengli AG Registered		67	$	3,884,372
Nestle SA Registered		181,125		13,695,419
Novartis AG Registered		184,100		15,352,118
Roche Holding AG Genusschein		18,025		5,554,025
Schindler Holding AG Registered		7,525		1,141,394
SGS SA Registered		745		1,843,046
Swiss Prime Site AG Registeredb		35,808		3,004,327
Swisscom AG Registered		15,050		8,902,191
				62,523,463
TAIWAN — 3.59%
Advanced Semiconductor Engineering Inc.		700,000		693,115
Advantech Co. Ltd.		175,000		1,106,096
Chang Hwa Commercial Bank Ltd.		1,121,408		658,824
China Airlines Ltd.b		1,925,000		660,770
China Steel Corp.		6,360,890		5,395,567
Chunghwa Telecom Co. Ltd.		2,450,000		7,439,435
EVA Airways Corp.b		1,050,000		538,897
Far EasTone Telecommunications Co. Ltd.		1,102,000		2,233,243
First Financial Holding Co. Ltd.		4,098,096		2,441,436
Hua Nan Financial Holdings Co. Ltd.		3,675,000		2,110,535
Kinsus Interconnect Technology Corp.		175,000		597,812
Lite-On Technology Corp.		1,406,733		2,068,452
MediaTek Inc.		31,760		466,473
Taiwan Cooperative Financial Holding Co. Ltd.		3,850,679		2,084,333
Taiwan Mobile Co. Ltd.		927,000		2,787,303
Taiwan Semiconductor Manufacturing Co. Ltd.		2,450,000		8,733,250
				40,015,541
THAILAND — 0.17%
Advanced Information Service PCL NVDR		300,500		1,943,464
				1,943,464
UNITED KINGDOM — 3.23%
AstraZeneca PLC		68,250		4,671,148
Babcock International Group PLC		131,250		3,235,543
British Sky Broadcasting Group PLC		247,975		3,906,348
Capita PLC		35,905		685,954
Compass Group PLC		365,575		5,786,470
GlaxoSmithKline PLC		158,725		4,446,179

12 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

February 28, 2014

Security	Shares		Value
Intertek Group PLC		8,400	$	414,009
Pearson PLC		203,875		3,461,056
Randgold Resources Ltd.		8,575		682,164
Reckitt Benckiser Group PLC		43,925		3,617,280
SSE PLC		97,702		2,297,187
Vodafone Group PLC		477,082		1,990,800
Wm Morrison Supermarkets PLC		200,025		788,754
				35,982,892
UNITED STATES — 52.01%
3M Co.		4,725		636,599
Abbott Laboratories		214,900		8,548,722
Actavis PLCb		4,984		1,100,567
Airgas Inc.		4,725		509,355
Alleghany Corp.b		8,575		3,305,663
Allergan Inc.		6,016		764,032
Altria Group Inc.		167,475		6,072,643
American Tower Corp.		31,675		2,580,562
AmerisourceBergen Corp.		119,700		8,121,645
Amgen Inc.		21,175		2,626,124
Aon PLC		51,975		4,449,060
Arch Capital Group Ltd.b		85,575		4,802,469
AT&T Inc.		129,850		4,146,111
Automatic Data Processing Inc.		217,175		16,891,871
AutoZone Inc.a,b		17,500		9,422,700
Becton, Dickinson and Co.		64,050		7,379,841
Bed Bath & Beyond Inc.b		12,250		830,795
Berkshire Hathaway Inc. Class Bb		32,550		3,768,639
Bristol-Myers Squibb Co.		117,775		6,332,762
C.H. Robinson Worldwide Inc.		12,775		662,512
C.R. Bard Inc.		48,650		7,013,384
Chevron Corp.		5,205		600,293
Chubb Corp. (The)		81,828		7,158,313
Church & Dwight Co. Inc.		83,300		5,662,734
Clorox Co. (The)		67,200		5,865,216
Coca-Cola Co. (The)		105,700		4,037,740
Colgate-Palmolive Co.		173,250		10,885,297
Consolidated Edison Inc.		186,725		10,465,936
Costco Wholesale Corp.		9,109		1,063,931
Crown Castle International Corp.b		7,350		557,865
Dollar General Corp.b		109,550		6,562,045
Dollar Tree Inc.b		53,375		2,923,349
Dominion Resources Inc.		117,950		8,185,730
Duke Energy Corp.		123,725		8,769,628
Ecolab Inc.		66,500		7,165,375
Eli Lilly and Co.		188,650		11,245,426

Security	Shares		Value
Everest Re Group Ltd.a		31,325	$	4,674,943
Exxon Mobil Corp.		115,379		11,107,536
Family Dollar Stores Inc.		66,150		4,332,825
Federal Realty Investment Trust		39,900		4,441,269
First Republic Bank		58,625		3,046,741
Forest Laboratories Inc.b		114,160		11,138,591
General Mills Inc.		303,625		15,190,359
Genuine Parts Co.		14,175		1,248,676
Health Care REIT Inc.a		95,200		5,592,048
Hershey Co. (The)		52,500		5,555,550
Hormel Foods Corp.		94,675		4,492,329
International Business Machines Corp.		32,550		6,027,284
Intuit Inc.		70,525		5,511,529
J.B. Hunt Transport Services Inc.		23,275		1,672,774
J.M. Smucker Co. (The)		56,350		5,635,564
Johnson & Johnson		177,975		16,395,057
Kellogg Co.		135,975		8,252,323
Kimberly-Clark Corp.		102,375		11,297,081
Kinder Morgan Inc.		127,225		4,052,116
Kinder Morgan Management LLCa,b		71,562		4,995,028
Laboratory Corp. of America Holdingsa,b		46,725		4,370,657
Marsh & McLennan Companies Inc.		174,475		8,402,716
McCormick & Co. Inc. NVS		73,150		4,857,160
McDonald’s Corp.		169,400		16,118,410
McKesson Corp.		13,040		2,308,732
Merck & Co. Inc.		181,475		10,342,260
Microsoft Corp.		90,300		3,459,393
Motorola Solutions Inc.		42,000		2,780,400
Newmont Mining Corp.		19,600		455,896
NextEra Energy Inc.		12,425		1,135,521
O’Reilly Automotive Inc.b		62,300		9,397,955
PartnerRe Ltd.		31,150		3,080,112
Patterson Companies Inc.		20,930		861,479
Paychex Inc.		208,950		8,725,752
People’s United Financial Inc.		197,575		2,799,638
PepsiCo Inc.		107,625		8,617,534
Perrigo Co. PLC		12,425		2,043,167
PetSmart Inc.		45,850		3,074,701
Pfizer Inc.		145,950		4,686,455
PG&E Corp.		215,075		9,476,204
Procter & Gamble Co. (The)		128,100		10,076,346
QUALCOMM Inc.		108,850		8,195,316
Raytheon Co.		12,600		1,233,666

SCHEDULESOF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

February 28, 2014

Security	Shares		Value
RenaissanceRe Holdings Ltd.		29,575	$	2,824,708
Republic Services Inc.		86,673		2,956,416
Reynolds American Inc.		48,499		2,465,204
Ross Stores Inc.		73,675		5,363,540
SCANA Corp.		14,350		710,325
Sherwin-Williams Co. (The)		4,725		947,268
Southern Co. (The)		356,825		15,111,539
Starbucks Corp.		51,450		3,650,892
Stericycle Inc.b		49,525		5,645,850
Synopsys Inc.b		95,900		3,874,360
Target Corp.		112,700		7,048,258
TJX Companies Inc. (The)		186,025		11,433,096
Total System Services Inc.		104,650		3,187,639
Travelers Companies Inc. (The)		54,775		4,592,336
United Parcel Service Inc. Class B		55,125		5,279,321
Verisk Analytics Inc. Class Ab		95,550		6,087,968
Verizon Communications Inc.		241,675		11,498,896
Verizon Communications Inc. New		23,003		1,090,802
Visa Inc. Class A		13,125		2,965,463
W.R. Berkley Corp.		73,325		3,023,923
Wal-Mart Stores Inc.		114,625		8,562,487
Waste Management Inc.		164,213		6,814,839
Wisconsin Energy Corp.		143,150		6,292,874
Xcel Energy Inc.		173,950		5,268,946
Yum! Brands Inc.		10,500		777,840
				579,748,817
TOTAL COMMON STOCKS
(Cost: $990,646,344)				1,105,398,952
PREFERRED STOCKS — 0.26%
COLOMBIA — 0.26%
Banco Davivienda SA		50,575		595,305
Grupo Argos SA		69,650		638,857
Grupo Aval Acciones y Valores SA		872,900		515,865
Grupo de Inversiones Suramericana SA		67,375		1,115,540
				2,865,567
TOTAL PREFERRED STOCKS
(Cost: $3,368,363)				2,865,567

Security	Shares		Value
SHORT-TERM INVESTMENTS — 2.65%
MONEY MARKET FUNDS — 2.65%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		27,283,123	$	27,283,123
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		1,430,311		1,430,311
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		791,949		791,949
				29,505,383
TOTAL SHORT-TERM INVESTMENTS
(Cost: $29,505,383)				29,505,383
TOTAL INVESTMENTS IN SECURITIES — 102.07%
(Cost: $1,023,520,090)				1,137,769,902
Other Assets, Less Liabilities — (2.07)%				(23,055,431	)
NET ASSETS — 100.00%			$	1,114,714,471

NVDR  —  Non-Voting Depositary Receipts

NVS  —  Non-Voting Shares

SP ADR  —  Sponsored American Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

14 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS EMEA ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 98.27%
CZECH REPUBLIC — 1.52%
CEZ AS		2,486	$	67,100
Komercni Banka AS		232		56,288
Telefonica Czech Republic AS		1,732		26,342
				149,730
EGYPT — 1.17%
Commercial International Bank (Egypt) SAE SP GDR		15,000		72,660
Global Telecom Holding SP GDRa		13,368		42,831
				115,491
GREECE — 3.23%
Alpha Bank AEa		23,486		23,777
Folli Follie Groupa		460		16,169
Hellenic Petroleum SA		1,174		11,334
Hellenic Telecommunications Organization SAa		3,706		65,005
Jumbo SAa		1,498		28,407
National Bank of Greece SAa		5,154		25,342
OPAP SA		3,430		54,006
Piraeus Bank SAa		15,200		41,987
Public Power Corp. SA		1,780		28,444
Titan Cement Co. SAa		760		24,562
				319,033
HUNGARY — 1.35%
MOL Hungarian Oil and Gas PLC		636		37,383
OTP Bank PLC		3,208		57,004
Richter Gedeon Nyrt		2,148		38,274
				132,661
POLAND — 10.56%
Alior Bank SAa		638		20,520
Bank Handlowy w Warszawie SA		488		18,580
Bank Millennium SAa		6,246		18,797
Bank Pekao SA		2,014		128,688
Bank Zachodni WBK SA		432		60,055
Cyfrowy Polsat SAa		2,710		18,168
ENEA SA		3,284		15,765
Eurocash SA		1,246		16,397
Grupa Azoty SA		610		11,612
Grupa Lotos SAa		998		13,534
Jastrzebska Spolka Weglowa SA		612		10,435
Kernel Holding SAa		862		9,161
KGHM Polska Miedz SA		2,122		82,126
mBank SA		222		40,056

Security	Shares		Value
Orange Polska SA		10,078	$	33,732
Polska Grupa Energetyczna SA		11,480		70,009
Polski Koncern Naftowy Orlen SA		4,924		71,239
Polskie Gornictwo Naftowe i Gazownictwo SA		27,170		45,875
Powszechna Kasa Oszczednosci Bank Polski SA		13,234		193,439
Powszechny Zaklad Ubezpieczen SA		844		123,212
Synthos SA		8,106		14,358
Tauron Polska Energia SA		16,150		25,772
				1,041,530
RUSSIA — 29.71%
Federal Grid Co. of Unified Energy System OJSCa		4,880,000		9,540
Gazprom OAO		179,860		696,702
LUKOIL OAO		7,762		424,001
Magnit OJSC SP GDRb		3,950		221,200
MegaFon OAO SP GDRb		1,332		38,628
MMC Norilsk Nickel OJSC		836		139,117
Mobile TeleSystems OJSC SP ADR		7,880		135,694
Moscow Exchange MICEX-RTS OJSC		16,120		28,709
NovaTek OAO SP GDRb		1,380		174,708
Rosneft Oil Co. OJSC		17,800		120,835
Rostelecom OJSC		12,240		33,720
RusHydro OJSC		1,728,000		26,904
Sberbank of Russia		163,760		415,418
Severstal OAO		3,040		25,184
Sistema JSFC SP GDRb		1,852		45,837
Surgutneftegas OJSC		107,800		82,045
Tatneft OAO Class S		21,520		126,471
Uralkali OJSC		20,080		91,807
VTB Bank OJSC		79,540,000		93,250
				2,929,770
SOUTH AFRICA — 42.77%
African Bank Investments Ltd.c		20,394		19,365
African Rainbow Minerals Ltd.		1,660		33,844
Anglo American Platinum Ltd.a		1,018		43,547
AngloGold Ashanti Ltd.		6,114		108,457
Aspen Pharmacare Holdings Ltd.		5,202		132,208
Assore Ltd.		530		21,379
Barclays Africa Group Ltd.		5,186		64,013
Barloworld Ltd.		3,372		33,765
Bidvest Group Ltd.		4,520		106,733
Discovery Ltd.		4,324		31,978

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS EMEA ETF

February 28, 2014

Security	Shares		Value
Exxaro Resources Ltd.		2,200	$	29,292
FirstRand Ltd.		47,494		151,081
Foschini Group Ltd. (The)		2,962		24,679
Gold Fields Ltd.		11,354		43,242
Growthpoint Properties Ltd.		27,588		60,355
Harmony Gold Mining Co. Ltd.		5,822		18,829
Impala Platinum Holdings Ltd.		8,280		87,874
Imperial Holdings Ltd.		2,914		45,982
Investec Ltd.		3,828		28,224
Kumba Iron Ore Ltd.		1,230		51,024
Liberty Holdings Ltd.		1,714		19,559
Life Healthcare Group Holdings Ltd.		14,348		50,424
Massmart Holdings Ltd.		1,684		19,048
Mediclinic International Ltd.		5,456		34,143
MMI Holdings Ltd.		16,876		35,962
Mr. Price Group Ltd.		3,674		51,092
MTN Group Ltd.		25,644		470,063
Nampak Ltd.		9,258		31,889
Naspers Ltd. Class N		6,006		726,183
Nedbank Group Ltd.		3,134		61,561
Netcare Ltd.		14,260		29,936
Northam Platinum Ltd.a		4,885		19,200
Pick n Pay Stores Ltd.		3,728		15,666
PPC Ltd.		7,622		20,861
Rand Merchant Insurance Holdings Ltd.		10,526		26,311
Redefine Properties Ltd.		47,238		41,513
Remgro Ltd.		7,250		125,464
Reunert Ltd.		2,730		16,085
RMB Holdings Ltd.		10,860		48,407
Sanlam Ltd.		26,824		132,100
Sappi Ltd.a		8,136		26,093
Sasol Ltd.		8,386		426,313
Shoprite Holdings Ltd.		6,486		85,065
SPAR Group Ltd. (The)		2,674		28,247
Standard Bank Group Ltd.		18,354		210,524
Steinhoff International Holdings Ltd.		20,354		98,343
Tiger Brands Ltd.		2,500		56,890
Truworths International Ltd.		6,790		43,426
Vodacom Group Ltd.		5,624		62,608
Woolworths Holdings Ltd.		11,584		68,889
				4,217,736
TURKEY — 7.96%
Akbank TAS		27,160		70,443
Anadolu Efes Biracilik ve Malt Sanayii AS		3,180		33,597

Security	Shares		Value
Arcelik AS		3,640	$	19,558
BIM Birlesik Magazalar AS		3,260		60,606
Coca-Cola Icecek AS		984		19,052
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		31,596		32,235
Enka Insaat ve Sanayi AS		6,342		19,209
Eregli Demir ve Celik Fabrikalari TAS		21,276		23,346
Ford Otomotiv Sanayi AS		1,072		9,503
Haci Omer Sabanci Holding AS		12,508		44,408
KOC Holding AS		9,686		35,926
Koza Altin Isletmeleri AS		662		5,688
TAV Havalimanlari Holding AS		2,586		18,292
Tofas Turk Otomobil Fabrikasi AS		1,920		9,272
Turk Hava Yollari AO		8,470		25,271
Turk Telekomunikasyon AS		6,988		18,821
Turkcell Iletisim Hizmetleri ASa		11,876		62,035
Turkiye Garanti Bankasi AS		34,684		95,305
Turkiye Halk Bankasi AS		9,574		47,102
Turkiye Is Bankasi AS Class C		23,926		44,372
Turkiye Petrol Rafinerileri AS		1,918		33,831
Turkiye Sise ve Cam Fabrikalari AS		7,574		7,761
Turkiye Vakiflar Bankasi TAO Class D		11,518		17,235
Ulker Biskuvi Sanayi AS		2,102		11,676
Yapi ve Kredi Bankasi AS		13,324		19,997
				784,541
TOTAL COMMON STOCKS
(Cost: $10,512,587)				9,690,492
PREFERRED STOCKS — 1.68%
RUSSIA — 1.68%
AK Transneft OAO		24		54,224
Sberbank of Russia		15,400		32,329
Surgutneftegas OJSC		106,000		79,403
				165,956
TOTAL PREFERRED STOCKS
(Cost: $165,431)				165,956
SHORT-TERM INVESTMENTS — 0.25%
MONEY MARKET FUNDS — 0.25%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%d,e,f		19,202		19,202

16 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS EMEA ETF

February 28, 2014

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%d,e,f		1,006	$	1,006
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		4,445		4,445
				24,653
TOTAL SHORT-TERM INVESTMENTS
(Cost: $24,653)				24,653
TOTAL INVESTMENTS IN SECURITIES — 100.20%
(Cost: $10,702,671)				9,881,101
Other Assets, Less Liabilities — (0.20)%				(19,938	)
NET ASSETS — 100.00%			$	9,861,163

SP ADR	—  Sponsored American Depositary Receipts
SP GDR	—  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited)

iSHARES^® MSCI FRONTIER 100 ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.46%
ARGENTINA — 4.68%
Banco Macro SA SP ADRa		161,226	$	3,772,688
BBVA Banco Frances SA SP ADRa		193,980		1,357,860
Groupo Financiero Galicia SP ADR		366,972		3,732,105
Petrobras Argentina SA Class B SP ADRa		306,552		1,520,498
Telecom Argentina SA SP ADR		367,608		6,223,604
YPF SA SP ADR		334,536		9,002,364
				25,609,119
BANGLADESH — 1.43%
GrameenPhone Ltd.		572,400		1,576,190
Islami Bank Bangladesh Ltd.		3,561,692		1,604,056
Square Pharmaceuticals Ltd.		1,065,305		3,642,174
Titas Gas Transmission & Distribution Co. Ltd.		954,400		993,514
				7,815,934
ESTONIA — 0.28%
Tallink Group AS		1,290,226		1,536,081
				1,536,081
JORDAN — 0.69%
Arab Bank PLC		238,500		3,089,265
Jordan Phosphate Mines Co.		42,612		345,494
Jordan Telecommunications Co. PSC		72,822		335,334
				3,770,093
KAZAKHSTAN — 3.01%
Halyk Savings Bank of Kazakhstan JSC SP GDRb		298,920		2,809,848
KazMunaiGaz Exploration Production JSC SP GDRb		724,404		10,467,638
KCell JSC SP GDRb		214,014		3,167,407
				16,444,893
KENYA — 3.72%
Co-operative Bank of Kenya Ltd. (The)		5,898,900		1,286,226
East African Breweries Ltd.		1,685,442		5,146,983
Equity Bank Ltd.		8,840,400		3,297,894
Kenya Commercial Bank Ltd.		9,603,660		4,860,152
Safaricom Ltd.		42,580,200		5,762,734
				20,353,989
KUWAIT — 20.47%
Agility Public Warehousing Co. KSC		3,181,000		7,685,486

Security	Shares		Value
Burgan Bank SAK		1,592,500	$	3,112,009
Gulf Bank KSCa		6,361,500		8,136,934
Kuwait Finance House		7,952,000		23,733,097
Kuwait Projects Co. Holding KSC		3,182,500		7,576,035
Mabanee Co. SAKC		795,500		3,222,135
Mobile Telecommunications Co. KSC		11,130,000		25,308,936
National Bank of Kuwait SAK		9,540,500		33,219,719
				111,994,351
MAURITIUS — 0.92%
Mauritius Commercial Bank		457,284		3,239,095
State Bank of Mauritius Ltd.		50,790,006		1,777,650
				5,016,745
MOROCCO — 3.69%
Attijariwafa Bank		129,744		4,934,321
Banque Centrale Populaire		66,144		1,565,313
Douja Promotion Groupe Addoha SA		601,974		4,357,207
Maroc Telecom SA		746,982		9,347,356
				20,204,197
NIGERIA — 11.59%
Access Bank PLC		48,881,636		2,281,835
Afriland Properties PLCa		7,291		97
Dangote Cement PLC		2,849,236		4,145,600
FBN Holdings PLC		69,843,648		5,606,122
Guaranty Trust Bank PLC		62,463,392		9,618,491
Guinness Nigeria PLC		2,808,102		3,369,041
Lafarge Cement WAPCO Nigeria PLC		4,476,698		2,864,327
Nestle Nigeria PLC		1,295,250		8,637,618
Nigerian Breweries PLC		15,957,480		14,704,680
Union Bank of Nigeria PLCa		9,670,572		539,371
United Bank for Africa PLC		69,940,046		3,324,219
Zenith Bank PLC		66,783,718		8,299,886
				63,391,287
OMAN — 3.43%
Ahli Bank SAOG		1,737,234		861,849
BankMuscat SAOG		3,639,510		6,428,225
HSBC Bank Oman SAOG		4,261,200		1,726,616
National Bank of Oman SAOG		998,520		866,248
Oman Cement Co. SAOG		652,854		1,417,626
Oman Telecommunications Co. SAOG		947,004		3,911,004
Omani Qatari Telecommunications Co. SAOG		1,113,636		1,851,239

18 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRONTIER 100 ETF

February 28, 2014

Security	Shares		Value
Raysut Cement Co.		302,736	$	1,729,920
				18,792,727
PAKISTAN — 4.07%
Engro Corp. Ltd.a		636,000		1,144,430
Fauji Fertilizer Co. Ltd.		2,512,250		2,606,015
Hub Power Co. Ltd. (The)		1,908,030		993,714
MCB Bank Ltd.		1,939,879		4,972,911
National Bank of Pakistan		2,226,126		1,202,038
Oil & Gas Development Co. Ltd.		2,766,600		6,922,105
Pakistan Oilfields Ltd.		318,000		1,513,740
Pakistan Petroleum Ltd.		636,150		1,321,423
United Bank Ltd.		1,272,067		1,616,657
				22,293,033
QATAR — 18.91%
Al Khalij Commercial Bank		376,830		2,193,790
Barwa Real Estate Co.		416,898		3,697,823
Commercial Bank of Qatar QSC (The)		215,286		4,605,396
Doha Bank QSC		274,434		5,049,245
Industries Qatar QSC		311,322		16,756,357
Masraf Al Rayan QSC		1,560,426		16,690,308
Ooredoo QSC		339,624		13,989,537
Qatar Electricity & Water Co. QSC		117,882		5,632,620
Qatar Gas Transport Co. Ltd.		589,890		3,523,255
Qatar Islamic Bank SAQ		213,060		4,429,060
Qatar National Bank		356,478		19,088,907
Qatar Navigation QSC		120,204		3,020,325
Vodafone Qatar QSCa		1,428,774		4,755,322
				103,431,945
ROMANIA — 1.57%
Banca Transilvaniaa		6,145,986		3,299,276
BRD-Groupe Societe Generale SAa		398,136		1,068,633
OMV Petrom SA		14,628,000		2,037,182
Societatea Nationala de Gaze Naturale ROMGAZ SAa		212,742		2,179,660
				8,584,751
SLOVENIA — 0.13%
Telekom Slovenije DD		3,816		703,871
				703,871
SRI LANKA — 1.30%
Commercial Bank of Ceylon PLC		2,091,168		1,839,620
John Keells Holdings PLC		3,126,576		5,278,526
				7,118,146

Security	Shares		Value
UNITED ARAB EMIRATES — 17.41%
Abu Dhabi Commercial Bank PJSC		4,742,652	$	9,425,908
Arabtec Holding Co.a		6,515,502		8,550,155
Dana Gas PJSCa		14,081,676		3,335,436
DP World Ltd.		703,098		12,831,539
Dubai Financial Market PJSCa		8,470,884		7,472,275
Dubai Islamic Bank PJSC		2,559,582		4,285,714
Emaar Properties PJSC		12,671,028		31,392,963
First Gulf Bank PJSC		1,390,932		8,444,809
National Bank of Abu Dhabi PJSC		2,346,840		9,488,313
				95,227,112
VIETNAM — 2.16%
Bank for Foreign Trade of Vietnam JSC		782,280		1,134,491
Bao Viet Holdings		238,500		530,126
Masan Group Corp.a		1,011,240		4,888,459
Petrovietnam Fertilizer & Chemicals JSC		661,440		1,416,924
Saigon Thuong Tin Commercial JSB		814,076		821,792
Vingroup JSCa		829,978		3,009,162
				11,800,954
TOTAL COMMON STOCKS
(Cost: $497,096,201)				544,089,228
SHORT-TERM INVESTMENTS — 0.23%
MONEY MARKET FUNDS — 0.23%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,266,706		1,266,706
				1,266,706
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,266,706)				1,266,706
TOTAL INVESTMENTS IN SECURITIES — 99.69%
(Cost: $498,362,907)				545,355,934
Other Assets, Less Liabilities — 0.31%				1,677,419
NET ASSETS — 100.00%			$	547,033,353

SP ADR	—  Sponsored American Depositary Receipts
SP GDR	—  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.36%
AUSTRALIA — 3.17%
AGL Energy Ltd.		2,800	$	39,212
ALS Ltd.		2,180		14,806
Amcor Ltd.		6,320		57,177
AMP Ltd.		12,460		53,854
APA Group		4,900		29,290
Asciano Ltd.		5,960		28,747
ASX Ltd.		1,203		40,434
Aurizon Holdings Ltd.		10,120		46,094
Australia and New Zealand Banking Group Ltd.		11,460		329,595
Bendigo and Adelaide Bank Ltd.		2,440		24,302
BHP Billiton Ltd.		13,960		479,447
Brambles Ltd.		7,460		62,550
CFS Retail Property Trust Group		16,440		28,981
Coca-Cola Amatil Ltd.		3,080		31,144
Cochlear Ltd.		300		15,383
Commonwealth Bank of Australia		6,720		448,960
Computershare Ltd.		2,860		30,379
Crown Resorts Ltd.		2,960		45,771
CSL Ltd.		2,260		146,014
Dexus Property Group		37,620		36,021
Fortescue Metals Group Ltd.		7,991		38,900
Goodman Group		10,200		43,812
GPT Group		11,960		39,813
Iluka Resources Ltd.		2,000		16,805
Incitec Pivot Ltd.		8,840		24,839
Insurance Australia Group Ltd.		10,740		52,186
James Hardie Industries SE		3,080		39,964
Lend Lease Group		4,220		42,596
Macquarie Group Ltd.		1,430		72,005
Mirvac Group		27,120		42,834
National Australia Bank Ltd.		9,840		305,897
Newcrest Mining Ltd.		5,260		53,376
Orica Ltd.		1,900		41,043
Origin Energy Ltd.		5,140		66,417
QBE Insurance Group Ltd.		6,840		78,468
Ramsay Health Care Ltd.		820		35,405
Rio Tinto Ltd.		2,080		124,408
Santos Ltd.		4,520		55,170
Sonic Healthcare Ltd.		2,120		32,952
SP AusNet		6,280		7,446
Stockland Corp. Ltd.		12,840		44,351
Suncorp Group Ltd.		5,600		60,836

Security	Shares		Value
Sydney Airport		2,520	$	9,155
Tatts Group Ltd.		9,880		25,816
Telstra Corp. Ltd.		17,900		80,890
Toll Holdings Ltd.		3,940		18,757
Transurban Group		7,000		44,286
Wesfarmers Ltd.		4,502		173,029
Westfield Group		10,580		97,231
Westfield Retail Trust		18,420		51,263
Westpac Banking Corp.		12,940		387,561
Woodside Petroleum Ltd.		2,860		97,124
Woolworths Ltd.		5,540		178,816
				4,471,612
AUSTRIA — 0.15%
Andritz AG		580		36,477
Erste Group Bank AG		1,640		58,235
IMMOFINANZ AGa		10,160		51,499
OMV AG		940		42,804
Telekom Austria AG		2,020		19,683
				208,698
BELGIUM — 0.48%
Ageas		1,400		64,283
Anheuser-Busch InBev NV		3,440		360,850
Belgacom SA		480		14,489
Colruyt SA		420		23,334
Groupe Bruxelles Lambert SA		340		33,468
KBC Groep NV		1,280		81,287
Solvay SA		280		43,467
UCB SA		420		33,732
Umicore SA		540		26,566
				681,476
CANADA — 4.02%
Agnico-Eagle Mines Ltd.		1,280		41,084
Agrium Inc.		700		64,495
Alimentation Couche-Tard Inc. Class B		700		55,180
ARC Resources Ltd.		1,420		38,317
Athabasca Oil Corp.a		2,000		15,448
Bank of Montreal		2,560		168,686
Bank of Nova Scotia		5,380		307,748
Barrick Gold Corp.		5,800		118,206
Baytex Energy Corp.		660		24,070
BCE Inc.		860		37,525
BlackBerry Ltd.a,b		2,080		20,763
Brookfield Asset Management Inc. Class A		3,740		151,600

20 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
Brookfield Office Properties Inc.		2,020	$	38,577
Cameco Corp.		1,920		46,502
Canadian Imperial Bank of Commerce		1,580		132,286
Canadian National Railway Co.		3,760		212,499
Canadian Natural Resources Ltd.		4,800		175,704
Canadian Oil Sands Ltd.		2,280		43,481
Canadian Pacific Railway Ltd.		920		144,406
Canadian Tire Corp. Ltd. Class A NVS		380		34,277
Canadian Utilities Ltd. Class A		640		22,658
Catamaran Corp.a		980		44,142
Cenovus Energy Inc.		3,360		88,967
CGI Group Inc. Class Aa		1,200		39,210
CI Financial Corp.		1,080		33,455
Crescent Point Energy Corp.		1,580		55,467
Eldorado Gold Corp.		2,167		14,389
Enbridge Inc.		3,260		137,827
Encana Corp.		3,420		64,881
Finning International Inc.		1,060		28,881
First Quantum Minerals Ltd.		2,440		47,347
Fortis Inc.		1,060		29,331
Franco-Nevada Corp.		1,300		66,459
George Weston Ltd.		340		24,701
Gildan Activewear Inc.		580		29,745
Goldcorp Inc.		4,300		115,643
Great-West Lifeco Inc.		940		26,155
Husky Energy Inc.		1,560		47,450
IGM Financial Inc.		580		28,289
Imperial Oil Ltd.		1,320		59,409
Intact Financial Corp.		560		33,698
Inter Pipeline Ltd.		190		5,141
Loblaw Companies Ltd.b		680		28,067
Magna International Inc. Class A		940		83,704
Manulife Financial Corp.		7,700		146,147
MEG Energy Corp.a		720		22,193
Metro Inc. Class A		640		35,777
National Bank of Canada		1,440		57,811
Onex Corp.		560		29,848
Open Text Corp.		640		32,643
Pembina Pipeline Corp.		1,420		51,197
Pengrowth Energy Corp.		3,740		25,205
Potash Corp. of Saskatchewan Inc.		3,740		123,659
Power Corp. of Canada		1,360		37,214
Power Financial Corp.		720		22,668
RioCan Real Estate Investment Trust		1,340		31,789
Rogers Communications Inc. Class B		1,600		61,864
Royal Bank of Canada		5,940		386,091

Security	Shares		Value
Saputo Inc.		720	$	35,540
Shaw Communications Inc. Class B		1,706		39,469
Shoppers Drug Mart Corp.		1,102		60,030
Silver Wheaton Corp.		2,600		66,353
SNC-Lavalin Group Inc.		820		36,572
Sun Life Financial Inc.		2,500		86,589
Suncor Energy Inc.		6,700		221,104
Talisman Energy Inc.		4,580		47,167
Teck Resources Ltd. Class B		2,753		61,255
TELUS Corp. NVS		64		2,268
Thomson Reuters Corp.		1,520		52,179
Tim Hortons Inc.		880		47,707
Toronto-Dominion Bank (The)		7,720		349,822
Tourmaline Oil Corp.a		740		33,900
TransAlta Corp.		1,500		17,277
TransCanada Corp.		2,960		130,331
Valeant Pharmaceuticals International Inc.a		1,457		208,043
Vermilion Energy Inc.		600		33,877
Yamana Gold Inc.		3,580		35,834
				5,655,293
DENMARK — 0.58%
Carlsberg A/S Class B		600		63,352
Coloplast A/S Class B		1,020		85,971
Danske Bank A/Sa		3,460		91,701
DSV A/S		1,680		53,854
Novo Nordisk A/S Class B		8,900		424,484
Novozymes A/S Class B		1,380		64,235
William Demant Holding A/Sa		380		34,230
				817,827
FINLAND — 0.38%
Elisa OYJ		780		21,848
Fortum OYJ		1,940		45,979
Kone OYJ Class B		1,560		63,582
Metso OYJ		720		23,329
Nokia OYJa		16,580		127,894
Nokian Renkaat OYJ		460		20,648
Sampo OYJ Class A		1,900		96,334
Stora Enso OYJ Class R		3,240		36,940
UPM-Kymmene OYJ		2,660		48,348
Wartsila OYJ Abp		880		52,056
				536,958
FRANCE — 4.14%
Accor SA		800		40,910
Airbus Group NV		2,600		191,723

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
Alcatel-Lucenta		16,420	$	71,664
ArcelorMittal		4,940		78,224
Arkema SA		320		34,827
Atos SA		340		33,083
AXA SA		7,420		194,100
BNP Paribas SA		4,520		371,197
Bouygues SA		920		37,116
Bureau Veritas SA		1,280		35,340
Cap Gemini SA		740		57,981
Carrefour SA		2,740		101,118
Casino Guichard-Perrachon SA		320		36,392
Christian Dior SA		220		43,542
Compagnie de Saint-Gobain		1,800		108,144
Compagnie Generale des Etablissements Michelin Class B		700		85,630
Credit Agricole SAa		4,520		71,917
Danone		2,520		178,132
Dassault Systemes SA		320		36,807
Edenred SA		880		28,319
Electricite de France		980		39,002
Essilor International SA		900		94,048
Eutelsat Communications SA		760		24,809
GDF Suez		6,020		154,567
Groupe Eurotunnel SA Registered		3,180		38,237
Iliad SA		120		29,286
Kering		320		65,676
Klepierre		780		35,594
L’Air Liquide SA		1,340		184,630
L’Oreal SA		1,040		176,318
Lafarge SA		940		70,717
Lagardere SCA		600		24,111
Legrand SA		1,260		78,189
LVMH Moet Hennessy Louis Vuitton SA		1,060		197,423
Orange		8,360		104,714
Pernod Ricard SA		960		113,086
Publicis Groupe SA		840		79,819
Renault SA		720		71,808
Safran SA		1,140		80,316
Sanofi		5,180		538,938
Schneider Electric SA		2,399		214,541
SCOR SE		880		30,847
SES SA Class A FDR		1,260		43,941
Societe BIC SA		200		25,656
Societe Generale		3,020		201,776
Sodexo		500		53,381
STMicroelectronics NV		3,140		28,489

Security	Shares		Value
Suez Environnement SA		1,420	$	28,399
Technip SA		460		45,229
Thales SA		620		41,189
Total SA		8,980		583,301
Unibail-Rodamco SE		480		126,558
Vallourec SA		500		26,891
Veolia Environnement		1,580		29,918
Vinci SA		2,060		154,009
Vivendi SA		5,460		156,214
				5,827,793
GERMANY — 3.73%
Adidas AG		980		114,238
Allianz SE Registered		2,040		365,436
BASF SE		4,040		465,471
Bayer AG Registered		3,580		508,791
Bayerische Motoren Werke AG		1,400		162,810
Beiersdorf AG		540		55,213
Brenntag AG		360		67,000
Commerzbank AGa		5,020		91,105
Continental AG		500		121,783
Daimler AG Registered		4,100		382,347
Deutsche Bank AG Registered		4,560		221,943
Deutsche Boerse AG		980		80,454
Deutsche Post AG Registered		4,580		172,121
Deutsche Telekom AG Registered		12,500		212,266
E.ON SE		7,980		152,318
Fresenius Medical Care AG & Co. KGaA		1,000		69,209
Fresenius SE & Co. KGaA		600		93,310
GEA Group AG		1,220		59,211
Hannover Rueck SE Registered		400		34,087
HeidelbergCement AG		800		65,986
Henkel AG & Co. KGaA		640		64,784
Infineon Technologies AG		5,400		61,306
Kabel Deutschland Holding AG		280		39,813
Lanxess AG		480		35,654
Linde AG		880		182,494
MAN SE		260		33,576
Merck KGaA		300		52,622
METRO AG		740		30,707
Muenchener Rueckversicherungs-Gesellschaft AG Registered		840		184,060
Osram Licht AGa		860		58,505
QIAGEN NVa		1,460		32,939
RWE AG		2,360		94,575

22 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
SAP AG		4,060	$	328,149
Siemens AG Registered		3,640		486,450
ThyssenKrupp AGa		2,160		58,950
Volkswagen AG		80		20,452
				5,260,135
HONG KONG — 1.17%
AIA Group Ltd.		72,000		352,066
Bank of East Asia Ltd. (The)		20,000		82,850
BOC Hong Kong (Holdings) Ltd.		30,000		91,031
CLP Holdings Ltd.		20,000		156,036
Hang Seng Bank Ltd.		10,000		162,091
Hong Kong and China Gas Co. Ltd. (The)		60,240		129,778
Hong Kong Exchanges and Clearing Ltd.		4,500		69,810
Li & Fung Ltd.		40,000		52,364
Link REIT (The)		20,000		92,900
Michael Kors Holdings Ltd.a		860		84,306
MTR Corp. Ltd.		30,000		108,813
New World Development Co. Ltd.		40,000		51,745
Sands China Ltd.		16,000		133,796
Wynn Macau Ltd.		16,000		77,103
				1,644,689
IRELAND — 0.13%
Bank of Irelanda		33,953		18,242
CRH PLC		3,400		100,727
Kerry Group PLC Class A		880		66,520
				185,489
ISRAEL — 0.18%
Bank Hapoalim BM		10,000		54,333
Teva Pharmaceutical Industries Ltd.		4,080		198,049
				252,382
ITALY — 0.95%
Assicurazioni Generali SpA		5,440		122,394
Atlantia SpA		2,120		53,759
Banca Monte dei Paschi di Siena SpAa		73,520		18,674
CNH Industrial NVa		4,140		45,572
Enel Green Power SpA		9,680		27,194
Enel SpA		28,600		146,943
Eni SpA		10,880		262,671
Fiat SpAa		4,000		41,904
Intesa Sanpaolo SpA		54,940		170,427
Luxottica Group SpA		980		54,398
Saipem SpA		1,360		32,007
Snam SpA		9,340		53,199

Security	Shares		Value
Telecom Italia SpA		42,473	$	48,308
Telecom Italia SpA RNC		23,020		20,189
Tenaris SA		2,240		46,995
Terna SpA		7,320		37,407
UniCredit SpA		19,760		157,336
				1,339,377
JAPAN — 8.16%
AEON Co. Ltd.		6,000		73,130
Asahi Group Holdings Ltd.		4,000		111,772
Astellas Pharma Inc.		4,000		258,424
Bridgestone Corp.		4,000		143,712
Canon Inc.		6,000		185,882
Chubu Electric Power Co. Inc.		4,000		49,224
Chugai Pharmaceutical Co. Ltd.		4,000		101,817
Chugoku Electric Power Co. Inc. (The)		4,000		56,552
Dai-ichi Life Insurance Co. Ltd. (The)		6,000		87,238
Daiichi Sankyo Co. Ltd.		6,000		102,993
Daiwa Securities Group Inc.		3,000		26,924
Denso Corp.		4,000		213,197
East Japan Railway Co.		2,000		155,626
FANUC Corp.		500		86,489
Fuji Heavy Industries Ltd.		4,000		107,892
FUJIFILM Holdings Corp.		4,000		114,594
Hakuhodo DY Holdings Inc.		10,000		74,462
Hitachi Ltd.		20,000		157,351
Honda Motor Co. Ltd.		10,000		357,321
Hoya Corp.		4,000		118,199
INPEX Corp.		6,000		75,834
ITOCHU Corp.		12,000		148,611
Japan Retail Fund Investment Corp.		40		78,695
Japan Tobacco Inc.		6,000		189,997
JFE Holdings Inc.		4,000		81,125
JTEKT Corp.		4,000		66,271
JX Holdings Inc.		20,000		103,268
Kansai Electric Power Co. Inc. (The)a		4,000		44,442
Kao Corp.		4,000		136,972
KDDI Corp.		4,000		243,022
Kobe Steel Ltd.a		40,000		54,475
Komatsu Ltd.		6,000		125,273
Kuraray Co. Ltd.		6,000		66,899
Kyocera Corp.		2,000		89,962
Kyushu Electric Power Co. Inc.a		4,000		51,183
Marui Group Co. Ltd.		4,000		32,803
Mazda Motor Corp.a		20,000		95,821
Mitsubishi Chemical Holdings Corp.		10,000		44,971

SCHEDULESOF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
Mitsubishi Corp.		10,000	$	190,761
Mitsubishi Electric Corp.		4,000		47,225
Mitsubishi Estate Co. Ltd.		4,000		94,175
Mitsubishi Heavy Industries Ltd.		20,000		122,471
Mitsubishi Motors Corp.a		4,000		44,129
Mitsubishi UFJ Financial Group Inc.		72,000		414,089
Mitsubishi UFJ Lease & Finance Co. Ltd.		14,000		71,190
Mitsui & Co. Ltd.		12,100		185,415
Mizuho Financial Group Inc.		146,100		299,171
MS&AD Insurance Group Holdings Inc.		4,000		94,371
Murata Manufacturing Co. Ltd.		400		37,980
NEC Corp.		15,000		50,409
Nikon Corp.		4,000		73,012
Nippon Steel & Sumitomo Metal Corp.		40,470		117,764
Nippon Telegraph and Telephone Corp.		2,000		111,713
Nissan Motor Co. Ltd.		18,000		160,662
NKSJ Holdings Inc.		4,000		100,681
Nomura Holdings Inc.		22,000		148,082
NTT DOCOMO Inc.		12,000		199,990
Olympus Corp.a		2,000		69,172
Omron Corp.		2,000		83,770
ORIX Corp.		8,000		117,572
Otsuka Holdings Co. Ltd.		4,000		122,393
Panasonic Corp.		14,000		175,026
Rakuten Inc.		6,000		85,769
Resona Holdings Inc.		22,000		114,241
Ricoh Co. Ltd.		5,700		71,316
Sekisui House Ltd.		3,800		47,433
Seven & I Holdings Co. Ltd.		6,000		224,151
Seven Bank Ltd.		20,100		73,259
Shin-Etsu Chemical Co. Ltd.		4,000		225,660
Shionogi & Co. Ltd.		4,000		86,220
Shiseido Co. Ltd.		4,000		70,622
SoftBank Corp.		4,000		300,514
Sojitz Corp.		22,000		38,799
Sony Corp.		6,000		104,639
Sumitomo Corp.		8,000		105,188
Sumitomo Electric Industries Ltd.		8,000		121,961
Sumitomo Mitsui Financial Group Inc.		8,000		355,852
Sumitomo Mitsui Trust Holdings Inc.		20,000		93,470
Suzuki Motor Corp.		4,000		107,030
T&D Holdings Inc.		6,000		73,247
Takeda Pharmaceutical Co. Ltd.		6,000		286,406
Tohoku Electric Power Co. Inc.a		4,000		46,794
Tokio Marine Holdings Inc.		4,000		118,042

Security	Shares		Value
Tokyo Electric Power Co. Inc.a		8,000	$	37,153
Tokyu Fudosan Holdings Corp.a		6,000		47,088
Toshiba Corp.		20,000		86,220
Toyota Motor Corp.		14,000		800,921
USS Co. Ltd.		4,000		53,730
Yahoo! Japan Corp.		14,100		89,105
Yamato Holdings Co. Ltd.		6,000		123,862
Yokogawa Electric Corp.		4,000		62,117
				11,494,455
NETHERLANDS — 1.08%
AEGON NV		8,320		75,026
Akzo Nobel NV		1,080		89,514
ASML Holding NV		1,520		132,364
Corio NV		500		23,486
Fugro NV CVA		320		18,611
Gemalto NVb		380		42,774
Heineken Holding NV		480		31,069
Heineken NV		980		66,309
ING Groep NV CVAa		16,940		247,303
Koninklijke Ahold NV		4,520		84,371
Koninklijke DSM NV		701		44,822
Koninklijke KPN NVa		14,231		50,809
Koninklijke Philips NV		4,620		161,820
Koninklijke Vopak NV		360		21,102
Randstad Holding NV		600		37,826
Reed Elsevier NV		2,960		64,921
TNT Express NV		1,641		15,990
Unilever NV CVA		6,800		269,827
Wolters Kluwer NV		1,320		38,158
				1,516,102
NEW ZEALAND — 0.05%
Fletcher Building Ltd.		4,880		38,626
Telecom Corp. of New Zealand Ltd.		12,220		25,670
				64,296
NORWAY — 0.35%
DNB ASA		5,060		91,977
Norsk Hydro ASA		6,220		30,835
Orkla ASA		5,060		40,034
Seadrill Ltd.		1,920		70,954
Statoil ASA		4,620		122,151
Subsea 7 SA		1,400		26,757
Telenor ASA		3,060		67,728
Yara International ASA		900		36,565
				487,001

24 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
PORTUGAL — 0.09%
Energias de Portugal SA		12,340	$	53,516
Galp Energia SGPS SA Class B		2,080		34,991
Jeronimo Martins SGPS SA		1,360		23,132
Portugal Telecom SGPS SA Registered		3,340		14,997
				126,636
SINGAPORE — 0.52%
Ascendas REIT		40,000		68,209
CapitaLand Ltd.		40,000		89,997
CapitaMall Trust Management Ltd.		60,000		89,998
Genting Singapore PLC		80,000		84,945
Global Logistic Properties Ltd.		40,000		89,366
Golden Agri-Resources Ltd.		100,000		43,815
Hutchison Port Holdings Trust		80,000		50,000
Noble Group Ltd.		60,000		48,788
Singapore Telecommunications Ltd.		60,000		170,522
				735,640
SPAIN — 1.50%
Abertis Infraestructuras SA		2,805		65,938
Actividades de Construcciones y Servicios SA		873		31,403
Amadeus IT Holding SA Class A		1,900		83,620
Banco Bilbao Vizcaya Argentaria SA		25,633		318,450
Banco de Sabadell SA		17,705		58,541
Banco Popular Espanol SA		7,030		50,722
Banco Santander SA		51,067		463,108
Bankia SAa		19,079		40,080
CaixaBank SA		7,285		45,982
Distribuidora Internacional de Alimentacion SA		3,820		32,817
Enagas SA		236		6,873
Ferrovial SA		3,200		67,621
Gas Natural SDG SA		1,820		46,742
Grifols SA		940		53,619
Iberdrola SA		21,860		145,435
Industria de Diseno Textil SA		920		132,530
International Consolidated Airlines Group SAa		10,800		78,938
Red Electrica Corporacion SA		112		8,724
Repsol SA		4,023		101,154
Telefonica SA		17,080		262,085
Zardoya Otis SA		861		14,912
				2,109,294

Security	Shares		Value
SWEDEN — 1.38%
Alfa Laval AB		1,860	$	50,524
Assa Abloy AB Class B		1,840		93,786
Atlas Copco AB Class A		2,620		73,663
Atlas Copco AB Class B		2,240		59,552
Boliden AB		2,060		32,706
Electrolux AB Class B		1,140		27,033
Elekta AB Class B		1,960		26,085
Getinge AB Class B		1,020		36,751
Hennes & Mauritz AB Class B		4,000		180,591
Hexagon AB Class B		1,160		41,198
Investment AB Kinnevik Class B		1,280		49,736
Investor AB Class B		2,460		87,752
Lundin Petroleum ABa		1,040		20,895
Millicom International Cellular SA SDR		280		29,221
Nordea Bank AB		10,920		156,581
Sandvik AB		4,720		65,911
Scania AB Class B		1,660		51,052
Skandinaviska Enskilda Banken AB Class A		6,320		88,945
Skanska AB Class B		2,240		48,677
SKF AB Class B		2,000		53,609
Svenska Cellulosa AB Class B		2,440		74,164
Svenska Handelsbanken AB Class A		1,980		103,549
Swedbank AB Class A		3,980		112,460
Swedish Match AB		1,060		33,592
Tele2 AB Class B		1,360		16,890
Telefonaktiebolaget LM Ericsson Class B		13,140		170,464
TeliaSonera AB		7,900		60,937
Volvo AB Class B		6,380		96,114
				1,942,438
SWITZERLAND — 3.94%
ABB Ltd. Registereda		9,980		254,825
Actelion Ltd. Registereda		580		61,404
Adecco SA Registereda		720		62,084
Aryzta AGa		700		58,333
Baloise Holding AG Registered		380		48,924
Compagnie Financiere Richemont SA Class A Bearer		2,340		232,725
Credit Suisse Group AG Registered		6,800		213,851
Geberit AG Registered		240		75,368
Givaudan SA Registereda		80		125,341
Holcim Ltd. Registereda		1,180		95,654
Julius Baer Group Ltd.a		1,180		55,222

SCHEDULESOF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
Kuehne & Nagel International AG Registered		300	$	42,779
Nestle SA Registered		13,900		1,051,022
Novartis AG Registered		9,660		805,548
Partners Group Holding AG		160		41,617
Roche Holding AG Genusschein		2,960		912,062
Schindler Holding AG Participation Certificates		240		35,940
Schindler Holding AG Registered		180		27,302
SGS SA Registered		40		98,956
Sonova Holding AG Registereda		260		36,721
Sulzer AG Registered		180		25,443
Swatch Group AG (The) Bearer		200		133,288
Swiss Life Holding AG Registereda		180		44,734
Swiss Prime Site AG Registereda		620		52,019
Swiss Re AGa		1,520		141,853
Swisscom AG Registered		100		59,151
Syngenta AG Registered		440		159,855
Transocean Ltd.		1,520		64,144
UBS AG Registereda		16,340		350,063
Zurich Insurance Group AGa		620		189,703
				5,555,931
UNITED KINGDOM — 8.85%
3i Group PLC		5,980		42,191
Aberdeen Asset Management PLC		5,340		34,955
Admiral Group PLC		940		22,606
Aggreko PLC		1,360		35,555
AMEC PLC		1,580		29,735
Anglo American PLC		6,000		153,944
Antofagasta PLC		1,980		29,880
ARM Holdings PLC		6,360		107,650
ASOS PLCa		152		17,729
Associated British Foods PLC		1,860		93,450
AstraZeneca PLC		4,880		333,996
Aviva PLC		11,680		92,702
Babcock International Group PLC		2,200		54,234
BAE Systems PLC		14,900		102,602
Barclays PLC		62,042		262,116
BG Group PLC		14,620		266,693
BHP Billiton PLC		9,160		296,040
BP PLC		80,260		678,437
British American Tobacco PLC		8,280		450,971
British Land Co. PLC		5,380		62,842
British Sky Broadcasting Group PLC		4,380		68,998
BT Group PLC		32,500		223,198

Security	Shares		Value
Bunzl PLC		2,180	$	57,467
Burberry Group PLC		1,980		51,133
Capita PLC		3,060		58,460
Carnival PLC		920		37,974
Centrica PLC		22,000		117,611
Cobham PLC		7,020		35,093
Coca-Cola HBC AG		520		12,941
Coca-Cola HBC AG SP ADR		300		7,455
Compass Group PLC		8,620		136,441
Croda International PLC		780		33,215
Diageo PLC		10,760		338,734
Experian PLC		4,720		85,507
G4S PLC		6,900		27,451
GKN PLC		5,700		38,754
GlaxoSmithKline PLC		20,400		571,442
Glencore Xstrata PLCa		44,620		246,164
Hammerson PLC		5,500		52,953
HSBC Holdings PLC		80,380		848,236
ICAP PLC		3,200		23,516
IMI PLC		1,680		42,935
Imperial Tobacco Group PLC		4,260		173,980
Inmarsat PLC		2,260		26,304
InterContinental Hotels Group PLC		1,520		49,468
Intertek Group PLC		860		42,387
Intu Properties PLC		4,660		25,357
Investec PLC		3,220		23,997
ITV PLC		18,300		61,919
J Sainsbury PLC		6,740		38,698
Johnson Matthey PLC		1,100		60,133
Kingfisher PLC		10,320		68,141
Land Securities Group PLC		4,520		82,263
Legal & General Group PLC		25,060		100,960
Lloyds Banking Group PLCa		195,140		269,894
London Stock Exchange Group PLC		1,040		35,328
Marks & Spencer Group PLC		6,820		57,547
Meggitt PLC		5,200		43,921
National Grid PLC		14,640		204,740
Next PLC		740		83,523
Nobel Corp. PLC		1,100		34,155
Old Mutual PLC		19,780		65,335
Pearson PLC		3,440		58,399
Petrofac Ltd.		1,220		27,969
Prudential PLC		10,540		239,340
Randgold Resources Ltd.		400		31,821
Reckitt Benckiser Group PLC		2,620		215,760
Reed Elsevier PLC		5,440		83,463

26 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
Resolution Ltd.		4,880	$	30,897
Rexam PLC		4,520		37,397
Rio Tinto PLC		5,780		332,486
Rolls-Royce Holdings PLCa		8,520		142,640
Royal Bank of Scotland Group PLCa		9,200		50,555
Royal Dutch Shell PLC Class A		16,420		599,330
Royal Dutch Shell PLC Class B		11,520		449,246
Royal Mail PLCa		399		4,012
RSA Insurance Group PLC		13,080		21,317
SABMiller PLC		4,120		202,095
Sage Group PLC (The)		6,322		45,737
SEGRO PLC		6,500		38,877
Severn Trent PLC		1,120		34,724
Shire PLC		2,340		130,194
Smith & Nephew PLC		4,180		66,653
Smiths Group PLC		2,160		49,519
SSE PLC		4,043		95,060
Standard Chartered PLC		9,960		211,147
Standard Life PLC		9,920		64,835
Tate & Lyle PLC		2,740		29,480
Tesco PLC		34,560		190,664
Tullow Oil PLC		3,960		53,025
Unilever PLC		5,480		224,173
United Utilities Group PLC		3,080		40,235
Vodafone Group PLC		112,363		468,876
Weir Group PLC (The)		1,140		49,042
Whitbread PLC		1,040		78,203
Wm Morrison Supermarkets PLC		11,480		45,269
Wolseley PLC		1,311		76,369
WPP PLC		5,460		119,684
				12,470,549
UNITED STATES — 54.36%
3M Co.		2,780		374,549
Abbott Laboratories		6,660		264,935
AbbVie Inc.		6,740		343,133
Accenture PLC Class A		2,861		238,464
ACE Ltd.		1,340		131,146
Actavis PLCa		780		172,240
Activision Blizzard Inc.		2,060		39,861
Adobe Systems Inc.a		2,180		149,570
Advance Auto Parts Inc.		340		43,302
AES Corp. (The)		2,940		40,131
Aetna Inc.		1,700		123,607
Affiliated Managers Group Inc.a		400		75,220
Aflac Inc.		1,920		123,034

Security	Shares		Value
AGCO Corp.		560	$	29,389
Agilent Technologies Inc.		1,500		85,395
Air Products and Chemicals Inc.		920		111,614
Airgas Inc.		360		38,808
Akamai Technologies Inc.a		860		52,572
Albemarle Corp.		480		31,675
Alcoa Inc.		5,480		64,335
Alexion Pharmaceuticals Inc.a		880		155,584
Alleghany Corp.a		40		15,420
Allergan Inc.		1,240		157,480
Alliance Data Systems Corp.a,b		260		74,129
Alliant Energy Corp.		660		35,798
Allstate Corp. (The)		1,820		98,753
Altera Corp.		1,520		55,191
Altria Group Inc.		8,500		308,210
Amazon.com Inc.a		1,600		579,360
Ameren Corp.		1,000		40,410
American Capital Agency Corp.		1,520		33,881
American Electric Power Co. Inc.		1,960		98,392
American Express Co.		4,200		383,376
American International Group Inc.		6,080		302,602
American Tower Corp.		1,940		158,052
American Water Works Co. Inc.		940		42,150
Ameriprise Financial Inc.		960		104,630
AmerisourceBergen Corp.		1,140		77,349
AMETEK Inc.		1,340		71,342
Amgen Inc.		3,240		401,825
Amphenol Corp. Class A		740		65,135
Anadarko Petroleum Corp.		2,220		186,835
Analog Devices Inc.		1,383		70,284
Annaly Capital Management Inc.		3,620		40,472
ANSYS Inc.a		500		41,760
Aon PLC		1,280		109,568
Apache Corp.		1,640		130,036
Apple Inc.		3,940		2,073,386
Applied Materials Inc.		5,760		109,210
Arch Capital Group Ltd.a,b		560		31,427
Archer-Daniels-Midland Co.		2,940		119,364
Arrow Electronics Inc.a		540		30,580
Assurant Inc.		400		26,252
AT&T Inc.		22,483		717,882
Autodesk Inc.a		1,080		56,657
Autoliv Inc.		440		42,390
Automatic Data Processing Inc.		2,040		158,671
AutoZone Inc.a,b		140		75,382
Avago Technologies Ltd.		1,220		75,274

SCHEDULESOF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
AvalonBay Communities Inc.		580	$	74,803
Avery Dennison Corp.		640		31,885
Avnet Inc.		700		30,471
Axis Capital Holdings Ltd.		480		21,106
Baker Hughes Inc.		1,860		117,701
Ball Corp.		840		46,670
Bank of America Corp.		46,920		775,588
Bank of New York Mellon Corp. (The)		5,060		161,920
Baxter International Inc.		2,281		158,530
BB&T Corp.		2,740		103,572
Beam Inc.		720		59,731
Becton, Dickinson and Co.		800		92,176
Bed Bath & Beyond Inc.a		1,000		67,820
Berkshire Hathaway Inc. Class Ba		4,540		525,641
Best Buy Co. Inc.		1,117		29,746
Biogen Idec Inc.a		1,060		361,121
BlackRock Inc.c		620		189,001
Boeing Co. (The)		3,100		399,652
BorgWarner Inc.		840		51,618
Boston Properties Inc.		760		85,447
Boston Scientific Corp.a		6,520		85,412
Bristol-Myers Squibb Co.		7,100		381,767
Broadcom Corp. Class A		2,300		68,356
Brown-Forman Corp. Class B NVS		660		55,308
Bunge Ltd.		700		55,727
C.H. Robinson Worldwide Inc.		760		39,414
C.R. Bard Inc.		360		51,898
CA Inc.		1,540		51,590
Cabot Oil & Gas Corp.		2,280		79,800
Calpine Corp.a		1,420		27,051
Cameron International Corp.a		1,080		69,185
Campbell Soup Co.		900		38,979
Capital One Financial Corp.		2,460		180,638
Cardinal Health Inc.		1,440		103,003
CareFusion Corp.a		1,100		44,583
CarMax Inc.a		1,020		49,399
Carnival Corp.		1,580		62,663
Caterpillar Inc.		2,820		273,455
CBRE Group Inc. Class Aa		1,780		49,751
CBS Corp. Class B NVS		2,600		174,408
Celanese Corp. Series A		780		41,644
Celgene Corp.a		1,860		298,995
CenterPoint Energy Inc.		1,880		44,462
CenturyLink Inc.		2,620		81,901
Cerner Corp.a,b		1,360		83,463
CF Industries Holdings Inc.		280		70,252

Security	Shares		Value
Charles Schwab Corp. (The)		5,440	$	144,214
Charter Communications Inc. Class Aa,b		440		55,779
Chesapeake Energy Corp.		2,900		75,139
Chevron Corp.		8,263		952,972
Chipotle Mexican Grill Inc.a		160		90,434
Chubb Corp. (The)		1,057		92,466
Church & Dwight Co. Inc.		620		42,148
Cigna Corp.		1,260		100,283
Cimarex Energy Co.		440		50,912
Cincinnati Financial Corp.		560		26,253
Cintas Corp.		700		42,462
Cisco Systems Inc.		22,980		500,964
CIT Group Inc.		820		39,918
Citigroup Inc.		13,160		639,971
Citrix Systems Inc.a		860		51,643
Clorox Co. (The)		460		40,149
CME Group Inc.		1,380		101,872
CMS Energy Corp.		1,380		39,233
Coach Inc.		1,240		60,524
Cobalt International Energy Inc.a		1,480		28,534
Coca-Cola Co. (The)		16,840		643,288
Coca-Cola Enterprises Inc.		1,460		68,737
Cognizant Technology Solutions Corp. Class Aa		1,340		139,440
Colgate-Palmolive Co.		3,760		236,241
Comcast Corp. Class A		9,460		488,987
Comcast Corp. Class A Special NVS		1,980		98,792
Comerica Inc.		820		39,508
Computer Sciences Corp.		720		45,504
ConAgra Foods Inc.		1,960		55,664
Concho Resources Inc.a		480		58,142
ConocoPhillips		4,722		314,013
CONSOL Energy Inc.		1,060		42,506
Consolidated Edison Inc.		1,160		65,018
Constellation Brands Inc. Class Aa		760		61,583
Continental Resources Inc.a		260		31,075
Core Laboratories NV		220		41,371
Corning Inc.		6,260		120,630
Costco Wholesale Corp.		1,880		219,584
Covidien PLC		2,020		145,339
Cree Inc.a		660		40,544
Crown Castle International Corp.a		1,560		118,404
Crown Holdings Inc.a		840		37,817
CSX Corp.		4,560		126,358
Cummins Inc.		820		119,654

28 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
CVS Caremark Corp.		5,200	$	380,328
D.R. Horton Inc.		1,360		33,402
Danaher Corp.		2,620		200,404
Darden Restaurants Inc.		700		35,742
DaVita HealthCare Partners Inc.a		880		60,482
Deere & Co.		1,620		139,207
Delphi Automotive PLC		1,140		75,890
Denbury Resources Inc.		1,880		30,757
DENTSPLY International Inc.		740		33,581
Devon Energy Corp.		1,600		103,072
Dick’s Sporting Goods Inc.		500		26,835
Digital Realty Trust Inc.b		700		37,912
DIRECTVa		2,460		190,896
Discover Financial Services		2,240		128,531
Discovery Communications Inc. Series Aa		680		56,658
Discovery Communications Inc. Series C NVSa		420		32,395
DISH Network Corp. Class Aa		1,000		58,840
Dollar General Corp.a		1,380		82,662
Dollar Tree Inc.a		1,040		56,961
Dominion Resources Inc.		2,380		165,172
Dover Corp.		900		84,870
Dow Chemical Co. (The)		5,120		249,395
Dr Pepper Snapple Group Inc.		1,040		54,194
DTE Energy Co.		780		55,973
Duke Energy Corp.		2,780		197,046
Duke Realty Corp.		2,480		41,664
Dun & Bradstreet Corp. (The)		280		27,779
E.I. du Pont de Nemours and Co.		3,900		259,818
Eastman Chemical Co.		760		66,447
Eaton Corp. PLC		2,100		156,891
Eaton Vance Corp. NVS		800		30,272
eBay Inc.a		5,060		297,376
Ecolab Inc.		1,320		142,230
Edison International		1,260		65,986
Edwards Lifesciences Corp.a		540		37,670
Electronic Arts Inc.a		1,600		45,744
Eli Lilly and Co.		4,120		245,593
EMC Corp.		9,020		237,857
Emerson Electric Co.		3,160		206,222
Energen Corp.		420		33,785
Energizer Holdings Inc.		280		27,255
Ensco PLC Class A		1,040		54,766
Entergy Corp.		720		45,950
EOG Resources Inc.		1,180		223,516

Security	Shares		Value
EQT Corp.		740	$	75,695
Equifax Inc.		680		47,641
Equinix Inc.a		240		45,590
Equity Residential		1,520		88,874
Estee Lauder Companies Inc. (The) Class A		1,000		68,840
Everest Re Group Ltd.		220		32,833
Exelon Corp.		3,360		102,178
Expedia Inc.		460		36,124
Expeditors International of Washington Inc.		1,040		41,090
Express Scripts Holding Co.a		3,500		263,585
Exxon Mobil Corp.		18,961		1,825,376
F5 Networks Inc.a,b		380		42,689
Facebook Inc. Class Aa		8,039		550,350
Family Dollar Stores Inc.		460		30,130
Fastenal Co.		1,380		65,122
Federal Realty Investment Trust		500		55,655
FedEx Corp.		1,280		170,662
Fidelity National Financial Inc. Class A		820		27,109
Fidelity National Information Services Inc.		1,140		63,395
Fifth Third Bancorp		3,560		77,234
First Republic Bank		460		23,906
FirstEnergy Corp.		1,700		52,326
Fiserv Inc.a		1,280		74,304
Flextronics International Ltd.a		3,460		30,967
FLIR Systems Inc.		880		30,043
Flowserve Corp.		900		73,089
Fluor Corp.		860		66,813
FMC Corp.		740		57,113
FMC Technologies Inc.a		1,060		53,254
Ford Motor Co.		15,940		245,317
Forest Laboratories Inc.a		1,220		119,035
Fossil Group Inc.a		280		32,175
Franklin Resources Inc.		2,100		111,825
Freeport-McMoRan Copper & Gold Inc.		4,682		152,727
Frontier Communications Corp.		4,420		21,570
Gap Inc. (The)		1,380		60,375
Garmin Ltd.		460		24,684
General Dynamics Corp.		1,320		144,593
General Electric Co.		44,860		1,142,584
General Growth Properties Inc.		2,340		51,527
General Mills Inc.		2,740		137,082
General Motors Co.a		4,369		158,158
Genuine Parts Co.		660		58,139

SCHEDULESOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
Gilead Sciences Inc.a,b		6,800	$	562,972
Goldman Sachs Group Inc. (The)		1,940		322,913
Google Inc. Class Aa		1,220		1,483,093
Green Mountain Coffee Roasters Inc.		620		68,064
H&R Block Inc.		1,580		49,991
Halliburton Co.		4,180		238,260
Harley-Davidson Inc.		820		54,169
Harris Corp.		600		44,292
Hartford Financial Services Group Inc. (The)		1,860		65,453
Hasbro Inc.		500		27,580
HCA Holdings Inc.a		1,180		60,416
HCP Inc.		2,260		87,620
Health Care REIT Inc.		1,360		79,886
Helmerich & Payne Inc.		500		49,375
Henry Schein Inc.a		460		54,758
Herbalife Ltd.b		520		34,632
Hershey Co. (The)		740		78,307
Hertz Global Holdings Inc.a		2,120		59,381
Hess Corp.		1,340		107,240
Hewlett-Packard Co.		8,360		249,797
HollyFrontier Corp.		880		40,102
Hologic Inc.a,b		1,380		30,056
Home Depot Inc. (The)		6,128		502,680
Honeywell International Inc.		3,220		304,097
Hormel Foods Corp.		840		39,858
Hospira Inc.a		680		29,430
Host Hotels & Resorts Inc.		5,400		106,218
Humana Inc.		720		80,971
IHS Inc. Class Aa		300		35,964
Illinois Tool Works Inc.		1,920		158,400
Illumina Inc.a,b		600		102,894
Ingersoll-Rand PLC		1,460		89,264
Integrys Energy Group Inc.		480		27,490
Intel Corp.		21,040		520,951
IntercontinentalExchange Group Inc.		546		114,027
International Business Machines Corp.		4,480		829,562
International Flavors & Fragrances Inc.		460		43,143
International Game Technology		1,400		21,126
International Paper Co.		1,880		91,913
Interpublic Group of Companies Inc. (The)		2,220		39,338
Intuit Inc.		1,260		98,469
Intuitive Surgical Inc.a		180		80,069
Invesco Ltd.		2,100		72,030
Iron Mountain Inc.		760		20,672

Security	Shares		Value
J.B. Hunt Transport Services Inc.		520	$	37,372
J.M. Smucker Co. (The)		540		54,005
J.P. Morgan Chase & Co.		16,380		930,712
Jacobs Engineering Group Inc.a		800		48,520
Johnson & Johnson		12,060		1,110,967
Johnson Controls Inc.		2,840		140,296
Joy Global Inc.		560		30,800
Juniper Networks Inc.a		2,400		64,176
Kansas City Southern Industries Inc.		540		50,717
KBR Inc.		860		23,753
Kellogg Co.		1,060		64,331
KeyCorp		3,860		50,836
Kimberly-Clark Corp.		1,500		165,525
Kimco Realty Corp.		1,780		39,623
Kinder Morgan Inc.		2,820		89,817
Kinder Morgan Management LLCa,b		618		43,136
KLA-Tencor Corp.		840		54,726
Kohl’s Corp.		960		53,942
Kraft Foods Group Inc.		2,480		137,070
Kroger Co. (The)		2,440		102,334
L Brands Inc.		1,060		59,710
L-3 Communications Holdings Inc.		500		57,700
Laboratory Corp. of America Holdingsa,b		440		41,158
Lam Research Corp.a		800		41,384
Las Vegas Sands Corp.		1,820		155,155
Legg Mason Inc.		760		34,930
Leggett & Platt Inc.		760		24,358
Leucadia National Corp.		1,560		43,586
Level 3 Communications Inc.a		800		29,456
Liberty Global PLC Series Aa		1,240		107,322
Liberty Global PLC Series C NVSa,b		661		55,960
Liberty Interactive Corp. Series Aa		2,400		70,080
Liberty Media Corp.a		520		71,323
Liberty Property Trust		1,160		44,382
Lincoln National Corp.		1,340		67,174
Linear Technology Corp.		1,160		54,334
LinkedIn Corp. Class Aa		500		102,020
Lockheed Martin Corp.		1,140		185,022
Loews Corp.		1,200		52,176
Lorillard Inc.		1,740		85,364
Lowe’s Companies Inc.		4,940		247,148
LSI Corp.		3,320		36,819
Lululemon Athletica Inc.a		323		16,250
LyondellBasell Industries NV Class A		1,860		163,829
M&T Bank Corp.		480		55,963
Macerich Co. (The)		860		51,712

30 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
Macy’s Inc.		1,740	$	100,676
Manpowergroup Inc.		540		42,206
Marathon Oil Corp.		2,980		99,830
Marathon Petroleum Corp.		1,500		126,000
Marriott International Inc. Class A		1,300		70,499
Marsh & McLennan Companies Inc.		2,000		96,320
Martin Marietta Materials Inc.		280		34,154
Marvell Technology Group Ltd.		2,400		36,696
Masco Corp.		1,840		42,964
MasterCard Inc. Class A		4,800		373,056
Mattel Inc.		1,400		52,234
Maxim Integrated Products Inc.		1,500		49,065
McCormick & Co. Inc. NVS		680		45,152
McDonald’s Corp.		4,060		386,309
McGraw Hill Financial Inc.		1,180		93,999
McKesson Corp.		1,020		180,591
MDU Resources Group Inc.		1,260		42,790
Mead Johnson Nutrition Co. Class A		900		73,395
MeadWestvaco Corp.		1,160		43,419
Medtronic Inc.		4,220		250,077
Merck & Co. Inc.		12,060		687,300
MetLife Inc.		3,940		199,640
MGM Resorts Internationala		2,100		57,855
Microchip Technology Inc.		1,040		47,372
Micron Technology Inc.a		4,860		117,563
Microsoft Corp.		34,380		1,317,098
Mohawk Industries Inc.a		300		42,459
Molson Coors Brewing Co. Class B NVS		760		43,191
Mondelez International Inc. Class A		7,180		244,335
Monsanto Co.		2,300		253,046
Monster Beverage Corp.a		720		53,280
Moody’s Corp.		940		74,260
Morgan Stanley		6,420		197,736
Mosaic Co. (The)		1,340		65,472
Motorola Solutions Inc.		1,124		74,409
Murphy Oil Corp.		860		51,058
Mylan Inc.a		1,740		96,692
Nabors Industries Ltd.		1,400		32,228
NASDAQ OMX Group Inc. (The)		700		26,873
National Oilwell Varco Inc.		1,800		138,672
NetApp Inc.		1,600		64,656
Netflix Inc.a		240		106,951
New York Community Bancorp Inc.		1,640		26,207
Newell Rubbermaid Inc.		1,300		41,743
News Corp. Class A NVSa		1,703		31,216

Security	Shares		Value
NextEra Energy Inc.		1,720	$	157,191
Nielsen Holdings NV		1,100		52,074
Nike Inc. Class B		3,200		250,560
NiSource Inc.		1,460		50,837
Noble Energy Inc.		1,560		107,266
Nordstrom Inc.		700		43,036
Norfolk Southern Corp.		1,400		128,674
Northeast Utilities		1,380		61,341
Northern Trust Corp.		1,000		61,850
Northrop Grumman Corp.		920		111,348
NRG Energy Inc.		1,260		36,628
Nuance Communications Inc.a,b		520		7,951
Nucor Corp.		1,400		70,336
NVIDIA Corp.		2,920		53,670
O’Reilly Automotive Inc.a		520		78,442
Occidental Petroleum Corp.		3,580		345,542
Omnicare Inc.		620		36,518
Omnicom Group Inc.		1,140		86,275
ONEOK Inc.		931		55,059
Oracle Corp.		15,260		596,819
Owens-Illinois Inc.a		900		30,528
PACCAR Inc.		1,580		104,027
Pall Corp.		640		55,040
Parker Hannifin Corp.		720		86,796
PartnerRe Ltd.		240		23,731
Patterson Companies Inc.		560		23,050
Paychex Inc.		1,520		63,475
Pentair Ltd. Registered		1,020		82,426
People’s United Financial Inc.		1,720		24,372
Pepco Holdings Inc.		1,360		27,730
PepsiCo Inc.		6,360		509,245
Perrigo Co. PLC		582		95,704
PetSmart Inc.		520		34,871
Pfizer Inc.		27,940		897,154
PG&E Corp.		1,580		69,615
Philip Morris International Inc.		6,840		553,425
Phillips 66		2,600		194,636
Pinnacle West Capital Corp.		620		34,503
Pioneer Natural Resources Co.		660		132,779
Plum Creek Timber Co. Inc.		1,100		47,619
PNC Financial Services Group Inc. (The)c		2,180		178,280
PPG Industries Inc.		700		138,474
PPL Corp.		2,080		67,163
Praxair Inc.		1,140		148,622
Precision Castparts Corp.		660		170,201

SCHEDULESOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
Priceline.com Inc.a		240	$	323,722
Principal Financial Group Inc.		1,340		60,769
Procter & Gamble Co. (The)		11,560		909,310
Progressive Corp. (The)		2,180		53,388
Prologis Inc.		2,560		105,446
Prudential Financial Inc.		2,000		169,160
Public Service Enterprise Group Inc.		2,100		76,986
Public Storage		720		121,680
PulteGroup Inc.		1,800		37,782
PVH Corp.		400		50,572
QEP Resources Inc.		880		25,458
QUALCOMM Inc.		7,244		545,401
Quanta Services Inc.a		1,260		44,365
Quest Diagnostics Inc.		720		38,160
Rackspace Hosting Inc.a		680		25,004
Ralph Lauren Corp.		260		41,881
Range Resources Corp.		720		61,956
Raytheon Co.		1,340		131,199
Realty Income Corp.b		812		36,069
Red Hat Inc.a		900		53,091
Regency Centers Corp.		660		33,508
Regeneron Pharmaceuticals Inc.a		380		126,350
Regions Financial Corp.		6,120		65,117
RenaissanceRe Holdings Ltd.		200		19,102
Republic Services Inc.		1,360		46,390
Reynolds American Inc.		1,480		75,228
Robert Half International Inc.		840		34,390
Rock-Tenn Co. Class A		400		44,648
Rockwell Automation Inc.		680		83,531
Rockwell Collins Inc.		720		59,429
Roper Industries Inc.		540		73,235
Ross Stores Inc.		1,000		72,800
Rowan Companies PLC Class Aa		780		26,021
Royal Caribbean Cruises Ltd.		740		39,168
Safeway Inc.		1,320		49,434
Salesforce.com Inc.a		2,820		175,883
SanDisk Corp.		1,080		80,244
SBA Communications Corp. Class Aa		801		76,231
SCANA Corp.		660		32,670
Schlumberger Ltd.		5,801		539,493
Scripps Networks Interactive Inc. Class A		440		35,746
Seagate Technology PLC		1,580		82,460
SEI Investments Co.		1,080		36,256
Sempra Energy		1,020		96,359
Sherwin-Williams Co. (The)		420		84,202

Security	Shares		Value
Sigma-Aldrich Corp.		620	$	58,534
Simon Property Group Inc.		1,343		216,613
Sirius XM Holdings Inc.a		18,160		65,558
SL Green Realty Corp.		381		37,845
SLM Corp.		2,240		53,626
Southern Co. (The)		3,440		145,684
Southwestern Energy Co.a		1,560		64,490
Spectra Energy Corp.		2,680		99,910
Sprint Corp.a		4,946		43,228
SPX Corp.		240		25,843
St. Jude Medical Inc.		1,380		92,902
Stanley Black & Decker Inc.		760		63,110
Staples Inc.		2,960		40,226
Starbucks Corp.		3,320		235,587
Starwood Hotels & Resorts Worldwide Inc.		960		79,162
State Street Corp.		2,020		132,653
Stericycle Inc.a		440		50,160
Stryker Corp.		1,280		102,707
SunTrust Banks Inc.		2,340		88,171
Superior Energy Services Inc.		820		24,264
Symantec Corp.		3,140		67,447
Synopsys Inc.a		900		36,360
Sysco Corp.		2,320		83,566
T. Rowe Price Group Inc.		1,160		94,157
Target Corp.		2,480		155,099
TD Ameritrade Holding Corp.		1,220		40,785
TE Connectivity Ltd.		1,860		108,959
Teradata Corp.a		960		44,083
Tesla Motors Inc.a,b		400		97,924
Texas Instruments Inc.		4,652		209,154
Textron Inc.		1,460		57,962
Thermo Fisher Scientific Inc.		1,500		186,810
Tiffany & Co.		560		52,220
Time Warner Cable Inc.		1,280		179,648
Time Warner Inc.		3,980		267,177
TJX Companies Inc. (The)		3,100		190,526
Toll Brothers Inc.a		700		27,307
Torchmark Corp.		420		32,554
Total System Services Inc.		1,060		32,288
Tractor Supply Co.		680		47,981
TransDigm Group Inc.		300		53,442
Travelers Companies Inc. (The)		1,543		129,365
Trimble Navigation Ltd.a		1,200		45,780
TRW Automotive Holdings Corp.a		520		42,806
Twenty-First Century Fox Inc. Class A		6,860		230,084

32 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

Security	Shares		Value
Twenty-First Century Fox Inc. Class B		1,700	$	55,301
Tyco International Ltd.		2,240		94,483
Tyson Foods Inc. Class A		1,520		59,964
U.S. Bancorp		7,500		308,550
UDR Inc.		1,760		45,426
Ulta Salon, Cosmetics & Fragrance Inc.a		190		17,041
Union Pacific Corp.		2,020		364,368
United Parcel Service Inc. Class B		2,940		281,564
United Technologies Corp.		3,700		432,974
UnitedHealth Group Inc.		4,260		329,170
Unum Group		1,100		38,258
Urban Outfitters Inc.a		580		21,715
Valero Energy Corp.		2,440		117,071
Varian Medical Systems Inc.a,b		520		43,592
Ventas Inc.		1,540		96,142
VeriSign Inc.a,b		800		44,088
Verisk Analytics Inc. Class Aa		740		47,149
Verizon Communications Inc.		12,120		576,670
Verizon Communications Inc. New		5,146		244,023
Vertex Pharmaceuticals Inc.a		1,040		84,094
VF Corp.		1,680		98,431
Viacom Inc. Class B NVS		1,980		173,705
Visa Inc. Class A		2,301		519,888
VMware Inc. Class Aa		380		36,499
Vornado Realty Trust		840		80,884
Vulcan Materials Co.		620		42,117
W.R. Berkley Corp.		440		18,146
W.W. Grainger Inc.		300		76,506
Wal-Mart Stores Inc.		6,653		496,979
Walgreen Co.		3,920		266,364
Walt Disney Co. (The)		7,180		580,216
Waste Management Inc.		1,820		75,530
Waters Corp.a		380		42,332
Weatherford International Ltd.a,b		3,440		57,345
WellPoint Inc.		1,300		117,767
Wells Fargo & Co.		21,280		987,818
Western Digital Corp.		980		85,250
Western Union Co.		2,700		45,171
Weyerhaeuser Co.		3,732		110,131
Whirlpool Corp.		380		54,959
Whiting Petroleum Corp.a		580		39,852
Whole Foods Market Inc.		1,640		88,642
Williams Companies Inc. (The)		3,000		123,900
Willis Group Holdings PLC		680		27,989
Windstream Holdings Inc.		2,420		19,408

Security	Shares		Value
Wisconsin Energy Corp.		1,080	$	47,477
Wyndham Worldwide Corp.		780		56,846
Wynn Resorts Ltd.		380		92,146
Xcel Energy Inc.		2,040		61,792
Xerox Corp.		5,660		62,203
Xilinx Inc.		1,300		67,860
XL Group PLC		1,260		38,304
Xylem Inc.		1,040		40,924
Yahoo! Inc.a		4,840		187,163
Yum! Brands Inc.		2,000		148,160
Zimmer Holdings Inc.		780		73,195
Zoetis Inc.		1,482		45,972
				76,560,743
TOTAL COMMON STOCKS
(Cost: $130,884,303)				139,944,814
PREFERRED STOCKS — 0.22%
GERMANY — 0.22%
Henkel AG & Co. KGaA		780		87,100
Porsche Automobil Holding SE		640		67,347
Volkswagen AG		620		161,843
				316,290
TOTAL PREFERRED STOCKS
(Cost: $288,089)				316,290
SHORT-TERM INVESTMENTS — 0.66%
MONEY MARKET FUNDS — 0.66%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		745,814		745,814
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		39,099		39,099
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		144,142		144,142
				929,055
TOTAL SHORT-TERM INVESTMENTS
(Cost: $929,055)				929,055

SCHEDULESOF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2014

		Value
TOTAL INVESTMENTS IN SECURITIES — 100.24%
(Cost: $132,101,447)	$	141,190,159
Other Assets, Less Liabilities — (0.24)%		(341,628	)
NET ASSETS — 100.00%	$	140,848,531

FDR  —  Fiduciary Depositary Receipts

NVS  —  Non-Voting Shares

SDR  —  Swedish Depositary Receipts

SP ADR  —  Sponsored American Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

34 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI All Country World Minimum Volatility ETF			iShares MSCI Emerging Markets EMEA ETF			iShares MSCI Frontier 100 ETF
ASSETS
Investments, at cost:
Unaffiliated	$	994,014,707		$	10,678,018		$	497,096,201
Affiliated (Note 2)		29,505,383			24,653			1,266,706
Total cost of investments	$	1,023,520,090		$	10,702,671		$	498,362,907
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,108,264,519		$	9,856,448		$	544,089,228
Affiliated (Note 2)		29,505,383			24,653			1,266,706
Total fair value of investments		1,137,769,902			9,881,101			545,355,934
Foreign currency, at valueb		493,768			9,158			308,533
Receivables:
Investment securities sold		4,443,969			28,716			755
Dividends and interest		3,221,284			166			2,434,941
Capital shares sold		—			—			1,416,503
Total Assets		1,145,928,923			9,919,141			549,516,666
LIABILITIES
Payables:
Investment securities purchased		2,333,466			34,122			1,417,257
Collateral for securities on loan (Note 1)		28,713,434			20,208			—
Deferred foreign capital gains taxes (Note 1)		—			—			749,979
Investment advisory fees (Note 2)		167,552			3,648			316,077
Total Liabilities		31,214,452			57,978			2,483,313
NET ASSETS	$	1,114,714,471		$	9,861,163		$	547,033,353
Net assets consist of:
Paid-in capital	$	1,005,959,212		$	10,937,826		$	502,428,249
Undistributed (distributions in excess of) net investment income		3,145,380			(3,658	)		1,693,975
Accumulated net realized loss		(8,672,275	)		(251,435	)		(3,445,555	)
Net unrealized appreciation (depreciation)		114,282,154			(821,570	)		46,356,684
NET ASSETS	$	1,114,714,471		$	9,861,163		$	547,033,353
Shares outstandingc		17,500,000			200,000			15,900,000
Net asset value per share	$	63.70		$	49.31		$	34.40

^a  Securities on loan with values of $27,835,585, $19,064 and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $490,472, $9,155 and $308,170, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 35

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI World ETF
ASSETS
Investments, at cost:
Unaffiliated	$	130,838,485
Affiliated (Note 2)		1,262,962
Total cost of investments	$	132,101,447
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	139,893,823
Affiliated (Note 2)		1,296,336
Total fair value of investments		141,190,159
Foreign currency, at valueb		157,492
Receivables:
Investment securities sold		372,383
Due from custodian (Note 4)		1,334,484
Dividends and interest		395,164
Total Assets		143,449,682
LIABILITIES
Payables:
Investment securities purchased		1,792,173
Collateral for securities on loan (Note 1)		784,913
Investment advisory fees (Note 2)		24,065
Total Liabilities		2,601,151
NET ASSETS	$	140,848,531
Net assets consist of:
Paid-in capital	$	130,392,861
Undistributed net investment income		705,380
Undistributed net realized gain		657,780
Net unrealized appreciation		9,092,510
NET ASSETS	$	140,848,531
Shares outstandingc		2,000,000
Net asset value per share	$	70.42

^a  Securities on loan with a value of $765,824. See Note 1.

^b  Cost of foreign currency: $155,229.

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

See notes to financial statements.

36 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI All Country World Minimum Volatility ETF			iShares MSCI Emerging Markets EMEA ETF			iShares MSCI Frontier 100 ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	13,841,095		$	67,692		$	4,242,101
Interest — unaffiliated		—			—			3,014
Interest — affiliated (Note 2)		202			1			762
Securities lending income — affiliated (Note 2)		52,230			486			—
Total investment income		13,893,527			68,179			4,245,877
EXPENSES
Investment advisory fees (Note 2)		1,773,559			31,556			1,520,594
Commitment fees (Note 6)		—			—			353
Interest expense (Note 6)		—			—			227
Total expenses		1,773,559			31,556			1,521,174
Less investment advisory fees waived (Note 2)		(715,208	)		(8,817	)		—
Net expenses		1,058,351			22,739			1,521,174
Net investment income		12,835,176			45,440			2,724,703
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		(7,899,337	)		(105,718	)		(1,418,369	)
Investments — affiliated (Note 2)		(31,409	)		—			—
In-kind redemptions — unaffiliated		5,487,166			—			—
In-kind redemptions — affiliated (Note 2)		2,798			—			—
Foreign currency transactions		(124,482	)		(221	)		(213,794	)
Net realized loss		(2,565,264	)		(105,939	)		(1,632,163	)
Net change in unrealized appreciation/depreciation on:
Investmentsc		65,939,638			(66,831	)		47,830,282
Translation of assets and liabilities in foreign currencies		43,544			210			6,115
Net change in unrealized appreciation/depreciation		65,983,182			(66,621	)		47,836,397
Net realized and unrealized gain (loss)		63,417,918			(172,560	)		46,204,234
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	76,253,094		$	(127,120	)	$	48,928,937

^a  Net of foreign withholding tax of $521,781, $10,680 and $438,383, respectively.

^b  Net of foreign capital gains taxes of $  —, $  — and $63,314, respectively.

^c  Net of deferred foreign capital gains taxes of $  —, $  — and $638,193, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 37

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI World ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	1,306,267
Dividends — affiliated (Note 2)		2,312
Interest — affiliated (Note 2)		12
Securities lending income — affiliated (Note 2)		1,227
Total investment income		1,309,818
EXPENSES
Investment advisory fees (Note 2)		114,099
Total expenses		114,099
Net investment income	��	1,195,719
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(193,730	)
In-kind redemptions — unaffiliated		911,279
In-kind redemptions — affiliated (Note 2)		2,215
Foreign currency transactions		(1,715	)
Net realized gain		718,049
Net change in unrealized appreciation/depreciation on:
Investments		9,442,294
Translation of assets and liabilities in foreign currencies		3,998
Net change in unrealized appreciation/depreciation		9,446,292
Net realized and unrealized gain		10,164,341
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,360,060

^a  Net of foreign withholding tax of $29,416.

See notes to financial statements.

38 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI All Country World Minimum Volatility ETF						iShares MSCI Emerging Markets EMEA ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	12,835,176		$	23,353,046		$	45,440		$	162,306
Net realized gain (loss)		(2,565,264	)		15,102,144			(105,939	)		437,250
Net change in unrealized appreciation/depreciation		65,983,182			28,767,070			(66,621	)		(407,972	)
Net increase (decrease) in net assets resulting from operations		76,253,094			67,222,260			(127,120	)		191,584
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(14,311,207	)		(21,734,941	)		(61,483	)		(177,671	)
Total distributions to shareholders		(14,311,207	)		(21,734,941	)		(61,483	)		(177,671	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		81,964,054			492,714,983			5,251,709			—
Cost of shares redeemed		(36,951,070	)		(109,218,290	)		—			(5,559,099	)
Net increase (decrease) in net assets from capital share transactions		45,012,984			383,496,693			5,251,709			(5,559,099	)
INCREASE (DECREASE) IN NET ASSETS		106,954,871			428,984,012			5,063,106			(5,545,186	)
NET ASSETS
Beginning of period		1,007,759,600			578,775,588			4,798,057			10,343,243
End of period	$	1,114,714,471		$	1,007,759,600		$	9,861,163		$	4,798,057
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	3,145,380		$	4,621,411		$	(3,658	)	$	12,385
SHARES ISSUED AND REDEEMED
Shares sold		1,300,000			8,200,000			100,000			—
Shares redeemed		(600,000	)		(1,800,000	)		—			(100,000	)
Net increase (decrease) in shares outstanding		700,000			6,400,000			100,000			(100,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 39

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Frontier 100 ETF						iShares MSCI World ETF
	Six months ended February 28, 2014 (Unaudited)			Period from September 12, 2012a to August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,724,703		$	2,027,213		$	1,195,719		$	313,385
Net realized gain (loss)		(1,632,163	)		(2,074,597	)		718,049			1,592,421
Net change in unrealized appreciation/depreciation		47,836,397			(1,479,713	)		9,446,292			(936,157	)
Net increase (decrease) in net assets resulting from operations		48,928,937			(1,527,097	)		11,360,060			969,649
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(788,946	)		(2,007,790	)		(575,540	)		(292,821	)
Return of capital		—			(180,295	)		—			—
Total distributions to shareholders		(788,946	)		(2,188,085	)		(575,540	)		(292,821	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		218,809,803			294,121,892			112,187,321			24,918,447
Cost of shares redeemed		—			(10,323,151	)		(6,827,567	)		(11,580,026	)
Net increase in net assets from capital share transactions		218,809,803			283,798,741			105,359,754			13,338,421
INCREASE IN NET ASSETS		266,949,794			280,083,559			116,144,274			14,015,249
NET ASSETS
Beginning of period		280,083,559			—			24,704,257			10,689,008
End of period	$	547,033,353		$	280,083,559		$	140,848,531		$	24,704,257
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	1,693,975		$	(241,782	)	$	705,380		$	85,201
SHARES ISSUED AND REDEEMED
Shares sold		6,600,000			9,650,000			1,700,000			400,000
Shares redeemed		—			(350,000	)		(100,000	)		(200,000	)
Net increase in shares outstanding		6,600,000			9,300,000			1,600,000			200,000

^a  Commencement of operations.

See notes to financial statements.

40 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI All Country World Minimum Volatility ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Oct. 18, 2011a to Aug. 31, 2012
Net asset value, beginning of period	$	59.99		$	55.65		$	50.02
Income from investment operations:
Net investment incomeb		0.75			1.68			1.49
Net realized and unrealized gainc		3.81			4.20			4.67
Total from investment operations		4.56			5.88			6.16
Less distributions from:
Net investment income		(0.85	)		(1.54	)		(0.53	)
Total distributions		(0.85	)		(1.54	)		(0.53	)
Net asset value, end of period	$	63.70		$	59.99		$	55.65
Total return		7.63	%d		10.69	%		12.41	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,114,714		$	1,007,760		$	578,776
Ratio of expenses to average net assetse		0.20	%		0.20	%		0.23	%
Ratio of expenses to average net assets prior to waived feese		0.34	%		0.34	%		0.34	%
Ratio of net investment income to average net assetse		2.43	%		2.83	%		3.17	%
Portfolio turnover ratef		13	%		13	%		22	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014, the year ended August 31, 2013 and the period ended August 31, 2012 were 12%, 13% and 22%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 41

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets EMEA ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Jan. 18, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	47.98		$	51.72		$	51.16
Income from investment operations:
Net investment incomeb		0.25			1.26			1.43
Net realized and unrealized gain (loss)c		1.39			(3.22	)		0.02
Total from investment operations		1.64			(1.96	)		1.45
Less distributions from:
Net investment income		(0.31	)		(1.78	)		(0.89	)
Total distributions		(0.31	)		(1.78	)		(0.89	)
Net asset value, end of period	$	49.31		$	47.98		$	51.72
Total return		3.39	%d		(3.95	)%		2.91	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	9,861		$	4,798		$	10,343
Ratio of expenses to average net assetse		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feese		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetse		0.98	%		2.39	%		4.46	%
Portfolio turnover ratef		6	%		8	%		5	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

42 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Frontier 100 ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Period from Sep. 12, 2012a to Aug. 31, 2013
Net asset value, beginning of period	$	30.12		$	25.25
Income from investment operations:
Net investment incomeb		0.23			0.67
Net realized and unrealized gainc		4.12			4.51
Total from investment operations		4.35			5.18
Less distributions from:
Net investment income		(0.07	)		(0.28	)
Return of capital		—			(0.03	)
Total distributions		(0.07	)		(0.31	)
Net asset value, end of period	$	34.40		$	30.12
Total return		14.44	%d		20.54	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	547,033		$	280,084
Ratio of expenses to average net assetse		0.79	%		0.79	%
Ratio of net investment income to average net assetse		1.42	%		2.32	%
Portfolio turnover ratef		7	%		18	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014 and period ended August 31, 2013 were 7% and 10%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 43

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

		iShares MSCI World ETF
	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Jan. 10, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	61.76		$	53.45		$	50.32
Income from investment operations:
Net investment incomeb		0.85			1.40			0.98
Net realized and unrealized gainc		8.19			8.03			2.89
Total from investment operations		9.04			9.43			3.87
Less distributions from:
Net investment income		(0.38	)		(1.12	)		(0.74	)
Total distributions		(0.38	)		(1.12	)		(0.74	)
Net asset value, end of period	$	70.42		$	61.76		$	53.45
Total return		14.67	%d		17.84	%		7.76	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	140,849		$	24,704		$	10,689
Ratio of expenses to average net assetse		0.24	%		0.24	%		0.24	%
Ratio of net investment income to average net assetse		2.52	%		2.34	%		2.91	%
Portfolio turnover ratef		2	%		5	%		3	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

44 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI All Country World Minimum Volatility		Non-diversified
MSCI Emerging Markets EMEA		Non-diversified
MSCI Frontier 100		Non-diversified
MSCI World		Diversified

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

Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

Each Fund invests in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Funds; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in emerging market and frontier market countries.

The United States and the European Union have imposed economic sanctions on certain Russian individuals and a financial institution. The United States or the European Union could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian securities, impairing the ability of the iShares MSCI Emerging Markets EMEA ETF to buy, sell, receive or deliver those securities. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities.

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the

NOTESTO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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.

SECURITY VALUATION

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Open-end U.S. mutual funds 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 based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

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

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

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing

46 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

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

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

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

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2014. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI All Country World Minimum Volatility
Assets:
Common Stocks	$	1,105,398,952	$	—	$	—	$	1,105,398,952
Preferred Stocks		2,865,567		—		—		2,865,567
Money Market Funds		29,505,383		—		—		29,505,383
	$	1,137,769,902	$	—	$	—	$	1,137,769,902
MSCI Emerging Markets EMEA
Assets:
Common Stocks	$	9,690,492	$	—	$	—	$	9,690,492
Preferred Stocks		165,956		—		—		165,956
Money Market Funds		24,653		—		—		24,653
	$	9,881,101	$	—	$	—	$	9,881,101
MSCI Frontier 100
Assets:
Common Stocks	$	544,089,131	$	97	$	—	$	544,089,228
Money Market Funds		1,266,706		—		—		1,266,706
	$	545,355,837	$	97	$	—	$	545,355,934

NOTESTO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI World
Assets:
Common Stocks	$	139,944,814	$	—	$	—	$	139,944,814
Preferred Stocks		316,290		—		—		316,290
Money Market Funds		929,055		—		—		929,055
	$	141,190,159	$	—	$	—	$	141,190,159

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2014 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2014, 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.

48 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

FEDERAL INCOME TAXES

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.

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates.

As of February 28, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2014 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party. 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.

As of February 28, 2014, the following Funds had securities on loan with a market value as disclosed in the Funds’ statements of assets and liabilities:

iShares ETF	Market Value of Securities on Loan
MSCI All Country World Minimum Volatility	$	27,835,585
MSCI Emerging Markets EMEA		19,064
MSCI World		765,824

NOTESTO FINANCIAL STATEMENTS 49

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2014, the value of the related collateral, as disclosed in the Funds’ schedules of investments, exceeded the market value of the securities on loan.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to the iShares MSCI All Country World Minimum Volatility ETF, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net asset of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.35	%	First $30 billion
	0.32		Over $30 billion, up to and including $60 billion
	0.28		Over $60 billion

BFA has voluntarily waived a portion of its investment advisory fees for the iShares MSCI All Country World Minimum Volatility ETF in the amount of $708,818.

BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI All Country World Minimum Volatility ETF through December 31, 2014 in an amount equal to the investment advisory fees payable on the amount of the Fund’s investment in other iShares funds. In association with this agreement, for the six months ended February 28, 2014, BFA waived its investment advisory fees for iShares MSCI All Country World Minimum Volatility ETF in the amount of $6,390.

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

iShares ETF	Investment Advisory Fee
MSCI Emerging Markets EMEA		0.68	%
MSCI Frontier 100		0.79
MSCI World		0.24

BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI Emerging Markets EMEA ETF through December 31, 2014 in order to limit total annual operating expenses to 0.49% 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. Effective January 1, 2014, 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% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral

50 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2014, (i) the iShares MSCI All Country World Minimum Volatility ETF and iShares MSCI World ETF (the “Group 1 Funds”) retain 70% of securities lending income and (ii) the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, each Fund retained 65% of securities lending income and paid no collateral investment fees.

Pursuant to a securities lending agreement effective January 1, 2014, (i) the iShares MSCI Emerging Markets EMEA ETF and iShares MSCI Frontier 100 ETF (the “Group 2 Funds”) retain 75% of securities lending income (commencing January 1, 2015 the amount each Fund will retain is expected to change to 70% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, each Fund retained 65% of securities lending income and paid no collateral investment fees.

For the six months ended February 28, 2014, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
MSCI All Country World Minimum Volatility	$	28,057
MSCI Emerging Markets EMEA		207
MSCI World		650

In addition, commencing the business day following a “Hurdle Date” (the date that the aggregate securities lending income 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 calendar year 2013 or lesser amount as may be agreed to by the Funds and BTC) and pursuant to a securities lending agreement, each Group 1 Fund will (i) receive for the remainder of that calendar year 75% of securities lending income and (ii) the amounts retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will (i) receive for the remainder of that calendar year 80% of securities lending income (for any Hurdle date after January 1, 2015), each Fund will retain 75% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees.

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 trades for the six months ended February 28, 2014, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. 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.

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 “Interest – 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.

NOTESTO FINANCIAL STATEMENTS 51

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Certain Funds, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the Fund’s underlying index.

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended February 28, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Period		Shares Purchased		Shares Sold			Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
MSCI All Country World Minimum Volatility
iShares India 50 ETF		135,154		5,900		(141,054	)		—	$	—	$	—	$	(28,611	)
MSCI World
BlackRock Inc.		124		527		(31	)		620	$	189,001	$	729	$	1,212
PNC Financial Services Group Inc. (The)		436		1,853		(109	)		2,180		178,280		1,583		1,003
										$	367,281	$	2,312	$	2,215

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2014 were as follows:

iShares ETF	Purchases		Sales
MSCI All Country World Minimum Volatility	$	135,070,274	$	136,319,680
MSCI Emerging Markets EMEA		572,852		535,949
MSCI Frontier 100		244,997,578		29,056,143
MSCI World		2,948,093		1,790,696

In-kind transactions (see Note 4) for the six months ended February 28, 2014 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI All Country World Minimum Volatility	$	75,142,920	$	33,770,771
MSCI Emerging Markets EMEA		5,229,082		—
MSCI Frontier 100		1,597,481		—
MSCI World		111,115,950		6,776,669

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 net asset value. 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.

52 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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. INCOME TAX INFORMATION

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 net asset values per share.

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

As of August 31, 2013, the Funds’ fiscal year ended, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI All Country World Minimum Volatility	$	1,844,397
MSCI Emerging Markets EMEA		55,073
MSCI World		18,886

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

As of February 28, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI All Country World Minimum Volatility	$	1,025,786,235	$	133,566,977	$	(21,583,310	)	$	111,983,667
MSCI Emerging Markets EMEA		10,709,686		651,889		(1,480,474	)		(828,585	)
MSCI Frontier 100		500,224,360		64,791,787		(19,660,213	)		45,131,574
MSCI World		132,111,931		10,930,380		(1,852,152	)		9,078,228

NOTESTO FINANCIAL STATEMENTS 53

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2014, 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.

6. LINE OF CREDIT

The iShares MSCI Frontier 100 ETF, along with certain other iShares funds, is a party to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 29, 2014. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended February 28, 2014, the Fund’s maximum amount borrowed, the average borrowings and the weighted average interest rate under the credit agreement were $700,000, $38,674 and 1.17%, respectively.

7. SUBSEQUENT EVENTS

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

54 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts 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 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
MSCIAll Country World Minimum Volatility	$	0.731954	$	—	$	0.114863	$	0.846817		86	%		—	%		14	%		100	%
MSCI Frontier 100		0.020099		—		0.046199		0.066298		30			—			70			100
MSCI World		0.327634		—		0.056059		0.383693		85			—			15			100

SUPPLEMENTAL INFORMATION 55

Notes:

56 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 57

Notes:

58 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

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

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

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

©2014 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-811-0214

FEBRUARY 28, 2014

2014 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø   iShares MSCI Global Agriculture Producers ETF  |  VEGI  |  NYSE Arca

^Ø   iShares MSCI Global Energy Producers ETF  |  FILL  |  NYSE Arca

^Ø   iShares MSCI Global Gold Miners ETF  |  RING  |  NYSE Arca

^Ø   iShares MSCI Global Metals & Mining Producers ETF  |  PICK  |  NYSE Arca

^Ø   iShares MSCI Global Silver Miners ETF  |  SLVP  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares MSCI Global Agriculture Producers ETF	11
iShares MSCI Global Energy Producers ETF	14
iShares MSCI Global Gold Miners ETF	18
iShares MSCI Global Metals & Mining Producers ETF	19
iShares MSCI Global Silver Miners ETF	24
Financial Statements	25
Financial Highlights	32
Notes to Financial Statements	37
Supplemental Information	46

Fund Performance Overview

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

Performance as of February 28, 2014

The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 7.43%, net of fees, while the total return for the Index was 7.71%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(3.44)%		(3.72)%		(3.06)%		(3.44)%		(3.72)%		(3.06)%
Since Inception		4.04%		4.13%		4.34%		8.58%		8.77%		9.26%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,074.30	$	1.95	$	1,000.00	$	1,022.90	$	1.91		0.38%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector/Investment Type Percentage of
Total  Investments*

Materials	54.00	%
Food, Beverage & Tobacco	29.56
Capital Goods	15.81
Investment Companies	0.63
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of
Total  Investments*

United States	49.70	%
Canada	11.47
Switzerland	9.14
Japan	5.61
Norway	3.42
Malaysia	3.14
Singapore	2.69
Germany	2.42
Russia	1.70
Indonesia	1.53
TOTAL	90.82	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

Performance as of February 28, 2014

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 7.49%, net of fees, while the total return for the Index was 7.48%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		8.91%		9.35%		8.73%		8.91%		9.35%		8.73%
Since Inception		4.10%		4.12%		4.00%		8.71%		8.76%		8.52%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,074.90	$	2.01	$	1,000.00	$	1,022.90	$	1.96		0.39%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Integrated Oil & Gas	61.94	%
Oil & Gas Exploration & Production	30.97
Oil & Gas Refining & Marketing	5.14
Coal & Consumable Fuels	1.95
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of
Total  Investments*

United States	49.39	%
United Kingdom	17.96
Canada	9.96
France	5.13
China	2.74
Russia	2.52
Italy	2.35
Australia	1.67
Brazil	1.64
Norway	1.23
TOTAL	94.59	%

* Excludes money market funds.

6 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

Performance as of February 28, 2014

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was -4.91%, net of fees, while the total return for the Index was -4.89%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(30.85)%		(30.53)%		(30.84)%		(30.85)%		(30.53)%		(30.84)%
Since Inception		(31.91)%		(31.88)%		(31.79)%		(55.03)%		(54.99)%		(54.94)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	950.90	$	1.89	$	1,000.00	$	1,022.90	$	1.96		0.39%

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

COUNTRY ALLOCATION

As of 2/28/14

Country Percentage of
Total  Investments*

Canada	62.52	%
South Africa	10.22
United States	9.93
Australia	7.18
United Kingdom	6.68
Peru	2.14
China	0.88
Turkey	0.45
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

Barrick Gold Corp. (Canada)	18.57	%
Goldcorp Inc. (Canada)	17.07
Newmont Mining Corp.	8.92
AngloGold Ashanti Ltd. (South Africa)	4.66
Newcrest Mining Ltd. (Australia)	4.59
Randgold Resources Ltd. (United Kingdom)	4.57
Kinross Gold Corp. (Canada)	4.45
Agnico-Eagle Mines Ltd. (Canada)	4.38
Yamana Gold Inc. (Canada)	4.37
Eldorado Gold Corp. (Canada)	3.51
TOTAL	75.09	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

Performance as of February 28, 2014

The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 9.42%, net of fees, while the total return for the Index was 9.69%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(5.96)%		(4.38)%		(5.96)%		(5.96)%		(4.38)%		(5.96)%
Since Inception		(8.97)%		(8.61)%		(9.04)%		(17.75)%		(17.08)%		(17.91)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,094.20	$	2.03	$	1,000.00	$	1,022.90	$	1.96		0.39%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Diversified Metals & Mining	56.55	%
Steel	31.35
Coal & Consumable Fuels	6.76
Aluminum	3.27
Precious Metals & Minerals	2.07
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of
Total  Investments*

United Kingdom	28.88	%
Australia	19.05
United States	12.32
Japan	7.57
Brazil	6.65
Canada	4.53
South Korea	3.23
South Africa	2.10
France	2.03
Germany	1.90
TOTAL	88.26	%

* Excludes money market funds.

8 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

Performance as of February 28, 2014

The iShares MSCI Global Silver Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was -4.59%, net of fees, while the total return for the Index was -4.52%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(25.98)%		(25.81)%		(26.13)%		(25.98)%		(25.81)%		(26.13)%
Since Inception		(25.23)%		(25.03)%		(25.13)%		(45.36)%		(45.07)%		(45.28)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	954.10	$	1.89	$	1,000.00	$	1,022.90	$	1.96		0.39%

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

COUNTRY ALLOCATION

As of 2/28/14

Country Percentage of
Total  Investments*

Canada	58.36	%
United States	12.29
United Kingdom	11.62
Mexico	8.93
Peru	5.80
Hong Kong	2.77
Australia	0.23
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

Silver Wheaton Corp. (Canada)	23.12	%
Industrias Penoles SAB de CV (Mexico)	8.93
Fresnillo PLC (United Kingdom)	7.43
Compania de Minas Buenaventura SA SP ADR (Peru)	5.80
Tahoe Resources Inc. (Canada)	4.96
Pan American Silver Corp. (Canada)	4.53
AuRico Gold Inc. (Canada)	4.33
Hecla Mining Co.	4.17
First Majestic Silver Corp. (Canada)	4.06
Coeur Mining Inc.	3.75
TOTAL	71.08	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such 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. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2013 and held through February 28, 2014, 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. 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 for your Fund under the heading entitled “Expenses Paid During Period.”

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

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

10 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 98.34%
AUSTRALIA — 0.75%
Australian Agricultural Co. Ltd.a		38,889	$	44,022
GrainCorp Ltd. Class A		18,618		133,782
Nufarm Ltd.		18,647		65,076
Tassal Group Ltd.		13,166		43,003
				285,883
BRAZIL — 0.40%
BrasilAgro-Companhia Brasileira Propriedades Agricolas		5,800		19,863
Fertilizantes Heringer SAa		2,900		8,529
Sao Martinho SA		4,000		51,113
SLC Agricola SA		5,800		44,816
Tereos Internacional SA		29,000		26,070
				150,391
CANADA — 11.44%
AG Growth International Inc.		1,363		57,835
Agrium Inc.		14,877		1,370,708
Potash Corp. of Saskatchewan Inc.		88,392		2,922,577
				4,351,120
CHILE — 0.13%
Empresas Aquachile SAa		37,802		19,987
Empresas Iansa SA		373,085		14,042
Multiexport Foods SAa		80,069		13,756
				47,785
CHINA — 1.06%
Asian Citrus Holdings Ltd.		87,000		21,074
Century Sunshine Group Holdings Ltd.		145,000		17,002
China Agri-Industries Holdings Ltd.b		233,200		100,058
China BlueChemical Ltd. Class H		174,000		101,561
China Modern Dairy Holdings Ltd.a,b		185,000		90,819
First Tractor Co. Ltd. Class Hb		58,000		36,768
Sinofert Holdings Ltd.b		232,000		35,274
				402,556
DENMARK — 0.27%
Auriga Industries A/S Class Ba		1,740		55,712
United International Enterprises Ltd.		232		46,159
				101,871
FINLAND — 0.04%
HKScan OYJ Class A		2,465		13,652
				13,652
FRANCE — 0.27%
Naturex		493		43,789

Security	Shares		Value
Vilmorin & Cie SA		435	$	59,582
				103,371
GERMANY — 2.41%
K+S AG Registeredb		17,719		599,456
KWS Saat AG		232		85,490
Suedzucker AG		8,323		231,631
				916,577
INDONESIA — 1.53%
PT Astra Agro Lestari Tbk		40,600		89,181
PT BW Plantation Tbk		193,700		22,775
PT Charoen Pokphand Indonesia Tbk		756,900		276,120
PT Japfa Comfeed Indonesia Tbk		501,700		68,930
PT Malindo Feedmill Tbk		77,700		24,095
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		324,800		57,915
PT Salim Ivomas Pratama Tbk		406,000		28,503
PT Sampoerna Agro Tbk		86,400		13,955
				581,474
ISRAEL — 1.37%
Israel Chemicals Ltd.		44,399		375,535
Israel Corp. Ltd. (The)a		272		144,354
				519,889
ITALY — 0.03%
Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole SpA		203		10,430
				10,430
JAPAN — 5.60%
Hokuto Corp.		4,000		77,010
Iseki & Co. Ltd.		29,000		81,262
Kubota Corp.		108,000		1,505,746
Maruha Nichiro Holdings Inc.		58,000		99,446
Mitsui Sugar Co. Ltd.		11,000		45,804
Nippon Beet Sugar Manufacturing Co. Ltd.		11,000		21,232
Nippon Meat Packers Inc.		14,000		223,857
Sakata Seed Corp.		5,800		75,807
				2,130,164
MALAYSIA — 3.13%
Felda Global Ventures Holdings Bhd		127,600		179,142
Genting Plantations Bhd		23,300		74,668
IOI Corp. Bhd		290,000		408,027
Kim Loong Resources Bhd		11,600		9,417
Kuala Lumpur Kepong Bhd		49,300		360,816
QL Resources Bhd		49,010		47,118

SCHEDULESOF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2014

Security	Shares		Value
Rimbunan Sawit Bhd		64,900	$	15,846
Sarawak Oil Palms Bhd		14,500		26,464
TDM Bhd		60,200		17,179
TH Plantations Bhd		31,900		18,012
TSH Resources Bhd		34,800		32,182
				1,188,871
NETHERLANDS — 0.85%
Nutreco NV		7,105		323,684
				323,684
NORWAY — 3.42%
Austevoll Seafood ASA		9,338		55,489
Bakkafrost P/F		3,915		58,486
Cermaq ASAb		4,234		46,821
Leroey Seafood Group ASA		2,001		62,458
Marine Harvest ASA		28,942		320,531
Yara International ASA		18,589		755,227
				1,299,012
POLAND — 0.36%
Grupa Azoty SA		4,205		80,049
Kernel Holding SAa		5,336		56,708
				136,757
RUSSIA — 1.70%
Acron JSC		843		26,977
Uralkali OJSC		135,430		619,193
				646,170
SINGAPORE — 2.68%
Bumitama Agri Ltd.b		40,000		30,789
First Resources Ltd.b		58,000		101,192
GMG Global Ltd.b		377,000		26,786
Golden Agri-Resources Ltd.		725,000		317,656
Indofood Agri Resources Ltd.		58,000		39,836
Wilmar International Ltd.		185,000		503,868
				1,020,127
SOUTH AFRICA — 0.52%
Astral Foods Ltd.		3,712		28,682
Illovo Sugar Ltd.		23,635		57,207
Tongaat Hulett Ltd.		11,078		112,928
				198,817
SOUTH KOREA — 0.33%
Dongwon Industries Co. Ltd.		145		45,843
Harim Co. Ltd.a,b		3,230		16,339
Namhae Chemical Corp.		2,900		22,820
Nong Woo Bio Co. Ltd.		667		14,340
Silla Co. Ltd.		690		16,191

Security	Shares		Value
TS Corp.		400	$	10,136
				125,669
SPAIN — 0.00%
Pescanova SAc		414		—
				—
SWITZERLAND — 9.11%
Syngenta AG Registered		9,541		3,466,303
				3,466,303
TAIWAN — 0.56%
Sesoda Corp.		11,550		12,046
Sinon Corp.		58,000		31,586
Taiwan Fertilizer Co. Ltd.		69,000		148,030
Taiyen Biotech Co. Ltd.		23,014		21,762
				213,424
THAILAND — 0.74%
Charoen Pokphand Foods PCL		5,800		4,844
Charoen Pokphand Foods PCL NVDR		273,700		228,608
GFPT PCL NVDR		56,200		23,600
Khon Kaen Sugar Industry PCL NVDR		62,000		24,895
				281,947
TURKEY — 0.06%
Bagfas Bandirma Gubre Fabrikalari AS		667		9,890
Gubre Fabrikalari TASa		9,048		14,154
				24,044
UNITED STATES — 49.58%
AGCO Corp.		9,976		523,540
Alico Inc.		406		15,412
American Vanguard Corp.		2,523		56,137
Archer-Daniels-Midland Co.		67,251		2,730,391
Bunge Ltd.		14,935		1,188,975
Cal-Maine Foods Inc.		1,450		76,226
CF Industries Holdings Inc.		5,887		1,477,048
Darling International Inc.a		16,211		327,138
Deere & Co.		37,120		3,189,722
Fresh Del Monte Produce Inc.		3,799		100,522
Ingredion Inc.		7,830		515,527
Intrepid Potash Inc.a		5,974		88,475
Lindsay Corp.		1,363		115,664
Monsanto Co.		53,766		5,915,335
Mosaic Co. (The)		30,450		1,487,787
Pilgrim’s Pride Corp.a		6,786		118,959
Sanderson Farms Inc.		2,146		164,899
Scotts Miracle-Gro Co. (The) Class A		4,872		278,240
Titan International Inc.		5,075		96,222

12 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2014

Security	Shares		Value
Toro Co. (The)		5,887	$	389,896
				18,856,115
TOTAL COMMON STOCKS
(Cost: $38,908,351)				37,396,103
INVESTMENT COMPANIES — 0.63%
INDIA — 0.63%
iShares India 50 ETFd		10,393		239,871
				239,871
TOTAL INVESTMENT COMPANIES
(Cost: $246,818)				239,871
PREFERRED STOCKS — 0.80%
CHILE — 0.80%
Sociedad Quimica y Minera de Chile SA Series B		9,947		303,907
				303,907
TOTAL PREFERRED STOCKS
(Cost: $273,980)				303,907
RIGHTS — 0.01%
MALAYSIA — 0.01%
QL Resources Bhda		7,540		3,107
				3,107
TOTAL RIGHTS
(Cost: $0)				3,107
SHORT-TERM INVESTMENTS — 2.72%
MONEY MARKET FUNDS — 2.72%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%d,e,f		953,365		953,365
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%d,e,f		49,980		49,980
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		32,595		32,595
				1,035,940
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,035,940)				1,035,940

		Value
TOTAL INVESTMENTS IN SECURITIES — 102.50%
(Cost: $40,465,089)	$	38,978,928
Other Assets, Less Liabilities — (2.50)%		(949,762	)
NET ASSETS — 100.00%	$	38,029,166

NVDR —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

^c  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 13

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 98.34%
AUSTRALIA — 1.66%
Aurora Oil and Gas Ltd.a		1,100	$	4,115
AWE Ltd.a		938		1,196
Beach Energy Ltd.		2,211		3,245
Buru Energy Ltd.a		324		423
Caltex Australia Ltd.		324		6,083
Drillsearch Energy Ltd.a		812		1,163
Karoon Gas Australia Ltd.a		264		737
Roc Oil Co. Ltd.a		1,350		574
Santos Ltd.		1,830		22,336
Senex Energy Ltd.a		1,285		891
Whitehaven Coal Ltd.a		1,360		2,294
Woodside Petroleum Ltd.		1,230		41,770
				84,827
AUSTRIA — 0.26%
OMV AG		296		13,479
				13,479
BRAZIL — 0.70%
Petroleo Brasileiro SA		5,400		30,028
QGEP Participacoes SA		1,600		5,685
				35,713
CANADA — 9.91%
Advantage Oil & Gas Ltd.a		272		1,118
ARC Resources Ltd.		586		15,813
Athabasca Oil Corp.a		600		4,634
Bankers Petroleum Ltd.a		422		1,876
Baytex Energy Corp.		248		9,044
Bellatrix Exploration Ltd.a		456		3,481
Birchcliff Energy Ltd.a		158		1,443
BlackPearl Resources Inc.a		502		1,197
Bonavista Energy Corp.		312		4,490
Bonterra Energy Corp.		56		2,759
Cameco Corp.		718		17,390
Canacol Energy Ltd.a		160		1,022
Canadian Natural Resources Ltd.		2,026		74,162
Canadian Oil Sands Ltd.		882		16,820
Cenovus Energy Inc.		1,514		40,088
Crescent Point Energy Corp.		722		25,346
Crew Energy Inc.a		354		2,549
DeeThree Exploration Ltd.a		168		1,364
Denison Mines Corp.a		538		885
Encana Corp.		1,348		25,573
Enerplus Corp.		420		8,321

Security	Shares		Value
Husky Energy Inc.		660	$	20,075
Imperial Oil Ltd.		552		24,844
Ithaca Energy Inc.a		538		1,336
Legacy Oil & Gas Inc. Class Aa		226		1,276
Long Run Exploration Ltd.		228		1,042
MEG Energy Corp.a		308		9,494
NuVista Energy Ltd.a		156		1,309
Pacific Rubiales Energy Corp.		610		8,404
Paramount Resources Ltd. Class Aa		88		3,601
Parex Resources Inc.a		200		1,572
Pengrowth Energy Corp.		1,125		7,582
Penn West Petroleum Ltd.		900		7,382
Peyto Exploration & Development Corp.		250		8,153
Suncor Energy Inc.		2,876		94,910
Surge Energy Inc.		200		1,066
Tag Oil Ltd.a		200		537
Talisman Energy Inc.		1,932		19,897
Tourmaline Oil Corp.a		302		13,835
TransGlobe Energy Corp.a		116		861
Trilogy Energy Corp.		178		4,517
Twin Butte Energy Ltd.		600		1,257
Vermilion Energy Inc.		190		10,728
Whitecap Resources Inc.		318		3,450
				506,503
CHINA — 2.73%
China Coal Energy Co. Class H		6,000		3,069
China Shenhua Energy Co. Ltd. Class H		7,000		19,031
CNOOC Ltd.		34,000		55,724
Hidili Industry International Development Ltd.a,b		12,000		1,500
Kunlun Energy Co. Ltd.		8,000		14,287
MIE Holdings Corp.		4,000		763
PetroChina Co. Ltd. Class H		40,000		42,159
Yanzhou Coal Mining Co. Ltd. Class Hb		4,000		2,871
				139,404
COLOMBIA — 0.35%
Ecopetrol SA		10,476		17,908
				17,908
FINLAND — 0.10%
Neste Oil OYJb		244		5,227
				5,227
FRANCE — 5.10%
Etablissements Maurel et Prom		148		2,338
Total SA		3,980		258,523
				260,861

14 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2014

Security	Shares		Value
GREECE — 0.07%
Hellenic Petroleum SA		135	$	1,303
Motor Oil (Hellas) Corinth Refineries SA		176		2,307
				3,610
HONG KONG — 0.02%
Mongolia Energy Corp. Ltd.a		40,000		1,211
				1,211
HUNGARY — 0.12%
MOL Hungarian Oil and Gas PLC		100		5,878
				5,878
INDIA — 0.53%
Reliance Industries Ltd. SP GDRc		1,044		26,956
				26,956
INDONESIA — 0.24%
PT Adaro Energy Tbk		39,000		3,343
PT Bukit Asam (Persero) Tbk		2,000		1,649
PT Energi Mega Persada Tbka		244,000		1,913
PT Indo Tambangraya Megah Tbk		1,000		2,240
PT Medco Energi Internasional Tbk		11,000		2,407
PT Sugih Energy Tbka		23,000		911
				12,463
ISRAEL — 0.03%
Naphtha Israel Petroleum Corp. Ltd.a		123		847
Oil Refineries Ltd.a		2,911		849
				1,696
ITALY — 2.34%
Eni SpA		4,802		115,932
ERG SpA		172		2,409
Saras SpAa		582		1,029
				119,370
JAPAN — 1.10%
Cosmo Oil Co. Ltd.a		2,000		3,684
INPEX Corp.		1,600		20,222
Japan Petroleum Exploration Co. Ltd.		100		3,645
JX Holdings Inc.		4,400		22,719
Showa Shell Sekiyu K.K.		600		5,873
				56,143
MALAYSIA — 0.03%
Petron Malaysia Refining & Marketing Bhd		1,800		1,637
				1,637
NEW ZEALAND — 0.01%
New Zealand Oil & Gas Ltd.		968		643
				643

Security	Shares		Value
NORWAY — 1.22%
Det norske oljeselskap ASAa		94	$	1,021
DNO International ASAa		1,152		4,728
Statoil ASA		2,146		56,740
				62,489
POLAND — 0.23%
Grupa Lotos SAa		84		1,139
Lubelski Wegiel Bogdanka SA		64		2,687
Polski Koncern Naftowy Orlen SA		558		8,073
				11,899
PORTUGAL — 0.21%
Galp Energia SGPS SA Class B		650		10,935
				10,935
RUSSIA — 2.32%
LUKOIL OAO		974		53,205
NovaTek OAO SP GDRd		178		22,535
Rosneft Oil Co. OJSC		2,350		15,953
Surgutneftegas OJSC		15,400		11,720
Tatneft OAO Class S		2,600		15,280
				118,693
SOUTH AFRICA — 0.09%
Exxaro Resources Ltd.		354		4,713
				4,713
SOUTH KOREA — 0.46%
S-Oil Corp.		102		6,249
SK Innovation Co. Ltd.		136		17,008
				23,257
SPAIN — 0.81%
Repsol SA		1,637		41,160
				41,160
SWEDEN — 0.16%
Lundin Petroleum ABa		394		7,916
				7,916
THAILAND — 0.47%
Bangchak Petroleum PCL NVDR		1,000		881
Banpu PCL NVDR		3,000		2,391
Esso (Thailand) PCL NVDR		6,400		1,177
IRPC PCL NVDR		29,800		3,106
PTT Exploration & Production PCL NVDR		2,631		12,419
Thai Oil PCL NVDR		2,600		4,144
				24,118
TURKEY — 0.08%
Turkiye Petrol Rafinerileri AS		228		4,022
				4,022

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2014

Security	Shares		Value
UNITED KINGDOM — 17.87%
Afren PLCa		1,888	$	5,151
Amerisur Resources PLCa		1,274		1,276
Anglo Pacific Group PLC		212		714
BG Group PLC		6,310		115,105
BP PLC		35,016		295,990
Cairn Energy PLCa		1,010		3,365
EnQuest PLCa		1,766		4,324
Essar Energy PLCa		502		572
Faroe Petroleum PLCa		328		588
Gulf Keystone Petroleum Ltd.a,b		1,480		3,857
Hargreaves Services PLC		54		792
Heritage Oil PLCa		340		1,439
Ophir Energy PLCa		964		5,157
Premier Oil PLC		986		5,213
Rockhopper Exploration PLCa		482		939
Royal Dutch Shell PLC Class A		6,704		244,696
Royal Dutch Shell PLC Class B		5,031		196,194
Salamander Energy PLCa		485		817
SOCO International PLCa		434		3,453
Tullow Oil PLC		1,724		23,084
Xcite Energy Ltd.a		462		712
				913,438
UNITED STATES — 49.12%
Anadarko Petroleum Corp.		926		77,932
Apache Corp.		730		57,882
Approach Resources Inc.a		92		2,049
Bill Barrett Corp.a		94		2,382
Bonanza Creek Energy Inc.a		46		2,299
Cabot Oil & Gas Corp.		796		27,860
Carrizo Oil & Gas Inc.a		64		3,183
Chesapeake Energy Corp.		1,004		26,014
Chevron Corp.		3,570		411,728
Cimarex Energy Co.		154		17,819
Clayton Williams Energy Inc.a		12		1,164
Cloud Peak Energy Inc.a		176		3,414
Cobalt International Energy Inc.a		540		10,411
Comstock Resources Inc.		84		1,660
Concho Resources Inc.a		198		23,984
ConocoPhillips		2,090		138,985
CONSOL Energy Inc.		456		18,286
Contango Oil & Gas Co.a		44		2,086
Continental Resources Inc.a		82		9,801
CVR Energy Inc.		32		1,259
Delek US Holdings Inc.		64		1,777

Security	Shares		Value
Denbury Resources Inc.		728	$	11,910
Devon Energy Corp.		732		47,155
Diamondback Energy Inc.a		61		3,924
Energen Corp.		134		10,779
Energy XXI (Bermuda) Ltd.		122		2,826
EOG Resources Inc.		504		95,468
EPL Oil & Gas Inc.a		82		2,468
EQT Corp.		282		28,846
EXCO Resources Inc.		295		1,540
Exxon Mobil Corp.		8,134		783,060
Forest Oil Corp.a		234		470
Goodrich Petroleum Corp.a		86		1,171
Gulfport Energy Corp.a		144		9,518
Halcon Resources Corp.a		520		1,981
Hess Corp.		576		46,097
HollyFrontier Corp.		348		15,858
Kodiak Oil & Gas Corp.a		564		6,661
Laredo Petroleum Inc.a		128		3,340
Linn Co. LLC		199		6,067
Magnum Hunter Resources Corp.a		322		2,702
Marathon Oil Corp.		1,304		43,684
Marathon Petroleum Corp.		604		50,736
Matador Resources Co.a		114		2,766
Murphy Oil Corp.		342		20,305
Newfield Exploration Co.a		244		6,878
Noble Energy Inc.		664		45,657
Northern Oil and Gas Inc.a		170		2,366
Oasis Petroleum Inc.a		222		9,673
Occidental Petroleum Corp.		1,500		144,780
PDC Energy Inc.a		68		4,225
Peabody Energy Corp.		548		9,623
Penn Virginia Corp.a		82		1,242
Pioneer Natural Resources Co.		264		53,111
QEP Resources Inc.		324		9,373
Range Resources Corp.		298		25,643
Resolute Energy Corp.a		106		988
Rex Energy Corp.a		66		1,254
Rosetta Resources Inc.a		124		5,502
Sanchez Energy Corp.a		94		2,800
SandRidge Energy Inc.a		656		4,231
SM Energy Co.		138		10,177
Solazyme Inc.a		76		933
Southwestern Energy Co.a		644		26,623
Stone Energy Corp.a		108		3,882
Swift Energy Co.a		162		1,620

16 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2014

Security	Shares		Value
Tesoro Corp.		256	$	13,059
Ultra Petroleum Corp.a		286		7,196
VAALCO Energy Inc.a		276		1,838
Valero Energy Corp.		1,024		49,131
W&T Offshore Inc.		120		1,808
Western Refining Inc.		124		4,520
Whiting Petroleum Corp.a		230		15,803
WPX Energy Inc.a		356		6,273
				2,511,516
TOTAL COMMON STOCKS
(Cost: $4,768,794)				5,027,685
PREFERRED STOCKS — 1.12%
BRAZIL — 0.93%
Petroleo Brasileiro SA		8,200		47,705
				47,705
RUSSIA — 0.19%
Surgutneftegas OJSC		12,800		9,588
				9,588
TOTAL PREFERRED STOCKS
(Cost: $120,759)				57,293
WARRANTS — 0.00%
UNITED STATES — 0.00%
Magnum Hunter Resources Corp. (Expires 04/15/16)a		50		—
				—
TOTAL WARRANTS
(Cost: $0)				—
SHORT-TERM INVESTMENTS — 0.25%
MONEY MARKET FUNDS — 0.25%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%e,f,g		11,622		11,622
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%e,f,g		609		609
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		745		745
				12,976
TOTAL SHORT-TERM INVESTMENTS
(Cost: $12,976)				12,976

		Value
TOTAL INVESTMENTS IN SECURITIES — 99.71%
(Cost: $4,902,529)	$	5,097,954
Other Assets, Less Liabilities — 0.29%		14,699
NET ASSETS — 100.00%	$	5,112,653

NVDR  —  Non-Voting Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.92%
AUSTRALIA — 7.17%
Kingsgate Consolidated Ltd.a		174,408	$	190,404
Medusa Mining Ltd.b		171,080		332,207
Newcrest Mining Ltd.		257,816		2,616,213
Northern Star Resources Ltd.		427,232		439,655
Resolute Mining Ltd.b		550,368		297,960
Silver Lake Resources Ltd.b		414,544		215,154
				4,091,593
CANADA — 62.48%
Agnico-Eagle Mines Ltd.		77,792		2,496,906
Alacer Gold Corp.		167,128		451,432
Argonaut Gold Inc.b		93,808		488,129
AuRico Gold Inc.		146,848		724,324
B2Gold Corp.b		354,640		1,025,202
Barrick Gold Corp.		519,376		10,585,051
Centerra Gold Inc.		120,328		539,163
China Gold International Resources Corp. Ltd.b		123,344		406,708
Eldorado Gold Corp.		301,496		2,001,893
Goldcorp Inc.		361,816		9,730,577
Kinross Gold Corp.		485,368		2,534,375
Osisko Mining Corp.b		229,528		1,461,830
SEMAFO Inc.		175,656		706,147
Yamana Gold Inc.		249,184		2,494,204
				35,645,941
CHINA — 0.88%
China Precious Metal Resources Holdings Co. Ltd.a,b		2,623,000		351,488
Lingbao Gold Co. Ltd. Class H		832,000		153,299
				504,787
PERU — 2.14%
Compania de Minas Buenaventura SA SP ADR		96,824		1,219,983
				1,219,983
SOUTH AFRICA — 10.21%
AngloGold Ashanti Ltd.		149,864		2,658,467
DRDGOLD Ltd.		477,672		177,875
Gold Fields Ltd.		364,104		1,386,691
Harmony Gold Mining Co. Ltd.		222,664		720,120
Sibanye Gold Ltd.		437,320		882,640
				5,825,793
TURKEY — 0.45%
Koza Altin Isletmeleri AS		29,848		256,470
				256,470

Security	Shares		Value
UNITED KINGDOM — 6.67%
African Barrick Gold PLC		18,304	$	86,257
Centamin PLCb		621,920		573,235
Highland Gold Mining Ltd.		210,808		238,466
Pan African Resources PLC		1,300,624		305,151
Randgold Resources Ltd.		32,760		2,606,144
				3,809,253
UNITED STATES — 9.92%
Allied Nevada Gold Corp.b		71,240		372,585
Gold Resource Corp.		39,104		201,386
Newmont Mining Corp.		218,608		5,084,822
				5,658,793
TOTAL COMMON STOCKS
(Cost: $68,163,732)				57,012,613
SHORT-TERM INVESTMENTS — 0.54%
MONEY MARKET FUNDS — 0.54%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		272,322		272,322
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		14,278		14,278
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		20,396		20,396
				306,996
TOTAL SHORT-TERM INVESTMENTS
(Cost: $306,996)				306,996
TOTAL INVESTMENTS IN SECURITIES — 100.46%
(Cost: $68,470,728)				57,319,609
Other Assets, Less Liabilities — (0.46)%				(264,798	)
NET ASSETS — 100.00%			$	57,054,811

SP ADR  —  Sponsored American Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

18 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 95.71%
AUSTRALIA — 19.02%
Alumina Ltd.a		388,173	$	444,616
Aquarius Platinum Ltd.a		71,769		45,919
Arrium Ltd.		216,012		298,646
Atlas Iron Ltd.		139,731		126,914
BC Iron Ltd.		17,907		79,800
BHP Billiton Ltd.		503,370		17,287,908
BlueScope Steel Ltd.a		88,529		487,204
Cudeco Ltd.a,b		23,406		38,120
Fortescue Metals Group Ltd.		246,327		1,199,116
Grange Resources Ltd.		115,742		30,036
Iluka Resources Ltd.		65,988		554,473
Independence Group NL		36,237		133,922
Kagara Ltd.a,c		1,161		—
Lynas Corp. Ltd.a,b		329,235		89,858
Metals X Ltd.a		128,169		25,806
Mineral Deposits Ltd.a,b		16,356		34,688
Mirabela Nickel Ltd.a,c		4,350,312		39
Mount Gibson Iron Ltd.		103,212		78,967
OM Holdings Ltd.a		58,247		25,279
OZ Minerals Ltd.		48,222		161,818
PanAust Ltd.		80,652		127,382
Rio Tinto Ltd.		67,962		4,064,927
Sandfire Resources NLa		14,664		78,601
Sims Metal Management Ltd.a		26,367		230,282
Sirius Resources NLa,b		35,250		76,966
Sundance Resources Ltd.a		527,904		46,295
Syrah Resources Ltd.a		11,985		29,386
Tiger Resources Ltd.a		142,692		49,160
Western Areas NL		25,803		75,734
Western Desert Resources Ltd.a		42,018		22,748
				25,944,610
AUSTRIA — 0.58%
AMAG Austria Metall AGd		423		13,980
Voestalpine AG		17,324		781,338
				795,318
BELGIUM — 0.30%
Bekaert NV		6,486		252,485
Nyrstar NVa,b		29,027		117,866
Viohalco SAa		6,115		39,442
				409,793
BRAZIL — 2.51%
Companhia Siderurgica Nacional SA		110,900		485,662

Security	Shares		Value
MMX Mineracao e Metalicos SAa		9,400	$	12,313
Paranapanema SAa		28,400		42,916
Vale SA		204,500		2,888,913
				3,429,804
CANADA — 4.52%
Capstone Mining Corp.a		47,376		123,260
Dominion Diamond Corp.a		10,011		142,892
Dundee Precious Metals Inc.a		16,356		80,380
First Quantum Minerals Ltd.		87,965		1,706,932
HudBay Minerals Inc.		26,912		222,210
Imperial Metals Corp.a		5,922		95,495
Ivanhoe Mines Ltd.a		54,849		89,189
Labrador Iron Ore Royalty Corp.		9,729		282,830
Lundin Mining Corp.a		81,479		387,908
Major Drilling Group International Inc.		12,671		101,418
Nevsun Resources Ltd.		32,461		125,803
North American Palladium Ltd.a,b		29,751		11,288
Sherritt International Corp.		50,880		140,650
Taseko Mines Ltd.a		32,853		67,371
Teck Resources Ltd. Class B		89,394		1,989,046
Thompson Creek Metals Co. Inc.a,b		28,745		76,865
Turquoise Hill Resources Ltd.a,b		136,829		522,866
				6,166,403
CHILE — 0.15%
CAP SA		13,094		205,215
				205,215
CHINA — 1.19%
Aluminum Corp. of China Ltd. Class Ha,b		526,000		188,413
China Kingstone Mining Holdings Ltd.a,c		309,000		—
China Metal Recycling Holdings Ltd.a,b,c		132,000		—
China Rare Earth Holdings Ltd.a		282,000		38,879
China Vanadium Titano-Magnetite Mining Co. Ltd.a		141,000		17,078
Chongqing Iron & Steel Co. Ltd. Class Ha		244,000		34,583
CITIC Dameng Holdings Ltd.a		141,000		10,537
Fosun International Ltd.		282,000		350,636
Honbridge Holdings Ltd.a		282,000		48,689
Huili Resources Group Ltd.a		282,000		69,037
Inner Mongolia Eerduosi Resourses Co. Ltd. Class B		32,774		26,875

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2014

Security	Shares		Value
Jiangxi Copper Co. Ltd. Class H		263,000	$	456,121
North Mining Shares Co. Ltd.a		1,410,000		58,137
Shougang Concord International Enterprises Co. Ltd.a		846,000		41,967
Shougang Fushan Resources Group Ltd.		564,000		149,701
Tiangong International Co. Ltd.		282,000		78,121
Winsway Coking Coal Holding Ltd.a		564,000		30,522
Xinjiang Xinxin Mining Industry Co. Ltd. Class Ha,b		141,000		19,439
				1,618,735
FINLAND — 0.18%
Outokumpu OYJa,b		158,889		93,859
Rautaruukki OYJ		12,530		146,926
				240,785
FRANCE — 2.02%
Aperama		8,159		183,625
ArcelorMittal		158,202		2,505,112
Eramet		705		69,357
				2,758,094
GERMANY — 1.90%
Aurubis AG		5,358		298,450
Salzgitter AG		7,172		303,360
ThyssenKrupp AGa		72,962		1,991,245
				2,593,055
GREECE — 0.12%
Mytilineos Holdings SAa		16,443		159,426
				159,426
HONG KONG — 0.06%
CST Mining Group Ltd.a		3,384,000		27,469
IRC Ltd.a		282,000		28,705
Xiwang Special Steel Co. Ltd.		141,000		19,803
				75,977
INDIA — 0.61%
Sesa Sterlite Ltd. SP ADR		40,431		453,636
Tata Steel Ltd. SP GDRe		69,936		379,053
				832,689
INDONESIA — 0.15%
PT Aneka Tambang (Persero) Tbk		564,000		50,526
PT Borneo Lumbung Energi & Metal Tbka		1,381,800		17,378
PT Bumi Resources Minerals Tbka		2,397,000		47,903
PT Krakatau Steel (Persero) Tbka		836,500		35,308
PT Timah (Persero) Tbk		385,300		53,601
				204,716

Security	Shares		Value
JAPAN — 7.56%
Asahi Holdings Inc.		12,200	$	204,877
Dowa Holdings Co. Ltd.		43,000		355,156
Hitachi Metals Ltd.		31,000		461,363
JFE Holdings Inc.		70,500		1,429,824
Kobe Steel Ltd.a		423,000		576,074
Maruichi Steel Tube Ltd.		12,200		339,829
Mitsubishi Materials Corp.		240,000		750,110
Mitsui Mining & Smelting Co. Ltd.		122,000		319,150
Neturen Co. Ltd.		12,200		83,314
Nippon Light Metal Holdings Co. Ltd.		56,400		77,362
Nippon Steel & Sumitomo Metal Corp.		1,128,400		3,283,543
Nisshin Steel Holdings Co. Ltd.		14,100		138,424
OSAKA Titanium Technologies Co. Ltd.		12,200		183,720
Sumitomo Metal Mining Co. Ltd.		91,000		1,185,813
Toho Titanium Co. Ltd.b		12,200		74,229
Tokyo Steel Manufacturing Co. Ltd.a		14,100		71,422
TOPY Industries Ltd.		52,000		88,649
UACJ Corp.		83,386		317,809
Yamato Kogyo Co. Ltd.		12,200		366,962
				10,307,630
MALAYSIA — 0.07%
Ann Joo Resources Bhda		70,500		23,238
CSC Steel Holdings Bhd		70,500		28,833
Lion Industries Corp. Bhd		98,700		20,484
Press Metal Bhd		40,400		28,359
				100,914
MEXICO — 1.66%
Grupo Mexico SAB de CV Series B		606,300		1,864,552
Grupo Simec SAB de CV Series Ba		14,100		54,923
Industrias CH SAB de CV Series Ba		28,200		172,851
Minera Frisco SAB de CV Series A1a		98,700		167,826
				2,260,152
NETHERLANDS — 0.03%
AMG Advanced Metallurgical Group NVa		4,653		46,348
				46,348
NORWAY — 0.77%
Norsk Hydro ASA		211,218		1,047,100
				1,047,100

20 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2014

Security	Shares		Value
PERU — 0.58%
Southern Copper Corp.		26,085	$	795,853
				795,853
PHILIPPINES — 0.07%
Atlas Consolidated Mining & Development Corp.		141,000		49,596
Nickel Asia Corp.		98,700		39,935
				89,531
POLAND — 0.69%
Jastrzebska Spolka Weglowa SA		6,063		103,375
KGHM Polska Miedz SA		21,714		840,380
				943,755
RUSSIA — 1.36%
Mechel OAO SP ADRa		48,645		92,425
MMC Norilsk Nickel OJSC		8,742		1,454,740
Raspadskaya OAOa		28,010		19,385
Severstal OAO		35,250		292,019
				1,858,569
SINGAPORE — 0.07%
Midas Holdings Ltd.b		263,000		96,546
				96,546
SOUTH AFRICA — 2.10%
African Rainbow Minerals Ltd.		17,625		359,334
Anglo American Platinum Ltd.a		10,415		445,523
ArcelorMittal South Africa Ltd.a		31,302		117,203
Assore Ltd.		5,640		227,506
Impala Platinum Holdings Ltd.		84,318		894,850
Kumba Iron Ore Ltd.		13,677		567,363
Merafe Resources Ltd.a		251,685		24,836
Northam Platinum Ltd.a		47,615		187,149
Royal Bafokeng Platinum Ltd.a		5,640		33,603
				2,857,367
SOUTH KOREA — 3.22%
CNK International Co. Ltd.a,b		5,339		18,405
Dongkuk Industries Co. Ltd.		1,692		5,278
Dongkuk Steel Mill Co. Ltd.		7,050		79,581
Hyundai Hysco Co. Ltd.		1,603		64,345
Hyundai Steel Co.		11,342		722,488
KISCO Corp.		1,220		31,657
KISWIRE Ltd.		1,220		41,028
Korea Zinc Co. Ltd.		1,269		405,367
Poongsan Corp.		2,820		68,420
Poongsan Holdings Corp.		1,220		35,543
POSCO		10,293		2,738,372

Security	Shares		Value
POSCO Chemtech Co. Ltd.		282	$	33,576
Posco M-Tech Co. Ltd.		3,948		21,561
SeAH Besteel Corp.		2,630		59,252
SeAH Holdings Corp.		141		13,169
SeAH Steel Corp.		404		40,684
Shine Co. Ltd.a,b		1,833		16,278
				4,395,004
SPAIN — 0.23%
Acerinox SA		14,805		215,930
Tubacex SA		17,343		70,423
Tubos Reunidos SA		9,870		26,310
				312,663
SWEDEN — 0.69%
Boliden AB		39,762		631,286
SSAB AB Class Ab		34,244		270,503
SSAB AB Class B		6,326		44,588
				946,377
SWITZERLAND — 0.08%
Schmolz + Bickenbach AG Registereda		76,563		109,525
				109,525
TAIWAN — 1.68%
China Metal Products Co. Ltd.		124,521		159,463
China Steel Corp.		1,692,287		1,435,467
Chun Yuan Steel Industrial Co. Ltd.		141,040		52,835
Chung Hung Steel Corp.a		141,000		37,789
Feng Hsin Iron & Steel Co. Ltd.		122,000		204,152
Gloria Material Technology Corp.		128,201		101,341
Ta Chen Stainless Pipe Co. Ltd.		141,300		64,592
Ton Yi Industrial Corp.		141,000		145,430
YC INOX Co. Ltd.		122,000		89,392
				2,290,461
THAILAND — 0.10%
G J Steel PCL NVDRa		18,315,900		33,685
G Steel PCL NVDRa		9,306,000		42,786
STP & I PCL NVDR		84,600		52,640
				129,111
TURKEY — 0.31%
Borusan Mannesmann Boru Sanayi ve TAS		6,686		16,735
Eregli Demir ve Celik Fabrikalari TAS		220,103		241,521
Izmir Demir Celik Sanayi ASa		14,739		16,240
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Aa		22,726		22,567

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2014

Security	Shares		Value
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Ba		11,298	$	26,075
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Da		96,491		50,315
Koza Anadolu Metal Madencilik Isletmeleri ASa		27,456		28,011
Park Elektrik Uretim Madencilik Sanayi ve TASa		8,192		16,455
				417,919
UNITED KINGDOM — 28.83%
African Minerals Ltd.a		41,858		104,169
Anglo American PLC		219,255		5,625,484
Antofagasta PLC		61,758		931,992
BHP Billiton PLC		331,632		10,717,940
Evraz PLCa		56,682		66,541
Ferrexpo PLC		28,764		73,752
Gem Diamonds Ltd.a		15,369		40,952
Glencore Xstrata PLC		1,667,591		9,199,932
Hill & Smith Holdings PLC		11,562		108,022
Kazakhmys PLCb		45,966		235,256
London Mining PLCa		24,515		36,975
Lonmin PLCa		68,385		345,414
Petra Diamonds Ltd.a		48,081		127,472
Rio Tinto PLC		199,797		11,493,035
Vedanta Resources PLC		15,792		223,630
				39,330,566
UNITED STATES — 12.30%
A.M. Castle & Co.a		3,506		51,258
AK Steel Holding Corp.a		22,983		142,724
Alcoa Inc.		167,207		1,963,010
Allegheny Technologies Inc.		17,343		551,161
AMCOL International Corp.		3,102		137,667
Carpenter Technology Corp.		7,755		458,708
Century Aluminum Co.a		9,428		111,627
Cliffs Natural Resources Inc.		24,515		491,035
Commercial Metals Co.		17,343		335,587
Compass Minerals International Inc.		4,794		409,168
Freeport-McMoRan Copper & Gold Inc.		162,714		5,307,731
Globe Specialty Metals Inc.		9,588		190,514
Haynes International Inc.		1,955		96,831
Horsehead Holding Corp.a		7,614		135,301
Kaiser Aluminum Corp.		2,256		159,251
Materion Corp.		3,083		91,226
Molycorp Inc.a		28,764		150,148

Security	Shares		Value
Nucor Corp.		49,632	$	2,493,512
Olympic Steel Inc.		1,833		50,426
Reliance Steel & Aluminum Co.		11,844		820,552
RTI International Metals Inc.a		3,807		103,436
Schnitzer Steel Industries Inc. Class A		4,653		118,047
Steel Dynamics Inc.		35,250		614,760
Stillwater Mining Co.a		17,465		236,476
SunCoke Energy Inc.a		10,152		226,187
United States Steel Corp.		23,265		563,478
Universal Stainless & Alloy Products Inc.a		1,410		46,572
US Silica Holdings Inc.		8,460		277,488
Walter Energy Inc.		10,434		112,583
Worthington Industries Inc.		8,178		325,975
				16,772,439
TOTAL COMMON STOCKS
(Cost: $127,362,224)				130,542,450
PREFERRED STOCKS — 4.13%
BRAZIL — 4.13%
Bradespar SA		40,400		368,546
Companhia de Ferro Ligas da Bahia-Ferbasa		12,200		63,141
Gerdau SA		141,000		871,593
Metalurgica Gerdau SA		42,300		324,312
Usinas Siderurgicas de Minas Gerais SA Class A		54,500		227,939
Vale SA Class A		303,100		3,774,477
				5,630,008
RUSSIA — 0.00%
Mechel OAO SP ADR		5,640		3,830
				3,830
TOTAL PREFERRED STOCKS
(Cost: $6,974,106)				5,633,838
SHORT-TERM INVESTMENTS — 1.41%
MONEY MARKET FUNDS — 1.41%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%f,g,h		1,745,645		1,745,645
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%f,g,h		91,515		91,515

22 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2014

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%f,g		89,829	$	89,829
				1,926,989
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,926,989)				1,926,989
TOTAL INVESTMENTS IN SECURITIES — 101.25%
(Cost: $136,263,319)				138,103,277
Other Assets, Less Liabilities — (1.25)%				(1,700,259	)
NET ASSETS — 100.00%			$	136,403,018

NVDR  —  Non-Voting Depositary Receipts

SP ADR   —  Sponsored American Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

^c  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

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

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

^f  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 23

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 99.91%
AUSTRALIA — 0.23%
Alcyone Resources Ltd.a		26,593,384	$	23,797
				23,797
CANADA — 58.31%
Alexco Resource Corp.a,b		50,808		95,470
AuRico Gold Inc.		91,936		453,472
Endeavour Silver Corp.a		44,032		226,335
Excellon Resources Inc.a		60,776		86,199
First Majestic Silver Corp.a,b		38,648		425,950
Fortuna Silver Mines Inc.a		55,136		237,589
Great Panther Silver Ltd.a		94,464		111,792
MAG Silver Corp.a,b		24,080		197,304
Mandalay Resources Corp.		122,856		104,327
Pan American Silver Corp.		33,648		474,802
Scorpio Mining Corp.a		239,728		80,129
Silver Standard Resources Inc.a		32,544		335,451
Silver Wheaton Corp.		94,992		2,424,250
Silvercorp Metals Inc.		76,696		198,158
Tahoe Resources Inc.a		22,168		520,281
US Silver & Gold Inc.a		134,904		71,903
Wildcat Silver Corp.a		143,792		76,640
				6,120,052
HONG KONG — 2.76%
G-Resources Group Ltd.a		9,624,000		290,169
				290,169
MEXICO — 8.92%
Industrias Penoles SAB de CV		38,520		936,079
				936,079
PERU — 5.80%
Compania de Minas Buenaventura SA SP ADR		48,280		608,328
				608,328
UNITED KINGDOM — 11.61%
Arian Silver Corp.a,b		96,048		83,701
Fresnillo PLC		48,872		779,299
Hochschild Mining PLC		79,520		266,194
Patagonia Gold PLCa		537,592		88,966
				1,218,160
UNITED STATES — 12.28%
Coeur Mining Inc.a		35,744		393,184
Golden Minerals Co.a		67,768		71,834

Security	Shares		Value
Hecla Mining Co.		129,344	$	437,183
McEwen Mining Inc.a		93,824		273,028
Paramount Gold and Silver Corp.a		84,280		113,778
				1,289,007
TOTAL COMMON STOCKS
(Cost: $10,933,553)				10,485,592
SHORT-TERM INVESTMENTS — 2.01%
MONEY MARKET FUNDS — 2.01%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%c,d,e		200,195		200,195
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%c,d,e		10,495		10,495
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		251		251
				210,941
TOTAL SHORT-TERM INVESTMENTS
(Cost: $210,941)				210,941
TOTAL INVESTMENTS IN SECURITIES — 101.92%
(Cost: $11,144,494)				10,696,533
Other Assets, Less Liabilities — (1.92)%				(201,173	)
NET ASSETS — 100.00%			$	10,495,360

SP ADR  —  Sponsored American Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

24 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF
ASSETS
Investments, at cost:
Unaffiliated	$	39,182,331		$	4,889,553		$	68,163,732
Affiliated (Note 2)		1,282,758			12,976			306,996
Total cost of investments	$	40,465,089		$	4,902,529		$	68,470,728
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	37,703,117		$	5,084,978		$	57,012,613
Affiliated (Note 2)		1,275,811			12,976			306,996
Total fair value of investments		38,978,928			5,097,954			57,319,609
Foreign currency, at valueb		32,912			5,787			19,956
Receivables:
Investment securities sold		1,097,389			—			493,676
Dividends and interest		49,869			22,625			29,460
Total Assets		40,159,098			5,126,366			57,862,701
LIABILITIES
Payables:
Investment securities purchased		1,115,591			—			505,107
Collateral for securities on loan (Note 1)		1,003,345			12,231			286,600
Investment advisory fees (Note 2)		10,996			1,482			16,183
Total Liabilities		2,129,932			13,713			807,890
NET ASSETS	$	38,029,166		$	5,112,653		$	57,054,811
Net assets consist of:
Paid-in capital	$	39,249,417		$	5,040,238		$	76,338,403
Undistributed net investment income		127,195			17,201			33,054
Undistributed net realized gain (accumulated net realized loss)		136,966			(140,262	)		(8,165,755	)
Net unrealized appreciation (depreciation)		(1,484,412	)		195,476			(11,150,891	)
NET ASSETS	$	38,029,166		$	5,112,653		$	57,054,811
Shares outstandingc		1,450,000			200,000			5,200,000
Net asset value per share	$	26.23		$	25.56		$	10.97

^a  Securities on loan with values of $923,198, $11,368 and $263,842, respectively. See Note 1.

^b  Cost of foreign currency: $32,454, $5,733 and $19,691, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 25

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2014

	iShares MSCI Global Metals & Mining Producers ETF			iShares MSCI Global Silver Miners ETF
ASSETS
Investments, at cost:
Unaffiliated	$	134,336,330		$	10,933,553
Affiliated (Note 2)		1,926,989			210,941
Total cost of investments	$	136,263,319		$	11,144,494
Investments in securities, at fair value (including securities on loana)  (Note 1):
Unaffiliated	$	136,176,288		$	10,485,592
Affiliated (Note 2)		1,926,989			210,941
Total fair value of investments		138,103,277			10,696,533
Foreign currency, at valueb		53,919			6,574
Receivables:
Investment securities sold		—			361,819
Dividends and interest		123,552			5,059
Total Assets		138,280,748			11,069,985
LIABILITIES
Payables:
Investment securities purchased		—			360,919
Collateral for securities on loan (Note 1)		1,837,160			210,690
Investment advisory fees (Note 2)		40,570			3,016
Total Liabilities		1,877,730			574,625
NET ASSETS	$	136,403,018		$	10,495,360
Net assets consist of:
Paid-in capital	$	132,013,936		$	11,761,991
Distributions in excess of net investment income		(342,875	)		(63,041	)
Undistributed net realized gain (accumulated net realized loss)		2,891,827			(755,598	)
Net unrealized appreciation (depreciation)		1,840,130			(447,992	)
NET ASSETS	$	136,403,018		$	10,495,360
Shares outstandingc		7,050,000			800,000
Net asset value per share	$	19.35		$	13.12

^a  Securities on loan with values of $1,723,472 and $199,451, respectively. See Note 1.

^b  Cost of foreign currency: $53,069 and $6,610, respectively.

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

See notes to financial statements.

26 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	454,482		$	64,750		$	264,170
Dividends — affiliated (Note 2)		1,113			—			—
Interest — affiliated (Note 2)		7			1			5
Securities lending income — affiliated (Note 2)		5,199			140			9,117
Total investment income		460,801			64,891			273,292
EXPENSES
Investment advisory fees (Note 2)		78,690			9,760			78,413
Total expenses		78,690			9,760			78,413
Less investment advisory fees waived (Note 2)		(1,289	)		—			—
Net expenses		77,401			9,760			78,413
Net investment income		383,400			55,131			194,879
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(484,368	)		(90,370	)		(4,032,577	)
Investments — affiliated (Note 2)		(3,608	)		—			—
In-kind redemptions — unaffiliated		790,947			—			—
In-kind redemptions — affiliated (Note 2)		583			—			—
Foreign currency transactions		(3,193	)		321			(141	)
Net realized gain (loss)		300,361			(90,049	)		(4,032,718	)
Net change in unrealized appreciation/depreciation on:
Investments		1,893,655			395,625			4,521,981
Translation of assets and liabilities in foreign currencies		2,259			260			909
Net change in unrealized appreciation/depreciation		1,895,914			395,885			4,522,890
Net realized and unrealized gain		2,196,275			305,836			490,172
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,579,675		$	360,967		$	685,051

^a  Net of foreign withholding tax of $32,560, $3,997 and $31,032, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2014

	iShares MSCI Global Metals & Mining Producers ETF			iShares MSCI Global Silver Miners ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	2,068,075		$	43,816
Interest — affiliated (Note 2)		26			1
Securities lending income — affiliated (Note 2)		33,713			1,770
Total investment income		2,101,814			45,587
EXPENSES
Investment advisory fees (Note 2)		343,231			14,353
Total expenses		343,231			14,353
Net investment income		1,758,583			31,234
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(4,602,881	)		(451,120	)
In-kind redemptions — unaffiliated		10,731,513			—
Foreign currency transactions		(14,278	)		475
Net realized gain (loss)		6,114,354			(450,645	)
Net change in unrealized appreciation/depreciation on:
Investments		16,613,369			614,515
Translation of assets and liabilities in foreign currencies		6,426			(210	)
Net change in unrealized appreciation/depreciation		16,619,795			614,305
Net realized and unrealized gain		22,734,149			163,660
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,492,732		$	194,894

^a  Net of foreign withholding tax of $118,400 and $3,779, respectively.

See notes to financial statements.

28 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Global Agriculture Producers ETF						iShares MSCI Global Energy Producers ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	383,400		$	391,116		$	55,131		$	125,538
Net realized gain (loss)		300,361			(138,365	)		(90,049	)		(25,626	)
Net change in unrealized appreciation/depreciation		1,895,914			(3,296,695	)		395,885			135,914
Net increase (decrease) in net assets resulting from operations		2,579,675			(3,043,944	)		360,967			235,826
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(372,944	)		(289,367	)		(59,652	)		(125,608	)
Total distributions to shareholders		(372,944	)		(289,367	)		(59,652	)		(125,608	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		5,267,408			29,084,665			—			—
Cost of shares redeemed		(5,160,937	)		—			—			—
Net increase in net assets from capital share transactions		106,471			29,084,665			—			—
INCREASE IN NET ASSETS		2,313,202			25,751,354			301,315			110,218
NET ASSETS
Beginning of period		35,715,964			9,964,610			4,811,338			4,701,120
End of period	$	38,029,166		$	35,715,964		$	5,112,653		$	4,811,338
Undistributed net investment income included in net assets at end of period	$	127,195		$	116,739		$	17,201		$	21,722
SHARES ISSUED AND REDEEMED
Shares sold		200,000			1,050,000			—			—
Shares redeemed		(200,000	)		—			—			—
Net increase in shares outstanding		—			1,050,000			—			—

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Global Gold Miners ETF						iShares MSCI Global Metals & Mining Producers ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013			Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	194,879		$	443,449		$	1,758,583		$	5,685,352
Net realized gain (loss)		(4,032,718	)		(3,263,008	)		6,114,354			2,266,989
Net change in unrealized appreciation/depreciation		4,522,890			(11,579,719	)		16,619,795			(14,102,532	)
Net increase (decrease) in net assets resulting from operations		685,051			(14,399,278	)		24,492,732			(6,150,191	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(210,580	)		(426,169	)		(3,199,452	)		(4,641,648	)
Total distributions to shareholders		(210,580	)		(426,169	)		(3,199,452	)		(4,641,648	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		18,295,321			33,445,251			11,921,973			172,833,069
Cost of shares redeemed		—			(12,419,198	)		(119,620,295	)		(62,756,852	)
Net increase (decrease) in net assets from capital share transactions		18,295,321			21,026,053			(107,698,322	)		110,076,217
INCREASE (DECREASE) IN NET ASSETS		18,769,792			6,200,606			(86,405,042	)		99,284,378
NET ASSETS
Beginning of period		38,285,019			32,084,413			222,808,060			123,523,682
End of period	$	57,054,811		$	38,285,019		$	136,403,018		$	222,808,060
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	33,054		$	48,755		$	(342,875	)	$	1,097,994
SHARES ISSUED AND REDEEMED
Shares sold		1,900,000			2,450,000			600,000			8,950,000
Shares redeemed		—			(750,000	)		(5,850,000	)		(3,150,000	)
Net increase (decrease) in shares outstanding		1,900,000			1,700,000			(5,250,000	)		5,800,000

See notes to financial statements.

30 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Global Silver Miners ETF
	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	31,234		$	32,646
Net realized loss		(450,645	)		(219,152	)
Net change in unrealized appreciation/depreciation		614,305			(720,832	)
Net increase (decrease) in net assets resulting from operations		194,894			(907,338	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(87,359	)		(44,671	)
Total distributions to shareholders		(87,359	)		(44,671	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,428,923			5,816,496
Net increase in net assets from capital share transactions		3,428,923			5,816,496
INCREASE IN NET ASSETS		3,536,458			4,864,487
NET ASSETS
Beginning of period		6,958,902			2,094,415
End of period	$	10,495,360		$	6,958,902
Distributions in excess of net investment income included in net assets at end of period	$	(63,041	)	$	(6,916	)
SHARES ISSUED
Shares sold		300,000			400,000
Net increase in shares outstanding		300,000			400,000

See notes to financial statements.

FINANCIAL STATEMENTS 31

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Global Agriculture Producers ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	24.63		$	24.91		$	24.88
Income from investment operations:
Net investment incomeb		0.25			0.50			0.28
Net realized and unrealized gain (loss)c		1.58			(0.46	)		(0.05	)
Total from investment operations		1.83			0.04			0.23
Less distributions from:
Net investment income		(0.23	)		(0.32	)		(0.20	)
Total distributions		(0.23	)		(0.32	)		(0.20	)
Net asset value, end of period	$	26.23		$	24.63		$	24.91
Total return		7.43	%d		0.10	%		0.97	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	38,029		$	35,716		$	9,965
Ratio of expenses to average net assetse		0.38	%		0.38	%		0.38	%
Ratio of expenses to average net assets prior to waived feese		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		1.90	%		1.87	%		1.93	%
Portfolio turnover ratef		8	%		6	%		6	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014, the year ended August 31, 2013 and the period ended August 31, 2012 were 8%, 6% and 6%, respectively. See Note 4.

See notes to financial statements.

32 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Global Energy Producers ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	24.06		$	23.51		$	24.79
Income from investment operations:
Net investment incomeb		0.28			0.63			0.43
Net realized and unrealized gain (loss)c		1.52			0.55			(1.39	)
Total from investment operations		1.80			1.18			(0.96	)
Less distributions from:
Net investment income		(0.30	)		(0.63	)		(0.32	)
Total distributions		(0.30	)		(0.63	)		(0.32	)
Net asset value, end of period	$	25.56		$	24.06		$	23.51
Total return		7.49	%d		5.10	%		(3.77	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,113		$	4,811		$	4,701
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		2.20	%		2.61	%		3.16	%
Portfolio turnover ratef		6	%		6	%		5	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014, the year ended August 31, 2013 and the period ended August 31, 2012 were 6%, 6% and 5%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 33

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Global Gold Miners ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	11.60		$	20.05		$	25.00
Income from investment operations:
Net investment incomeb		0.05			0.21			0.15
Net realized and unrealized gain (loss)c		(0.63	)		(8.47	)		(5.02	)
Total from investment operations		(0.58	)		(8.26	)		(4.87	)
Less distributions from:
Net investment income		(0.05	)		(0.19	)		(0.08	)
Total distributions		(0.05	)		(0.19	)		(0.08	)
Net asset value, end of period	$	10.97		$	11.60		$	20.05
Total return		(4.91	)%d		(41.28	)%		(19.45	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	57,055		$	38,285		$	32,084
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		0.97	%		1.37	%		1.25	%
Portfolio turnover ratef		7	%		19	%		11	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

34 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Global Metals & Mining Producers ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	18.11		$	19.00		$	24.76
Income from investment operations:
Net investment incomeb		0.19			0.50			0.37
Net realized and unrealized gain (loss)c		1.50			(1.00	)		(6.00	)
Total from investment operations		1.69			(0.50	)		(5.63	)
Less distributions from:
Net investment income		(0.45	)		(0.39	)		(0.13	)
Total distributions		(0.45	)		(0.39	)		(0.13	)
Net asset value, end of period	$	19.35		$	18.11		$	19.00
Total return		9.42	%d		(2.68	)%		(22.76	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	136,403		$	222,808		$	123,524
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		2.00	%		2.51	%		2.98	%
Portfolio turnover ratef		12	%		11	%		1	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014, the year ended August 31, 2013 and the period ended August 31, 2012 were 11%, 7% and 1%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Global Silver Miners ETF

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	13.92		$	20.94		$	24.87
Income from investment operations:
Net investment incomeb		0.05			0.16			0.11
Net realized and unrealized gain (loss)c		(0.73	)		(6.90	)		(3.90	)
Total from investment operations		(0.68	)		(6.74	)		(3.79	)
Less distributions from:
Net investment income		(0.12	)		(0.28	)		(0.14	)
Total distributions		(0.12	)		(0.28	)		(0.14	)
Net asset value, end of period	$	13.12		$	13.92		$	20.94
Total return		(4.59	)%d		(32.49	)%		(15.18	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	10,495		$	6,959		$	2,094
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		0.85	%		1.03	%		0.86	%
Portfolio turnover ratef		8	%		13	%		9	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

36 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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

iShares ETF	Diversification Classification
MSCI Global Agriculture Producers		Non-diversified
MSCI Global Energy Producers		Non-diversified
MSCI Global Gold Miners		Non-diversified
MSCI Global Metals & Mining Producers		Non-diversified
MSCI Global Silver Miners		Non-diversified

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

Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

Each Fund invests in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Funds; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in emerging market and frontier market countries.

The United States and the European Union have imposed economic sanctions on certain Russian individuals and a financial institution. The United States or the European Union could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian securities, impairing the ability of the Funds to buy, sell, receive or deliver those securities. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities.

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of

NOTESTO FINANCIAL STATEMENTS 37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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.

SECURITY VALUATION

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Open-end U.S. mutual funds 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 based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

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

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

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing

38 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

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

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

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

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2014. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1		Level 2			Level 3			Total
MSCI Global Agriculture Producers
Assets:
Common Stocks	$	37,396,103	$	—		$	0	a	$	37,396,103
Investment Companies		239,871		—			—			239,871
Preferred Stocks		303,907		—			—			303,907
Rights		—		3,107			—			3,107
Money Market Funds		1,035,940		—			—			1,035,940
	$	38,975,821	$	3,107		$	0	a	$	38,978,928
MSCI Global Energy Producers
Assets:
Common Stocks	$	5,027,685	$	—		$	—		$	5,027,685
Preferred Stocks		57,293		—			—			57,293
Warrants		—		0	a		—			0	a
Money Market Funds		12,976		—			—			12,976
	$	5,097,954	$	0	a	$	—		$	5,097,954
MSCI Global Gold Miners
Assets:
Common Stocks	$	57,012,613	$	—		$	—		$	57,012,613
Money Market Funds		306,996		—			—			306,996
	$	57,319,609	$	—		$	—		$	57,319,609

NOTESTO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI Global Metals & Mining Producers
Assets:
Common Stocks	$	130,502,969	$	39,442	$	39	$	130,542,450
Preferred Stocks		5,633,838		—		—		5,633,838
Money Market Funds		1,926,989		—		—		1,926,989
	$	138,063,796	$	39,442	$	39	$	138,103,277
MSCI Global Silver Miners
Assets:
Common Stocks	$	10,485,592	$	—	$	—	$	10,485,592
Money Market Funds		210,941		—		—		210,941
	$	10,696,533	$	—	$	—	$	10,696,533

^a  Rounds to less than $1.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2014 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2014, if any, are disclosed in the Funds’ statements of assets and liabilities.

40 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

DISTRIBUTIONS TO SHAREHOLDERS

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

FEDERAL INCOME TAXES

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.

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates.

As of February 28, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2014 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party. 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.

NOTESTO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2014, the following Funds had securities on loan with a market value as disclosed in the Funds’ statements of assets and liabilities:

iShares ETF	Market Value of Securities on Loan
MSCI Global Agriculture Producers	$	923,198
MSCI Global Energy Producers		11,368
MSCI Global Gold Miners		263,842
MSCI Global Metals & Mining Producers		1,723,472
MSCI Global Silver Miners		199,451

As of February 28, 2014, the value of the related collateral, as disclosed in the Funds’ schedules of investments, exceeded the market value of the securities on loan.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39% based on the average daily net assets of each Fund.

BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs through December 31, 2014 in an amount equal to the investment advisory fees payable on the amount of each Fund’s investment in other iShares funds. The iShares MSCI Global Metals & Mining Producers ETF did not hold any iShares funds during the six months ended February 28, 2014.

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. Effective January 1, 2014, 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% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2014, (i) each Fund retains 75% of securities lending income (commencing January 1, 2015 the amount each Fund will retain is expected to change to 70% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, each Fund retained 65% of securities lending income and paid no collateral investment fees.

42 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2014, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
MSCI Global Agriculture Producers	$	2,611
MSCI Global Energy Producers		67
MSCI Global Gold Miners		4,623
MSCI Global Metals & Mining Producers		16,599
MSCI Global Silver Miners		895

In addition, commencing the business day following a “Hurdle Date” (the date that the aggregate securities lending income 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 calendar year 2013 or lesser amount as may be agreed to by the Funds and BTC) and pursuant to a securities lending agreement, (i) each Fund will receive for the remainder of that calendar year 80% of securities lending income (for any Hurdle Date after January 1, 2015, each Fund will retain 75% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees.

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.

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 “Interest – affiliated” in the statements of operations.

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

The iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended February 28, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Period		Shares Purchased		Shares Sold			Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
MSCI Global Agriculture Producers
iShares India 50 ETF		12,191		1,680		(3,478	)		10,393	$	239,871	$	1,113	$	(3,025	)

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

NOTESTO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2014 were as follows:

iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	3,279,946	$	3,214,121
MSCI Global Energy Producers		319,276		318,543
MSCI Global Gold Miners		3,091,050		3,062,872
MSCI Global Metals & Mining Producers		22,089,202		40,376,511
MSCI Global Silver Miners		617,364		661,511

In-kind transactions (see Note 4) for the six months ended February 28, 2014 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Agriculture Producers	$	4,883,483	$	4,799,069
MSCI Global Gold Miners		18,264,470		—
MSCI Global Metals & Mining Producers		9,909,083		99,794,832
MSCI Global Silver Miners		3,424,941		—

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 net asset value. 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.

5. INCOME TAX INFORMATION

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 net asset values per share.

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

44 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of August 31, 2013, the Funds’ fiscal year-end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI Global Agriculture Producers	$	18,538
MSCI Global Gold Miners		319,826
MSCI Global Metals & Mining Producers		115,703
MSCI Global Silver Miners		83,082

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

As of February 28, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Global Agriculture Producers	$	40,540,589	$	1,728,839	$	(3,290,500	)	$	(1,561,661	)
MSCI Global Energy Producers		4,912,435		560,269		(374,750	)		185,519
MSCI Global Gold Miners		70,753,892		1,823,715		(15,257,998	)		(13,434,283	)
MSCI Global Metals & Mining Producers		138,070,275		11,176,132		(11,143,130	)		33,002
MSCI Global Silver Miners		11,391,978		648,557		(1,344,002	)		(695,445	)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2014, 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.

6. 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.

NOTESTO FINANCIAL STATEMENTS 45

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts 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 distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Global Agriculture Producers	$	0.161025	$	—	$	0.072065	$	0.233090		69	%		—	%		31	%		100	%
MSCI Global Energy Producers		0.289725		—		0.008535		0.298260		97			—			3			100
MSCI Global Gold Miners		0.047322		—		0.001650		0.048972		97			—			3			100
MSCI Global Metals & Mining Producers		0.393917		—		0.059906		0.453823		87			—			13			100
MSCI Global Silver Miners		0.093748		—		0.031051		0.124799		75			—			25			100

46 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

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

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

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

©2014 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-812-0214

FEBRUARY 28, 2014

  2014 SEMI-ANNUAL REPORT (UNAUDITED)  

iShares, Inc.

^Ø   iShares Core MSCI Emerging Markets ETF  |  IEMG  |  NYSE Arca

Table of Contents

Fund Performance Overview	5
About Fund Performance	6
Shareholder Expenses	6
Consolidated Schedule of Investments	7
Consolidated Financial Statements	35
Consolidated Financial Highlights	38
Notes to Consolidated Financial Statements	39
Supplemental Information	48

Fund Performance Overview

iSHARES^® CORE MSCI EMERGING MARKETS ETF

Performance as of February 28, 2014

The iShares Core MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equties, as represented by the MSCI Emerging Markets Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 5.28%, net of fees, while the total return for the Index was 5.33%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(5.40)%		(5.86)%		(5.45)%		(5.40)%		(5.86)%		(5.45)%
Since Inception		(0.56)%		(0.96)%		(0.58)%		(0.77)%		(1.31)%		(0.80)%

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,052.80	$	0.76	$	1,000.00	$	1,024.10	$	0.75		0.15%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Financials	25.25	%
Information Technology	17.16
Consumer Discretionary	10.52
Energy	9.74
Materials	9.68
Consumer Staples	8.14
Industrials	7.54
Telecommunication Services	6.31
Utilities	3.37
Health Care	2.29
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/14

Country Percentage of
Total  Investments*

China	19.87	%
South Korea	16.21
Taiwan	13.12
Brazil	9.63
South Africa	7.56
India	6.21
Russia	4.97
Mexico	4.64
Malaysia	4.09
Indonesia	2.76
TOTAL	89.06	%

* 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 management fees. Without such 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. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 September 1, 2013 and held through February 28, 2014, 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. 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 for 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 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 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 94.25%
BRAZIL — 5.75%
Abril Educacao SA Units		38,000	$	470,120
Aliansce Shopping Centers SA		94,900		717,437
ALL – America Latina Logistica SA		357,000		1,031,571
AMBEV SA		4,039,600		29,190,260
Anhanguera Educacional Participacoes SA		336,600		1,891,934
Arezzo Industria e Comercio SA		41,400		490,030
Autometal SA		32,000		215,753
B2W Companhia Global do Varejoa		67,500		672,110
Banco ABC Brasil SAa		1,601		4,797
Banco Bradesco SA		586,360		7,316,949
Banco do Brasil SA		641,100		5,680,980
Banco Santander (Brasil) SA Units		815,600		3,997,697
BB Seguridade Participacoes SA		524,800		5,234,521
BM&F Bovespa SA		1,586,300		6,838,202
BR Malls Participacoes SA		350,600		2,695,538
BR Properties SA		180,800		1,315,753
Brasil Brokers Participacoes SA		189,000		406,156
Brasil Insurance Participacoes e Administracao SA		65,000		441,310
Brazil Pharma SAa		33,000		74,165
BRF SA		574,200		10,549,942
CCR SA		745,600		5,132,384
Centrais Eletricas Brasileiras SA		239,800		513,271
CETIP SA – Mercados Organizados		168,038		1,798,352
Cielo SA		306,680		8,336,550
Companhia de Locacao das Americas		69,600		104,281
Companhia de Saneamento Basico do Estado de Sao Paulo		290,600		2,674,615
Companhia de Saneamento de Minas Gerais SA		52,200		744,118
Companhia Hering SA		119,500		1,273,780

Security	Shares		Value
Companhia Siderurgica Nacional SA		629,200	$	2,755,443
Cosan SA Industria e Comercio		114,000		1,692,919
CPFL Energia SA		204,700		1,472,158
Cyrela Brazil Realty SA Empreendimentos e Participacoes		238,900		1,335,631
Duratex SA		226,990		1,056,242
EcoRodovias Infraestrutura e Logistica SA		134,000		708,433
EDP Energias do Brasil SA		210,100		803,165
Embraer SA		511,700		4,589,090
Equatorial Energia SA		150,776		1,279,918
Estacio Participacoes SA		231,600		2,191,079
Eternit SA		158,000		561,387
Even Construtora e Incorporadora SA		164,700		503,407
EZ TEC Empreendimentos e Participacoes SA		42,200		468,066
Fibria Celulose SAa		214,600		2,278,288
Fleury SA		51,000		436,644
Gafisa SA		405,300		572,556
Helbor Empreendimentos SA		127,470		375,425
Hypermarcas SA		295,400		1,837,398
Iguatemi Empresa de Shopping Centers SA		75,900		694,667
International Meal Co. Holdings SAa		48,200		311,567
Iochpe-Maxion SA		66,500		668,985
JBS SA		632,400		2,030,394
Julio Simoes Logistica SA		82,600		494,327
Kroton Educacional SA		162,200		3,034,306
Light SA		66,200		467,594
Localiza Rent A Car SA		121,235		1,617,159
Lojas Americanas SA		117,000		621,062
Lojas Renner SA		114,000		2,815,839
LPS Brasil – Consultoria de Imoveis SA		79,500		409,752
M Dias Branco SA		38,000		1,332,277
Magazine Luiza SA		92,300		278,164
Magnesita Refratarios SA		188,400		439,546
Mills Estruturas e Servicos de Engenharia SA		80,500		885,638
Minerva SAa		114,700		518,016

CONSOLIDATED SCHEDULEOF INVESTMENTS 7

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
MRV Engenharia e Participacoes SA		285,600	$	992,753
Multiplan Empreendimentos Imobiliarios SA		76,000		1,499,829
Multiplus SA		42,500		466,845
Natura Cosmeticos SA		152,000		2,245,514
Odontoprev SA		229,200		840,858
PDG Realty SA Empreendimentos e Participacoesa		1,077,700		696,630
Petroleo Brasileiro SA		2,591,000		14,408,001
Porto Seguro SA		102,000		1,418,219
Prumo Logistica SAa		864,145		340,331
Qualicorp SAa		173,800		1,580,271
Raia Drogasil SA		175,700		1,243,288
Restoque Comercio e Confeccoes de Roupas SA		131,800		352,633
Rossi Residencial SAa		285,587		209,056
Santos Brasil Participacoes SA Units		38,100		244,649
Sao Martinho SA		52,300		668,303
SLC Agricola SA		57,400		443,523
Sonae Sierra Brasil SA		42,200		282,899
Souza Cruz SA		319,100		2,778,465
Sul America SA Units		118,889		761,887
T4F Entretenimento SAa		165,300		329,043
Technos SA		45,700		281,908
Tecnisa SAa		105,200		339,558
Tegma Gestao Logistica SA		27,200		215,993
TIM Participacoes SA		720,100		3,532,682
Totvs SA		114,000		1,579,212
TPI – Triunfo Participacoes e Investimentos SA		68,300		258,172
Tractebel Energia SA		152,000		2,160,274
Transmissora Alianca de Energia Eletrica SA		83,500		644,837
Ultrapar Participacoes SA		283,800		6,335,689
UNICASA Industria de Moveis SA		112,800		224,538
Vale SA		1,147,400		16,208,990
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		49,400		623,844
Vanguarda Agro SAa		259,929		342,715

Security	Shares		Value
WEG SA		192,100	$	2,515,556
				208,416,083
CHILE — 1.43%
AES Gener SA		2,141,330		1,121,334
Aguas Andinas SA Series A		2,071,278		1,269,113
Banco de Chile		22,726,537		2,901,329
Banco de Credito e Inversiones		30,294		1,657,834
Banco Santander (Chile) SA		60,394,866		3,270,029
Besalco SA		296,543		268,138
CAP SA		65,452		1,025,791
Cencosud SA		926,020		2,822,099
Colbun SA		6,915,952		1,618,191
Compania Cervecerias Unidas SA		122,466		1,386,326
Compania SudAmericana de Vapores SAa		10,074,216		488,404
CorpBanca SA		128,485,934		1,528,830
Cruz Blanca Salud SA		157,272		128,255
E.CL SA		492,518		654,448
Empresa Nacional de Electricidad SA		2,819,184		3,830,155
Empresa Nacional de Telecomunicaciones SA		99,761		1,151,868
Empresas CMPC SA		1,032,853		2,490,524
Empresas Copec SA		396,065		5,294,425
Enersis SA		16,554,433		4,746,284
Inversiones Aguas Metropolitanas SA		380,114		608,538
Inversiones La Construccion SA		31,090		412,577
LATAM Airlines Group SA		289,237		4,481,876
Masisa SA		2,038,338		100,245
Parque Arauco SA		463,083		805,863
S.A.C.I. Falabella SA		640,877		5,340,613
SalfaCorp SA		347,144		335,649
Sociedad Matriz SAAM SA		4,714,315		384,104
Sonda SA		421,060		829,434
Vina Concha y Toro SA		406,374		799,412
				51,751,688
CHINA — 19.74%
361 Degrees International Ltd.		1,618,000		416,954
AAC Technologies Holdings Inc.		611,500		2,769,500
Agile Property Holdings Ltd.		1,520,000		1,298,484

8 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Agricultural Bank of China Ltd. Class H		18,287,000	$	7,752,073
Air China Ltd. Class H		1,438,000		937,538
Ajisen (China) Holdings Ltd.b		560,000		619,813
Aluminum Corp. of China Ltd. Class Ha,b		3,372,000		1,207,847
Anhui Conch Cement Co. Ltd. Class Hb		1,140,000		4,156,912
Anhui Expressway Co. Ltd. Class H		484,000		248,204
Anta Sports Products Ltd.		799,000		1,235,400
Anton Oilfield Services Groupb		1,014,000		700,297
Anxin-China Holdings Ltd.		2,224,000		481,419
Asia Cement China Holdings Corp.b		583,000		407,143
Asian Citrus Holdings Ltd.		1,322,000		320,235
AviChina Industry & Technology Co. Ltd. Class H		1,776,000		1,082,390
Bank of China Ltd. Class H		64,219,000		26,974,951
Bank of Communications Co. Ltd. Class H		7,434,000		4,770,143
BBMG Corp. Class H		939,500		699,688
Beijing Capital International Airport Co. Ltd. Class H		1,602,000		1,213,722
Beijing Capital Land Ltd. Class H		1,198,000		490,867
Beijing Enterprises Holdings Ltd.		462,500		4,433,678
Beijing Enterprises Water Group Ltd.		3,006,000		2,153,492
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.a,b		279,000		419,881
Belle International Holdings Ltd.		3,895,000		4,802,849
Billion Industrial Holdings Ltd.b		380,500		209,345
Biostime International Holdings Ltd.		190,000		1,695,325
Bosideng International Holdings Ltd.b		2,734,000		489,658
Brilliance China Automotive Holdings Ltd.		2,574,000		3,920,176
BYD Co. Ltd. Class Ha,b		443,000		2,922,491

Security	Shares		Value
BYD Electronic International Co. Ltd.a,b		647,000	$	375,976
C C Land Holdings Ltd.b		1,272,000		278,622
Chaowei Power Holdings Ltd.b		843,000		413,840
China Agri-Industries Holdings Ltd.		1,869,200		802,010
China Aoyuan Property Group Ltd.		3,066,000		596,525
China BlueChemical Ltd. Class H		1,566,000		914,049
China Cinda Asset Management Co. Ltd.		2,150,000		1,296,474
China CITIC Bank Corp. Ltd. Class H		6,761,000		3,632,675
China Coal Energy Co. Class Hb		3,335,000		1,705,948
China Communications Construction Co. Ltd. Class H		4,023,000		2,809,499
China Communications Services Corp. Ltd. Class H		1,984,000		933,070
China Construction Bank Corp. Class H		61,718,000		42,385,623
China COSCO Holdings Co. Ltd. Class Ha,b		2,274,000		978,625
China Datang Corp. Renewable Power Co. Ltd. Class H		2,297,000		458,746
China Dongxiang (Group) Co. Ltd.b		3,115,000		618,099
China Everbright International Ltd.		2,364,000		3,460,233
China Everbright Ltd.		760,000		1,002,751
China Gas Holdings Ltd.		1,708,000		2,680,493
China High Speed Transmission Equipment Group Co. Ltd.a,b		1,251,000		928,452
China Huiyuan Juice Group Ltd.a		730,500		400,026
China International Marine Containers (Group) Co. Ltd. Class H		474,200		1,157,234
China Life Insurance Co. Ltd. Class H		6,488,000		18,976,504
China Lilang Ltd.		634,000		408,450

CONSOLIDATED SCHEDULEOF INVESTMENTS 9

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
China Longyuan Power Group Corp. Ltd. Class H		2,326,000	$	2,775,238
China Lumena New Materials Corp.b		2,584,000		459,464
China Medical System Holdings Ltd.b		888,000		1,140,743
China Mengniu Dairy Co. Ltd.		1,185,000		6,076,884
China Merchants Bank Co. Ltd. Class H		3,902,964		6,849,379
China Merchants Holdings (International) Co. Ltd.		1,152,000		4,089,344
China Merchants Land Ltd.a		1,330,000		265,621
China Metal Recycling Holdings Ltd.a,b,c		62,400		—
China Minsheng Banking Corp. Ltd. Class H		4,395,000		4,371,754
China Mobile Ltd.		5,172,500		49,152,096
China Modern Dairy Holdings Ltd.a,b		1,627,000		798,715
China National Building Material Co. Ltd. Class H		2,370,000		2,259,746
China National Materials Co. Ltd. Class H		1,901,000		350,266
China New Town Development Co. Ltd.a		4,310,000		344,309
China Oil and Gas Group Ltd.b		4,060,000		721,913
China Oilfield Services Ltd. Class H		1,660,000		4,502,355
China Overseas Grand Oceans Group Ltd.		603,000		431,211
China Overseas Land & Investment Ltd.		3,800,000		10,208,670
China Pacific Insurance (Group) Co. Ltd. Class H		2,261,000		7,763,853
China Petroleum & Chemical Corp. Class H		21,762,200		19,319,752
China Power International Development Ltd.b		2,026,000		673,502
China Power New Energy Development Co. Ltd.a		5,100,000		453,418
China Precious Metal Resources Holdings Co. Ltd.a,b		5,458,000		731,386
China Railway Construction Corp. Ltd. Class H		1,680,000		1,394,038

Security	Shares		Value
China Railway Group Ltd. Class H		3,403,000	$	1,477,649
China Rare Earth Holdings Ltd.a,b		2,842,000		391,821
China Resources and Transportation Group Ltd.a		11,900,000		628,652
China Resources Cement Holdings Ltd.		1,652,000		1,221,804
China Resources Enterprise Ltd.		1,008,000		2,837,863
China Resources Gas Group Ltd.		804,000		2,828,122
China Resources Land Ltd.		1,752,000		3,964,041
China Resources Power Holdings Co. Ltd.		1,640,000		3,959,980
China Rongsheng Heavy Industries Group Holdings Ltd.a,b		3,621,500		713,936
China SCE Property Holdings Ltd.b		2,060,200		459,235
China Shanshui Cement Group Ltd.b		1,598,000		564,166
China Shenhua Energy Co. Ltd. Class H		2,873,000		7,810,837
China Shineway Pharmaceutical Group Ltd.b		440,000		682,588
China Shipping Container Lines Co. Ltd. Class Ha,b		3,245,000		802,778
China Singyes Solar Technologies Holdings Ltd.b		459,000		557,704
China South City Holdings Ltd.b		1,852,000		928,261
China State Construction International Holdings Ltd.		1,558,000		2,669,922
China Suntien Green Energy Corp. Ltd. Class Hb		1,747,000		740,574
China Taifeng Beddings Holdings Ltd.		2,040,000		339,078
China Taiping Insurance Holdings Co. Ltd.a		770,400		1,288,459
China Telecom Corp. Ltd. Class H		11,684,000		5,058,367
China Travel International Investment Hong Kong Ltd.		3,228,000		673,795

10 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
China Unicom (Hong Kong) Ltd.		4,004,000	$	5,334,505
China Vanke Co. Ltd. Class B		1,118,400		1,657,198
China Water Affairs Group Ltd.b		1,650,000		537,878
China Yongda Automobiles Services Holdings Ltd.b		226,500		207,500
China Yurun Food Group Ltd.a,b		1,228,000		743,662
China ZhengTong Auto Services Holdings Ltd.a,b		789,000		441,211
Chinasoft International Ltd.a,b		2,092,000		636,141
Chongqing Changan Automobile Co. Ltd.		747,500		1,492,871
Chongqing Rural Commercial Bank Co. Ltd. Class H		1,957,000		816,987
CIMC Enric Holdings Ltd.		760,000		1,169,223
CITIC 21CN Co. Ltd.		760,000		413,243
CITIC Pacific Ltd.b		1,254,000		1,806,421
CITIC Resources Holdings Ltd.a		2,676,000		313,767
CITIC Securities Co. Ltd. Class H		900,500		1,868,053
CNOOC Ltd.		15,580,000		25,534,895
Comba Telecom Systems Holdings Ltd.a,b		1,072,500		359,294
Coolpad Group Ltd.		1,456,000		977,414
Cosco International Holdings Ltd.b		1,566,000		647,704
COSCO Pacific Ltd.		1,530,000		2,050,238
Country Garden Holdings Co. Ltd.		3,954,000		2,048,058
CPMC Holdings Ltd.		473,000		393,098
CSPC Pharmaceutical Group Ltd.		1,546,000		1,394,399
CSR Corp Ltd. Class H		1,660,000		1,249,109
Dah Chong Hong Holdings Ltd.b		739,000		459,908
Datang International Power Generation Co. Ltd. Class H		2,534,000		1,018,687
Dazhong Transportation Group Co. Ltd. Class B		628,100		401,984
Digital China Holdings Ltd.		668,000		663,606
Dongfeng Motor Group Co. Ltd. Class H		2,262,000		3,083,598

Security	Shares		Value
Dongyue Group Ltd.		1,149,000	$	424,895
ENN Energy Holdings Ltd.		760,000		5,376,077
Evergrande Real Estate Group Ltd.b		5,387,000		2,297,495
Fantasia Holdings Group Co. Ltd.		2,398,500		417,208
Far East Horizon Ltd.		1,185,000		855,039
First Tractor Co. Ltd. Class Hb		576,000		365,146
Fosun International Ltd.		1,487,000		1,848,919
Franshion Properties (China) Ltd.b		3,280,000		1,018,522
Fufeng Group Ltd.		984,400		390,663
GCL-Poly Energy Holdings Ltd.a,b		7,965,000		2,996,734
Geely Automobile Holdings Ltd.b		4,400,000		1,655,446
Global Bio-Chem Technology Group Co. Ltd.a		5,562,000		351,161
Glorious Property Holdings Ltd.a,b		2,697,000		403,105
Golden Eagle Retail Group Ltd.		521,000		809,589
Golden Meditech Holdings Ltd.b		6,984,000		737,900
GOME Electrical Appliances Holdings Ltd.		8,853,000		1,482,905
Goodbaby International Holdings Ltd.		926,000		535,719
Great Wall Motor Co. Ltd. Class H		930,000		4,241,952
Greatview Aseptic Packaging Co. Ltd.b		687,000		375,320
Greentown China Holdings Ltd.		555,000		726,551
Guangdong Investment Ltd.		2,368,000		2,477,520
Guangdong Land Holdings Ltd.		1,546,000		290,832
Guangzhou Automobile Group Co. Ltd. Class H		2,280,000		2,115,178
Guangzhou R&F Properties Co. Ltd. Class H		777,200		1,053,484
Haier Electronics Group Co. Ltd.		718,000		2,123,179
Haitian International Holdings Ltd.		610,000		1,318,868

CONSOLIDATED SCHEDULEOF INVESTMENTS 11

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Haitong Securities Co. Ltd. Class H		1,065,600	$	1,422,438
Hanergy Solar Group Ltd.a,b		9,696,000		1,349,261
Hangzhou Steam Turbine Co. Ltd. Class B		383,500		498,581
Harbin Electric Co. Ltd. Class H		866,000		544,524
HC International Inc.a		368,000		858,234
Hengan International Group Co. Ltd.		629,500		6,833,531
Hengdeli Holdings Ltd.b		1,658,800		341,974
Hidili Industry International Development Ltd.a,b		2,329,000		291,086
Hisense Kelon Electrical Holdings Co. Ltd. Class Ha		420,000		672,126
Honghua Group Ltd.b		1,267,000		349,357
Hopson Development Holdings Ltd.a,b		760,000		707,997
Hua Han Bio-Pharmaceutical Holdings Ltd. Class H		2,552,160		608,358
Huabao International Holdings Ltd.b		1,731,000		829,697
Huaneng Power International Inc. Class H		3,134,000		2,798,413
Hunan Nonferrous Metal Corp. Ltd. Class Ha,b		1,770,000		531,384
Industrial and Commercial Bank of China Ltd. Class H		63,093,000		37,801,902
Inner Mongolia Yitai Coal Co. Ltd. Class B		880,700		1,039,226
Interchina Holdings Co. Ltd.a,b		8,360,000		527,815
Intime Retail Group Co. Ltd.b		844,500		861,796
Jiangsu Expressway Co. Ltd. Class H		1,006,000		1,280,662
Jiangsu Future Land Co. Ltd. Class B		803,600		390,550
Jiangxi Copper Co. Ltd. Class H		1,223,000		2,121,051
Ju Teng International Holdings Ltd.		742,000		565,985
Kai Yuan Holdings Ltd.a		23,500,000		499,610
Kaisa Group Holdings Ltd.a,b		1,672,000		566,593
Kingboard Chemical Holdings Co. Ltd.		560,200		1,228,520

Security	Shares		Value
Kingboard Laminates Holdings Ltd.b		946,500	$	359,768
Kingdee International Software Group Co. Ltd.a,b		1,730,000		628,600
Kingsoft Corp. Ltd.b		526,000		1,789,242
Kunlun Energy Co. Ltd.		3,040,000		5,428,956
KWG Property Holdings Ltd.b		1,056,000		534,732
Lao Feng Xiang Co. Ltd. Class B		214,906		561,334
Lee & Man Paper Manufacturing Ltd.		1,387,000		829,228
Lenovo Group Ltd.		5,344,000		5,701,332
Li Ning Co. Ltd.a,b		977,500		751,918
Lianhua Supermarket Holdings Co. Ltd. Class H		400,000		214,919
Lijun International Pharmaceutical (Holding) Co. Ltd.		1,778,000		616,259
Longfor Properties Co. Ltd.		1,159,000		1,597,889
Lonking Holdings Ltd.a		2,346,000		465,509
Luthai Textile Co. Ltd. Class B		450,569		620,610
Magic Holdings International Ltd.b		687,000		551,473
Maoye International Holdings Ltd.		1,550,000		233,667
Microport Scientific Corp.b		773,000		551,784
MIE Holdings Corp.b		1,794,000		342,108
Minth Group Ltd.		760,000		1,521,753
MMG Ltd.a,b		1,548,000		263,284
NetDragon Websoft Inc.		199,500		428,250
New China Life Insurance Co. Ltd. Class Ha		579,200		1,832,144
New World China Land Ltd.		760,000		453,392
New World Department Store China Ltd.b		458,000		238,411
Nine Dragons Paper (Holdings) Ltd.b		1,407,000		1,076,862
North Mining Shares Co. Ltd.a		11,310,000		466,329
NVC Lighting Holdings Ltd.		1,319,000		363,696
Parkson Retail Group Ltd.b		1,064,000		296,125
People’s Insurance Co. Group of China Ltd. Class H		4,000,000		1,726,570
PetroChina Co. Ltd. Class H		17,962,000		18,931,608
Phoenix Satellite Television Holdings Ltd.b		1,284,000		469,854

12 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
PICC Property and Casualty Co. Ltd. Class H		3,076,000	$	4,201,184
Ping An Insurance (Group) Co. of China Ltd. Class H		1,710,000		13,891,870
Poly Property Group Co. Ltd.		1,782,000		815,109
Ports Design Ltd.		684,500		455,978
Powerlong Real Estate Holdings Ltd.b		840,000		151,526
Real Nutriceutical Group Ltd.		1,182,000		245,201
Renhe Commercial Holdings Co. Ltd.a		10,660,000		535,675
REXLot Holdings Ltd.b		10,275,000		1,496,028
Road King Infrastructure Ltd.		400,000		352,530
Sany Heavy Equipment International Holdings Co. Ltd.b		1,340,000		371,213
Semiconductor Manufacturing International Corp.a,b		16,441,000		1,419,327
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		1,588,000		2,025,654
Shanghai Electric Group Co. Ltd. Class H		2,400,000		819,477
Shanghai Industrial Holdings Ltd.		440,000		1,499,539
Shanghai Industrial Urban Development Group Ltd.a,b		1,804,000		367,260
Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H		1,638,000		481,203
Shanghai Mechanical and Electrical Industry Co. Ltd. Class B		308,200		600,990
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		581,900		1,514,535
Shenzhen Expressway Co. Ltd. Class H		934,000		411,578
Shenzhen International Holdings Limited		792,250		1,033,052
Shenzhen Investment Ltd.b		2,208,000		739,694
Shenzhou International Group Holdings Ltd.		495,000		1,728,439
Shimao Property Holdings Ltd.		1,210,000		2,432,145

Security	Shares		Value
Shougang Concord International Enterprises Co. Ltd.a,b		10,026,000	$	497,357
Shougang Fushan Resources Group Ltd.		2,740,000		727,273
Shui On Land Ltd.		3,276,666		903,494
Shunfeng Photovoltaic International Ltd.a		814,000		734,179
Sihuan Pharmaceutical Holdings Group Ltd.		1,821,000		2,203,206
Sino Biopharmaceutical Ltd.		3,152,000		2,928,202
Sino Oil And Gas Holdings Ltd.a,b		17,625,000		613,158
Sino-Ocean Land Holdings Ltd.		2,853,000		1,514,532
Sinofert Holdings Ltd.b		1,924,000		292,527
Sinopec Engineering Group Co. Ltd.		1,013,500		1,264,092
Sinopec Kantons Holdings Ltd.b		910,000		996,643
Sinopec Shanghai Petrochemical Co. Ltd. Class H		3,367,000		1,006,493
Sinopharm Group Co. Ltd. Class H		832,800		2,312,424
Sinotrans Ltd. Class H		1,454,000		648,216
Sinotrans Shipping Ltd.b		2,018,500		673,609
Skyworth Digital Holdings Ltd.b		1,638,000		835,773
SOHO China Ltd.		1,753,500		1,328,503
Sun Art Retail Group Ltd.		1,992,000		2,263,797
Sunac China Holdings Ltd.b		1,301,000		688,967
Sunny Optical Technology Group Co Ltd.		800,000		760,722
TCC International Holdings Ltd.		978,000		487,674
TCL Communication Technology Holdings Ltd.a		458,000		503,968
TCL Multimedia Technology Holdings Ltd.b		630,000		267,064
Tech Pro Technology Development Ltd.a		1,408,000		711,161
Tencent Holdings Ltd.		879,300		70,527,087
Texhong Textile Group Ltd.b		303,000		400,562

CONSOLIDATED SCHEDULEOF INVESTMENTS 13

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Tiangong International Co. Ltd.b		2,466,000	$	683,142
Tianjin Development Holdings Ltd.a		582,000		378,699
Tianjin Port Development Holdings Ltd.b		2,758,000		429,991
Tianneng Power International Ltd.b		814,000		314,648
Tibet 5100 Water Resources Holdings Ltd.b		1,477,000		709,854
Tingyi (Cayman Islands) Holding Corp.		1,678,000		4,702,521
Tong Ren Tang Technologies Co. Ltd. Class H		382,000		1,336,327
Towngas China Co. Ltd.b		883,000		1,132,044
Travelsky Technology Ltd. Class H		897,000		904,969
Tsingtao Brewery Co. Ltd. Class H		308,000		2,315,640
Uni-President China Holdings Ltd.b		949,000		947,649
VODone Ltd.a,b		4,848,000		749,589
Want Want China Holdings Ltd.		5,108,000		7,766,269
Wasion Group Holdings Ltd.		640,000		376,856
Weichai Power Co. Ltd. Class H		419,000		1,581,835
Weiqiao Textile Co. Ltd. Class H		755,500		406,902
West China Cement Ltd.		2,946,000		334,037
Winsway Coking Coal Holding Ltd.a,b		4,036,000		218,414
Wisdom Holdings Groupa		683,000		510,421
Wumart Stores Inc. Class H		430,000		509,171
Xingda International Holdings Ltd.		798,000		417,454
Xinhua Winshare Publishing and Media Co. Ltd. Class H		895,000		508,559
XTEP International Holdings Ltd.b		853,000		414,352
Yanchang Petroleum International Ltd.a		6,860,000		357,980
Yantai Changyu Pioneer Wine Co. Ltd. Class B		205,300		494,664

Security	Shares		Value
Yanzhou Coal Mining Co. Ltd. Class Hb		1,636,000	$	1,174,135
Yingde Gases Group Co. Ltd.		991,000		887,438
Yuanda China Holdings Ltd.		3,790,000		283,235
Yuexiu Property Co. Ltd.		4,682,000		965,230
Yuexiu Real Estate Investment Trustb		1,419,000		671,008
Yuexiu Transport Infrastructure Ltd.		914,000		443,984
Yuzhou Properties Co. Ltd.b		1,467,400		323,314
Zhejiang Expressway Co. Ltd. Class H		1,520,000		1,333,737
Zhongsheng Group Holdings Ltd.b		538,500		772,948
Zhuzhou CSR Times Electric Co. Ltd. Class H		482,000		1,527,783
Zijin Mining Group Co. Ltd. Class Hb		5,446,000		1,185,888
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class Hb		1,190,200		887,929
ZTE Corp. Class Ha,b		488,400		1,034,563
				715,229,093
COLOMBIA — 0.65%
Almacenes Exito SA		166,719		2,053,605
Bancolombia SA		171,521		2,018,929
Bolsa de Valores de Colombia		47,160,277		458,370
Cementos Argos SA		356,064		1,599,936
Cemex Latam Holdings SAa		154,018		1,226,156
Corporacion Financiera Colombiana SA NVS		70,563		1,218,642
Ecopetrol SA		4,068,394		6,954,689
Grupo Argos SA		246,961		2,253,160
Grupo de Inversiones Suramericana SA		195,015		3,160,320
Interconexion Electrica SA ESP		349,617		1,297,755
Isagen SA ESP		809,862		1,170,818
				23,412,380
CZECH REPUBLIC — 0.26%
CEZ AS		136,412		3,681,928
Komercni Banka AS		14,314		3,472,832
Pegas Nonwovens SA		16,483		509,465
Philip Morris CR AS		552		303,563
Telefonica Czech Republic AS		102,421		1,557,732
				9,525,520

14 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
EGYPT — 0.21%
Citadel Capital SAEa		379,447	$	230,046
Commercial International Bank (Egypt) SAE		443,679		2,333,559
EFG-Hermes Holding Co. SAEa		266,896		486,580
Egyptian Kuwaiti Holding Co. SAE		321,818		366,873
ezzsteela		147,318		383,076
Global Telecom Holding SAEa		1,345,959		961,033
Global Telecom Holding SP GDR		200,000		640,800
Orascom Telecom Media And Technology Holding SAE SP GDR		50,000		47,300
Palm Hills Developments SAEa		594,195		292,801
Pioneers Holding Co.a		197,688		369,494
Six of October Development & Investment Co.a		50,108		183,208
South Valley Cement Co.a		198,411		188,416
Talaat Moustafa Group Holding Co. SAEa		579,589		671,128
Telecom Egypt Co.		197,272		431,634
				7,585,948
GREECE — 0.62%
Alpha Bank AEa		1,313,906		1,330,177
Ellaktor SAa		112,860		604,801
Folli Follie Groupa		24,980		878,054
Frigoglass SAa		40,862		259,608
Hellenic Exchanges – Athens Stock Exchange SA Holding		61,850		716,709
Hellenic Petroleum SA		66,391		640,955
Hellenic Telecommunications Organization SAa		213,235		3,740,273
Intralot SA		155,200		460,862
Jumbo SAa		83,056		1,575,007
Marfin Investment Group Holdings SAa		551,602		363,400
Metka SA		21,055		383,567
Motor Oil (Hellas) Corinth Refineries SA		47,968		628,722
Mytilineos Holdings SAa		74,068		718,139
National Bank of Greece SAa		284,934		1,400,991
OPAP SA		190,999		3,007,302

Security	Shares		Value
Piraeus Bank SAa		875,100	$	2,417,290
Piraeus Port Authority SA		10,843		277,053
Public Power Corp. SA		98,570		1,575,140
Titan Cement Co. SAa		42,900		1,386,482
				22,364,532
HUNGARY — 0.22%
Magyar Telekom Telecommunications PLC		443,415		661,705
MOL Hungarian Oil and Gas PLC		33,886		1,991,768
OTP Bank PLC		189,109		3,360,356
Richter Gedeon Nyrt		119,929		2,136,945
				8,150,774
INDIA — 6.17%
ACC Ltd.		28,158		501,965
Adani Enterprises Ltd.		105,208		431,577
Adani Ports and Special Economic Zone Ltd.		331,207		893,746
Aditya Birla Nuvo Ltd.		30,696		538,071
Amara Raja Batteries Ltd.		49,130		312,631
Ambuja Cements Ltd.		559,067		1,515,380
Apollo Hospitals Enterprise Ltd.		64,693		960,584
Apollo Tyres Ltd.		240,388		510,602
Arvind Ltd.		155,345		390,994
Asian Paints Ltd.		245,732		1,875,302
Aurobindo Pharma Ltd.		89,421		756,212
Bajaj Auto Ltd.		67,961		2,134,171
Bajaj Finance Ltd.		18,063		457,987
Balrampur Chini Mills Ltd.		512,402		385,666
Bank of Baroda		46,072		409,690
Bayer CropScience Ltd.		11,436		270,023
Berger Paints India Ltd.		87,674		299,885
Bharat Forge Ltd.		95,970		592,496
Bharat Heavy Electricals Ltd.		488,369		1,321,780
Bharat Petroleum Corp. Ltd.		144,932		883,903
Bharti Airtel Ltd.		507,027		2,352,710
Biocon Ltd.		64,733		478,813
Britannia Industries Ltd.		27,410		392,886
Cairn India Ltd.		394,810		2,065,140
Century Textiles & Industries Ltd.		50,969		262,986
CESC Ltd.		56,294		440,098
Cipla Ltd.		285,793		1,772,027
Coal India Ltd.		417,486		1,643,540

CONSOLIDATED SCHEDULEOF INVESTMENTS 15

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Dabur India Ltd.		199,898	$	559,411
DCB Bank Ltd.a		722,622		608,597
Dewan Housing Finance Corp. Ltd.		170,877		618,802
Divi’s Laboratories Ltd.		33,509		770,172
DLF Ltd.		370,601		843,987
Dr. Reddy’s Laboratories Ltd.		86,188		4,026,417
Eicher Motors Ltd.		7,335		608,327
GAIL (India) Ltd.		261,715		1,565,519
Gateway Distriparks Ltd.		204,152		457,020
GlaxoSmithKline Consumer Healthcare Ltd.		8,325		585,490
GMR Infrastructure Ltd.		1,009,156		338,665
Godrej Consumer Products Ltd.		98,850		1,250,378
Godrej Industries Ltd.		59,304		265,662
Gruh Finance Ltd.		84,898		365,522
Gujarat Pipavav Port Ltd.a		291,440		329,151
Havells India Ltd.		41,613		516,168
HCL Technologies Ltd.		182,451		4,637,959
HDFC Bank Ltd.		1,009,142		10,902,250
Hero Motocorp Ltd.		66,098		2,097,849
Hexaware Technologies Ltd.		222,575		573,854
Hindalco Industries Ltd.		851,705		1,447,679
Hindustan Unilever Ltd.		549,012		4,865,196
Housing Development & Infrastructure Ltd.a		294,379		198,532
Housing Development Finance Corp. Ltd.		1,271,119		16,802,643
ICICI Bank Ltd.		189,729		3,195,363
Idea Cellular Ltd.		569,767		1,184,946
IFCI Ltd.		774,169		287,284
Indiabulls Housing Finance Ltd.		158,758		490,644
Indiabulls Real Estate Ltd.		239,284		182,609
Indian Hotels Co. Ltd.		376,134		419,950
Infosys Ltd.		394,956		24,373,144
ITC Ltd.		1,885,544		9,967,707
Jain Irrigation Systems Ltd.		304,812		291,140
Jaiprakash Associates Ltd.		899,637		608,177
Jammu & Kashmir Bank Ltd.		28,657		616,556
Jindal Steel & Power Ltd.		310,852		1,200,426
JSW Steel Ltd.		75,159		1,062,206
Just Dial Ltd.a		19,880		459,777
Kailash Auto Finance Ltd.a		778,003		476,994

Security	Shares		Value
Karur Vysya Bank Ltd.		73,625	$	374,124
Kaveri Seed Co. Ltd.		30,968		274,105
Kotak Mahindra Bank Ltd.		266,462		2,942,776
KPIT Technologies Ltd.		156,172		427,470
Larsen & Toubro Ltd.		268,126		4,800,355
LIC Housing Finance Ltd.		282,065		939,307
Mahindra & Mahindra Financial Services Ltd.		231,994		929,024
Mahindra & Mahindra Ltd.		256,931		4,039,678
MAX India Ltd.		120,661		374,656
MindTree Ltd.		27,131		719,444
MRF Ltd.		1,164		358,454
Nestle India Ltd.		9,404		738,073
NIIT Technologies Ltd.		79,130		568,962
NTPC Ltd.		874,694		1,586,247
Oil & Natural Gas Corp. Ltd.		644,558		3,029,880
Oil India Ltd.		104,024		764,571
Page Industries Ltd.		3,459		327,547
Persistent Systems Ltd.		26,054		476,711
Piramal Enterprises Ltd.		59,101		529,268
Power Finance Corp. Ltd.		244,740		649,955
Power Grid Corp. of India Ltd.		1,019,162		1,553,901
Prestige Estates Projects Ltd.		108,624		231,689
PTC India Ltd.		358,787		360,061
Radico Khaitan Ltd.		127,590		313,726
Rallis India Ltd.		88,227		235,016
Ramco Cements Ltd. (The)		83,285		238,850
Ranbaxy Laboratories Ltd.a		106,159		626,626
Raymond Ltd.		74,537		329,331
Redington India Ltd.		218,597		245,119
Reliance Capital Ltd.		104,061		517,367
Reliance Communications Ltd.		438,310		794,163
Reliance Industries Ltd.		1,102,508		14,229,611
Reliance Infrastructure Ltd.		86,816		508,318
Reliance Power Ltd.a		457,833		457,242
Rural Electrification Corp. Ltd.		267,275		834,857
Sesa Sterlite Ltd.		867,910		2,487,645
Shree Renuka Sugars Ltd.		817,616		280,322
Shriram Transport Finance Co. Ltd.		120,675		1,151,163
Siemens Ltd.		63,621		636,210
SKS Microfinance Ltd.a		114,814		343,071
Sobha Developers Ltd.		55,199		261,746
Solar Industries India Ltd.		23,215		336,314
State Bank of India		126,071		3,118,722

16 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Sun Pharma Advanced Research Co. Ltd.a		78,676	$	204,370
Sun Pharmaceuticals Industries Ltd.		529,123		5,503,801
Sundaram Finance Ltd.		34,597		337,569
Supreme Industries Ltd.		41,894		288,621
Tata Consultancy Services Ltd.		403,768		14,825,347
Tata Global Beverages Ltd.		258,581		582,829
Tata Motors Ltd.		640,952		4,311,793
Tata Power Co. Ltd.		830,150		1,055,434
Tata Steel Ltd.		259,120		1,437,326
Tech Mahindra Ltd.		69,544		2,095,128
Thermax Ltd.		32,999		372,636
Torrent Pharmaceuticals Ltd.		38,966		348,167
TTK Prestige Ltd.		4,247		197,638
TV18 Broadcast Ltd.a		550,126		197,488
UCO Bank		281,820		293,960
Ultratech Cement Ltd.		26,540		787,550
Unitech Ltd.a		1,244,399		228,883
United Breweries Ltd.		57,769		747,977
United Spirits Ltd.		74,888		2,884,420
UPL Ltd.		222,077		654,980
Vijaya Bank		664,433		375,204
Wipro Ltd.		533,793		5,143,722
Yes Bank Ltd.		167,900		826,091
				223,545,649
INDONESIA — 2.74%
PT ACE Hardware Indonesia Tbk		7,576,000		522,078
PT Adaro Energy Tbk		12,920,600		1,107,416
PT AKR Corporindo Tbk		1,768,200		694,547
PT Aneka Tambang (Persero) Tbk		3,879,000		347,503
PT Arwana Citramulia Tbk		6,154,900		450,656
PT Astra Agro Lestari Tbk		362,900		797,136
PT Astra International Tbk		17,430,600		10,435,237
PT Bakrieland Development Tbka		23,659,913		34,647
PT Bank Bukopin Tbk		6,844,000		353,726
PT Bank Central Asia Tbk		10,569,000		9,308,987
PT Bank Danamon Indonesia Tbk		3,127,800		1,099,270
PT Bank Mandiri (Persero) Tbk		8,002,000		6,272,564

Security	Shares		Value
PT Bank Negara Indonesia (Persero) Tbk		6,395,400	$	2,506,596
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		3,179,300		277,973
PT Bank Rakyat Indonesia (Persero) Tbk		9,517,600		7,604,078
PT Bank Tabungan Negara (Persero) Tbk		3,623,076		337,059
PT Benakat Integra Tbka		30,570,000		276,497
PT Bukit Asam (Persero) Tbk		746,300		615,542
PT Bumi Resources Tbka		15,394,000		430,963
PT Bumi Serpong Damai Tbk		6,522,900		862,490
PT BW Plantation Tbk		2,561,000		301,125
PT Charoen Pokphand Indonesia Tbk		6,456,000		2,355,169
PT Ciputra Development Tbk		9,994,900		839,437
PT Ciputra Property Tbk		4,372,400		280,596
PT Citra Marga Nusaphala Persada Tbka		892,000		240,115
PT Energi Mega Persada Tbka		44,446,600		348,406
PT Gajah Tunggal Tbk		2,177,000		410,684
PT Garuda Indonesia (Persero) Tbka		4,681,000		193,546
PT Global Mediacom Tbk		6,700,500		1,261,142
PT Gudang Garam Tbk		424,500		1,744,220
PT Indo Tambangraya Megah Tbk		377,500		845,465
PT Indocement Tunggal Prakarsa Tbk		1,321,000		2,554,608
PT Indofood CBP Sukses Makmur Tbk		1,085,000		1,044,438
PT Indofood Sukses Makmur Tbk		3,940,400		2,435,384
PT Japfa Comfeed Indonesia Tbk		4,612,200		633,686
PT Jasa Marga (Persero) Tbk		2,040,500		944,757
PT Kalbe Farma Tbk		20,247,200		2,528,938
PT Kawasan Industri Jababeka Tbk		21,890,407		416,727
PT Krakatau Steel (Persero) Tbka		4,431,000		187,026
PT Lippo Karawaci Tbk		17,778,000		1,439,514
PT Matahari Department Store Tbka		1,318,900		1,590,542

CONSOLIDATED SCHEDULEOF INVESTMENTS 17

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
PT Medco Energi Internasional Tbk		1,743,500	$	381,470
PT Media Nusantara Citra Tbk		3,995,300		872,434
PT Mitra Adiperkasa Tbk		730,000		433,887
PT MNC Investama Tbk		25,188,900		705,176
PT MNC Sky Vision Tbk		1,113,500		201,426
PT Pakuwon Jati Tbk		17,498,900		497,428
PT Panin Financial Tbka		16,291,500		376,098
PT Perusahaan Gas Negara (Persero) Tbk		9,609,200		4,055,912
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		2,940,400		524,303
PT Ramayana Lestari Sentosa Tbk		3,437,600		423,445
PT Semen Gresik (Persero) Tbk		2,585,300		3,340,469
PT Sentul City Tbka		25,984,600		380,514
PT Sigmagold Inti Perkasa Tbka		7,979,900		322,385
PT Sugih Energy Tbka		13,537,000		536,396
PT Summarecon Agung Tbk		9,056,300		784,011
PT Surya Citra Media Tbk		4,262,900		1,030,014
PT Telekomunikasi Indonesia (Persero) Tbk		39,479,200		7,906,722
PT Timah (Persero) Tbk		2,734,700		380,441
PT Tower Bersama Infrastructure Tbk		1,705,500		918,199
PT Trada Maritime Tbka		4,996,500		757,502
PT Unilever Indonesia Tbk		1,337,800		3,292,931
PT United Tractors Tbk		1,794,100		2,932,470
PT Wijaya Karya (Persero) Tbk		2,561,000		473,197
PT XL Axiata Tbk		2,413,000		966,530
				99,423,850
MALAYSIA — 4.07%
AEON Credit Service (M) Bhd		74,100		327,022
AirAsia Bhd		1,105,900		860,688
Alliance Financial Group Bhd		1,098,800		1,535,939
AMMB Holdings Bhd		1,363,600		3,013,113
Astro Malaysia Holdings Bhd		1,532,800		1,478,299
Axiata Group Bhd		2,204,500		4,406,982
Berjaya Corp. Bhd		2,831,700		471,014
Berjaya Sports Toto Bhd		556,308		648,587
BIMB Holdings Bhd		561,960		686,049

Security	Shares		Value
British American Tobacco (Malaysia) Bhd		118,400	$	2,168,167
Bumi Armada Bhda		1,227,200		1,460,729
Bursa Malaysia Bhd		345,400		793,793
CapitaMalls Malaysia Trust Bhd		1,037,400		465,429
Carlsberg Brewery Malaysia Bhd		130,300		523,347
CIMB Group Holdings Bhd		4,302,600		9,402,294
Dialog Group Bhd		1,789,000		1,850,972
DiGi.Com Bhd		3,056,000		4,803,418
DRB-Hicom Bhd		821,300		639,193
Eastern & Oriental Bhd		890,100		546,040
Felda Global Ventures Holdings Bhd		1,055,700		1,482,136
Gamuda Bhd		1,468,900		2,026,378
Genting Bhd		1,713,000		5,280,421
Genting Malaysia Bhd		2,465,800		3,273,685
Genting Plantations Bhd		232,200		744,117
HAP Seng Consolidated Bhd		851,300		782,058
Hartalega Holdings Bhd		264,000		564,016
Hong Leong Bank Bhd		587,700		2,543,442
Hong Leong Financial Group Bhd		257,000		1,239,310
IGB Corp. Bhd		915,500		723,682
IHH Healthcare Bhda		2,050,500		2,403,150
IJM Corp. Bhd		949,800		1,672,622
IJM Land Bhd		532,100		428,733
IOI Corp. Bhd		2,464,600		3,467,666
IOI Properties Group Bhda		1,321,849		1,048,926
KPJ Healthcare Bhd		596,050		613,059
Kuala Lumpur Kepong Bhd		413,900		3,029,245
Lafarge Malaysia Bhd		312,900		834,655
Magnum Bhd		600,200		566,036
Mah Sing Group Bhd		900,460		568,885
Malayan Banking Bhd		3,814,800		11,386,768
Malaysia Airports Holdings Bhd		514,300		1,315,377
Malaysia Building Society Bhd		914,500		605,666
Malaysian Airline System Bhda		4,835,900		368,984
Malaysian Resources Corp. Bhd		1,806,100		870,941
Maxis Bhd		2,000,700		4,256,029
Media Chinese International Ltd.		1,101,400		305,898

18 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Media Prima Bhd		1,007,900	$	796,722
MISC Bhda		937,900		1,817,691
MMC Corp. Bhd		894,000		761,257
OSK Holdings Bhd		713,800		352,924
Parkson Holdings Bhd		627,600		528,667
Pavilion Real Estate Investment Trust Bhd		854,200		351,952
Petronas Chemicals Group Bhd		2,354,000		4,849,535
Petronas Dagangan Bhd		244,600		2,288,856
Petronas Gas Bhd		534,800		3,852,062
POS Malaysia Bhd		303,800		440,424
PPB Group Bhd		404,700		1,966,374
Public Bank Bhd Foreign		995,900		5,793,333
QL Resources Bhd		545,610		524,545
RHB Capital Bhd		654,900		1,638,999
Sapurakencana Petroleum Bhda		3,311,000		4,476,646
Sarawak Oil Palms Bhd		119,500		218,102
Sime Darby Bhd		2,301,800		6,399,938
Sunway Bhd		805,300		715,221
Sunway Real Estate Investment Trust Bhd		1,499,800		613,378
Supermax Corp. Bhd		595,300		510,543
Ta Ann Holdings Bhd		231,900		291,600
TA Enterprise Bhd		1,920,100		442,446
TAN Chong Motor Holdings Bhd		280,700		488,323
Telekom Malaysia Bhd		953,600		1,650,210
Tenaga Nasional Bhd		2,445,300		8,955,776
TIME dotCom Bhda		336,000		370,200
Top Glove Corp. Bhd		374,000		658,624
TSH Resources Bhd		458,900		424,376
UEM Sunrise Bhd		1,436,800		964,737
UMW Holdings Bhd		419,700		1,511,509
UOA Development Bhd		682,400		418,625
WCT Holdings Bhd		1,118,680		689,679
YTL Corp. Bhd		4,153,600		2,002,957
YTL Power International Bhda		2,030,700		1,053,621
				147,302,812
MEXICO — 4.61%
Alfa SAB de CV Series A		2,447,900		5,894,145
Alsea SAB de CVb		379,100		1,175,863
America Movil SAB de CV Series L		30,397,600		29,469,784

Security	Shares		Value
Arca Continental SAB de CV		256,400	$	1,344,894
Axtel SAB de CV CPOa,b		1,519,100		537,938
Banregio Grupo Financiero SAB de CVb		151,400		790,480
Bolsa Mexicana de Valores SAB de CV		378,900		685,463
Cemex SAB de CV CPOa		9,723,096		12,729,938
Coca-Cola FEMSA SAB de CV Series L		350,200		3,395,903
Compartamos SAB de CV		928,800		1,580,697
Concentradora Fibra Hotelera Mexicana SAB de CV		364,000		581,279
Consorcio ARA SAB de CVa,b		1,323,100		500,499
Controladora Comercial Mexicana SAB de CV BC Units		342,200		1,368,102
Corporacion Inmobiliaria Vesta SAB de CVb		326,300		599,174
El Puerto de Liverpool SAB de CV Series C1		153,500		1,590,255
Empresas ICA SAB de CVa		523,400		855,587
Fibra Uno Administracion SAB de CV		1,167,200		3,698,766
Fomento Economico Mexicano SAB de CV BD Units		1,653,300		14,167,130
Genomma Lab Internacional SAB de CV Series Ba,b		675,400		1,597,186
Grupo Aeromexico SAB de CVa,b		214,700		316,435
Grupo Aeroportuario del Centro Norte SAB de CV		186,100		574,842
Grupo Aeroportuario del Pacifico SAB de CV Series B		257,800		1,383,771
Grupo Aeroportuario del Sureste SAB de CV Series B		175,400		1,957,387
Grupo Bimbo SAB de CV Series A		1,396,200		3,663,322
Grupo Carso SAB de CV Series A1		495,900		2,586,165
Grupo Comercial Chedraui SAB de CV		278,200		811,856

CONSOLIDATED SCHEDULEOF INVESTMENTS 19

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Grupo Famsa SAB de CV Series Aa		211,000	$	291,386
Grupo Financiero Banorte SAB de CV Series O		2,150,000		13,965,646
Grupo Financiero Inbursa SAB de CV Series O		2,045,900		4,903,023
Grupo Financiero Santander Mexico SAB de CV Series B		1,551,300		3,424,883
Grupo Herdez SAB de CVb		150,400		395,525
Grupo Mexico SAB de CV Series B		3,230,100		9,933,516
Grupo Simec SAB de CV Series Ba,b		90,900		354,081
Grupo Televisa SAB de CV CPO		2,224,200		13,082,295
Industrias CH SAB de CV Series Ba		154,900		949,452
Industrias Penoles SAB de CV		121,670		2,956,716
Kimberly-Clark de Mexico SAB de CV Series A		1,289,700		3,119,021
Macquarie Mexico Real Estate Management SA de CVb		501,400		871,111
Mexichem SAB de CV		897,700		2,926,078
Minera Frisco SAB de CV Series A1a		511,100		869,054
OHL Mexico SAB de CVa		556,500		1,400,888
Promotora y Operadora Infraestructura SAB de CVa		238,700		3,081,919
TF Administradora Industrial S de RL SAB de CV		326,700		655,164
TV Azteca SAB de CV CPOb		945,600		548,329
Urbi Desarrollos Urbanos SAB de CVa,b		558,900		16,655
Wal-Mart de Mexico SAB de CV Series V		4,449,400		9,436,823
				167,038,426
PERU — 0.41%
Compania de Minas Buenaventura SA SP ADR		183,261		2,309,089
Credicorp Ltd.		61,088		7,935,331
Southern Copper Corp.		149,414		4,558,621
				14,803,041
PHILIPPINES — 1.00%
Aboitiz Equity Ventures Inc.		1,648,610		2,179,186
Aboitiz Power Corp.		1,580,200		1,375,395

Security	Shares		Value
Alliance Global Group Inc.		1,777,300	$	1,194,556
Atlas Consolidated Mining & Development Corp.		680,000		239,184
Ayala Corp.		149,770		1,931,055
Ayala Land Inc.		4,864,800		3,324,216
Bank of the Philippine Islands		673,325		1,362,188
BDO Unibank Inc.		1,228,030		2,311,068
Belle Corp.a		4,175,800		508,936
Cebu Air Inc.		178,240		201,461
Cosco Capital Inc.a		1,757,300		366,145
DMCI Holdings Inc.		670,000		1,041,739
East West Banking Corp.a		342,700		217,283
Energy Development Corp.		6,972,900		913,890
Filinvest Land Inc.		8,839,000		289,122
First Gen Corp.		1,261,500		505,335
First Philippine Holdings Corp.		273,040		438,601
Globe Telecom Inc.		28,645		1,090,994
International Container Terminal Services Inc.		680,590		1,478,284
JG Summit Holdings Inc.		1,850,673		1,944,585
Jollibee Foods Corp.		365,630		1,400,756
Lopez Holdings Corp.		1,764,900		179,910
Manila Water Co. Inc.		775,300		424,691
Melco Crown Philippines Resorts Corp.a		1,534,300		446,867
Metro Pacific Investments Corp.		8,708,800		907,268
Metropolitan Bank & Trust Co.		235,330		432,330
Nickel Asia Corp.		546,775		221,233
Philex Petroleum Corp.a		333,300		63,098
Philippine Long Distance Telephone Co.		35,035		2,116,150
Philippine National Banka		227,776		440,396
Rizal Commercial Banking Corp.		479,640		485,711
SM Investments Corp.		120,325		1,870,854
SM Prime Holdings Inc.		5,207,996		1,703,523
Universal Robina Corp.		737,140		2,312,078
Vista Land & Lifescapes Inc.		2,848,700		344,639
				36,262,727
POLAND — 1.86%
Alior Bank SAa		37,906		1,219,191
Asseco Poland SA		66,209		1,084,157
Bank Handlowy w Warszawie SA		30,003		1,142,309

20 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Bank Millennium SAa		403,505	$	1,214,322
Bank Pekao SA		113,833		7,273,554
Bank Zachodni WBK SA		25,458		3,539,088
Budimex SA		11,309		479,242
Ciech SAa		48,674		543,866
Cyfrowy Polsat SAa		166,895		1,118,895
ENEA SA		97,469		467,903
Eurocash SA		70,180		923,574
Getin Holding SA		366,548		485,414
Getin Noble Bank SAa		1,336,962		1,500,514
Globe Trade Centre SAa		262,286		639,976
Grupa Azoty SA		39,354		749,166
Grupa Lotos SAa		55,530		753,024
Jastrzebska Spolka Weglowa SA		48,125		820,539
Kernel Holding SAa		41,883		445,106
KGHM Polska Miedz SA		121,858		4,716,173
Lubelski Wegiel Bogdanka SA		30,362		1,274,591
mBank SA		13,698		2,471,581
Netia SAa		268,618		435,765
Orange Polska SA		565,725		1,893,554
Polska Grupa Energetyczna SA		626,962		3,823,420
Polski Koncern Naftowy Orlen SA		271,572		3,929,050
Polskie Gornictwo Naftowe i Gazownictwo SA		1,467,242		2,477,383
Powszechna Kasa Oszczednosci Bank Polski SA		754,906		11,034,299
Powszechny Zaklad Ubezpieczen SA		47,782		6,975,492
Rovese SAa		473,110		289,771
Synthos SA		543,661		962,949
Tauron Polska Energia SA		834,919		1,332,332
TVN SA		169,361		897,128
Warsaw Stock Exchange SA		37,587		483,448
				67,396,776
RUSSIA — 4.67%
Aeroflot – Russian Airlines OJSC		342,956		673,873
Federal Grid Co. of Unified Energy System OJSCa		288,730,000		564,432
Gazprom OAO		10,129,550		39,237,622
LSR Group OJSC SP GDRd		154,591		525,609

Security	Shares		Value
LUKOIL OAO		437,206	$	23,882,495
M Video OJSC		80,280		531,689
Magnit OJSC SP GDRd		224,236		12,557,216
Mechel OAO SP ADRa		254,545		483,635
MegaFon OAO SP GDRd		74,581		2,162,849
MMC Norilsk Nickel OJSC		47,290		7,869,439
Mobile TeleSystems OJSC SP ADR		450,710		7,761,226
Moscow Exchange MICEX-RTS OJSC		508,780		906,115
NovaTek OAO SP GDRd		79,119		10,016,465
OGK-2 OJSCa		38,037,000		248,741
PIK Groupa		306,960		703,854
Rosneft Oil Co. OJSC		997,450		6,771,194
Rostelecom OJSC		917,710		2,528,215
RusHydro OJSC		92,580,000		1,441,420
Sberbank of Russia		9,254,940		23,477,465
Severstal OAO		189,680		1,571,353
Sistema JSFC SP GDRd		109,779		2,717,030
Sollers OJSC		21,454		394,683
Surgutneftegas OJSC		6,084,000		4,630,414
Tatneft OAO Class S		1,217,900		7,157,449
Uralkali OJSC		1,136,440		5,195,859
VTB Bank OJSC		4,461,310,000		5,230,307
				169,240,649
SOUTH AFRICA — 7.50%
Acucap Properties Ltd.		177,245		656,723
Adcock Ingram Holdings Ltd.		167,761		940,183
Adcorp Holdings Ltd.		178,057		538,725
Advtech Ltd.		598,270		423,845
Aeci Ltd.		115,818		1,412,448
African Bank Investments Ltd.b		1,149,374		1,091,406
African Oxygen Ltd.		109,207		196,215
African Rainbow Minerals Ltd.		97,843		1,994,798
Anglo American Platinum Ltd.a		58,872		2,518,368
AngloGold Ashanti Ltd.		314,029		5,570,622
ArcelorMittal South Africa Ltd.a		182,502		683,337
Aspen Pharmacare Holdings Ltd.		292,054		7,422,510
Assore Ltd.		35,011		1,412,271
Astral Foods Ltd.		51,694		399,432
Aveng Ltd.a		319,256		659,807

CONSOLIDATED SCHEDULEOF INVESTMENTS 21

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
AVI Ltd.		236,634	$	1,128,565
Barclays Africa Group Ltd.		282,671		3,489,129
Barloworld Ltd.		185,475		1,857,211
Bidvest Group Ltd.		249,993		5,903,202
Blue Label Telecoms Ltd.		465,654		394,484
Brait SEa		289,244		1,256,148
Capital Property Fund		1,166,170		1,073,700
Cashbuild Ltd.		32,446		416,866
City Lodge Hotels Ltd.		37,954		413,398
Clicks Group Ltd.		210,845		1,103,517
Clover Industries Ltd.		239,042		445,071
Coronation Fund Managers Ltd.		208,010		1,704,281
DataTec Ltd.		158,345		692,978
Discovery Ltd.		252,235		1,865,390
DRDGOLD Ltd.		1,286,165		478,941
Emira Property Fund		430,927		545,190
EOH Holdings Ltd.		103,999		832,631
Exxaro Resources Ltd.		120,257		1,601,150
Famous Brands Ltd.		55,426		500,507
FirstRand Ltd.		2,590,124		8,239,303
Foschini Group Ltd. (The)		161,751		1,347,705
Fountainhead Property Trust		594,278		409,952
Gold Fields Ltd.		549,101		2,091,253
Grindrod Ltd.		309,380		741,642
Group Five Ltd.		129,895		519,979
Growthpoint Properties Ltd.		1,549,792		3,390,519
Harmony Gold Mining Co. Ltd.		325,576		1,052,949
Hosken Consolidated Investments Ltd.		55,072		717,768
Hudaco Industries Ltd.		57,240		578,168
Hyprop Investments Ltd.		184,452		1,326,499
Illovo Sugar Ltd.		190,855		461,957
Impala Platinum Holdings Ltd.		444,959		4,722,259
Imperial Holdings Ltd.		154,165		2,432,655
Investec Ltd.		221,216		1,631,048
JD Group Ltd.b		123,549		261,435
JSE Ltd.		89,697		706,353
Kumba Iron Ore Ltd.		66,307		2,750,613
Lewis Group Ltd.		90,431		493,333
Liberty Holdings Ltd.		90,518		1,032,951
Life Healthcare Group Holdings Ltd.		788,631		2,771,506
Massmart Holdings Ltd.		83,012		938,949
Mediclinic International Ltd.		316,097		1,978,080

Security	Shares		Value
Metair Investments Ltd.		100,794	$	424,129
MMI Holdings Ltd.		901,633		1,921,324
Mondi Ltd.		97,158		1,748,378
Mpact Ltd.		219,131		539,782
Mr. Price Group Ltd.		202,186		2,811,697
MTN Group Ltd.		1,446,451		26,513,948
Murray & Roberts Holdings Ltd.a		387,537		901,941
Nampak Ltd.		498,321		1,716,469
Naspers Ltd. Class N		339,893		41,096,305
Nedbank Group Ltd.		174,726		3,432,140
Netcare Ltd.		801,168		1,681,880
Northam Platinum Ltd.a		289,113		1,136,347
Omnia Holdings Ltd.		50,483		1,010,435
Pick n Pay Holdings Ltd.		267,474		511,703
Pick n Pay Stores Ltd.		209,458		880,204
Pinnacle Holdings Ltd.		176,991		385,230
PPC Ltd.		431,745		1,181,679
Rand Merchant Insurance Holdings Ltd.		570,897		1,427,010
Redefine Properties Ltd.		2,527,233		2,220,968
Remgro Ltd.		402,994		6,973,962
Resilient Property Income Fund Ltd.		223,307		1,122,590
Reunert Ltd.		154,612		910,968
RMB Holdings Ltd.		575,591		2,565,625
Royal Bafokeng Platinum Ltd.a		55,233		329,082
SA Corporate Real Estate Fund Nominees Pty Ltd.		1,298,235		462,889
Sanlam Ltd.		1,521,576		7,493,320
Sappi Ltd.a		460,657		1,477,379
Sasol Ltd.		470,179		23,902,125
Shoprite Holdings Ltd.		355,937		4,668,178
Sibanye Gold Ltd.		665,480		1,343,134
SPAR Group Ltd. (The)		142,474		1,505,018
Standard Bank Group Ltd.		1,033,550		11,855,023
Steinhoff International Holdings Ltd.		1,092,500		5,278,539
Sun International Ltd.		101,632		898,171
Super Group Ltd.a		307,313		786,753
Sycom Property Fund		167,463		352,332
Telkom SA SOC Ltd.a		223,586		648,793
Tiger Brands Ltd.		133,818		3,045,172
Tongaat Hulett Ltd.		88,285		899,966
Truworths International Ltd.		366,035		2,341,016

22 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Vodacom Group Ltd.		312,660	$	3,480,614
Vukile Property Fund Ltd.		446,539		666,374
Wilson Bayly Holmes-Ovcon Ltd.		47,809		587,545
Woolworths Holdings Ltd.		636,985		3,788,079
Zeder Investments Ltd.		1,368,468		521,054
				271,665,195
SOUTH KOREA — 15.41%
3S Korea Co. Ltd.a		56,217		219,865
Able C&C Co. Ltd.		10,518		337,463
Ahnlab Inc.		7,734		412,963
AmorePacific Corp.		2,770		3,046,351
AmorePacific Group		2,540		1,189,696
Asia Cement Co. Ltd.		2,593		235,131
Asiana Airlines Inc.a		83,660		401,255
ATLASBX Co. Ltd.		10,386		403,765
Binggrae Co. Ltd.		5,404		495,092
Bioland Ltd.		9,082		108,899
BS Financial Group Inc.		140,700		2,095,672
Bukwang Pharmaceutical Co. Ltd.		22,677		293,155
Capro Corp.a		18,870		99,167
Celltrion Inc.a,b		53,218		2,390,448
Chabio & Diostech Co. Ltd.a		49,504		607,496
Cheil Industries Inc.		40,372		2,605,743
Cheil Worldwide Inc.a		79,090		1,811,476
Chong Kun Dang Pharmaceutical Corp.a		6,936		484,058
Chongkundang Holdings Corp.		3,612		162,921
CJ CGV Co. Ltd.		10,889		525,324
CJ CheilJedang Corp.		6,879		1,768,886
CJ Corp.		13,465		1,608,232
CJ E&M Corp.a		18,014		653,904
CJ Freshway Corp.a,b		9,051		246,306
CJ O Shopping Co. Ltd.		2,771		1,075,953
Com2uS Corp.a		5,623		145,908
Cosmax Inc.		10,660		599,157
Coway Co. Ltd.		46,398		2,968,603
Daeduck Electronics Co.		41,670		285,347
Daeduck GDS Co. Ltd.		19,570		311,653
Daekyo Co. Ltd.		41,290		264,952
Daelim Industrial Co. Ltd.		17,307		1,428,334
Daesang Corp.		20,100		744,689

Security	Shares		Value
Daewoo Engineering & Construction Co. Ltd.a		89,110	$	679,490
Daewoo International Corp.		41,540		1,634,361
Daewoo Securities Co. Ltd.		149,250		1,194,000
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		84,740		2,607,690
Daewoong Pharmaceutical Co. Ltd.		5,059		341,216
Daishin Securities Co. Ltd.		32,660		260,362
Daou Technology Inc.		23,090		342,835
Daum Communications Corp.		11,159		731,738
DGB Financial Group Inc.		83,210		1,278,355
Dong-A Socio Holdings Co. Ltd.		3,408		392,678
Dong-A ST Co. Ltd.		4,037		453,808
Dongbu Insurance Co. Ltd.		38,319		1,841,466
Dongkuk Steel Mill Co. Ltd.		31,810		359,073
Dongsuh Companies Inc.		35,934		526,808
Dongwon Industries Co. Ltd.		1,376		435,035
Dongyang Mechatronics Corp.		19,010		189,655
Doosan Corp.		8,072		1,043,500
Doosan Engine Co. Ltd.a,b		29,930		235,234
Doosan Heavy Industries & Construction Co. Ltd.		42,979		1,457,461
Doosan Infracore Co. Ltd.a		127,730		1,609,338
Duksan Hi-Metal Co. Ltd.a		14,023		230,542
DuzonBIzon Co. Ltd.		16,540		174,309
E-Mart Co. Ltd.		17,900		4,259,110
E1 Corp.		4,561		277,719
EO Technics Co. Ltd.b		8,984		407,331
Fila Korea Ltd.		9,271		751,233
Foosung Co. Ltd.a		40,010		135,303
Global & Yuasa Battery Co. Ltd.		8,024		387,858
Golfzon Co. Ltd.		16,660		282,479
Grand Korea Leisure Co. Ltd.		27,540		1,135,138
Green Cross Corp.		5,011		638,404
Green Cross Holdings Corp.		23,190		355,182
GS Engineering & Construction Corp.a		35,000		1,181,967
GS Global Corp.b		51,490		423,979
GS Holdings Corp.		44,448		2,063,137
GS Home Shopping Inc.		1,696		411,647
Gwangju Shinsegae Co. Ltd.		788		191,925
Halla Corp.a		81,280		456,082

CONSOLIDATED SCHEDULEOF INVESTMENTS 23

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Halla Visteon Climate Control Corp.		33,600	$	1,251,148
Hana Financial Group Inc.		236,686		9,245,720
Hana Tour Service Inc.		9,041		602,169
Hanall Biopharma Co. Ltd.a		27,700		110,800
Hancom Inc.a		12,867		277,831
Handsome Co. Ltd.		15,150		386,023
Hanil Cement Co. Ltd.		2,588		260,618
Hanil E-Wha Co. Ltd.		18,590		311,720
Hanjin Heavy Industries & Construction Co. Ltd.a		38,620		473,932
Hanjin Kal Corp.a		12,161		235,815
Hanjin Shipping Co. Ltd.a		73,870		464,326
Hanjin Transportation Co. Ltd.		6,680		156,127
Hankook Shell Oil Co. Ltd.		917		340,170
Hankook Tire Co. Ltd.		63,479		3,698,730
Hankook Tire Worldwide Co. Ltd.		23,810		479,546
Hanmi Pharm Co. Ltd.a		5,400		690,492
Hansae Co. Ltd.		19,510		345,423
Hansol Chemical Co. Ltd.		13,700		388,220
Hansol Paper Co.		37,140		450,551
Hanssem Co. Ltd.		10,365		629,182
Hanwha Chemical Corp.		76,820		1,511,213
Hanwha Corp.		40,490		1,365,471
Hanwha General Insurance Co. Ltd.a		44,514		201,616
Hanwha Investment & Securities Co. Ltd.a		129,840		441,517
Hanwha Life Insurance Co. Ltd.		195,360		1,251,768
Hite Jinro Co. Ltd.		24,300		534,941
HMC Investment Securities Co. Ltd.		38,850		348,649
Hotel Shilla Co. Ltd.		29,209		2,279,260
Huchems Fine Chemical Corp.		19,280		409,079
Huvis Corp.		20,050		198,152
Hwa Shin Co. Ltd.		13,480		160,371
Hy-Lok Corp.		12,301		326,106
Hyosung Corp.		20,794		1,418,083
Hyundai Corp.		9,580		300,637
Hyundai Department Store Co. Ltd.		13,103		1,736,838

Security	Shares		Value
Hyundai Development Co. Engineering & Construction		47,830	$	1,310,564
Hyundai Engineering & Construction Co. Ltd.		62,603		3,424,839
Hyundai Glovis Co. Ltd.		11,362		2,495,915
Hyundai Greenfood Co. Ltd.		38,660		612,041
Hyundai Heavy Industries Co. Ltd.		36,179		7,439,148
Hyundai Home Shopping Network Corp.		5,450		857,705
Hyundai Hysco Co. Ltd.		9,548		383,262
Hyundai Marine & Fire Insurance Co. Ltd.		53,600		1,461,133
Hyundai Merchant Marine Co. Ltd.a		58,995		740,546
Hyundai Mipo Dockyard Co. Ltd.		10,237		1,515,172
Hyundai Mobis Co. Ltd.		58,227		17,099,920
Hyundai Motor Co.		132,215		30,344,426
Hyundai Securities Co. Ltd.		121,720		762,817
Hyundai Steel Co.		60,513		3,854,692
Hyundai Wia Corp.		13,257		2,098,766
Iljin Display Co. Ltd.		17,580		268,435
Ilyang Pharmaceutical Co. Ltd.		13,710		357,680
iMarketKorea Inc.		13,870		409,928
Industrial Bank of Korea		157,770		2,009,997
Interpark Corp.b		36,947		430,904
ISU Chemical Co. Ltd.		16,890		221,508
JB Financial Group Co. Ltd.		64,759		416,763
JoyCity Corp.a,b		5,037		140,611
Jusung Engineering Co. Ltd.a		56,577		278,248
Kangwon Land Inc.		82,210		2,456,674
KB Financial Group Inc.		203,650		7,611,836
KCC Corp.		4,321		2,088,652
KEPCO Plant Service & Engineering Co. Ltd.		11,578		701,730
Kia Motors Corp.		223,363		11,591,860
KISWIRE Ltd.b		8,860		297,962
KIWOOM Securities Co. Ltd.		13,038		652,205
Koh Young Technology Inc.		10,629		301,694
Kolao Holdings		28,194		673,487
Kolon Industries Inc.		15,456		773,162
Komipharm International Co. Ltd.a		40,872		313,958

24 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Korea Aerospace Industries Ltd.		37,420	$	1,100,691
Korea District Heating Corp.		4,352		283,339
Korea Electric Power Corp.		220,680		7,648,862
Korea Gas Corp.a		24,164		1,570,943
Korea Investment Holdings Co. Ltd.		35,450		1,276,864
Korea Kolmar Co. Ltd.b		16,360		444,440
Korea Zinc Co. Ltd.		7,386		2,359,369
Korean Air Lines Co. Ltd.a		28,259		914,612
Korean Reinsurance Co.		85,338		891,352
KT Corp.		26,490		753,135
KT Skylife Co. Ltd.		18,690		474,472
KT&G Corp.		94,232		6,902,991
Kukdo Chemical Co. Ltd.b		7,704		360,121
Kumho Petro Chemical Co. Ltd.		12,077		1,004,625
Kumho Tire Co. Inc.a		59,580		781,377
Kwang Dong Pharmaceutical Co. Ltd.		26,970		201,612
LG Chem Ltd.		39,812		9,491,479
LG Corp.		81,624		4,281,915
LG Display Co. Ltd.a		197,600		4,507,316
LG Electronics Inc.		91,104		5,197,408
LG Fashion Corp.		18,670		485,333
LG Hausys Ltd.		5,384		864,970
LG Household & Health Care Ltd.		8,022		3,434,243
LG Innotek Co. Ltd.a,b		9,907		848,243
LG International Corp.		29,620		786,629
LG Life Sciences Ltd.a,b		12,066		462,295
LG Uplus Corp.		186,140		1,822,167
LIG Insurance Co. Ltd.		36,800		1,066,941
Lock & Lock Co. Ltd.b		19,190		309,197
Lotte Chemical Corp.		14,778		2,810,243
Lotte Chilsung Beverage Co. Ltd.		584		831,550
Lotte Confectionery Co. Ltd.		658		1,110,741
Lotte Food Co. Ltd.		788		560,274
Lotte Shopping Co. Ltd.		9,490		3,000,351
LS Corp.		16,770		1,149,943
LS Industrial Systems Co. Ltd.		15,354		910,453
Lumens Co. Ltd.a		37,076		392,467
Maeil Dairy Industry Co. Ltd.		8,025		343,929
Mando Corp.		11,197		1,389,792

Security	Shares		Value
Medipost Co. Ltd.a		5,838	$	352,194
Medy-Tox Inc.		4,607		683,605
MegaStudy Co. Ltd.a		4,914		358,135
Melfas Inc.a		12,334		125,362
Meritz Fire & Marine Insurance Co. Ltd.		52,840		744,957
Meritz Securities Co. Ltd.		206,700		354,343
Mirae Asset Securities Co. Ltd.		24,390		867,073
Modetour Network Inc.		8,645		204,889
Muhak Co. Ltd.a		14,880		273,207
Namhae Chemical Corp.		19,170		150,846
Namyang Dairy Products Co. Ltd.		595		476,557
NAVER Corp.		24,079		18,428,612
NCsoft Corp.		13,441		2,404,900
Neowiz Games Corp.a		17,445		289,252
NEPES Corp.a		25,639		174,609
Nexen Corp.		3,282		239,809
Nexen Tire Corp.b		35,330		474,928
NH Investment & Securities Co. Ltd.		62,140		285,815
NHN Entertainment Corp.a		11,078		1,030,487
NICE Holdings Co. Ltd.a		36,560		450,364
Nong Shim Holdings Co. Ltd.		5,656		468,375
NongShim Co. Ltd.		2,799		783,982
OCI Co. Ltd.a		14,690		2,848,553
OCI Materials Co. Ltd.		4,975		156,124
ORION Corp.a		3,139		2,625,880
Osstem Implant Co. Ltd.a		14,681		300,496
Ottogi Corp.		1,262		473,472
Paradise Co. Ltd.		33,403		916,822
Partron Co. Ltd.		37,448		473,581
Pharmicell Co. Ltd.a		3,540		13,082
Poongsan Corp.		16,820		408,092
POSCO		56,094		14,923,369
POSCO Chemtech Co. Ltd.		2,104		250,509
POSCO ICT Co. Ltd.		52,909		370,735
Pyeong Hwa Automotive Co. Ltd.b		11,930		234,130
S&T Dynamics Co. Ltd.		36,980		403,576
S-Oil Corp.		38,933		2,385,216
S.M. Entertainment Co.a		15,723		671,634
S1 Corp.		14,465		1,102,999
Samchully Co. Ltd.		3,366		378,379

CONSOLIDATED SCHEDULEOF INVESTMENTS 25

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
SamkwangGlass Co. Ltd.		4,754	$	230,241
Samsung C&T Corp.		107,405		6,328,594
Samsung Card Co. Ltd.		31,390		988,013
Samsung Electro-Mechanics Co. Ltd.		50,215		3,189,299
Samsung Electronics Co. Ltd.		94,850		119,861,967
Samsung Engineering Co. Ltd.a,b		26,765		1,882,952
Samsung Fine Chemicals Co. Ltd.b		18,199		704,092
Samsung Fire & Marine Insurance Co. Ltd.		30,536		6,736,513
Samsung Heavy Industries Co. Ltd.		93,770		2,802,120
Samsung Life Insurance Co. Ltd.		52,948		5,009,600
Samsung SDI Co. Ltd.		29,267		4,098,751
Samsung Securities Co. Ltd.		52,552		1,949,470
Samsung Techwin Co. Ltd.		31,963		1,577,939
Sapphire Technology Co. Ltd.a		8,041		327,666
SBS Media Holdings Co. Ltd.		61,510		254,683
SeAH Besteel Corp.		16,640		374,887
SeAH Steel Corp.		1,801		181,365
Sebang Co. Ltd.		15,640		273,242
Seegene Inc.a,b		8,870		499,379
Seobu T&Da		15,793		270,737
Seoul Semiconductor Co. Ltd.		28,409		1,222,851
SFA Engineering Corp.		7,819		294,449
Shinhan Financial Group Co. Ltd.		365,670		15,226,259
Shinsegae Co. Ltd.		6,065		1,281,178
Shinsegae Food Co. Ltd.		3,328		288,375
Shinsegae International Co. Ltd.		3,367		242,550
Simm Tech Co. Ltd.a		43,874		241,256
Sindoh Co. Ltd.		4,506		263,817
SK Broadband Co. Ltd.a		141,698		622,542
SK C&C Co. Ltd.		20,162		2,738,632
SK Chemicals Co. Ltd.		13,809		804,609
SK Gas Co. Ltd.		4,394		313,240
SK Holdings Co. Ltd.		22,849		4,120,311
SK Hynix Inc.a,b		456,410		16,567,576
SK Innovation Co. Ltd.		51,531		6,444,392
SK Networks Co. Ltd.a		106,420		830,425

Security	Shares		Value
SK Securities Co. Ltd.a		454,690	$	314,343
SK Telecom Co. Ltd.		8,490		1,721,859
SKC Co. Ltd.		19,010		543,143
SL Corp.		18,650		290,014
Soulbrain Co. Ltd.a		9,860		400,404
Ssangyong Motor Co.a		53,380		415,039
STS Semiconductor & Telecommunications Co. Ltd.a		62,283		218,209
STX Offshore & Shipbuilding Co. Ltd.a,b		40,059		208,269
Sung Kwang Bend Co. Ltd.		14,717		318,466
Sungwoo Hitech Co. Ltd.		31,623		450,276
Suprema Inc.a		8,842		219,083
Taekwang Industrial Co. Ltd.		385		500,951
Taewoong Co. Ltd.a		6,918		162,338
Taeyoung Engineering & Construction Co. Ltd.a		56,200		307,455
Taihan Electric Wire Co. Ltd.a		70,560		150,704
Tera Resource Co. Ltd.a		196,444		2,208
TK Corp.a		16,792		311,458
TONGYANG Life Insurance Co.		38,640		365,587
TONGYANG Securities Inc.		47,960		106,253
ViroMed Co. Ltd.a		10,348		492,439
WeMade Entertainment Co. Ltd.a		7,718		328,964
Wonik IPS Co. Ltd.a		48,436		401,100
Woori Finance Holdings Co. Ltd.a		323,890		3,656,089
Woori Financial Co. Ltd.		19,180		391,685
Woori Investment & Securities Co. Ltd.		115,020		993,428
YG Entertainment Inc.		6,607		367,640
Youlchon Chemical Co. Ltd.		36,090		436,123
Youngone Corp.		20,060		684,953
Youngone Holdings Co. Ltd.		6,008		415,917
Yuhan Corp.		6,604		1,221,817
Yungjin Pharmaceutical Co. Ltd.a,b		50,730		82,213
				558,193,829
TAIWAN — 13.04%
A-DATA Technology Co. Ltd.		160,000		385,504
A.G.V. Products Corp.a		2,121,000		637,742
Ability Enterprise Co. Ltd.		449,000		281,570

26 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
AcBel Polytech Inc.		393,000	$	465,664
Accton Technology Corp.		542,000		306,796
Acer Inc.a		2,202,000		1,311,839
Advanced Semiconductor Engineering Inc.		5,319,000		5,266,684
Advantech Co. Ltd.		380,000		2,401,809
Airtac International Group		99,800		1,022,770
ALI Corp.		282,000		299,703
Alpha Networks Inc.		371,000		314,085
Altek Corp.		681,000		719,255
Ambassador Hotel Ltd. (The)		366,000		347,904
AmTRAN Technology Co. Ltd.		522,000		325,625
Ardentec Corp.		697,180		599,430
Asia Cement Corp.		1,448,520		1,831,088
Asia Optical Co. Inc.a		422,000		515,348
Asia Pacific Telecom Co. Ltd.		1,281,000		636,314
Asia Polymer Corp.		431,000		344,254
ASUSTeK Computer Inc.		559,000		5,378,193
AU Optronics Corp.a		7,230,000		2,457,885
Bank of Kaohsiung Co. Ltd.		1,640,776		521,509
BES Engineering Corp.		1,657,000		468,694
Capital Securities Corp.		1,118,000		426,196
Career Technology (MFG.) Co. Ltd.		406,000		423,447
Catcher Technology Co. Ltd.		760,000		5,518,516
Cathay Financial Holding Co. Ltd.		6,557,932		9,675,212
Cathay Real Estate Development Co. Ltd.		666,000		387,976
Chailease Holding Co. Ltd.		760,400		1,869,754
Chang Hwa Commercial Bank Ltd.		4,141,000		2,432,827
Cheng Loong Corp.		863,000		397,348
Cheng Shin Rubber Industry Co. Ltd.		1,520,650		3,959,974
Cheng Uei Precision Industry Co. Ltd.		380,000		811,473
Chia Hsin Cement Corp.a		752,000		387,194
Chicony Electronics Co. Ltd.		338,110		884,947
Chin-Poon Industrial Co. Ltd.		380,000		691,069
China Airlines Ltd.a		1,554,000		533,421
China Bills Finance Corp.		772,000		300,667
China Development Financial Holding Corp.		11,430,000		3,319,823
China Life Insurance Co. Ltd.		1,681,040		1,595,151

Security	Shares		Value
China Man-Made Fibers Corp.a		921,000	$	373,896
China Metal Products Co. Ltd.		380,320		487,043
China Motor Co. Ltd.		279,000		256,918
China Petrochemical Development Corp.		1,327,900		578,529
China Steel Chemical Corp.		114,000		658,459
China Steel Corp.		9,638,460		8,175,735
China Synthetic Rubber Corp.		320,000		297,313
Chipbond Technology Corp.		404,000		690,712
Chong Hong Construction Co.		121,000		335,468
Chroma ATE Inc.		380,000		910,555
Chung Hung Steel Corp.a		1,537,000		411,923
Chunghwa Telecom Co. Ltd.		3,437,000		10,436,464
Clevo Co.		408,175		770,599
CMC Magnetics Corp.a		2,750,000		445,656
Compal Electronics Inc.		3,599,000		2,435,128
Compeq Manufacturing Co. Ltd.		959,000		512,767
Continental Holdings Corp.		1,291,000		455,928
Coretronic Corp.		637,000		635,991
Coxon Precise Industrial Co. Ltd.		154,000		262,783
CSBC Corp. Taiwan		599,000		379,589
CTBC Financial Holding Co. Ltd.		11,146,935		7,192,639
CTCI Corp.		471,000		649,028
Cyberlink Corp.		143,540		418,804
CyberTAN Technology Inc.		372,000		427,276
D-Link Corp.		569,000		399,078
Delta Electronics Inc.		1,538,000		8,553,469
Depo Auto Parts Industrial Co. Ltd.		89,000		362,780
Dynapack International Technology Corp.		127,000		331,144
E Ink Holdings Inc.a		883,000		493,988
E.Sun Financial Holding Co. Ltd.		4,108,200		2,583,049
Eclat Textile Co. Ltd.		144,560		1,841,711
Elan Microelectronics Corp.		380,000		682,289
Elite Material Co. Ltd.		570,000		511,717
Elite Semiconductor Memory Technology Inc.a		246,000		320,308
Entire Technology Co. Ltd.a		301,000		326,353
Epistar Corp.		760,000		1,785,992

CONSOLIDATED SCHEDULEOF INVESTMENTS 27

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Eternal Chemical Co. Ltd.		574,000	$	586,352
EVA Airways Corp.a		953,000		489,113
Evergreen International Storage & Transport Corp.		367,000		253,768
Evergreen Marine Corp. Ltd.a		1,226,000		728,365
Everlight Chemical Industrial Corp.		561,850		488,638
Everlight Electronics Co. Ltd.		380,000		908,047
Far Eastern Department Stores Ltd.		746,360		681,129
Far Eastern International Bank Ltd.		1,857,418		695,811
Far Eastern New Century Corp.		2,441,560		2,566,628
Far EasTone Telecommunications Co. Ltd.		1,520,000		3,080,335
Faraday Technology Corp.		287,000		414,899
Farglory Land Development Co. Ltd.		385,782		631,553
Federal Corp.		425,550		332,176
Feng Hsin Iron & Steel Co. Ltd.		381,000		637,557
Feng Tay Enterprise Co. Ltd.		380,640		957,316
Firich Enterprises Co. Ltd.		141,184		717,616
First Financial Holding Co. Ltd.		5,898,030		3,513,745
FLEXium Interconnect Inc.		137,074		412,606
Forhouse Corp.		1,028,000		424,120
Formosa Chemicals & Fibre Corp.		2,671,210		6,797,488
Formosa Epitaxy Inc.a		400,000		238,960
Formosa Petrochemical Corp.		1,140,000		2,927,322
Formosa Plastics Corp.		3,434,800		8,729,276
Formosa Taffeta Co. Ltd.		572,000		618,292
Formosan Rubber Group Inc.		498,000		470,090
Foxconn Technology Co. Ltd.		760,400		1,709,131
Fubon Financial Holding Co. Ltd.		5,368,000		7,503,294
G Tech Optoelectronics Corp.		254,000		316,473
Gemtek Technology Corp.		185,000		180,127
Getac Technology Corp.		659,000		339,310
Giant Manufacturing Co. Ltd.		380,000		2,589,940
Gigabyte Technology Co. Ltd.		408,000		605,981
Gigastorage Corp.a		581,000		843,752

Security	Shares		Value
Gintech Energy Corp.a		340,000	$	325,434
Global Mixed Mode Technology Inc.		141,000		445,831
Gloria Material Technology Corp.		625,200		494,209
Goldsun Development & Construction Co. Ltd.		1,158,000		468,199
Grand Pacific Petrochemical Corp.		731,000		494,604
Grape King Bio Ltd.		95,000		420,160
Great Wall Enterprise Co. Ltd.		554,000		478,154
Greatek Electronics Inc.		185,000		184,707
HannStar Display Corp.a		2,282,000		843,567
HannsTouch Solution Inc.a		1,169,000		378,117
Hermes Microvision Inc.		33,000		1,230,774
Hey Song Corp.		197,000		213,268
Highwealth Construction Corp.		380,400		773,406
Hiwin Technologies Corp.		155,340		1,553,503
Ho Tung Chemical Corp.		1,110,550		555,312
Holy Stone Enterprise Co. Ltd.		284,900		398,698
Hon Hai Precision Industry Co. Ltd.		9,500,400		26,339,481
Hotai Motor Co. Ltd.		208,000		2,553,832
HTC Corp.		760,000		3,411,446
Hua Nan Financial Holdings Co. Ltd.		4,677,200		2,686,094
Huaku Development Co. Ltd.		198,000		495,359
Hung Poo Real Estate Development Corp.		246,000		231,807
Hung Sheng Construction Ltd.		519,000		405,977
IEI Integration Corp.		231,210		457,872
Innolux Corp.a		5,714,000		2,036,808
Inventec Corp.		2,009,000		2,118,541
ITEQ Corp.		384,000		434,722
Jih Sun Financial Holdings Co. Ltd.		636,251		181,438
Kee Tai Properties Co. Ltd.		681,000		439,420
Kenda Rubber Industrial Co. Ltd.		381,560		924,368
Kerry TJ Logistics Co. Ltd.		220,000		319,493
King Slide Works Co. Ltd.		48,000		556,868
King Yuan Electronics Co. Ltd.		791,000		639,630
King’s Town Bank		689,000		652,660
Kingdom Construction Co.		355,000		388,417
Kinpo Electronics Inc.		1,410,000		549,145

28 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Kinsus Interconnect Technology Corp.		380,000	$	1,298,105
Kuoyang Construction Co. Ltd.		707,023		400,206
Largan Precision Co. Ltd.		86,000		3,817,744
LCY Chemical Corp.		430,000		538,600
Lealea Enterprise Co. Ltd.		874,000		317,315
Lien Hwa Industrial Corp.		497,000		315,772
Lite-On Technology Corp.		1,611,870		2,370,084
Long Bon International Co. Ltd.		450,000		288,138
Macronix International Co. Ltd.a		2,730,000		603,703
Makalot Industrial Co. Ltd.		129,000		706,779
Masterlink Securities Corp.		809,000		266,480
MediaTek Inc.		1,254,572		18,426,449
Medigen Biotechnology Corp.a		89,088		592,489
Mega Financial Holding Co. Ltd.		7,716,958		6,163,786
Mercuries & Associates Ltd.		300,560		198,899
Merida Industry Co. Ltd.		171,000		1,148,541
Merry Electronics Co. Ltd.		144,400		798,304
Micro-Star International Co. Ltd.		749,000		747,813
Microbio Co. Ltd.a		341,141		367,060
MIN AIK Technology Co. Ltd.		129,000		766,387
Mitac Holdings Corp.a		579,000		517,886
Motech Industries Inc.a		380,000		654,697
Nan Kang Rubber Tire Co. Ltd.a		391,000		476,200
Nan Ya Plastics Corp.		4,218,440		9,036,133
Nan Ya Printed Circuit Board Corp.a		245,000		297,577
National Petroleum Co. Ltd.		271,000		266,546
Neo Solar Power Corp.a		484,251		602,557
Novatek Microelectronics Corp. Ltd.		424,000		1,945,211
OptoTech Corp.		1,499,000		771,813
Oriental Union Chemical Corp.		469,000		474,449
Pacific Hospital Supply Co. Ltd.		159,000		460,763
Pan-International Industrial Corp.		504,200		384,415
PChome Online Inc.		60,000		430,722
Pegatron Corp.		1,211,000		1,626,764

Security	Shares		Value
Phihong Technology Co. Ltd.		668,000	$	475,127
Phison Electronics Corp.		101,000		673,378
Phytohealth Corp.a		369,000		487,770
Pixart Imaging Inc.		198,000		382,956
Pou Chen Corp.		1,710,000		2,282,972
Powertech Technology Inc.		439,000		612,902
President Chain Store Corp.		451,000		2,798,469
President Securities Corp.		417,000		234,664
Prince Housing & Development Corp.		810,200		415,823
Qisda Corp.a		1,931,000		656,456
Quanta Computer Inc.		2,280,000		5,606,311
Radiant Opto-Electronics Corp.		380,940		1,546,492
Radium Life Tech Co. Ltd.		606,369		474,320
Realtek Semiconductor Corp.		380,110		1,129,114
Rich Development Co. Ltd.		796,770		341,871
Richtek Technology Corp.		118,000		648,459
Ritek Corp.a		2,807,000		488,246
Ruentex Development Co. Ltd.		540,964		960,587
Ruentex Industries Ltd.		409,906		967,334
Sampo Corp.		1,569,000		603,302
Sanyang Industry Co. Ltd.		587,000		1,160,516
ScinoPharm Taiwan Ltd.		180,160		515,541
Sercomm Corp.		279,000		631,705
Sesoda Corp.		130,000		135,587
Shih Wei Navigation Co. Ltd.		486,675		330,897
Shihlin Electric & Engineering Corp.		246,000		302,852
Shihlin Paper Corp.a		124,000		194,198
Shin Kong Financial Holding Co. Ltd.		4,875,943		1,609,328
Shin Zu Shing Co. Ltd.		124,000		306,542
Shining Building Business Co. Ltd.a		441,700		362,276
Shinkong Synthetic Fibers Corp.		1,204,000		401,360
Shinkong Textile Co. Ltd.		169,000		219,491
Sigurd Microelectronics Corp.		433,000		418,737
Silicon Integrated Systems Corp.a		1,211,000		363,724
Siliconware Precision Industries Co. Ltd.		2,310,000		2,912,469
Silitech Technology Corp.		287,880		351,085

CONSOLIDATED SCHEDULEOF INVESTMENTS 29

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Simplo Technology Co. Ltd.		380,000	$	1,711,994
Sincere Navigation Corp.		236,000		221,995
Sino-American Silicon Products Inc.a		375,000		701,779
Sinon Corp.		1,195,000		650,786
SinoPac Financial Holdings Co. Ltd.		5,633,086		2,705,175
Sinyi Realty Co.		183,760		298,706
Solar Applied Materials Technology Corp.		383,000		348,262
Sonix Technology Co. Ltd.		436,000		720,958
St.Shine Optical Co. Ltd.		39,000		1,083,834
Standard Foods Corp.		380,700		1,106,993
Synnex Technology International Corp.		1,140,000		1,949,040
Ta Chen Stainless Pipe Co. Ltd.		1,170,200		534,929
Ta Chong Bank Ltd.a		1,467,675		506,212
Taichung Commercial Bank Co. Ltd.		1,398,300		498,437
Taiflex Scientific Co. Ltd.		380,000		722,424
Tainan Spinning Co. Ltd.		826,840		555,357
Taishin Financial Holdings Co. Ltd.		5,570,734		2,620,073
Taiwan Acceptance Corp.		60,000		150,505
Taiwan Business Bank Ltd.a		2,988,120		892,550
Taiwan Cement Corp.		2,672,000		4,259,608
Taiwan Cogeneration Corp.		497,000		297,728
Taiwan Cooperative Financial Holding Co. Ltd.		4,731,640		2,561,189
Taiwan Fertilizer Co. Ltd.		799,000		1,714,140
Taiwan Glass Industry Corp.		785,000		777,279
Taiwan Hon Chuan Enterprise Co. Ltd.		380,000		822,761
Taiwan Land Development Corp.a		1,717,538		640,576
Taiwan Life Insurance Co. Ltd.a		365,674		336,128
Taiwan Liposome Co. Ltd.a		39,000		406,760
Taiwan Mobile Co. Ltd.		1,547,000		4,651,518
Taiwan PCB Techvest Co. Ltd.		379,042		453,504
Taiwan Prosperity Chemical Corp.		263,000		263,017
Taiwan Sakura Corp.		934,000		644,287

Security	Shares		Value
Taiwan Secom Co. Ltd.		163,000	$	414,790
Taiwan Semiconductor Manufacturing Co. Ltd.		21,301,000		75,929,368
Taiwan Surface Mounting Technology Co. Ltd.		184,300		274,643
Taiwan TEA Corp.a		778,000		677,906
Taiwan-Sogo Shinkong Security Corp.		324,000		469,457
Tatung Co. Ltd.a		1,476,000		485,699
Teco Electric and Machinery Co. Ltd.		1,521,000		1,747,006
Test Research Inc.		246,400		398,088
Test-Rite International Co. Ltd.		433,000		324,414
Ton Yi Industrial Corp.		671,000		692,084
Tong Hsing Electronic Industries Ltd.		105,000		551,026
Tong Yang Industry Co. Ltd.		380,400		529,833
Topco Scientific Co. Ltd.		380,521		752,301
TPK Holding Co. Ltd.		178,000		1,063,371
Transcend Information Inc.		89,000		271,424
Tripod Technology Corp.		380,000		727,441
Tsann Kuen Enterprise Co. Ltd.		167,000		233,430
TSRC Corp.		422,000		607,971
TTY Biopharm Co. Ltd.		171,298		565,377
Tung Ho Steel Enterprise Corp.		627,000		535,986
TXC Corp.		365,000		436,101
U-Ming Marine Transport Corp.		380,000		637,138
Uni-President Enterprises Co.		3,848,860		6,427,893
Unimicron Technology Corp.		1,060,000		748,696
Union Bank of Taiwana		1,230,819		440,768
Unitech Printed Circuit Board Corp.a		1,700,000		698,561
United Microelectronics Corp.		9,596,000		3,895,663
Unity Opto Technology Co. Ltd.a		444,000		492,389
UPC Technology Corp.		630,146		288,056
USI Corp.		546,000		369,430
Vanguard International Semiconductor Corp.		568,000		838,933
Visual Photonics Epitaxy Co. Ltd.		386,000		391,759

30 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Wah Lee Industrial Corp.		380,000	$	667,239
Walsin Lihwa Corp.a		2,509,000		780,905
Wan Hai Lines Ltd.		664,000		310,106
Waterland Financial Holdings Co. Ltd.		1,043,450		340,607
Wei Chuan Foods Corp.		430,000		694,716
Win Semiconductors Corp.		323,000		294,237
Winbond Electronics Corp.a		2,104,000		600,687
Wintek Corp.a		1,721,000		573,705
Wistron Corp.		1,740,000		1,447,224
Wistron NeWeb Corp.		155,384		402,076
Wowprime Corp.		30,000		451,515
WPG Holdings Co. Ltd.		1,132,000		1,345,039
WT Microelectronics Co. Ltd.		480,000		606,773
Yageo Corp.a		1,540,500		734,709
Yang Ming Marine Transport Corp.a		1,081,000		463,826
Yem Chio Co. Ltd.		743,669		564,538
YFY Inc.		757,000		362,285
Yieh Phui Enterprise Co. Ltd.a		1,329,000		413,640
Young Fast Optoelectronics Co. Ltd.		306,000		336,319
Youngtek Electronics Corp.		204,853		436,778
Yuanta Financial Holding Co. Ltd.		6,658,000		3,494,033
Yulon Motor Co. Ltd.		760,000		1,296,851
YungShin Global Holding Corp.		380,000		714,899
Yungtay Engineering Co. Ltd.		380,000		1,076,111
Zhen Ding Technology Holding Ltd.		134,950		331,384
Zinwell Corp.		417,000		520,940
				472,384,168
THAILAND — 2.45%
Advanced Information Service PCL NVDR		901,800		5,832,331
Airports of Thailand PCL NVDR		377,400		2,168,966
Amata Corp. PCL NVDR		1,141,500		479,343
AP (Thailand) PCL NVDR		2,177,400		333,701
Bangchak Petroleum PCL NVDR		418,700		368,969
Bangkok Bank PCL Foreign		409,300		2,151,569
Bangkok Bank PCL NVDR		532,300		2,806,302

Security	Shares		Value
Bangkok Chain Hospital PCL NVDR		1,786,050	$	320,257
Bangkok Dusit Medical Services PCL NVDR		276,000		1,082,851
Bangkok Expressway PCL NVDR		403,300		407,936
Bangkok Land PCL NVDR		10,239,400		477,054
Banpu PCL NVDR		1,025,500		817,257
BEC World PCL NVDR		869,200		1,345,428
BTS Group Holdings PCL NVDR		4,985,200		1,275,906
Bumrungrad Hospital PCL NVDR		355,800		970,612
Central Pattana PCL NVDR		1,273,600		1,610,299
Central Plaza Hotel PCL NVDR		525,500		487,245
Charoen Pokphand Foods PCL NVDR		2,388,700		1,995,159
CP All PCL NVDR		3,841,100		4,621,094
Delta Electronics (Thailand) PCL NVDR		482,900		802,983
Dynasty Ceramic PCL NVDR		206,100		320,600
Esso (Thailand) PCL NVDR		1,428,600		262,731
Glow Energy PCL NVDR		481,700		1,092,592
Hana Microelectronics PCL NVDR		636,000		497,103
Hemaraj Land and Development PCL NVDR		5,191,100		486,889
Home Product Center PCL NVDRb		2,676,700		746,604
Indorama Ventures PCL NVDR		1,302,000		830,087
IRPC PCL NVDR		9,956,000		1,037,560
Jasmine International PCL NVDR		3,671,300		872,110
Kasikornbank PCL Foreign		1,007,900		5,344,573
Kasikornbank PCL NVDR		596,500		3,117,341
Khon Kaen Sugar Industry PCL NVDR		671,000		269,428
Kiatnakin Bank PCL NVDR		475,000		578,736
Krung Thai Bank PCL NVDR		3,428,800		1,881,242
LPN Development PCL NVDR		702,900		325,327
Major Cineplex Group PCL NVDR		730,300		411,878

CONSOLIDATED SCHEDULEOF INVESTMENTS 31

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Minor International PCL NVDR		1,384,600	$	1,052,508
Polyplex PCL NVDR		1,222,300		320,327
Pruksa Real Estate PCL NVDR		817,500		491,126
PTT Exploration & Production PCL NVDR		1,212,601		5,723,848
PTT Global Chemical PCL NVDR		1,433,800		3,296,092
PTT PCL NVDR		738,700		6,634,149
Quality Houses PCL NVDR		4,688,300		402,368
Siam Cement PCL Foreign (The)		259,700		3,391,025
Siam Cement PCL NVDR (The)		118,000		1,555,249
Siam Commercial Bank PCL NVDR		1,556,200		7,226,492
Siam Global House PCL NVDR		702,050		324,933
Sino-Thai Engineering & Construction PCL NVDR		763,428		379,082
Sri Trang Agro-Industry PCL NVDR		1,161,500		448,579
Supalai PCL NVDR		776,400		421,219
Thai Airways International PCL NVDR		634,800		252,947
Thai Oil PCL NVDR		721,500		1,149,977
Thai Tap Water Supply PCL NVDR		1,832,600		519,588
Thai Union Frozen Products PCL NVDR		417,700		870,608
Thai Vegetable Oil PCL NVDR		631,100		433,307
Thaicom PCL NVDR		515,300		647,580
Thanachart Capital PCL NVDR		785,900		770,844
Thoresen Thai Agencies PCL NVDRa		797,602		457,170
Ticon Industrial Connection PCL NVDR		724,800		366,566
TISCO Financial Group PCL NVDRb		547,250		662,571
TMB Bank PCL NVDR		14,202,700		1,079,623
TPI Polene PCL NVDR		591,900		199,568
True Corp. PCL NVDRa,b		4,845,300		1,084,159
				88,591,568

Security	Shares		Value
TURKEY — 1.44%
Akbank TAS		1,586,387	$	4,114,507
Akfen Holding ASb		163,751		277,695
Akmerkez Gayrimenkul Yatirim Ortakligi AS		27,668		219,548
Aksa Akrilik Kimya Sanayii AS		100,507		370,054
Albaraka Turk Katilim Bankasi ASa		585,611		400,958
Anadolu Efes Biracilik ve Malt Sanayii AS		187,675		1,982,782
Arcelik AS		213,221		1,145,674
Asya Katilim Bankasi ASa,b		724,695		391,034
BIM Birlesik Magazalar AS		185,035		3,439,936
Bizim Toptan Satis Magazalari AS		45,015		426,595
Cimsa Cimento Sanayi ve TAS		53,389		282,027
Coca-Cola Icecek AS		58,319		1,129,147
Dogan Sirketler Grubu Holding ASa		694,810		217,384
Dogan Yayin Holding ASa,b		872,244		197,752
Dogus Otomotiv Servis ve TASb		53,672		161,109
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,873,262		1,911,145
Enka Insaat ve Sanayi AS		400,893		1,214,276
Eregli Demir ve Celik Fabrikalari TAS		1,299,782		1,426,259
Ford Otomotiv Sanayi AS		59,114		524,022
Haci Omer Sabanci Holding AS		717,167		2,546,213
Ipek Dogal Enerji Kaynaklari Ve Uretim ASa,b		155,469		178,352
Is Gayrimenkul Yatirim Ortakligi AS		644,774		371,299
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Da,b		961,277		501,255
KOC Holding AS		569,860		2,113,655
Koza Altin Isletmeleri ASb		54,701		470,021
Sekerbank TASa,b		398,743		433,927
Selcuk Ecza Deposu Ticaret ve Sanayi AS		184,148		160,318
TAV Havalimanlari Holding AS		152,163		1,076,332
Tofas Turk Otomobil Fabrikasi AS		116,836		564,208

32 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Trakya Cam Sanayii ASb		330,483	$	307,196
Turk Hava Yollari AO		501,642		1,496,692
Turk Telekomunikasyon ASb		424,618		1,143,661
Turkcell Iletisim Hizmetleri ASa		670,277		3,501,220
Turkiye Garanti Bankasi AS		2,017,390		5,543,386
Turkiye Halk Bankasi AS		547,690		2,694,494
Turkiye Is Bankasi AS Class C		1,416,316		2,626,613
Turkiye Petrol Rafinerileri AS		110,983		1,957,576
Turkiye Sinai Kalkinma Bankasi AS		795,879		624,318
Turkiye Sise ve Cam Fabrikalari AS		467,919		479,503
Turkiye Vakiflar Bankasi TAO Class D		719,436		1,076,512
Ulker Biskuvi Sanayi AS		131,503		730,440
Yapi ve Kredi Bankasi ASb		848,745		1,273,849
Yazicilar Holding AS		69,633		544,649
				52,247,593
TOTAL COMMON STOCKS
(Cost: $3,481,879,630)				3,414,532,301
PREFERRED STOCKS — 5.12%
BRAZIL — 3.81%
AES Tiete SA		88,800		661,438
Banco ABC Brasil SA		86,183		415,051
Banco Bradesco SA		1,759,370		20,568,662
Banco Daycoval SA		98,000		344,426
Banco do Estado do Rio Grande do Sul SA Class B		153,100		747,149
Banco Industrial e Comercial SA		77,600		242,168
Banco Panamericano SA		176,200		288,135
Banco Pine SA		56,033		173,424
Bradespar SA		190,300		1,735,999
Braskem SA Class A		136,600		944,388
Centrais Eletricas Brasileiras SA Class B		210,900		820,668
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A		119,900		5,075,733
Companhia de Ferro Ligas da Bahia – Ferbasa		56,900		294,487
Companhia Energetica de Minas Gerais		593,321		3,411,085

Security	Shares		Value
Companhia Energetica de Sao Paulo Class B		140,600	$	1,354,238
Companhia Energetica do Ceara Class A		22,000		354,110
Companhia Paranaense de Energia Class B		79,400		858,241
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		112,400		386,375
Eucatex SA Industria e Comercio		74,400		175,171
Gerdau SA		737,900		4,561,334
GOL Linhas Aereas Inteligentes SA		105,800		501,825
Itau Unibanco Holding SA		2,156,380		28,828,659
Itausa – Investimentos Itau SA		2,467,789		8,968,976
Klabin SA		412,700		2,049,366
Lojas Americanas SA		343,400		2,127,140
Marcopolo SA		445,600		883,188
Metalurgica Gerdau SA		240,200		1,841,602
Oi SA		639,600		982,947
Petroleo Brasileiro SA		3,552,300		20,665,992
Randon SA Implementos e Participacoes		127,000		447,980
Saraiva Livreiros Editores SA		42,200		388,399
Suzano Papel e Celulose SA Class A		247,700		941,599
Telefonica Brasil SA		266,000		4,894,127
Usinas Siderurgicas de Minas Gerais SA Class A		331,500		1,386,453
Vale SA Class A		1,589,200		19,790,166
				138,110,701
CHILE — 0.09%
Embotelladora Andina SA Class B		206,542		801,173
Sociedad Quimica y Minera de Chile SA Series B		83,989		2,566,086
				3,367,259
COLOMBIA — 0.23%
Avianca Holdings SA		394,910		816,842
Banco Davivienda SA		96,617		1,137,254
Bancolombia SA		287,175		3,571,015
Grupo Argos SA		99,143		909,378
Grupo Aval Acciones y Valores SA		1,317,688		778,726

CONSOLIDATED SCHEDULEOF INVESTMENTS 33

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

Security	Shares		Value
Grupo de Inversiones Suramericana SA		69,555	$	1,151,635
				8,364,850
RUSSIA — 0.27%
AK Transneft OAO		1,520		3,434,151
Sberbank of Russia		912,200		1,914,984
Surgutneftegas OJSC		5,948,800		4,456,168
				9,805,303
SOUTH AFRICA — 0.02%
Allied Electronics Corp. Ltd.		236,026		538,333
				538,333
SOUTH KOREA — 0.70%
Hyundai Motor Co. Ltd.		20,257		2,618,703
Hyundai Motor Co. Ltd. Series 2		32,133		4,364,670
LG Chem Ltd.		6,447		921,000
Samsung Electronics Co. Ltd.		17,599		17,524,812
				25,429,185
TOTAL PREFERRED STOCKS
(Cost: $210,809,673)				185,615,631
RIGHTS — 0.00%
BRAZIL — 0.00%
Itausa – Investimentos Itau SAa		37,891		35,685
				35,685
CHILE — 0.00%
Parque Arauco SAa		76,132		9,811
				9,811
MALAYSIA — 0.00%
QL Resources Bhda		83,940		34,585
				34,585
TOTAL RIGHTS
(Cost: $0)				80,081
WARRANTS — 0.00%
THAILAND — 0.00%
Thoresen Thai Agencies PCL NVDR
(Expires 09/12/2015)a		61,354		9,967
				9,967
TOTAL WARRANTS
(Cost: $0)				9,967

Security	Shares		Value
SHORT-TERM INVESTMENTS — 2.31%
MONEY MARKET FUNDS — 2.31%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%e,f,g		71,186,010	$	71,186,010
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%e,f,g		3,731,907		3,731,907
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		8,755,134		8,755,134
				83,673,051
TOTAL SHORT-TERM INVESTMENTS
(Cost: $83,673,051)				83,673,051
TOTAL INVESTMENTS IN SECURITIES — 101.68%
(Cost: $3,776,362,354)				3,683,911,031
Other Assets, Less Liabilities — (1.68)%				(60,921,877	)
NET ASSETS — 100.00%			$	3,622,989,154

CPO  —  Certificates of Participation (Ordinary)

NVDR  —  Non-Voting Depositary Receipts

NVS  —  Non-Voting Shares

SP ADR  —  Sponsored American Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

^c  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

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

^e  Affiliated issuer. See Note 2.

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

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

Financial futures contracts purchased as of February 28, 2014 were as follows:

Number of Contracts		Issue (Expiration)	Exchange	Notional Value		Net Unrealized Appreciation (Depreciation)
	337	MSCI Emerging Markets E-Mini (Mar. 2014)	NYSE Liffe	$	16,128,820	$	(560,995)

See notes to consolidated financial statements.

34 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statement of Assets and Liabilities (Unaudited)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2014

ASSETS
Investments, at cost:
Unaffiliated	$	3,692,689,303
Affiliated (Note 2)		83,673,051
Total cost of investments	$	3,776,362,354
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	3,600,237,980
Affiliated (Note 2)		83,673,051
Total fair value of investments		3,683,911,031
Foreign currency, at valueb		2,126,967
Cash		294,736
Cash pledged to broker		1,330,144
Receivables:
Investment securities sold		21,629,282
Dividends and interest		6,306,764
Total Assets		3,715,598,924
LIABILITIES
Payables:
Investment securities purchased		16,646,919
Collateral for securities on loan (Note 1)		74,917,917
Futures variation margin		560,995
Foreign taxes (Note 1)		830
Investment advisory fees (Note 2)		483,109
Total Liabilities		92,609,770
NET ASSETS	$	3,622,989,154
Net assets consist of:
Paid-in capital	$	3,745,479,795
Undistributed net investment income		1,386,147
Accumulated net realized loss		(30,806,490	)
Net unrealized depreciation		(93,070,298	)
NET ASSETS	$	3,622,989,154
Shares outstandingc		76,000,000
Net asset value per share	$	47.67

^a  Securities on loan with a value of $69,570,995. See Note 1.

^b  Cost of foreign currency: $2,121,175.

^c  $0.001 par value, number of shares authorized: 250 million.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 35

Consolidated Statement of Operations (Unaudited)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

Six months ended February 28, 2014

NET INVESTMENT INCOME
Dividends — unaffiliateda	$	22,376,409
Interest — unaffiliated		85
Interest — affiliated (Note 2)		1,158
Securities lending income — affiliated (Note 2)		567,043
		22,944,695
Less: Other foreign taxes (Note 1)		(84,014	)
Total investment income		22,860,681
EXPENSES
Investment advisory fees (Note 2)		2,567,814
Mauritius income taxes (Note 1)		34,378
Commitment fees (Note 7)		2,628
Interest expense (Note 7)		1,497
Total expenses		2,606,317
Less investment advisory fees waived (Note 2)		(501,946	)
Net expenses		2,104,371
Net investment income		20,756,310
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(21,568,491	)
Futures contracts		706,353
Foreign currency transactions		(475,881	)
Net realized loss		(21,338,019	)
Net change in unrealized appreciation/depreciation on:
Investments		58,099,408
Futures contracts		(330,601	)
Translation of assets and liabilities in foreign currencies		14,377
Net change in unrealized appreciation/depreciation		57,783,184
Net realized and unrealized gain		36,445,165
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	57,201,475

^a  Net of foreign withholding tax of $2,820,004.

See notes to consolidated financial statements.

36 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

iSHARES^® CORE MSCI EMERGING MARKETS ETF

	Six months ended February 28, 2014 (Unaudited)			Period from October 18, 2012a to August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	20,756,310		$	24,214,512
Net realized loss		(21,338,019	)		(9,822,479	)
Net change in unrealized appreciation/depreciation		57,783,184			(150,853,482	)
Net increase (decrease) in net assets resulting from operations		57,201,475			(136,461,449	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(28,516,745	)		(14,713,922	)
Total distributions to shareholders		(28,516,745	)		(14,713,922	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,729,339,015			2,016,140,780
Net increase in net assets from capital share transactions		1,729,339,015			2,016,140,780
INCREASE IN NET ASSETS		1,758,023,745			1,864,965,409
NET ASSETS
Beginning of period		1,864,965,409			—
End of period	$	3,622,989,154		$	1,864,965,409
Undistributed net investment income included in net assets at end of period	$	1,386,147		$	9,146,582
SHARES ISSUED
Shares sold		35,200,000			40,800,000
Net increase in shares outstanding		35,200,000			40,800,000

^a  Commencement of operations.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 37

Consolidated Financial Highlights

iSHARES^® CORE MSCI EMERGING MARKETS ETF

(For a share outstanding throughout each period)

	Six months ended Feb. 28, 2014 (Unaudited)			Period from Oct. 18, 2012a to Aug. 31, 2013
Net asset value, beginning of period	$	45.71		$	49.06
Income from investment operations:
Net investment incomeb		0.35			1.33
Net realized and unrealized gain (loss)c		2.07			(4.14	)
Total from investment operations		2.42			(2.81	)
Less distributions from:
Net investment income		(0.46	)		(0.54	)
Total distributions		(0.46	)		(0.54	)
Net asset value, end of period	$	47.67		$	45.71
Total return		5.28	%d		(5.75	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,622,989		$	1,864,965
Ratio of expenses to average net assetse		0.15	%		0.05	%
Ratio of expenses to average net assets prior to waived feese		0.18	%		0.18	%
Ratio of net investment income to average net assetse		1.45	%		3.17	%
Portfolio turnover ratef		4	%		15	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2014 and the period ended August 31, 2013 were 4% and 15%, respectively. See Note 4.

See notes to consolidated financial statements.

38 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited)

iSHARES^® CORE MSCI EMERGING MARKETS 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 amended and restated Articles of Incorporation.

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

iShares Core ETF	Diversification Classification
MSCI Emerging Markets	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.

The Fund carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (the “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of the Fund also serves as the investment adviser to the Subsidiary. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for the Fund include the accounts of the Subsidiary.

Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

The Fund invests in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in emerging market and frontier market countries.

The United States and the European Union have imposed economic sanctions on certain Russian individuals and a financial institution. The United States or the European Union could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian securities, impairing the ability of the Fund to buy, sell, receive or deliver those securities. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities.

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.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 39

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

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.

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”).

• 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 are valued at that day’s published net asset value (NAV).

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

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

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

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

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure

40 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

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

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

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

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

The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of February 28, 2014. The breakdown of the Fund’s investments into major categories is disclosed in its consolidated schedule of investments.

	Investments
Investment Type	Level 1			Level 2		Level 3			Total
Assets:
Common Stocks	$	3,413,671,365		$	860,936	$	0	a	$	3,414,532,301
Preferred Stocks		185,615,631			—		—			185,615,631
Rights		45,496			34,585		—			80,081
Warrants		9,967			—		—			9,967
Money Market Funds		83,673,051			—		—			83,673,051
Liabilities:
Futures Contractsb		(560,995	)		—		—			(560,995	)
	$	3,682,454,515		$	895,521	$	0	a	$	3,683,350,036

^a  Rounds to less than $1.

^b  Futures contracts are shown at the net unrealized appreciation (depreciation) on the contracts.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2014 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Fund may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 41

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its consolidated 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 as of February 28, 2014, if any, are disclosed in the Fund’s consolidated statement of assets and liabilities.

The Fund conducts its investment activities in India through the Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”). In order to be eligible to claim benefits under the DTAA, the Subsidiary must satisfy certain conditions, including the establishment and maintenance of valid tax residence in Mauritius. The Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. These income taxes, if any, are paid by the Fund and are disclosed in the consolidated statement of operations. Further, the Subsidiary is not subject to tax in Mauritius on any gains from the sale of securities. Any dividends paid by the Subsidiary to the Fund will also be exempt from tax in Mauritius. The foregoing is based upon current interpretation and practice and is subject to future changes in the tax laws of India or Mauritius and in the DTAA.

As a result of legislative changes enacted by the 2012 India Finance Act (“the Act”) and its general anti-avoidance rules (“GAAR”), which are effective April 1, 2013 but have been proposed to be deferred until April 1, 2016, the Subsidiary’s ability to leverage the treaty between Mauritius and India may be adversely impacted, and therefore the Fund may be subject to taxes on capital gains and/or dividends realized on Indian securities. The Act also includes provisions that impose Indian tax on the transfer of shares of an Indian company. However, until more definitive guidance on the legislative changes is available, the impact to the Fund, if any, cannot be determined at this time.

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.

FEDERAL INCOME TAXES

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

42 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

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.

LOANS OF PORTFOLIO SECURITIES

The Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the 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 Fund and any additional required collateral is delivered to the Fund on the next business day. Any securities lending cash collateral 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 Fund’s investment adviser, or its affiliates.

As of February 28, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2014 and the value of the related collateral are disclosed in the consolidated statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the consolidated statement 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 Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. The Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

Securities lending transactions are entered into by the Fund 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. In the event that a borrower defaults, the 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 the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

As of February 28, 2014, the Fund had securities on loan with a market value of $69,570,995 as disclosed in the Fund’s consolidated statement of assets and liabilities. The value of the related collateral, as disclosed in the Fund’s consolidated schedule of investments, exceeded the value of the securities on loan at period end.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of the 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 Fund, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 43

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.18% based on the average daily net assets of the Fund.

BFA has voluntarily waived a portion of its investment advisory fees for the Fund in the amount of $501,946.

BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2014 in an amount equal to the investment advisory fees payable on the amount of the Fund’s investment in other iShares funds. The Fund did not hold any iShares funds during the six months ended February 28, 2014.

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Effective January 1, 2014 the 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 the Fund bears to an annual rate of 0.04% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2014, (i) the Fund retains 75% of securities lending income (commencing January 1, 2015 the amount the Fund will retain is expected to change to 70% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, the Fund retained 65% of securities lending income and paid no collateral investment fees.

For the six months ended February 28, 2014, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $258,047.

In addition, commencing the business day following a “Hurdle Date” (the date that the aggregate securities lending income 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 calendar year 2013 or lesser amount as may be agreed to by the Fund and BTC) and pursuant to a securities lending agreement, (i) the Fund will receive for the remainder of that calendar year 80% of securities lending income (for any Hurdle Date after January 1, 2015, the Fund will retain 75% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees.

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.

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 “Interest – affiliated” in the consolidated 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.

44 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

The Fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the Fund’s underlying index.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2014, were $1,396,185,399 and $108,583,675, respectively.

In-kind purchases and sales (see Note 4) for the six months ended February 28, 2014, were $422,113,394 and $  —, respectively.

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 net asset value. 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 consolidated statements of changes in net assets.

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

5. INCOME TAX INFORMATION

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 net asset values per share.

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

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

As of February 28, 2014, the cost of investments for federal income tax purposes was $3,779,621,623. Net unrealized depreciation was $95,710,592, of which $205,056,749 represented gross unrealized appreciation on securities and $300,767,341 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 2014, 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 consolidated financial statements.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 45

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

6. FINANCIAL FUTURES CONTRACTS

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

The following table shows the value of futures contracts held by the Fund as of February 28, 2014 and the related locations in the consolidated statement of assets and liabilities, presented by risk exposure category:

Liabilities
Equity contracts:
Variation margin/Net assets consist of – net unrealized appreciation (depreciation)a	$	(560,995	)

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

The following table shows the realized and unrealized gains (losses) on futures contracts held by the Fund during the six months ended February 28, 2014 and the related locations in the consolidated statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	706,353	$	(330,601	)

For the six months ended February 28, 2014, the average quarter-end number of contracts and notional value of open futures contracts for the Fund were 243 and $11,674,388, respectively.

7. LINE OF CREDIT

The Fund, along with certain other iShares funds, is a party to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 29, 2014. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

46 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

For the six months ended February 28, 2014, the Fund’s maximum amount borrowed, the average borrowings and the weighted average interest rate under the credit agreement were $4,000,000, $254,144 and 1.17%, respectively.

8. SUBSEQUENT EVENTS

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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 47

Supplemental Information (Unaudited)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

Section 19(a) Notices

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

Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
$	0.330625	$	—	$	0.130811	$	0.461436		72	%		—	%		28	%		100	%

48 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 49

Notes:

50 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

For more information visit www.iShares.com or call 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a daily and monthly basis on the Fund’s website.

©2014 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-813-0214

FEBRUARY 28, 2014

  2014 SEMI-ANNUAL REPORT (UNAUDITED)  

iShares, Inc.

^Ø   iShares MSCI Germany ETF  |  EWG  |  NYSE Arca

Table of Contents

Fund Performance Overview	5
About Fund Performance	6
Shareholder Expenses	6
Schedule of Investments	7
Financial Statements	10
Financial Highlights	13
Notes to Financial Statements	14

Fund Performance Overview

iSHARES^® MSCI GERMANY ETF

Performance as of February 28, 2014

The iShares MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of German equities, as represented by the MSCI Germany Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2014, the total return for the Fund was 24.56%, net of fees, while the total return for the Index was 24.86%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		31.41%		30.93%		31.63%		31.41%		30.93%		31.63%
5 Years		21.52%		21.50%		21.66%		165.00%		164.76%		166.56%
10 Years		9.27%		9.16%		9.41%		142.61%		140.24%		145.82%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Beginning Account Value (9/1/13)		Ending Account Value (2/28/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,245.60	$	2.73	$	1,000.00	$	1,022.40	$	2.46		0.49%

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

PORTFOLIO ALLOCATION

As of 2/28/14

Sector Percentage of
Total  Investments*

Consumer Discretionary	21.65	%
Financials	16.90
Materials	14.43
Industrials	14.18
Health Care	13.36
Information Technology	7.20
Utilities	4.24
Telecommunication Services	4.03
Consumer Staples	4.01
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/14

Security Percentage of
Total  Investments*

Bayer AG Registered	9.23	%
Siemens AG Registered	8.32
BASF SE	8.31
Daimler AG Registered	7.05
Allianz SE Registered	6.42
SAP AG	5.85
Deutsche Bank AG Registered	3.89
Deutsche Telekom AG Registered	3.86
Muenchener Rueckversicherungs-Gesellschaft AG Registered	3.08
Bayerische Motoren Werke AG	3.02
TOTAL	59.03	%

* 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 management fees. Without such 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. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2013 and held through February 28, 2014, 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. 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 for 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.

6 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GERMANY ETF

February 28, 2014

Security	Shares		Value
COMMON STOCKS — 93.09%
AIR FREIGHT & LOGISTICS — 2.66%
Deutsche Post AG Registered		4,495,140	$	168,932,342
				168,932,342
AIRLINES — 0.47%
Deutsche Lufthansa AG Registereda		1,139,697		29,577,211
				29,577,211
AUTO COMPONENTS — 2.09%
Continental AG		545,649		132,901,495
				132,901,495
AUTOMOBILES — 10.61%
Bayerische Motoren Werke AG		1,641,588		190,904,998
Daimler AG Registered		4,771,611		444,977,963
Volkswagen AG		145,860		37,289,252
				673,172,213
CAPITAL MARKETS — 3.88%
Deutsche Bank AG Registered		5,054,049		245,989,397
				245,989,397
CHEMICALS — 12.21%
BASF SE		4,553,484		524,632,317
K+S AG Registeredb		853,944		28,890,022
Lanxess AG		412,386		30,631,323
Linde AG		920,244		190,839,984
				774,993,646
COMMERCIAL BANKS — 1.37%
Commerzbank AGa		4,798,131		87,078,012
				87,078,012
CONSTRUCTION & ENGINEERING — 0.22%
Hochtief AG		152,490		14,184,695
				14,184,695
CONSTRUCTION MATERIALS — 0.91%
HeidelbergCement AG		697,476		57,529,435
				57,529,435
DIVERSIFIED FINANCIAL SERVICES — 1.24%
Deutsche Boerse AG		956,709		78,541,592
				78,541,592
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.01%
Deutsche Telekom AG Registered		14,343,342		243,567,830
Telefonica Deutschland Holding AGc		1,386,996		11,110,772
				254,678,602

Security	Shares		Value
ELECTRICAL EQUIPMENT — 0.44%
Osram Licht AGa		415,701	$	28,279,546
				28,279,546
FOOD & STAPLES RETAILING — 0.42%
METRO AG		643,110		26,686,923
				26,686,923
FOOD PRODUCTS — 0.18%
Suedzucker AG		404,430		11,255,362
				11,255,362
HEALTH CARE PROVIDERS & SERVICES — 2.82%
Celesio AGb		225,420		7,964,051
Fresenius Medical Care AG & Co. KGaA		1,069,419		74,013,908
Fresenius SE & Co. KGaA		622,557		96,818,545
				178,796,504
HOUSEHOLD PRODUCTS — 1.03%
Henkel AG & Co. KGaA		644,436		65,232,730
				65,232,730
INDUSTRIAL CONGLOMERATES — 8.28%
Siemens AG Registered		3,930,927		525,329,607
				525,329,607
INSURANCE — 9.86%
Allianz SE Registered		2,262,819		405,350,611
Hannover Rueck SE Registered		299,013		25,480,988
Muenchener Rueckversicherungs-Gesellschaft AG Registered		889,083		194,815,462
				625,647,061
INTERNET SOFTWARE & SERVICES — 0.39%
United Internet AG Registered		529,074		24,636,592
				24,636,592
LIFE SCIENCES TOOLS & SERVICES — 0.41%
QIAGEN NVa		1,162,902		26,236,343
				26,236,343
MACHINERY — 1.05%
GEA Group AG		906,321		43,987,050
MAN SE		175,032		22,603,209
				66,590,259
MEDIA — 2.03%
Axel Springer SE		196,248		13,880,370
Kabel Deutschland Holding AG		109,395		15,554,816
ProSiebenSat.1 Media AG Registered		1,083,342		51,695,730

SCHEDULEOF INVESTMENTS 7

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

February 28, 2014

Security	Shares		Value
RTL Group SA		191,607	$	24,727,786
Sky Deutschland AGa		2,168,673		22,734,054
				128,592,756
METALS & MINING — 0.96%
ThyssenKrupp AGa		2,243,592		61,231,072
				61,231,072
MULTI-UTILITIES — 4.22%
E.ON SE		8,927,958		170,412,411
RWE AG		2,425,917		97,216,404
				267,628,815
PERSONAL PRODUCTS — 0.80%
Beiersdorf AG		499,902		51,113,270
				51,113,270
PHARMACEUTICALS — 10.06%
Bayer AG Registered		4,099,329		582,598,267
Merck KGaA		320,229		56,170,129
				638,768,396
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.47%
Deutsche Wohnen AG Bearer		1,420,146		30,108,035
				30,108,035
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.96%
Infineon Technologies AG		5,359,692		60,848,894
				60,848,894
SOFTWARE — 5.82%
SAP AG		4,567,407		369,160,368
				369,160,368
TEXTILES, APPAREL & LUXURY GOODS — 2.24%
Adidas AG		1,037,595		120,951,527
Hugo Boss AG		157,131		20,940,412
				141,891,939
TRADING COMPANIES & DISTRIBUTORS — 0.75%
Brenntag AG		255,255		47,505,519
				47,505,519
TRANSPORTATION INFRASTRUCTURE — 0.23%
Fraport AG		182,988		14,600,442
				14,600,442
TOTAL COMMON STOCKS
(Cost: $5,014,245,369)				5,907,719,073
PREFERRED STOCKS — 6.41%
AUTOMOBILES — 4.58%
Bayerische Motoren Werke AG		267,852		23,532,135

Security	Shares		Value
Porsche Automobil Holding SE		759,135	$	79,883,673
Volkswagen AG		716,703		187,086,334
				290,502,142
CHEMICALS — 0.28%
Fuchs Petrolub SE		175,695		17,544,409
				17,544,409
HOUSEHOLD PRODUCTS — 1.55%
Henkel AG & Co. KGaA		883,116		98,614,055
				98,614,055
TOTAL PREFERRED STOCKS
(Cost: $314,176,204)				406,660,606
SHORT-TERM INVESTMENTS — 0.66%
MONEY MARKET FUNDS — 0.66%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%d,e,f		38,772,009		38,772,009
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%d,e,f		2,032,612		2,032,612
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		961,254		961,254
				41,765,875
TOTAL SHORT-TERM INVESTMENTS
(Cost: $41,765,875)				41,765,875
TOTAL INVESTMENTS IN SECURITIES — 100.16%
(Cost: $5,370,187,448)				6,356,145,554
Other Assets, Less Liabilities — (0.16)%				(10,254,444	)
NET ASSETS — 100.00%			$	6,345,891,110

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

8 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

February 28, 2014

Financial futures contracts purchased as of February 28, 2014 were as follows:

Number of Contracts		Issue (Expiration)	Exchange	Notional Value		Net Unrealized Appreciation (Depreciation)
	92	DAX Index (Mar. 2014)	Eurex	$	30,714,994	$	1,338,703

See notes to financial statements.

SCHEDULEOF INVESTMENTS 9

Statement of Assets and Liabilities (Unaudited)

iSHARES^® MSCI GERMANY ETF

February 28, 2014

ASSETS
Investments, at cost:
Unaffiliated	$	5,328,421,573
Affiliated (Note 2)		41,765,875
Total cost of investments	$	5,370,187,448
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	6,314,379,679
Affiliated (Note 2)		41,765,875
Total fair value of investments		6,356,145,554
Foreign currency, at valueb		16,919,993
Foreign currency pledged to broker, at valueb		1,325,260
Receivables:
Investment securities sold		8,890,819
Dividends and interest		13,236,808
Futures variation margin		1,338,703
Total Assets		6,397,857,137
LIABILITIES
Payables:
Investment securities purchased		8,885,636
Collateral for securities on loan (Note 1)		40,804,621
Investment advisory fees (Note 2)		2,275,770
Total Liabilities		51,966,027
NET ASSETS	$	6,345,891,110
Net assets consist of:
Paid-in capital	$	5,518,466,012
Undistributed net investment income		1,670,426
Accumulated net realized loss		(162,287,663	)
Net unrealized appreciation		988,042,335
NET ASSETS	$	6,345,891,110
Shares outstandingc		198,900,000
Net asset value per share	$	31.90

^a  Securities on loan with a value of $38,850,407. See Note 1.

^b Cost of foreign currency including currency pledged to broker: $18,063,331.

^c  $0.001 par value, number of shares authorized: 382.2 million.

See notes to financial statements.

10 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations (Unaudited)

iSHARES^® MSCI GERMANY ETF

Six months ended February 28, 2014

NET INVESTMENT INCOME
Dividends — unaffiliateda	$	15,105,286
Interest — affiliated (Note 2)		243
Securities lending income — affiliated (Note 2)		218,161
Total investment income		15,323,690
EXPENSES
Investment advisory fees (Note 2)		13,653,264
Total expenses		13,653,264
Net investment income		1,670,426
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,990,933	)
In-kind redemptions — unaffiliated		40,253,873
Futures contracts		2,820,287
Foreign currency transactions		439,612
Net realized gain		40,522,839
Net change in unrealized appreciation/depreciation on:
Investments		1,131,305,751
Futures contracts		1,722,152
Translation of assets and liabilities in foreign currencies		819,439
Net change in unrealized appreciation/depreciation		1,133,847,342
Net realized and unrealized gain		1,174,370,181
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,176,040,607

^a  Net of foreign withholding tax of $2,450,003.

See notes to financial statements.

FINANCIAL STATEMENTS 11

Statements of Changes in Net Assets

iSHARES^® MSCI GERMANY ETF

	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,670,426		$	69,681,145
Net realized gain		40,522,839			181,952,897
Net change in unrealized appreciation/depreciation		1,133,847,342			397,729,283
Net increase in net assets resulting from operations		1,176,040,607			649,363,325
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(70,323,492	)
Total distributions to shareholders		—			(70,323,492	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		658,459,125			2,897,813,848
Cost of shares redeemed		(144,483,234	)		(1,618,008,137	)
Net increase in net assets from capital share transactions		513,975,891			1,279,805,711
INCREASE IN NET ASSETS		1,690,016,498			1,858,845,544
NET ASSETS
Beginning of period		4,655,874,612			2,797,029,068
End of period	$	6,345,891,110		$	4,655,874,612
Undistributed net investment income included in net assets at end of period	$	1,670,426		$	—
SHARES ISSUED AND REDEEMED
Shares sold		21,900,000			116,100,000
Shares redeemed		(4,800,000	)		(65,400,000	)
Net increase in shares outstanding		17,100,000			50,700,000

See notes to financial statements.

12 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® MSCI GERMANY ETF

(For a share outstanding throughout each period)

	Six months ended Feb. 28, 2014 (Unaudited)			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010			Year ended Aug. 31, 2009
Net asset value, beginning of period	$	25.61		$	21.34		$	21.02		$	19.45		$	20.86		$	27.55
Income from investment operations:
Net investment incomea		0.01			0.46			0.56			0.86			0.38			0.58
Net realized and unrealized gain (loss)b		6.28			4.24			0.34			1.38			(1.49	)		(6.65	)
Total from investment operations		6.29			4.70			0.90			2.24			(1.11	)		(6.07	)
Less distributions from:
Net investment income		—			(0.43	)		(0.58	)		(0.67	)		(0.30	)		(0.62	)
Total distributions		—			(0.43	)		(0.58	)		(0.67	)		(0.30	)		(0.62	)
Net asset value, end of period	$	31.90		$	25.61		$	21.34		$	21.02		$	19.45		$	20.86
Total return		24.56	%c		22.11	%		4.55	%		10.84	%		(5.35	)%		(21.62	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	6,345,891		$	4,655,875		$	2,797,029		$	2,768,171		$	1,487,881		$	619,638
Ratio of expenses to average net assetsd		0.49	%		0.51	%		0.53	%		0.51	%		0.53	%		0.55	%
Ratio of net investment income to average net assetsd		0.06	%		1.88	%		2.72	%		3.45	%		1.80	%		3.18	%
Portfolio turnover ratee		3	%		4	%		4	%		13	%		5	%		15	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 13

Notes to Financial Statements (Unaudited)

iSHARES^® MSCI GERMANY 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 amended and restated Articles of Incorporation.

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

iShares ETF	Diversification Classification
MSCI Germany	Non-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.

Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

The Fund invests in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in emerging market and frontier market countries.

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.

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

14 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

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”).

• 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 are valued at that day’s published net asset value (NAV).

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

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

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

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

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

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

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

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

NOTESTO FINANCIAL STATEMENTS 15

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

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

As of February 28, 2014, the value of each of the Fund’s investments was classified as Level 1. The breakdown of the Fund’s investments into major categories is disclosed in its schedule of investments.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2014 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Fund may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2014, 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.

FEDERAL INCOME TAXES

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

16 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

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.

LOANS OF PORTFOLIO SECURITIES

The Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the 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 Fund and any additional required collateral is delivered to the Fund on the next business day. Any securities lending cash collateral 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 Fund’s investment adviser, or its affiliates.

As of February 28, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2014 and the value of the related collateral are disclosed in the statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the statement 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 Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. The Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

Securities lending transactions are entered into by the Fund 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. In the event that a borrower defaults, the 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 the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

As of February 28, 2014, the Fund had securities on loan with a market value of $38,850,407 as disclosed in the Fund’s statement of assets and liabilities. The value of the related collateral, as disclosed in the Fund’s schedule of investments, exceeded the value of the securities on loan at period end.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of the 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 Fund, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

NOTESTO FINANCIAL STATEMENTS 17

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

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

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

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Effective January 1, 2014, the 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 the Fund bears to an annual rate of 0.04% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2014, (i) the Fund retains 75% of securities lending income (commencing January 1, 2015 the amount the Fund will retain is expected to change to 70% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, the Fund retained 65% of securities lending income and paid no collateral investment fees.

For the six months ended February 28, 2014, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $109,253.

In addition, commencing the business day following a “Hurdle Date” (the date that the aggregate securities lending income 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 calendar year 2013 or lesser amount as may be agreed to by the Fund and BTC) and pursuant to a securities lending agreement, (i) the Fund will receive for the remainder of that calendar year 80% of securities lending income (for any Hurdle Date after January 1, 2015, the Fund will retain 75% of securities lending income) and (ii) these amounts can never be less than 65% of the total of securities lending income plus the collateral investment fees.

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.

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 “Interest – 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 BTC and/or BFA.

18 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2014, were $150,275,054 and $143,885,747, respectively.

In-kind purchases and sales (see Note 4) for the six months ended February 28, 2014, were $655,862,379 and $143,705,697, respectively.

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 net asset value. 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 statement 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.

5. INCOME TAX INFORMATION

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 net asset values per share.

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

As of August 31, 2013 the Fund’s fiscal year-end, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Non- Expiringa		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
	$13,389,269	$	4,227,713	$	3,394,735	$	27,790,050	$	28,490,949	$	32,215,954	$	109,508,670

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

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

As of February 28, 2014, the cost of investments for federal income tax purposes was $5,441,828,701. Net unrealized appreciation was $914,316,853, of which $1,154,281,020 represented gross unrealized appreciation on securities and $239,964,167 represented gross unrealized depreciation on securities.

NOTESTO FINANCIAL STATEMENTS 19

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 2014, 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.

6. FINANCIAL FUTURES CONTRACTS

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

The following table shows the value of futures contracts held by the Fund as of February 28, 2014 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Equity contracts:
Variation margin/Net assets consist of – net unrealized appreciation (depreciation)a	$	1,338,703

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

The following table shows the realized and unrealized gains (losses) on futures contracts held by the Fund, during the six months ended February 28, 2014 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	2,820,287	$	1,722,152

For the six months ended February 28, 2014, the average quarter-end number of contracts and notional value of open futures contracts for Fund were 86 and $26,152, 818, respectively.

7. 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.

20 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 21

Notes:

22 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

For more information visit www.iShares.com or call 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a daily and monthly basis on the Fund’s website.

©2014 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-816-0214

Item 2. Code of Ethics.

Not applicable to this semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual filing.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the attached certification.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable to this semi-annual filing.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable to the Registrant.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares, Inc.

By:	/s/ Manish Mehta
	Manish Mehta, President (Principal Executive Officer)
Date:	April 21, 2014

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

By:	/s/ Manish Mehta
	Manish Mehta, President (Principal Executive Officer)
Date:	April 21, 2014
By:	/s/ Jack Gee
	Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:	April 21, 2014